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:	January 31, 2012

	Item 1. Schedule of Investments:

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	Putnam Managed Municipal Income Trust
	The fund's portfolio
	1/31/12 (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
	IFB — Inverse Floating Rate Bonds, which are securities that pay interest rates that vary inversely to changes in the market interest rates. As interest rates rise, inverse floaters produce less current income. The rate shown is the current interest rate at the close of the reporting period.
	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 (128.5%)(a)
			Rating(RAT)		Principal amount	Value
	Alabama (1.6%)
	Butler, Indl. Dev. Board Solid Waste Disp. Rev. Bonds (GA. Pacific Corp.), 5 3/4s, 9/1/28		A-		$1,500,000	$1,522,845
	Courtland, Indl. Dev. Board Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 11/1/13		BBB		1,500,000	1,592,700
	Cullman Cnty., Hlth. Care Auth. Rev. Bonds (Cullman Regl. Med. Ctr.), Ser. A, 6 3/4s, 2/1/29		Ba1		3,000,000	3,038,250
	Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 6 1/4s, 11/1/33		BBB		1,000,000	1,108,460
						7,262,255
	Arizona (3.8%)
	Apache Cnty., Indl. Dev. Auth. Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co.)
	Ser. B, 5 7/8s, 3/1/33		Baa3		1,000,000	1,001,050
	Ser. A, 5.85s, 3/1/28		Baa3		250,000	250,350
	Calhoun Cnty., Sales & Use Tax Rev. Bonds (Georgia-Pacific Corp.), 6 3/8s, 11/1/26		Baa3		830,000	838,300
	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	1,857,671
	7 1/4s, 12/1/19		BB-/P		1,000,000	1,034,680
	Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra Vista Regl. Hlth. Ctr.), Ser. A, 6.2s, 12/1/21		BBB+/P		410,000	462,751
	Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32		Baa3		2,000,000	2,023,220
	Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40		Baa2		2,200,000	2,515,633
	Navajo Cnty., Poll. Control Corp. Mandatory Put Bonds (6/1/16), Ser. E, 5 3/4s, 6/1/34		Baa2		1,950,000	2,210,930
	Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds (Career Success Schools), 7 1/8s, 1/1/45		BB+		500,000	503,100
	Pima Cnty., Indl. Dev. Auth. Rev. Bonds
	(Tucson Elec. Pwr.), Ser. A, 6 3/8s, 9/1/29		Baa3		500,000	512,010
	(Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25		BBB		1,140,000	1,047,385
	Salt Verde, Fin. Corp. Gas Rev. Bonds, 5 1/2s, 12/1/29		A3		2,000,000	2,163,800
	Tempe, Indl. Dev. Auth. Sr. Living Rev. Bonds (Friendship Village), Ser. A, 5 3/8s, 12/1/13		BB-/P		269,000	268,621
						16,689,501
	Arkansas (0.4%)
	Arkadelphia, Pub. Ed. Fac. Board Rev. Bonds (Ouachita Baptist U.), 6s, 3/1/33		BBB-/P		840,000	888,023
	Rogers, Rev. Bonds (Sales and Use Tax), 3 3/4s, 11/1/34		AA		850,000	893,206
						1,781,229
	California (11.8%)
	ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds (Episcopal Sr. Cmnty.), 6s, 7/1/31		BBB+		660,000	693,350
	CA Edl. Fac. Auth. Rev. Bonds (U. of La Verne), Ser. A, 5s, 6/1/35		Baa2		500,000	498,600
	CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37		Baa2		1,105,000	1,091,364
	CA Muni. Fin. Auth. Rev. Bonds
	(U. of La Verne), Ser. A, 6 1/8s, 6/1/30		Baa2		1,000,000	1,097,910
	(Emerson College), 6s, 1/1/42		Baa1		1,000,000	1,103,680
	CA Poll. Control Fin. Auth. Rev. Bonds (Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23		A3		2,500,000	2,629,474
	CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23		BBB		2,150,000	2,241,073
	CA Poll. Control Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Management, Inc.), Ser. A-2, 5.4s, 4/1/25		BBB		1,760,000	1,829,273
	CA State G.O. Bonds, 6 1/2s, 4/1/33		A1		5,000,000	6,119,950
	CA State Pub. Wks. Board Rev. Bonds
	Ser. I-1, 6 5/8s, 11/1/34		A2		5,595,000	6,568,473
	(Dept. of Corrections), Ser. C, 5 1/4s, 6/1/28		A2		1,000,000	1,028,530
	(Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32		A2		1,250,000	1,314,162
	CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30		BBB		3,950,000	3,902,362
	CA Statewide Cmnty. Dev. Auth. Rev. Bonds
	(Thomas Jefferson School of Law), Ser. A, 7 1/4s, 10/1/38		BB+		560,000	584,802
	(American Baptist Homes West), 5 3/4s, 10/1/25		BBB		3,000,000	3,114,450
	(U. CA Irvine E. Campus Apts. Phase 1), 5 3/8s, 5/15/38		Baa2		1,000,000	1,042,590
	(U. CA Irvine E. Campus Apts. Phase 1), 5 1/8s, 5/15/31		Baa2		1,000,000	1,043,070
	Cathedral City, Impt. Board Act of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02
	5.05s, 9/2/35		BBB-/P		1,015,000	948,660
	5s, 9/2/30		BBB-/P		245,000	238,628
	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	1,021,780
	(No. 07-1 Otay Ranch Village Eleven), 5.8s, 9/1/28		BB+/P		275,000	279,117
	Foothill/Eastern Corridor Agcy. Rev. Bonds
	(Toll Road), 5.85s, 1/15/23		Baa3		500,000	512,330
	(CA Toll Roads), 5 3/4s, 1/15/40		Baa3		2,745,000	2,744,752
	Irvine Pub. Fac. & Infrastructure Auth. Special Assmt., Ser. A, 4 1/4s, 9/2/24		BBB+		500,000	511,415
	M-S-R Energy Auth. Rev. Bonds, Ser. A, 6 1/2s, 11/1/39		A-		750,000	915,165
	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	901,899
	Sacramento, Special Tax (North Natomas Cmnty. Fac.), Ser. 4-C, 6s, 9/1/33		BBB-/P		1,245,000	1,265,081
	San Francisco, City & Cnty. Redev. Fin. Auth. Tax Alloc. Bonds (Mission Bay South), Ser. D, 6 5/8s, 8/1/39		BBB		250,000	270,108
	Santaluz, Cmnty. Facs. Dist. No. 2 Special Tax Rev. Bonds (Impt. Area No. 1)
	Ser. B, 6 3/8s, 9/1/30 (Prerefunded 3/1/12)		BBB/P		2,730,000	2,743,103
	Ser. A, 5 1/4s, 9/1/26		BBB+		1,645,000	1,769,246
	Sunnyvale, Special Tax Rev. Bonds (Cmnty. Fac. Dist. No. 1), 7 3/4s, 8/1/32		B+/P		835,000	835,818
	Thousand Oaks, Cmnty. Fac. Dist. Special Tax Rev. Bonds (Marketplace 94-1), zero %, 9/1/14		B-/P		1,240,000	1,042,022
	Vernon, Elec. Syst. Rev. Bonds, Ser. A, 5 1/2s, 8/1/41		A-		250,000	260,940
	Yucaipa Special Tax Bonds (Cmnty. Fac. Dist. No. 98-1 Chapman Heights), 5 3/8s, 9/1/30		BBB+		375,000	389,344
						52,552,521
	Colorado (2.6%)
	CO Hlth. Fac. Auth. Rev. Bonds
	(Christian Living Cmntys.), Ser. A, 8 1/4s, 1/1/24		BB-/P		375,000	399,068
	(Christian Living Cmnty.), 6 3/8s, 1/1/41		BB-/P		810,000	824,766
	(Total Longterm Care National), Ser. A, 6 1/4s, 11/15/40		BBB-/F		300,000	317,190
	(Evangelical Lutheran), Ser. A, 6 1/8s, 6/1/38		A3		2,045,000	2,089,397
	(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26		BB-/P		1,925,000	1,945,367
	(Valley View Assn.), 5 1/4s, 5/15/42		BBB+		3,495,000	3,517,123
	CO Pub. Hwy. Auth. Rev. Bonds
	(E-470 Pub. Hwy.), Ser. C1, NATL, 5 1/2s, 9/1/24		Baa2		1,000,000	1,042,020
	(E-470), Ser. C, 5 3/8s, 9/1/26		Baa2		500,000	512,575
	Regl. Trans. Dist. Rev. Bonds (Denver Trans. Partners), 6s, 1/15/41		Baa3		750,000	799,028
						11,446,534
	Connecticut (0.4%)
	CT State Dev. Auth. 1st. Mtg. Gross Rev. Hlth. Care Rev. Bonds (Elm Street Park Baptist, Inc.), 5.85s, 12/1/33		BBB		650,000	653,621
	Hamden, Fac. Rev. Bonds (Whitney Ctr.), Ser. A, 7 3/4s, 1/1/43		BB/P		1,050,000	1,089,386
						1,743,007
	Delaware (0.7%)
	DE St. Econ. Dev. Auth. Rev. Bonds
	(Delmarva Pwr.), 5.4s, 2/1/31		BBB+		500,000	534,390
	(Indian River Pwr.), 5 3/8s, 10/1/45		Baa3		2,600,000	2,636,634
						3,171,024
	District of Columbia (1.6%)
	DC Rev. Bonds (Howard U.), Ser. A
	6 1/2s, 10/1/41		A3		2,500,000	2,780,500
	6 1/4s, 10/1/32		A3		1,000,000	1,120,560
	DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46		B+/F		17,500,000	1,257,725
	Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds (2nd Sr. Lien), Ser. B, zero %, 10/1/40		Baa1		10,000,000	1,915,500
						7,074,285
	Florida (6.5%)
	Double Branch Cmnty. Dev. Dist. Rev. Bonds, Ser. A, 6.7s, 5/1/34		BBB-		915,000	921,103
	Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/26		BBB		2,000,000	2,000,460
	Fishhawk, Cmnty. Dev. Dist. II Rev. Bonds
	Ser. B, 7.04s, 11/1/14		B-/P		10,000	10,014
	Ser. A, 6 1/8s, 5/1/34		B-/P		435,000	453,053
	FL Hsg. Fin. Corp. Rev. Bonds, Ser. G, GNMA Coll., FNMA Coll., FHLMC Coll., 5 3/4s, 1/1/37		Aa1		670,000	705,490
	FL State Board of Ed. G.O. Bonds (Capital Outlay 2011), Ser. F, 5s, 6/1/30		AAA		1,000,000	1,185,780
	Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 3/8s, 6/1/46		A-		4,380,000	4,454,810
	Heritage Harbour Marketplace Cmnty., Dev. Dist. Special Assmt., 5.6s, 5/1/36		B/P		370,000	326,729
	Heritage Harbour, South Cmnty. Dev. Distr. Rev. Bonds, Ser. A, 6 1/2s, 5/1/34		BB+/P		450,000	456,498
	Hillsborough Cnty., Indl. Dev. Auth. Poll. Control Mandatory Put Bonds(9/1/13) (Tampa Elec. Co.), Ser. B, 5.15s, 9/1/25		Baa1		400,000	423,192
	Jacksonville, Econ. Dev. Comm. Hlth. Care Fac. Rev. Bonds (Proton Therapy Inst.), Class A, 6s, 9/1/17		BB-/P		450,000	492,696
	Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev. Bonds (Gerdau Ameristeel US, Inc.), 5.3s, 5/1/37		Baa3		2,450,000	2,335,193
	Lakeland, Retirement Cmnty. Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43		BBB-/F		840,000	841,562
	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	839,260
	(Shell Pt./Alliance Oblig. Group), 5 1/8s, 11/15/36		BB		1,075,000	919,888
	(Shell Pt./Alliance Cmnty.), 5s, 11/15/22		BB		1,500,000	1,475,355
	Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), Ser. A
	6.8s, 11/15/31		Baa3		500,000	505,775
	6.7s, 11/15/19		Baa3		1,335,000	1,351,594
	Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33		BBB+		2,000,000	2,058,760
	Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt. Bonds, 5.7s, 5/1/37		B-/P		945,000	571,366
	Six Mile Creek, Cmnty. Dev. Dist. Rev. Bonds, 5.65s, 5/1/22		CCC/P		1,240,000	384,400
	South Lake Hosp. Dist. (South Lake Hosp.), Ser. A, 6s, 4/1/29		Baa2		1,000,000	1,085,160
	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	196,500
	Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds
	(Split Pine Cmnty. Dev. Dist.), Ser. A, 5 1/4s, 5/1/39 (In default)(NON)		D/P		1,790,000	777,057
	6.55s, 5/1/27 (In default)(NON)		D/P		700,000	301,966
	5.4s, 5/1/37		CCC/P		1,375,000	1,154,216
	Verandah, West Cmnty. Dev. Dist. Rev. Bonds (Cap. Impt.), Ser. A, 6 5/8s, 5/1/33		BB/P		445,000	446,362
	Verano Ctr. Cmnty. Dev. Dist. Special Assmt. Bonds (Cmnty. Infrastructure)
	Ser. A, 5 3/8s, 5/1/37		B-/P		980,000	675,749
	Ser. B, 5s, 11/1/13		B-/P		570,000	531,730
	Village Cmnty. Dev. Dist. No. 8 Special Assmt. Bonds (Dist. No. 8 Phase II), 6 1/8s, 5/1/39		BB-/P		485,000	510,739
	VLG CDD No. 9 Special Assmt. Rev., 5s, 5/1/22(FWC)		B+/P		650,000	661,427
						29,053,884
	Georgia (2.7%)
	Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39		A1		2,500,000	2,923,875
	Clayton Cnty., Dev. Auth. Special Fac. Rev. Bonds (Delta Airlines), Ser. A, 8 3/4s, 6/1/29		CCC+		2,000,000	2,383,620
	Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist Hlth. Care Syst.), U.S. Govt. Coll., 6 1/4s, 10/1/18 (Escrowed to maturity)		AA+		1,520,000	1,769,584
	Fulton Cnty., Res. Care Fac. Rev. Bonds (Canterbury Court), Class A, 6 1/8s, 2/15/34		BB/P		600,000	561,852
	GA State Private College & U. Auth. Rev. Bonds (Mercer U.), Ser. A, 5s, 10/1/32(FWC)		Baa2		1,000,000	1,016,030
	Gainesville & Hall Cnty., Devauth Retirement Cmnty. Rev. Bonds (Acts Retirement-Life Cmnty.), Ser. A-2, 6 3/8s, 11/15/29		BBB+		700,000	762,776
	Marietta, Dev. Auth. Rev. Bonds (U. Fac. Life U., Inc.), Ser. PJ, 6 1/4s, 6/15/20		Ba3		1,255,000	1,271,955
	Med. Ctr. Hosp. Auth. Rev. Bonds (Spring Harbor Green Island), 5 1/4s, 7/1/27		B+/P		575,000	540,799
	Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy Paper), Ser. A, 6 1/8s, 1/1/34		B-/P		600,000	615,396
						11,845,887
	Hawaii (1.1%)
	HI Dept. of Trans. Special Fac. Rev. Bonds (Continental Airlines, Inc.), 7s, 6/1/20		B		1,220,000	1,220,720
	HI State Dept. Budget & Fin. Rev. Bonds
	(Craigside), Ser. A, 9s, 11/15/44		B/P		400,000	468,264
	(Hawaiian Elec. Co. - Subsidary), 6 1/2s, 7/1/39		Baa1		3,000,000	3,354,390
						5,043,374
	Illinois (3.5%)
	Chicago, Special Assmt. Bonds (Lake Shore East), 6 3/4s, 12/1/32		BB/P		1,798,000	1,857,999
	Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds (Monarch Landing)
	5 5/8s, 3/1/36		B/P		350,000	282,615
	5.4s, 3/1/16		B/P		133,000	131,654
	IL Fin. Auth. Rev. Bonds
	(Provena Hlth.), Ser. A, 7 3/4s, 8/15/34		Baa1		1,500,000	1,800,045
	(Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44		BBB-		2,000,000	2,245,820
	(IL Rush U. Med.. Ctr.), Ser. C, 6 5/8s, 11/1/39		A2		1,075,000	1,253,816
	(Navistar Intl. Recvy. Zone), 6 1/2s, 10/15/40		BB-		1,000,000	1,064,750
	(Roosevelt U.), 6 1/4s, 4/1/29		Baa2		1,500,000	1,628,925
	(Landing At Plymouth Place), Ser. A, 6s, 5/15/25		B+/P		200,000	186,954
	(Three Crowns Pk. Plaza), Ser. A, 5 7/8s, 2/15/26		B+/P		1,000,000	1,001,570
	(Landing At Plymouth Place), Ser. A, 5.35s, 5/15/15		B+/P		600,000	600,306
	(American Wtr. Cap. Corp.), 5 1/4s, 10/1/39		BBB+		1,575,000	1,587,726
	IL Hlth. Fac. Auth. Rev. Bonds
	(Cmnty. Rehab. Providers Fac.), Ser. A, 7 7/8s, 7/1/20		CCC/P		120,246	87,102
	(Elmhurst Memorial Hlth. Care), 5 5/8s, 1/1/28		Baa1		550,000	556,127
	Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28		A-		1,050,000	1,173,911
						15,459,320
	Indiana (1.6%)
	Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 5.1s, 1/15/17		Baa1		3,500,000	3,943,765
	Jasper Cnty., Indl. Poll. Control Rev. Bonds
	AMBAC, 5.7s, 7/1/17		Baa2		1,125,000	1,272,645
	NATL, 5.6s, 11/1/16		Baa2		700,000	788,137
	Ser. A, NATL, 5.6s, 11/1/16		Baa2		500,000	562,955
	St. Joseph Cnty., Econ. Dev. Rev. Bonds (Holy Cross Village Notre Dame), Ser. A, 5 3/4s, 5/15/15		B/P		455,000	472,568
						7,040,070
	Iowa (1.5%)
	IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives), Ser. A
	5 1/4s, 7/1/17		BB+		1,040,000	1,043,193
	5s, 7/1/19		BB+		2,750,000	2,614,068
	5 1/2s, 7/1/25		BB+		950,000	861,023
	Orange Cnty., Hosp. Rev. Bonds, 5 1/2s, 9/1/27		BB-/P		1,230,000	1,198,574
	Tobacco Settlement Auth. of IA Rev. Bonds, Ser. C, 5 3/8s, 6/1/38		B+		1,250,000	1,005,850
						6,722,708
	Kansas (0.1%)
	Lenexa, Hlth. Care Fac. Rev. Bonds (LakeView Village), 7 1/8s, 5/15/29		BB/P		500,000	524,030
						524,030
	Kentucky (0.6%)
	KY Econ. Dev. Fin. Auth. Rev. Bonds
	(First Mtge.), Ser. IA, 8s, 1/1/29		B+/P		271,000	274,794
	(Masonic Home Indpt. Living II), 7 1/4s, 5/15/41		BB-/P		500,000	522,575
	(Masonic Home Indpt. Living II), 7s, 5/15/30		BB-/P		500,000	524,610
	Louisville/Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/28		Baa3		500,000	537,300
	Owen Cnty., Wtr. Wks. Syst. Rev. Bonds (American Wtr. Co.), Ser. A, 6 1/4s, 6/1/39		BBB+		700,000	753,522
						2,612,801
	Louisiana (0.8%)
	Rapides, Fin. Auth. FRB (Cleco Pwr.), AMBAC, 4.7s, 11/1/36		Baa2		750,000	710,055
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 01-B, 5 7/8s, 5/15/39		A3		2,700,000	2,726,865
						3,436,920
	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	1,153,290
	Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26		B2		2,500,000	2,293,600
						3,446,890
	Maryland (1.5%)
	Baltimore Cnty., Rev. Bonds (Oak Crest Village, Inc. Fac.), Ser. A, 5s, 1/1/37		BBB+		2,000,000	1,985,820
	MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22		A		550,000	675,241
	MD State Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (King Farm Presbyterian Cmnty.), Ser. A, 5 1/4s, 1/1/27		B/P		710,000	623,004
	MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 3/8s, 12/1/14		BBB+/F		1,000,000	1,051,120
	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	408,804
	Westminster, Econ. Dev. Rev. Bonds (Carroll Lutheran Village), Ser. A
	6 1/4s, 5/1/34		BB/P		600,000	559,116
	5 7/8s, 5/1/21		BB/P		1,600,000	1,554,896
						6,858,001
	Massachusetts (8.0%)
	Boston, Indl. Dev. Fin. Auth. Rev. Bonds (Springhouse, Inc.), 6s, 7/1/28		BB-/P		1,600,000	1,537,024
	MA Dev. Fin. Agcy. Sr. Living Fac. Rev. Bonds, Ser. B1, 7 1/4s, 6/1/16		BB-/P		2,000,000	2,000,820
	MA Edl. Fin. Auth. Rev. Bonds, Ser. B, 5 1/2s, 1/1/23		AA		865,000	949,761
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Sabis Intl.), Ser. A, 8s, 4/15/39		BBB		690,000	794,211
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/46		B-/P		850,850	637,942
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/39		B-/P		532,400	407,605
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26		B-/P		275,400	239,378
	(Boston Biomedical Research), 5 3/4s, 2/1/29		Ba1		1,000,000	981,930
	(Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46		B-/P		88,265	58,822
	(Wheelock College), Ser. C, 5 1/4s, 10/1/29		BBB		1,700,000	1,757,834
	(First Mtge. - Orchard Cove), 5s, 10/1/19		BB/P		550,000	533,957
	(Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56		B-/P		439,022	4,829
	MA State Dev. Fin. Agcy. Hlth. Care Fac. Rev. Bonds (Adventcare), Ser. A, 6.65s, 10/15/28		B/P		1,050,000	1,066,244
	MA State Dev. Fin. Agcy. Solid Waste Disp. Mandatory Put Bonds (5/1/19) (Dominion Energy Brayton 1), Ser. 1, 5 3/4s, 12/1/42		A-		1,050,000	1,214,504
	MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Civic Investments/HPHC), Ser. A, 9s, 12/15/15 (Prerefunded 12/15/12)		AAA/P		1,775,000	1,933,295
	(Norwood Hosp.), Ser. C, 7s, 7/1/14 (Escrowed to maturity)		BB/P		1,185,000	1,305,574
	(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33		BB-		2,550,000	2,573,537
	(Suffolk U.), Ser. A, 6 1/4s, 7/1/30		Baa2		1,000,000	1,111,860
	(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON)		D/P		434,942	10,004
	(Suffolk U.), Ser. A, 5 3/4s, 7/1/39		Baa2		950,000	1,008,720
	(Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36		A+		1,500,000	1,613,070
	(Baystate Med. Ctr.), Ser. F, 5.7s, 7/1/27		A+		1,000,000	1,007,700
	(Springfield College), 5 5/8s, 10/15/40		Baa1		450,000	467,465
	(Springfield College), 5 1/2s, 10/15/31		Baa1		1,100,000	1,143,252
	(Springfield College), 5 1/2s, 10/15/26		Baa1		1,500,000	1,608,705
	(Fisher College), Ser. A, 5 1/8s, 4/1/37		BBB-		250,000	235,343
	(Emerson Hosp.), Ser. E, Radian Insd., 5s, 8/15/25		BB/P		1,500,000	1,409,940
	(Milford Regl. Med.), Ser. E, 5s, 7/15/22		Baa3		2,200,000	2,260,082
	MA State Indl. Fin. Agcy. Rev. Bonds (1st Mtge. Berkshire Retirement), Ser. A, 6 5/8s, 7/1/16		BBB		1,560,000	1,567,114
	MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41		A		750,000	811,935
	Metro. Boston, Trans. Pkg. Corp. Rev. Bonds
	(Systemwide Pkg.), 5 1/4s, 7/1/33		A1		1,500,000	1,683,315
	5s, 7/1/41		A1		1,500,000	1,617,840
						35,553,612
	Michigan (4.9%)
	Detroit, G.O. Bonds (Cap. Impt.), Ser. A-1, 5s, 4/1/15		BB		950,000	872,651
	Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36		AA-		1,660,000	1,917,001
	Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 6s, 7/1/20		Ba1		1,035,000	1,043,549
	Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden City Hosp.), Ser. A, 5 3/4s, 9/1/17		Ba3		395,000	395,280
	MI State Hosp. Fin. Auth. Rev. Bonds
	Ser. A, 6 1/8s, 6/1/39		A1		2,000,000	2,239,200
	(Henry Ford Hlth.), 5 3/4s, 11/15/39		A1		1,600,000	1,742,032
	(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46		A1		2,565,000	2,632,357
	(Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/25 (Prerefunded 5/15/15)		AA+		755,000	860,451
	MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Cadillac Place Office Bldg.), 5 1/4s, 10/15/26		A1		1,250,000	1,439,650
	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	1,729,175
	MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/48		B-		4,000,000	3,031,400
	Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp.), 5 1/2s, 6/1/20		Baa3		1,480,000	1,561,918
	Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21		A2		2,000,000	2,198,640
						21,663,304
	Minnesota (2.3%)
	Douglas Cnty., Gross Hlth. Care Fac. Rev. Bonds (Douglas Cnty. Hosp.), Ser. A, 6 1/4s, 7/1/34		BBB-		3,000,000	3,240,900
	Inver Grove Heights, Nursing Home Rev. Bonds (Presbyterian Homes Care), 5 3/8s, 10/1/26		B/P		700,000	685,020
	North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39		BB/P		315,000	320,610
	Northfield, Hosp. Rev. Bonds, 5 3/8s, 11/1/26		BBB-		750,000	785,858
	Rochester, Hlth. Care Fac. Rev. Bonds (Olmsted Med. Ctr.), 5 7/8s, 7/1/30		BBB/F		1,000,000	1,053,820
	Sauk Rapids Hlth. Care & Hsg. Fac. Rev. Bonds (Good Shepherd Lutheran Home)
	7 1/2s, 1/1/39		B+/P		500,000	515,765
	6s, 1/1/34		B+/P		400,000	378,116
	St. Paul, Hsg. & Redev. Auth. Charter School Lease Rev. Bonds (Nova Classical Academy), Ser. A
	6 5/8s, 9/1/42		BBB-		250,000	260,153
	6 3/8s, 9/1/31		BBB-		250,000	260,250
	St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast)
	6s, 11/15/35		Ba1		1,350,000	1,373,099
	Ser. B, 5.85s, 11/1/17		Ba1		250,000	250,463
	St. Paul, Port Auth. Lease Rev. Bonds (Regions Hosp. Pkg. Ramp), Ser. 1, 5s, 8/1/36		BBB+/P		1,125,000	1,051,234
						10,175,288
	Mississippi (1.3%)
	MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst. Energy Resources, Inc.), 5.9s, 5/1/22		BBB		3,630,000	3,643,867
	MS Home Corp. Rev. Bonds (Single Fam. Mtge.), Ser. B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33		Aaa		520,000	544,211
	Warren Cnty., Gulf Opportunity Zone (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32		BBB		1,600,000	1,792,944
						5,981,022
	Missouri (0.9%)
	Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5 1/2s, 6/1/16		A+		1,000,000	1,045,740
	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	1,518,465
	MO State Hsg. Dev. Comm. Mtge. Rev. Bonds (Single Fam. Home Ownership Loan), Ser. A-1, GNMA Coll., FNMA Coll., 6 3/4s, 3/1/34		AA+		205,000	216,062
	St. Louis Arpt. Rev. Bonds (Lambert-St. Louis Intl.), Ser. A-1, 6 5/8s, 7/1/34		A-		1,000,000	1,157,160
						3,937,427
	Montana (1.6%)
	MT Fac. Fin. Auth. Rev. Bonds (Sr. Living St. John's Lutheran), Ser. A, 6s, 5/15/25		B+/P		500,000	499,040
	MT Fac. Fin. Auth. VRDN (Sisters of Charity), Ser. A, 0.07s, 12/1/25		VMIG1		6,695,000	6,695,000
						7,194,040
	Nebraska (0.6%)
	Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18		Ba3		1,500,000	1,552,035
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 1/2s, 1/1/30		A-/F		1,000,000	1,097,990
						2,650,025
	Nevada (2.2%)
	Clark Cnty., Impt. Dist. Special Assmt. Bonds
	(Summerlin No. 151), 5s, 8/1/16		BB-/P		985,000	906,574
	(Summerlin No. 142), 6 3/8s, 8/1/23		BB/P		910,000	940,403
	(Summerlin No. 151), 5s, 8/1/20		BB-/P		420,000	348,856
	Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas Corp.), Ser. C, AMBAC, 5.95s, 12/1/38		Baa2		5,000,000	5,073,400
	Clark Cnty., Local Impt. Dist. Special Assmt. Bonds (No. 142), 6.1s, 8/1/18		BB/P		240,000	248,707
	Henderson, Local Impt. Dist. Special Assmt. Bonds
	(No. T-17), 5s, 9/1/18		BB+/P		365,000	360,164
	(No. T-18), 5s, 9/1/16		CCC/P		1,000,000	606,960
	Las Vegas, Local Impt. Board Special Assmt. (Dist. No. 607), 5.9s, 6/1/18		BB/P		1,150,000	1,127,932
						9,612,996
	New Hampshire (1.8%)
	NH Hlth. & Ed. Fac. Auth. Rev. Bonds
	(Rivermead), Ser. A, 6 7/8s, 7/1/41		BB+/P		2,000,000	2,102,300
	(Huntington at Nashua), Ser. A, 6 7/8s, 5/1/33		BB-/P		600,000	606,558
	(Rivermead), Ser. A, 6 5/8s, 7/1/31		BB+/P		1,320,000	1,368,022
	(Kendal at Hanover), Ser. A, 5s, 10/1/18		BBB+		1,875,000	1,961,344
	NH State Bus. Fin. Auth. Rev. Bonds (Elliot Hosp. Oblig. Group), Ser. A, 6s, 10/1/27		Baa1		1,700,000	1,815,889
						7,854,113
	New Jersey (7.0%)
	Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds (The Evergreens), 5 5/8s, 1/1/38		BB+/P		2,150,000	2,108,226
	NJ Econ. Dev. Auth. Rev. Bonds
	(Newark Arpt. Marriott Hotel), 7s, 10/1/14		Ba1		2,400,000	2,407,344
	(First Mtge. Presbyterian Home), Ser. A, 6 3/8s, 11/1/31		BB/P		500,000	466,260
	(United Methodist Homes), Ser. A-1, 6 1/4s, 7/1/33		BB+		1,000,000	1,011,810
	(First Mtge. Lions Gate), Ser. A, 5 7/8s, 1/1/37		B/P		430,000	407,150
	(Cigarette Tax), 5 3/4s, 6/15/29		BBB		1,000,000	1,055,290
	(Cigarette Tax), 5 1/2s, 6/15/24		BBB		4,000,000	4,037,120
	(MSU Student Hsg. - Provident Group - Montclair LLC), 5 3/8s, 6/1/25		Baa3		2,000,000	2,165,040
	NJ Econ. Dev. Auth. Retirement Cmnty. Rev. Bonds (Seabrook Village, Inc.), 5 1/4s, 11/15/36		BB-/P		860,000	793,900
	NJ Econ. Dev. Auth. Solid Waste Mandatory Put Bonds (6/1/14)(Disp. Waste Mgt.), 5.3s, 6/1/15		BBB		1,750,000	1,901,113
	NJ Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
	Ser. A, 5.7s, 10/1/39		A2		2,600,000	2,808,858
	Ser. D, 4 7/8s, 11/1/29		A2		700,000	747,978
	NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds
	(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38		BBB-		2,250,000	2,337,098
	(St. Peter's U. Hosp.), 6 1/4s, 7/1/35		Baa3		2,000,000	2,159,260
	(United Methodist Homes), Ser. A, 5 3/4s, 7/1/29		BB+		2,250,000	2,220,660
	(Atlantic City Med.), 5 3/4s, 7/1/25		A1		695,000	704,014
	(Holy Name Hosp.), 5s, 7/1/36		Baa2		2,500,000	2,401,150
	Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31		AA+		1,450,000	1,593,536
						31,325,807
	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	524,405
	(San Juan), Ser. B, 4 7/8s, 4/1/33		Baa3		4,500,000	4,375,215
	(AZ Pub. Svc. Co.), Ser. B, 4.7s, 9/1/24		Baa2		2,000,000	2,173,060
						7,072,680
	New York (10.3%)
	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	626,490
	Huntington, Hsg. Auth. Sr. Hsg. Fac. Rev. Bonds (Gurwin Jewish Sr. Residence), Ser. A,
	6s, 5/1/29		B+/P		750,000	750,030
	6s, 5/1/39		B+/P		500,000	491,385
	Livingston Cnty., Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Nicholas H. Noyes Memorial Hosp.), 5 3/4s, 7/1/15		BB		1,610,000	1,610,853
	Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds (Keyspan-Glenwood), 5 1/4s, 6/1/27		A-		2,775,000	2,827,919
	Niagara Cnty., Indl. Dev. Agcy. Mandatory Put Bonds (11/15/12) (Solid Waste Disp.), Ser. A, 5.45s, 11/15/26		Baa2		500,000	505,820
	NY City, Indl. Dev. Agcy. Rev. Bonds (Liberty-7 World Trade Ctr.)
	Ser. B, 6 3/4s, 3/1/15		BB/P		200,000	200,396
	Ser. A, 6 1/4s, 3/1/15		BB/P		2,775,000	2,779,412
	NY City, Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Staten Island U. Hosp.), Ser. A, U.S. Govt. Coll., 6 3/8s, 7/1/31 (Prerefunded 7/1/12)		AAA/P		730,000	748,360
	NY City, Indl. Dev. Agcy. Special Arpt. Fac. Rev. Bonds (Airis JFK I, LLC), Ser. A, 5 1/2s, 7/1/28		BBB-		1,300,000	1,205,776
	NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds
	(American Airlines - JFK Intl. Arpt.), 7 1/2s, 8/1/16 (In default)(NON)		D/P		4,175,000	3,737,210
	(British Airways PLC), 5 1/4s, 12/1/32		BB-		3,425,000	2,798,499
	(Jetblue Airways Corp.), 5s, 5/15/20		B-		325,000	302,591
	NY City, Muni. Wtr. & Swr. Fin. Auth. FRB, 9.567s, 6/15/19(T)		AA+		10,000,000	11,675,318
	NY State Dorm. Auth. Rev. Bonds (Winthrop-U. Hosp. Assn.), Ser. A, 5 1/2s, 7/1/32		Baa1		900,000	912,501
	NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37		Ba1		725,000	749,708
	NY State Dorm. Auth. Revs. Derivatives 144A IFB (Rols RR II), Ser. R-11984, 9.567s, 3/15/19(T)		AAA		5,000,000	5,836,812
	NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26		A3		3,800,000	3,848,298
	Port Auth. NY & NJ Special Oblig. Rev. Bonds
	(Kennedy Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19		BB+/P		200,000	196,354
	(JFK Intl. Air Term.), 6s, 12/1/42		Baa3		1,000,000	1,092,220
	Seneca Cnty., Indl. Dev. Agcy. Solid Waste Disp. Mandatory Put Bonds (10/1/13) (Seneca Meadows, Inc.), 6 5/8s, 10/1/35		BB-		670,000	676,097
	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	1,250,688
	Syracuse, Indl. Dev. Agcy. Rev. Bonds (1st Mtge. - Jewish Home), Ser. A, 7 3/8s, 3/1/21		B+/P		800,000	800,456
						45,623,193
	North Carolina (1.9%)
	NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24		A-		750,000	937,628
	NC Hsg. Fin. Agcy. FRB (Homeownership), Ser. 26-A, 5 1/2s, 1/1/38		Aa2		440,000	444,052
	NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
	(Presbyterian Homes), 5.4s, 10/1/27		BB/P		2,000,000	2,013,760
	(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22		BB/P		1,110,000	1,142,834
	NC Med. Care Comm. Retirement Fac. Rev. Bonds
	(Carolina Village), 6s, 4/1/38		BB/P		500,000	499,950
	(First Mtge.), Ser. A-05, 5 1/2s, 10/1/35		BB+/P		1,730,000	1,629,591
	(First Mtge.), Ser. A-05, 5 1/4s, 10/1/25		BB+/P		700,000	686,581
	(Forest at Duke), 5 1/8s, 9/1/27		BBB+/F		1,000,000	1,029,990
						8,384,386
	Ohio (5.7%)
	American Muni. Pwr. - Ohio, Inc. Rev. Bonds (Prairie State Energy Campus), Ser. A, 5 1/4s, 2/15/33		Aa3		5,000,000	5,477,800
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A-2
	5 7/8s, 6/1/30		B3		3,340,000	2,596,549
	5 3/4s, 6/1/34		B3		3,500,000	2,613,380
	5 1/8s, 6/1/24		B3		990,000	783,892
	Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), 5 5/8s, 8/15/32		A-		2,825,000	2,847,798
	Franklin Cnty., Hlth. Care Fac. Rev. Bonds (Presbyterian Svcs.), Ser. A, 5 5/8s, 7/1/26		BBB		2,750,000	2,816,990
	Hickory Chase, Cmnty. Auth. Infrastructure Impt. Rev. Bonds (Hickory Chase), 7s, 12/1/38		BB-/P		700,000	435,925
	Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 5 5/8s, 8/15/29		Baa1		1,530,000	1,603,532
	Lorain Cnty., Port Auth. Recovery Zone Fac. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 12/1/40		BB		1,000,000	1,065,520
	OH State Air Quality Dev. Auth. Rev. Bonds (Valley Elec. Corp.), Ser. E, 5 5/8s, 10/1/19		Baa3		1,300,000	1,452,685
	OH State Higher Edl. Fac. Comm. Rev. Bonds
	(Kenyon College), 5s, 7/1/44		A1		800,000	846,088
	(U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39		A2		2,000,000	2,161,980
	Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX Transn, Inc.), 6.45s, 12/15/21		Baa3		500,000	613,700
						25,315,839
	Oklahoma (1.2%)
	OK Hsg. Fin. Agcy. Single Fam. Rev. Bonds (Homeownership Loan),
	Ser. B, 5.35s, 3/1/35		Aaa		1,595,000	1,692,167
	Ser. C, GNMA Coll., FNMA Coll., 5.95s, 3/1/37		Aaa		1,440,000	1,550,146
	Tulsa Cnty., Indl. Auth. Rev. Bonds (Sr. Living Cmnty. Montereau, Inc.), Ser. A
	7 1/8s, 11/1/30		BB-/P		1,250,000	1,370,038
	6 7/8s, 11/1/23		BB-/P		500,000	529,240
						5,141,591
	Oregon (0.8%)
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), 6 1/2s, 12/1/29		BB/P		3,000,000	3,003,690
	Warm Springs Reservation, Confederated Tribes Rev. Bonds (Pelton Round Butte Tribal), Ser. B, 6 3/8s, 11/1/33		A3		700,000	742,203
						3,745,893
	Pennsylvania (6.6%)
	Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds (Robert Morris U.), Ser. A, 5 1/2s, 10/15/30		Baa3		1,000,000	1,043,450
	Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Hlth. Syst.-West PA), Ser. A, 5 3/8s, 11/15/40		B+		2,905,000	2,347,618
	Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 11/1/24		BB		2,000,000	2,155,720
	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	1,163,747
	5.3s, 1/1/14		BB/P		690,000	705,698
	5.2s, 1/1/13		BB/P		1,000,000	1,016,250
	Cumberland Cnty., Muni. Auth. Rev. Bonds
	(Presbyterian Homes Oblig.), Ser. A, 5.45s, 1/1/21		BBB+		550,000	555,863
	(Presbyterian Homes), Ser. A, 5.35s, 1/1/20		BBB+		515,000	520,953
	Delaware Cnty., Indl. Dev. Auth. Resource Recvy. Rev. Bonds, Ser. A, 6.1s, 7/1/13		Ba1		225,000	225,302
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Brethren Village), Ser. A, 6 3/8s, 7/1/30		BB-/P		625,000	649,963
	Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant View Retirement), Ser. A, 5.3s, 12/15/26		BB/P		1,800,000	1,751,166
	Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds (Susquehanna Hlth. Syst.), Ser. A, 5 3/4s, 7/1/39		BBB+		3,000,000	3,158,640
	Montgomery Cnty., Indl. Auth. Resource Recvy. Rev. Bonds (Whitemarsh Cont. Care), 6 1/4s, 2/1/35		B-/P		1,100,000	1,011,054
	Northampton Cnty., Hosp. Auth. Mandatory Put Bonds (8/15/16) (Saint Luke's Hosp.), Ser. C, 4 1/2s, 8/15/32		A3		1,500,000	1,621,785
	PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Allegheny Energy Supply Co.), 7s, 7/15/39		Baa3		2,000,000	2,271,460
	PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds (Colver), Ser. F, AMBAC, 5s, 12/1/15		BBB-		1,650,000	1,682,093
	PA State Higher Edl. Fac. Auth. Rev. Bonds
	(Shippensburg U.), 6 1/4s, 10/1/43		Baa3		500,000	537,075
	(Edinboro U. Foundation), 5.8s, 7/1/30		Baa3		1,000,000	1,067,060
	(Widener U.), 5.4s, 7/15/36		BBB+		1,000,000	1,015,980
	Philadelphia, Auth. for Indl. Dev. Rev. Bonds (Master Charter School), 6s, 8/1/35		BBB+		600,000	635,154
	Philadelphia, Gas Wks. Rev. Bonds, Ser. 9, 5s, 8/1/30		BBB+		1,000,000	1,044,300
	Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Graduate Hlth. Syst.), 7 1/4s, 7/1/12 (In default)(NON)		D/P		2,707,789	271
	Pittsburgh G.O. Bonds, Ser. B, 5s, 9/1/26(FWC)		A1		1,000,000	1,125,310
	Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A, 6 1/2s, 1/1/38		Baa3		1,325,000	1,380,849
	Wilkes-Barre, Fin. Auth. Rev. Bonds (Wilkes U.), 5s, 3/1/22		BBB		560,000	594,468
						29,281,229
	Puerto Rico (3.4%)
	Cmnwlth. of PR, G.O. Bonds
	Ser. C, 6 1/2s, 7/1/40		Baa1		2,000,000	2,324,060
	Ser. A, FGIC, 5 1/2s, 7/1/21		Baa1		1,000,000	1,130,880
	(Pub. Impt.), Ser. A, NATL, 5 1/2s, 7/1/20		Baa1		1,000,000	1,133,690
	(Pub. Impt.), Ser. E, 5 3/8s, 7/1/30		Baa1		3,000,000	3,257,010
	Cmnwlth. of PR, Aqueduct & Swr. Auth. Rev. Bonds, Ser. A, 6s, 7/1/44		Baa2		1,200,000	1,297,152
	Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds
	Ser. N, 5 1/2s, 7/1/25		Baa1		1,000,000	1,146,630
	Ser. L, AMBAC, 5 1/4s, 7/1/38		Baa1		1,845,000	1,985,829
	Cmnwlth. of PR, Indl. Tourist Edl. Med. & Env. Control Facs. Rev. Bonds (Cogen. Fac.-AES), 6 5/8s, 6/1/26		Baa3		1,000,000	1,000,190
	Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A, zero %, 8/1/30		A1		5,000,000	1,955,850
						15,231,291
	Rhode Island (0.3%)
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/8s, 6/1/32		BBB		1,490,000	1,497,599
						1,497,599
	South Carolina (0.8%)
	Georgetown Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/30		BBB		1,135,000	1,134,977
	SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A, 6 1/2s, 8/15/32 (Prerefunded 8/15/12)		AA+		1,250,000	1,291,950
	SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds (Palmetto Hlth.), Ser. C
	6s, 8/1/20 (Prerefunded 8/1/13)		Baa1		890,000	962,927
	U.S. Govt. Coll., 6s, 8/1/20 (Prerefunded 8/1/13)		Baa1		110,000	119,013
						3,508,867
	South Dakota (0.5%)
	SD Edl. Enhancement Funding Corp. SD Tobacco Rev. Bonds, Ser. B, 6 1/2s, 6/1/32		A3		2,000,000	2,056,080
						2,056,080
	Tennessee (0.6%)
	Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38		Baa1		1,450,000	1,547,469
	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	998,840
						2,546,309
	Texas (11.5%)
	Abilene, Hlth. Fac. Dev. Corp. Rev. Bonds (Sears Methodist Retirement)
	Ser. A, 7s, 11/15/33		B+/P		600,000	532,307
	5 7/8s, 11/15/18		B+/P		660,000	617,317
	Ser. A, 5 7/8s, 11/15/18		B+/P		15,000	14,030
	6s, 11/15/29		B+/P		1,124,000	916,138
	Alliance, Arpt. Auth. Rev. Bonds (American Airlines, Inc.), 5 1/4s, 12/1/29 (In default)(NON)		D/P		850,000	221,356
	Brazos River, Auth. Poll. Control Rev. Bonds (TXU Energy Co., LLC)
	Ser. D-1, 8 1/4s, 5/1/33		Ca		1,000,000	210,550
	5s, 3/1/41		Ca		1,500,000	225,075
	Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38		BBB		2,200,000	2,359,697
	Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Rev. Bonds (American Airlines, Inc.), 5 1/2s, 11/1/30 (In default)(NON)		D/P		500,000	130,200
	Gulf Coast, Waste Disp. Auth. Rev. Bonds, Ser. A, 6.1s, 8/1/24		BBB		450,000	460,544
	Houston, Arpt. Syst. Rev. Bonds
	(Continental Airlines, Inc.), Ser. E, 7s, 7/1/29		B3		500,000	502,560
	(Continental Airlines, Inc.), Ser. E, 6 3/4s, 7/1/29		B3		4,790,000	4,814,525
	(Special Fac. - Continental Airlines, Inc.), Ser. E, 6 3/4s, 7/1/21		B3		1,600,000	1,611,040
	(Continental Airlines, Inc.), Ser. C, 5.7s, 7/15/29		B3		6,185,000	5,864,121
	Ser. A, 5s, 7/1/24		A		1,500,000	1,686,720
	La Vernia, Higher Ed. Fin. Corp. Rev. Bonds
	(Kipp, Inc.), Ser. A, 6 3/8s, 8/15/44		BBB		1,100,000	1,204,060
	(Kipp, Inc.), Ser. A, 6 1/4s, 8/15/39		BBB		1,975,000	2,156,818
	Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40		Baa3		3,500,000	3,561,075
	Matagorda Cnty., Poll. Control Rev. Bonds
	(Cent Pwr. & Light Co.), Ser. A, 6.3s, 11/1/29		Baa2		1,000,000	1,139,640
	(Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30		Baa2		1,250,000	1,232,950
	Mission, Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds (Allied Waste N.A. Inc.), Ser. A, 5.2s, 4/1/18		BBB		900,000	904,337
	North TX, Thruway Auth. Rev. Bonds
	Ser. A, 6s, 1/1/25		A2		1,000,000	1,182,150
	(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38		A3		1,750,000	1,867,022
	Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21		Baa2		1,950,000	1,983,150
	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	4,278,160
	(Buckner Retirement Svcs., Inc.), 5 1/4s, 11/15/37		A-		900,000	905,273
	(Air Force Village), 5 1/8s, 5/15/27		BBB/F		4,000,000	3,972,480
	TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5 1/4s, 12/15/24		A-		2,000,000	2,125,080
	TX Private Activity Surface Trans. Corp. Rev. Bonds
	(NTE Mobility), 7 1/2s, 12/31/31		Baa2		2,000,000	2,343,240
	(LBJ Infrastructure), 7s, 6/30/40		Baa3		1,500,000	1,693,905
	TX State Dept. of Hsg. & Cmnty. Affairs Rev. Bonds, Ser. C, GNMA/FNMA Coll., 6.9s, 7/2/24		AA+		450,000	478,440
						51,193,960
	Utah (0.5%)
	Murray City, Hosp. Rev. VRDN (IHC Hlth. Svcs., Inc.), Ser. A, 0.06s, 5/15/37		VMIG1		900,000	900,000
	Tooele Cnty., Harbor & Term. Dist. Port Fac. Rev. Bonds (Union Pacific), Ser. A, 5.7s, 11/1/26		BBB+		1,500,000	1,511,460
						2,411,460
	Vermont (—%)
	VT Hsg. Fin. Agcy. Rev. Bonds (Single Fam.), Ser. 23, AGM, 5s, 5/1/34		Aa3		205,000	208,551
						208,551
	Virginia (1.9%)
	Albemarle Cnty., Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury), 5s, 1/1/24		B+/P		600,000	611,742
	Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds
	(United Methodist), Ser. A, 6.7s, 6/1/27		BB+/P		295,000	296,611
	(United Methodist), Ser. A, 6.7s, 6/1/27 (Prerefunded 6/1/12)		BB+/P		105,000	107,164
	(United Methodist), Ser. A, 6 1/2s, 6/1/22		BB+/P		565,000	568,537
	(Westminster-Canterbury), 5s, 10/1/22		BBB		1,000,000	1,030,910
	James Cnty., Indl. Dev. Auth. Rev. Bonds (Williamsburg), Ser. A, 6 1/8s, 3/1/32		BB-/P		1,500,000	1,506,795
	Lynchburg, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury)
	5s, 7/1/31		BB/P		1,250,000	1,250,525
	4 7/8s, 7/1/21		BB/P		1,000,000	1,023,100
	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	1,990,819
						8,386,203
	Washington (3.3%)
	Skagit Cnty., Pub. Hosp. Rev. Bonds (Dist. No. 001), 5 3/4s, 12/1/35		Baa2		2,500,000	2,621,400
	Tobacco Settlement Auth. of WA Rev. Bonds
	6 5/8s, 6/1/32		Baa1		2,385,000	2,482,927
	6 1/2s, 6/1/26		A3		460,000	480,658
	WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T)		Aa1		5,000,000	6,005,750
	WA State Higher Ed. Fac. Auth. Rev. Bonds (Whitworth U.), 5 5/8s, 10/1/40		Baa1		400,000	411,616
	WA State Hlth. Care Fac. Auth. Rev. Bonds
	(WA Hlth. Svcs.), 7s, 7/1/39		Baa2		1,000,000	1,081,390
	(Kadlec Med. Ctr.), 5 1/2s, 12/1/39		Baa2		1,500,000	1,543,184
						14,626,925
	West Virginia (0.9%)
	Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn., Inc.), 6.1s, 5/1/29		BBB-		3,075,000	3,074,692
	WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43		B/P		735,000	744,327
						3,819,019
	Wisconsin (2.6%)
	Badger, Tobacco Settlement Asset Securitization Corp. Rev. Bonds
	7s, 6/1/28 (Prerefunded 6/1/12)		Aaa		3,000,000	3,066,810
	6 3/8s, 6/1/32 (Prerefunded 6/1/12)		Aaa		5,500,000	5,611,210
	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	1,260,595
	(Prohealth Care, Inc.), 6 5/8s, 2/15/39		A1		1,250,000	1,430,463
						11,369,078
	Total municipal bonds and notes (cost $544,914,161)					$571,132,028
	PREFERRED STOCKS (1.1%)(a)
					Shares	Value
	MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A-3, $4.95				2,000,000	$1,703,460
	MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A, 7.50% cum. pfd.				3,434,664	3,268,529
	Total preferred stocks (cost $5,434,664)					$4,971,989
	COMMON STOCKS (—%)(a)
					Shares	Value
	Tembec, Inc. (Canada)(NON)				1,750	$6,545
	Total common stocks (cost $1,273,945)					$6,545
	WARRANTS (—%)(a)(NON)
			Expiration date	Strike Price	Warrants	Value
	Tembec, Inc. (Canada)		3/3/12	CAD 0.13	3,889	$19
	Total warrants (cost $154,422)					$19
	TOTAL INVESTMENTS
	Total investments (cost $551,777,192)(b)					$576,110,581

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	Key to holding's currency abbreviations
CAD	Canadian Dollar
	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 January 31, 2012 (the reporting period).
(a)	Percentages indicated are based on net assets of $444,402,833.
(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 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 $551,611,933, resulting in gross unrealized appreciation and depreciation of $41,661,288 and $17,162,640, respectively, or net unrealized appreciation of $24,498,648.
(NON)	Non-income-producing security.
(T)	Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions.
(FWC)	Forward commitment, in part or in entirety.
	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):
	Healthcare	47.3%
	Utilities	20.5
	Transportation	13.4
	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 $23,517,880 were held by the TOB trust and served as collateral for $10,027,829 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $2,821 for these investments based on an average interest rate of 0.10%.

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	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	$6,545	$—	$—
	Total common stocks	6,545	—	—
	Municipal bonds and notes	$—	571,132,028	$—
	Preferred stocks	—	4,971,989	—
	Warrants	19	—	—
	Totals by level	$6,564	$576,104,017	$—
	Market Values of Derivative Instruments as of the close of the reporting period
		Asset derivatives	Liability derivatives
	Derivatives not accounted for as hedging instruments under ASC 815	Market value	Market value
	Equity contracts	19	—
	Total	$19	$—
	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: March 30, 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: March 30, 2012

	By (Signature and Title):

	/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: March 30, 2012