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