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:	Bryan Chegwidden, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, New York 10036

	Registrant's telephone number, including area code:	(617) 292-1000

	Date of fiscal year end:	October 31, 2016

	Date of reporting period:	January 31, 2016

	Item 1. Schedule of Investments:

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	Putnam Managed Municipal Income Trust
	The fund's portfolio
	1/31/16 (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.
	SGI — Syncora Guarantee, Inc.
	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 (128.4%)(a)
			Rating(RAT)		Principal amount	Value
	Alabama (1.3%)
	Cullman Cnty., Hlth. Care Auth. Rev. Bonds (Cullman Regl. Med. Ctr.), Ser. A, 6 3/4s, 2/1/29		Ba1		$1,100,000	$1,193,302
	Jefferson Cnty., Swr. Rev. Bonds
	Ser. D, 6 1/2s, 10/1/53		BBB-		500,000	601,325
	zero %, 10/1/46		BBB-		3,950,000	2,873,072
	Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 6 1/4s, 11/1/33		BBB		1,000,000	1,161,190
						5,828,889
	American Samoa (0.1%)
	Econ. Dev. Auth. Rev. Bonds, Ser. A, 6 5/8s, 9/1/35		Ba3		500,000	512,600
						512,600
	Arizona (5.0%)
	Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.)
	Ser. A, 7 5/8s, 12/1/29 (escrow)(F)		D/P		1,800,000	5,380
	7 1/4s, 12/1/19 (escrow)(F)		D/P		1,000,000	2,989
	Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32		A3		2,000,000	2,206,860
	Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40		Baa1		2,200,000	2,559,216
	Navajo Cnty., Poll. Control Corp. Mandatory Put Bonds (6/1/16) (AZ Pub. Svc. Co. Cholla Pwr. Plant), Ser. E, 5 3/4s, 6/1/34		A2		1,950,000	1,982,429
	Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds
	(Great Hearts Academies), 6s, 7/1/32		BB/F		200,000	214,952
	(Choice Academies, Inc.), 5 5/8s, 9/1/42		BB+		315,000	326,800
	(Choice Academies, Inc.), 5 3/8s, 9/1/32		BB+		675,000	705,152
	(Great Hearts Academies), 5s, 7/1/44		BBB-		1,700,000	1,764,940
	(BASIS School, Inc.), 5s, 7/1/35		BB		900,000	950,445
	(Choice Academies, Inc.), 4 7/8s, 9/1/22		BB+		905,000	972,567
	Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds (BASIS Schools, Inc.), Ser. A
	5s, 7/1/46		BB		250,000	259,105
	5s, 7/1/35		BB		600,000	633,630
	Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25		BBB-		1,140,000	1,140,912
	Salt Verde, Fin. Corp. Gas Rev. Bonds
	5 1/2s, 12/1/29		Baa1		2,000,000	2,513,220
	5s, 12/1/37		Baa1		2,000,000	2,370,280
	5s, 12/1/32		Baa1		570,000	687,745
	Tempe, Indl. Dev. Auth. Rev. Bonds (Friendship Village), Ser. A, 6 1/4s, 12/1/42		BB-/P		1,000,000	1,080,780
	Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds (Agribusiness & Equine Ctr.), 5s, 3/1/32		BB+		1,000,000	1,020,740
	Yavapai Cnty., Indl. Dev. Ed. Auth. 144A Rev. Bonds, Ser. A, 5s, 9/1/34		BB+		500,000	506,900
						21,905,042
	Arkansas (0.2%)
	Arkadelphia, Pub. Ed. Fac. Board Rev. Bonds (Ouachita Baptist U.), 6s, 3/1/33		BB+/P		840,000	894,398
						894,398
	California (14.1%)
	ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds
	(Episcopal Sr. Cmntys.), 6s, 7/1/31		BBB+/F		660,000	755,363
	(O'Connor Woods), 5s, 1/1/33		AA-		600,000	695,970
	CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA)
	5 1/4s, 2/1/37		A-		650,000	671,938
	U.S. Govt. Coll., 5 1/4s, 2/1/37 (Prerefunded 2/1/17)		AAA/P		455,000	476,412
	CA Muni. Fin. Auth. Rev. Bonds
	(U. of La Verne), Ser. A, 6 1/8s, 6/1/30		Baa1		1,000,000	1,140,720
	(Emerson College), 6s, 1/1/42		Baa1		1,000,000	1,195,540
	(Cmnty. Med. Ctrs.), Ser. A, 5s, 2/1/40		A-		750,000	846,038
	CA School Fin. Auth. Rev. Bonds (2023 Union, LLC), Ser. A, 6s, 7/1/33		BBB-		465,000	519,066
	CA State G.O. Bonds
	6 1/2s, 4/1/33		Aa3		5,000,000	5,875,721
	5s, 4/1/42		Aa3		2,000,000	2,310,980
	CA State Muni. Fin. Auth. Charter School Rev. Bonds (Partnerships Uplift Cmnty.), Ser. A, 5s, 8/1/32		BB+		665,000	703,484
	CA State Poll. Control Fin. Auth. Rev. Bonds
	(Wtr. Furnishing), 5s, 11/21/45		Baa3		2,000,000	2,194,960
	(Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23		A3		2,500,000	2,622,300
	CA State Poll. Control Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (2/1/16) (Republic Svcs., Inc.), Ser. A, 0.65s, 8/1/23		BBB+		2,400,000	2,400,000
	CA State Pub. Wks. Board Rev. Bonds
	(Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32		A1		1,250,000	1,332,413
	(Capital Projects), Ser. A, 5s, 4/1/29		A1		2,000,000	2,370,320
	CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30		BBB+		540,000	541,555
	CA Statewide Cmnty. Dev. Auth. Rev. Bonds
	(Terraces at San Joaquin Gardens), Ser. A, 6s, 10/1/47		BB/P		1,345,000	1,441,531
	(American Baptist Homes West), 5 3/4s, 10/1/25		BBB+/F		3,000,000	3,399,720
	(U. CA Irvine E. Campus Apts. Phase 1), 5 3/8s, 5/15/38		Baa2		1,000,000	1,130,850
	(899 Charleston, LLC), Ser. A, 5 1/4s, 11/1/44		BB/P		450,000	460,737
	(U. CA Irvine E. Campus Apts. Phase 1), 5 1/8s, 5/15/31		Baa2		2,250,000	2,532,218
	Corona-Norco, School Dist. Pub. Fin. Auth. Special Tax Bonds (Sr. Lien), Ser. A, 5s, 9/1/28		A-		380,000	432,269
	Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A, 6s, 1/15/53		BBB-		1,500,000	1,781,145
	Golden State Tobacco Securitization Corp. Rev. Bonds
	Ser. A-2, 5.3s, 6/1/37		B3		1,000,000	935,690
	Ser. A-1, 5 1/8s, 6/1/47		B3		3,235,000	2,870,157
	La Verne, COP (Brethren Hillcrest Homes), 5s, 5/15/36		BBB-/F		325,000	350,906
	Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.), 5s, 5/15/30		AA		1,000,000	1,166,940
	Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27		A		400,000	434,980
	M-S-R Energy Auth. Rev. Bonds, Ser. A, 6 1/2s, 11/1/39		BBB+		750,000	1,082,888
	Oakland, Alameda Cnty. Unified School Dist. G.O. Bonds
	(Election of 2012), 6 5/8s, 8/1/38		BBB/P		800,000	956,632
	(Election of 2006), Ser. A, 5 1/2s, 8/1/32		BBB/P		500,000	576,770
	Poway, Unified School Dist. Pub. Fin. Auth. Special Tax Bonds, 5s, 9/15/32		BBB		495,000	551,247
	Rancho Cordova, Cmnty. Fac. Dist. Special Tax Bonds (Sunridge Anatolia), Ser. 03-1, 5s, 9/1/37		BB+/P		350,000	384,265
	San Francisco City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 5s, 5/1/30		A1		600,000	686,946
	San Francisco City & Cnty., Redev. Agcy. Cmnty. Successor Special Tax Bonds
	(No.6 Mission Bay Pub. Impts.), Ser. C, zero %, 8/1/43		BBB-/P		2,000,000	445,560
	(No. 6 Mission Bay Pub. Impts.), Ser. C, zero %, 8/1/38		BBB-/P		2,000,000	602,560
	San Francisco, City & Cnty. Redev. Fin. Auth. Tax Alloc. Bonds (Mission Bay South Redev.), Ser. D, 6 5/8s, 8/1/39		BBB+		250,000	282,155
	San Joaquin Hills, Trans. Corridor Agcy. Toll Road Rev. Bonds, Ser. A, 5s, 1/15/34		BBB-		920,000	1,028,983
	Santaluz, Cmnty. Fac. Dist. No. 2 Special Tax Bonds (Impt. Area No. 1), Ser. A, 5 1/4s, 9/1/26 (Prerefunded 9/1/21)		BBB+		1,620,000	1,837,922
	Sunnyvale, Special Tax Bonds (Cmnty. Fac. Dist. No. 1), 7 3/4s, 8/1/32		B+/P		835,000	837,363
	Univ. of CA Rev. Bonds, Ser. AF, 5s, 5/15/36(T)		AA		7,000,000	8,236,686
	Yucaipa Special Tax Bonds (Cmnty. Fac. Dist. No. 98-1 Chapman Heights), 5 3/8s, 9/1/30		BBB+		375,000	416,959
						61,516,859
	Colorado (3.6%)
	Central Platte Valley, Metro. Dist. G.O. Bonds, 5s, 12/1/43		BB+		400,000	420,864
	CO Pub. Hwy. Auth. Rev. Bonds (E-470), Ser. C, 5 3/8s, 9/1/26		Baa1		500,000	562,495
	CO State Educ. & Cultural Fac. Auth. Rev. Bonds (Skyview Academy), 5 1/8s, 7/1/34		BB+		755,000	811,225
	CO State Hlth. Fac. Auth. Rev. Bonds
	(Christian Living Cmnty.), 6 3/8s, 1/1/41		BB-/P		810,000	864,643
	(Total Longterm Care National), Ser. A, 6 1/4s, 11/15/40		A/F		300,000	339,699
	(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26		BB-/P		1,925,000	1,954,587
	(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5 5/8s, 6/1/43		Baa1		250,000	287,023
	(Valley View Assn.), 5 1/4s, 5/15/42		A-		3,495,000	3,641,266
	(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), Ser. A, 5s, 6/1/45		Baa1		1,500,000	1,624,245
	(Covenant Retirement Cmnty.), Ser. A, 5s, 12/1/33		BBB+/F		900,000	960,462
	(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5s, 12/1/33		Baa1		1,100,000	1,212,563
	Eaton, Area Park & Recreation Dist. G.O. Bonds, 5 1/4s, 12/1/34		BB/P		220,000	232,373
	Park Creek Metro. Dist. Tax Allocation Bonds (Sr. Ltd. Property Tax Supported), Ser. A, 5s, 12/1/45		BBB/F		225,000	252,653
	Plaza, Tax Alloc. Bonds (Metro. Dist. No. 1), 5s, 12/1/40		BB/P		1,650,000	1,728,557
	Regl. Trans. Dist. Rev. Bonds (Denver Trans. Partners), 6s, 1/15/41		Baa3		750,000	849,743
						15,742,398
	Delaware (0.8%)
	DE State Econ. Dev. Auth. Rev. Bonds
	(Delmarva Pwr.), 5.4s, 2/1/31		Baa1		500,000	556,775
	(Indian River Pwr.), 5 3/8s, 10/1/45		Baa3		2,600,000	2,698,956
						3,255,731
	District of Columbia (1.7%)
	DC Rev. Bonds
	(Howard U.), Ser. A, 6 1/2s, 10/1/41		BBB		400,000	427,900
	(Howard U.), Ser. A, 6 1/4s, 10/1/32		BBB		1,000,000	1,086,920
	(Kipp Charter School), 6s, 7/1/33		BBB+		1,000,000	1,155,570
	DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46		B-/F		7,500,000	939,225
	DC, Rev. Bonds (Methodist Home of The DC (The)), Ser. A, 5 1/4s, 1/1/39		BB-/P		250,000	252,290
	Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds, Ser. B, zero %, 10/1/40		Baa1		10,000,000	3,527,700
						7,389,605
	Florida (6.0%)
	Broward Cnty., Arpt. Syst. Rev. Bonds, Ser. A, 5s, 10/1/45		A1		2,000,000	2,240,540
	Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds (Sr. Lien), Ser. A-1, 4 1/8s, 5/1/31		A-		500,000	510,185
	Fishhawk, CCD IV Special Assmt. Bonds, 7 1/4s, 5/1/43		B/P		400,000	436,888
	Florida State Higher Edl. Fac. Rev. Bonds (U. of Tampa), Ser. A, 5s, 4/1/32		BBB+		600,000	655,374
	Greater Orlando Aviation Auth. Rev. Bonds (JetBlue Airways Corp.), 5s, 11/15/36		B/P		1,000,000	1,038,870
	Jacksonville, Econ. Dev. Comm. Hlth. Care Fac. Rev. Bonds (FL Proton Therapy Inst.), Ser. A, 6s, 9/1/17		BB-/P		260,000	271,354
	Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev. Bonds (Gerdau Ameristeel US, Inc.), 5.3s, 5/1/37		Baa3		2,450,000	2,449,829
	Lakeland, Hosp. Syst. Rev. Bonds (Lakeland Regl. Hlth.), 5s, 11/15/40		A2		500,000	557,465
	Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43		BBB-/F		840,000	886,368
	Lakewood Ranch, Stewardship Dist. Special Assessment Bonds (Village of Lakewood Ranch South), 5 1/8s, 5/1/46		B+/P		1,000,000	1,007,490
	Lakewood Ranch, Stewardship Dist. Special Assmt. Bonds, 4 7/8s, 5/1/35		BB-/P		500,000	516,310
	Lee Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds (Shell Pt./Alliance Oblig. Group)
	5 1/8s, 11/15/36		BBB-		1,075,000	1,100,435
	5s, 11/15/22		BBB-		1,500,000	1,557,270
	Martin Cnty., Rev. Bonds (Indiantown Cogeneration), 4.2s, 12/15/25		Ba1		500,000	510,380
	Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), 5s, 11/15/29		Baa1		1,000,000	1,125,150
	Miami-Dade Cnty., Indl. Dev. Auth. Rev. Bonds (Pinecrest Academy, Inc.), 5s, 9/15/34		BBB-		1,240,000	1,303,711
	Midtown Miami Cmnty. Dev. Dist. Special Assmt. Bonds (Garage), Ser. A, 5s, 5/1/29		BB-/P		570,000	609,575
	Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33		BBB+		2,000,000	2,191,260
	Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt. Bonds, 5.7s, 5/1/37		B-/P		250,000	215,143
	South Lake Hosp. Dist. Rev. Bonds (South Lake Hosp.), Ser. A, 6s, 4/1/29		Baa1		1,000,000	1,120,600
	Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5s, 3/1/30		BBB+		480,000	527,045
	Tallahassee, Hlth. Fac. Rev. Bonds (Tallahassee Memorial HealthCare, Inc.), Ser. A, 5s, 12/1/55(FWC)		Baa1		1,000,000	1,092,450
	Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37		B+/P		770,000	770,978
	Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds (Cap. Impt.), 5s, 5/1/33		BB-/P		500,000	517,775
	Verano Ctr. Cmnty. Dev. Dist. Special Assmt. Bonds (Cmnty. Infrastructure), Ser. A, 5 3/8s, 5/1/37		B-/P		870,000	870,357
	Village Cmnty. Dev. Dist. No. 10 Special Assmt. Bonds, 5 3/4s, 5/1/31		BB/P		800,000	921,992
	Village Cmnty. Dev. Dist. No. 8 Special Assmt. Bonds (Phase II), 6 1/8s, 5/1/39		BBB-/P		405,000	466,933
	Village Cmnty. Dev. Dist. No. 9 Special Assmt. Bonds, 5s, 5/1/22		BBB-/P		445,000	469,230
						25,940,957
	Georgia (3.7%)
	Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39 (Prerefunded 11/1/19)		Aa3		2,500,000	2,991,350
	Clayton Cnty., Dev. Auth. Special Fac. Rev. Bonds (Delta Airlines), Ser. A, 8 3/4s, 6/1/29		BB		3,000,000	3,742,020
	Cobb Cnty., Dev. Auth. Student Hsg. Rev. Bonds (Kennesaw State U. Real Estate Oblig. Group), Ser. C, 5s, 7/15/38		Baa2		750,000	815,910
	Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist Hlth. Care Syst.), U.S. Govt. Coll., 6 1/4s, 10/1/18 (Escrowed to maturity)		AA+		730,000	791,649
	GA State Private College & U. Auth. Rev. Bonds (Mercer U.)
	Ser. C, 5 1/4s, 10/1/30		Baa2		750,000	849,233
	Ser. A, 5 1/4s, 10/1/27		Baa2		1,000,000	1,137,500
	Ser. A, 5s, 10/1/32		Baa2		1,000,000	1,117,730
	Gainesville & Hall Cnty., Devauth Retirement Cmnty. Rev. Bonds (Acts Retirement-Life Cmnty.), Ser. A-2, 6 3/8s, 11/15/29		BBB+		700,000	796,761
	Marietta, Dev. Auth. Rev. Bonds (Fac. of Life U., Inc.), Ser. PJ, 6 1/4s, 6/15/20		Ba3		815,000	862,205
	Muni. Election Auth. of GA Rev. Bonds (Plant Voltage Units 3 & 4), Ser. A, 5 1/2s, 7/1/60		A+		2,000,000	2,351,640
	Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy Paper), Ser. A, 6 1/8s, 1/1/34		BB/P		600,000	615,342
						16,071,340
	Guam (0.1%)
	Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5s, 10/1/34		Baa2		200,000	219,730
						219,730
	Hawaii (1.0%)
	HI State Dept. Budget & Fin. Rev. Bonds
	(Craigside), Ser. A, 9s, 11/15/44		B/P		400,000	496,552
	(Hawaiian Elec. Co. - Subsidiary), 6 1/2s, 7/1/39		Baa1		3,000,000	3,413,130
	(Kahala Nui), 5 1/8s, 11/15/32		BBB/F		400,000	435,396
						4,345,078
	Illinois (6.3%)
	Chicago, G.O. Bonds
	Ser. B-2, 5 1/2s, 1/1/37		BBB+		2,000,000	2,029,440
	Ser. C, 5s, 1/1/38		BBB+		1,500,000	1,442,010
	Chicago, Special Assmt. Bonds (Lake Shore East), 6 3/4s, 12/1/32		BB/P		1,610,000	1,613,075
	Chicago, Board of Ed. G.O. Bonds, Ser. C, 5 1/4s, 12/1/39		B+		1,500,000	1,174,560
	Chicago, Motor Fuel Tax Rev. Bonds, 5s, 1/1/29		BBB+		500,000	524,610
	Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. C, 5s, 1/1/26		A2		2,595,000	3,011,498
	Chicago, Transit Auth. Rev. Bonds (Federal Transit Administration Section 5307), 5s, 6/1/18		A		1,050,000	1,129,233
	Chicago, Waste Wtr. Transmission Rev. Bonds (2nd Lien), 5s, 1/1/39		A		1,360,000	1,472,499
	Chicago, Wtr. Wks Rev. Bonds, 5s, 11/1/39		A-		875,000	954,494
	Cicero, G.O. Bonds, Ser. A, AGM, 5s, 1/1/20		AA		1,250,000	1,390,875
	Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds (Monarch Landing)
	5 5/8s, 3/1/36		B/P		350,000	350,158
	5.4s, 3/1/16		B/P		40,000	40,060
	IL Fin. Auth. Rev. Bonds
	(Provena Hlth.), Ser. A, 7 3/4s, 8/15/34		BBB+		1,500,000	1,801,905
	(Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44 (Prerefunded 8/15/19)		AAA/P		2,000,000	2,410,140
	(Rush U. Med. Ctr.), Ser. C, U.S. Govt. Coll., 6 5/8s, 11/1/39 (Prerefunded 5/1/19)		Aaa		1,075,000	1,266,028
	(Navistar Intl. Recvy. Zone), 6 1/2s, 10/15/40		Caa1		1,000,000	974,550
	(Three Crowns Pk. Plaza), Ser. A, 5 7/8s, 2/15/26		BB-/P		1,000,000	1,001,350
	(American Wtr. Cap. Corp.), 5 1/4s, 10/1/39		A		1,575,000	1,664,980
	IL State G.O. Bonds, 5s, 3/1/34		A-		750,000	790,500
	IL State Fin. Auth. Rev. Bonds (Plymouth Place ), 5 1/4s, 5/15/45		BB+/F		1,000,000	1,033,320
	Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28		A-		1,050,000	1,247,201
						27,322,486
	Indiana (3.8%)
	IN State Fin. Auth. Rev. Bonds
	(I-69 Dev. Partners, LLC), 5 1/4s, 9/1/40		BBB-		1,000,000	1,111,450
	(I-69 Dev. Partners, LLC), 5 1/4s, 9/1/34		BBB-		1,250,000	1,411,838
	(OH Valley Elec. Corp.), Ser. A, 5s, 6/1/32		Baa3		750,000	799,725
	IN State Fin. Auth. VRDN, Ser. A-3, 0.01s, 2/1/37		VMIG1		2,445,000	2,445,000
	IN State Fin. Auth. Econ. Dev. Mandatory Put Bonds (3/3/16) (Republic Svcs., Inc.), 0.58s, 12/1/37		BBB+		1,500,000	1,500,030
	IN State Fin. Auth. Edl. Fac. Rev. Bonds (Butler U.), Ser. B
	5s, 2/1/32		BBB+		1,000,000	1,102,060
	5s, 2/1/29		BBB+		500,000	558,270
	Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 5.1s, 1/15/17		Baa1		3,500,000	3,632,825
	Jasper Cnty., Indl. Poll. Control Rev. Bonds
	AMBAC, 5.7s, 7/1/17		Baa1		1,125,000	1,195,774
	NATL, 5.6s, 11/1/16		AA-		700,000	724,290
	Ser. A, NATL, 5.6s, 11/1/16		AA-		500,000	517,350
	Valparaiso, Exempt Facs. Rev. Bonds (Pratt Paper, LLC), 6 3/4s, 1/1/34		B+/P		1,125,000	1,373,974
						16,372,586
	Iowa (2.2%)
	IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Dev. Care Initiatives), Ser. A
	5 1/4s, 7/1/17		BB+		1,040,000	1,055,475
	5s, 7/1/19		BB+		2,750,000	2,783,303
	IA Fin. Auth. Hlth. Fac. Rev. Bonds (Dev. Care Initiatives), Ser. A, 5 1/2s, 7/1/25		BB+		950,000	959,168
	IA State Fin. Auth. Midwestern Disaster Rev. Bonds (IA Fertilizer Co., LLC)
	5 1/2s, 12/1/22		BB-		1,000,000	1,053,070
	5 1/4s, 12/1/25		BB-		1,000,000	1,096,620
	Orange Cnty., Hosp. Rev. Bonds, 5 1/2s, 9/1/27		BB/P		1,125,000	1,147,748
	Tobacco Settlement Auth. of IA Rev. Bonds, Ser. C, 5 3/8s, 6/1/38		B+		1,250,000	1,226,800
						9,322,184
	Kansas (0.1%)
	Lenexa, Hlth. Care Fac. Rev. Bonds (LakeView Village), 7 1/8s, 5/15/29		BB/P		500,000	553,595
						553,595
	Kentucky (1.9%)
	KY Econ. Dev. Fin. Auth. Rev. Bonds (Masonic Home Indpt. Living II)
	7 1/4s, 5/15/41		BB-/P		500,000	590,750
	7s, 5/15/30		BB-/P		500,000	590,050
	KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6s, 7/1/53		Baa3		1,100,000	1,287,506
	KY State Econ. Dev. Fin. Auth. Hlth. Care Rev. Bonds (Masonic Homes of KY), 5 3/8s, 11/15/42		BB-/P		900,000	914,841
	Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/28		Baa3		500,000	538,625
	Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds (Norton Healthcare Oblig. Group), 5 1/2s, 10/1/33		A-		3,000,000	3,505,320
	Owen Cnty., Wtr. Wks. Syst. Rev. Bonds (American Wtr. Co.), Ser. A, 6 1/4s, 6/1/39		A		700,000	789,502
						8,216,594
	Louisiana (1.2%)
	LA State Local Govt. Env. Fac. & Cmnty. Dev. Auth. Rev. Bonds (Westlake Chemical Corp.), 6 3/4s, 11/1/32		BBB+		2,200,000	2,380,950
	LA State Pub. Fac. Auth. Rev. Bonds (Ochsner Clinic Foundation), 5s, 5/15/47		Baa1		250,000	271,233
	LA State Pub. Fac. Solid Waste Disp. Auth. Rev. Bonds (LA Pellets, Inc.), Ser. A, 8 3/8s, 7/1/39		CCC/P		500,000	400,355
	Pub. Fac. Auth. Dock & Wharf 144A Rev. Bonds (Impala Warehousing, LLC), 6 1/2s, 7/1/36		B+/P		1,000,000	1,124,140
	Rapides, Fin. Auth. FRB (Cleco Pwr.), AMBAC, 4.7s, 11/1/36		A3		750,000	760,395
	St. Tammany, Public Trust Fin. Auth. Rev. Bonds (Christwood), 5 1/4s, 11/15/37		BB/P		385,000	392,842
						5,329,915
	Maine (0.6%)
	ME Hlth. & Higher Edl. Fac. Auth. Rev. Bonds
	(ME Gen. Med. Ctr.), 7 1/2s, 7/1/32		Ba2		1,000,000	1,190,160
	(MaineGeneral Health Oblig. Group), 6.95s, 7/1/41		Ba2		1,000,000	1,125,130
	ME State Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (8/1/25) (Casella Waste Syst.), 5 1/8s, 8/1/35		B1		500,000	507,700
						2,822,990
	Maryland (1.0%)
	Baltimore Cnty., Rev. Bonds (Oak Crest Village, Inc. Fac.), Ser. A, 5s, 1/1/37		A-		2,000,000	2,051,660
	MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22		A2		550,000	631,763
	Westminster, Rev. Bonds
	(Lutheran Village at Miller's Grant, Inc. (The)), Ser. A, 6s, 7/1/34		B-/P		250,000	277,115
	(Carroll Lutheran Village, Inc.), 5 1/8s, 7/1/34		BB/P		1,500,000	1,578,945
						4,539,483
	Massachusetts (6.2%)
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Sabis Intl.), Ser. A, 8s, 4/15/39 (Prerefunded 10/15/19)		BBB		690,000	863,852
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/46		B-/P		450,850	437,040
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26		B-/P		275,400	276,256
	(Boston U.), SGI, 6s, 5/15/59		A1		500,000	633,310
	(Loomis Cmntys.), Ser. A, 6s, 1/1/33		BBB-		200,000	225,544
	(Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46		B-/P		88,265	76,781
	(New England Conservatory of Music), U.S. Govt. Coll., 5 1/4s, 7/1/38 (Prerefunded 7/1/18)		AAA/P		805,000	889,147
	(Wheelock College), Ser. C, 5 1/4s, 10/1/29		BBB		1,700,000	1,766,793
	(First Mtge. - Orchard Cove), 5s, 10/1/19		BB/P		550,000	568,667
	(Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56		B-/P		439,022	3,091
	MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds (Adventcare), Ser. A, 6.65s, 10/15/28		B/P		1,050,000	1,079,526
	MA State Dev. Fin. Agcy. Solid Waste Disp. FRB (Dominion Energy Brayton Point), Ser. 1, U.S. Govt. Coll., 5 3/4s, 12/1/42 (Prerefunded 5/1/19)		BBB+		1,050,000	1,210,997
	MA State Edl. Fin. Auth. Rev. Bonds, Ser. B, 5 1/2s, 1/1/23		AA		485,000	526,734
	MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Suffolk U.), Ser. A, 6 1/4s, 7/1/30		Baa2		1,000,000	1,138,380
	(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON)		D/P		330,776	33
	(Suffolk U.), Ser. A, U.S. Govt. Coll., 5 3/4s, 7/1/39 (Prerefunded 7/1/19)		Baa2		950,000	1,057,578
	(Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36		A+		1,500,000	1,694,085
	(Springfield College), 5 5/8s, 10/15/40		Baa1		450,000	487,607
	(Springfield College), 5 1/2s, 10/15/31		Baa1		1,100,000	1,204,863
	(Springfield College), 5 1/2s, 10/15/26		Baa1		1,500,000	1,665,315
	(Fisher College), Ser. A, 5 1/8s, 4/1/37		BBB-		250,000	254,515
	(Milford Regl. Med.), Ser. E, 5s, 7/15/22		Baa3		2,200,000	2,301,354
	MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41		A		750,000	818,078
	MA State Trans. Fund Rev. Bonds (Rail Enhancement Program), Ser. A
	5s, 6/1/24		Aaa		650,000	825,715
	5s, 6/1/23		Aaa		2,885,000	3,610,433
	Metro. Boston, Trans. Pkg. Corp. Rev. Bonds
	(Systemwide Pkg.), 5 1/4s, 7/1/33		A1		1,500,000	1,775,010
	5s, 7/1/41		A1		1,500,000	1,730,505
						27,121,209
	Michigan (4.7%)
	Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36		AA		1,660,000	1,885,013
	Flint, Hosp. Bldg. Auth. Rev. Bonds, Ser. A, 5 1/4s, 7/1/39		Ba1		750,000	761,925
	Kentwood, Economic Dev. Rev. Bonds (Holland Home), 5 5/8s, 11/15/32		BB+/F		2,195,000	2,338,575
	MI State Fin. Auth. Rev. Bonds
	(Presbyterian Villages of MI), 5 1/2s, 11/15/45		BB+/F		500,000	518,725
	(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. D-2, 5s, 7/1/34		BBB+		400,000	454,616
	(Detroit Wtr. & Swr.), Ser. C-6, 5s, 7/1/33		A-		600,000	684,774
	MI State Hosp. Fin. Auth. Rev. Bonds
	Ser. A, 6 1/8s, 6/1/39 (Prerefunded 6/1/19)		AA+		2,000,000	2,334,620
	(Henry Ford Hlth.), 5 3/4s, 11/15/39		A3		1,600,000	1,823,168
	(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46		A3		2,565,000	2,646,721
	MI State Strategic Fund Ltd. Rev. Bonds (Worthington Armstrong Venture), 5 3/4s, 10/1/22 (Escrowed to maturity)		AAA/P		1,350,000	1,663,268
	MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Cadillac Place Office Bldg.), 5 1/4s, 10/15/26		Aa3		1,250,000	1,477,388
	Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp. Corp.), 5 1/2s, 6/1/20 (Prerefunded 6/1/16)		AA-		1,480,000	1,504,746
	Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21		A2		2,000,000	2,324,860
						20,418,399
	Minnesota (2.4%)
	Douglas Cnty., Gross Hlth. Care Fac. Rev. Bonds (Douglas Cnty. Hosp.)
	6 1/4s, 7/1/34 (Prerefunded 7/1/18)		AAA/P		1,940,000	2,188,980
	6 1/4s, 7/1/34 (Prerefunded 7/1/18)		AAA/P		1,060,000	1,196,040
	Inver Grove Heights, Nursing Home Rev. Bonds (Presbyterian Homes Care), 5 3/8s, 10/1/26		B/P		700,000	700,371
	North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39		BB/P		315,000	328,888
	Northfield, Hosp. Rev. Bonds, 5 3/8s, 11/1/26		BBB		750,000	772,095
	Otsego, Charter School Lease Rev. Bonds (Kaleidoscope Charter School), Ser. A, 5s, 9/1/34		BB+		800,000	822,440
	Rochester, Hlth. Care Fac. Rev. Bonds (Olmsted Med. Ctr.), 5 7/8s, 7/1/30		A-/F		1,000,000	1,169,260
	Sartell, Hlth. Care & Hsg. Facs. Rev. Bonds (Country Manor Campus, LLC)
	5 1/4s, 9/1/30		B-/P		500,000	525,195
	5 1/4s, 9/1/27		B-/P		750,000	798,375
	St. Paul, Hsg. & Redev. Auth. Charter School Lease Rev. Bonds (Nova Classical Academy), Ser. A
	6 5/8s, 9/1/42		BBB-		250,000	281,313
	6 3/8s, 9/1/31		BBB-		250,000	288,040
	St. Paul, Hsg. & Redev. Auth. Hosp. Fac. Rev. Bonds (Healtheast Care Syst.), Ser. A, 5s, 11/15/40		BBB-		300,000	330,198
	St. Paul, Port Auth. Lease Rev. Bonds (Regions Hosp. Pkg. Ramp), Ser. 1, 5s, 8/1/36		A-/P		1,125,000	1,139,006
						10,540,201
	Mississippi (1.0%)
	MS State Bus. Fin. Commission Gulf Opportunity Zone VRDN (Chevron USA, Inc.), Ser. E, 0.01s, 12/1/30		VMIG1		2,500,000	2,500,000
	Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32		Baa2		1,600,000	1,798,048
						4,298,048
	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	1,500,030
	St. Louis Arpt. Rev. Bonds (Lambert-St. Louis Intl.), Ser. A-1, 6 5/8s, 7/1/34		A3		1,000,000	1,174,530
						2,674,560
	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	505,120
						505,120
	Nebraska (0.6%)
	Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18		A3		1,500,000	1,661,745
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 1/2s, 1/1/30		AA/F		1,000,000	1,139,930
						2,801,675
	Nevada (1.1%)
	Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5s, 7/1/33		A1		1,050,000	1,222,872
	Clark Cnty., Impt. Dist. Special Assmt. Bonds (Mountains Edge Local No. 142), 5s, 8/1/21		BBB		570,000	622,822
	Clark Cnty., Impt. Dist. No. 159 Special Assessment Bonds (Summerlin Village 16A), 5s, 8/1/32		B+/P		500,000	518,750
	Henderson, Local Impt. Dist. Special Assmt. Bonds
	(No. T-17), 5s, 9/1/18		BBB-/P		350,000	360,283
	(No. T-18), 5s, 9/1/16		B-/P		715,000	714,106
	Las Vegas, Special Assmt. Bonds
	5s, 6/1/31		B+/P		450,000	472,793
	(Dist. No. 607 Local Impt.), 5s, 6/1/23		BBB-/P		405,000	438,234
	Las Vegas, Impt. Dist. No. 812 Special Assessment Bonds (Summerlin Village 24), 5s, 12/1/35		B/P		250,000	254,848
						4,604,708
	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	2,251,320
	(Rivermead), Ser. A, 6 5/8s, 7/1/31		BB+/P		1,320,000	1,492,524
	(Kendal at Hanover), Ser. A, 5s, 10/1/18		BBB+		1,435,000	1,451,818
	NH State Bus. Fin. Auth. Rev. Bonds (Elliot Hosp. Oblig. Group), Ser. A, 6s, 10/1/27		Baa1		1,700,000	1,914,489
	NH State Bus. Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (10/1/19) (Casella Waste Syst., Inc.), 4s, 4/1/29		B1		350,000	353,791
						7,463,942
	New Jersey (9.1%)
	Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds (The Evergreens), 5 5/8s, 1/1/38		BB+/P		1,500,000	1,532,160
	NJ State Econ. Dev. Auth. Rev. Bonds
	(Ashland School, Inc.), 6s, 10/1/33		BBB		1,000,000	1,140,700
	(NYNJ Link Borrower, LLC), 5 3/8s, 1/1/43		BBB-		1,000,000	1,115,390
	(MSU Student Hsg. - Provident Group - Montclair LLC), 5 3/8s, 6/1/25		Baa3		2,000,000	2,228,320
	(Lions Gate), 5 1/4s, 1/1/44		BB-/P		300,000	311,586
	(Continental Airlines, Inc.), 5 1/4s, 9/15/29		BB-		3,000,000	3,297,240
	(United Methodist Homes), Ser. A, 5s, 7/1/29		BBB-/F		500,000	545,090
	5s, 6/15/26		Baa1		500,000	540,375
	NJ State Econ. Dev. Auth. Fac. Rev. Bonds (Continental Airlines, Inc.), 5 5/8s, 11/15/30		BB-		1,500,000	1,703,475
	NJ State Econ. Dev. Auth. Retirement Cmnty. Rev. Bonds (Seabrook Village, Inc.), 5 1/4s, 11/15/36 (Prerefunded 11/15/16)		AAA/P		860,000	891,614
	NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
	Ser. A, 5.7s, 10/1/39		A1		2,600,000	2,933,008
	Ser. D, 4 7/8s, 11/1/29		A1		700,000	758,898
	NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds
	(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38		Baa3		2,250,000	2,494,283
	(St. Peter's U. Hosp.), 6 1/4s, 7/1/35		Ba1		2,000,000	2,197,540
	(Princeton HealthCare Syst.), Ser. A, 5s, 7/1/39		Baa2		1,000,000	1,142,100
	(Holy Name Hosp.), 5s, 7/1/36		Baa2		2,500,000	2,525,525
	North Hudson, Swr. Auth. Rev. Bonds, Ser. A, 5s, 6/1/42		A		1,000,000	1,098,720
	Rutgers State U. VRDN, Ser. A, 0.01s, 5/1/18		VMIG1		3,000,000	3,000,000
	Tobacco Settlement Fin. Corp. Rev. Bonds
	Ser. 1A, 5s, 6/1/41		B3		5,000,000	4,176,750
	Ser. 1A, 4 3/4s, 6/1/34		B3		2,210,000	1,844,753
	zero %, 6/1/41		A-		10,000,000	2,558,300
	Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31		AA+		1,450,000	1,595,493
						39,631,320
	New Mexico (1.7%)
	Farmington, Poll. Control Rev. Bonds
	(Public Service Co. of San Juan, NM), Ser. D, 5.9s, 6/1/40		BBB+		500,000	554,130
	(Public Service Co. of San Juan, NM), Ser. B, 4 7/8s, 4/1/33		BBB+		4,500,000	4,557,420
	(AZ Pub. Svc. Co.), Ser. B, 4.7s, 9/1/24		A2		2,000,000	2,197,500
						7,309,050
	New York (8.3%)
	Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, 6 3/4s, 7/1/28 (Prerefunded 7/1/18)		AAA/P		600,000	684,612
	NY City, Indl. Dev. Agcy. Special Fac. Mandatory Put Bonds (8/1/16) (JFK Intl. Arpt.), Ser. B, 2s, 8/1/28		BB/P		1,000,000	1,002,650
	NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (American Airlines - JFK Intl. Arpt.), 7 1/2s, 8/1/16		B+/P		815,000	840,110
	NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds, 5s, 6/15/31(T)		AA+		10,000,000	11,835,271
	NY State Dorm. Auth. Rev. Bonds, Ser. A, 5s, 3/15/38		AAA		1,500,000	1,748,370
	NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37		Ba1		725,000	790,859
	NY State Dorm. Auth. Non-Supported Debt Rev. Bonds (NYU Hosp. Ctr.), 5s, 7/1/34		A3		500,000	583,260
	NY State Dorm. Auth. Revs. bonds, Ser. C, 5s, 3/15/31(T)		AAA		5,000,000	5,844,619
	NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26		A2		3,800,000	3,811,400
	NY State Env. Fac. Corp. Solid Waste Disp. 144A Mandatory Put Bonds (12/2/19) (Casella Waste Syst., Inc.), 3 3/4s, 12/1/44		B1		1,000,000	1,003,090
	NY State Liberty Dev. Corp. 144A Rev. Bonds (World Trade Ctr.)
	Class 2, 5 3/8s, 11/15/40		BB-/P		750,000	803,310
	Class 1, 5s, 11/15/44		BB-/P		2,250,000	2,394,540
	Onondaga, Civic Dev. Corp. Rev. Bonds (St. Joseph's Hosp. Hlth. Ctr.), 5 1/8s, 7/1/31 (Prerefunded 7/1/19)		BB		1,620,000	1,847,642
	Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term.), 6s, 12/1/42		BBB		1,000,000	1,169,110
	Port Auth. of NY & NJ Rev. Bonds (Kennedy Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19		BBB-/P		100,000	100,021
	Syracuse, Indl. Dev. Agcy. Civic Fac. VRDN (Syracuse U. ), Ser. A-1, 0.01s, 7/1/37		VMIG1		1,450,000	1,450,000
						35,908,864
	North Carolina (2.8%)
	Dept. Trans. Private Activity Rev. Bonds (I-77 Hot Lanes), 5s, 12/31/37		BBB-/F		300,000	326,016
	NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24 (Prerefunded 1/1/19)		AAA/F		750,000	875,783
	NC State Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
	(Presbyterian Homes), 5.4s, 10/1/27		BB/P		2,000,000	2,031,500
	(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22		BB/P		1,110,000	1,134,598
	NC State Med. Care Comm. Hlth. Fac. Rev. Bonds (Pennybyrn at Maryfield, Inc.), 5s, 10/1/35		BB/P		375,000	396,574
	NC State Med. Care Comm. Retirement Fac. Rev. Bonds
	(Carolina Village), 6s, 4/1/38		BB/P		1,000,000	1,046,290
	(First Mtge.), Ser. A-05, 5 1/2s, 10/1/35		BB+/P		1,730,000	1,731,298
	(Salemtowne), 5 1/4s, 10/1/37		BB/P		385,000	402,179
	(First Mtge.), Ser. A-05, 5 1/4s, 10/1/25		BB+/P		95,000	95,095
	(Forest at Duke, Inc. (The)), 5 1/8s, 9/1/27		BBB+/F		1,000,000	1,026,720
	(Aldersgate United Methodist Church), 5s, 7/1/45		BB/P		825,000	864,394
	(United Church Homes & Svcs. Oblig. Group), Ser. A, 5s, 9/1/37		BB/P		500,000	509,410
	NC State Med. Care Comm. Retirement Fac. Rev. Bonds (Salemtowne), 5 3/8s, 10/1/45		BB/P		1,615,000	1,693,651
						12,133,508
	Ohio (4.6%)
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
	Ser. A-3, 6 1/4s, 6/1/37		B-		850,000	791,350
	Ser. A-2, 6s, 6/1/42		B3		2,500,000	2,228,300
	Ser. A-2, 5 7/8s, 6/1/47		B3		3,500,000	3,086,195
	Ser. A-2, 5 7/8s, 6/1/30		B-		1,315,000	1,179,082
	Ser. A-2, 5 3/4s, 6/1/34		B-		3,675,000	3,252,706
	Franklin Cnty., Hlth. Care Fac. Rev. Bonds (OH Presbyterian Retirement Svcs. (OPRS) Cmntys. Oblig. Group), Ser. A, 5 5/8s, 7/1/26		BBB-		2,250,000	2,414,295
	Hickory Chase Cmnty. Auth. Rev. Bonds (Infrastructure Impt.), 7s, 12/1/38(F)		CCC/P		644,000	56,479
	Lake Cnty., Hosp. Fac. Rev Bonds (Lake Hosp. Syst., Inc.), Ser. C, U.S. Govt. Coll., 5 5/8s, 8/15/29 (Prerefunded 8/15/18)		AAA/P		1,285,000	1,437,761
	Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst., Inc.), Ser. C, 5 5/8s, 8/15/29		A3		245,000	271,387
	OH State Higher Edl. Fac. Comm. Rev. Bonds (Kenyon College), 5s, 7/1/44		A1		800,000	887,264
	OH State Private Activity Rev. Bonds (Portsmouth Bypass), AGM, 5s, 12/31/35		AA		750,000	847,845
	OH State Wtr. Dev. Auth. Poll. Control Mandatory Put Bonds (6/3/19) (FirstEnergy Nuclear Generation, LLC), 4s, 12/1/33		Baa3		1,550,000	1,618,820
	Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds
	5 3/4s, 12/1/32		BB/F		900,000	987,606
	(Memorial Hlth. Syst. Oblig. Group), 5s, 12/1/43		BB/F		150,000	153,975
	Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX Transn, Inc.), 6.45s, 12/15/21		Baa1		500,000	611,290
						19,824,355
	Oklahoma (0.8%)
	Tulsa Cnty., Indl. Auth. Rev. Bonds (Sr. Living Cmnty. Montereau, Inc.), Ser. A, 7 1/8s, 11/1/30		BB-/P		1,250,000	1,365,288
	Tulsa, Muni. Arpt. Trust Mandatory Put Bonds (6/1/25) (American Airlines, Inc.), 5s, 6/1/35		BB-		750,000	834,420
	Tulsa, Muni. Arpt. Trust Rev. Bonds (American Airlines, Inc.), Ser. B, 5 1/2s, 12/1/35		B+/P		1,250,000	1,366,338
						3,566,046
	Oregon (0.4%)
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds
	(Mirabella at South Waterfront), Ser. A, 5.4s, 10/1/44		BB-/P		500,000	552,330
	(Terwilliger Plaza, Inc.), 5s, 12/1/29		BBB/F		350,000	375,466
	Warm Springs Reservation, Confederated Tribes 144A Rev. Bonds (Pelton Round Butte Tribal), Ser. B, 6 3/8s, 11/1/33		A3		700,000	772,079
						1,699,875
	Pennsylvania (4.2%)
	Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds (Robert Morris U.), Ser. A, 5 1/2s, 10/15/30		Baa3		1,000,000	1,083,220
	Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 11/1/24		B2		500,000	325,060
	Chester Cnty., Indl. Dev. Auth. Rev. Bonds (Renaissance Academy Charter School), 5s, 10/1/34		BBB-		350,000	377,248
	Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds (West Chester U. Student Hsg., LLC), Ser. A, 5s, 8/1/45		Baa3		1,000,000	1,045,740
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Brethren Village), Ser. A, 6 3/8s, 7/1/30		BB-/P		625,000	643,669
	Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds (Susquehanna Hlth. Syst.), Ser. A, 5 3/4s, 7/1/39		A-		3,000,000	3,247,290
	Moon, Indl. Dev. Auth. Rev. Bonds (Baptist Homes Society Oblig. Group), 5 3/4s, 7/1/35		B+/P		1,500,000	1,522,770
	Northampton Cnty., Hosp. Auth. Mandatory Put Bonds (8/15/16) (St. Luke's Hosp. - Bethlehem), Ser. C, 4 1/2s, 8/15/32		A3		1,500,000	1,525,215
	Northampton Cnty., Indl. Dev. Auth. Tax Alloc. Bonds (Rte. 33), 7s, 7/1/32		B/P		800,000	874,216
	PA State Higher Edl. Fac. Auth. Rev. Bonds
	(Shippensburg U.), 6 1/4s, 10/1/43		Baa3		500,000	564,825
	(Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42		BBB		785,000	840,044
	(Indiana U.), Ser. A, 5s, 7/1/41		BBB+		500,000	529,750
	PA State Tpk. Comm. Rev. Bonds, Ser. A, 5s, 12/1/38		A1		500,000	571,610
	Philadelphia, Auth. for Indl. Dev. Rev. Bonds (Master Charter School), 6s, 8/1/35		BBB+		1,055,000	1,153,706
	Philadelphia, Gas Wks. Rev. Bonds, Ser. 9, 5s, 8/1/30		A-		1,000,000	1,114,210
	Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Graduate Hlth. Syst. Oblig. Group), 7 1/4s, 8/1/17 (In default)(NON)		D/P		2,583,821	258
	Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A, 6 1/2s, 1/1/38		Baa3		1,325,000	1,405,719
	West Shore Area Auth. Rev. Bonds (Lifeways at Messiah Village), Ser. A, 5s, 7/1/35		BBB-/F		785,000	832,752
	Wilkes-Barre, Fin. Auth. Rev. Bonds (Wilkes U.), 5s, 3/1/22		BBB		560,000	580,440
						18,237,742
	Puerto Rico (1.0%)
	Children's Trust Fund Tobacco Settlement (The) Rev. Bonds, 5 5/8s, 5/15/43		Ba2		1,300,000	1,300,130
	Cmnwlth. of PR, G.O. Bonds
	Ser. A, FGIC, 5 1/2s, 7/1/21		Caa3		1,000,000	770,000
	(Pub. Impt.), Ser. A, NATL, 5 1/2s, 7/1/20		AA-		1,000,000	1,035,520
	Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A
	5 3/8s, 8/1/39		Ca		1,850,000	698,375
	AMBAC, zero %, 8/1/47		Caa3		3,000,000	352,590
						4,156,615
	South Carolina (1.8%)
	Georgetown Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/30		Baa2		1,135,000	1,137,474
	SC State Pub. Svc. Auth. Rev. Bonds
	(Santee Cooper), Ser. A, 5 3/4s, 12/1/43		AA-		3,000,000	3,665,280
	Ser. A, 5 1/2s, 12/1/54		AA-		2,000,000	2,274,300
	SC State Pub. Svcs. Auth. Rev. Bonds, Ser. A, 5s, 12/1/36(FWC)		AA-		645,000	751,161
						7,828,215
	South Dakota (0.3%)
	SD State Hlth. & Edl. Fac. Auth. Rev. Bonds (Sanford Oblig Group), 5s, 11/1/45		A1		1,250,000	1,408,013
						1,408,013
	Tennessee (0.4%)
	Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38		Baa1		1,450,000	1,644,460
						1,644,460
	Texas (12.1%)
	Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38		BBB		3,735,000	4,005,265
	Central TX Regl. Mobility Auth. Rev. Bonds
	Ser. A, 5s, 1/1/45		BBB+		250,000	281,978
	Ser. A, 5s, 1/1/40		BBB+		500,000	566,540
	(Sr. Lien), Ser. A, 5s, 1/1/33		BBB+		525,000	590,084
	Clifton, Higher Ed. Fin. Corp. Rev. Bonds (Idea Pub. Schools)
	6s, 8/15/33		BBB		500,000	586,475
	5s, 8/15/32		BBB		315,000	341,611
	Grand Parkway Trans. Corp. Rev. Bonds, Ser. B, 5 1/4s, 10/1/51		AA+		2,000,000	2,279,440
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (YMCA of the Greater Houston Area), Ser. A, 5s, 6/1/33		Baa3		1,000,000	1,086,070
	Houston, Arpt. Syst. Rev. Bonds
	Ser. B-1, 5s, 7/15/35		BB-		2,500,000	2,652,625
	Ser. A, 5s, 7/1/24		A		1,500,000	1,728,015
	(United Airlines, Inc.), 4 3/4s, 7/1/24		BB-		1,300,000	1,455,675
	La Vernia, Higher Ed. Fin. Corp. Rev. Bonds (Kipp, Inc.), Ser. A
	6 3/8s, 8/15/44 (Prerefunded 8/15/19)		BBB		1,100,000	1,303,907
	6 1/4s, 8/15/39 (Prerefunded 8/15/19)		BBB		1,975,000	2,332,554
	La Vernia, Higher Ed. Fin. Corp. 144A Rev. Bonds (Meridian World School, LLC), Ser. A, 5 1/4s, 8/15/35		BB+		1,000,000	1,014,400
	Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40		Baa1		3,500,000	3,870,160
	Matagorda Cnty., Poll. Control Rev. Bonds
	(Central Pwr. & Light Co.), Ser. A, 6.3s, 11/1/29		Baa1		1,000,000	1,125,670
	(Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30		Baa1		1,250,000	1,394,650
	New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds
	(Wesleyan Homes, Inc.), 5 1/2s, 1/1/43		BB-/P		500,000	515,240
	(NCCD College Station Properties, LLC), Ser. A, 5s, 7/1/47		Baa3		500,000	523,285
	(Collegiate Hsg.-Tarleton St.), 5s, 4/1/39		Baa3		500,000	526,310
	(TX A&M U. Collegiate & Student Hsg. College Station I, LLC), Ser. A, 5s, 4/1/29		Baa3		530,000	574,244
	Newark, Cultural Ed. Fac. Fin. Corp. Rev. Bonds (AW Brown-Fellowship Leadership Academy), Ser. A, 6s, 8/15/42		BBB-		670,000	684,894
	North Texas Edl. Fin. Co. Rev. Bonds (Uplift Edl.), Ser. A, 5 1/4s, 12/1/47		BBB-		2,000,000	2,163,980
	North TX, Tollway Auth. Rev. Bonds
	(1st Tier), Ser. A, 6s, 1/1/25		A1		120,000	130,873
	(1st Tier), Ser. A, FNMA Coll., U.S. Govt. Coll., 6s, 1/1/25 (Prerefunded 1/1/18)		AAA/P		880,000	966,962
	(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38 (Prerefunded 1/1/18)		A2		750,000	820,568
	Red River, Hlth. Retirement Fac. Dev. Corp. Rev. Bonds
	(Happy Harbor Methodist Home, Inc.), Ser. A, 7 3/4s, 11/15/44		B-/P		420,000	495,025
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. C, 6 1/4s, 5/9/53 (In default)(NON)		D/P		39,000	59
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. B, 6.15s, 11/15/49 (In default)(NON)		D/P		749,000	1,124
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 6.05s, 11/15/46 (In default)(NON)		D/P		441,000	662
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. D, 6.05s, 11/15/46 (In default)(NON)		D/P		76,000	114
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 5.45s, 11/15/38 (In default)(NON)		D/P		1,124,000	1,686
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 5.15s, 11/15/27 (In default)(NON)		D/P		593,000	890
	Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds
	(Sr. Living Ctr.), Ser. A, 8 1/4s, 11/15/39		B+/P		2,000,000	2,011,140
	(Buckingham Sr. Living Cmnty., Inc.), Ser. A, 5 1/2s, 11/15/45		BB/F		1,000,000	1,041,380
	(Buckner Retirement Svcs., Inc.), 5 1/4s, 11/15/37		A-		1,900,000	1,982,707
	(Air Force Village), 5 1/8s, 5/15/27		BBB-/F		2,850,000	2,898,849
	Travis Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (Wayside Schools), Ser. A, 5 1/4s, 8/15/42		BB+		1,000,000	1,018,700
	TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5 1/4s, 12/15/24		Baa1		2,000,000	2,424,280
	TX Private Activity Surface Trans. Corp. Rev. Bonds
	(NTE Mobility), 7 1/2s, 12/31/31		Baa2		2,000,000	2,424,400
	(LBJ Infrastructure), 7s, 6/30/40		Baa3		2,500,000	3,023,700
	TX State Dept. of Hsg. & Cmnty. Affairs Rev. Bonds, Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll., 6.9s, 7/2/24		AA+		200,000	201,500
	TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5s, 12/15/28		A3		1,500,000	1,719,930
						52,767,621
	Virginia (2.5%)
	Albemarle Cnty., Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury), 5s, 1/1/24		BB/P		600,000	605,562
	Alexandria, Indl. Dev. Auth. Res. Care Fac. Mtge. Rev. Bonds (Goodwin House, Inc.), 5s, 10/1/45		BBB/F		1,500,000	1,684,335
	Cherry Hill Cmnty., Dev. Auth. 144A Special Assmt. Bonds (Potomac Shores), 5.4s, 3/1/45		B/P		1,000,000	1,031,810
	Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds (United Methodist Homes), 5s, 6/1/22		BB+/P		625,000	715,506
	Lower Magnolia Green Cmnty., Dev. Auth. 144A Special Assmt. Bonds, 5s, 3/1/35		B/P		500,000	510,590
	Lynchburg, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury)
	5s, 7/1/31		BB+/P		1,250,000	1,271,763
	4 7/8s, 7/1/21		BB+/P		1,000,000	1,025,410
	VA State Small Bus. Fin. Auth. Rev. Bonds
	(Elizabeth River Crossings OPCO, LLC), 6s, 1/1/37		BBB-		900,000	1,037,106
	(Express Lanes, LLC), 5s, 7/1/34		BBB-		1,150,000	1,251,603
	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	1,943,882
						11,077,567
	Washington (3.6%)
	WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T)		AA+		5,000,000	5,900,959
	Port of Seattle, Rev. Bonds, Ser. C, 5s, 4/1/40		A1		625,000	698,956
	Port Seattle, Port Indl. Dev. Corp. Rev. Bonds (Delta Airlines, Inc.), 5s, 4/1/30		BB+		300,000	315,831
	Skagit Cnty., Pub. Hosp. Rev. Bonds (Dist. No. 001), 5 3/4s, 12/1/35		Baa2		2,500,000	2,755,900
	Tobacco Settlement Auth. of WA Rev. Bonds, 5 1/4s, 6/1/32		A-		1,275,000	1,416,551
	WA State Higher Ed. Fac. Auth. Rev. Bonds (Whitworth U.), 5 5/8s, 10/1/40		Baa1		400,000	431,376
	WA State Hlth. Care Fac. Auth. Rev. Bonds
	(WA Hlth. Svcs.), 7s, 7/1/39 (Prerefunded 7/1/19)		Baa1		1,000,000	1,202,200
	(Kadlec Med. Ctr.), 5 1/2s, 12/1/39 (Prerefunded 12/1/20)		AAA/P		1,300,000	1,568,203
	(Central WA Hlth. Svcs. Assn.), 4s, 7/1/36		Baa1		810,000	815,225
	WA State Hsg. Fin. Comm. 144A Rev. Bonds (Heron's Key Oblig. Group), Ser. A, 7s, 7/1/50		B-/P		500,000	510,655
						15,615,856
	West Virginia (0.2%)
	WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43		B+/P		735,000	779,203
						779,203
	Wisconsin (1.5%)
	Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5 1/4s, 7/1/28		BBB		350,000	383,838
	WI State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(St. Johns Cmntys. Inc.), Ser. A, 7 5/8s, 9/15/39 (Prerefunded 9/15/19)		AAA/F		1,350,000	1,667,979
	(Prohealth Care, Inc.), 6 5/8s, 2/15/39 (Prerefunded 2/15/19)		A1		1,250,000	1,461,200
	(St. John's Cmnty., Inc.), Ser. B, 5s, 9/15/45		BBB+/F		250,000	266,043
	WI State Pub. Fin. Auth Sr. Living Rev. Bonds (Rose Villa, Inc.), Ser. A, 5 3/4s, 11/15/44		BB-/P		1,800,000	1,931,904
	WI State Pub. Fin. Auth. 144A Rev. Bonds (Church Home of Hartford, Inc.), Ser. A, 5s, 9/1/30		BB/F		800,000	821,296
						6,532,260
	Total municipal bonds and notes (cost $512,186,709)					$558,650,892
	PREFERRED STOCKS (0.9%)(a)
					Shares	Value
	MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A-5, 5s cum. pfd.				3,500,000	$3,798,550
	Total preferred stocks (cost $3,500,000)					$3,798,550
	COMMON STOCKS (0.0%)(a)
					Shares	Value
	Tembec, Inc. (Canada)(NON)				1,750	$1,162
	Total common stocks (cost $1,273,945)					$1,162
	TOTAL INVESTMENTS
	Total investments (cost $516,960,654)(b)					$562,450,604

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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, 2015 through January 31, 2016 (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 $435,067,696.
(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." If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer.
(b)	The aggregate identified cost on a tax basis is $516,537,045, resulting in gross unrealized appreciation and depreciation of $53,385,677 and $7,472,118, respectively, or net unrealized appreciation of $45,913,559.
(NON)	This security is non-income-producing.
(FWC)	Forward commitment, in part or in entirety.
(F)	This security is valued by Putnam Management 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. This security has been segregated as collateral for financing transactions.
	At the close of the reporting period, the fund maintained liquid assets totaling $18,262,495 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.
	On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown 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	34.4%
	Utilities	17.9
	Transportation	17.0
	Education	13.4
	Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
	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. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. 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, recovery rates, sales and other multiples and resale restrictions. 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 $31,817,535 were held by the TOB trust and served as collateral for $13,555,040 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $491 for these investments based on an average interest rate of 0.03%.

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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	$1,162	$—	$—
	Total common stocks	1,162	—	—
	Municipal bonds and notes	—	558,581,218	69,674
	Preferred stocks	—	3,798,550	—
	Totals by level	$1,162	$562,379,768	$69,674
	* Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation.
	During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method.
	At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.
	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 25, 2016

	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 25, 2016

	By (Signature and Title):

	/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: March 25, 2016