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, 2014

	Date of reporting period:	January 31, 2014

	Item 1. Schedule of Investments:

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	Putnam Managed Municipal Income Trust
	The fund's portfolio
	1/31/14 (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 and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period.
	MUNICIPAL BONDS AND NOTES (129.3%)(a)
			Rating(RAT)		Principal amount	Value
	Alabama (1.3%)
	Butler, Indl. Dev. Board Solid Waste Disp. Rev. Bonds (GA. Pacific Corp.), 5 3/4s, 9/1/28		A+		$1,500,000	$1,530,525
	Cullman Cnty., Hlth. Care Auth. Rev. Bonds (Cullman Regl. Med. Ctr.), Ser. A, 6 3/4s, 2/1/29		Ba1		1,100,000	1,159,279
	Jefferson Cnty., Swr. Rev. Bonds, zero %, 10/1/46		BBB-		3,250,000	1,614,275
	Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 6 1/4s, 11/1/33		BBB		1,000,000	1,077,090
						5,381,169
	Arizona (4.4%)
	Apache Cnty., Indl. Dev. Auth. Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co.), Ser. A, 4 1/2s, 3/1/30		Baa1		1,750,000	1,716,575
	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	1,621,403
	7 1/4s, 12/1/19		BB-/P		1,000,000	900,410
	Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32		Baa1		2,000,000	2,036,680
	Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40		Baa1		2,200,000	2,455,178
	Navajo Cnty., Poll. Control Corp. Mandatory Put Bonds (6/1/16) (AZ Pub. Svc. Co.), Ser. E, 5 3/4s, 6/1/34		A3		1,950,000	2,140,749
	Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds
	(Great Hearts Academies Project), 6s, 7/1/32		BB/F		200,000	195,204
	(Choice Academies, Inc.), 5 5/8s, 9/1/42		BB+		315,000	270,790
	(Choice Academies, Inc.), 5 3/8s, 9/1/32		BB+		675,000	603,106
	(Choice Academies, Inc.), 4 7/8s, 9/1/22		BB+		905,000	870,900
	Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25		BBB		1,140,000	1,073,264
	Salt Verde, Fin. Corp. Gas Rev. Bonds
	5 1/2s, 12/1/29		A-		2,000,000	2,234,160
	5s, 12/1/32		A-		570,000	587,562
	Tempe, Indl. Dev. Auth. Rev. Bonds (Friendship Village), Ser. A, 6 1/4s, 12/1/42		BB-/P		1,000,000	1,014,700
	Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds (Agribusiness & Equine Ctr.), 5s, 3/1/32		BB+		1,000,000	920,560
						18,641,241
	Arkansas (0.3%)
	Arkadelphia, Pub. Ed. Fac. Board Rev. Bonds (Ouachita Baptist U.), 6s, 3/1/33		BB+/P		840,000	846,577
	Rogers, Rev. Bonds (Sales and Use Tax), 3 3/4s, 11/1/34		AA		405,000	406,531
						1,253,108
	California (14.0%)
	ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds
	(Episcopal Sr. Cmntys.), 6s, 7/1/31		BBB+/F		660,000	703,758
	(O'Connor Woods), 5s, 1/1/33		A		600,000	617,454
	CA Edl. Fac. Auth. Rev. Bonds (U. of La Verne), Ser. A, 5s, 6/1/35		Baa2		500,000	483,415
	CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37		Baa2		1,105,000	1,083,320
	CA Muni. Fin. Auth. Rev. Bonds
	(U. of La Verne), Ser. A, 6 1/8s, 6/1/30		Baa2		1,000,000	1,086,759
	(Emerson College), 6s, 1/1/42		Baa1		1,000,000	1,098,110
	CA Poll. Control Fin. Auth. Rev. Bonds
	(Wtr. Furnishing), 5s, 11/21/45		Baa3		2,000,000	1,755,680
	(Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23		A3		2,500,000	2,588,350
	CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23		A-		2,150,000	2,218,607
	CA Poll. Control Fin. Auth. Solid Waste Disp. 144A Rev. Bonds (Waste Management, Inc.), Ser. A-2, 5.4s, 4/1/25		A-		1,760,000	1,809,720
	CA School Fin. Auth. Rev. Bonds (2023 Union, LLC), Ser. A, 6s, 7/1/33		BBB-		465,000	477,062
	CA State G.O. Bonds
	6 1/2s, 4/1/33		A1		5,000,000	6,039,600
	5s, 4/1/42		A1		2,000,000	2,085,560
	CA State Muni. Fin. Auth. Charter School Rev. Bonds (Partnerships Uplift Cmnty.), Ser. A, 5s, 8/1/32		BB+		665,000	550,454
	CA State Pub. Wks. Board Rev. Bonds
	(Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32		A2		1,250,000	1,303,075
	(Capital Projects), Ser. A, 5s, 4/1/29		A2		2,000,000	2,155,220
	CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30		BBB+		980,000	982,205
	CA Statewide Cmnty. Dev. Auth. Rev. Bonds
	(Thomas Jefferson School of Law), Ser. A, 7 1/4s, 10/1/38		B+		560,000	415,005
	(Terraces at San Joaquin Gardens), Ser. A, 6s, 10/1/47		BB/P		1,000,000	947,530
	(American Baptist Homes West), 5 3/4s, 10/1/25		BBB		3,000,000	3,183,690
	(U. CA Irvine E. Campus Apts. Phase 1), 5 3/8s, 5/15/38		Baa2		1,000,000	1,027,470
	(U. CA Irvine E. Campus Apts. Phase 1), 5 1/8s, 5/15/31		Baa2		2,250,000	2,306,813
	Cathedral City, Impt. Board Act of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02
	5.05s, 9/2/35		BB+/P		1,005,000	984,267
	5s, 9/2/30		BB+/P		245,000	242,001
	Corona-Norco, School Dist. Pub. Fin. Auth. Special Tax Bonds (Sr. Lien), Ser. A, 5s, 9/1/28		BBB+		380,000	384,309
	Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A, 6s, 1/15/53		BBB-		1,500,000	1,513,350
	Golden State Tobacco Securitization Corp. Rev. Bonds
	Ser. A-2, 5.3s, 6/1/37		B3		2,000,000	1,509,580
	(Enhanced Asset), Ser. A, 5s, 6/1/30		A2		500,000	518,060
	(Enhanced Asset), Ser. A, 5s, 6/1/29		A2		1,125,000	1,178,730
	Irvine Pub. Fac. & Infrastructure Auth. Special Assmt. Bonds, Ser. A, 4 1/4s, 9/2/24		BBB+		500,000	498,720
	Irvine, Impt. Board Act of 1915 Special Assmt. Bonds, 5s, 9/2/25		BBB+		830,000	904,825
	Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27		A		400,000	402,632
	M-S-R Energy Auth. Rev. Bonds, Ser. A, 6 1/2s, 11/1/39		A-		750,000	919,320
	Oakland, Unified School Dist. Alameda Cnty., G.O. Bonds
	(Election of 2012), 6 5/8s, 8/1/38		BBB/P		800,000	884,576
	(Election 2006), Ser. A, 5 1/2s, 8/1/32		BBB/P		500,000	528,450
	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	901,332
	Poway, Unified School Dist. Pub. Fin. Auth. Special Tax Bonds, 5s, 9/15/32		BBB		500,000	496,385
	Rancho Cordova, Cmnty. Fac. Dist. Special Tax Bonds (Sunridge Anatolia), Ser. 03-1, 5s, 9/1/37		BB+/P		350,000	339,612
	San Francisco City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 5s, 5/1/30		A1		600,000	629,688
	San Francisco City & Cnty., Redev. Agcy. Cmnty. Successor Special Tax Bonds
	(No.6 Mission Bay Pub. Impts.), Ser. C, zero %, 8/1/43		BB+/P		2,000,000	297,260
	(Mission Bay), Ser. C, zero %, 8/1/38		BB+/P		2,000,000	423,560
	San Francisco, City & Cnty. Redev. Fin. Auth. Tax Alloc. Bonds (Mission Bay South), Ser. D, 6 5/8s, 8/1/39		BBB		250,000	269,538
	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+		1,630,000	1,725,877
	Sunnyvale, Special Tax Rev. Bonds (Cmnty. Fac. Dist. No. 1), 7 3/4s, 8/1/32		B+/P		835,000	836,169
	U. of CA, Rev. bonds, Ser. AF, 5s, 5/15/36(T)		AA		7,000,000	7,577,185
	Vernon, Elec. Syst. Rev. Bonds, Ser. A, 5 1/2s, 8/1/41		A-		250,000	257,340
	Yucaipa Special Tax Bonds (Cmnty. Fac. Dist. No. 98-1 Chapman Heights), 5 3/8s, 9/1/30		BBB+		375,000	390,473
						59,532,096
	Colorado (3.5%)
	CO Pub. Hwy. Auth. Rev. Bonds (E-470), Ser. C, 5 3/8s, 9/1/26		Baa2		500,000	533,125
	CO State Hlth. Fac. Auth. Rev. Bonds
	(Christian Living Cmnty.), 6 3/8s, 1/1/41		BB-/P		810,000	823,244
	(Total Longterm Care National), Ser. A, 6 1/4s, 11/15/40		BBB/F		300,000	315,150
	(Evangelical Lutheran), Ser. A, 6 1/8s, 6/1/38 (Prerefunded 6/1/14)		A3		2,045,000	2,083,997
	(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26		BB-/P		1,925,000	1,960,882
	(Evangelical Lutheran Good Samaritan Society), 5 5/8s, 6/1/43		A3		250,000	257,750
	(Valley View Assn.), 5 1/4s, 5/15/42		BBB+		3,495,000	3,497,831
	(Covenant Retirement Cmnty.), Ser. A, 5s, 12/1/33		BBB-		900,000	859,608
	(Evangelical Lutheran Good Samaritan Society), 5s, 12/1/33		A3		1,100,000	1,094,445
	E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1, NATL, 5 1/2s, 9/1/24		A		1,000,000	1,042,010
	Plaza, Tax Assoc. Bonds (Metro. Dist. No.1), 5s, 12/1/40		BB/P		1,650,000	1,565,883
	Regl. Trans. Dist. Rev. Bonds (Denver Trans. Partners), 6s, 1/15/41		Baa3		750,000	777,075
						14,811,000
	Connecticut (0.3%)
	Hamden, Fac. Rev. Bonds (Whitney Ctr.), Ser. A, 7 3/4s, 1/1/43		B-/P		1,050,000	1,083,884
						1,083,884
	Delaware (1.5%)
	DE State Econ. Dev. Auth. Rev. Bonds
	(Delmarva Pwr.), 5.4s, 2/1/31		BBB+		500,000	533,770
	(Indian River Pwr.), 5 3/8s, 10/1/45		Baa3		2,600,000	2,593,916
	DE State Hlth. Facs. Auth. VRDN (Christiana Care), Ser. A, 0.05s, 10/1/38		VMIG1		3,075,000	3,075,000
						6,202,686
	District of Columbia (1.8%)
	DC Rev. Bonds
	(Howard U.), Ser. A, 6 1/2s, 10/1/41		A-		2,500,000	2,721,475
	(Howard U.), Ser. A, 6 1/4s, 10/1/32		A-		1,000,000	1,099,560
	(Kipp Charter School), 6s, 7/1/33		BBB+		1,000,000	1,076,590
	DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46		B/F		7,500,000	721,050
	Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds (2nd Sr. Lien), Ser. B, zero %, 10/1/40		Baa1		10,000,000	1,865,200
						7,483,875
	Florida (4.9%)
	Broward Cnty., Arpt. Syst. Rev. Bonds, Ser. Q-2, 5s, 10/1/31		A1		1,000,000	1,023,210
	Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds (Sr. Lien), Ser. A-1, 4 1/8s, 5/1/31		A-		500,000	438,225
	Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/26		BBB		2,000,000	2,000,140
	Fishhawk, CCD IV Special Assmt. Bonds, 7 1/4s, 5/1/43		B/P		400,000	410,212
	FL Hsg. Fin. Corp. Rev. Bonds, Ser. G, GNMA Coll., FNMA Coll., FHLMC Coll., 5 3/4s, 1/1/37		Aa1		260,000	273,182
	Florida State Higher Edl. Fac. Rev. Bonds (U. of Tampa), Ser. A, 5s, 4/1/32		BBB+		600,000	604,758
	Greater Orlando Aviation Auth. Rev. Bonds (JetBlue Airways Corp.), 5s, 11/15/36		B/P		1,000,000	872,120
	Heritage Harbour Marketplace Cmnty., Dev. Dist. Special Assmt. Bonds, 5.6s, 5/1/36		CCC/P		350,000	298,956
	Jacksonville, Econ. Dev. Comm. Hlth. Care Fac. Rev. Bonds (FL Proton Therapy Inst.), Ser. A, 6s, 9/1/17		BB-/P		450,000	485,105
	Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev. Bonds (Gerdau Ameristeel US, Inc.), 5.3s, 5/1/37		Baa3		2,450,000	2,199,560
	Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43		BBB-/F		840,000	847,837
	Lee Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds
	(Shell Pt./Alliance Oblig. Group), 5 1/8s, 11/15/36		BB+		1,075,000	1,010,952
	(Shell Pt./Alliance Cmnty.), 5s, 11/15/22		BB+		1,500,000	1,522,065
	Martin Cnty., Rev. Bonds (Indiantown Cogeneration), 4.2s, 12/15/25		Ba1		500,000	444,285
	Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), 5s, 11/15/29		Baa2		1,000,000	1,004,860
	Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33		BBB+		2,000,000	2,034,880
	Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt. Bonds, 5.7s, 5/1/37		B/P		910,000	581,226
	South Lake Hosp. Dist. Rev. Bonds (South Lake Hosp.), Ser. A, 6s, 4/1/29		Baa1		1,000,000	1,086,460
	Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37		CCC/P		860,000	820,001
	Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds (Cap. Impt.), 5s, 5/1/33		BB-/P		500,000	455,540
	Verano Ctr. Cmnty. Dev. Dist. Special Assmt. Bonds (Cmnty. Infrastructure), Ser. A, 5 3/8s, 5/1/37		B-/P		935,000	666,477
	Village Cmnty. Dev. Dist. No. 8 Special Assmt. Bonds (Phase II), 6 1/8s, 5/1/39		BB/P		435,000	470,344
	Village Cmnty. Dev. Dist. No. 9 Special Assmt. Bonds, 5s, 5/1/22		B+/P		585,000	602,070
	Village Community Development District No. 10 Special Assmt. Bonds, 5 3/4s, 5/1/31(FWC)		BB/P		800,000	809,064
						20,961,529
	Georgia (3.3%)
	Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39		Aa3		2,500,000	2,857,275
	Clayton Cnty., Dev. Auth. Special Fac. Rev. Bonds (Delta Airlines), Ser. A, 8 3/4s, 6/1/29		B+		3,000,000	3,551,280
	Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist Hlth. Care Syst.), U.S. Govt. Coll., 6 1/4s, 10/1/18 (Escrowed to maturity)		AA+		1,325,000	1,516,131
	Fulton Cnty., Res. Care Fac. Rev. Bonds (Canterbury Court), Class A, 6 1/8s, 2/15/34		BB/P		600,000	600,948
	GA State Private College & U. Auth. Rev. Bonds (Mercer U.)
	Ser. C, 5 1/4s, 10/1/30		Baa2		750,000	777,930
	Ser. A, 5 1/4s, 10/1/27		Baa2		1,000,000	1,059,350
	Ser. A, 5s, 10/1/32		Baa2		1,000,000	1,008,160
	Gainesville & Hall Cnty., Devauth Retirement Cmnty. Rev. Bonds (Acts Retirement-Life Cmnty.), Ser. A-2, 6 3/8s, 11/15/29		BBB+		700,000	754,992
	Marietta, Dev. Auth. Rev. Bonds (U. Fac. Life U., Inc.), Ser. PJ, 6 1/4s, 6/15/20		Ba3		1,070,000	1,084,937
	Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy Paper), Ser. A, 6 1/8s, 1/1/34		BB/P		600,000	603,798
						13,814,801
	Guam (—%)
	Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5s, 10/1/34		BBB		200,000	195,454
						195,454
	Hawaii (1.2%)
	HI Dept. of Trans. Special Fac. Rev. Bonds (Continental Airlines, Inc.), 7s, 6/1/20		B2		1,010,000	1,010,000
	HI State Dept. Budget & Fin. Rev. Bonds
	(Craigside), Ser. A, 9s, 11/15/44		B/P		400,000	446,852
	(Hawaiian Elec. Co. - Subsidary), 6 1/2s, 7/1/39		Baa1		3,000,000	3,303,030
	(Kahala Nui), 5 1/8s, 11/15/32		BBB-/F		400,000	403,204
						5,163,086
	Illinois (4.6%)
	Chicago, G.O. Bonds, Ser. A, 5s, 1/1/33		A+		2,000,000	2,008,980
	Chicago, Special Assmt. Bonds (Lake Shore East), 6 3/4s, 12/1/32		BB/P		1,624,000	1,642,221
	Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. C, 5s, 1/1/26		A2		2,595,000	2,698,904
	Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds (Monarch Landing)
	5 5/8s, 3/1/36		B/P		350,000	345,758
	5.4s, 3/1/16		B/P		78,000	80,101
	IL Fin. Auth. Rev. Bonds
	(Provena Hlth.), Ser. A, 7 3/4s, 8/15/34		Baa1		1,500,000	1,807,815
	(Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44		BBB-		2,000,000	2,181,000
	(IL Rush U. Med. Ctr.), Ser. C, 6 5/8s, 11/1/39		A2		1,075,000	1,187,327
	(Navistar Intl. Recvy. Zone), 6 1/2s, 10/15/40		B3		1,500,000	1,464,555
	(Three Crowns Pk. Plaza), Ser. A, 5 7/8s, 2/15/26		B+/P		1,000,000	1,010,320
	(Landing At Plymouth Place), Ser. A, 5.35s, 5/15/15		B+/P		600,000	598,050
	(American Wtr. Cap. Corp.), 5 1/4s, 10/1/39		A-		1,575,000	1,584,071
	IL Hlth. Fac. Auth. Rev. Bonds (Cmnty. Rehab. Providers Fac.), Ser. A, 7 7/8s, 7/1/20		CCC/P		95,494	68,780
	IL State G.O. Bonds
	5s, 3/1/34		A3		750,000	758,415
	5s, 8/1/21		A3		750,000	846,720
	Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28		A-		1,050,000	1,175,727
						19,458,744
	Indiana (2.5%)
	IN State Fin. Auth. Rev. Bonds (OH Valley Elec. Corp.), Ser. A, 5s, 6/1/32		Baa3		750,000	734,963
	IN State Fin. Auth. Edl. Fac. Rev. Bonds (Butler U.), Ser. B
	5s, 2/1/32		BBB+		1,000,000	1,014,460
	5s, 2/1/29		BBB+		1,000,000	1,025,140
	Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 5.1s, 1/15/17		Baa1		3,500,000	3,804,500
	Jasper Cnty., Indl. Poll. Control Rev. Bonds
	AMBAC, 5.7s, 7/1/17		Baa1		1,125,000	1,221,086
	NATL, 5.6s, 11/1/16		A		700,000	751,485
	Ser. A, NATL, 5.6s, 11/1/16		A		500,000	536,775
	St. Joseph Cnty., Econ. Dev. Rev. Bonds (Holy Cross Village Notre Dame), Ser. A, 5 3/4s, 5/15/15		B+/P		455,000	462,462
	Valparaiso, Exempt Facs. Rev. Bonds (Pratt Paper, LLC), 6 3/4s, 1/1/34		B+/P		1,125,000	1,168,515
						10,719,386
	Iowa (2.1%)
	IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives), Ser. A
	5 1/4s, 7/1/17		BB+		1,040,000	1,086,249
	5s, 7/1/19		BB+		2,750,000	2,832,748
	IA Fin. Auth. Hlth. Fac. Rev. Bonds (Dev. Care Initiatives), Ser. A, 5 1/2s, 7/1/25		BB+		950,000	961,020
	IA State Fin. Auth. Midwestern Disaster Rev. Bonds
	(IA Fertilizer Co., LLC), 5 1/2s, 12/1/22		BB-		1,000,000	964,710
	(IA Fertilizer Co.), 5 1/4s, 12/1/25		BB-		1,000,000	930,640
	Orange Cnty., Hosp. Rev. Bonds, 5 1/2s, 9/1/27		BB/P		1,180,000	1,187,151
	Tobacco Settlement Auth. of IA Rev. Bonds, Ser. C, 5 3/8s, 6/1/38		B+		1,250,000	986,150
						8,948,668
	Kansas (0.1%)
	Lenexa, Hlth. Care Fac. Rev. Bonds (LakeView Village), 7 1/8s, 5/15/29		BB/P		500,000	525,060
						525,060
	Kentucky (1.8%)
	Breckinridge Cnty., Lease Program VRDN, Ser. A, 0.05s, 2/1/32		VMIG1		3,255,000	3,255,000
	KY Econ. Dev. Fin. Auth. Rev. Bonds
	(First Mtge.), Ser. IA, 8s, 1/1/29		B+/P		230,000	230,853
	(Masonic Home Indpt. Living II), 7 1/4s, 5/15/41		BB-/P		500,000	531,215
	(Masonic Home Indpt. Living II), 7s, 5/15/30		BB-/P		500,000	535,150
	KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6s, 7/1/53		Baa3		1,100,000	1,138,268
	KY State Econ. Dev. Fin. Auth. Hlth. Care Rev. Bonds (Masonic Homes of KY), 5 3/8s, 11/15/42		BB-/P		900,000	825,561
	Louisville/Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/28		Baa3		500,000	522,920
	Owen Cnty., Wtr. Wks. Syst. Rev. Bonds (American Wtr. Co.), Ser. A, 6 1/4s, 6/1/39		A-		700,000	737,380
						7,776,347
	Louisiana (1.5%)
	LA State Local Govt. Env. Facs. & Cmnty. Dev. Auth. Rev. Bonds (Westlake Chemical Corp.), 6 3/4s, 11/1/32		BBB		2,200,000	2,355,892
	Pub. Facs. Auth. Dock & Wharf Rev. Bonds (Impala Warehousing, LLC), 6 1/2s, 7/1/36		B+/P		1,000,000	939,490
	Rapides, Fin. Auth. FRB (Cleco Pwr.), AMBAC, 4.7s, 11/1/36		Baa1		750,000	692,745
	Stadium & Exposition Dist. Rev. Bonds, Ser. A, 5s, 7/1/32		A3		2,145,000	2,246,544
						6,234,671
	Maine (0.7%)
	ME Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (ME Gen. Med. Ctr.), 7 1/2s, 7/1/32		Ba1		1,000,000	1,117,670
	Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26		B2		2,000,000	2,008,460
						3,126,130
	Maryland (1.5%)
	Baltimore Cnty., Rev. Bonds (Oak Crest Village, Inc. Fac.), Ser. A, 5s, 1/1/37		BBB+		2,000,000	1,991,800
	MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22		A		550,000	645,222
	MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 3/8s, 12/1/14		BBB+/F		1,000,000	1,017,050
	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	405,144
	Westminster, Econ. Dev. Rev. Bonds (Carroll Lutheran Village), Ser. A
	6 1/4s, 5/1/34		BB/P		600,000	599,970
	5 7/8s, 5/1/21		BB/P		1,600,000	1,602,592
						6,261,778
	Massachusetts (6.6%)
	MA Edl. Fin. Auth. Rev. Bonds, Ser. B, 5 1/2s, 1/1/23		AA		685,000	721,963
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Sabis Intl.), Ser. A, 8s, 4/15/39		BBB		690,000	801,076
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/46		B-/P		850,850	700,352
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/39		B-/P		532,400	456,352
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26		B-/P		275,400	249,052
	(Boston U.), 6s, 5/15/59		A1		500,000	564,595
	(Loomis Cmntys.), Ser. A, 6s, 1/1/33		BBB-		200,000	201,908
	(Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46		B-/P		88,265	64,813
	(New England Conservatory of Music), 5 1/4s, 7/1/38		Baa1		805,000	818,234
	(Wheelock College), Ser. C, 5 1/4s, 10/1/29		BBB		1,700,000	1,727,539
	(First Mtge. - Orchard Cove), 5s, 10/1/19		BB/P		550,000	561,220
	(Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56		B-/P		439,022	2,726
	MA State Dev. Fin. Agcy. 144A Rev. Bonds (Groves in Lincoln, Inc. (The)), Ser. B1, 7 1/4s, 6/1/16(F)		CCC/P		1,329,720	42,551
	MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds (Adventcare), Ser. A, 6.65s, 10/15/28		B/P		1,050,000	1,076,030
	MA State Dev. Fin. Agcy. Solid Waste Disp. (Dominion Energy Brayton), Ser. 1, 5 3/4s, 12/1/42 (Prerefunded 5/1/19)		BBB+		1,050,000	1,291,857
	MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Norwood Hosp.), Ser. C, 7s, 7/1/14 (Escrowed to maturity)		BB/P		600,000	616,404
	(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33		B+		2,550,000	2,550,969
	(Suffolk U.), Ser. A, 6 1/4s, 7/1/30		Baa2		1,000,000	1,084,590
	(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON)		D/P		330,776	33
	(Suffolk U.), Ser. A, 5 3/4s, 7/1/39		Baa2		950,000	987,297
	(Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36		A+		1,500,000	1,620,060
	(Springfield College), 5 5/8s, 10/15/40		Baa1		450,000	466,457
	(Springfield College), 5 1/2s, 10/15/31		Baa1		1,100,000	1,140,656
	(Springfield College), 5 1/2s, 10/15/26		Baa1		1,500,000	1,596,975
	(Fisher College), Ser. A, 5 1/8s, 4/1/37		BBB-		250,000	229,820
	(Emerson Hosp.), Ser. E, Radian Insd., 5s, 8/15/25		BB/P		1,500,000	1,420,620
	(Milford Regl. Med.), Ser. E, 5s, 7/15/22		Baa3		2,200,000	2,247,344
	MA State Indl. Fin. Agcy. Rev. Bonds (1st Mtge. Berkshire Retirement), Ser. A, 6 5/8s, 7/1/16		BBB		885,000	888,965
	MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41		A		750,000	775,868
	Metro. Boston, Trans. Pkg. Corp. Rev. Bonds
	(Systemwide Pkg.), 5 1/4s, 7/1/33		A1		1,500,000	1,631,115
	5s, 7/1/41		A1		1,500,000	1,567,875
						28,105,316
	Michigan (5.2%)
	Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36		AA-		1,660,000	1,704,953
	Flint, Hosp. Bldg. Auth. Rev. Bonds
	Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 6s, 7/1/20		Ba1		210,000	210,107
	Ser. A, 5 1/4s, 7/1/39		Ba1		750,000	606,413
	Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden City Hosp.), Ser. A, 5 3/4s, 9/1/17		BB-/P		280,000	279,980
	Kentwood, Economic Dev. Rev. Bonds (Holland Home), 5 5/8s, 11/15/32		BB+/F		2,195,000	2,195,505
	MI State Hosp. Fin. Auth. Rev. Bonds
	Ser. A, 6 1/8s, 6/1/39		A1		2,000,000	2,160,000
	(Henry Ford Hlth.), 5 3/4s, 11/15/39		A2		1,600,000	1,657,008
	(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46		A2		2,565,000	2,505,953
	(Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/25 (Prerefunded 5/15/15)		AA+		755,000	799,515
	MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Cadillac Place Office Bldg.), 5 1/4s, 10/15/26		A1		1,250,000	1,349,950
	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	1,624,253
	MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/48		B-		4,000,000	3,097,200
	Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp.), 5 1/2s, 6/1/20		Baa2		1,480,000	1,548,080
	Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21		A2		2,000,000	2,190,740
						21,929,657
	Minnesota (2.9%)
	Douglas Cnty., Gross Hlth. Care Fac. Rev. Bonds (Douglas Cnty. Hosp.), Ser. A, 6 1/4s, 7/1/34		BBB-		3,000,000	3,171,960
	Inver Grove Heights, Nursing Home Rev. Bonds (Presbyterian Homes Care), 5 3/8s, 10/1/26		B/P		700,000	692,041
	North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39		BB/P		315,000	323,086
	Northfield, Hosp. Rev. Bonds, 5 3/8s, 11/1/26		BBB-		750,000	772,920
	Rochester, Hlth. Care Fac. Rev. Bonds (Olmsted Med. Ctr.), 5 7/8s, 7/1/30		A-/F		1,000,000	1,132,129
	Sartell, Hlth. Care & Hsg. Facs. Rev. Bonds (Country Manor Campus, LLC)
	5 1/4s, 9/1/30		B-/P		500,000	480,720
	5 1/4s, 9/1/27		B-/P		750,000	742,088
	Sauk Rapids Hlth. Care & Hsg. Fac. Rev. Bonds (Good Shepherd Lutheran Home), 7 1/2s, 1/1/39 (Prerefunded 1/1/16)		AAA/P		500,000	567,320
	St. Paul, Hsg. & Redev. Auth. Charter School Lease Rev. Bonds (Nova Classical Academy), Ser. A
	6 5/8s, 9/1/42		BBB-		250,000	264,363
	6 3/8s, 9/1/31		BBB-		250,000	264,178
	St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35		BBB-		1,350,000	1,376,028
	St. Paul, Port Auth. Lease Rev. Bonds (Regions Hosp. Pkg. Ramp), Ser. 1, 5s, 8/1/36		A-/P		1,125,000	1,050,154
	Wayzata, Sr. Hsg. Rev. Bonds (Folkestone Sr. Living Cmnty.), Ser. B, 4 7/8s, 5/1/19		BB+/P		1,500,000	1,510,530
						12,347,517
	Mississippi (0.4%)
	Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32		BBB		1,600,000	1,748,112
						1,748,112
	Missouri (0.6%)
	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	1,504,050
	St. Louis Arpt. Rev. Bonds (Lambert-St. Louis Intl.), Ser. A-1, 6 5/8s, 7/1/34		A3		1,000,000	1,135,780
						2,639,830
	Montana (0.1%)
	MT Fac. Fin. Auth. Rev. Bonds (Sr. Living St. John's Lutheran), Ser. A, 6s, 5/15/25		B+/P		500,000	505,875
						505,875
	Nebraska (1.2%)
	Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18		A-		1,500,000	1,697,910
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 1/2s, 1/1/30		AA-/F		1,000,000	1,063,030
	NE Edl. Fin. Auth. VRDN (Creighton U.), 0.05s, 7/1/35		VMIG1		2,340,000	2,340,000
						5,100,940
	Nevada (1.4%)
	Clark Cnty., Impt. Dist. Special Assmt. Bonds
	(Mountains Edge Local No. 142), 5s, 8/1/21		BBB-		650,000	671,301
	(Summerlin No. 151), 5s, 8/1/20		BB-/P		410,000	380,066
	(Summerlin No. 151), 5s, 8/1/16		BB-/P		960,000	949,190
	Henderson, Local Impt. Dist. Special Assmt. Bonds
	(No. T-17), 5s, 9/1/18		BB+/P		360,000	365,681
	(No. T-18), 5s, 9/1/16		CCC/P		715,000	695,509
	Las Vegas, Special Assmt. Bonds (Dist. No. 607 Local Impt.), 5s, 6/1/23		BB/P		445,000	452,601
	Reno, Sales Tax VRDN (Reno Trans. Rail Access Corridor (ReTRAC)), 0.05s, 6/1/42		VMIG1		2,500,000	2,500,000
						6,014,348
	New Hampshire (1.7%)
	NH Hlth. & Ed. Fac. Auth. Rev. Bonds
	(Rivermead), Ser. A, 6 7/8s, 7/1/41		BB+/P		2,000,000	2,136,480
	(Rivermead), Ser. A, 6 5/8s, 7/1/31		BB+/P		1,320,000	1,393,656
	(Kendal at Hanover), Ser. A, 5s, 10/1/18		BBB+		1,875,000	1,909,913
	NH State Bus. Fin. Auth. Rev. Bonds (Elliot Hosp. Oblig. Group), Ser. A, 6s, 10/1/27		Baa1		1,700,000	1,817,215
						7,257,264
	New Jersey (9.2%)
	Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds (The Evergreens), 5 5/8s, 1/1/38		BB+/P		3,200,000	2,865,920
	NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds
	(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38		BBB-		2,250,000	2,290,523
	(St. Peter's U. Hosp.), 6 1/4s, 7/1/35		Ba1		2,000,000	2,064,360
	(United Methodist Homes), Ser. A, 5 3/4s, 7/1/29		BBB-/F		2,250,000	2,238,503
	(Holy Name Hosp.), 5s, 7/1/36		Baa2		2,500,000	2,447,125
	NJ State Econ. Dev. Auth. Rev. Bonds
	(Newark Arpt. Marriott Hotel), 7s, 10/1/14		Baa3		2,400,000	2,447,975
	(United Methodist Homes), Ser. A-1, 6 1/4s, 7/1/33 (Prerefunded 7/1/14)		AAA/P		1,000,000	1,044,280
	(Ashland School, Inc.), 6s, 10/1/33		BBB		1,000,000	1,034,710
	(First Mtge. Lions Gate), Ser. A, 5 7/8s, 1/1/37		B/P		430,000	411,480
	(Cigarette Tax), 5 3/4s, 6/15/29 (Prerefunded 6/15/14)		Aaa		1,000,000	1,020,210
	(MSU Student Hsg. - Provident Group - Montclair LLC), 5 3/8s, 6/1/25		Baa3		2,000,000	2,155,640
	(Continental Airlines, Inc.), 5 1/4s, 9/15/29		B2		3,000,000	2,928,060
	5s, 6/15/26		Baa1		500,000	529,380
	NJ State Econ. Dev. Auth. Retirement Cmnty. Rev. Bonds (Seabrook Village, Inc.), 5 1/4s, 11/15/36		BB-/P		860,000	795,431
	NJ State Econ. Dev. Auth. Solid Waste Fac. Mandatory Put Bonds (6/1/14) (Disp. Waste Mgt.), Ser. A, 5.3s, 6/1/15		A-		1,750,000	1,775,900
	NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
	Ser. A, 5.7s, 10/1/39		A1		2,600,000	2,774,148
	Ser. D, 4 7/8s, 11/1/29		A1		700,000	732,039
	North Hudson, Swr. Auth. Rev. Bonds, Ser. A, 5s, 6/1/42		A-		1,000,000	1,029,430
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A
	5s, 6/1/41		B2		5,000,000	3,692,900
	4 3/4s, 6/1/34		B2		2,210,000	1,632,615
	4 5/8s, 6/1/26		B1		2,000,000	1,731,200
	Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31		AA+		1,450,000	1,518,020
						39,159,849
	New Mexico (1.7%)
	Farmington, Poll. Control Rev. Bonds
	(Public Service Co. of NM San Juan), Ser. D, 5.9s, 6/1/40		Baa2		500,000	519,700
	(San Juan), Ser. B, 4 7/8s, 4/1/33		Baa2		4,500,000	4,398,345
	(AZ Pub. Svc. Co.), Ser. B, 4.7s, 9/1/24		A3		2,000,000	2,087,880
						7,005,925
	New York (9.1%)
	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	608,424
	Livingston Cnty., Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Nicholas H. Noyes Memorial Hosp.), 5 3/4s, 7/1/15		BB		850,000	850,476
	Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds (Keyspan-Glenwood), 5 1/4s, 6/1/27		A-		2,775,000	2,782,382
	Niagara, Area Dev. Corp. Solid Waste Disp. Fac. Rev. Bonds (Covanta Holding Corp.), Ser. A, 5 1/4s, 11/1/42		Ba2		1,100,000	1,000,087
	NY City, G.O. Bonds, Ser. F, 5s, 8/1/31		Aa2		1,500,000	1,619,805
	NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds
	(American Airlines - JFK Intl. Arpt.), 7 1/2s, 8/1/16		B+/P		2,915,000	3,099,315
	(British Airways PLC), 5 1/4s, 12/1/32		BB		3,425,000	3,137,266
	(Jetblue Airways Corp.), 5s, 5/15/20		B		265,000	262,869
	NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. bonds 5s, 6/15/31(T)		AA+		10,000,000	10,883,078
	NY State Dorm Auth. Rev. Bonds, Ser. A, 5s, 3/15/38		AAA		1,500,000	1,612,350
	NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37		Ba1		725,000	703,105
	NY State Dorm. Auth.Ser. C Rev bonds 5s, 3/15/31(T)		AAA		5,000,000	5,409,379
	NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26		A3		3,800,000	3,812,540
	Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term.), 6s, 12/1/42		Baa3		1,000,000	1,085,370
	Port Auth. of NY & NJ Rev. Bonds (Kennedy Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19		BB+/P		180,000	177,494
	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	1,248,713
	Syracuse, Indl. Dev. Agcy. Rev. Bonds (1st Mtge. - Jewish Home), Ser. A, 7 3/8s, 3/1/21		B+/P		615,000	610,455
						38,903,108
	North Carolina (1.9%)
	NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24		A-		750,000	890,558
	NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
	(Presbyterian Homes), 5.4s, 10/1/27		BB/P		2,000,000	1,928,740
	(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22		BB/P		1,110,000	1,115,228
	NC Med. Care Comm. Retirement Fac. Rev. Bonds
	(Carolina Village), 6s, 4/1/38		BB/P		500,000	505,435
	(First Mtge.), Ser. A-05, 5 1/2s, 10/1/35		BB+/P		1,730,000	1,730,744
	(First Mtge.), Ser. A-05, 5 1/4s, 10/1/25		BB+/P		700,000	701,918
	(Forest at Duke), 5 1/8s, 9/1/27		BBB+/F		1,000,000	1,022,360
	NC State Hsg. Fin. Agcy. FRB (Homeownership), Ser. 26-A, 5 1/2s, 1/1/38		Aa2		150,000	151,710
						8,046,693
	Ohio (5.8%)
	American Muni. Pwr. - Ohio, Inc. Rev. Bonds (Prairie Street Energy Campus), Ser. A, 5 1/4s, 2/15/33		AA-		5,000,000	5,262,600
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
	Ser. A-3, 6 1/4s, 6/1/37		B3		850,000	696,856
	Ser. A-2, 6s, 6/1/42		B3		2,500,000	2,000,675
	Ser. A-2, 5 7/8s, 6/1/30		B3		4,315,000	3,473,402
	Ser. A-2, 5 3/4s, 6/1/34		B3		1,675,000	1,303,535
	Cleveland, Arpt. Syst. Rev. Bonds, Ser. A, 5s, 1/1/31		A-		400,000	407,036
	Franklin Cnty., Hlth. Care Fac. Rev. Bonds (Presbyterian Svcs.), Ser. A, 5 5/8s, 7/1/26		BBB-		2,750,000	2,859,862
	Hickory Chase Cmnty. Auth. Rev. Bonds (Infrastructure Impt.), 7s, 12/1/38(F)		CCC/P		644,000	77,216
	Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 5 5/8s, 8/15/29		A3		1,530,000	1,632,020
	Lorain Cnty., Port Auth. Recovery Zone Fac. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 12/1/40		BB-		1,000,000	1,010,190
	OH State Air Quality Dev. Auth. Rev. Bonds (Valley Elec. Corp.), Ser. E, 5 5/8s, 10/1/19		Baa3		1,300,000	1,425,190
	OH State Higher Edl. Fac. Comm. Rev. Bonds
	(U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39 (Prerefunded 1/15/15)		A		2,000,000	2,123,140
	(Kenyon College), 5s, 7/1/44		A1		800,000	814,880
	Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, 5 3/4s, 12/1/32		BB/P		900,000	853,371
	Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX Transn, Inc.), 6.45s, 12/15/21		Baa2		500,000	601,170
						24,541,143
	Oklahoma (1.1%)
	OK Hsg. Fin. Agcy. Single Fam. Rev. Bonds (Homeownership Loan), Ser. B, 5.35s, 3/1/35		Aaa		685,000	698,296
	OK Hsg. Fin. Agcy. Single Family Mtge. Rev. Bonds (Homeownership Loan), Ser. C, GNMA Coll., FNMA Coll., 5.95s, 3/1/37		Aaa		620,000	634,142
	Tulsa Cnty., Indl. Auth. Rev. Bonds (Sr. Living Cmnty. Montereau, Inc.), Ser. A
	7 1/8s, 11/1/30		BB-/P		1,250,000	1,338,888
	6 7/8s, 11/1/23		BB-/P		500,000	509,630
	Tulsa, Muni. Arpt. Trust Rev. Bonds (American Airlines, Inc.)
	6 1/4s, 6/1/20		B+/P		500,000	502,500
	Ser. B, 5 1/2s, 12/1/35		B+/P		1,250,000	1,184,550
						4,868,006
	Oregon (0.3%)
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza, Inc.), 5s, 12/1/29		BBB/F		350,000	358,250
	Warm Springs Reservation, Confederated Tribes 144A Rev. Bonds (Pelton Round Butte Tribal), Ser. B, 6 3/8s, 11/1/33		A3		700,000	766,787
						1,125,037
	Pennsylvania (6.0%)
	Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds (Robert Morris U.), Ser. A, 5 1/2s, 10/15/30		Baa3		1,000,000	1,010,500
	Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 11/1/24		BB-		2,000,000	2,095,360
	Allentown, Neighborhood Impt. Zone Dev. Auth. Rev. Bonds, Ser. A
	5s, 5/1/42		Baa2		800,000	726,976
	5s, 5/1/35		Baa2		500,000	465,900
	5s, 5/1/32		Baa2		200,000	189,662
	Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds (West Chester U. Student Hsg., LLC), Ser. A, 5s, 8/1/45		Baa3		600,000	538,866
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Brethren Village), Ser. A, 6 3/8s, 7/1/30		BB-/P		625,000	630,169
	Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant View Retirement), Ser. A, 5.3s, 12/15/26		BB/P		1,800,000	1,786,626
	Lycoming Cnty., Auth. Rev. Bonds, 5s, 5/1/26		A		2,000,000	2,133,300
	Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds (Susquehanna Hlth. Syst.), Ser. A, 5 3/4s, 7/1/39		BBB+		3,000,000	3,098,100
	Montgomery Cnty., Indl. Auth. Resource Recvy. Rev. Bonds (Whitemarsh Cont. Care), 6 1/4s, 2/1/35		B-/P		1,100,000	1,100,506
	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	1,570,035
	Northampton Cnty., Indl. Dev. Auth. Tax Alloc. Bonds (Rte. 33), 7s, 7/1/32		B/P		800,000	796,816
	PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds (Colver), Ser. F, AMBAC, 5s, 12/1/15		BBB-		1,650,000	1,688,840
	PA State Higher Edl. Fac. Auth. Rev. Bonds
	(Shippensburg U.), 6 1/4s, 10/1/43		Baa3		500,000	533,090
	(Edinboro U. Foundation), 5.8s, 7/1/30		Baa3		1,000,000	1,008,440
	(Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42		BBB		785,000	782,103
	(Indiana U.), Ser. A, 5s, 7/1/41		BBB+		500,000	479,120
	Philadelphia, Auth. for Indl. Dev. Rev. Bonds (Master Charter School), 6s, 8/1/35		BBB+		600,000	624,138
	Philadelphia, Gas Wks. Rev. Bonds, Ser. 9, 5s, 8/1/30		BBB+		1,000,000	1,017,720
	Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Graduate Hlth. Syst.), 7 1/4s, 7/1/14 (In default)(NON)		D/P		2,583,821	258
	Pittsburgh G.O. Bonds, Ser. B, 5s, 9/1/26		A1		1,000,000	1,111,020
	Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A, 6 1/2s, 1/1/38		Baa3		1,325,000	1,416,915
	Wilkes-Barre, Fin. Auth. Rev. Bonds (Wilkes U.), 5s, 3/1/22		BBB		560,000	575,859
						25,380,319
	Puerto Rico (0.6%)
	Cmnwlth. of PR, G.O. Bonds
	Ser. A, FGIC, 5 1/2s, 7/1/21		Baa3		1,000,000	746,880
	(Pub. Impt.), Ser. A, NATL, 5 1/2s, 7/1/20		A		1,000,000	950,020
	Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A, zero %, 8/1/30		A+		3,000,000	781,080
						2,477,980
	Rhode Island (0.4%)
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/8s, 6/1/32		BBB		1,490,000	1,490,015
						1,490,015
	South Carolina (1.0%)
	Georgetown Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/30		BBB		1,135,000	1,134,977
	SC State Pub. Svc. Auth. Rev. Bonds (Santee Cooper), Ser. A, 5 3/4s, 12/1/43		AA-		3,000,000	3,314,940
						4,449,917
	Tennessee (0.6%)
	Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38		Baa1		1,450,000	1,568,973
	Johnson City, Hlth. & Edl. Facs. Board Retirement Fac. Rev. Bonds (Appalachian Christian Village), Ser. A, 6 1/4s, 2/15/32 (Prerefunded 2/15/14)		AAA/P		1,000,000	1,001,680
						2,570,653
	Texas (13.8%)
	Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38		BBB		2,200,000	2,314,884
	Central TX Regl. Mobility Auth. Rev. Bonds (Sr. Lien), Ser. A, 5s, 1/1/33		Baa2		525,000	526,097
	Clifton, Higher Ed. Fin. Corp. Rev. Bonds (Idea Pub. Schools), 6s, 8/15/33		BBB		500,000	530,515
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (YMCA of Greater Houston), Ser. A, 5s, 6/1/33		Baa3		1,000,000	979,310
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (The Methodist Hosp.), Ser. C-1, 0.05s, 12/1/24		A-1+		4,720,000	4,720,000
	Houston, Arpt. Syst. Rev. Bonds
	(Continental Airlines, Inc.), Ser. E, 7s, 7/1/29		B2		500,000	500,640
	(Continental Airlines, Inc.), Ser. E, 6 3/4s, 7/1/29		B2		2,500,000	2,500,525
	(Continental Airlines, Inc.), Ser. C, 5.7s, 7/15/29		B2		6,185,000	6,178,443
	Ser. A, 5s, 7/1/24		A		1,500,000	1,595,265
	La Vernia, Higher Ed. Fin. Corp. Rev. Bonds (Kipp, Inc.), Ser. A
	6 3/8s, 8/15/44		BBB		1,100,000	1,183,776
	6 1/4s, 8/15/39		BBB		1,975,000	2,118,504
	Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40		Baa3		3,500,000	3,535,315
	Matagorda Cnty., Poll. Control Rev. Bonds
	(Central Pwr. & Light Co.), Ser. A, 6.3s, 11/1/29		Baa1		1,000,000	1,110,880
	(Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30		Baa1		1,250,000	1,181,825
	Newark, Cultural Ed. Facs. Fin. Corp. Rev. Bonds (AW Brown-Fellowship Leadership Academy), Ser. A, 6s, 8/15/42		BBB-		670,000	675,213
	North Texas Edl. Fin. Co. Rev. Bonds (Uplift Edl.), Ser. A, 5 1/4s, 12/1/47		BBB-		2,000,000	1,947,380
	North TX, Tollway Auth. Rev. Bonds
	Ser. A, 6s, 1/1/25		A2		1,000,000	1,122,700
	(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38		A3		1,750,000	1,838,970
	Red River, Hlth. Retirement Facs. Dev. Corp. Rev. Bonds (Sears Methodist Retirement Syst. Oblig. Group)
	Ser. C, 6 1/4s, 5/9/53		B/P		39,000	33,414
	Ser. B, 6.15s, 11/15/49		B/P		749,000	638,320
	Ser. A, 6.05s, 11/15/46		B/P		441,000	373,104
	Ser. D, 6.05s, 11/15/46		B/P		76,000	64,299
	Ser. A, 5.45s, 11/15/38		B/P		1,124,000	895,839
	Ser. A, 5.15s, 11/15/27		B/P		593,000	514,505
	Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds, 5s, 10/1/21		BBB+		500,000	575,305
	Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (TX Hlth. Resources), Ser. C, 0.06s, 11/15/33		VMIG1		2,280,000	2,280,000
	Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds
	(Sr. Living Ctr.), Ser. A, 8 1/4s, 11/15/39		B+/P		3,000,000	2,933,700
	(Buckner Retirement Svcs., Inc.), 5 1/4s, 11/15/37		A-		1,900,000	1,887,080
	(Air Force Village), 5 1/8s, 5/15/27		BBB-/F		2,850,000	2,826,773
	Travis Cnty., Cultural Ed. Facs. Fin. Corp. Rev. Bonds (Wayside Schools), Ser. A, 5 1/4s, 8/15/42		BB+		1,000,000	867,620
	TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5 1/4s, 12/15/24		A-		2,000,000	2,209,100
	TX Private Activity Surface Trans. Corp. Rev. Bonds
	(NTE Mobility), 7 1/2s, 12/31/31		Baa2		2,000,000	2,289,060
	(LBJ Infrastructure), 7s, 6/30/40		Baa3		2,500,000	2,765,150
	TX State Dept. of Hsg. & Cmnty. Affairs Rev. Bonds, Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll., 6.9s, 7/2/24		AA+		350,000	357,413
	TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5s, 12/15/28		A3		1,500,000	1,532,220
	TX State Trans. Comm. Tpk. Syst. Mandatory Put Bonds (2/15/15) (1st Tier), Ser. B, 1 1/4s, 8/15/42		A-		1,000,000	1,005,520
						58,608,664
	Virginia (2.1%)
	Albemarle Cnty., Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury), 5s, 1/1/24		BB-/P		600,000	594,888
	Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds
	(Westminster-Canterbury), 5s, 10/1/22		BBB		1,000,000	1,020,960
	(United Methodist Homes), 5s, 6/1/22		BB+/P		625,000	636,025
	Lynchburg, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury)
	5s, 7/1/31		BB/P		1,250,000	1,193,975
	4 7/8s, 7/1/21		BB/P		1,000,000	1,030,460
	Route 460 Funding Corp. Toll Rd. Rev. Bonds (Sr. Lien), Ser. A, 5 1/8s, 7/1/49		Baa3		450,000	445,261
	VA State Small Bus. Fin. Auth. Rev. Bonds
	(Elizabeth River Crossings OPCO, LLC), 6s, 1/1/37		BBB-		900,000	942,858
	(Express Lanes, LLC), 5s, 7/1/34		BBB-		1,150,000	1,089,395
	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	1,947,911
						8,901,733
	Washington (3.0%)
	Port Seattle, Port Indl. Dev. Corp. Rev. Bonds (Delta Airlines, Inc.), 5s, 4/1/30		B+		300,000	272,391
	Skagit Cnty., Pub. Hosp. Rev. Bonds (Dist. No. 001), 5 3/4s, 12/1/35		Baa2		2,500,000	2,526,450
	Tobacco Settlement Auth. of WA Rev. Bonds, 5 1/4s, 6/1/32		A-		1,275,000	1,320,325
	WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T)		AA+		5,000,000	5,561,840
	WA State Higher Ed. Fac. Auth. Rev. Bonds (Whitworth U.), 5 5/8s, 10/1/40		Baa1		400,000	406,248
	WA State Hlth. Care Fac. Auth. Rev. Bonds
	(WA Hlth. Svcs.), 7s, 7/1/39		Baa3		1,000,000	1,097,120
	(Kadlec Med. Ctr.), 5 1/2s, 12/1/39		Baa3		1,500,000	1,463,520
						12,647,894
	West Virginia (0.6%)
	WV State Econ. Dev. Auth. Poll Control Rev. Bonds (Appalachian Pwr. Co. - Amos), Ser. C, 3 1/4s, 5/1/19		Baa1		1,950,000	1,975,721
	WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43		B+/P		735,000	730,252
						2,705,973
	Wisconsin (0.7%)
	Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5 1/4s, 7/1/28		BBB-		350,000	336,973
	WI State Hlth. & Edl. Facs. Auth. Rev. Bonds
	(St. Johns Cmntys. Inc.), Ser. A, 7 5/8s, 9/15/39		BB+/P		1,150,000	1,237,814
	(Prohealth Care, Inc.), 6 5/8s, 2/15/39		A1		1,250,000	1,381,325
						2,956,112
	Total municipal bonds and notes (cost $532,701,386)					$549,062,593
	PREFERRED STOCKS (0.9%)(a)
					Shares	Value
	MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A-5, $5.00 cum. pfd.				3,850,000	$3,850,693
	Total preferred stocks (cost $3,850,000)					$3,850,693
	COMMON STOCKS (0.0%)(a)
					Shares	Value
	Tembec, Inc. (Canada)(NON)				1,750	$4,682
	Total common stocks (cost $1,273,945)					$4,682
	TOTAL INVESTMENTS
	Total investments (cost $537,825,331)(b)					$552,917,968

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	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, 2013 through January 31, 2014 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter.
(a)	Percentages indicated are based on net assets of $424,479,636.
(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.
(b)	The aggregate identified cost on a tax basis is $537,814,134, resulting in gross unrealized appreciation and depreciation of $29,558,790 and $14,454,956, respectively, or net unrealized appreciation of $15,103,834.
(NON)	Non-income-producing security.
(FWC)	Forward commitment, in part or in entirety.
(F)	Security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs.
(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 $15,920,210 to cover tender option bonds.
	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	40.9%
	Utilities	19.2
	Transportation	15.4
	Education	13.2
	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 $29,431,482 were held by the TOB trust and served as collateral for $13,511,272 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $1,857 for these investments based on an average interest rate of 0.06%.

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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	$4,682	$—	$—
	Total common stocks	4,682	—	—
	Municipal bonds and notes	$—	$549,062,593	$—
	Preferred stocks	—	3,850,693	—
	Totals by level	$4,682	$552,913,286	$—
	* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
	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 28, 2014

	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 28, 2014

	By (Signature and Title):

	/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: March 28, 2014