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, 2017

	Date of reporting period:	July 31, 2017

	Item 1. Schedule of Investments:

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	Putnam Managed Municipal Income Trust
	The fund's portfolio
	7/31/17 (Unaudited)
	Key to holding's abbreviations
	ABAG — Association Of Bay Area Governments
	AGM — Assured Guaranty Municipal Corporation
	AMBAC — AMBAC Indemnity Corporation
	BAM — Build America Mutual
	COP — Certificates of Participation
	FGIC — Financial Guaranty Insurance Company
	FHLMC Coll. — Federal Home Loan Mortgage Corporation Collateralized
	FNMA Coll. — Federal National Mortgage Association Collateralized
	FRN — Floating Rate Notes: the rate shown is the current interest rate or yield at the close of the reporting period
	G.O. Bonds — General Obligation Bonds
	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.
	PSFG — Permanent School Fund Guaranteed
	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 (130.3%)(a)
			Rating(RAT)		Principal amount	Value
	Alabama (2.5%)
	Cullman Cnty., Hlth. Care Auth. Rev. Bonds (Cullman Regl. Med. Ctr.), Ser. A, 6.75%, 2/1/29		Ba1		$1,100,000	$1,151,282
	Jefferson Cnty., Swr. Rev. Bonds
	Ser. D, 6.50%, 10/1/53		BBB-		500,000	601,390
	zero %, 10/1/46		BBB-		3,950,000	3,247,532
	Jefferson, Cnty. Rev. Bonds (Warrents)
	5.00%, 9/15/34		AA		2,075,000	2,415,611
	5.00%, 9/15/33		AA		275,000	321,393
	Lower AL Gas Dist. Rev. Bonds (Gas Project), Ser. A, 5.00%, 9/1/46		A3		1,450,000	1,823,158
	Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 6.25%, 11/1/33		BBB		1,000,000	1,099,280
						10,659,646
	Arizona (3.9%)
	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
	Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7.25%, 2/1/40		Baa1		2,200,000	2,372,612
	Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds
	(Great Hearts Academies), 6.00%, 7/1/32 (Prerefunded 7/1/21)		BB+/F		200,000	236,318
	(Choice Academies, Inc.), 5.625%, 9/1/42		BB+		315,000	325,716
	(Choice Academies, Inc.), 5.375%, 9/1/32		BB+		675,000	703,073
	(Great Hearts Academies), 5.00%, 7/1/44		BBB-		1,700,000	1,804,873
	(Choice Academies, Inc.), 4.875%, 9/1/22		BB+		680,000	725,091
	Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds (BASIS Schools, Inc.)
	Ser. A, 5.00%, 7/1/46		BB		250,000	256,725
	5.00%, 7/1/35		BB		900,000	939,384
	Ser. A, 5.00%, 7/1/35		BB		600,000	625,032
	Salt Verde, Fin. Corp. Gas Rev. Bonds
	5.50%, 12/1/29		Baa1		2,000,000	2,463,160
	5.00%, 12/1/37		Baa1		2,000,000	2,401,100
	5.00%, 12/1/32		Baa1		570,000	675,211
	Tempe, Indl. Dev. Auth. Rev. Bonds (Friendship Village), Ser. A, 6.25%, 12/1/42		BB-/P		1,000,000	1,048,420
	Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds
	(Yavapai Regl. Med.), 5.00%, 8/1/36		Baa1		200,000	221,514
	(Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34		Baa1		200,000	222,488
	Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds (Agribusiness & Equine Ctr.), 5.00%, 3/1/32		BB+		1,000,000	1,022,440
	Yavapai Cnty., Indl. Dev. Ed. Auth. 144A Rev. Bonds, Ser. A, 5.00%, 9/1/34		BB+		500,000	510,730
						16,562,256
	California (13.9%)
	ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds
	(Episcopal Sr. Cmntys.), 6.00%, 7/1/31		BBB+/F		660,000	737,708
	(O'Connor Woods), 5.00%, 1/1/33		AA-		600,000	689,256
	CA Muni. Fin. Auth. Rev. Bonds
	(Emerson College), 6.00%, 1/1/42		BBB+		1,000,000	1,133,670
	(Eisenhower Med. Ctr.), Ser. A, 5.00%, 7/1/42		Baa2		200,000	224,402
	(Cmnty. Med. Ctrs.), Ser. A, 5.00%, 2/1/40		A-		750,000	834,045
	CA School Fin. Auth. Rev. Bonds (2023 Union, LLC), Ser. A, 6.00%, 7/1/33		BBB		465,000	519,991
	CA State G.O. Bonds, 5.00%, 4/1/42		Aa3		2,000,000	2,280,060
	CA State Muni. Fin. Auth. Charter School Rev. Bonds (Partnerships Uplift Cmnty.), Ser. A, 5.00%, 8/1/32		BB		665,000	681,818
	CA State Poll. Control Fin. Auth. Rev. Bonds
	(Wtr. Furnishing), 5.00%, 11/21/45		Baa3		1,000,000	1,068,050
	(San Jose Wtr. Co.), 4.75%, 11/1/46		A		1,100,000	1,188,781
	CA State Pub. Wks. Board Rev. Bonds
	(Dept. of Forestry & Fire), Ser. E, 5.00%, 11/1/32		A1		1,250,000	1,261,313
	(Capital Projects), Ser. A, 5.00%, 4/1/29		A1		2,000,000	2,293,540
	CA State U. Rev. Bonds (Systemwide), Ser. A
	5.00%, 11/1/41		Aa2		2,500,000	2,925,975
	5.00%, 11/1/37		Aa2		2,325,000	2,780,398
	CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5.375%, 4/1/30		A-		540,000	540,794
	CA Statewide Cmnty. Dev. Auth. Rev. Bonds
	(Terraces at San Joaquin Gardens), Ser. A, 6.00%, 10/1/47		BB/P		1,345,000	1,460,092
	(American Baptist Homes West), 5.75%, 10/1/25		BBB+/F		3,000,000	3,247,320
	(U. CA Irvine E. Campus Apts. Phase 1), 5.375%, 5/15/38		Baa1		1,000,000	1,095,930
	(899 Charleston, LLC), Ser. A, 5.25%, 11/1/44		BB/P		450,000	466,691
	(U. CA Irvine E. Campus Apts. Phase 1), 5.125%, 5/15/31		Baa1		2,250,000	2,449,125
	Corona-Norco, School Dist. Pub. Fin. Auth. Special Tax Bonds (Sr. Lien), Ser. A, 5.00%, 9/1/28		A-		380,000	425,513
	Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A, 6.00%, 1/15/53		Baa3		1,500,000	1,736,370
	Golden State Tobacco Securitization Corp. Rev. Bonds
	Ser. A-1, 5.75%, 6/1/47		B3		2,450,000	2,450,000
	Ser. A-2, 5.30%, 6/1/37		B		1,000,000	1,016,080
	Ser. A-1, 5.125%, 6/1/47		B3		3,235,000	3,235,065
	Ser. A-1, 5.00%, 6/1/29		BBB		1,000,000	1,175,620
	La Verne, COP (Brethren Hillcrest Homes), 5.00%, 5/15/36		BBB-/F		325,000	340,100
	Los Angeles, Dept. of Arpt Rev. Bonds (Los Angeles Intl. Arpt.), Ser. B, 5.00%, 5/15/41		AA-		1,000,000	1,150,050
	Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.), 5.00%, 5/15/30		AA		1,000,000	1,151,240
	Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4.50%, 1/1/27		A		400,000	440,948
	M-S-R Energy Auth. Rev. Bonds, Ser. A, 6.50%, 11/1/39		BBB+		750,000	1,076,543
	Oakland, Alameda Cnty. Unified School Dist. G.O. Bonds
	(Election of 2012), 6.625%, 8/1/38 (Prerefunded 8/1/21)		Aa3		800,000	970,872
	(Election of 2006), Ser. A, 5.50%, 8/1/32 (Prerefunded 8/1/22)		Aa3		500,000	603,115
	Poway, Unified School Dist. Pub. Fin. Auth. Special Tax Bonds, 5.00%, 9/15/32		BBB		490,000	544,380
	Rancho Cordova, Cmnty. Fac. Dist. Special Tax Bonds (Sunridge Anatolia), Ser. 03-1, 5.00%, 9/1/37		BBB-/P		350,000	369,334
	San Francisco City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 5.00%, 5/1/30		A1		600,000	680,484
	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	490,300
	zero %, 8/1/38		BBB/P		2,000,000	664,740
	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	278,228
	San Joaquin Hills, Trans. Corridor Agcy. Toll Road Rev. Bonds, Ser. A, 5.00%, 1/15/34		BBB		920,000	1,032,222
	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	1,800,970
	Sunnyvale, Special Tax Bonds (Cmnty. Fac. Dist. No. 1), 7.75%, 8/1/32		B+/P		835,000	837,388
	Univ. of CA Rev. Bonds, Ser. AF, 5.00%, 5/15/36(T)		AA		7,000,000	8,126,557
	Yucaipa Special Tax Bonds (Cmnty. Fac. Dist. No. 98-1 Chapman Heights), 5.375%, 9/1/30		BBB+		375,000	411,656
						58,886,734
	Colorado (3.4%)
	Central Platte Valley, Metro. Dist. G.O. Bonds, 5.00%, 12/1/43		BB+		400,000	424,904
	CO Pub. Hwy. Auth. Rev. Bonds (E-470), Ser. C, 5.375%, 9/1/26		A3		500,000	553,280
	CO State Educ. & Cultural Fac. Auth. Rev. Bonds (Skyview Academy), 5.125%, 7/1/34		BB+		755,000	774,615
	CO State Hlth. Fac. Auth. Rev. Bonds
	(Christian Living Cmnty.), 6.375%, 1/1/41		BB/P		810,000	881,248
	(Total Longterm Care National), Ser. A, 6.25%, 11/15/40 (Prerefunded 11/15/20)		AAA/P		300,000	348,519
	(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.625%, 6/1/43		BBB+		250,000	273,500
	(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), Ser. A, 5.00%, 6/1/45		Baa1		1,500,000	1,617,660
	(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.00%, 12/1/33		BBB+		1,100,000	1,173,161
	CO State Hlth. Fac. Auth. Hosp. Rev. Bonds
	(Frasier Meadows Retirement Cmnty.), Ser. A, 5.25%, 5/15/37		BB+/F		1,000,000	1,071,850
	(Christian Living Neighborhood), 5.00%, 1/1/37		BB/P		1,250,000	1,290,663
	(Christian Living Neighborhood), 5.00%, 1/1/31		BB/P		500,000	523,745
	E-470 CO Pub. Hwy. Auth. FRN Mandatory Put Bonds (9/1/19) (Sr. Libor Index), Ser. A, 1.727%, 9/1/39		A3		1,900,000	1,908,740
	Eaton, Area Park & Recreation Dist. G.O. Bonds, 5.25%, 12/1/34		BB/P		220,000	234,043
	High Performance Trans. Enterprise Rev. Bonds (C-470 Express Lanes), 5.00%, 12/31/47		BBB/F		500,000	552,695
	Park Creek, Metro. Dist. Tax Allocation Bonds (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45		BBB/F		225,000	240,791
	Plaza, Tax Alloc. Bonds (Metro. Dist. No. 1), 5.00%, 12/1/40		BB-/P		1,650,000	1,714,730
	Regl. Trans. Dist. Rev. Bonds (Denver Trans. Partners), 6.00%, 1/15/41		Baa3		750,000	824,865
						14,409,009
	Delaware (1.4%)
	DE State Econ. Dev. Auth. Rev. Bonds
	(Delmarva Pwr.), 5.40%, 2/1/31		Baa1		500,000	543,545
	(Indian River Pwr.), 5.375%, 10/1/45		Baa3		2,600,000	2,703,454
	(ASPIRA Charter School), Ser. A, 5.00%, 6/1/36		BB+		705,000	722,139
	DE State Hlth. Fac. Auth. VRDN (Christiana Care), Ser. A, 0.75%, 10/1/38		VMIG1		1,860,000	1,860,000
						5,829,138
	District of Columbia (1.8%)
	DC Rev. Bonds
	(Howard U.), Ser. A, 6.50%, 10/1/41		BBB		395,000	420,130
	(Howard U.), Ser. A, U.S. Govt. Coll., 6.50%, 10/1/41 (Prerefunded 4/1/21)		AAA/P		5,000	5,956
	(Howard U.), Ser. A, 6.25%, 10/1/32		BBB		525,000	559,850
	(Howard U.), Ser. A, U.S. Govt. Coll., 6.25%, 10/1/32 (Prerefunded 4/1/21)		AAA/P		475,000	561,597
	(Kipp Charter School), 6.00%, 7/1/33		BBB+		1,000,000	1,158,430
	DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46		CCC/P		7,500,000	1,076,175
	DC, Rev. Bonds (Methodist Home of The DC (The)), Ser. A, 5.25%, 1/1/39		BB-/P		250,000	244,333
	DC, Wtr. & Swr. Auth. Pub. Util. Rev. Bonds, Ser. C, 5.00%, 10/1/39		AA+		3,000,000	3,467,580
						7,494,051
	Florida (6.8%)
	Celebration Pointe Cmnty. Dev. Dist. No. 1 144A Special Assessment Bonds (Alachua Cnty.), 5.00%, 5/1/48		B/P		250,000	250,555
	Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds (Sr. Lien), Ser. A-1, 4.125%, 5/1/31		A-		500,000	516,105
	Fishhawk, CCD IV Special Assmt. Bonds, 7.25%, 5/1/43		B/P		400,000	424,388
	Florida State Higher Edl. Fac. Rev. Bonds (U. of Tampa), Ser. A, 5.00%, 4/1/32		A-		600,000	673,170
	Greater Orlando Aviation Auth. Rev. Bonds (JetBlue Airways Corp.), 5.00%, 11/15/36		B/P		1,000,000	1,034,920
	Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36		A-		1,300,000	1,439,646
	Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev. Bonds (Gerdau Ameristeel US, Inc.), 5.30%, 5/1/37		BBB-		1,350,000	1,349,892
	Lakeland, Hosp. Syst. Rev. Bonds (Lakeland Regl. Hlth.)
	5.00%, 11/15/45		A2		2,150,000	2,389,231
	5.00%, 11/15/40		A2		500,000	558,380
	Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6.375%, 1/1/43		BBB-/F		840,000	869,526
	Lakewood Ranch, Stewardship Dist. Special Assessment Bonds (Village of Lakewood Ranch South), 5.125%, 5/1/46		B+/P		970,000	970,941
	Lakewood Ranch, Stewardship Dist. Special Assmt. Bonds, 4.875%, 5/1/35		BB-/P		500,000	506,240
	Martin Cnty., Rev. Bonds (Indiantown Cogeneration), 4.20%, 12/15/25		Baa2		1,500,000	1,540,320
	Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), 5.00%, 11/15/29		Baa1		1,000,000	1,095,470
	Miami-Dade Cnty., Rev. Bonds (Tran. Syst. Sales Surtax), 5.00%, 7/1/42		AA		2,000,000	2,264,280
	Miami-Dade Cnty., Indl. Dev. Auth. Rev. Bonds (Pinecrest Academy, Inc.), 5.00%, 9/15/34		BBB-		1,240,000	1,318,306
	Miami-Dade Cnty., Transit Syst. Rev. Bonds, 4.00%, 7/1/36		AA		3,000,000	3,177,570
	Midtown Miami Cmnty. Dev. Dist. Special Assmt. Bonds (Garage), Ser. A, 5.00%, 5/1/29		BB-/P		570,000	606,178
	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	2,278,800
	South Lake Hosp. Dist. Rev. Bonds (South Lake Hosp.), Ser. A, 6.00%, 4/1/29		Baa1		1,000,000	1,061,280
	Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30		BBB+		480,000	534,667
	Tallahassee, Hlth. Fac. Rev. Bonds (Tallahassee Memorial HealthCare, Inc.), Ser. A, 5.00%, 12/1/55		Baa1		1,000,000	1,074,560
	Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.40%, 5/1/37		B+/P		700,000	700,707
	Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds (Cap. Impt.), 5.00%, 5/1/33		B+/P		470,000	476,994
	Village Cmnty. Dev. Dist. No. 10 Special Assmt. Bonds, 5.75%, 5/1/31		BB/P		765,000	859,745
	Village Cmnty. Dev. Dist. No. 8 Special Assmt. Bonds (Phase II), 6.125%, 5/1/39		BBB-/P		390,000	429,000
	Village Cmnty. Dev. Dist. No. 9 Special Assmt. Bonds, 5.00%, 5/1/22		BBB-/P		325,000	339,944
						28,740,815
	Georgia (4.0%)
	Atlanta, Tax Allocation Bonds (Beltline), Ser. B, 5.00%, 1/1/31		A2		1,000,000	1,157,570
	Clayton Cnty., Dev. Auth. Special Fac. Rev. Bonds (Delta Airlines), Ser. A, 8.75%, 6/1/29		Baa3		3,000,000	3,495,210
	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	807,510
	Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist Hlth. Care Syst.), U.S. Govt. Coll., 6.25%, 10/1/18 (Escrowed to maturity)		AA+		505,000	520,892
	GA State Private College & U. Auth. Rev. Bonds (Mercer U.)
	Ser. C, 5.25%, 10/1/30		Baa2		750,000	838,088
	Ser. A, 5.25%, 10/1/27		Baa2		1,000,000	1,111,730
	Ser. A, 5.00%, 10/1/32		Baa2		1,000,000	1,078,870
	Gainesville & Hall Cnty., Dev. Auth. Edl. Fac. Rev. Bonds (Riverside Military Academy)
	5.00%, 3/1/47		BBB-/F		1,000,000	1,047,210
	5.00%, 3/1/37		BBB-/F		1,450,000	1,549,166
	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	784,546
	Marietta, Dev. Auth. Rev. Bonds (Fac. of Life U., Inc.), Ser. PJ, 6.25%, 6/15/20 (Prerefunded 6/15/18)		Ba3		535,000	559,407
	Marietta, Dev. Auth. 144A Rev. Bonds (Life U. Fac. ), Ser. A, 5.00%, 11/1/37		Ba3		1,000,000	1,054,050
	Muni. Election Auth. of GA Rev. Bonds (Plant Voltage Units 3 & 4), Ser. A, 5.50%, 7/1/60		A+		2,000,000	2,255,120
	Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy Paper), Ser. A, 6.125%, 1/1/34		BB/P		600,000	601,122
						16,860,491
	Guam (—%)
	Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5.00%, 10/1/34		Baa2		200,000	209,138
						209,138
	Hawaii (1.0%)
	HI State Dept. Budget & Fin. Rev. Bonds
	(Craigside), Ser. A, 9.00%, 11/15/44 (Prerefunded 11/15/19)		B/P		400,000	470,452
	(Hawaiian Elec. Co. - Subsidiary), 6.50%, 7/1/39		Baa2		3,000,000	3,233,910
	(Kahala Nui), 5.125%, 11/15/32		A-/F		400,000	432,488
						4,136,850
	Illinois (8.5%)
	Chicago, G.O. Bonds
	Ser. A, 6.00%, 1/1/38		BBB+		2,560,000	2,752,179
	Ser. B-2, 5.50%, 1/1/37		BBB+		2,000,000	2,047,520
	Ser. C, 5.00%, 1/1/38		BBB+		1,500,000	1,499,880
	Chicago, Special Assmt. Bonds (Lake Shore East), 6.75%, 12/1/32		BB/P		1,589,000	1,597,549
	Chicago, Board of Ed. G.O. Bonds, Ser. C, 5.25%, 12/1/39		B		1,500,000	1,309,200
	Chicago, Board of Ed. 144A G.O. Bonds, Ser. A, 7.00%, 12/1/46		B/P		1,000,000	1,026,470
	Chicago, Motor Fuel Tax Rev. Bonds, 5.00%, 1/1/29		Ba1		500,000	509,030
	Chicago, O'Hare Intl. Arpt. Rev. Bonds
	Ser. G, 5.00%, 1/1/37		A		400,000	452,888
	Ser. C, 5.00%, 1/1/26		A2		2,595,000	2,959,442
	Chicago, Waste Wtr. Transmission Rev. Bonds (2nd Lien), 5.00%, 1/1/39		A		1,360,000	1,466,488
	Chicago, Wtr. Wks Rev. Bonds, 5.00%, 11/1/39		A		875,000	951,291
	Cicero, G.O. Bonds, Ser. A, AGM, 5.00%, 1/1/20		AA		1,250,000	1,350,425
	Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds (Monarch Landing), 5.625%, 3/1/36		B/P		335,000	335,114
	IL Fin. Auth. Rev. Bonds
	(Silver Cross Hosp. & Med. Ctr.), 7.00%, 8/15/44 (Prerefunded 8/15/19)		AAA/P		2,000,000	2,236,620
	(Rush U. Med. Ctr.), Ser. C, U.S. Govt. Coll., 6.625%, 11/1/39 (Prerefunded 5/1/19)		Aaa		1,075,000	1,178,899
	(Navistar Intl. Recvy. Zone), 6.50%, 10/15/40		Caa1		500,000	519,210
	(Three Crowns Pk. Plaza), Ser. A, 5.875%, 2/15/26		BB-/P		1,000,000	1,001,520
	(American Wtr. Cap. Corp.), 5.25%, 10/1/39		A		1,575,000	1,658,365
	IL State G.O. Bonds
	5.00%, 11/1/41		Baa3		1,250,000	1,300,600
	5.00%, 1/1/41		Baa3		700,000	726,243
	5.00%, 2/1/39		Baa3		200,000	206,486
	5.00%, 11/1/34		Baa3		500,000	526,435
	5.00%, 1/1/32		Baa3		795,000	840,800
	5.00%, 2/1/29		Baa3		300,000	325,728
	IL State Fin. Auth. Rev. Bonds
	(Provena Hlth.), Ser. A, 7.75%, 8/15/34 (Prerefunded 8/15/19)		AAA/P		15,000	17,016
	(Provena Hlth.), Ser. A, U.S. Govt. Coll., 7.75%, 8/15/34 (Prerefunded 8/15/19)		BBB-		1,485,000	1,684,629
	(Three Crowns Park), 5.25%, 2/15/47		BB-/P		540,000	562,178
	(Plymouth Place), 5.25%, 5/15/45		BB+/F		1,000,000	1,045,380
	(Three Crowns Park), 5.25%, 2/15/37		BB-/P		305,000	320,878
	(Presence Hlth. Network), Ser. C, 5.00%, 2/15/36		Baa3		525,000	565,835
	(Riverside Hlth. Syst.), 4.00%, 11/15/35		A+		500,000	506,565
	Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, Ser. A, 5.00%, 12/1/31		AA+		1,000,000	1,166,950
	Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6.00%, 6/1/28		A-		1,050,000	1,192,769
						35,840,582
	Indiana (0.7%)
	IN State Fin. Auth. Edl. Fac. Rev. Bonds (Butler U.), Ser. B
	5.00%, 2/1/32		A-		1,000,000	1,117,840
	5.00%, 2/1/29		A-		500,000	564,170
	Valparaiso, Exempt Facs. Rev. Bonds (Pratt Paper, LLC), 6.75%, 1/1/34		B+/P		1,125,000	1,323,405
						3,005,415
	Iowa (0.7%)
	IA State Fin. Auth. Midwestern Disaster Rev. Bonds (IA Fertilizer Co., LLC)
	5.50%, 12/1/22		B		1,000,000	1,023,190
	5.25%, 12/1/25		B		750,000	801,480
	Tobacco Settlement Auth. of IA Rev. Bonds, Ser. C, 5.375%, 6/1/38		B+		1,250,000	1,247,575
						3,072,245
	Kansas (0.1%)
	Lenexa, Hlth. Care Fac. Rev. Bonds (LakeView Village), 7.125%, 5/15/29 (Prerefunded 5/15/19)		BB/P		500,000	553,795
						553,795
	Kentucky (2.2%)
	KY Econ. Dev. Fin. Auth. Rev. Bonds
	(Masonic Home Indpt. Living II), 7.25%, 5/15/41 (Prerefunded 5/15/21)		BB-/P		500,000	608,230
	(Masonic Home Indpt. Living II), 7.00%, 5/15/30 (Prerefunded 5/15/21)		BB-/P		500,000	603,635
	(Masonic Home Indpt. Living), 5.00%, 5/15/46		BB/P		1,000,000	1,000,630
	KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53		Baa3		1,100,000	1,246,916
	KY State Econ. Dev. Fin. Auth. Rev. Bonds (Owensboro Hlth.), Ser. A, 5.25%, 6/1/41		Baa3		125,000	140,396
	KY State Econ. Dev. Fin. Auth. Hlth. Care Rev. Bonds (Masonic Homes of KY), 5.375%, 11/15/42		BB-/P		900,000	906,705
	Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6.00%, 5/1/28		Baa3		500,000	511,380
	Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds (Norton Healthcare Oblig. Group), 5.50%, 10/1/33		A-		3,000,000	3,501,510
	Owen Cnty., Wtr. Wks. Syst. Rev. Bonds (American Wtr. Co.), Ser. A, 6.25%, 6/1/39		A		700,000	754,292
						9,273,694
	Louisiana (0.9%)
	LA State Local Govt. Env. Fac. & Cmnty. Dev. Auth. Rev. Bonds (Westlake Chemical Corp.), 6.75%, 11/1/32		BBB		2,200,000	2,224,904
	LA State Pub. Fac. Auth. Rev. Bonds (Ochsner Clinic Foundation), 5.00%, 5/15/47		A3		250,000	276,600
	LA State Pub. Fac. Solid Waste Disp. Auth. Rev. Bonds (LA Pellets, Inc.), Ser. A, 8.375%, 7/1/39		CCC/P		500,000	5,000
	Pub. Fac. Auth. Dock & Wharf 144A Rev. Bonds (Impala Warehousing, LLC), 6.50%, 7/1/36		B+/P		1,000,000	1,106,570
	St. Tammany, Public Trust Fin. Auth. Rev. Bonds (Christwood), 5.25%, 11/15/37		BB/P		385,000	392,669
						4,005,743
	Maine (0.6%)
	ME Hlth. & Higher Edl. Fac. Auth. Rev. Bonds
	(ME Gen. Med. Ctr.), 7.50%, 7/1/32		Ba2		1,000,000	1,147,340
	(MaineGeneral Health Oblig. Group), 6.95%, 7/1/41		Ba2		1,000,000	1,111,130
	ME State Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (8/1/25) (Casella Waste Syst.), 5.125%, 8/1/35		Caa1		500,000	499,835
						2,758,305
	Maryland (1.3%)
	Baltimore Cnty., Rev. Bonds (Oak Crest Village, Inc.), 5.00%, 1/1/37		A/F		1,585,000	1,770,350
	MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.20%, 9/1/22		A2		550,000	593,390
	Prince Georges Cnty., Rev. Bonds (Collington Episcopal Life Care Cmnty., Inc.), 5.25%, 4/1/37		BB/P		1,200,000	1,286,340
	Westminster, Rev. Bonds
	(Lutheran Village at Miller's Grant, Inc. (The)), Ser. A, 6.00%, 7/1/34		B-/P		250,000	265,043
	(Carroll Lutheran Village, Inc.), 5.125%, 7/1/34		BB/P		1,500,000	1,579,665
						5,494,788
	Massachusetts (5.9%)
	MA State G.O. Bonds
	(Cons. Loan), Ser. A, 5.00%, 4/1/36		Aa1		4,000,000	4,755,160
	Ser. G, 4.00%, 9/1/42		Aa1		2,700,000	2,844,990
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Sabis Intl.), Ser. A, 8.00%, 4/15/39 (Prerefunded 10/15/19)		BBB		690,000	792,203
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6.25%, 11/15/46		B-/P		450,850	465,615
	(Suffolk U.), Ser. A, 6.25%, 7/1/30		Baa2		360,000	391,021
	(Suffolk U.), Ser. A, U.S. Govt. Coll., 6.25%, 7/1/30 (Prerefunded 7/1/19)		AAA/P		640,000	703,565
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6.25%, 11/15/26		B-/P		275,400	284,320
	(Boston U.), SGI, 6.00%, 5/15/59		A1		500,000	642,700
	(Loomis Cmntys.), Ser. A, 6.00%, 1/1/33		BBB-		200,000	223,820
	(Suffolk U.), Ser. A, 5.75%, 7/1/39		Baa2		320,000	343,760
	(Suffolk U.), Ser. A, U.S. Govt. Coll., 5.75%, 7/1/39 (Prerefunded 7/1/19)		AAA/P		630,000	686,624
	(Linden Ponds, Inc.), Ser. A-2 , 5.50%, 11/15/46		B-/P		88,265	88,270
	(New England Conservatory of Music), U.S. Govt. Coll., 5.25%, 7/1/38 (Prerefunded 7/1/18)		AAA/P		805,000	835,944
	(Wheelock College), Ser. C, 5.25%, 10/1/29		BBB		1,700,000	1,708,279
	(Dana-Farber Cancer Inst.), Ser. N, 5.00%, 12/1/46		A1		125,000	142,691
	(Dana-Farber Cancer Inst.), Ser. N, 5.00%, 12/1/41		A1		1,275,000	1,463,190
	(Suffolk U.), 5.00%, 7/1/36		Baa2		750,000	838,673
	(Suffolk U.), 5.00%, 7/1/35		Baa2		750,000	842,055
	(First Mtge. - Orchard Cove), 5.00%, 10/1/19		BB/P		550,000	552,404
	(Linden Ponds, Inc.), Ser. B, zero %, 11/15/56		B-/P		439,022	11,085
	MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds (Adventcare), Ser. A, 6.65%, 10/15/28		B/P		1,050,000	1,055,082
	MA State Edl. Fin. Auth. Rev. Bonds, Ser. B, 5.50%, 1/1/23		AA		55,000	58,319
	MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Springfield College), 5.625%, 10/15/40 (Prerefunded 10/15/19)		BBB		450,000	495,585
	(Springfield College), 5.50%, 10/15/31 (Prerefunded 10/15/19)		BBB		1,100,000	1,208,438
	(Springfield College), 5.50%, 10/15/26 (Prerefunded 10/15/19)		BBB		1,500,000	1,647,870
	(Fisher College), Ser. A, 5.125%, 4/1/37		BBB		250,000	250,535
	(Milford Regl. Med.), Ser. E, 5.00%, 7/15/22		Baa3		1,000,000	1,002,930
	MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5.125%, 7/1/41		A		750,000	830,580
						25,165,708
	Michigan (4.8%)
	Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B
	AGM, 6.25%, 7/1/36		AA		5,000	5,437
	AGM, U.S. Govt. Coll., 6.25%, 7/1/36 (Prerefunded 7/1/19)		AA		1,655,000	1,819,375
	Flint, Hosp. Bldg. Auth. Rev. Bonds, Ser. A, 5.25%, 7/1/39		Ba1		750,000	780,068
	Genesee Cnty., Wtr. Supply Syst. G.O. Bonds (Wtr. Supply Syst.), Ser. B, BAM, 5.00%, 2/1/46		AA		1,500,000	1,694,670
	Great Lakes, Wtr. Auth. Swr. Rev. Bonds (Brazos Presbyterian Homes, Inc.), Ser. C, 5.00%, 7/1/36		Baa1		2,000,000	2,232,760
	Kentwood, Economic Dev. Rev. Bonds (Holland Home), 5.625%, 11/15/32		BBB-/F		2,195,000	2,369,568
	MI State Fin. Auth. Rev. Bonds
	(Presbyterian Villages of MI), 5.50%, 11/15/45		BB+/F		500,000	526,795
	(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. D-2, 5.00%, 7/1/34		Baa1		400,000	437,668
	(Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33		A3		600,000	669,624
	MI State Fin. Auth. Ltd. Oblig. Rev. Bonds (Lawrence Technological U.), 5.00%, 2/1/47		BB+		2,150,000	2,228,905
	MI State Hosp. Fin. Auth. Rev. Bonds, Ser. A, 6.125%, 6/1/39 (Prerefunded 6/1/19)		AA+		2,000,000	2,185,920
	MI State Strategic Fund Ltd. Rev. Bonds (Worthington Armstrong Venture), 5.75%, 10/1/22 (Escrowed to maturity)		AAA/P		1,350,000	1,619,028
	MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Cadillac Place Office Bldg.), 5.25%, 10/15/26		Aa2		1,250,000	1,428,563
	Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 12/1/21		A2		2,000,000	2,275,100
						20,273,481
	Minnesota (2.5%)
	Baytown Twp. Lease Rev. Bonds, Ser. A, 4.00%, 8/1/41		BB+		380,000	343,999
	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	2,033,042
	6.25%, 7/1/34 (Prerefunded 7/1/18)		AAA/P		1,060,000	1,110,838
	Ham Lake, Charter School Lease Rev. Bonds (DaVinci Academy of Arts & Science), Ser. A, 5.00%, 7/1/47		BB-/P		500,000	499,205
	Inver Grove Heights, Nursing Home Rev. Bonds (Presbyterian Homes Care), 5.375%, 10/1/26		B/P		670,000	670,348
	Minneapolis & St. Paul, Hsg. & Redev. Auth. Hlth. Care VRDN (Allina Hlth. Syst.), Ser. B-2, 0.72%, 11/15/35 (JPMorgan Chase Bank, N.A. (LOC))		VMIG1		850,000	850,000
	Otsego, Charter School Lease Rev. Bonds (Kaleidoscope Charter School), Ser. A, 5.00%, 9/1/34		BB+		800,000	824,968
	Rochester, Hlth. Care Fac. Rev. Bonds (Olmsted Med. Ctr.), 5.875%, 7/1/30		A/F		1,000,000	1,109,030
	Sartell, Hlth. Care & Hsg. Facs. Rev. Bonds (Country Manor Campus, LLC)
	5.25%, 9/1/30		B-/P		500,000	512,955
	5.25%, 9/1/27		B-/P		750,000	777,668
	St. Paul, Hsg. & Redev. Auth. Charter School Lease Rev. Bonds (Nova Classical Academy), Ser. A
	6.625%, 9/1/42 (Prerefunded 9/1/21)		BBB-		250,000	303,368
	6.375%, 9/1/31		BBB-		250,000	281,845
	St. Paul, Port Auth. Lease Rev. Bonds (Regions Hosp. Pkg. Ramp), Ser. 1, 5.00%, 8/1/36		A-/P		1,125,000	1,126,856
						10,444,122
	Mississippi (1.0%)
	MS State Bus. Fin. Commission Gulf Opportunity Zone VRDN (Chevron USA, Inc.), Ser. E, 0.77%, 12/1/30		VMIG1		2,500,000	2,500,000
	Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6.50%, 9/1/32		Baa2		1,600,000	1,686,608
						4,186,608
	Missouri (0.6%)
	Kirkwood, Indl. Dev. Auth. Retirement Cmnty. Rev. Bonds (Aberdeen Heights), Ser. A, 5.25%, 5/15/42		BB/F		500,000	526,545
	MO State Hlth. & Edl. Fac. Auth. VRDN (WA U. (The)), Ser. C, 0.72%, 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	1,090,420
						2,616,965
	Nebraska (0.7%)
	Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5.25%, 12/1/18		A3		1,735,000	1,828,430
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5.50%, 1/1/30		AA/F		1,000,000	1,083,940
						2,912,370
	Nevada (1.0%)
	Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5.00%, 7/1/33		Aa3		1,050,000	1,194,921
	Clark Cnty., Impt. Dist. Special Assmt. Bonds (Mountains Edge Local No. 142), 5.00%, 8/1/21		BBB		515,000	555,716
	Clark Cnty., Impt. Dist. No. 159 Special Assessment Bonds (Summerlin Village 16A), 5.00%, 8/1/32		B+/P		495,000	520,285
	Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-17), 5.00%, 9/1/18		BBB-/P		345,000	348,968
	Las Vegas, Special Assmt. Bonds
	5.00%, 6/1/31		B+/P		430,000	445,562
	(Dist. No. 607 Local Impt.), 5.00%, 6/1/23		BBB-/P		375,000	407,910
	Las Vegas, Impt. Dist. No. 812 Special Assessment Bonds (Summerlin Village 24), 5.00%, 12/1/35		B/P		250,000	251,168
	Las Vegas, Redev. Agcy. Tax Allocation Bonds (Tax Increment), 5.00%, 6/15/40		BBB+		600,000	670,014
						4,394,544
	New Hampshire (2.1%)
	NH State Bus. Fin. Auth. Rev. Bonds (Elliot Hosp. Oblig. Group), Ser. A, 6.00%, 10/1/27 (Prerefunded 10/1/19)		Baa1		1,700,000	1,878,925
	NH State Bus. Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (10/1/19) (Casella Waste Syst., Inc.), 4.00%, 4/1/29		Caa1		350,000	347,624
	NH State Hlth. & Ed. Fac. Auth. Rev. Bonds
	(Rivermead), Ser. A, 6.875%, 7/1/41		BB+/P		2,000,000	2,240,760
	(Rivermead), Ser. A, 6.625%, 7/1/31		BB+/P		1,320,000	1,479,760
	(Kendel at Hanover), 5.00%, 10/1/40		BBB+/F		585,000	629,004
	(Elliot Hosp.), 5.00%, 10/1/38		Baa1		250,000	277,300
	(Southern NH Med. Ctr.), 5.00%, 10/1/37		A-		1,000,000	1,111,680
	NH State Hlth. & Ed. Fac. Auth. 144A Rev. Bonds (Hillside Village), Ser. A, 6.25%, 7/1/42		B-/P		750,000	758,228
						8,723,281
	New Jersey (9.1%)
	Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds (The Evergreens), 5.625%, 1/1/38		BB+/P		1,500,000	1,512,810
	NJ State Econ. Dev. Auth. Rev. Bonds
	(Ashland School, Inc.), 6.00%, 10/1/33		BBB		1,000,000	1,129,150
	(NYNJ Link Borrower, LLC), 5.375%, 1/1/43		BBB-		1,000,000	1,117,150
	(MSU Student Hsg. - Provident Group - Montclair LLC), 5.375%, 6/1/25		Baa3		2,000,000	2,141,560
	(Lions Gate), 5.25%, 1/1/44		BB-/P		300,000	309,363
	(Continental Airlines, Inc.), 5.25%, 9/15/29		Ba3		3,000,000	3,279,930
	Ser. AAA, 5.00%, 6/15/36		Baa1		350,000	363,237
	(United Methodist Homes), Ser. A, 5.00%, 7/1/29		BBB-/F		500,000	533,020
	Ser. B, 5.00%, 11/1/26		Baa1		3,000,000	3,232,170
	5.00%, 6/15/26		Baa1		500,000	539,310
	NJ State Econ. Dev. Auth. Fac. Rev. Bonds (Continental Airlines, Inc.), 5.625%, 11/15/30		Ba3		1,500,000	1,691,385
	NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
	Ser. A, 5.70%, 10/1/39		A1		2,600,000	2,802,410
	Ser. D, 4.875%, 11/1/29		A1		700,000	763,126
	NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds
	(St. Peter's U. Hosp.), 6.25%, 7/1/35		Ba1		2,000,000	2,151,600
	(St. Joseph's Healthcare Syst. Oblig. Group), 5.00%, 7/1/41		Baa3		835,000	906,175
	(Princeton HealthCare Syst.), Ser. A, 5.00%, 7/1/39		Baa2		1,000,000	1,122,900
	NJ State Trans. Trust Fund Auth. Rev. Bonds (Federal Hwy. Reimbursement Notes)
	5.00%, 6/15/29		A+		1,050,000	1,133,381
	5.00%, 6/15/28		A+		600,000	653,268
	North Hudson, Swr. Auth. Rev. Bonds, Ser. A, 5.00%, 6/1/42		A		1,000,000	1,092,990
	Tobacco Settlement Fin. Corp. Rev. Bonds
	Ser. 1A, 5.00%, 6/1/41		B		7,500,000	7,167,675
	Ser. 1A, 4.75%, 6/1/34		BB-		2,210,000	2,115,942
	zero %, 6/1/41		A-		4,180,000	1,203,088
	Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5.25%, 12/1/31		AA+		1,450,000	1,591,303
						38,552,943
	New Mexico (0.6%)
	Farmington, Poll. Control Rev. Bonds
	(Public Service Co. of San Juan, NM), Ser. D, 5.90%, 6/1/40		BBB+		500,000	548,555
	(AZ Pub. Svc. Co.), Ser. B, 4.70%, 9/1/24		A2		2,000,000	2,139,460
						2,688,015
	New York (10.1%)
	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	631,656
	Glen Cove, Local Econ. Assistance Corp. Rev. Bonds (Garvies Point Pub. Impt.), Ser. C, stepped-coupon zero %, (5.625%, 1/1/24) 1/1/55(STP)		B/P		300,000	227,328
	Metro. Trans. Auth. Dedicated Tax Fund FRN Mandatory Put Bonds (6/1/22), Ser. A-2A, 1.27%, 11/1/26		AA		3,000,000	3,000,450
	MTA Hudson Rail Yards Trust Oblig. Rev. Bonds, Ser. A, 5.00%, 11/15/46		A2		3,000,000	3,224,910
	NY City, City Transitional Fin. Auth. VRDN (NYC Recovery), Ser. 3, 0.74%, 11/1/22		VMIG1		370,000	370,000
	NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds, 5.00%, 6/15/31(T)		AA+		10,000,000	11,316,996
	NY City, Transitional Fin. Auth. Rev. Bonds (Future Tax), Ser. 99-A, E-1, 5.00%, 2/1/40		AAA		4,330,000	5,079,956
	NY Cnty., Tobacco Trust VI Rev. Bonds (Tobacco Settlement Pass-Through), 5.00%, 6/1/51		BBB		1,700,000	1,760,010
	NY State Convention Ctr. Dev. Corp. Rev. Bonds (Hotel Unit Fee), zero %, 11/15/50		Aa3		2,500,000	677,825
	NY State Dorm. Auth. Rev. Bonds, Ser. A, 5.00%, 3/15/38		AAA		1,500,000	1,737,045
	NY State Dorm. Auth. Non-Supported Debt Rev. Bonds
	(NY U.), Ser. A, 5.00%, 7/1/40		Aa2		1,000,000	1,182,580
	(NY U.), Ser. A, 5.00%, 7/1/39		Aa2		1,000,000	1,184,480
	(NYU Hosp. Ctr.), 5.00%, 7/1/34		A3		500,000	571,035
	NY State Dorm. Auth. Revs. bonds, Ser. C, 5.00%, 3/15/31(T)		AAA		5,000,000	5,621,900
	NY State Env. Fac. Corp. Solid Waste Disp. 144A Mandatory Put Bonds (12/2/19) (Casella Waste Syst., Inc.), 3.75%, 12/1/44		Caa1		1,000,000	995,830
	NY State Liberty Dev. Corp. 144A Rev. Bonds (World Trade Ctr.)
	Class 2, 5.375%, 11/15/40		BB-/P		750,000	835,088
	Class 1, 5.00%, 11/15/44		BB-/P		1,250,000	1,357,838
	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	1,747,462
	Port Auth. of NY & NJ Rev. Bonds (Kennedy Intl. Arpt. - 5th Installment), 6.75%, 10/1/19		BBB-/P		100,000	102,816
	Port Auth. of NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term.), 6.00%, 12/1/42		Baa1		1,000,000	1,118,700
						42,743,905
	North Carolina (2.2%)
	NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6.75%, 1/1/24 (Prerefunded 1/1/19)		AAA/F		750,000	810,930
	NC State Med. Care Comm. Hlth. Fac. Rev. Bonds (Presbyterian Homes), Ser. C, 5.00%, 10/1/31		A-/F		800,000	904,216
	NC State Med. Care Comm. Retirement Fac. Rev. Bonds
	(Carolina Village), 6.00%, 4/1/38		BB/P		1,000,000	1,011,740
	(Salemtowne), 5.375%, 10/1/45		BB/P		1,615,000	1,693,651
	(Salemtowne), 5.25%, 10/1/37		BB/P		385,000	405,863
	(Forest at Duke, Inc. (The)), 5.125%, 9/1/27		BBB+/F		1,000,000	1,001,450
	(Aldersgate United Methodist Retirement Cmnty., Inc.), Ser. A, 5.00%, 7/1/47		BB/P		400,000	422,720
	(Aldersgate United Methodist Church), 5.00%, 7/1/45		BB/P		825,000	865,046
	(Southminister, Inc.), 5.00%, 10/1/37		BB/P		965,000	996,449
	(United Church Homes & Svcs. Oblig. Group), Ser. A, 5.00%, 9/1/37		BB/P		500,000	518,980
	(United Methodist Retirement Homes), Ser. A, 5.00%, 10/1/35		BBB/F		500,000	558,740
						9,189,785
	Ohio (5.3%)
	American Muni. Pwr., Inc. Rev. Bonds (Hydroelectric Pwr. Plant), Ser. A, 5.00%, 2/15/38		A2		2,035,000	2,321,304
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
	Ser. A-2, 6.50%, 6/1/47		B3		2,000,000	1,973,820
	Ser. A-3, 6.25%, 6/1/37		B-		850,000	840,395
	Ser. A-2, 6.00%, 6/1/42		B3		2,500,000	2,376,175
	Ser. A-2, 5.875%, 6/1/47		B3		2,750,000	2,596,880
	Ser. A-2, 5.875%, 6/1/30		B-		1,315,000	1,239,716
	Ser. A-2, 5.75%, 6/1/34		B-		5,175,000	4,820,875
	Franklin Cnty., Hlth. Care Fac. Rev. Bonds (OH Presbyterian Retirement Svcs. (OPRS) Cmntys. Oblig. Group), Ser. A, 5.625%, 7/1/26		BBB-		1,250,000	1,336,450
	Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst., Inc.), Ser. C
	5.625%, 8/15/29		A3		245,000	254,986
	U.S. Govt. Coll., 5.625%, 8/15/29 (Prerefunded 8/15/18)		AAA/P		1,285,000	1,346,487
	OH State Higher Edl. Fac. Comm. Rev. Bonds (Kenyon College)
	5.00%, 7/1/44		A+		525,000	569,315
	U.S. Govt. Coll., 5.00%, 7/1/44 (Prerefunded 7/1/20)		AAA/P		275,000	305,308
	OH State Private Activity Rev. Bonds (Portsmouth Bypass), AGM, 5.00%, 12/31/35		AA		750,000	837,540
	Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds
	5.75%, 12/1/32		BB/F		900,000	993,456
	(Memorial Hlth. Syst. Oblig. Group), 5.00%, 12/1/43		BB/F		150,000	156,245
	Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX Transn, Inc.), 6.45%, 12/15/21		Baa1		500,000	588,225
						22,557,177
	Oklahoma (0.8%)
	OK State Dev. Fin. Auth. Rev. Bonds (Provident OK Ed. Resources, Inc.-Cross Village Student Hsg.), Ser. A, 5.00%, 8/1/47		BBB-		500,000	539,575
	Tulsa Cnty., Indl. Auth. Rev. Bonds (Sr. Living Cmnty. Montereau, Inc.), Ser. A, 7.125%, 11/1/30 (Prerefunded 5/1/20)		BB-/P		1,250,000	1,448,588
	Tulsa, Muni. Arpt. Trust Rev. Bonds (American Airlines, Inc.), Ser. B, 5.50%, 12/1/35		B+/P		1,250,000	1,313,038
						3,301,201
	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	538,025
	(Terwilliger Plaza, Inc.), 5.00%, 12/1/29		BBB/F		350,000	379,015
	Warm Springs Reservation, Confederated Tribes 144A Rev. Bonds (Pelton Round Butte Tribal), Ser. B, 6.375%, 11/1/33		A3		700,000	747,880
	Yamhill Cnty., Hosp. Auth. Rev. Bonds (Friendsview Retirement Cmnty.), Ser. A, 5.00%, 11/15/36		BB/P		325,000	345,313
						2,010,233
	Pennsylvania (4.3%)
	Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds (Robert Morris U.), Ser. A, 5.50%, 10/15/30		Baa3		1,000,000	1,083,010
	Chester Cnty., Indl. Dev. Auth. Rev. Bonds
	(Collegium Charter School), Ser. A, 5.125%, 10/15/37		BB+		750,000	759,383
	(Renaissance Academy Charter School), 5.00%, 10/1/34		BBB-		350,000	375,417
	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	1,049,570
	Dauphin Cnty., Gen. Auth. Hlth. Syst. Rev. Bonds (Pinnacle Hlth. Syst.), Ser. A, 5.00%, 6/1/34		A		250,000	283,535
	Geisinger, Auth. Rev. Bonds (Geisinger Hlth. Syst.), Ser. A-1, 5.00%, 2/15/45		Aa2		2,500,000	2,851,750
	Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds (Susquehanna Hlth. Syst.), Ser. A, 5.75%, 7/1/39		A+		3,000,000	3,195,840
	Moon, Indl. Dev. Auth. Rev. Bonds (Baptist Homes Society Oblig. Group), 5.75%, 7/1/35		B+/P		1,500,000	1,571,685
	PA State Higher Edl. Fac. Auth. Rev. Bonds
	(Shippensburg U.), 6.25%, 10/1/43		Baa3		500,000	547,110
	(Gwynedd Mercy College), Ser. KK1, 5.375%, 5/1/42		BBB		785,000	823,222
	(Indiana U.), Ser. A, 5.00%, 7/1/41		BBB+		500,000	529,390
	PA State Tpk. Comm. Rev. Bonds
	Ser. B-1, 5.00%, 6/1/42		A3		900,000	1,009,017
	Ser. A, 5.00%, 12/1/38		A1		500,000	563,920
	Philadelphia, Auth. for Indl. Dev. Rev. Bonds (Master Charter School), 6.00%, 8/1/35 (Prerefunded 8/1/20)		BBB		1,055,000	1,205,190
	Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A, 6.50%, 1/1/38		Baa3		1,325,000	1,350,241
	West Shore Area Auth. Rev. Bonds (Lifeways at Messiah Village), Ser. A, 5.00%, 7/1/35		BBB-/F		785,000	833,929
						18,032,209
	Puerto Rico (0.4%)
	Cmnwlth. of PR, G.O. Bonds
	Ser. A, FGIC, 5.50%, 7/1/21 (In default)(NON)		Caa3		1,000,000	797,660
	(Pub. Impt.), Ser. A, NATL, 5.50%, 7/1/20		A		1,000,000	1,067,720
						1,865,380
	Rhode Island (0.4%)
	RI Hlth. & Edl. Bldg. Corp. Rev. Bonds (Lifespan Oblig. Group-Hosp. Fin.), 5.00%, 5/15/25		BBB+		1,500,000	1,742,955
						1,742,955
	South Carolina (1.7%)
	SC State Pub. Svc. Auth. Rev. Bonds
	(Santee Cooper), Ser. A, 5.75%, 12/1/43		AA-		3,000,000	3,401,824
	Ser. A, 5.50%, 12/1/54		AA-		2,000,000	2,265,620
	SC State Pub. Svcs. Auth. Rev. Bonds, Ser. E, 5.25%, 12/1/55		AA-		1,500,000	1,672,080
						7,339,524
	South Dakota (0.3%)
	SD State Hlth. & Edl. Fac. Auth. Rev. Bonds (Sanford Oblig Group), 5.00%, 11/1/45		A1		1,250,000	1,402,225
						1,402,225
	Tennessee (0.4%)
	Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6.00%, 7/1/38		Baa1		1,450,000	1,574,149
						1,574,149
	Texas (12.5%)
	Arlington, Higher Ed. Fin. Corp. Rev. Bonds (Uplift Ed.), Ser. A, PSFG, 4.00%, 12/1/42		AAA		1,000,000	1,060,900
	Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.90%, 5/1/38		BBB		2,735,000	2,810,842
	Central TX Regl. Mobility Auth. Rev. Bonds
	Ser. A, 5.00%, 1/1/45		BBB+		250,000	281,225
	Ser. A, 5.00%, 1/1/40		BBB+		500,000	565,435
	(Sr. Lien), Ser. A, 5.00%, 1/1/33		BBB+		525,000	584,561
	Clifton, Higher Ed. Fin. Corp. Rev. Bonds (Idea Pub. Schools)
	6.00%, 8/15/33		BBB		500,000	582,515
	5.00%, 8/15/32		BBB		315,000	342,997
	5.00%, 8/15/28		BBB		200,000	227,252
	Dallas-Fort Worth, Intl. Arpt. Rev. Bonds, Ser. A, 5.00%, 11/1/43		A1		2,535,000	2,769,335
	Grand Parkway Trans. Corp. Rev. Bonds, Ser. B, 5.25%, 10/1/51		AA+		2,000,000	2,314,660
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds
	(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37		BB+/F		250,000	260,665
	(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33		Baa3		1,000,000	1,072,960
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (The Methodist Hosp.), Ser. C-1, 0.75%, 12/1/24		A-1+		2,000,000	2,000,000
	Houston, Arpt. Syst. Rev. Bonds
	Ser. B-1, 5.00%, 7/15/35		BB-		2,500,000	2,646,075
	Ser. B-1, 5.00%, 7/15/30		BB-		650,000	703,073
	Ser. A, 5.00%, 7/1/24		A+		1,500,000	1,668,450
	(United Airlines, Inc.), 4.75%, 7/1/24		Ba3		1,300,000	1,411,982
	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	1,215,181
	6.25%, 8/15/39 (Prerefunded 8/15/19)		BBB		1,975,000	2,176,845
	La Vernia, Higher Ed. Fin. Corp. 144A Rev. Bonds (Meridian World School, LLC), Ser. A, 5.25%, 8/15/35		BB+		1,000,000	1,018,210
	Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5.25%, 11/1/40		A3		3,500,000	3,868,305
	Matagorda Cnty., Poll. Control Rev. Bonds
	(Central Pwr. & Light Co.), Ser. A, 6.30%, 11/1/29		A-		1,000,000	1,076,400
	(Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30		A-		1,250,000	1,381,075
	New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds
	(Wesleyan Homes, Inc.), 5.50%, 1/1/43		BB-/P		500,000	523,175
	(NCCD College Station Properties, LLC), Ser. A, 5.00%, 7/1/47		Baa3		500,000	533,255
	(Collegiate Hsg.-Tarleton St.), 5.00%, 4/1/39		Baa3		500,000	523,690
	(MRC Crestview), 5.00%, 11/15/36		BB+/F		200,000	208,124
	(TX A&M U. Collegiate & Student Hsg. College Station I, LLC), Ser. A, 5.00%, 4/1/29		Baa3		530,000	588,019
	North Texas Edl. Fin. Co. Rev. Bonds (Uplift Edl.), Ser. A, 5.25%, 12/1/47		BBB-		2,000,000	2,179,160
	North TX, Tollway Auth. Rev. Bonds
	(1st Tier), Ser. A, 6.00%, 1/1/25		A1		120,000	122,484
	Ser. A, 5.00%, 1/1/39		A1		1,000,000	1,147,680
	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	474,688
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. C, 6.25%, 5/9/53 (In default)(NON)		D/P		39,000	839
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. B, 6.15%, 11/15/49 (In default)(NON)		D/P		749,000	16,104
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 6.05%, 11/15/46 (In default)(NON)		D/P		441,000	9,482
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. D, 6.05%, 11/15/46 (In default)(NON)		D/P		76,000	1,634
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 5.45%, 11/15/38 (In default)(NON)		D/P		1,124,000	24,166
	(Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 5.15%, 11/15/27 (In default)(NON)		D/P		593,000	12,750
	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	1,593,135
	(Buckner Sr. Living Ventana), Ser. A, 6.75%, 11/15/47		B-/P		875,000	942,393
	(Buckingham Sr. Living Cmnty., Inc.), Ser. A, 5.50%, 11/15/45		BB/F		1,000,000	1,045,910
	(Buckner Retirement Svcs., Inc.), 5.25%, 11/15/37		A/F		1,065,000	1,070,932
	(Buckner Retirement Svcs., Inc.), Ser. B, 5.00%, 11/15/46		A/F		1,500,000	1,682,010
	TX Private Activity Surface Trans. Corp. Rev. Bonds
	(NTE Mobility), 7.50%, 12/31/31		Baa2		2,000,000	2,269,800
	(LBJ Infrastructure), 7.00%, 6/30/40		Baa3		2,500,000	2,843,025
	TX State Dept. of Hsg. & Cmnty. Affairs Rev. Bonds, Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll., 6.90%, 7/2/24		AA+		100,000	102,639
	TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5.00%, 12/15/28		A3		1,500,000	1,672,830
	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	543,960
	5.00%, 12/31/50		Baa3		750,000	818,768
						52,989,595
	Utah (0.4%)
	Salt Lake City, Arpt. Rev. Bonds, Ser. A
	5.00%, 7/1/37		A+		500,000	578,670
	5.00%, 7/1/36		A+		1,000,000	1,159,190
						1,737,860
	Virginia (2.4%)
	Alexandria, Indl. Dev. Auth. Res. Care Fac. Mtge. Rev. Bonds (Goodwin House, Inc.), 5.00%, 10/1/45		BBB/F		1,500,000	1,646,175
	Cherry Hill Cmnty., Dev. Auth. 144A Special Assmt. Bonds (Potomac Shores), 5.40%, 3/1/45		B/P		1,000,000	1,013,600
	Chesapeake Bay Bridge & Tunnel Dist. Rev. Bonds (1st Tier Gen. Resolution), 5.00%, 7/1/46		Baa2		1,000,000	1,115,570
	Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds (United Methodist Homes), 5.00%, 6/1/22		BB+/P		625,000	686,069
	Lexington, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Kendal at Lexington), 4.00%, 1/1/31		BBB-/F		675,000	692,570
	Lower Magnolia Green Cmnty., Dev. Auth. 144A Special Assmt. Bonds, 5.00%, 3/1/35		B/P		490,000	501,775
	Suffolk, Econ. Dev. Auth. Retirement Fac. Rev. Bonds (United Church Homes & Svcs. Oblig. Group), 5.00%, 9/1/31		BB/P		500,000	544,900
	VA State Small Bus. Fin. Auth. Rev. Bonds
	(Elizabeth River Crossings OPCO, LLC), 6.00%, 1/1/37		BBB		740,000	833,810
	(Express Lanes, LLC), 5.00%, 7/1/34		BBB		1,150,000	1,244,956
	Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Mountain States Hlth. Alliance), Ser. C, 7.75%, 7/1/38		Baa1		1,700,000	1,824,899
						10,104,324
	Washington (4.7%)
	Port of Seattle, Rev. Bonds, Ser. C, 5.00%, 4/1/40		A1		625,000	704,988
	Port Seattle, Port Indl. Dev. Corp. Rev. Bonds (Delta Airlines, Inc.), 5.00%, 4/1/30		BB+		800,000	872,688
	Skagit Cnty., Pub. Hosp. Rev. Bonds (Dist. No. 001), 5.75%, 12/1/35		Baa2		2,500,000	2,701,250
	WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5.00%, 6/1/28(T)		AA+		5,000,000	5,692,944
	Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32		A-		1,275,000	1,382,279
	WA State Hlth. Care Fac. Auth. Rev. Bonds
	(WA Hlth. Svcs.), 7.00%, 7/1/39 (Prerefunded 7/1/19)		Baa1		1,000,000	1,110,450
	(Kadlec Med. Ctr.), 5.50%, 12/1/39 (Prerefunded 12/1/20)		AAA/P		1,300,000	1,483,170
	(Central WA Hlth. Svcs. Assn.), 4.00%, 7/1/36		Baa1		810,000	820,400
	WA State Hlth. Care Fac. Auth. FRN Mandatory Put Bonds (7/1/22) (Fred Hutchinson Cancer Research Ctr.), Ser. B, 1.93%, 1/1/42		A		1,700,000	1,707,548
	WA State Hsg. Fin. Comm. Rev. Bonds (Wesley Homes Lea Hill), 5.00%, 7/1/41		B/P		500,000	493,795
	WA State Hsg. Fin. Comm. 144A Rev. Bonds
	(Heron's Key Oblig. Group), Ser. A, 7.00%, 7/1/50		B-/P		500,000	492,995
	(Bayview Manor Homes), Ser. A, 5.00%, 7/1/46		BB+/P		1,230,000	1,251,181
	(Presbyterian Retirement Cmnty. Northwest), Ser. A, 5.00%, 1/1/36		BB+/F		1,175,000	1,244,595
						19,958,283
	West Virginia (0.2%)
	WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6.75%, 10/1/43		B+/P		735,000	753,191
						753,191
	Wisconsin (1.7%)
	Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5.25%, 7/1/28		BBB		350,000	379,544
	Pub. Fin. Auth. Exempt Fac. Rev. Bonds (Celanese U.S. Holdings, LLC), Ser. C, 4.30%, 11/1/30		Baa3		300,000	306,570
	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	1,535,301
	(Prohealth Care, Inc.), 6.625%, 2/15/39 (Prerefunded 2/15/19)		AAA/P		1,250,000	1,356,725
	(St. John's Cmnty., Inc.), Ser. B, 5.00%, 9/15/45		BBB+/F		250,000	262,515
	WI State Pub. Fin. Auth Sr. Living Rev. Bonds (Rose Villa, Inc.), Ser. A, 5.75%, 11/15/44		BB-/P		1,800,000	1,897,128
	WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds (Mary's Woods at Marylhurst), Ser. A, 5.25%, 5/15/37		BB/F		380,000	411,715
	WI State Pub. Fin. Auth. 144A Rev. Bonds (Church Home of Hartford, Inc.), Ser. A, 5.00%, 9/1/30		BB/F		945,000	985,550
						7,135,048
	Total municipal bonds and notes (cost $518,497,087)					$552,187,776
	PREFERRED STOCKS (0.4%)(a)
					Shares	Value
	MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A-5, 5s cum. pfd.				1,600,000	$1,648,000
	Total preferred stocks (cost $1,600,000)					$1,648,000
	COMMON STOCKS (0.0%)(a)
					Shares	Value
	Tembec, Inc. (Canada)(NON)				1,750	$6,373
	Total common stocks (cost $1,273,945)					$6,373
	TOTAL INVESTMENTS
	Total investments (cost $521,371,032)(b)					$553,842,149

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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, 2016 through July 31, 2017 (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 $423,637,249.
(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 $521,025,021, resulting in gross unrealized appreciation and depreciation of $37,297,063 and $4,479,935, respectively, or net unrealized appreciation of $32,817,128.
(NON)	This security is non-income-producing.
(STP)	The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.
(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 $17,204,945 to cover tender option bonds.
	144A after the name of an issuer represents securities exempt from registration under Rule 144A of 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):
	Healthcare	29.9%
	Transportation	16.7
	Utilities	14.8
	Education	12.3
	Prerefunded	12.1
	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 $30,758,397were held by the TOB trust and served as collateral for $13,553,453 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $76,732 for these investments based on an average interest rate of 0.66%.

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	ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows:
	Level 1: Valuations based on quoted prices for identical securities in active markets.
	Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
	Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
	The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period:
			Valuation inputs
	Investments in securities:	Level 1	Level 2	Level 3
	Common stocks*:
	Basic materials	$6,373	$—	$—
	Total common stocks	6,373	—	—
	Municipal bonds and notes	—	552,114,432	73,344
	Preferred stocks	—	1,648,000	—
	Totals by level	$6,373	$553,762,432	$73,344
	* 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, 2017

	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, 2017

	By (Signature and Title):

	/s/ Janet C. Smith Janet C. Smith Principal Financial Officer Date: September 29, 2017