a_managedmuni.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY



Investment Company Act file number: (811-05740)
Exact name of registrant as specified in charter: Putnam Managed Municipal Income Trust
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109
Name and address of agent for service: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109
Copy to:         John W. Gerstmayr, Esq.
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199-3600
Registrant’s telephone number, including area code: (617) 292-1000
Date of fiscal year end: October 31, 2012
Date of reporting period: July 31, 2012



Item 1. Schedule of Investments:













Putnam Managed Municipal Income Trust

The fund's portfolio
7/31/12 (Unaudited)
Key to holding's abbreviations
ABAG — Association Of Bay Area Governments
AGM — Assured Guaranty Municipal Corporation
AMBAC — AMBAC Indemnity Corporation
COP — Certificates of Participation
FGIC — Financial Guaranty Insurance Company
FHLMC Coll. — Federal Home Loan Mortgage Corporation Collateralized
FNMA Coll. — Federal National Mortgage Association Collateralized
FRB — Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period
G.O. Bonds — General Obligation Bonds
GNMA Coll. — Government National Mortgage Association Collateralized
NATL — National Public Finance Guarantee Corp.
Radian Insd. — Radian Group Insured
U.S. Govt. Coll. — U.S. Government Collateralized
VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities, that carry coupons that reset every one or seven days. The rate shown is the current interest rate at the close of the reporting period.
MUNICIPAL BONDS AND NOTES (127.2%)(a)
Rating(RAT) Principal amount Value
Alabama (1.4%)
Butler, Indl. Dev. Board Solid Waste Disp. Rev. Bonds (GA. Pacific Corp.), 5 3/4s, 9/1/28 A- $1,500,000 $1,565,490
Courtland, Indl. Dev. Board Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 11/1/13 BBB 1,500,000 1,575,915
Cullman Cnty., Hlth. Care Auth. Rev. Bonds (Cullman Regl. Med. Ctr.), Ser. A, 6 3/4s, 2/1/29 Ba1 2,100,000 2,275,056
Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 6 1/4s, 11/1/33 BBB 1,000,000 1,133,500
6,549,961
Arizona (4.5%)
Apache Cnty., Indl. Dev. Auth. Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co.), Ser. A, 4 1/2s, 3/1/30 Baa3 1,750,000 1,813,368
Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A
     7 5/8s, 12/1/29 BB-/P 1,800,000 1,869,390
     7 1/4s, 12/1/19 BB-/P 1,000,000 1,041,170
Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra Vista Regl. Hlth. Ctr.), Ser. A, 6.2s, 12/1/21 BBB+/P 410,000 466,834
Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32 Baa3 2,000,000 2,112,020
Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40 Baa2 2,200,000 2,630,385
Navajo Cnty., Poll. Control Corp. Mandatory Put Bonds (6/1/16) (AZ Pub. Svc. Co.), Ser. E, 5 3/4s, 6/1/34 Baa1 1,950,000 2,269,780
Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds (Career Success Schools), 7 1/8s, 1/1/45 BB+ 500,000 517,515
Pima Cnty., Indl. Dev. Auth. Rev. Bonds
     (Tucson Elec. Pwr. Co.), Ser. A, 6 3/8s, 9/1/29 Baa3 500,000 508,420
     (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25 BBB 1,140,000 1,099,233
Salt River Agricultural Impt. & Pwr. Dist. Rev. Bonds, Ser. A, 5s, 12/1/31 Aa1 2,000,000 2,410,000
Salt Verde, Fin. Corp. Gas Rev. Bonds
     5 1/2s, 12/1/29 A- 2,000,000 2,218,300
     5s, 12/1/32 A- 570,000 595,245
Tempe, Indl. Dev. Auth. Rev. Bonds (Friendship Village),
     Ser. A, 6 1/4s, 12/1/42 BB-/P 1,000,000 1,078,270
     Ser. A, U.S. Govt. Coll., 5 3/8s, 12/1/13 (Escrowed to maturity) BB-/P 269,000 278,950
20,908,880
Arkansas (0.4%)
Arkadelphia, Pub. Ed. Fac. Board Rev. Bonds (Ouachita Baptist U.), 6s, 3/1/33 BBB-/P 840,000 926,747
Rogers, Rev. Bonds (Sales and Use Tax), 3 3/4s, 11/1/34 AA 850,000 911,761
1,838,508
California (12.4%)
ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds (Episcopal Sr. Cmnty.), 6s, 7/1/31 BBB+ 660,000 745,952
CA Edl. Fac. Auth. Rev. Bonds (U. of La Verne), Ser. A, 5s, 6/1/35 Baa2 500,000 508,665
CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37 Baa2 1,105,000 1,141,553
CA Muni. Fin. Auth. Rev. Bonds
     (U. of La Verne), Ser. A, 6 1/8s, 6/1/30 Baa2 1,000,000 1,140,820
     (Emerson College), 6s, 1/1/42 Baa1 1,000,000 1,185,720
CA Poll. Control Fin. Auth. Rev. Bonds (Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23 A3 2,500,000 2,703,350
CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23 BBB 2,150,000 2,337,545
CA Poll. Control Fin. Auth. Solid Waste Disp. 144A Rev. Bonds (Waste Management, Inc.), Ser. A-2, 5.4s, 4/1/25 BBB 1,760,000 1,902,753
CA State G.O. Bonds
     6 1/2s, 4/1/33 A1 5,000,000 6,286,400
     5s, 4/1/42 A1 2,000,000 2,190,760
CA State Pub. Wks. Board Rev. Bonds
     Ser. I-1, 6 5/8s, 11/1/34 A2 5,595,000 6,927,057
     (Dept. of Corrections), Ser. C, 5 1/4s, 6/1/28 (Prerefunded 12/1/13) AA+ 1,000,000 1,065,820
     (Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32 A2 1,250,000 1,327,975
     (Capital Projects), Ser. A, 5s, 4/1/29 A2 2,000,000 2,216,340
CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30 BBB 2,000,000 2,001,420
CA Statewide Cmnty. Dev. Auth. Rev. Bonds (U. CA Irvine E. Campus Apts. Phase 1)
     5 3/8s, 5/15/38 Baa2 1,000,000 1,077,120
     5 1/8s, 5/15/31 Baa2 2,250,000 2,437,515
CA Statewide Cmnty. Dev. Auth. 144A Rev. Bonds
     (Thomas Jefferson School of Law), Ser. A, 7 1/4s, 10/1/38 BB 560,000 602,101
     (American Baptist Homes West), 5 3/4s, 10/1/25 BBB 3,000,000 3,267,420
Cathedral City, Impt. Board Act of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02
     5.05s, 9/2/35 BB+/P 1,010,000 1,001,799
     5s, 9/2/30 BB+/P 245,000 245,872
Chula Vista, Cmnty. Fac. Dist. Special Tax Rev. Bonds
     (No. 06-1 Eastlake Woods Area), 6.1s, 9/1/21 BBB/P 1,000,000 1,011,830
     (No. 07-I Otay Ranch Village Eleven), 5.8s, 9/1/28 BB+/P 275,000 280,365
Foothill/Eastern Corridor Agcy. Rev. Bonds (CA Toll Road)
     5.85s, 1/15/23 Baa3 500,000 521,940
     5 3/4s, 1/15/40 Baa3 2,745,000 2,747,222
Irvine Pub. Fac. & Infrastructure Auth. Special Assmt. Bonds, Ser. A, 4 1/4s, 9/2/24 BBB+ 500,000 515,150
Irvine, Impt. Board Act of 1915 Special Assmt. Bonds, 5s, 9/2/25 BBB+ 830,000 945,561
M-S-R Energy Auth. Rev. Bonds, Ser. A, 6 1/2s, 11/1/39 A- 750,000 947,985
Oakland, Unified School Dist. Alameda Cnty., G.O. Bonds (Election 2006), Ser. A, 5 1/2s, 8/1/32 BBB/P 500,000 551,750
Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev. Bonds (Ladera Ranch No. 02-1), Ser. A, 5.55s, 8/15/33 BBB-/P 900,000 904,860
Sacramento, Special Tax Bonds (North Natomas Cmnty. Fac.), Ser. 4-C, 6s, 9/1/33 BBB-/P 1,245,000 1,270,733
San Francisco City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 5s, 5/1/30 A1 600,000 671,634
San Francisco, City & Cnty. Redev. Fin. Auth. Tax Alloc. Bonds (Mission Bay South), Ser. D, 6 5/8s, 8/1/39 BBB 250,000 272,960
Santaluz, Cmnty. Facs. Dist. No. 2 Special Tax Rev. Bonds (Impt. Area No. 1), Ser. A, 5 1/4s, 9/1/26 (Prerefunded 9/1/21) BBB+ 1,640,000 1,806,525
Sunnyvale, Special Tax Rev. Bonds (Cmnty. Fac. Dist. No. 1), 7 3/4s, 8/1/32 B+/P 835,000 836,035
Thousand Oaks, Cmnty. Fac. Dist. Special Tax Special Tax Bonds (Marketplace 94-1), zero %, 9/1/14 B-/P 1,240,000 1,077,783
Vernon, Elec. Syst. Rev. Bonds, Ser. A, 5 1/2s, 8/1/41 A- 250,000 273,738
Yucaipa Special Tax Bonds (Cmnty. Fac. Dist. No. 98-1 Chapman Heights), 5 3/8s, 9/1/30 BBB+ 375,000 399,218
57,349,246
Colorado (3.6%)
CO Hlth. Fac. Auth. Rev. Bonds
     (Christian Living Cmnty.), 6 3/8s, 1/1/41 BB-/P 810,000 904,357
     (Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26 BB-/P 1,925,000 2,017,862
     (Christian Living Cmntys.), Ser. A, 8 1/4s, 1/1/24 BB-/P 375,000 398,633
     (Evangelical Lutheran Good Samaritan Society), 5s, 12/1/33 A3 2,100,000 2,274,489
     (Evangelical Lutheran), Ser. A, 6 1/8s, 6/1/38 (Prerefunded 6/1/14) A3 2,045,000 2,260,358
     (Total Longterm Care National), Ser. A, 6 1/4s, 11/15/40 BBB-/F 300,000 330,711
     (Valley View Assn.), 5 1/4s, 5/15/42 BBB+ 3,495,000 3,620,121
CO Pub. Hwy. Auth. Rev. Bonds (E-470), Ser. C, 5 3/8s, 9/1/26 Baa2 500,000 552,125
E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1, NATL, 5 1/2s, 9/1/24 Baa2 1,000,000 1,089,560
Lycoming Cnty. Auth. Rev. Bonds, 5s, 5/1/26 A 2,000,000 2,265,220
Regl. Trans. Dist. Rev. Bonds (Denver Trans. Partners), 6s, 1/15/41 Baa3 750,000 853,463
16,566,899
Connecticut (0.4%)
CT State Dev. Auth. 1st. Mtg. Gross Rev. Hlth. Care Rev. Bonds (Elim Street Park Baptist, Inc.), 5.85s, 12/1/33 BBB 650,000 656,546
Hamden, Fac. Rev. Bonds (Whitney Ctr.), Ser. A, 7 3/4s, 1/1/43 BB/P 1,050,000 1,130,609
1,787,155
Delaware (0.7%)
DE St. Econ. Dev. Auth. Rev. Bonds
     (Delmarva Pwr.), 5.4s, 2/1/31 BBB+ 500,000 555,800
     (Indian River Pwr.), 5 3/8s, 10/1/45 Baa3 2,600,000 2,820,870
3,376,670
District of Columbia (1.7%)
DC Rev. Bonds (Howard U.), Ser. A
     6 1/2s, 10/1/41 A3 2,500,000 2,963,600
     6 1/4s, 10/1/32 A3 1,000,000 1,186,620
DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46 B+/F 17,500,000 1,431,675
Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds (2nd Sr. Lien), Ser. B, zero %, 10/1/40 Baa1 10,000,000 2,082,400
7,664,295
Florida (5.9%)
Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. A, 6.7s, 5/1/34 BBB- 900,000 911,367
Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/26 BBB 2,000,000 2,001,180
Fishhawk, Cmnty. Dev. Dist. II Special Assmt. Bonds
     Ser. B, 7.04s, 11/1/14 B-/P 5,000 5,051
     Ser. A, 6 1/8s, 5/1/34 B-/P 425,000 438,655
FL Hsg. Fin. Corp. Rev. Bonds, Ser. G, GNMA Coll., FNMA Coll., FHLMC Coll., 5 3/4s, 1/1/37 Aa1 560,000 586,499
Florida State Higher Edl. Fac. Rev. Bonds (U. of Tampa), Ser. A, 5s, 4/1/32 BBB+ 600,000 660,798
Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 3/8s, 6/1/46 A- 4,380,000 4,605,833
Heritage Harbour Marketplace Cmnty., Dev. Dist. Special Assmt. Bonds, 5.6s, 5/1/36 B/P 360,000 326,671
Heritage Harbour, South Cmnty. Dev. Distr. Special Assmt. Bonds, Ser. A, 6 1/2s, 5/1/34 BB+/P 440,000 453,279
Hillsborough Cnty., Indl. Dev. Auth. Poll. Control Mandatory Put Bonds (9/1/13) (Tampa Elec. Co.), Ser. B, 5.15s, 9/1/25 A3 400,000 418,944
Jacksonville, Econ. Dev. Comm. Hlth. Care Fac. Rev. Bonds (FL Proton Therapy Inst.), Ser. A, 6s, 9/1/17 BB-/P 450,000 520,938
Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev. Bonds (Gerdau Ameristeel US, Inc.), 5.3s, 5/1/37 Baa3 2,450,000 2,450,098
Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43 BBB-/F 840,000 872,323
Lee Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds
     (Cypress Cove Hlth. Pk.), Ser. A, 6 3/8s, 10/1/25 B/P 1,000,000 892,970
     (Shell Pt./Alliance Oblig. Group), 5 1/8s, 11/15/36 BB 1,075,000 1,058,037
     (Shell Pt./Alliance Cmnty.), 5s, 11/15/22 BB 1,500,000 1,550,760
Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), Ser. A
     6.8s, 11/15/31 Baa2 270,000 272,670
     6.7s, 11/15/19 Baa2 1,335,000 1,353,463
Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33 BBB+ 2,000,000 2,188,960
Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt. Bonds, 5.7s, 5/1/37 B-/P 930,000 612,768
South Lake Hosp. Dist. Rev. Bonds (South Lake Hosp.), Ser. A, 6s, 4/1/29 Baa1 1,000,000 1,128,970
Tampa Bay, Cmnty. Dev. Dist. Special Assmt. Bonds (New Port), Ser. A, 5 7/8s, 5/1/38 (In default)(NON) D/P 655,000 257,088
Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37 CCC/P 1,330,000 1,183,846
Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds (Cap. Impt.), Ser. A, 6 5/8s, 5/1/33 B+/P 435,000 439,246
Verano Ctr. Cmnty. Dev. Dist. Special Assmt. Bonds (Cmnty. Infrastructure), Ser. A, 5 3/8s, 5/1/37 B-/P 955,000 695,326
Village Cmnty. Dev. Dist. No. 8 Special Assmt. Bonds (Phase II), 6 1/8s, 5/1/39 BB-/P 485,000 560,709
Village Cmnty. Dev. Dist. No. 9 Special Assmt. Bonds, 5s, 5/1/22 B+/P 650,000 699,270
27,145,719
Georgia (3.0%)
Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39 A1 2,500,000 3,049,025
Clayton Cnty., Dev. Auth. Special Fac. Rev. Bonds (Delta Airlines), Ser. A, 8 3/4s, 6/1/29 CCC+ 2,000,000 2,441,480
Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist Hlth. Care Syst.), U.S. Govt. Coll., 6 1/4s, 10/1/18 (Prerefunded 9/4/12) AA+ 1,520,000 1,785,392
Fulton Cnty., Res. Care Fac. Rev. Bonds (Canterbury Court), Class A, 6 1/8s, 2/15/34 BB/P 600,000 607,848
GA State Private College & U. Auth. Rev. Bonds (Mercer U.)
     Ser. C, 5 1/4s, 10/1/30 Baa2 750,000 831,578
     Ser. A, 5 1/4s, 10/1/27 Baa2 1,000,000 1,116,990
     Ser. A, 5s, 10/1/32 Baa2 1,000,000 1,076,020
Gainesville & Hall Cnty., Devauth Retirement Cmnty. Rev. Bonds (Acts Retirement-Life Cmnty.), Ser. A-2, 6 3/8s, 11/15/29 BBB+ 700,000 808,878
Marietta, Dev. Auth. Rev. Bonds (U. Fac. Life U., Inc.), Ser. PJ, 6 1/4s, 6/15/20 Ba3 1,165,000 1,224,287
Med. Ctr. Hosp. Auth. Rev. Bonds (Spring Harbor Green Island), 5 1/4s, 7/1/27 B+/P 575,000 575,955
Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy Paper), Ser. A, 6 1/8s, 1/1/34 B-/P 600,000 625,188
14,142,641
Hawaii (1.2%)
HI Dept. of Trans. Special Fac. Rev. Bonds (Continental Airlines, Inc.), 7s, 6/1/20 B 1,120,000 1,121,019
HI State Dept. Budget & Fin. Rev. Bonds
     (Craigside), Ser. A, 9s, 11/15/44 B/P 400,000 478,784
     (Hawaiian Elec. Co. - Subsidary), 6 1/2s, 7/1/39 Baa1 3,000,000 3,490,140
     (Kahala Nui), 5 1/8s, 11/15/32(FWC) BBB-/F 400,000 425,116
5,515,059
Illinois (4.3%)
Chicago, G.O. Bonds, Ser. A, 5s, 1/1/33 Aa3 2,000,000 2,260,980
Chicago, Special Assmt. Bonds (Lake Shore East), 6 3/4s, 12/1/32 BB/P 1,754,000 1,820,529
Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds (Monarch Landing)
     5 5/8s, 3/1/36 B/P 350,000 340,848
     5.4s, 3/1/16 B/P 133,000 136,866
IL Fin. Auth. Rev. Bonds
     (American Wtr. Cap. Corp.), 5 1/4s, 10/1/39 BBB+ 1,575,000 1,658,349
     (IL Rush U. Med.. Ctr.), Ser. C, 6 5/8s, 11/1/39 A2 1,075,000 1,303,233
     (Landing At Plymouth Place), Ser. A, 5.35s, 5/15/15 B+/P 600,000 602,868
     (Landing At Plymouth Place), Ser. A, 6s, 5/15/25 B+/P 200,000 185,650
     (Navistar Intl. Recvy. Zone), 6 1/2s, 10/15/40 B1 1,000,000 1,033,860
     (Provena Hlth.), Ser. A, 7 3/4s, 8/15/34 Baa1 1,500,000 1,944,330
     (Roosevelt U.), 6 1/4s, 4/1/29 Baa2 1,500,000 1,692,330
     (Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44 BBB- 2,000,000 2,404,020
     (Three Crowns Pk. Plaza), Ser. A, 5 7/8s, 2/15/26 B+/P 1,000,000 1,034,540
IL Hlth. Fac. Auth. Rev. Bonds
     (Cmnty. Rehab. Providers Fac.), Ser. A, 7 7/8s, 7/1/20 CCC/P 108,252 80,745
     (Elmhurst Memorial Hlth. Care), 5 5/8s, 1/1/28 Baa2 550,000 557,585
IL State G.O. Bonds
     5s, 3/1/34 A+ 750,000 821,670
     5s, 8/1/21 A+ 750,000 861,743
Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28 A- 1,050,000 1,229,540
19,969,686
Indiana (2.2%)
IN State Fin. Auth. Rev. Bonds (OH Valley Elec. Corp.), Ser. A, 5s, 6/1/32 Baa3 750,000 799,110
IN State Fin. Auth. Edl. Fac. Rev. Bonds (Butler U.), Ser. B
     5s, 2/1/32 BBB+ 1,000,000 1,084,110
     5s, 2/1/29 BBB+ 1,000,000 1,094,900
Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 5.1s, 1/15/17 Baa1 3,500,000 4,009,530
Jasper Cnty., Indl. Poll. Control Rev. Bonds
     AMBAC, 5.7s, 7/1/17 Baa2 1,125,000 1,287,023
     NATL, 5.6s, 11/1/16 Baa2 700,000 794,094
     Ser. A, NATL, 5.6s, 11/1/16 Baa2 500,000 567,210
St. Joseph Cnty., Econ. Dev. Rev. Bonds (Holy Cross Village Notre Dame), Ser. A, 5 3/4s, 5/15/15 B/P 455,000 478,319
10,114,296
Iowa (1.6%)
IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives), Ser. A
     5 1/4s, 7/1/17 BB+ 1,040,000 1,117,761
     5s, 7/1/19 BB+ 2,750,000 2,889,205
     5 1/2s, 7/1/25 BB+ 950,000 996,522
Orange Cnty., Hosp. Rev. Bonds, 5 1/2s, 9/1/27 BB-/P 1,205,000 1,228,967
Tobacco Settlement Auth. of IA Rev. Bonds, Ser. C, 5 3/8s, 6/1/38 B+ 1,250,000 1,093,288
7,325,743
Kansas (0.1%)
Lenexa, Hlth. Care Fac. Rev. Bonds (LakeView Village), 7 1/8s, 5/15/29 BB/P 500,000 568,440
568,440
Kentucky (0.6%)
KY Econ. Dev. Fin. Auth. Rev. Bonds
     (First Mtge.), Ser. IA, 8s, 1/1/29 B+/P 271,000 277,916
     (Masonic Home Indpt. Living II), 7 1/4s, 5/15/41 BB-/P 500,000 560,990
     (Masonic Home Indpt. Living II), 7s, 5/15/30 BB-/P 500,000 564,265
Louisville/Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/28 Baa3 500,000 552,725
Owen Cnty., Wtr. Wks. Syst. Rev. Bonds (American Wtr. Co.), Ser. A, 6 1/4s, 6/1/39 BBB+ 700,000 778,659
2,734,555
Louisiana (0.8%)
Rapides, Fin. Auth. FRB (Cleco Pwr.), AMBAC, 4.7s, 11/1/36 Baa2 750,000 753,390
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 01-B, 5 7/8s, 5/15/39 A3 2,700,000 2,764,125
3,517,515
Maine (0.8%)
ME Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (ME Gen. Med. Ctr.), 7 1/2s, 7/1/32 Baa3 1,000,000 1,233,090
Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26 B2 2,500,000 2,460,875
3,693,965
Maryland (1.4%)
Baltimore Cnty., Rev. Bonds (Oak Crest Village, Inc. Fac.), Ser. A, 5s, 1/1/37 BBB+ 2,000,000 2,059,680
MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22 A 550,000 678,343
MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 3/8s, 12/1/14 BBB+/F 1,000,000 1,052,280
MD State Indl. Dev. Fin. Auth. Econ. Dev. Rev. Bonds (Our Lady of Good Counsel School), Ser. A, 6s, 5/1/35 BB-/P 400,000 420,252
Westminster, Econ. Dev. Rev. Bonds (Carroll Lutheran Village), Ser. A
     6 1/4s, 5/1/34 BB/P 600,000 600,810
     5 7/8s, 5/1/21 BB/P 1,600,000 1,607,056
6,418,421
Massachusetts (7.9%)
Boston, Indl. Dev. Fin. Auth. Rev. Bonds (Springhouse, Inc.), 6s, 7/1/28 BB-/P 1,600,000 1,600,192
MA Dev. Fin. Agcy. Sr. Living Fac. 144A Rev. Bonds, Ser. B1, 7 1/4s, 6/1/16 BB-/P 2,000,000 1,287,520
MA Edl. Fin. Auth. Rev. Bonds, Ser. B, 5 1/2s, 1/1/23 AA 830,000 919,233
MA State Dev. Fin. Agcy. Rev. Bonds
     (Boston Biomedical Research), 5 3/4s, 2/1/29 Ba3 1,000,000 999,920
     (Boston U.), 6s, 5/15/59 A2 500,000 622,830
     (First Mtge. - Orchard Cove), 5s, 10/1/19 BB/P 550,000 555,440
     (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26 B-/P 275,400 247,499
     (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/39 B-/P 532,400 424,168
     (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/46 B-/P 850,850 664,395
     (Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46 B-/P 88,265 61,334
     (Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56 B-/P 439,022 5,861
     (New England Conservatory of Music), 5 1/4s, 7/1/38 Baa1 805,000 852,262
     (Sabis Intl.), Ser. A, 8s, 4/15/39 BBB 690,000 848,507
     (Wheelock College), Ser. C, 5 1/4s, 10/1/29 BBB 1,700,000 1,807,899
MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds (Adventcare), Ser. A, 6.65s, 10/15/28 B/P 1,050,000 1,115,058
MA State Dev. Fin. Agcy. Solid Waste Disp. Mandatory Put Bonds (5/1/19) (Dominion Energy Brayton), Ser. 1, 5 3/4s, 12/1/42 A- 1,050,000 1,269,240
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
     (Baystate Med. Ctr.), Ser. F, 5.7s, 7/1/27 A+ 1,000,000 1,001,860
     (Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36 A+ 1,500,000 1,671,450
     (Civic Investments, Inc.), Ser. A, U.S. Govt. Coll., 9s, 12/15/15 (Prerefunded 12/15/12) AAA/P 1,775,000 1,858,940
     (Emerson Hosp.), Ser. E, Radian Insd., 5s, 8/15/25 BB/P 1,500,000 1,502,475
     (Fisher College), Ser. A, 5 1/8s, 4/1/37 BBB- 250,000 252,510
     (Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33 BB- 2,550,000 2,606,457
     (Milford Regl. Med.), Ser. E, 5s, 7/15/22 Baa3 2,200,000 2,324,168
     (Norwood Hosp.), Ser. C, 7s, 7/1/14 (Escrowed to maturity) BB/P 1,185,000 1,275,653
     (Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON) D/P 377,889 378
     (Springfield College), 5 1/2s, 10/15/26 Baa1 1,500,000 1,675,230
     (Springfield College), 5 1/2s, 10/15/31 Baa1 1,100,000 1,192,246
     (Springfield College), 5 5/8s, 10/15/40 Baa1 450,000 487,422
     (Suffolk U.), Ser. A, 5 3/4s, 7/1/39 Baa2 950,000 1,066,546
     (Suffolk U.), Ser. A, 6 1/4s, 7/1/30 Baa2 1,000,000 1,168,820
MA State Indl. Fin. Agcy. Rev. Bonds (1st Mtge. Berkshire Retirement), Ser. A, 6 5/8s, 7/1/16 BBB 1,230,000 1,236,064
MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41 A 750,000 824,498
Metro. Boston Trans. Pkg. Corp. Rev. Bonds,
     5s, 7/1/41 A1 1,500,000 1,646,835
     (Systemwide Pkg.), 5 1/4s, 7/1/33 A1 1,500,000 1,709,280
36,782,190
Michigan (5.9%)
Detroit, G.O. Bonds (Cap. Impt.), Ser. A-1, 5s, 4/1/15 B 950,000 907,592
Detroit, Wtr. & Swr. Dept. Rev. Bonds, Ser. A, 5s, 7/1/32 A+ 1,200,000 1,259,256
Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36 AA- 1,660,000 1,938,017
Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 6s, 7/1/20 Ba1 945,000 966,480
Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden City Hosp.), Ser. A, 5 3/4s, 9/1/17 Ba3 395,000 395,442
Kentwood, Economic Dev. Rev. Bonds (Holland Home), 5 5/8s, 11/15/32 BB+/F 2,195,000 2,282,712
King Cnty., Wtr & Swr. Rev. Bonds, 5s, 1/1/45 AA+ 1,500,000 1,681,785
MI State Hosp. Fin. Auth. Rev. Bonds
     Ser. A, 6 1/8s, 6/1/39 A1 2,000,000 2,318,920
     (Henry Ford Hlth.), 5 3/4s, 11/15/39 A1 1,600,000 1,797,856
     (Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46 A1 2,565,000 2,712,667
     (Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/25 (Prerefunded 5/15/15) AA+ 755,000 847,895
MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Cadillac Place Office Bldg.), 5 1/4s, 10/15/26 A1 1,250,000 1,451,675
MI State Strategic Fund, Ltd. Rev. Bonds (Worthington Armstrong Venture), U.S. Govt. Coll., 5 3/4s, 10/1/22 (Escrowed to maturity) AAA/P 1,350,000 1,720,616
MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/48 B- 4,000,000 3,290,280
Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp.), 5 1/2s, 6/1/20 BBB 1,480,000 1,601,641
Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21 A2 2,000,000 2,272,700
27,445,534
Minnesota (2.5%)
Douglas Cnty., Gross Hlth. Care Fac. Rev. Bonds (Douglas Cnty. Hosp.), Ser. A, 6 1/4s, 7/1/34 BBB- 3,000,000 3,332,100
Inver Grove Heights, Nursing Home Rev. Bonds (Presbyterian Homes Care), 5 3/8s, 10/1/26 B/P 700,000 706,545
North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39 BB/P 315,000 335,336
Northfield, Hosp. Rev. Bonds, 5 3/8s, 11/1/26 BBB- 750,000 803,445
Rochester, Hlth. Care Fac. Rev. Bonds (Olmsted Med. Ctr.), 5 7/8s, 7/1/30 BBB+/F 1,000,000 1,099,000
Sauk Rapids Hlth. Care & Hsg. Fac. Rev. Bonds (Good Shepherd Lutheran Home)
     7 1/2s, 1/1/39 B+/P 500,000 524,510
     6s, 1/1/34 B+/P 400,000 401,096
St. Paul, Hsg. & Redev. Auth. Charter School Lease Rev. Bonds (Nova Classical Academy), Ser. A
     6 5/8s, 9/1/42 BBB- 250,000 268,783
     6 3/8s, 9/1/31 BBB- 250,000 268,968
St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35 Ba1 1,350,000 1,408,968
St. Paul, Port Auth. Lease Rev. Bonds (Regions Hosp. Pkg. Ramp), Ser. 1, 5s, 8/1/36 BBB+/P 1,125,000 1,123,436
Wayzata, Sr. Hsg. Rev. Bonds (Folkestone Sr. Living Cmnty.), Ser. B, 4 7/8s, 5/1/19 BB+/P 1,500,000 1,509,735
11,781,922
Mississippi (1.3%)
MS Bus. Fin. Corp. Rev. Bonds (Syst. Energy Resources, Inc.), 5.9s, 5/1/22 BBB 3,630,000 3,635,699
MS Home Corp. Rev. Bonds, Ser. B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33 Aaa 465,000 488,920
Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32 BBB 1,600,000 1,823,120
5,947,739
Missouri (0.9%)
Kansas City, Indl. Dev. Auth. Hlth. Fac. Rev. Bonds (First Mtge. Bishop Spencer), Ser. A, 6 1/2s, 1/1/35 B/P 1,500,000 1,533,015
MO State Hlth. & Edl. Fac. Auth. VRDN (Washington U. (The)), Ser. A, 0.17s, 9/1/30 VMIG1 1,500,000 1,500,000
St. Louis Arpt. Rev. Bonds (Lambert-St. Louis Intl.), Ser. A-1, 6 5/8s, 7/1/34 A- 1,000,000 1,177,560
4,210,575
Montana (0.6%)
MT Fac. Fin. Auth. Rev. Bonds (Sr. Living St. John's Lutheran), Ser. A, 6s, 5/15/25 B+/P 500,000 514,220
MT Fac. Fin. Auth. VRDN (Sisters of Charity of Leavenworth), Ser. A, 0.17s, 12/1/25 VMIG1 2,500,000 2,500,000
3,014,220
Nebraska (0.6%)
Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18 B2 1,500,000 1,657,620
Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 1/2s, 1/1/30 A-/F 1,000,000 1,135,120
2,792,740
Nevada (0.9%)
Clark Cnty., Impt. Dist. Special Assmt. Bonds
     (Mountains Edge Local No. 142), 5s, 8/1/21 BBB- 675,000 729,277
     (Summerlin No. 151), 5s, 8/1/20 BB-/P 415,000 357,274
     (Summerlin No. 151), 5s, 8/1/16 BB-/P 980,000 923,748
Henderson, Local Impt. Dist. Special Assmt. Bonds
     (No. T-17), 5s, 9/1/18 BB+/P 365,000 372,278
     (No. T-18), 5s, 9/1/16 CCC/P 1,000,000 770,700
Las Vegas, Local Impt. Board Special Assmt. Bonds (Dist. No. 607), 5.9s, 6/1/18 BB/P 1,135,000 1,138,326
4,291,603
New Hampshire (1.8%)
NH Hlth. & Ed. Fac. Auth. Rev. Bonds
     (Huntington at Nashua), Ser. A, 6 7/8s, 5/1/33 BB+/P 600,000 606,960
     (Kendal at Hanover), Ser. A, 5s, 10/1/18 BBB+ 1,875,000 2,013,581
     (Rivermead), Ser. A, 6 5/8s, 7/1/31 BB+/P 1,320,000 1,463,642
     (Rivermead), Ser. A, 6 7/8s, 7/1/41 BB+/P 2,000,000 2,247,000
NH State Bus. Fin. Auth. Rev. Bonds (Elliot Hosp. Oblig. Group), Ser. A, 6s, 10/1/27 Baa1 1,700,000 1,948,506
8,279,689
New Jersey (6.3%)
Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds (The Evergreens), 5 5/8s, 1/1/38 BB+/P 2,150,000 2,208,824
NJ Econ. Dev. Auth. Rev. Bonds
     (Cigarette Tax), 5 3/4s, 6/15/29 (Prerefunded 6/15/14) Aaa 1,000,000 1,101,570
     (First Mtge. Lions Gate), Ser. A, 5 7/8s, 1/1/37 B/P 430,000 432,511
     (First Mtge. Presbyterian Home), Ser. A, 6 3/8s, 11/1/31 BB/P 500,000 499,940
     (MSU Student Hsg. - Provident Group - Montclair LLC), 5 3/8s, 6/1/25 Baa3 2,000,000 2,253,260
     (Newark Arpt. Marriott Hotel), 7s, 10/1/14 Ba1 2,400,000 2,407,920
     (United Methodist Homes), Ser. A-1, 6 1/4s, 7/1/33 BB+ 1,000,000 1,034,890
     5s, 6/15/26 Baa1 500,000 557,240
NJ Econ. Dev. Auth. Retirement Cmnty. Rev. Bonds (Seabrook Village, Inc.), 5 1/4s, 11/15/36 BB-/P 860,000 867,473
NJ Econ. Dev. Auth. Solid Waste Fac. Mandatory Put Bonds (6/1/14) (Disp. Waste Mgt.), Ser. A, 5.3s, 6/1/15 BBB 1,750,000 1,886,588
NJ Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
     Ser. A, 5.7s, 10/1/39 A2 2,600,000 2,865,902
     Ser. D, 4 7/8s, 11/1/29 A2 700,000 756,917
NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds
     (St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38 BBB- 2,250,000 2,639,475
     (St. Peter's U. Hosp.), 6 1/4s, 7/1/35 Baa3 2,000,000 2,284,500
     (United Methodist Homes), Ser. A, 5 3/4s, 7/1/29 BB+ 2,250,000 2,250,765
     (Holy Name Hosp.), 5s, 7/1/36 Baa2 2,500,000 2,548,750
North Hudson, Swr. Auth. Rev. Bonds, Ser. A, 5s, 6/1/42 A- 1,000,000 1,124,670
Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31 AA+ 1,450,000 1,619,795
29,340,990
New Mexico (1.6%)
Farmington, Poll. Control Rev. Bonds
     (Public Service Co. of NM San Juan), Ser. D, 5.9s, 6/1/40 Baa3 500,000 555,470
     (San Juan), Ser. B, 4 7/8s, 4/1/33 Baa3 4,500,000 4,642,515
     (AZ Pub. Svc. Co.), Ser. B, 4.7s, 9/1/24 Baa1 2,000,000 2,240,420
7,438,405
New York (10.2%)
Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, 6 3/4s, 7/1/28 B/P 600,000 647,748
Huntington, Hsg. Auth. Sr. Hsg. Fac. Rev. Bonds (Gurwin Jewish Sr. Residence), Ser. A
     6s, 5/1/39 B+/P 500,000 502,015
     6s, 5/1/29 B+/P 750,000 750,300
Livingston Cnty., Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Nicholas H. Noyes Memorial Hosp.), 5 3/4s, 7/1/15 BB 1,240,000 1,241,290
Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds (Keyspan-Glenwood), 5 1/4s, 6/1/27 A- 2,775,000 2,865,382
Niagara Cnty., Indl. Dev. Agcy. Mandatory Put Bonds (9/4/12) (Solid Waste Disp.), Ser. A, 5.45s, 11/15/12 Baa2 500,000 503,580
NY City, G.O. Bonds, Ser. F, 5s, 8/1/31 Aa2 1,500,000 1,770,720
NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds
(Airis JFK I, LLC), Ser. A, 5 1/2s, 7/1/28 BBB- 1,300,000 1,299,961
     (American Airlines - JFK Intl. Arpt.), 7 1/2s, 8/1/16 (In default)(NON) D/P 4,175,000 4,445,624
     (British Airways PLC), 5 1/4s, 12/1/32 BB 3,425,000 3,382,599
     (Jetblue Airways Corp.), 5s, 5/15/20 B- 295,000 291,982
NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. bonds 5s, 6/15/31(T) AA+ 10,000,000 11,800,174
NY City, Transitional Fin. Auth. Rev. Bonds (Future Tax), Ser. D-1, 5s, 11/1/32 AAA 2,000,000 2,366,840
NY State Dorm. Auth. Rev. Bonds (Winthrop-U. Hosp. Assn.), Ser. A, 5 1/2s, 7/1/32 Baa1 900,000 913,464
NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37 Ba1 725,000 792,055
NY State Dorm. Auth.Ser. C Rev bonds 5s, 3/15/31(T) AAA 5,000,000 5,874,570
NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26 A3 3,800,000 3,809,538
Port Auth. NY & NJ Special Oblig. Rev. Bonds
     (Kennedy Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19 BB+/P 200,000 199,990
     (JFK Intl. Air Term.), 6s, 12/1/42 Baa3 1,000,000 1,150,340
Seneca Cnty., Indl. Dev. Agcy. Solid Waste Disp. 144A Mandatory Put Bonds (10/1/13) (IESI Corp.), 6 5/8s, 10/1/35 BB- 670,000 677,819
Suffolk Cnty., Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Southampton Hosp. Assn.), Ser. A, 7 1/4s, 1/1/30 B-/P 1,250,000 1,251,363
Syracuse, Indl. Dev. Agcy. Rev. Bonds (1st Mtge. - Jewish Home), Ser. A, 7 3/8s, 3/1/21 B+/P 745,000 746,907
47,284,261
North Carolina (1.8%)
NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24 A- 750,000 935,198
NC Hsg. Fin. Agcy. FRB (Homeownership), Ser. 26-A, 5 1/2s, 1/1/38 Aa2 360,000 377,687
NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
     (Presbyterian Homes), 5.4s, 10/1/27 BB/P 2,000,000 2,064,420
     (First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22 BB/P 1,110,000 1,168,775
NC Med. Care Comm. Retirement Fac. Rev. Bonds
     (Carolina Village), 6s, 4/1/38 BB/P 500,000 522,845
     (First Mtge.), Ser. A-05, 5 1/2s, 10/1/35 BB+/P 1,730,000 1,737,889
     (First Mtge.), Ser. A-05, 5 1/4s, 10/1/25 BB+/P 700,000 706,916
     (Forest at Duke), 5 1/8s, 9/1/27 BBB+/F 1,000,000 1,059,690
8,573,420
Ohio (6.0%)
American Muni. Pwr. - Ohio, Inc. Rev. Bonds (Prairie Street Energy Campus), Ser. A, 5 1/4s, 2/15/33 Aa3 5,000,000 5,615,650
Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A-2
     5 7/8s, 6/1/30 B3 3,340,000 2,767,858
     5 3/4s, 6/1/34 B3 3,500,000 2,846,620
     5 1/8s, 6/1/24 B3 990,000 830,264
Cleveland, Arpt. Syst. Rev. Bonds, Ser. A, 5s, 1/1/31 A- 400,000 439,996
Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), 5 5/8s, 8/15/32 A- 2,825,000 2,856,753
Franklin Cnty., Hlth. Care Fac. Rev. Bonds (Presbyterian Svcs.), Ser. A, 5 5/8s, 7/1/26 BBB 2,750,000 3,062,235
Hickory Chase, Cmnty. Auth. Infrastructure Impt. Rev. Bonds (Hickory Chase), 7s, 12/1/38 (In default)(NON) D/P 644,000 377,957
Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 5 5/8s, 8/15/29 Baa1 1,530,000 1,664,655
Lorain Cnty., Port Auth. Recovery Zone Fac. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 12/1/40 BB 1,000,000 1,095,100
OH State Air Quality Dev. Auth. Rev. Bonds (Valley Elec. Corp.), Ser. E, 5 5/8s, 10/1/19 Baa3 1,300,000 1,530,295
OH State Higher Edl. Fac. Comm. Rev. Bonds
     (Kenyon College), 5s, 7/1/44 A1 800,000 861,072
     (U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39 (Prerefunded 1/15/15) A2 2,000,000 2,309,840
Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, 5 3/4s, 12/1/32 BB/P 900,000 938,367
Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX Transn, Inc.), 6.45s, 12/15/21 Baa3 500,000 628,750
27,825,412
Oklahoma (1.0%)
    OK Hsg. Fin. Agcy. Single Family Mtge. Rev. Bonds (Homeownership Loan),
Ser. B, 5.35s, 3/1/35 Aaa 1,395,000 1,476,440
Ser. C, GNMA Coll., FNMA Coll., 5.95s, 3/1/37 Aaa 1,260,000 1,348,780
Tulsa Cnty., Indl. Auth. Rev. Bonds (Sr. Living Cmnty. Montereau, Inc.), Ser. A
     7 1/8s, 11/1/30 BB-/P 1,250,000 1,422,150
     6 7/8s, 11/1/23 BB-/P 500,000 534,155
4,781,525
Oregon (0.8%)
Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), 6 1/2s, 12/1/29 BB/P 3,000,000 3,005,220
Warm Springs Reservation, Confederated Tribes 144A Rev. Bonds (Pelton Round Butte Tribal), Ser. B, 6 3/8s, 11/1/33 A3 700,000 762,706
3,767,926
Pennsylvania (6.5%)
Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds (Robert Morris U.), Ser. A, 5 1/2s, 10/15/30 Baa3 1,000,000 1,092,230
Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Hlth. Syst.-West PA), Ser. A, 5 3/8s, 11/15/40 B- 2,905,000 2,372,252
Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 11/1/24 BB 2,000,000 2,225,740
Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev. Bonds (Ann's Choice, Inc.), Ser. A
     6 1/8s, 1/1/25 BB/P 1,160,000 1,176,402
     5.3s, 1/1/14 BB/P 690,000 700,592
     5.2s, 1/1/13 BB/P 1,000,000 1,005,560
Cumberland Cnty., Muni. Auth. Rev. Bonds
     (Presbyterian Homes Oblig.), Ser. A, 5.45s, 1/1/21 BBB+ 550,000 554,175
     (Presbyterian Homes), Ser. A, 5.35s, 1/1/20 BBB+ 515,000 519,120
Delaware Cnty., Indl. Dev. Auth. Resource Recvy. Rev. Bonds, Ser. A, 6.1s, 7/1/13 Ba1 115,000 115,192
Lancaster Cnty., Hosp. Auth. Rev. Bonds (Brethren Village), Ser. A, 6 3/8s, 7/1/30 BB-/P 625,000 671,256
Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant View Retirement), Ser. A, 5.3s, 12/15/26 BB/P 1,800,000 1,816,595
Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds (Susquehanna Hlth. Syst.), Ser. A, 5 3/4s, 7/1/39 BBB+ 3,000,000 3,293,280
Montgomery Cnty., Indl. Auth. Resource Recvy. Rev. Bonds (Whitemarsh Cont. Care), 6 1/4s, 2/1/35 B-/P 1,100,000 1,119,239
Northampton Cnty., Hosp. Auth. Mandatory Put Bonds (8/15/16) (Saint Luke's Hosp.), Ser. C, 4 1/2s, 8/15/16 A3 1,500,000 1,649,505
PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Allegheny Energy Supply Co.), 7s, 7/15/39 Baa3 2,000,000 2,371,540
PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds (Colver), Ser. F, AMBAC, 5s, 12/1/15 BBB- 1,650,000 1,699,286
PA State Higher Edl. Fac. Auth. Rev. Bonds
     (Shippensburg U.), 6 1/4s, 10/1/43 Baa3 500,000 558,300
     (Edinboro U. Foundation), 5.8s, 7/1/30 Baa3 1,000,000 1,126,060
     (Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42 BBB- 785,000 824,729
     (Indiana U.), Ser. A, 5s, 7/1/41 BBB+ 500,000 530,890
Philadelphia, Auth. for Indl. Dev. Rev. Bonds (Master Charter School), 6s, 8/1/35 BBB+ 600,000 653,982
Philadelphia, Gas Wks. Rev. Bonds, Ser. 9, 5s, 8/1/30 BBB+ 1,000,000 1,077,060
Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Graduate Hlth. Syst.), 7 1/4s, 7/1/13 (In default)(NON) D/P 2,707,789 271
Pittsburgh G.O. Bonds, Ser. B, 5s, 9/1/26 A1 1,000,000 1,159,600
Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A, 6 1/2s, 1/1/38 Baa3 1,325,000 1,405,255
Wilkes-Barre, Fin. Auth. Rev. Bonds (Wilkes U.), 5s, 3/1/22 BBB 560,000 601,854
30,319,965
Puerto Rico (2.8%)
Cmnwlth. of PR, G.O. Bonds
     Ser. C, 6 1/2s, 7/1/40 Baa1 2,000,000 2,335,680
     Ser. A, FGIC, 5 1/2s, 7/1/21 Baa1 1,000,000 1,129,070
     (Pub. Impt.), Ser. A, NATL, 5 1/2s, 7/1/20 Baa1 1,000,000 1,134,910
     (Pub. Impt.), Ser. E, 5 3/8s, 7/1/30 Baa1 3,000,000 3,213,570
Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser. L, AMBAC, 5 1/4s, 7/1/38 Baa1 1,845,000 2,025,385
Cmnwlth. of PR, Indl. Tourist Edl. Med. & Env. Control Facs. Rev. Bonds (Cogen. Fac.-AES), 6 5/8s, 6/1/26 Ba1 1,000,000 1,000,550
Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A, zero %, 8/1/30 A+ 5,000,000 2,016,700
12,855,865
Rhode Island (0.3%)
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/8s, 6/1/32 BBB 1,490,000 1,527,950
1,527,950
South Carolina (0.3%)
Georgetown Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/30 BBB 1,135,000 1,135,738
SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds (Palmetto Hlth.), Ser. C, U.S. Govt. Coll., 6s, 8/1/20 (Prerefunded 8/1/13) Baa1 110,000 116,119
1,251,857
South Dakota (0.4%)
SD Edl. Enhancement Funding Corp. SD Tobacco Rev. Bonds, Ser. B, 6 1/2s, 6/1/32 A3 2,000,000 2,075,700
2,075,700
Tennessee (0.6%)
Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38 Baa1 1,450,000 1,677,940
Johnson City, Hlth. & Edl. Facs. Board Retirement Fac. Rev. Bonds (Appalachian Christian Village), Ser. A, 6 1/4s, 2/15/32 BB-/P 1,000,000 1,009,840
2,687,780
Texas (12.4%)
Abilene, Hlth. Fac. Dev. Corp. Rev. Bonds (Sears Methodist Retirement)
     Ser. A, 7s, 11/15/33 B+/P 600,000 452,658
     5 7/8s, 11/15/18 B+/P 660,000 497,059
     Ser. A, 5 7/8s, 11/15/18 B+/P 15,000 11,297
     6s, 11/15/29 B+/P 1,124,000 848,125
Brazos River, Auth. Poll. Control Rev. Bonds (TXU Energy Co., LLC), 5s, 3/1/41 Ca 1,500,000 139,635
Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/18) (Dow Chemical), 5.9s, 5/1/38 BBB 2,200,000 2,439,866
Gulf Coast, Waste Disp. Auth. Rev. Bonds, Ser. A, 6.1s, 8/1/24 BBB 450,000 451,827
Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (Texas Med. Ctr.), Ser. B-1, 0.17s, 9/1/31 VMIG1 3,595,000 3,595,000
Houston, Arpt. Syst. Rev. Bonds
     (Continental Airlines, Inc.), Ser. C, 5.7s, 7/15/29 B3 6,185,000 6,185,495
     (Continental Airlines, Inc.), Ser. E, 6 3/4s, 7/1/29 B3 4,790,000 4,814,668
     (Continental Airlines, Inc.), Ser. E, 7s, 7/1/29 B3 500,000 502,675
     (Special Fac. - Continental Airlines, Inc.), Ser. E, 6 3/4s, 7/1/21 B3 1,600,000 1,607,440
     Ser. A, 5s, 7/1/24 A 1,500,000 1,729,215
La Vernia, Higher Ed. Fin. Corp. Rev. Bonds (Kipp, Inc.), Ser. A
     6 3/8s, 8/15/44 BBB 1,100,000 1,262,404
     6 1/4s, 8/15/39 BBB 1,975,000 2,261,986
Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40 Baa3 3,500,000 3,773,875
Matagorda Cnty., Poll. Control Rev. Bonds
     (Cent Pwr. & Light Co.), Ser. A, 6.3s, 11/1/29 Baa2 1,000,000 1,165,410
     (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30 Baa2 1,250,000 1,311,400
North Texas Edl. Fin. Co. Rev. Bonds (Uplift Edl.), Ser. A, 5 1/4s, 12/1/47 BBB- 2,000,000 2,117,960
North TX, Tollway Auth. Rev. Bonds
     Ser. A, 6s, 1/1/25 A2 1,000,000 1,180,520
     (Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38 A3 1,750,000 1,918,122
Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21 Baa2 1,950,000 1,959,515
Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds
     (Sr. Living Ctr.), Ser. A, 8 1/4s, 11/15/39 B+/P 4,000,000 4,499,080
     (Buckner Retirement Svcs., Inc.), 5 1/4s, 11/15/37 A- 1,900,000 1,982,555
     (Air Force Village), 5 1/8s, 5/15/27 BBB/F 3,600,000 3,692,483
TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5 1/4s, 12/15/24 A- 2,000,000 2,219,220
TX Private Activity Surface Trans. Corp. Rev. Bonds
     (NTE Mobility), 7 1/2s, 12/31/31 Baa2 2,000,000 2,519,660
     (LBJ Infrastructure), 7s, 6/30/40 Baa3 1,500,000 1,835,490
TX State Dept. of Hsg. & Cmnty. Affairs Rev. Bonds, Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll., 6.9s, 7/2/24 AA+ 450,000 472,590
57,447,230
Utah (0.3%)
Murray City, Hosp. VRDN (IHC Hlth. Svcs., Inc.), Ser. B, 0.17s, 5/15/37 VMIG1 1,495,000 1,495,000
1,495,000
Vermont (—%)
VT Hsg. Fin. Agcy. Rev. Bonds (Single Fam.), Ser. 23, AGM, 5s, 5/1/34 Aa3 105,000 105,695
105,695
Virginia (2.4%)
Albemarle Cnty., Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury), 5s, 1/1/24 B+/P 600,000 627,480
Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds
     (United Methodist Homes), 5s, 6/1/22 BB+/P 625,000 682,781
     (United Methodist Homes), Ser. A, 6 1/2s, 6/1/22 BB+/P 530,000 530,021
     (United Methodist Homes), Ser. A, 6.7s, 6/1/27 BB+/P 295,000 294,956
     (Westminster-Canterbury), 5s, 10/1/22 BBB 1,000,000 1,031,430
James Cnty., Indl. Dev. Auth. Rev. Bonds (Williamsburg), Ser. A, 6 1/8s, 3/1/32 BB-/P 1,500,000 1,505,850
Lynchburg, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury)
     5s, 7/1/31 BB/P 1,250,000 1,288,325
     4 7/8s, 7/1/21 BB/P 1,000,000 1,051,830
VA ST Small Bus. Fin. Auth. Rev. Bonds
     (Elizabeth River Crossings OPCO, LLC), 6s, 1/1/37 BBB- 900,000 1,025,495
     (Express Lanes, LLC), 5s, 7/1/34 BBB- 900,000 954,027
Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Mountain States Hlth. Alliance), Ser. C, 7 3/4s, 7/1/38 Baa1 1,700,000 2,113,831
11,106,026
Washington (3.2%)
WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T) AA+ 5,000,000 6,014,379
Skagit Cnty., Pub. Hosp. Rev. Bonds (Dist. No. 001), 5 3/4s, 12/1/35 Baa2 2,500,000 2,714,875
Tobacco Settlement Auth. of WA Rev. Bonds
     6 5/8s, 6/1/32 Baa1 2,385,000 2,481,068
     6 1/2s, 6/1/26 A3 455,000 474,447
WA State Higher Ed. Fac. Auth. Rev. Bonds (Whitworth U.), 5 5/8s, 10/1/40 Baa1 400,000 435,944
WA State Hlth. Care Fac. Auth. Rev. Bonds
     (WA Hlth. Svcs.), 7s, 7/1/39 Baa3 1,000,000 1,164,450
     (Kadlec Med. Ctr.), 5 1/2s, 12/1/39 Baa2 1,500,000 1,610,670
14,895,833
West Virginia (0.2%)
WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43 B/P 735,000 767,612
767,612
Wisconsin (0.6%)
WI State Hlth. & Edl. Fac. Auth. Rev. Bonds
     (St. Johns Cmntys. Inc.), Ser. A, 7 5/8s, 9/15/39 BB/P 1,150,000 1,335,541
     (Prohealth Care, Inc.), 6 5/8s, 2/15/39 A1 1,250,000 1,489,213
2,824,754
Total municipal bonds and notes (cost $542,808,910) $590,107,072

PREFERRED STOCKS (1.1%)(a)
Shares Value
MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A-3, $4.95 2,000,000 $1,781,060
MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A, 7.50% cum. pfd. 3,277,977 3,246,607
Total preferred stocks (cost $5,277,978) $5,027,667

COMMON STOCKS (—%)(a)
Shares Value
Tembec, Inc. (Canada)(NON) 1,750 $3,804
Total common stocks (cost $1,273,945) $3,804

TOTAL INVESTMENTS
Total investments (cost $549,360,833)(b) $595,138,543













Notes to the fund's portfolio
Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2011 through July 31, 2012 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures and references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC.
(a) Percentages indicated are based on net assets of $463,780,779.
(RAT) The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Putnam are indicated by “/P.” Securities rated by Fitch are indicated by “/F.” The rating of an insured security represents what is believed to be the most recent rating of the insurer's claims-paying ability available at the close of the reporting period, if higher than the rating of the direct issuer of the bond, and does not reflect any subsequent changes. Security ratings are defined in the Statement of Additional Information.
(b) The aggregate identified cost on a tax basis is $549,195,574, resulting in gross unrealized appreciation and depreciation of $56,704,975 and $10,762,006, respectively, or net unrealized appreciation of $45,942,969.
(NON) Non-income-producing security.
(FWC) Forward commitment, in part or in entirety.
(T) Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions.
At the close of the reporting period, the fund maintained liquid assets totaling $13,635,800 to cover certain derivatives contracts.
Debt obligations are considered secured unless otherwise indicated.
144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The rates shown on Mandatory Put Bonds are the current interest rates at the close of the reporting period.
The dates shown parenthetically on Mandatory Put Bonds represent the next mandatory put dates.
The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.
The dates shown on debt obligations are the original maturity dates.
The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
Health care 45.8%
Utilities 20.3
Transportation 13.5
Security valuation: Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.
Certain investments, including certain restricted and illiquid securities and derivatives are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
Tender option bond transactions: The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust’s assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund’s portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund’s investments with a value of $23,689,123 were held by the TOB trust and served as collateral for $10,053,322 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $10,834 for these investments based on an average interest rate of 0.17%.












ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:

 Valuation inputs
Investments in securities: Level 1 Level 2 Level 3
Common stocks:
Basic materials $3,804 $— $—
Total common stocks 3,804 — —
Municipal bonds and notes $— $590,107,072 $—
Preferred stocks — 5,027,667 —
Totals by level $3,804 $595,134,739 $—


For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com



Item 2. Controls and Procedures:
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b) Changes in internal control over financial reporting: Not applicable
Item 3. Exhibits:
Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Putnam Managed Municipal Income Trust
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: September 28, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):
/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: September 28, 2012

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: September 28, 2012