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:	July 31, 2016

	Item 1. Schedule of Investments:

---

	Putnam Managed Municipal Income Trust
	The fund's portfolio
	7/31/16 (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 (126.1%)(a)
			Rating(RAT)		Principal amount	Value
	Alabama (1.8%)
	Cullman Cnty., Hlth. Care Auth. Rev. Bonds (Cullman Regl. Med. Ctr.), Ser. A, 6.75%, 2/1/29		Ba1		$1,100,000	$1,199,264
	Jefferson Cnty., Swr. Rev. Bonds
	Ser. D, 6.50%, 10/1/53		BBB-		500,000	627,710
	zero %, 10/1/46		BBB-		3,950,000	3,112,363
	Lower AL Gas Dist. Rev. Bonds (Gas Project), Ser. A, 5.00%, 9/1/46		A3		1,450,000	1,986,370
	Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 6.25%, 11/1/33		BBB		1,000,000	1,161,240
						8,086,947
	American Samoa (0.1%)
	Econ. Dev. Auth. Rev. Bonds, Ser. A, 6.625%, 9/1/35		Ba3		500,000	525,360
						525,360
	Arizona (4.3%)
	Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.)
	Ser. A, 7.625%, 12/1/29 (escrow)(F)		D/P		1,800,000	5,380
	7.25%, 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, 5.125%, 10/1/32		A3		2,000,000	2,202,760
	Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7.25%, 2/1/40		Baa1		2,200,000	2,521,442
	Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds
	(Great Hearts Academies), 6.00%, 7/1/32		BB/F		200,000	220,760
	(Choice Academies, Inc.), 5.625%, 9/1/42		BB+		315,000	334,508
	(Choice Academies, Inc.), 5.375%, 9/1/32		BB+		675,000	721,609
	(Great Hearts Academies), 5.00%, 7/1/44		BBB-		1,700,000	1,928,854
	(Choice Academies, Inc.), 4.875%, 9/1/22		BB+		905,000	992,296
	Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds (BASIS Schools, Inc.)
	Ser. A, 5.00%, 7/1/46		BB		250,000	271,113
	5.00%, 7/1/35		BB		900,000	1,001,097
	Ser. A, 5.00%, 7/1/35		BB		600,000	660,168
	Salt Verde, Fin. Corp. Gas Rev. Bonds
	5.50%, 12/1/29		Baa1		2,000,000	2,599,740
	5.00%, 12/1/37		Baa1		2,000,000	2,567,780
	5.00%, 12/1/32		Baa1		570,000	717,134
	Tempe, Indl. Dev. Auth. Rev. Bonds (Friendship Village), Ser. A, 6.25%, 12/1/42		BB-/P		1,000,000	1,091,900
	Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds (Agribusiness & Equine Ctr.), 5.00%, 3/1/32		BB+		1,000,000	1,046,310
	Yavapai Cnty., Indl. Dev. Ed. Auth. 144A Rev. Bonds, Ser. A, 5.00%, 9/1/34		BB+		500,000	524,505
						19,410,345
	Arkansas (0.2%)
	Arkadelphia, Pub. Ed. Fac. Board Rev. Bonds (Ouachita Baptist U.), 6.00%, 3/1/33		BB+/P		840,000	886,528
						886,528
	California (13.2%)
	ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds
	(Episcopal Sr. Cmntys.), 6.00%, 7/1/31		BBB+/F		660,000	777,817
	(O'Connor Woods), 5.00%, 1/1/33		AA-		600,000	715,470
	CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5.25%, 2/1/37		A-		650,000	662,123
	CA Muni. Fin. Auth. Rev. Bonds
	(U. of La Verne), Ser. A, 6.125%, 6/1/30		Baa1		1,000,000	1,163,690
	(Emerson College), 6.00%, 1/1/42		Baa1		1,000,000	1,189,460
	(Cmnty. Med. Ctrs.), Ser. A, 5.00%, 2/1/40		A-		750,000	862,958
	CA School Fin. Auth. Rev. Bonds (2023 Union, LLC), Ser. A, 6.00%, 7/1/33		BBB		465,000	540,135
	CA State G.O. Bonds
	6.50%, 4/1/33		Aa3		4,000,000	4,612,801
	5.00%, 4/1/42		Aa3		2,000,000	2,371,360
	CA State Muni. Fin. Auth. Charter School Rev. Bonds (Partnerships Uplift Cmnty.), Ser. A, 5.00%, 8/1/32		BB		665,000	713,685
	CA State Poll. Control Fin. Auth. Rev. Bonds
	(Wtr. Furnishing), 5.00%, 11/21/45		Baa3		2,000,000	2,257,880
	(Pacific Gas & Electric Corp.), Class D, FGIC, 4.75%, 12/1/23		A3		2,500,000	2,578,525
	CA State Pub. Wks. Board Rev. Bonds
	(Dept. of Forestry & Fire), Ser. E, 5.00%, 11/1/32		A1		1,250,000	1,308,950
	(Capital Projects), Ser. A, 5.00%, 4/1/29		A1		2,000,000	2,372,540
	CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30		BBB+		540,000	541,701
	CA Statewide Cmnty. Dev. Auth. Rev. Bonds
	(Terraces at San Joaquin Gardens), Ser. A, 6.00%, 10/1/47		BB/P		1,345,000	1,461,450
	(American Baptist Homes West), 5.75%, 10/1/25		BBB+/F		3,000,000	3,419,100
	(U. CA Irvine E. Campus Apts. Phase 1), 5.375%, 5/15/38		Baa1		1,000,000	1,161,120
	(899 Charleston, LLC), Ser. A, 5.25%, 11/1/44		BB/P		450,000	508,356
	(U. CA Irvine E. Campus Apts. Phase 1), 5.125%, 5/15/31		Baa1		2,250,000	2,640,983
	Corona-Norco, School Dist. Pub. Fin. Auth. Special Tax Bonds (Sr. Lien), Ser. A, 5.00%, 9/1/28		A-		380,000	461,871
	Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A, 6.00%, 1/15/53		BBB-		1,500,000	1,818,480
	Golden State Tobacco Securitization Corp. Rev. Bonds
	Ser. A-2, 5.30%, 6/1/37		B3		1,000,000	1,026,620
	Ser. A-1, 5.125%, 6/1/47		B3		3,235,000	3,239,044
	La Verne, COP (Brethren Hillcrest Homes), 5.00%, 5/15/36		BBB-/F		325,000	355,290
	Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.), 5.00%, 5/15/30		AA		1,000,000	1,203,450
	Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4.50%, 1/1/27		A		400,000	439,184
	M-S-R Energy Auth. Rev. Bonds, Ser. A, 6.50%, 11/1/39		BBB+		750,000	1,126,200
	Oakland, Alameda Cnty. Unified School Dist. G.O. Bonds
	(Election of 2012), 6.625%, 8/1/38		BBB/P		800,000	959,448
	(Election of 2006), Ser. A, 5.50%, 8/1/32		BBB/P		500,000	586,975
	Poway, Unified School Dist. Pub. Fin. Auth. Special Tax Bonds, 5.00%, 9/15/32		BBB		495,000	580,491
	Rancho Cordova, Cmnty. Fac. Dist. Special Tax Bonds (Sunridge Anatolia), Ser. 03-1, 5.00%, 9/1/37		BBB-/P		350,000	389,855
	San Francisco City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 5.00%, 5/1/30		A1		600,000	712,974
	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	469,460
	(No. 6 Mission Bay Pub. Impts.), Ser. C, zero %, 8/1/38		BBB/P		2,000,000	635,920
	San Francisco, City & Cnty. Redev. Fin. Auth. Tax Alloc. Bonds (Mission Bay South Redev.), Ser. D, 6.625%, 8/1/39 (Prerefunded 8/1/19)		BBB+		250,000	293,980
	San Joaquin Hills, Trans. Corridor Agcy. Toll Road Rev. Bonds, Ser. A, 5.00%, 1/15/34		BBB-		920,000	1,086,520
	Santaluz, Cmnty. Fac. Dist. No. 2 Special Tax Bonds (Impt. Area No. 1), Ser. A, 5.25%, 9/1/26 (Prerefunded 9/1/21)		BBB+		1,620,000	1,893,456
	Univ. of CA Rev. Bonds, Ser. AF, 5s, 5/15/36(T)		AA		7,000,000	8,513,005
	Sunnyvale, Special Tax Bonds (Cmnty. Fac. Dist. No. 1), 7.75%, 8/1/32		B+/P		835,000	837,597
	Yucaipa Special Tax Bonds (Cmnty. Fac. Dist. No. 98-1 Chapman Heights), 5.375%, 9/1/30		BBB+		375,000	431,899
						58,921,823
	Colorado (3.6%)
	Central Platte Valley, Metro. Dist. G.O. Bonds, 5.00%, 12/1/43		BB+		400,000	429,900
	CO Pub. Hwy. Auth. Rev. Bonds (E-470), Ser. C, 5.375%, 9/1/26		A3		500,000	564,290
	CO State Educ. & Cultural Fac. Auth. Rev. Bonds (Skyview Academy), 5.125%, 7/1/34		BB+		755,000	826,559
	CO State Hlth. Fac. Auth. Rev. Bonds
	(Christian Living Cmnty.), 6.375%, 1/1/41		BB/P		810,000	893,211
	(Total Longterm Care National), Ser. A, 6.25%, 11/15/40 (Prerefunded 11/15/20)		AAA/P		300,000	367,569
	(Christian Living Cmntys.), Ser. A, 5.75%, 1/1/26		BB/P		1,925,000	1,944,712
	(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.625%, 6/1/43		Baa1		250,000	296,678
	(Valley View Assn.), 5.25%, 5/15/42		A-		3,495,000	3,601,632
	(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), Ser. A, 5.00%, 6/1/45		Baa1		1,500,000	1,732,350
	(Covenant Retirement Cmnty.), Ser. A, 5.00%, 12/1/33		BBB+/F		900,000	1,017,954
	(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.00%, 12/1/33		Baa1		1,100,000	1,243,781
	Eaton, Area Park & Recreation Dist. G.O. Bonds, 5.25%, 12/1/34		BB/P		220,000	235,862
	Park Creek Metro. Dist. Tax Allocation Bonds (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45		BBB/F		225,000	261,965
	Plaza, Tax Alloc. Bonds (Metro. Dist. No. 1), 5.00%, 12/1/40		BB-/P		1,650,000	1,785,416
	Regl. Trans. Dist. Rev. Bonds (Denver Trans. Partners), 6.00%, 1/15/41		Baa3		750,000	864,315
						16,066,194
	Delaware (0.9%)
	DE State Econ. Dev. Auth. Rev. Bonds
	(Delmarva Pwr.), 5.40%, 2/1/31		Baa1		500,000	572,610
	(Indian River Pwr.), 5.375%, 10/1/45		Baa3		2,600,000	2,856,854
	(ASPIRA Charter School), Ser. A, 5.00%, 6/1/36		BB+		705,000	771,383
						4,200,847
	District of Columbia (1.8%)
	DC Rev. Bonds
	(Howard U.), Ser. A, 6.50%, 10/1/41		BBB		400,000	432,048
	(Howard U.), Ser. A, 6.25%, 10/1/32		BBB		1,000,000	1,087,220
	(Kipp Charter School), 6.00%, 7/1/33		BBB+		1,000,000	1,209,560
	DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46		CCC/P		7,500,000	1,017,900
	DC, Rev. Bonds (Methodist Home of The DC (The)), Ser. A, 5.25%, 1/1/39		BB-/P		250,000	257,875
	Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds, Ser. B, zero %, 10/1/40		Baa1		10,000,000	4,222,900
						8,227,503
	Florida (6.0%)
	Broward Cnty., Arpt. Syst. Rev. Bonds, Ser. A, 5.00%, 10/1/45		A1		2,000,000	2,344,480
	Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds (Sr. Lien), Ser. A-1, 4.125%, 5/1/31		A-		500,000	530,330
	Fishhawk, CCD IV Special Assmt. Bonds, 7.25%, 5/1/43		B/P		400,000	442,572
	Florida State Higher Edl. Fac. Rev. Bonds (U. of Tampa), Ser. A, 5.00%, 4/1/32		A-		600,000	700,422
	Greater Orlando Aviation Auth. Rev. Bonds (JetBlue Airways Corp.), 5.00%, 11/15/36		B/P		1,000,000	1,065,870
	Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36		A-		1,300,000	1,539,278
	Jacksonville, Econ. Dev. Comm. Hlth. Care Fac. Rev. Bonds (FL Proton Therapy Inst.), Ser. A, 6.00%, 9/1/17		BB-/P		260,000	266,422
	Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev. Bonds (Gerdau Ameristeel US, Inc.), 5.30%, 5/1/37		BBB-		1,350,000	1,357,034
	Lakeland, Hosp. Syst. Rev. Bonds (Lakeland Regl. Hlth.), 5.00%, 11/15/40		A2		500,000	583,210
	Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6.375%, 1/1/43		BBB-/F		840,000	888,754
	Lakewood Ranch, Stewardship Dist. Special Assessment Bonds (Village of Lakewood Ranch South), 5.125%, 5/1/46		B+/P		1,000,000	1,060,350
	Lakewood Ranch, Stewardship Dist. Special Assmt. Bonds, 4.875%, 5/1/35		BB-/P		500,000	528,580
	Lee Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds (Shell Pt./Alliance Oblig. Group)
	5.125%, 11/15/36		BBB		1,075,000	1,085,696
	5.00%, 11/15/22		BBB		1,500,000	1,543,200
	Martin Cnty., Rev. Bonds (Indiantown Cogeneration), 4.20%, 12/15/25		Ba1		500,000	525,660
	Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), 5.00%, 11/15/29		Baa1		1,000,000	1,145,750
	Miami-Dade Cnty., Indl. Dev. Auth. Rev. Bonds (Pinecrest Academy, Inc.), 5.00%, 9/15/34		BBB-		1,240,000	1,363,777
	Midtown Miami Cmnty. Dev. Dist. Special Assmt. Bonds (Garage), Ser. A, 5.00%, 5/1/29		BB-/P		570,000	618,798
	Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5.50%, 11/15/33 (Prerefunded 11/15/20)		A-/F		2,000,000	2,387,540
	South Lake Hosp. Dist. Rev. Bonds (South Lake Hosp.), Ser. A, 6.00%, 4/1/29		Baa1		1,000,000	1,112,220
	Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30		BBB+		480,000	548,472
	Tallahassee, Hlth. Fac. Rev. Bonds (Tallahassee Memorial HealthCare, Inc.), Ser. A, 5.00%, 12/1/55		Baa1		1,000,000	1,148,480
	Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.40%, 5/1/37		B+/P		745,000	746,125
	Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds (Cap. Impt.), 5.00%, 5/1/33		B+/P		470,000	494,957
	Verano Ctr. Cmnty. Dev. Dist. Special Assmt. Bonds (Cmnty. Infrastructure), Ser. A, 5.375%, 5/1/37		B/P		845,000	845,549
	Village Cmnty. Dev. Dist. No. 10 Special Assmt. Bonds, 5.75%, 5/1/31		BB/P		790,000	941,925
	Village Cmnty. Dev. Dist. No. 8 Special Assmt. Bonds (Phase II), 6.125%, 5/1/39		BBB-/P		400,000	466,152
	Village Cmnty. Dev. Dist. No. 9 Special Assmt. Bonds, 5.00%, 5/1/22		BBB-/P		385,000	419,669
						26,701,272
	Georgia (3.6%)
	Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6.25%, 11/1/39 (Prerefunded 11/1/19)		Aa3		2,500,000	2,944,300
	Clayton Cnty., Dev. Auth. Special Fac. Rev. Bonds (Delta Airlines), Ser. A, 8.75%, 6/1/29		Baa3		3,000,000	3,689,460
	Cobb Cnty., Dev. Auth. Student Hsg. Rev. Bonds (Kennesaw State U. Real Estate Oblig. Group), Ser. C, 5.00%, 7/15/38		Baa2		750,000	851,205
	Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist Hlth. Care Syst.), U.S. Govt. Coll., 6.25%, 10/1/18 (Escrowed to maturity)		AA+		730,000	773,158
	GA State Private College & U. Auth. Rev. Bonds (Mercer U.)
	Ser. C, 5.25%, 10/1/30		Baa2		750,000	885,368
	Ser. A, 5.25%, 10/1/27		Baa2		1,000,000	1,175,760
	Ser. A, 5.00%, 10/1/32		Baa2		1,000,000	1,144,800
	Gainesville & Hall Cnty., Devauth Retirement Cmnty. Rev. Bonds (Acts Retirement-Life Cmnty.), Ser. A-2, 6.375%, 11/15/29 (Prerefunded 11/15/19)		A-/F		700,000	827,456
	Marietta, Dev. Auth. Rev. Bonds (Fac. of Life U., Inc.), Ser. PJ, 6.25%, 6/15/20		Ba3		675,000	721,373
	Muni. Election Auth. of GA Rev. Bonds (Plant Voltage Units 3 & 4), Ser. A, 5.50%, 7/1/60		A+		2,000,000	2,473,000
	Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy Paper), Ser. A, 6.125%, 1/1/34		BB/P		600,000	607,800
						16,093,680
	Guam (0.1%)
	Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5.00%, 10/1/34		Baa2		200,000	226,388
						226,388
	Hawaii (1.0%)
	HI State Dept. Budget & Fin. Rev. Bonds
	(Craigside), Ser. A, 9.00%, 11/15/44		B/P		400,000	489,532
	(Hawaiian Elec. Co. - Subsidiary), 6.50%, 7/1/39		Baa1		3,000,000	3,415,530
	(Kahala Nui), 5.125%, 11/15/32		BBB+/F		400,000	451,016
						4,356,078
	Illinois (6.3%)
	Chicago, G.O. Bonds
	Ser. B-2, 5.50%, 1/1/37		BBB+		2,000,000	2,070,660
	Ser. C, 5.00%, 1/1/38		BBB+		1,500,000	1,524,720
	Chicago, Special Assmt. Bonds (Lake Shore East), 6.75%, 12/1/32		BB/P		1,610,000	1,613,413
	Chicago, Board of Ed. G.O. Bonds, Ser. C, 5.25%, 12/1/39		B+		1,500,000	1,413,375
	Chicago, Motor Fuel Tax Rev. Bonds, 5.00%, 1/1/29		BBB		500,000	535,085
	Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. C, 5.00%, 1/1/26		A2		2,595,000	3,071,494
	Chicago, Waste Wtr. Transmission Rev. Bonds (2nd Lien), 5.00%, 1/1/39		A		1,360,000	1,531,809
	Chicago, Wtr. Wks Rev. Bonds, 5.00%, 11/1/39		A		875,000	1,007,458
	Cicero, G.O. Bonds, Ser. A, AGM, 5.00%, 1/1/20		AA		1,250,000	1,382,188
	Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds (Monarch Landing), 5.625%, 3/1/36		B/P		350,000	350,294
	IL Fin. Auth. Rev. Bonds
	(Provena Hlth.), Ser. A, 7.75%, 8/15/34		Baa3		1,500,000	1,800,765
	(Silver Cross Hosp. & Med. Ctr.), 7.00%, 8/15/44 (Prerefunded 8/15/19)		AAA/P		2,000,000	2,375,520
	(Rush U. Med. Ctr.), Ser. C, U.S. Govt. Coll., 6.625%, 11/1/39 (Prerefunded 5/1/19)		Aaa		1,075,000	1,251,021
	(Navistar Intl. Recvy. Zone), 6.50%, 10/15/40		Caa1		500,000	501,790
	(Three Crowns Pk. Plaza), Ser. A, 5.875%, 2/15/26		BB-/P		1,000,000	1,001,620
	(American Wtr. Cap. Corp.), 5.25%, 10/1/39		A		1,575,000	1,700,323
	IL State G.O. Bonds, 5.00%, 3/1/34		BBB+		750,000	803,393
	IL State Fin. Auth. Rev. Bonds (Presence Hlth. Network ), Ser. C, 5.00%, 2/15/36(FWC)		Baa3		525,000	598,637
	IL State Fin. Auth. Rev. Bonds (Plymouth Place ), 5.25%, 5/15/45		BB+/F		1,000,000	1,086,350
	Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, Ser. A, 5.00%, 12/1/31		AA+		1,000,000	1,240,680
	Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6.00%, 6/1/28		A-		1,050,000	1,256,777
						28,117,372
	Indiana (2.1%)
	IN State Fin. Auth. Rev. Bonds
	(I-69 Dev. Partners, LLC), 5.25%, 9/1/40		BB+		500,000	564,090
	(I-69 Dev. Partners, LLC), 5.25%, 9/1/34		BB+		1,250,000	1,441,675
	(OH Valley Elec. Corp.), Ser. A, 5.00%, 6/1/32		Baa3		750,000	810,863
	IN State Fin. Auth. Edl. Fac. Rev. Bonds (Butler U.), Ser. B
	5.00%, 2/1/32		A-		1,000,000	1,132,540
	5.00%, 2/1/29		A-		500,000	572,080
	IN State Muni. Pwr. Agcy. Rev. Bonds , Ser. A, 5.00%, 1/1/42		A1		3,000,000	3,634,200
	Valparaiso, Exempt Facs. Rev. Bonds (Pratt Paper, LLC), 6.75%, 1/1/34		B+/P		1,125,000	1,407,679
						9,563,127
	Iowa (1.0%)
	IA State Fin. Auth. Midwestern Disaster Rev. Bonds (IA Fertilizer Co., LLC)
	5.50%, 12/1/22		B+		1,000,000	1,041,780
	5.25%, 12/1/25		B+		750,000	810,975
	Orange Cnty., Hosp. Rev. Bonds, 5.50%, 9/1/27		BB/P		1,125,000	1,145,093
	Tobacco Settlement Auth. of IA Rev. Bonds, Ser. C, 5.375%, 6/1/38		B+		1,250,000	1,251,550
						4,249,398
	Kansas (0.2%)
	Lenexa, Hlth. Care Fac. Rev. Bonds (LakeView Village), 7.125%, 5/15/29		BB/P		500,000	551,830
	Wichita, Hlth. Care Fac. Rev. Bonds (KS Masonic Home Oblig. Group), Ser. 2-A, 5.375%, 12/1/46		B/P		500,000	519,445
						1,071,275
	Kentucky (1.9%)
	KY Econ. Dev. Fin. Auth. Rev. Bonds (Masonic Home Indpt. Living II)
	7.25%, 5/15/41		BB-/P		500,000	590,825
	7.00%, 5/15/30		BB-/P		500,000	590,425
	KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53		Baa3		1,100,000	1,339,041
	KY State Econ. Dev. Fin. Auth. Hlth. Care Rev. Bonds (Masonic Homes of KY), 5.375%, 11/15/42		BB-/P		900,000	931,023
	Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6.00%, 5/1/28		Baa3		500,000	533,565
	Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds (Norton Healthcare Oblig. Group), 5.50%, 10/1/33		A-		3,000,000	3,694,980
	Owen Cnty., Wtr. Wks. Syst. Rev. Bonds (American Wtr. Co.), Ser. A, 6.25%, 6/1/39		A		700,000	791,700
						8,471,559
	Louisiana (1.2%)
	LA State Local Govt. Env. Fac. & Cmnty. Dev. Auth. Rev. Bonds (Westlake Chemical Corp.), 6.75%, 11/1/32		BBB+		2,200,000	2,356,574
	LA State Pub. Fac. Auth. Rev. Bonds (Ochsner Clinic Foundation), 5.00%, 5/15/47		Baa1		250,000	292,765
	LA State Pub. Fac. Solid Waste Disp. Auth. Rev. Bonds (LA Pellets, Inc.), Ser. A, 8.375%, 7/1/39		CCC/P		500,000	288,750
	Pub. Fac. Auth. Dock & Wharf 144A Rev. Bonds (Impala Warehousing, LLC), 6.50%, 7/1/36		B+/P		1,000,000	1,138,610
	Rapides, Fin. Auth. FRB (Cleco Pwr.), AMBAC, 4.70%, 11/1/36		A3		750,000	754,365
	St. Tammany, Public Trust Fin. Auth. Rev. Bonds (Christwood), 5.25%, 11/15/37		BB/P		385,000	412,732
						5,243,796
	Maine (0.7%)
	ME Hlth. & Higher Edl. Fac. Auth. Rev. Bonds
	(ME Gen. Med. Ctr.), 7.50%, 7/1/32		Ba2		1,000,000	1,203,530
	(MaineGeneral Health Oblig. Group), 6.95%, 7/1/41		Ba2		1,000,000	1,149,040
	ME State Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (8/1/25) (Casella Waste Syst.), 5.125%, 8/1/35		BB-		500,000	597,575
						2,950,145
	Maryland (1.0%)
	Baltimore Cnty., Rev. Bonds (Oak Crest Village, Inc. Fac.), Ser. A, 5.00%, 1/1/37		A-		2,000,000	2,026,460
	MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.20%, 9/1/22		A2		550,000	622,749
	Westminster, Rev. Bonds
	(Lutheran Village at Miller's Grant, Inc. (The)), Ser. A, 6.00%, 7/1/34		B-/P		250,000	278,945
	(Carroll Lutheran Village, Inc.), 5.125%, 7/1/34		BB/P		1,500,000	1,656,210
						4,584,364
	Massachusetts (8.0%)
	MA Bay Trans. Auth. Rev. Bonds, Ser. A, 5.00%, 7/1/25(FWC)		AAA		2,000,000	2,597,300
	MA State G.O. Bonds, Ser. B, 5.00%, 7/1/33		Aa1		1,500,000	1,893,495
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Sabis Intl.), Ser. A, 8.00%, 4/15/39 (Prerefunded 10/15/19)		BBB		690,000	848,114
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6.25%, 11/15/46		B-/P		450,850	473,699
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6.25%, 11/15/26		B-/P		275,400	289,357
	(Boston U.), SGI, 6.00%, 5/15/59		A1		500,000	691,755
	(Loomis Cmntys.), Ser. A, 6.00%, 1/1/33		BBB-		200,000	231,216
	(Linden Ponds, Inc. Fac.), Ser. A-2, 5.50%, 11/15/46		B-/P		88,265	85,953
	(New England Conservatory of Music), U.S. Govt. Coll., 5.25%, 7/1/38 (Prerefunded 7/1/18)		AAA/P		805,000	875,373
	(Wheelock College), Ser. C, 5.25%, 10/1/29		BBB		1,700,000	1,754,502
	(Dana-Farber Cancer Inst.), Ser. N, 5.00%, 12/1/41		A1		1,400,000	1,715,364
	(WGBH Edl. Foundation ), 5.00%, 1/1/34		A+		1,895,000	2,361,322
	(First Mtge. - Orchard Cove), 5.00%, 10/1/19		BB/P		550,000	564,471
	(Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56		B-/P		439,022	3,451
	MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds (Adventcare), Ser. A, 6.65%, 10/15/28		B/P		1,050,000	1,089,092
	MA State Dev. Fin. Agcy. Solid Waste Disp. FRB (Dominion Energy Brayton Point), Ser. 1, U.S. Govt. Coll., 5.75%, 12/1/42 (Prerefunded 5/1/19)		Baa2		1,050,000	1,193,871
	MA State Edl. Fin. Auth. Rev. Bonds, Ser. B, 5.50%, 1/1/23		AA		450,000	484,191
	MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Suffolk U.), Ser. A, 6.25%, 7/1/30		Baa2		1,000,000	1,152,430
	(Suffolk U.), Ser. A, U.S. Govt. Coll., 5.75%, 7/1/39 (Prerefunded 7/1/19)		Baa2		950,000	1,068,627
	(Baystate Med. Ctr.), Ser. I, 5.75%, 7/1/36		A+		1,500,000	1,685,925
	(Springfield College), 5.625%, 10/15/40 (Prerefunded 10/15/19)		Baa1		450,000	519,386
	(Springfield College), 5.50%, 10/15/31 (Prerefunded 10/15/19)		Baa1		1,100,000	1,265,264
	(Springfield College), 5.50%, 10/15/26 (Prerefunded 10/15/19)		Baa1		1,500,000	1,725,360
	(Fisher College), Ser. A, 5.125%, 4/1/37		BBB		250,000	255,668
	(Milford Regl. Med.), Ser. E, 5.00%, 7/15/22		Baa3		2,200,000	2,287,692
	MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5.125%, 7/1/41		A		750,000	861,750
	MA State Trans. Fund Rev. Bonds (Rail Enhancement Program), Ser. A
	5.00%, 6/1/24		Aaa		650,000	833,450
	5.00%, 6/1/23		Aaa		2,885,000	3,620,935
	Metro. Boston, Trans. Pkg. Corp. Rev. Bonds
	(Systemwide Pkg.), 5.25%, 7/1/33		A1		1,500,000	1,770,795
	5.00%, 7/1/41		A1		1,500,000	1,729,965
						35,929,773
	Michigan (4.2%)
	Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6.25%, 7/1/36		AA		1,660,000	1,876,647
	Flint, Hosp. Bldg. Auth. Rev. Bonds, Ser. A, 5.25%, 7/1/39		Ba1		750,000	777,203
	Kentwood, Economic Dev. Rev. Bonds (Holland Home), 5.625%, 11/15/32		BBB-/F		2,195,000	2,454,230
	MI State Fin. Auth. Rev. Bonds
	(Presbyterian Villages of MI), 5.50%, 11/15/45		BB+/F		500,000	531,320
	(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. D-2, 5.00%, 7/1/34		BBB+		400,000	471,036
	(Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33		A-		600,000	702,354
	MI State Hosp. Fin. Auth. Rev. Bonds
	Ser. A, 6.125%, 6/1/39 (Prerefunded 6/1/19)		AA+		2,000,000	2,299,600
	(Henry Ford Hlth.), 5.75%, 11/15/39		A3		1,600,000	1,838,128
	(Henry Ford Hlth. Syst.), Ser. A, 5.25%, 11/15/46		A3		2,565,000	2,599,140
	MI State Strategic Fund Ltd. Rev. Bonds (Worthington Armstrong Venture), 5.75%, 10/1/22 (Escrowed to maturity)		AAA/P		1,350,000	1,654,331
	MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Cadillac Place Office Bldg.), 5.25%, 10/15/26		Aa3		1,250,000	1,477,438
	Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 12/1/21		A2		2,000,000	2,312,700
						18,994,127
	Minnesota (2.5%)
	Douglas Cnty., Gross Hlth. Care Fac. Rev. Bonds (Douglas Cnty. Hosp.)
	6.25%, 7/1/34 (Prerefunded 7/1/18)		AAA/P		1,940,000	2,146,377
	6.25%, 7/1/34 (Prerefunded 7/1/18)		AAA/P		1,060,000	1,172,763
	Ham Lake, Charter School Lease Rev. Bonds (DaVinci Academy of Arts & Science), Ser. A, 5.00%, 7/1/47		BB-/P		500,000	522,645
	Inver Grove Heights, Nursing Home Rev. Bonds (Presbyterian Homes Care), 5.375%, 10/1/26		B/P		700,000	700,560
	Minnetonka, Hsg. Fac. VRDN (Beacon Hill), FNMA Coll., 0.44s, 5/15/34		VMIG1		385,000	385,000
	North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6.125%, 10/1/39		BB/P		315,000	326,063
	Northfield, Hosp. Rev. Bonds, 5.375%, 11/1/26		BBB		750,000	757,958
	Otsego, Charter School Lease Rev. Bonds (Kaleidoscope Charter School), Ser. A, 5.00%, 9/1/34		BB+		800,000	849,056
	Rochester, Hlth. Care Fac. Rev. Bonds (Olmsted Med. Ctr.), 5.875%, 7/1/30		A-/F		1,000,000	1,166,810
	Sartell, Hlth. Care & Hsg. Facs. Rev. Bonds (Country Manor Campus, LLC)
	5.25%, 9/1/30		B-/P		500,000	533,410
	5.25%, 9/1/27		B-/P		750,000	810,188
	St. Paul, Hsg. & Redev. Auth. Charter School Lease Rev. Bonds (Nova Classical Academy), Ser. A
	6.625%, 9/1/42		BBB-		250,000	284,925
	6.375%, 9/1/31		BBB-		250,000	291,253
	St. Paul, Port Auth. Lease Rev. Bonds (Regions Hosp. Pkg. Ramp), Ser. 1, 5.00%, 8/1/36		A-/P		1,125,000	1,127,318
						11,074,326
	Mississippi (0.6%)
	MS State Bus. Fin. Commission Gulf Opportunity Zone VRDN (Chevron USA, Inc.), Ser. E, 0.4s, 12/1/30		VMIG1		1,000,000	1,000,000
	Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6.50%, 9/1/32		Baa2		1,600,000	1,778,032
						2,778,032
	Missouri (0.9%)
	Kansas City, Indl. Dev. Auth. Hlth. Fac. Rev. Bonds (First Mtge. Bishop Spencer), Ser. A, 6.50%, 1/1/35		B/P		1,500,000	1,500,420
	MO State Hlth. & Edl. Fac. Auth. Rev. Bonds (Saint Lukes Hlth. Syst., Inc. ), 5.00%, 11/15/35		A1		375,000	457,725
	MO State Hlth. & Edl. Fac. Auth. VRDN (WA U. (The)), Ser. C, 0.37s, 9/1/30		VMIG1		1,000,000	1,000,000
	St. Louis Arpt. Rev. Bonds (Lambert-St. Louis Intl.), Ser. A-1, 6.625%, 7/1/34		A3		1,000,000	1,155,980
						4,114,125
	Nebraska (0.6%)
	Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5.25%, 12/1/18		A3		1,500,000	1,640,475
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5.50%, 1/1/30		AA/F		1,000,000	1,136,450
						2,776,925
	Nevada (1.2%)
	Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5.00%, 7/1/33		A1		1,050,000	1,270,868
	Clark Cnty., Impt. Dist. Special Assmt. Bonds (Mountains Edge Local No. 142), 5.00%, 8/1/21		BBB		555,000	619,491
	Clark Cnty., Impt. Dist. No. 159 Special Assessment Bonds (Summerlin Village 16A), 5.00%, 8/1/32		B+/P		500,000	528,940
	Henderson, Local Impt. Dist. Special Assmt. Bonds
	(No. T-17), 5.00%, 9/1/18		BBB-/P		350,000	357,623
	(No. T-18), 5.00%, 9/1/16		B-/P		715,000	715,265
	Las Vegas, Special Assmt. Bonds
	5.00%, 6/1/31		B+/P		445,000	475,247
	(Dist. No. 607 Local Impt.), 5.00%, 6/1/23		BBB-/P		390,000	444,272
	Las Vegas, Impt. Dist. No. 812 Special Assessment Bonds (Summerlin Village 24), 5.00%, 12/1/35		B/P		250,000	265,588
	Las Vegas, Redev. Agcy. Tax Allocation Bonds (Tax Increment), 5.00%, 6/15/40		BBB+		600,000	702,930
						5,380,224
	New Hampshire (1.5%)
	NH State Bus. Fin. Auth. Rev. Bonds (Elliot Hosp. Oblig. Group), Ser. A, 6.00%, 10/1/27		Baa1		1,700,000	1,916,716
	NH State Bus. Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (10/1/19) (Casella Waste Syst., Inc.), 4.00%, 4/1/29		BB-		350,000	368,361
	NH State Hlth. & Ed. Fac. Auth. Rev. Bonds
	(Rivermead), Ser. A, 6.875%, 7/1/41		BB+/P		2,000,000	2,305,000
	(Rivermead), Ser. A, 6.625%, 7/1/31		BB+/P		1,320,000	1,526,514
	(Kendel at Hanover ), 5.00%, 10/1/40		BBB+/F		585,000	689,042
						6,805,633
	New Jersey (8.3%)
	Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds (The Evergreens), 5.625%, 1/1/38		BB+/P		1,500,000	1,576,110
	NJ State Econ. Dev. Auth. Rev. Bonds
	(Ashland School, Inc.), 6.00%, 10/1/33		BBB		1,000,000	1,174,380
	(NYNJ Link Borrower, LLC), 5.375%, 1/1/43		BBB-		1,000,000	1,171,960
	(MSU Student Hsg. - Provident Group - Montclair LLC), 5.375%, 6/1/25		Baa3		2,000,000	2,234,940
	(Lions Gate), 5.25%, 1/1/44		BB-/P		300,000	318,108
	(Continental Airlines, Inc.), 5.25%, 9/15/29		BB-		3,000,000	3,370,980
	(United Methodist Homes), Ser. A, 5.00%, 7/1/29		BBB-/F		500,000	558,010
	5.00%, 6/15/26		Baa1		500,000	560,550
	NJ State Econ. Dev. Auth. Fac. Rev. Bonds (Continental Airlines, Inc.), 5.625%, 11/15/30		BB-		1,500,000	1,729,350
	NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
	Ser. A, 5.7s, 10/1/39		A1		2,600,000	2,913,560
	Ser. D, 4.875%, 11/1/29		A1		700,000	772,170
	NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds
	(St. Joseph Hlth. Care Syst.), 6.625%, 7/1/38		Baa3		2,250,000	2,460,578
	(St. Peter's U. Hosp.), 6.25%, 7/1/35		Ba1		2,000,000	2,214,740
	(Princeton HealthCare Syst.), Ser. A, 5.00%, 7/1/39		Baa2		1,000,000	1,209,450
	(Holy Name Hosp.), 5.00%, 7/1/36		Baa2		2,500,000	2,502,825
	North Hudson, Swr. Auth. Rev. Bonds, Ser. A, 5.00%, 6/1/42		A		1,000,000	1,152,930
	Tobacco Settlement Fin. Corp. Rev. Bonds
	Ser. 1A, 5.00%, 6/1/41		B3		5,000,000	4,936,600
	Ser. 1A, 4.75%, 6/1/34		B3		2,210,000	2,157,910
	zero %, 6/1/41		A-		10,000,000	2,672,600
	Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5.25%, 12/1/31		AA+		1,450,000	1,615,518
						37,303,269
	New Mexico (1.6%)
	Farmington, Poll. Control Rev. Bonds
	(Public Service Co. of San Juan, NM), Ser. D, 5.90%, 6/1/40		BBB+		500,000	567,345
	(Public Service Co. of San Juan, NM), Ser. B, 4.875%, 4/1/33		BBB+		4,500,000	4,576,815
	(AZ Pub. Svc. Co.), Ser. B, 4.70%, 9/1/24		A2		2,000,000	2,241,160
						7,385,320
	New York (7.2%)
	Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, 6.75%, 7/1/28 (Prerefunded 7/1/18)		AAA/P		600,000	669,888
	NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds, 5s, 6/15/31(T)		AA+		10,000,000	11,831,343
	NY State Dorm. Auth. Rev. Bonds, Ser. A, 5.00%, 3/15/38		AAA		1,500,000	1,797,090
	NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6.25%, 12/1/37		Ba1		725,000	791,243
	NY State Dorm. Auth. Non-Supported Debt Rev. Bonds (NYU Hosp. Ctr.), 5.00%, 7/1/34		A3		500,000	602,345
	NY State Dorm. Auth. Revs. bonds, Ser. C, 5s, 3/15/31(T)		AAA		5,000,000	5,872,678
	NY State Env. Fac. Corp. Solid Waste Disp. 144A Mandatory Put Bonds (12/2/19) (Casella Waste Syst., Inc.), 3.75%, 12/1/44		BB-		1,000,000	1,037,410
	NY State Liberty Dev. Corp. 144A Rev. Bonds (World Trade Ctr.)
	Class 2, 5.375%, 11/15/40		BB-/P		750,000	883,965
	Class 1, 5.00%, 11/15/44		BB-/P		2,750,000	3,159,310
	NY State Trans. Special Fac. Dev. Corp. Rev. Bonds (American Airlines, Inc.-John F. Kennedy Intl. Arpt.), 5.00%, 8/1/31		BB-		2,250,000	2,466,585
	Onondaga, Civic Dev. Corp. Rev. Bonds (St. Joseph's Hosp. Hlth. Ctr.), U.S. Govt. Coll., 5.125%, 7/1/31 (Prerefunded 7/1/19)		AAA/P		1,620,000	1,831,734
	Port Auth. of NY & NJ Rev. Bonds (Kennedy Intl. Arpt. - 5th Installment), 6.75%, 10/1/19		BBB-/P		100,000	100,037
	Port Auth. of NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term.), 6.00%, 12/1/42		Baa1		1,000,000	1,172,490
						32,216,118
	North Carolina (2.4%)
	NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6.75%, 1/1/24 (Prerefunded 1/1/19)		AAA/F		750,000	858,878
	NC State Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
	(Presbyterian Homes), 5.40%, 10/1/27		BB/P		2,000,000	2,008,740
	(First Mtge. - Presbyterian Homes), 5.375%, 10/1/22		BB/P		1,110,000	1,116,538
	NC State Med. Care Comm. Hlth. Fac. Rev. Bonds (Pennybyrn at Maryfield, Inc.), 5.00%, 10/1/35		BB/P		375,000	410,989
	NC State Med. Care Comm. Retirement Fac. Rev. Bonds
	(Carolina Village), 6.00%, 4/1/38		BB/P		1,000,000	1,041,640
	(Salemtowne), 5.25%, 10/1/37		BB/P		385,000	427,516
	(Forest at Duke, Inc. (The)), 5.125%, 9/1/27		BBB+/F		1,000,000	1,046,540
	(Aldersgate United Methodist Church), 5.00%, 7/1/45		BB/P		825,000	895,967
	(United Church Homes & Svcs. Oblig. Group), Ser. A, 5.00%, 9/1/37		BB/P		500,000	546,475
	(United Methodist Retirement Homes), Ser. A, 5.00%, 10/1/35		BBB/F		500,000	598,630
	NC State Med. Care Comm. Retirement Fac. Rev. Bonds (Salemtowne), 5.375%, 10/1/45		BB/P		1,615,000	1,791,681
						10,743,594
	Ohio (5.8%)
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
	Ser. A-2, 6.50%, 6/1/47		B3		2,000,000	2,047,420
	Ser. A-3, 6.25%, 6/1/37		B-		850,000	867,340
	Ser. A-2, 6.00%, 6/1/42		B3		2,500,000	2,499,750
	Ser. A-2, 5.875%, 6/1/47		B3		6,500,000	6,458,140
	Ser. A-2, 5.875%, 6/1/30		B-		1,315,000	1,314,264
	Ser. A-2, 5.75%, 6/1/34		B-		3,675,000	3,630,312
	Franklin Cnty., Hlth. Care Fac. Rev. Bonds (OH Presbyterian Retirement Svcs. (OPRS) Cmntys. Oblig. Group), Ser. A, 5.625%, 7/1/26		BBB-		2,250,000	2,482,988
	Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst., Inc.), Ser. C
	5.625%, 8/15/29		A3		245,000	268,116
	U.S. Govt. Coll., 5.625%, 8/15/29 (Prerefunded 8/15/18)		AAA/P		1,285,000	1,414,194
	OH State Higher Edl. Fac. Comm. Rev. Bonds (Kenyon College), 5.00%, 7/1/44		A1		800,000	896,896
	OH State Private Activity Rev. Bonds (Portsmouth Bypass), AGM, 5.00%, 12/31/35		AA		750,000	883,808
	OH State Wtr. Dev. Auth. Poll. Control Mandatory Put Bonds (6/3/19) (FirstEnergy Nuclear Generation, LLC), 4.00%, 12/1/33		Baa3		1,550,000	1,571,514
	Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds
	5.75%, 12/1/32		BB/F		900,000	1,036,044
	(Memorial Hlth. Syst. Oblig. Group), 5.00%, 12/1/43		BB/F		150,000	157,598
	Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX Transn, Inc.), 6.45%, 12/15/21		Baa1		500,000	619,860
						26,148,244
	Oklahoma (0.8%)
	Tulsa Cnty., Indl. Auth. Rev. Bonds (Sr. Living Cmnty. Montereau, Inc.), Ser. A, 7.125%, 11/1/30		BB-/P		1,250,000	1,369,013
	Tulsa, Muni. Arpt. Trust Mandatory Put Bonds (6/1/25) (American Airlines, Inc.), 5.00%, 6/1/35		BB-		750,000	863,978
	Tulsa, Muni. Arpt. Trust Rev. Bonds (American Airlines, Inc.), Ser. B, 5.50%, 12/1/35		B+/P		1,250,000	1,429,138
						3,662,129
	Oregon (0.5%)
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds
	(Mirabella at South Waterfront), Ser. A, 5.40%, 10/1/44		BB-/P		500,000	562,755
	(Terwilliger Plaza, Inc.), 5.00%, 12/1/29		BBB/F		350,000	404,674
	Warm Springs Reservation, Confederated Tribes 144A Rev. Bonds (Pelton Round Butte Tribal), Ser. B, 6.375%, 11/1/33		A3		700,000	782,600
	Yamhill Ctny., Hosp. Auth. Rev. Bonds (Friendsview Retirement Cmnty. ), Ser. A, 5.00%, 11/15/36		BB/P		325,000	358,449
						2,108,478
	Pennsylvania (4.1%)
	Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds (Robert Morris U.), Ser. A, 5.50%, 10/15/30		Baa3		1,000,000	1,130,380
	Chester Cnty., Indl. Dev. Auth. Rev. Bonds (Renaissance Academy Charter School), 5.00%, 10/1/34		BBB-		350,000	388,812
	Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds (West Chester U. Student Hsg., LLC), Ser. A, 5.00%, 8/1/45		Baa3		1,000,000	1,068,030
	Dauphin Cnty., Gen. Auth. Hlth. Syst. Rev. Bonds (Pinnacle Hlth. Syst.), Ser. A, 5.00%, 6/1/34		A+		250,000	304,640
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Brethren Village), Ser. A, 6.375%, 7/1/30		BB-/P		625,000	642,431
	Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds (Susquehanna Hlth. Syst.), Ser. A, 5.75%, 7/1/39		A-		3,000,000	3,400,860
	Moon, Indl. Dev. Auth. Rev. Bonds (Baptist Homes Society Oblig. Group), 5.75%, 7/1/35		B+/P		1,500,000	1,677,195
	Northampton Cnty., Indl. Dev. Auth. Tax Alloc. Bonds (Rte. 33), 7.00%, 7/1/32		B/P		800,000	884,120
	PA State Higher Edl. Fac. Auth. Rev. Bonds
	(Shippensburg U.), 6.25%, 10/1/43		Baa3		500,000	578,175
	(Gwynedd Mercy College), Ser. KK1, 5.375%, 5/1/42		BBB		785,000	866,538
	(Indiana U.), Ser. A, 5.00%, 7/1/41		BBB+		500,000	557,510
	PA State Tpk. Comm. Rev. Bonds
	Ser. A-1, 5.00%, 12/1/41		A1		1,000,000	1,198,290
	Ser. A, 5.00%, 12/1/38		A1		500,000	594,260
	Philadelphia, Auth. for Indl. Dev. Rev. Bonds (Master Charter School), 6.00%, 8/1/35		BBB+		1,055,000	1,164,108
	Philadelphia, Gas Wks. Rev. Bonds, Ser. 9, 5.00%, 8/1/30		A-		1,000,000	1,127,330
	Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A, 6.50%, 1/1/38		Baa3		1,325,000	1,401,519
	West Shore Area Auth. Rev. Bonds (Lifeways at Messiah Village), Ser. A, 5.00%, 7/1/35		BBB-/F		785,000	874,451
	Wilkes-Barre, Fin. Auth. Rev. Bonds (Wilkes U.)
	5.00%, 3/1/22		BBB		225,000	230,528
	U.S. Govt. Coll., 5.00%, 3/1/22 (Prerefunded 3/1/17)		AAA/P		335,000	343,626
						18,432,803
	Puerto Rico (0.6%)
	Children's Trust Fund Tobacco Settlement (The) Rev. Bonds, 5.625%, 5/15/43		Ba2		850,000	850,153
	Cmnwlth. of PR, G.O. Bonds
	(Pub. Impt.), Ser. A, NATL, 5.50%, 7/1/20		AA-		1,000,000	1,074,370
	Ser. A, FGIC, 1.21%, 7/1/21		Caa3		1,000,000	741,250
						2,665,773
	South Carolina (1.8%)
	SC State Pub. Svc. Auth. Rev. Bonds
	(Santee Cooper), Ser. A, 5.75%, 12/1/43		AA-		3,000,000	3,798,240
	Ser. A, 5.50%, 12/1/54		AA-		2,000,000	2,409,900
	SC State Pub. Svcs. Auth. Rev. Bonds, Ser. E, 5.25%, 12/1/55		AA-		1,500,000	1,821,765
						8,029,905
	South Dakota (0.3%)
	SD State Hlth. & Edl. Fac. Auth. Rev. Bonds (Sanford Oblig Group), 5.00%, 11/1/45		A1		1,250,000	1,467,013
						1,467,013
	Tennessee (0.5%)
	Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6.00%, 7/1/38		Baa1		1,450,000	1,644,300
	Metro. Govt. Nashville & Davidson Ctny. Hlth. & Edl. Fac. Board Rev. Bonds (Vanderbilt U. Med. Ctr.), Ser. A, 5.00%, 7/1/40		A3		450,000	542,507
						2,186,807
	Texas (13.8%)
	Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.90%, 5/1/38		BBB		2,735,000	2,930,553
	Central TX Regl. Mobility Auth. Rev. Bonds
	Ser. A, 5.00%, 1/1/45		BBB+		250,000	294,830
	Ser. A, 5.00%, 1/1/40		BBB+		500,000	592,270
	(Sr. Lien), Ser. A, 5.00%, 1/1/33		BBB+		525,000	610,738
	Clifton, Higher Ed. Fin. Corp. Rev. Bonds (Idea Pub. Schools)
	6.00%, 8/15/33		BBB		500,000	603,695
	5.00%, 8/15/32		BBB		315,000	353,320
	Grand Parkway Trans. Corp. Rev. Bonds, Ser. B, 5.25%, 10/1/51		AA+		2,000,000	2,396,200
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33		Baa3		1,000,000	1,127,210
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (The Methodist Hosp.), Ser. C-1, 0.38s, 12/1/24		A-1+		1,000,000	1,000,000
	Houston, Arpt. Syst. Rev. Bonds
	Ser. B-1, 5.00%, 7/15/35		BB-		2,500,000	2,785,975
	Ser. B-1, 5.00%, 7/15/30		BB-		650,000	737,984
	Ser. A, 5.00%, 7/1/24		A+		1,500,000	1,733,025
	(United Airlines, Inc.), 4.75%, 7/1/24		BB-		1,300,000	1,495,208
	La Vernia, Higher Ed. Fin. Corp. Rev. Bonds (Kipp, Inc.), Ser. A
	6.375%, 8/15/44 (Prerefunded 8/15/19)		BBB		1,100,000	1,284,140
	6.25%, 8/15/39 (Prerefunded 8/15/19)		BBB		1,975,000	2,298,229
	La Vernia, Higher Ed. Fin. Corp. 144A Rev. Bonds (Meridian World School, LLC), Ser. A, 5.25%, 8/15/35		BB+		1,000,000	1,047,330
	Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5.25%, 11/1/40		Baa1		3,500,000	3,988,075
	Lower CO River Auth. Transmission Svcs. Contract Corp. Rev. Bonds, 5.00%, 5/15/33		A		450,000	554,553
	Matagorda Cnty., Poll. Control Rev. Bonds
	(Central Pwr. & Light Co.), Ser. A, 6.30%, 11/1/29		Baa1		1,000,000	1,121,910
	(Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30		Baa1		1,250,000	1,500,575
	New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds
	(Wesleyan Homes, Inc.), 5.50%, 1/1/43		BB-/P		500,000	538,295
	(NCCD College Station Properties, LLC), Ser. A, 5.00%, 7/1/47		Baa3		500,000	567,210
	(Collegiate Hsg.-Tarleton St.), 5.00%, 4/1/39		Baa3		500,000	578,715
	(TX A&M U. Collegiate & Student Hsg. College Station I, LLC), Ser. A, 5.00%, 4/1/29		Baa3		530,000	626,704
	Newark, Cultural Ed. Fac. Fin. Corp. Rev. Bonds (AW Brown-Fellowship Leadership Academy), Ser. A, 6.00%, 8/15/42		BBB-		670,000	685,149
	North Texas Edl. Fin. Co. Rev. Bonds (Uplift Edl.), Ser. A, 5.25%, 12/1/47		BBB-		2,000,000	2,255,980
	North TX, Tollway Auth. Rev. Bonds
	(1st Tier), Ser. A, 6.00%, 1/1/25		A1		120,000	128,968
	(1st Tier), Ser. A, FNMA Coll., U.S. Govt. Coll., 6.00%, 1/1/25 (Prerefunded 1/1/18)		AAA/P		880,000	946,669
	(Toll 2nd Tier), Ser. F, 5.75%, 1/1/38 (Prerefunded 1/1/18)		A2		750,000	804,188
	Ser. A, 5.00%, 1/1/39		A1		3,250,000	3,921,483
	Red River, Hlth. Retirement Fac. Dev. Corp. Rev. Bonds
	(Happy Harbor Methodist Home, Inc.), Ser. A, 7.75%, 11/15/44		B-/P		420,000	502,547
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. C, 6.25%, 5/9/53 (In default)(NON)		D/P		39,000	59
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. B, 6.15%, 11/15/49 (In default)(NON)		D/P		749,000	1,124
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 6.05%, 11/15/46 (In default)(NON)		D/P		441,000	662
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. D, 6.05%, 11/15/46 (In default)(NON)		D/P		76,000	114
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 5.45%, 11/15/38 (In default)(NON)		D/P		1,124,000	1,686
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 5.15%, 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, 8.25%, 11/15/39		B+/P		1,500,000	1,597,635
	(Buckingham Sr. Living Cmnty., Inc.), Ser. A, 5.50%, 11/15/45		BB/F		1,000,000	1,126,880
	(Buckner Retirement Svcs., Inc.), 5.25%, 11/15/37		A/F		1,065,000	1,104,469
	(Buckner Retirement Svcs., Inc.), 5.25%, 11/15/37 (Prerefunded 11/15/17)		AAA/P		835,000	884,774
	(Air Force Village), 5.125%, 5/15/27		BBB-/F		2,850,000	2,870,805
	(Buckner Retirement Svcs., Inc.), Ser. B, 5.00%, 11/15/46		A/F		1,500,000	1,779,765
	Travis Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (Wayside Schools), Ser. A, 5.25%, 8/15/42		BB+		1,000,000	1,067,740
	TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5.25%, 12/15/24		Baa1		2,000,000	2,444,960
	TX Private Activity Surface Trans. Corp. Rev. Bonds
	(NTE Mobility), 7.50%, 12/31/31		Baa2		2,000,000	2,413,880
	(LBJ Infrastructure), 7.00%, 6/30/40		Baa3		2,500,000	2,984,275
	TX State Dept. of Hsg. & Cmnty. Affairs Rev. Bonds, Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll., 6.90%, 7/2/24		AA+		150,000	150,431
	TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5.00%, 12/15/28		A3		1,500,000	1,745,310
	TX State Private Activity Bond Surface Trans. Corp. Rev. Bonds (Blueridge Trans. Group, LLC (SH 288 Toll Lane))
	5.00%, 12/31/55		Baa3		500,000	577,900
	5.00%, 12/31/50		Baa3		750,000	870,173
						61,635,260
	Virginia (2.5%)
	Albemarle Cnty., Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury), 5.00%, 1/1/24		BB/P		600,000	608,490
	Alexandria, Indl. Dev. Auth. Res. Care Fac. Mtge. Rev. Bonds (Goodwin House, Inc.), 5.00%, 10/1/45		BBB/F		1,500,000	1,741,290
	Cherry Hill Cmnty., Dev. Auth. 144A Special Assmt. Bonds (Potomac Shores), 5.40%, 3/1/45		B/P		1,000,000	1,051,070
	Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds (United Methodist Homes), 5.00%, 6/1/22		BB+/P		625,000	720,581
	Lower Magnolia Green Cmnty., Dev. Auth. 144A Special Assmt. Bonds, 5.00%, 3/1/35		B/P		500,000	505,470
	Lynchburg, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury)
	5.00%, 7/1/31		BB+/P		1,250,000	1,272,388
	4.875%, 7/1/21		BB+/P		1,000,000	1,025,900
	VA State Small Bus. Fin. Auth. Rev. Bonds
	(Elizabeth River Crossings OPCO, LLC), 6.00%, 1/1/37		BBB		900,000	1,092,465
	(Express Lanes, LLC), 5.00%, 7/1/34		BBB-		1,150,000	1,275,580
	Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Mountain States Hlth. Alliance), Ser. C, 7.75%, 7/1/38		Baa1		1,700,000	1,933,257
						11,226,491
	Washington (3.6%)
	Port of Seattle, Rev. Bonds, Ser. C, 5.00%, 4/1/40		A1		625,000	735,144
	Port Seattle, Port Indl. Dev. Corp. Rev. Bonds (Delta Airlines, Inc.), 5.00%, 4/1/30		BB+		300,000	324,018
	Skagit Cnty., Pub. Hosp. Rev. Bonds (Dist. No. 001), 5.75%, 12/1/35		Baa2		2,500,000	2,769,475
	WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T)		AA+		5,000,000	5,897,379
	Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32		A-		1,275,000	1,481,333
	WA State Higher Ed. Fac. Auth. Rev. Bonds (Whitworth U.), 5.625%, 10/1/40		Baa1		400,000	446,016
	WA State Hlth. Care Fac. Auth. Rev. Bonds
	(WA Hlth. Svcs.), 7.00%, 7/1/39 (Prerefunded 7/1/19)		Baa1		1,000,000	1,180,580
	(Kadlec Med. Ctr.), 5.50%, 12/1/39 (Prerefunded 12/1/20)		AAA/P		1,300,000	1,553,864
	(Central WA Hlth. Svcs. Assn.), 4.00%, 7/1/36		Baa1		810,000	837,176
	WA State Hsg. Fin. Comm. 144A Rev. Bonds
	(Heron's Key Oblig. Group), Ser. A, 7.00%, 7/1/50		B-/P		500,000	542,345
	(Bayview Manor Homes ), Ser. A, 5.00%, 7/1/46		BB+/P		400,000	428,392
						16,195,722
	West Virginia (0.2%)
	WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6.75%, 10/1/43		B+/P		735,000	776,866
						776,866
	Wisconsin (1.6%)
	Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5.25%, 7/1/28		BBB		350,000	403,617
	Pub. Fin. Auth. Exempt Fac. Rev. Bonds (Celanese U.S. Holdings, LLC), Ser. C, 4.30%, 11/1/30		Baa3		300,000	325,074
	WI State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(St. Johns Cmntys. Inc.), Ser. A, 7.625%, 9/15/39 (Prerefunded 9/15/19)		AAA/F		1,350,000	1,635,836
	(Prohealth Care, Inc.), 6.625%, 2/15/39 (Prerefunded 2/15/19)		AAA/P		1,250,000	1,434,625
	(St. John's Cmnty., Inc.), Ser. B, 5.00%, 9/15/45		BBB+/F		250,000	277,598
	WI State Pub. Fin. Auth Sr. Living Rev. Bonds (Rose Villa, Inc.), Ser. A, 5.75%, 11/15/44		BB-/P		1,800,000	1,993,356
	WI State Pub. Fin. Auth. 144A Rev. Bonds (Church Home of Hartford, Inc.), Ser. A, 5.00%, 9/1/30		BB/F		800,000	882,008
						6,952,114
	Total municipal bonds and notes (cost $502,462,546)					$564,943,072
	PREFERRED STOCKS (0.8%)(a)
					Shares	Value
	MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A-5, 5s cum. pfd.				3,400,000	$3,604,000
	Total preferred stocks (cost $3,400,000)					$3,604,000
	COMMON STOCKS (0.0%)(a)
					Shares	Value
	Tembec, Inc. (Canada)(NON)				1,750	$1,381
	Total common stocks (cost $1,273,945)					$1,381
	TOTAL INVESTMENTS
	Total investments (cost $507,136,491)(b)					$568,548,453

---

	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 July 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 $447,971,133.
(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 Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. 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 $506,712,882, resulting in gross unrealized appreciation and depreciation of $65,269,487 and $3,433,916, respectively, or net unrealized appreciation of $61,835,571.
(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 $18,545,570 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	32.7%
	Utilities	17.0
	Transportation	16.7
	Prerefunded	10.3
	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 $32,114,405 were held by the TOB trust and served as collateral for $13,568,834 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $21,236 for these investments based on an average interest rate of 0.19%.

---

	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	$1,381	$—	$—
	Total common stocks	1,381	—	—
	Municipal bonds and notes	—	564,930,168	12,904
	Preferred stocks	—	3,604,000	—
	Totals by level	$1,381	$568,534,168	$12,904
	* 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: September 29, 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: September 29, 2016

	By (Signature and Title):

	/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: September 29, 2016