<SEC-DOCUMENT>0000928816-12-002054.txt : 20121228
<SEC-HEADER>0000928816-12-002054.hdr.sgml : 20121228
<ACCEPTANCE-DATETIME>20121228132011
ACCESSION NUMBER:		0000928816-12-002054
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		20
CONFORMED PERIOD OF REPORT:	20121031
FILED AS OF DATE:		20121228
DATE AS OF CHANGE:		20121228
EFFECTIVENESS DATE:		20121228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		IRS NUMBER:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		121289988

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>a_managedmuniincome.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME TRUST
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   <TD noWrap align=center width="99%" colSpan=2><U><FONT face=sans-serif size=2>UNITED STATES</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=center width="99%" colSpan=2><U><FONT face=sans-serif size=2>SECURITIES AND EXCHANGE COMMISSION</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=center width="99%" colSpan=2><U><FONT face=sans-serif size=2>Washington, D.C. 20549</FONT></U>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

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   <TD noWrap align=center width="99%" colSpan=2><B><FONT face=sans-serif size=2>FORM N-CSR</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center width="99%" colSpan=2><B><FONT face=sans-serif size=2>&nbsp;</FONT></B></TD></TR>

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   <TD noWrap align=center width="99%" colSpan=2><B><FONT face=sans-serif size=2>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center width="99%" colSpan=2><B><FONT face=sans-serif size=2>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center width="99%" colSpan=2><B><FONT face=sans-serif size=2>&nbsp;</FONT></B></TD></TR>

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   <TD noWrap align=left width="99%" colSpan=2><FONT face=sans-serif size=2>Investment Company Act file number: (811-05740)</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="99%" colSpan=2><FONT face=sans-serif size=2>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Exact name of registrant as specified in charter:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>&nbsp;</FONT></TD>

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   <TD noWrap align=left width="99%" colSpan=2><FONT face=sans-serif size=2>Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="99%" colSpan=2><FONT face=sans-serif size=2>&nbsp; </FONT></TD></TR>

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   <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Name and address of agent for service:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Robert T Burns, Vice President</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="49%">&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>One Post Office Square</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Boston, Massachusetts 02109</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 175px" noWrap align=left width="49%"><FONT face=sans-serif size=2>Copy to:</FONT></TD>

   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>John W. Gerstmayr, Esq.</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="49%">&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Ropes &amp; Gray LLP</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="49%">&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>800 Boylston Street</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="49%">&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Boston, Massachusetts 02199-3600</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="49%">&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2></FONT></TD></TR>

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   <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Registrant&#8217;s telephone number, including area code:</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 25px" noWrap align=left width="50%"><FONT face=sans-serif size=2>(617) 292-1000</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Date of fiscal year end: October 31, 2012</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="99%" colSpan=2><FONT face=sans-serif size=2>Date of reporting period: November 1, 2011 - October 31, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 1. Report to Stockholders:</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:</FONT></P></DIV>









































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<P style="TEXT-ALIGN: left"><B><FONT size=6 face=sans-serif>Putnam</FONT></B><BR><B><FONT size=6 face=sans-serif>Managed Municipal</FONT></B><BR><B><FONT size=6 face=sans-serif>Income Trust</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Annual report</FONT></B><BR><B><FONT size=4 face=sans-serif>10 </FONT></B><B><FONT size=5 face=sans-serif>| </FONT></B><B><FONT size=4 face=sans-serif>31 </FONT></B><B><FONT size=5 face=sans-serif>| </FONT></B><B><FONT size=4 face=sans-serif>12</FONT></B></P>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Message from the Trustees</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>1</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>About the fund</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>2</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Performance snapshot</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>4</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Interview with your fund&#8217;s portfolio manager</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>5</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Your fund&#8217;s performance</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>11</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Terms and definitions</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>13</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Other information for shareholders</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>14</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Trustee approval of management contract</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>15</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Financial statements</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>19</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Federal tax information</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>48</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Shareholder meeting results</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>49</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>About the Trustees</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>50</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Officers</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>52</FONT></B>&nbsp;</TD>

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<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Consider these risks before investing: </FONT></B><FONT size=2 face=sans-serif>Lower-rated bonds may offer higher yields in return for more risk. Bond investments are subject to interest-rate risk, which means the prices of the fund&#8217;s bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuer of the bond may default on payment of interest or principal. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which may be considered speculative. Unlike bonds, funds that invest in bonds have ongoing fees and expenses. The fund&#8217;s shares trade on a stock exchange at market prices, which may be lower than the fund&#8217;s net asset value.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>Message from the Trustees</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Dear Fellow Shareholder:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The U.S. economy has been exhibiting greater underlying strength than previously thought, with employment, consumer spending, manufacturing, and housing data all showing steady improvement this year. U.S. stocks and many international markets have responded by delivering strong returns.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Still, the rise in equities has been accompanied by heightened investor anxiety, fostered by Europe&#8217;s ongoing troubles, China&#8217;s economic slowdown, and the looming &#8220;fiscal cliff&#8221; in the United States. We believe volatility will remain a feature of market behavior until these challenges are resolved.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>At Putnam, our portfolio managers and analysts are trained to uncover opportunities and manage risk in this type of environment. We also strongly believe that it is prudent for long-term investors to rely on the expertise of a trusted financial advisor, who can help them work toward their financial goals.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We would like to take this opportunity to announce the arrival of two new Trustees, Liaquat Ahamed and Katinka Domotorffy, CFA, to your fund&#8217;s Board of Trustees. Mr. Ahamed, who in 2010 won the Pulitzer Prize for History with his book, </FONT><I><FONT size=2 face=sans-serif>Lords of Finance: The Bankers Who Broke the World</FONT></I><FONT size=2 face=sans-serif>, also serves on the Board of Aspen Insurance and the Board of the Rohatyn Group, an emerging-market fund complex that manages money for institutional investors.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. Domotorffy, who until year-end 2011 was a Partner, Chief Investment Officer, and Global Head of Quantitative Investment Strategies at Goldman Sachs Asset Management, currently serves as a member of the Anne Ray Charitable Trust&#8217;s Investment Committee, Margaret&nbsp;A.&nbsp;Cargill Philanthropies, and director for Reach Out and Read of Greater New York, an organization dedicated to promoting early childhood literacy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We would also like to extend a welcome to new shareholders of the fund and to thank all of our investors for your continued confidence in Putnam.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>About the fund</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Potential for income exempt from federal income tax</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Municipal bonds can help investors keep more of their investment income while also financing important public projects such as schools, roads, and hospitals. The bonds are typically issued by states and local municipalities to raise funds for building and maintaining public facilities, and they offer income that is generally exempt from federal, state, and local income tax.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam Managed Municipal Income Trust has the flexibility to invest in municipal bonds issued by any state in the country. The bonds are backed by the issuing city or town or by revenues collected from usage fees, and have varying degrees of credit risk &#8212; the risk </FONT><FONT size=2 face=sans-serif>that the issuer would not be able to repay the bond.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The fund also combines bonds of differing credit quality. In addition to investing in high-quality bonds, the fund&#8217;s managers allocate a portion of the portfolio to lower-rated bonds, which may offer higher income in return for more risk. When deciding whether to invest in a bond, the managers consider factors such as credit risk, interest-rate risk, and the risk that the bond will be&nbsp;prepaid.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The managers are backed by Putnam&#8217;s fixed-income organization, where municipal bond analysts are grouped </FONT><FONT size=2 face=sans-serif>into sector teams and conduct ongoing research. Once a bond has been purchased, the managers continue to monitor developments that affect the bond market, the sector, and the issuer of the bond.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The goal of this research and active management is to stay a step ahead of the industry and pinpoint opportunities for&nbsp;investors.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How do closed-end funds differ from open-end funds?</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>More assets at work </FONT></B><FONT size=1 face=sans-serif>While open-end funds need to maintain a cash position to meet redemptions, closed-end funds are not subject to redemptions and can keep more of their assets invested in the market.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Traded like stocks </FONT></B><FONT size=1 face=sans-serif>Closed-end fund shares are traded on stock exchanges, and their market prices fluctuate in response to supply and demand, among other factors.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Net asset value vs. market price </FONT></B><FONT size=1 face=sans-serif>Like an open-end fund&#8217;s net asset value (NAV) per share, the NAV of a closed-end fund share is equal to the current value of the fund&#8217;s assets, minus its liabilities, divided by the number of shares outstanding. However, when buying or selling closed-end fund shares, the price you pay or receive is the market price. Market price reflects current market supply and demand and may be higher or lower than the NAV.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>Data are historical. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and net asset value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart are at NAV. See </FONT></I></B><B><I><FONT size=1 face=sans-serif>pages 5 and 11&#8211;12 for additional performance information, including fund returns at market price. Index and Lipper results should be compared with fund performance at NAV. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund&#8217;s monthly reinvestment NAV.</FONT></I></B></P>

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   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>Interview with your fund&#8217;s portfolio manager</FONT></B></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Putnam Managed Municipal Income Trust posted strong gains during its fiscal year. How would you describe the investment environment?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The past 12&nbsp;months marked a particularly strong period for both municipal bonds and the fund. For much of the period, interest rates trended lower as investors focused on the possibility of a deteriorating situation in the European sovereign debt markets and a slowing economy in the United States. This downward trend in rates helped bond markets in general, as bond prices move in the opposite direction of rates. Meanwhile, the introduction in September of a third round of bond-buying by the U.S. Federal </FONT><FONT size=2 face=sans-serif>Reserve &#8212; known as &#8220;QE3&#8221; &#8212; kept downward pressure on longer-dated bonds. Technical factors were also a tailwind for investors, as strong market demand continued to outpace supply, particularly since many municipal issuers have been taking advantage of today&#8217;s low prevailing interest rates by refunding existing debt.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Against this backdrop, tax-exempt bonds posted solid returns and outpaced the broad taxable bond market, as measured by the Barclays U.S. Aggregate Bond Index. Moreover, I am pleased to report that the fund outperformed its benchmark during the past 12&nbsp;months, although it trailed the average return of its Lipper peer group.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This comparison shows your fund&#8217;s performance in the context of broad market indexes for the 12&nbsp;months ended 10/31/12. See pages 4 and 11&#8211;12 for additional fund performance information. Index descriptions can be found on page 13.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What has the default picture looked like in the municipal bond market?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the wake of the financial crisis in 2008, defaults in the municipal bond market remained relatively low. During the final months of 2011, however, a handful of high-profile bankruptcies led to an uptick in the overall default rate, with American Airlines and Jefferson County, Alabama, both filing for bankruptcy. By way of background, American Airlines and its parent company AMR had issued tax-exempt &#8220;special-facilities bonds&#8221; on the municipal market to finance airport-related expenses, such as gates and maintenance hangars. Bankruptcy filings continued to capture headlines in 2012, with three California cities &#8212; Mammoth Lakes, San Bernardino, and Stockton &#8212; all filing for protection in recent months. While these developments captured media attention, it&#8217;s important to put them in context.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Through the end of September&nbsp;2012, $3.3&nbsp;billion of the $3.7 trillion municipal bond market had defaulted, representing about 0.09% of the overall market. On an annualized basis, this figure is in line with the 10-year average annual default rate, and represents a marked decline from 2011&#8217;s annual cumulative default rate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Looking ahead, we believe defaults are likely to remain in line with historical averages. That said, we also believe it&#8217;s likely that certain cities or counties will continue to capture headlines as we close out 2012 and begin 2013 as a number of municipalities work to find their fiscal footing; in our view, additional bankruptcy filings are certainly a possibility.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What effect have potential policy changes had on the tax-exempt bond market?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As the 2012 presidential election race heated up, there was more discussion about tax reform and federal spending levels. With</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Credit qualities are shown as a percentage of the fund&#8217;s portfolio market value as of 10/31/12. </FONT><FONT size=2 face=sans-serif>A bond rated Baa or higher (MIG3/VMIG3 or higher, for short-term debt) is considered investment grade. The chart reflects Moody&#8217;s ratings; percentages may include bonds or derivatives not rated by Moody&#8217;s but rated by Standard &amp; Poor&#8217;s (S&amp;P) or, if unrated by S&amp;P, by Fitch, and then included in the closest equivalent Moody&#8217;s rating. Ratings will vary over time. Credit qualities are included for portfolio securities and are not included for derivative instruments and cash. The fund itself has not been rated by an independent rating agency.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>President Obama having been reelected for a second term, we believe an across-the-board reduction in individual rates is now highly unlikely. Tax rates, of course, represent one component of the broader &#8220;fiscal cliff&#8221; looming at the start of 2013. Without additional legislation, the so-called Bush-era tax cuts will expire and federal funding will automatically be sequestered &#8212; per last year&#8217;s debt ceiling negotiations &#8212; beginning January&nbsp;1, 2013. </FONT><FONT size=2 face=sans-serif>The Congressional Budget Office estimates that the combined effect of the spending cuts and tax hikes could negatively impact GDP </FONT><FONT size=2 face=sans-serif>anywhere from &#8211;2% to &#8211;4%. With the U.S. economy only growing at a rate of about 2% a year, that level of decline obviously would be detrimental. Lawmakers are keenly aware of the issues, and our belief is that Congress will likely act sometime before the end of the year. The market is hopeful that an extension deal can be reached before January, and we believe a longer-term solution to debt levels may be addressed in the first part of 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All told, it&#8217;s difficult to gauge the net effect of this policy uncertainty. To date, the performance of the municipal bond market has been quite strong despite the uncertainty related to the fiscal cliff. As always, we are monitoring the political situation closely, and believe that, given the less-than-certain environment going forward, our funds are well positioned for helping investors pursue diverse tax-free income opportunities.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Top ten state allocations are shown as a percentage of the fund&#8217;s portfolio market value as of 10/31/12. Investments in Puerto Rico represented 2.1% of portfolio value. Holdings will vary over time. State concentrations listed in the portfolio schedule in the Financial Statements section of this shareholder report are inclusive of tender option bonds and exclusive of any interest accruals, and may differ from the summary information above.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How are states&#8217; finances faring today?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We have definitely seen improvement across the board. The National Conference of State Legislatures recently reported that for the first time since 2008, more than half of the states are projected to finish their fiscal years with positive balances &#8212; an encouraging trend. That said, stresses continue to exist at the local level, where many states have lowered expenses by reducing their financial support. Moreover, should the economy begin to decelerate and growth begin to stall, that would almost certainly negatively affect municipal finances. With this in mind, we are taking a somewhat cautious view on the outlook for local general obligation bonds overall.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How did you position the portfolio during the fund&#8217;s fiscal year?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We sought to benefit from improving fundamentals in the municipal bond market. While we believed that the budget challenges faced </FONT><FONT size=2 face=sans-serif>by many municipalities were significant, we were confident that conditions would improve as long as the broad economy did not stall. Against this backdrop, we believed that essential service revenue bonds continued to be attractive, while we remained highly selective regarding the fund&#8217;s positioning in local general obligation bonds, which are securities issued at the city or county level. </FONT><FONT size=2 face=sans-serif>As the federal government looks to reduce transfer payments to the states, we believe that these types of bonds are at risk for downgrades or other headline-driven price volatility. And unlike state general obligation bonds, local G.O.s rely more on property tax revenue than on income or sales taxes. With real-estate prices still under pressure in many markets, property taxes have been slower to recover than other tax sources.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>From a credit perspective, we held overweight positions in Baa-rated and Ba-rated securities</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This chart shows how the fund&#8217;s top weightings have changed over the past six months. Weightings are shown as a percentage of portfolio market value. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of any interest accruals, the exclusion of as-of trades, if any, and the use of different classifications of securities for presentation purposes. Holdings will vary over time.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>versus the fund&#8217;s benchmark. In terms of sectors, relative to the benchmark index, we favored higher education, utility, and health-care bonds, including those of hospitals and continuing-care retirement communities. Overall, this positioning generally helped the fund&#8217;s relative performance during its fiscal year.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>On the other hand, our slightly short duration positioning was an overall detractor from performance relative to our Lipper peers. Also, an underweight position in non-rated municipal bonds hampered relative performance for the fund as well.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>During the reporting period, the fund reduced its distribution rate. What was driving that decision?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In December 2011, the fund reduced its distribution rate from $0.0440 to $0.0389 per share. With heightened refinancing activity and interest rates on newer bonds paying lower coupons, the income offered in today&#8217;s municipal bond universe is generally lower, and the reduced distribution rate reflects that change.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What is your outlook for the months ahead?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We continue to be optimistic on the outlook for municipal bonds, given strong market technicals, and maintain our overweight position in essential-service revenue bonds. While spreads are well off their wides, they remain attractive. Technical factors in the market have been positive &#8212; specifically, </FONT><FONT size=2 face=sans-serif>higher refunding activity and strong investor demand. Like most asset classes, the municipal market will likely be more heavily influenced by the fiscal cliff the closer we get to January&nbsp;1, as market participants look to Washington, D.C., for clues about a short-term extension of tax rates, the sequestration of funding, the debt ceiling, and the potential for broader tax reform in 2013. All of these factors could impact the value of municipal bonds&#8217; tax exemption, the availability of those bonds, and the transfer of federal dollars to state and local municipalities, and therefore credit quality.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Thank you, Paul, for bringing us up to date.</FONT></B></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>The views expressed in this report are exclusively those of Putnam Management and are subject to change. They are not meant as investment advice.</FONT></I></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund&#8217;s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Portfolio Manager </FONT><B><FONT size=2 face=sans-serif>Paul M. Drury </FONT></B><FONT size=2 face=sans-serif>has a B.A. from Suffolk University. A CFA charterholder, Paul has been in the investment industry since he joined Putnam in 1989.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In addition to Paul, your fund&#8217;s portfolio managers are Susan A. McCormack, CFA, and Thalia Meehan, CFA.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>IN THE NEWS</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>After decelerating in the middle of the year, the world&#8217;s two largest economies&nbsp;&#8212; the United States and China &#8212; are showing </FONT></B><B><FONT size=2 face=sans-serif>signs of growth. </FONT></B><FONT size=2 face=sans-serif>Stronger housing demand and hiring is appearing in the United States, and factory output and retail sales are rising in China, potentially marking an end to the recent slowdown in that economy. This fall, President Barack Obama was elected to a </FONT><FONT size=2 face=sans-serif>second term in the United States, and Xi Jinping, in a once-in-a-decade transition of power, was named President of China. Neither country is without its potential difficulties, however. The United States must produce a budget agreement that averts the across-the-board tax increases and austerity measures in the &#8220;fiscal cliff,&#8221; and China&#8217;s new leadership remains untested.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Your fund&#8217;s performance</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This section shows your fund&#8217;s performance, price, and distribution information for periods ended October 31, 2012, the end of its most recent fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance as of the most recent calendar quarter-end. Performance should always be considered in light of a fund&#8217;s investment strategy. Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate, and you may have a gain or a loss when you sell your shares.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund performance </FONT></B><FONT size=2 face=sans-serif>Total return for periods ended 10/31/12</FONT></P>

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   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Lipper High Yield</FONT></B>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Municipal Debt</FONT></B>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Barclays Municipal</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Funds (closed-end)</FONT></B>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>NAV</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Market price</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Bond Index</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>category average*</FONT></B>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Life of fund (since 2/24/89)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.84%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.66%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.57%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>5.99%</FONT>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>10 years</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>98.89</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>116.86</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>66.60</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>95.32</FONT>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>7.12</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>8.05</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>5.24</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.87</FONT>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>5 years</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>41.97</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>64.27</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>33.96</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>39.20</FONT>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>7.26</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>10.44</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.02</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.80</FONT>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>3 years</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>38.70</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>55.94</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>21.95</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>44.11</FONT>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>11.52</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>15.96</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.84</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>12.92</FONT>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>1 year</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>16.72</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>18.52</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>9.03</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>20.08</FONT>&nbsp;</TD></TR>

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<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>Performance assumes reinvestment of distributions and does not account for taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Index and Lipper results should&nbsp;be compared to fund performance at net asset value. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund&#8217;s monthly reinvestment NAV.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Over the 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 10/31/12, there were 12, 12, 11, 8, and 6 funds, respectively, in this Lipper category.</FONT></P>

<DIV align=left>

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<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>11</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund price and distribution information </FONT></B><FONT size=2 face=sans-serif>For the 12-month period ended 10/31/12</FONT></P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="20%" align=center></TD>

   <TD width="20%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Distributions &#8212; common shares</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Number</FONT>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>12</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Income </FONT><B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>$0.4719</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Capital gains </FONT><B><SUP><FONT size=1 face=sans-serif>2</FONT></SUP></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>$0.4719</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Series A</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Series C</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Distributions &#8212; preferred shares</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>(245 shares)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>(1,980 shares)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Income </FONT><B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>$148.78</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>$77.08</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Capital gains </FONT><B><SUP><FONT size=1 face=sans-serif>2</FONT></SUP></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>$148.78</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>$77.08</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Share value &#8212; common shares</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>NAV</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Market price</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3 align=center>

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</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>10/31/11</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>$7.37</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>$7.50</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>10/31/12</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>8.10</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>8.37</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Current yield (end of period)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD>

   <TD width="20%" noWrap align=center>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

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</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Current dividend rate </FONT><B><SUP><FONT size=1 face=sans-serif>3</FONT></SUP></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>5.76%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>5.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Taxable equivalent </FONT><B><SUP><FONT size=1 face=sans-serif>4</FONT></SUP></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>8.86%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>8.58%</FONT>&nbsp;</TD></TR>

<TR>

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</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The classification of distributions, if any, is an estimate. Final distribution information will appear on your year-end tax forms.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP></B><FONT size=1 face=sans-serif>For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally exempt funds may be subject to state and local taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP></B><FONT size=1 face=sans-serif>Capital gains, if any, are taxable for federal and, in most cases, state purposes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>3 </FONT></SUP></B><FONT size=1 face=sans-serif>Most recent distribution, excluding capital gains, annualized and divided by NAV or market price at end of period.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>4 </FONT></SUP></B><FONT size=1 face=sans-serif>Assumes maximum 35% federal tax rate for 2012. Results for investors subject to lower tax rates would not be as advantageous.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund performance as of most recent calendar quarter</FONT></B><BR><FONT size=2 face=sans-serif>Total return for periods ended 9/30/12</FONT></P>

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<TR>

   <TD width="33%"></TD>

   <TD width="33%" align=center></TD>

   <TD width="33%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face=sans-serif>NAV</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face=sans-serif>Market price</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center>&nbsp;</TD>

   <TD width="33%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Life of fund (since 2/24/89)</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>6.82%</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>6.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>10 years</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>90.43</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>98.90</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>6.65</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>7.12</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>5 years</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>41.43</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>63.78</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>7.18</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>10.37</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>3 years</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>35.15</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>52.08</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>10.56</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>15.00</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>1 year</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>15.79</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>20.75</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif>12</FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Terms and definitions</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Important terms</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Total return </FONT></B><FONT size=2 face=sans-serif>shows how the value of the fund&#8217;s shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Net asset value (NAV) </FONT></B><FONT size=2 face=sans-serif>is the value of all your fund&#8217;s assets, minus any liabilities and the net assets allocated to any outstanding preferred shares, divided by the number of outstanding common shares.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Market price </FONT></B><FONT size=2 face=sans-serif>is the current trading price of one share of the fund. Market prices are set by transactions between buyers and sellers on exchanges such as the New York Stock Exchange.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fixed-income terms</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Current yield </FONT></B><FONT size=2 face=sans-serif>is the annual rate of return earned from dividends or interest of an investment. Current yield is expressed as a percentage of the price of a security, fund share, or principal investment.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Yield curve </FONT></B><FONT size=2 face=sans-serif>is a graph that plots the yields of bonds with equal credit quality against their differing maturity dates, ranging from shortest to longest. It is used as a benchmark for other debt, such as mortgage or bank lending rates.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Comparative indexes</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Barclays Municipal Bond Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Barclays U.S. Aggregate Bond Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index of U.S. investment-grade fixed-income securities.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>BofA (Bank of America) Merrill Lynch U.S. 3-Month Treasury Bill Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>S&amp;P 500 Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index of common stock performance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Lipper </FONT></B><FONT size=2 face=sans-serif>is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund&#8217;s category assignment at its discretion. Lipper category averages reflect performance trends for funds within a category.</FONT></P>

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   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>13</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Other information for shareholders</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Important notice regarding share repurchase program</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In September 2012, the Trustees of your fund approved the renewal of a share repurchase program that had been in effect since 2005. This renewal will allow your fund to repurchase, in the 12 months beginning October 8, 2012, up to 10% of the fund&#8217;s common shares outstanding as of October 7, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Important notice regarding Putnam&#8217;s privacy policy</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In order to conduct business with our shareholders, we must obtain certain personal information such as account holders&#8217; names, addresses, Social Security numbers, and dates of birth. Using this information, we are able to maintain accurate records of accounts and transactions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is our policy to protect the confidentiality of our shareholder information, whether or not a shareholder currently owns shares of our funds. In particular, it is our policy not to sell information about you or your accounts to outside marketing firms. We have safeguards in place designed to prevent unauthorized access to our computer systems and procedures to protect personal information from unauthorized use.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Under certain circumstances, we must share account information with outside vendors who provide services to us, such as mailings and proxy solicitations. In these cases, the service providers enter into confidentiality agreements with us, and we provide only the information necessary to process transactions and perform other services related to your account. Finally, it is our policy to share account information with your financial representative, if you&#8217;ve listed one on your Putnam account.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Proxy voting</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds&#8217; proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2012, are available in the Individual Investors section at putnam.com, and on the Securities and Exchange Commission (SEC) website, www.sec.gov. If you have questions about finding forms on the SEC&#8217;s website, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds&#8217; proxy voting guidelines and procedures at no charge by calling Putnam&#8217;s Shareholder Services at 1-800-225-1581.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund portfolio holdings</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund&#8217;s Forms N-Q on the SEC&#8217;s website at www.sec.gov. In addition, the fund&#8217;s Forms N-Q may be reviewed and copied at the SEC&#8217;s Public Reference Room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC&#8217;s website or the operation of the Public Reference Room.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Trustee and employee fund ownership</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam employees and members of the Board of Trustees place their faith, confidence, and, most importantly, investment dollars in Putnam mutual funds. As of October 31, 2012, Putnam employees had approximately $338,000,000 and the Trustees had approximately $82,000,000 invested in Putnam mutual funds. These amounts include investments by the Trustees&#8217; and employees&#8217; immediate family members as well as investments through retirement and deferred compensation plans.</FONT></P>

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   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif>14</FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Trustee approval of management contract</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>General conclusions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund&#8217;s management contract with Putnam Investment Management (&#8220;Putnam Management&#8221;) and the sub-management contract with respect to your fund between Putnam Management and its affiliate, Putnam Investments Limited (&#8220;PIL&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Board of Trustees, with the assistance of its Contract Committee, requests and evaluates all information it deems reasonably necessary under the circumstances in connection with its annual contract review. The Contract Committee consists solely of Trustees who are not &#8220;interested persons&#8221; (as this term is defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;)) of the Putnam funds (&#8220;Independent Trustees&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>At the outset of the review process, members of the Board&#8217;s independent staff and independent legal counsel met with representatives of Putnam Management to review the annual contract review materials furnished to the Contract Committee during the course of the previous year&#8217;s review and to discuss possible changes in these materials that might be necessary or desirable for the coming year. Following these discussions and in consultation with the Contract Committee, the Independent Trustees&#8217; independent legal counsel requested that Putnam Management furnish specified information, together with any additional information that Putnam Management considered relevant, to the Contract Committee. Over the course of several months ending in June 2012, the Contract Committee met on a number of occasions with representatives of Putnam Management, and separately in executive session, to consider the information that Putnam </FONT><FONT size=2 face=sans-serif>Management provided. Throughout this process, the Contract Committee was assisted by the members of the Board&#8217;s independent staff and by independent legal counsel for the Putnam funds and the Independent Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In May 2012, the Contract Committee met in executive session with the other Independent Trustees to discuss the Contract Committee&#8217;s preliminary recommendations with respect to the continuance of the contracts. At the Trustees&#8217; June 22, 2012 meeting, the Contract Committee met in executive session with the other Independent Trustees to review a summary of the key financial data that the Contract Committee considered in the course of its review. The Contract Committee then presented its written report, which summarized the key factors that the Committee had considered and set forth its final recommendations. The Contract Committee then recommended, and the Independent Trustees approved, the continuance of your fund&#8217;s management and sub-management contracts, effective July 1, 2012. (Because PIL is an affiliate of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL, the Trustees have not evaluated PIL as a separate entity, and all subsequent references to Putnam Management below should be deemed to include reference to PIL as necessary or appropriate in the context.)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Independent Trustees&#8217; approval was based on the following conclusions:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds, and the costs incurred by Putnam Management in providing services, and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>That the fee schedule represented an appropriate sharing between fund shareholders and Putnam Management of such economies of</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>scale as may exist in the management of the fund at current asset levels.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees&#8217; deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the management arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that some aspects of the arrangements may receive greater scrutiny in some years than others, and that the Trustees&#8217; conclusions may be based, in part, on their consideration of fee arrangements in previous years.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Management fee schedules and total expenses</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints. In reviewing management fees, the Trustees generally focus their attention on material changes in circumstances &#8212; for example, changes in assets under management, changes in a fund&#8217;s investment style, changes in Putnam Management&#8217;s operating costs, or changes in competitive practices in the mutual fund industry &#8212; that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management fee structure of your fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Your fund has the benefit of breakpoints in its management fee that provide shareholders with significant economies of scale in the form of reduced fee levels as the fund&#8217;s assets under management increase. In recent years, the Trustees have examined the operation of the </FONT><FONT size=2 face=sans-serif>existing breakpoint structure during periods of both growth and decline in asset levels. The Trustees concluded that the fee schedule in effect for your fund represented an appropriate sharing of economies of scale at that time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees reviewed comparative fee and expense information for a custom group of competitive funds selected by Lipper Inc. This comparative information included your fund&#8217;s percentile ranking for effective management fees and total expenses, which provides a general indication of your fund&#8217;s relative standing. In the custom peer group, your fund ranked in the 1st quintile in effective management fees (determined for your fund and the other funds in the custom peer group based on fund asset size and the applicable contractual management fee schedule) and in the 2nd quintile in total expenses as of December 31, 2011 (the first quintile representing the least expensive funds and the fifth quintile the most expensive funds). The fee and expense data reported by Lipper as of December 31, 2011 reflected the most recent fiscal year-end data available in Lipper&#8217;s database at that time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services provided and the profits realized by Putnam Management and its affiliates from their contractual relationships with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management, investor servicing and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management&#8217;s revenues, expenses and profitability, allocated on a fund-by-fund basis, with respect to the funds&#8217; management, distribution, and investor servicing contracts. For each fund, the analysis presented information about revenues, expenses and profitability for each of the agreements separately and for</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>the agreements taken together on a combined basis. The Trustees concluded that, at current asset levels, the fee schedules in place represented reasonable compensation for the services being provided and represented an appropriate sharing of such economies of scale as may exist in the management of the funds at that time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The information examined by the Trustees as part of their annual contract review for the Putnam funds has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as defined benefit pension plans, college endowments, and the like. This information included comparisons of those fees with fees charged to the funds, as well as an assessment of the differences in the services provided to these different types of clients. The Trustees observed that the differences in fee rates between institutional clients and mutual funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients may reflect historical competitive forces operating in separate markets. The Trustees considered the fact that in many cases fee rates across different asset classes are higher on average for mutual funds than for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to its institutional clients. The Trustees did not rely on these comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Investment performance</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The quality of the investment process provided by Putnam Management represented a major factor in the Trustees&#8217; evaluation of the quality of services provided by Putnam Management under your fund&#8217;s management contract. The Trustees were assisted in their review of the </FONT><FONT size=2 face=sans-serif>Putnam funds&#8217; investment process and performance by the work of the investment oversight committees of the Trustees, which meet on a regular basis with the funds&#8217; portfolio teams and with the Chief Investment Officer and other members of Putnam Management&#8217;s Investment Division throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process &#8212; based on the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to them, and in general Putnam Management&#8217;s ability to attract and retain high-quality personnel &#8212; but also recognized that this does not guarantee favorable investment results for every fund in every time period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees considered the investment performance of each fund over multiple time periods and considered information comparing each fund&#8217;s performance with various benchmarks and, where applicable, with the performance of competitive funds or targeted annualized return. They noted that since 2009, when Putnam Management began implementing major changes to strengthen its investment personnel and processes, there has been a steady improvement in the number of Putnam funds showing above-median three-year performance results. They also noted the disappointing investment performance of some funds for periods ended December 31, 2011 and considered information provided by Putnam Management regarding the factors contributing to the underperformance and actions being taken to improve the performance of these particular funds. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these efforts and to evaluate whether additional actions to address areas of underperformance are warranted.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the case of your fund, the Trustees considered that its common share cumulative</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>total return performance at net asset value was in the following quartiles of its Lipper Inc. peer group (Lipper High Yield Municipal Debt Funds (closed-end)) for the one-year, three-year and five-year periods ended December 31, 2011 (the first quartile representing the best-performing funds and the fourth quartile the worst-performing funds):</FONT></P>

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   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2nd</FONT>&nbsp;</TD>

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   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1st</FONT>&nbsp;</TD>

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<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>Over the one-year, three-year and five-year periods ended December 31, 2011, there were 13, 13, and 12 funds, respectively, in your fund&#8217;s Lipper peer group. (When considering performance information, shareholders should be mindful that past performance is not a guarantee of future results.)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Brokerage and soft-dollar allocations; investor servicing</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage allocation and the use of soft dollars, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that are expected to be useful to </FONT><FONT size=2 face=sans-serif>Putnam Management in managing the assets of the fund and of other clients. Subject to policies established by the Trustees, soft-dollar credits acquired through these means are used primarily to acquire research services that supplement Putnam Management&#8217;s internal research efforts. However, the Trustees noted that a portion of available soft-dollar credits continues to be allocated to the payment of fund expenses. The Trustees indicated their continued intent to monitor regulatory developments in this area with the assistance of their Brokerage Committee and also indicated their continued intent to monitor the potential benefits associated with fund brokerage and soft-dollar allocations and trends in industry practices to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam Management may also receive benefits from payments that the funds make to Putnam Management&#8217;s affiliates for investor services. In conjunction with the annual review of your fund&#8217;s management and sub-management contracts, the Trustees reviewed your fund&#8217;s investor servicing agreement with Putnam Investor Services, Inc. (&#8220;PSERV&#8221;), an affiliate of Putnam Management. The Trustees concluded that the fees payable by the funds to PSERV for such services are reasonable in relation to the nature and quality of such services.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Financial statements</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>These sections of the report, as well as the accompanying Notes, preceded by the Report of Independent Registered Public Accounting Firm, constitute the fund&#8217;s financial statements.</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>The fund&#8217;s portfolio </FONT></B><FONT size=2 face=sans-serif>lists all the fund&#8217;s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of assets and liabilities </FONT></B><FONT size=2 face=sans-serif>shows how the fund&#8217;s net assets and share price are determined. All investment and non-investment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of operations </FONT></B><FONT size=2 face=sans-serif>shows the fund&#8217;s net investment gain or loss. This is done by first adding up all the fund&#8217;s earnings &#8212; from dividends and interest income &#8212; and subtracting its operating expenses to determine net </FONT><FONT size=2 face=sans-serif>investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings &#8212; as well as any unrealized gains or losses over the period &#8212; is added to or subtracted from the net investment result to determine the fund&#8217;s net gain or loss for the fiscal year.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of changes in net assets </FONT></B><FONT size=2 face=sans-serif>shows how the fund&#8217;s net assets were affected by the fund&#8217;s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund&#8217;s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Financial highlights </FONT></B><FONT size=2 face=sans-serif>provide an overview of the fund&#8217;s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlights table also includes the current reporting period.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Report of Independent Registered Public Accounting Firm</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Board of Trustees and Shareholders</FONT><BR><FONT size=2 face=sans-serif>Putnam Managed Municipal Income Trust:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We have audited the accompanying statement of assets and liabilities of Putnam Managed Municipal Income Trust (the fund), including the fund&#8217;s portfolio, as of October 31, 2012, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended. These financial statements and financial highlights are the responsibility of the fund&#8217;s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Putnam Managed Municipal Income Trust as of October 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Boston, Massachusetts</FONT><BR><FONT size=2 face=sans-serif>December 14, 2012</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>The fund&#8217;s portfolio </FONT></B><FONT size=2 face=sans-serif>10/31/12</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Key to abbreviations</FONT></B></P>

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   <TD width="40%" noWrap align=left><B><FONT size=1 face=sans-serif>ABAG </FONT></B><FONT size=1 face=sans-serif>Association Of Bay Area Governments</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><B><FONT size=1 face=sans-serif>G.O. Bonds </FONT></B><FONT size=1 face=sans-serif>General Obligation Bonds</FONT>&nbsp;</TD></TR>

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   <TD width="40%" noWrap align=left><B><FONT size=1 face=sans-serif>AGM </FONT></B><FONT size=1 face=sans-serif>Assured Guaranty Municipal Corporation</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><B><FONT size=1 face=sans-serif>GNMA Coll. </FONT></B><FONT size=1 face=sans-serif>Government National Mortgage</FONT>&nbsp;</TD></TR>

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   <TD width="40%" noWrap align=left><B><FONT size=1 face=sans-serif>AMBAC </FONT></B><FONT size=1 face=sans-serif>AMBAC Indemnity Corporation</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><FONT size=1 face=sans-serif>Association Collateralized</FONT>&nbsp;</TD></TR>

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   <TD width="40%" noWrap align=left><B><FONT size=1 face=sans-serif>COP </FONT></B><FONT size=1 face=sans-serif>Certificates of Participation</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><B><FONT size=1 face=sans-serif>NATL </FONT></B><FONT size=1 face=sans-serif>National Public Finance Guarantee Corp.</FONT>&nbsp;</TD></TR>

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   <TD width="40%" noWrap align=left><B><FONT size=1 face=sans-serif>FGIC </FONT></B><FONT size=1 face=sans-serif>Financial Guaranty Insurance Company</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><B><FONT size=1 face=sans-serif>Radian Insd. </FONT></B><FONT size=1 face=sans-serif>Radian Group Insured</FONT>&nbsp;</TD></TR>

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   <TD width="40%" noWrap align=left><B><FONT size=1 face=sans-serif>FHLMC Coll. </FONT></B><FONT size=1 face=sans-serif>Federal Home Loan Mortgage</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><B><FONT size=1 face=sans-serif>U.S. Govt. Coll. </FONT></B><FONT size=1 face=sans-serif>U.S. Government Collateralized</FONT>&nbsp;</TD></TR>

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   <TD width="40%" noWrap align=left><FONT size=1 face=sans-serif>Corporation Collateralized</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><B><FONT size=1 face=sans-serif>VRDN </FONT></B><FONT size=1 face=sans-serif>Variable Rate Demand Notes, which are</FONT>&nbsp;</TD></TR>

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   <TD width="40%" noWrap align=left><B><FONT size=1 face=sans-serif>FNMA Coll. </FONT></B><FONT size=1 face=sans-serif>Federal National Mortgage</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><FONT size=1 face=sans-serif>floating-rate securities with long-term maturities,</FONT>&nbsp;</TD></TR>

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   <TD width="40%" noWrap align=left><FONT size=1 face=sans-serif>Association&nbsp;Collateralized</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><FONT size=1 face=sans-serif>that carry coupons that reset every one or seven</FONT>&nbsp;</TD></TR>

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   <TD width="40%" noWrap align=left><B><FONT size=1 face=sans-serif>FRB&nbsp;</FONT></B><FONT size=1 face=sans-serif>Floating Rate Bonds: the rate shown is the current</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><FONT size=1 face=sans-serif>days. The rate shown is the current interest rate at the</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" noWrap align=left><FONT size=1 face=sans-serif>interest rate at the close of the reporting&nbsp;period</FONT></TD>

   <TD width="60%" noWrap align=left><FONT size=1 face=sans-serif>close of the reporting period.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)*</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Alabama (1.4%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Butler, Indl. Dev. Board Solid Waste Disp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(GA. Pacific Corp.), 5 3/4s, 9/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,561,425</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Courtland, Indl. Dev. Board Env. Impt. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Intl. Paper Co.), Ser. A, 5s, 11/1/13</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,561,620</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cullman Cnty., Hlth. Care Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Cullman Regl. Med. Ctr.), Ser. A, 6 3/4s, 2/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,282,952</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Zone Intl. Paper Co.), Ser. A, 6 1/4s, 11/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,138,610</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>6,544,607</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Arizona (4.6%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Apache Cnty., Indl. Dev. Auth. Poll. Control Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Tucson Elec. Pwr. Co.), Ser. A, 4 1/2s, 3/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,839,705</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Casa Grande, Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Casa Grande Regl. Med. Ctr.), Ser. A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>7 5/8s, 12/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,849,823</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>7 1/4s, 12/1/19</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,028,020</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Vista Regl. Hlth. Ctr.), Ser. A, 6.2s, 12/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>395,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>450,916</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Coconino Cnty., Poll. Control Rev. Bonds (Tucson</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Elec. Pwr. Co. &#8212; Navajo), Ser. A, 5 1/8s, 10/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,123,360</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Maricopa Cnty., Poll. Control Rev. Bonds (El Paso</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Elec. Co.), Ser. A, 7 1/4s, 2/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,612,521</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Navajo Cnty., Poll. Control Corp. Mandatory Put</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (6/1/16), Ser. E, 5 3/4s, 6/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,950,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,255,603</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds (Choice</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Academies, Inc.), 5 5/8s, 9/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>315,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>319,842</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Career Success Schools), 7 1/8s, 1/1/45</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>519,910</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Pima Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Tucson Elec. Pwr. Co.), Ser. A, 6 3/8s, 9/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>505,380</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,140,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,125,351</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Salt River Agricultural Impt. &amp; Pwr. Dist. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. A, 5s, 12/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,406,280</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Arizona </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Salt Verde, Fin. Corp. Gas Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 12/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$2,415,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>570,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>661,924</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tempe, Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Friendship Village), Ser. A, 6 1/4s, 12/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,085,670</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tempe, Indl. Dev. Auth. Sr. Living Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Friendship Village), Ser. A, U.S. Govt. Coll.,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 12/1/13 (Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>138,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>141,551</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>21,341,536</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Arkansas (0.4%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Arkadelphia, Pub. Ed. Fac. Board Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Ouachita Baptist U.), 6s, 3/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>840,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>927,813</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rogers, Rev. Bonds (Sales and Use Tax),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>3 3/4s, 11/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>850,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>913,776</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,841,589</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>California (12.4%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Episcopal Sr. Cmnty.), 6s, 7/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>660,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>757,291</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Edl. Fac. Auth. Rev. Bonds (U. of La Verne),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 6/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>517,535</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 2/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,105,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,144,768</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Muni. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(U. of La Verne), Ser. A, 6 1/8s, 6/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,164,580</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Emerson College), 6s, 1/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,190,890</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Poll. Control Fin. Auth. Rev. Bonds (Pacific</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Gas &amp; Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,720,124</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Poll. Control Fin. Auth. Solid Waste Disp. FRB</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,334,771</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Poll. Control Fin. Auth. Solid Waste Disp. 144A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Waste Management, Inc.), Ser. A-2,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.4s, 4/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,760,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,897,562</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA State G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 4/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,271,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 4/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,216,620</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA State Pub. Wks. Board Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. I-1, 6 5/8s, 11/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,560,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,901,406</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Dept. of Corrections), Ser. C, 5 1/4s, 6/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 12/1/13)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,053,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Dept. of Forestry &amp; Fire), Ser. E, 5s, 11/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,344,624</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Capital Projects), Ser. A, 5s, 4/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,245,420</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Statewide Cmnty. Dev. Auth. COP (The Internext</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Group), 5 3/8s, 4/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,005,060</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Statewide Cmnty. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Terraces at San Joaquin Gardens), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6s, 10/1/47</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,042,390</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(U. CA Irvine E. Campus Apts. Phase 1),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 5/15/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,093,980</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(U. CA Irvine E. Campus Apts. Phase 1),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/8s, 5/15/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,475,720</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>22</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>California </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Statewide Cmnty. Dev. Auth. 144A Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Thomas Jefferson School of Law), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>7 1/4s, 10/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$560,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$573,126</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(American Baptist Homes West), 5 3/4s, 10/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,281,760</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cathedral City, Impt. Board Act of 1915 Special</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.05s, 9/2/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,010,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,005,858</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 9/2/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>245,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>245,943</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Chula Vista, Cmnty. Fac. Dist. Special Tax Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(No. 06-1 Eastlake Woods Area), 6.1s, 9/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,017,860</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(No. 07-I Otay Ranch Village Eleven), 5.8s, 9/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>275,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>279,868</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Foothill/Eastern Corridor Agcy. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(CA Toll Road)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.85s, 1/15/23</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>519,775</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 1/15/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,745,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,747,332</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Irvine Pub. Fac. &amp; Infrastructure Auth. Special</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Assmt. Bonds, Ser. A, 4 1/4s, 9/2/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>515,710</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Irvine, Impt. Board Act of 1915 Special Assmt. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 9/2/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>830,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>948,292</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>428,172</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>M-S-R Energy Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 11/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,056,210</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Oakland, Unified School Dist. Alameda Cnty., G.O.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Election 2006), Ser. A, 5 1/2s, 8/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>552,745</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Orange Cnty., Cmnty. Fac. Dist. Special Tax</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Ladera Ranch &#8212; No. 02-1), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.55s, 8/15/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>902,502</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Sacramento, Special Tax Bonds (North Natomas</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cmnty. Fac.), Ser. 4-C, 6s, 9/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,245,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,268,928</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco City &amp; Cnty. Arpt. Comm. Intl. Arpt.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds, Ser. A, 5s, 5/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>680,424</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, City &amp; Cnty. Redev. Fin. Auth. Tax</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Alloc. Bonds (Mission Bay South), Ser. D,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 5/8s, 8/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>272,528</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Santaluz, Cmnty. Facs. Dist. No. 2 Special Tax</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Impt. Area No. 1), Ser. A, 5 1/4s,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>9/1/26 (Prerefunded 9/1/21)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,640,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,806,411</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Sunnyvale, Special Tax Rev. Bonds (Cmnty. Fac.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Dist. No. 1), 7 3/4s, 8/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>835,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>835,977</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Vernon, Elec. Syst. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 8/1/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>273,648</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Yucaipa Special Tax Bonds (Cmnty. Fac. Dist.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>No. 98-1 Chapman Heights), 5 3/8s, 9/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>375,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>399,495</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>57,990,025</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Colorado (3.5%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CO Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Christian Living Cmntys.), Ser. A, 8 1/4s,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>1/1/24 (Prerefunded 1/1/14)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>375,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>412,586</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Christian Living Cmnty.), 6 3/8s, 1/1/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>810,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>885,354</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>23</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Colorado </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CO Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Total Longterm Care National), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 11/15/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$335,256</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Evangelical Lutheran), Ser. A, 6 1/8s, 6/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 6/1/14)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,045,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,230,685</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,925,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,008,487</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Valley View Assn.), 5 1/4s, 5/15/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,495,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,631,688</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Covenant Retirement Cmnty.), Ser. A, 5s, 12/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>950,283</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Evangelical Lutheran Good Samaritan Society),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,190,375</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CO Pub. Hwy. Auth. Rev. Bonds (E-470), Ser. C,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 9/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>554,970</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NATL, 5 1/2s, 9/1/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,089,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lycoming Cnty. Auth. Rev. Bonds, 5s, 5/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,266,340</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Regl. Trans. Dist. Rev. Bonds (Denver Trans.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Partners), 6s, 1/15/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>871,635</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>16,427,159</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Connecticut (0.4%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CT State Dev. Auth. 1st. Mtg. Gross Rev. Hlth. Care</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Elim Street Park Baptist, Inc.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.85s, 12/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>650,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>656,143</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Hamden, Fac. Rev. Bonds (Whitney Ctr.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>7 3/4s, 1/1/43</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,050,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,135,859</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,792,002</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Delaware (0.7%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>DE St. Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Delmarva Pwr.), 5.4s, 2/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>561,365</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Indian River Pwr.), 5 3/8s, 10/1/45</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,851,238</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,412,603</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>District of Columbia (1.7%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>DC Rev. Bonds (Howard U.), Ser. A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 10/1/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,035,875</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 10/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,222,370</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>DC Tobacco Settlement Fin. Corp. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, zero %, 6/15/46</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>17,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,454,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (2nd Sr. Lien), Ser. B, zero %, 10/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>10,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,194,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>7,906,595</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Florida (5.8%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Broward Cnty., Arpt. Syst. Rev. Bonds, Ser. Q-2,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 10/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,115,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Double Branch Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. A, 6.7s, 5/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>911,385</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Escambia Cnty., Env. Impt. Rev. Bonds (Intl.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Paper Co.), Ser. A, 5s, 8/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,001,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Fishhawk, Cmnty. Dev. Dist. II Special Assmt. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 7.04s, 11/1/14</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,057</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 1/8s, 5/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>425,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>435,714</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>FL Hsg. Fin. Corp. Rev. Bonds, Ser. G, GNMA</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Coll., FNMA Coll., FHLMC Coll., 5 3/4s, 1/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>560,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>582,411</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>24</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Florida </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Florida State Higher Edl. Fac. Rev. Bonds (U. of</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tampa), Ser. A, 5s, 4/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$654,984</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 6/1/46</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,380,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,609,775</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Heritage Harbour Marketplace Cmnty., Dev. Dist.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Special Assmt. Bonds, 5.6s, 5/1/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>360,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>331,794</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Heritage Harbour, South Cmnty. Dev. Distr.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Special Assmt. Bonds, Ser. A, 6 1/2s, 5/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>440,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>450,534</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Hillsborough Cnty., Indl. Dev. Auth. Poll. Control</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Mandatory Put Bonds(9/1/13) (Tampa Elec. Co.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 5.15s, 9/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>414,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, Econ. Dev. Comm. Hlth. Care Fac.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (FL Proton Therapy Inst.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6s, 9/1/17</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>519,566</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Gerdau Ameristeel US, Inc.), 5.3s, 5/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,450,343</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lakeland, Retirement Cmnty. 144A Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(1st Mtge. &#8212; Carpenters), 6 3/8s, 1/1/43</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>840,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>876,532</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lee Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Shell Pt./Alliance Oblig. Group), 5 1/8s, 11/15/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,075,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,075,172</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Shell Pt./Alliance Cmnty.), 5s, 11/15/22</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,555,875</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Mount Sinai Med. Ctr.), 5s, 11/15/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,103,660</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,227,480</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, 5.7s, 5/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>930,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>618,338</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>South Lake Hosp. Dist. Rev. Bonds (South Lake</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Hosp.), Ser. A, 6s, 4/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,152,840</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tampa Bay, Cmnty. Dev. Dist. Special Assmt. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(New Port), Ser. A, 5 7/8s, 5/1/38 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>655,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>257,088</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.4s, 5/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>CCC/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,305,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,293,438</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Verandah, West Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Cap. Impt.), Ser. A, 6 5/8s, 5/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>435,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>439,428</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Verano Ctr. Cmnty. Dev. Dist. Special Assmt. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Cmnty. Infrastructure), Ser. A, 5 3/8s, 5/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>955,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>743,076</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Village Cmnty. Dev. Dist. No. 8 Special Assmt. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Phase II), 6 1/8s, 5/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>455,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>537,027</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Village Cmnty. Dev. Dist. No. 9 Special Assmt. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 5/1/22</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>650,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>704,639</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>27,067,906</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Georgia (2.9%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Atlanta, Wtr. &amp; Waste Wtr. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 11/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,049,350</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Clayton Cnty., Dev. Auth. Special Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Delta Airlines), Ser. A, 8 3/4s, 6/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,480,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist Hlth.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Care Syst.), U.S. Govt. Coll., 6 1/4s, 10/1/18</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,520,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,764,766</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>25</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TR>

   <TD width="55%"></TD>

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   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Georgia </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Fulton Cnty., Res. Care Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Canterbury Court), Class A, 6 1/8s, 2/15/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$613,308</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>GA State Private College &amp; U. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Mercer U.)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 5 1/4s, 10/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>852,983</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 1/4s, 10/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,151,040</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 10/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,101,820</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Gainesville &amp; Hall Cnty., Devauth Retirement</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cmnty. Rev. Bonds (Acts Retirement-Life Cmnty.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A-2, 6 3/8s, 11/15/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>819,658</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Marietta, Dev. Auth. Rev. Bonds (U. Fac. Life U., Inc.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. PJ, 6 1/4s, 6/15/20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ba3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,165,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,228,423</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy Paper),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 1/8s, 1/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>627,054</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>13,689,102</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Guam (&#8212;%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 10/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>216,388</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>216,388</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Hawaii (1.2%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>HI Dept. of Trans. Special Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Continental Airlines, Inc.), 7s, 6/1/20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,120,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,121,064</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>HI State Dept. Budget &amp; Fin. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Craigside), Ser. A, 9s, 11/15/44</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>479,656</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Hawaiian Elec. Co. &#8212; Subsidary), 6 1/2s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,497,130</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Kahala Nui), 5 1/8s, 11/15/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>430,020</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>5,527,870</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Illinois (4.3%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Chicago, G.O. Bonds, Ser. A, 5s, 1/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,226,560</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Chicago, Special Assmt. Bonds (Lake Shore East),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 3/4s, 12/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,754,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,796,166</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Du Page Cnty., Special Svc. Area No. 31 Special</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tax Bonds (Monarch Landing)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 5/8s, 3/1/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>350,441</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.4s, 3/1/16</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>133,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>137,976</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>IL Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Provena Hlth.), Ser. A, 7 3/4s, 8/15/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,944,630</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Silver Cross Hosp. &amp; Med. Ctr.), 7s, 8/15/44</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,406,940</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(IL Rush U. Med Ctr.), Ser. C, 6 5/8s, 11/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,075,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,299,697</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Navistar Intl. Recvy. Zone), 6 1/2s, 10/15/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,041,430</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Roosevelt U.), 6 1/4s, 4/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,704,735</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Landing At Plymouth Place), Ser. A, 6s, 5/15/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>187,768</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Three Crowns Pk. Plaza), Ser. A, 5 7/8s, 2/15/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,035,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Landing At Plymouth Place), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.35s, 5/15/15</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>603,786</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(American Wtr. Cap. Corp.), 5 1/4s, 10/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,575,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,670,272</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>IL Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Cmnty. Rehab. Providers Fac.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>7 7/8s, 7/1/20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>CCC/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>108,252</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>81,557</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Elmhurst Memorial Hlth. Care), 5 5/8s, 1/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>553,201</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>26</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="17%"></TD>

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   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Illinois </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>IL State G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 3/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$823,140</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 8/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>870,780</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Railsplitter, Tobacco Settlement Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6s, 6/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,050,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,255,811</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>19,990,730</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Indiana (2.2%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>IN State Fin. Auth. Rev. Bonds (OH Valley Elec. Corp.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 6/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>808,523</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>IN State Fin. Auth. Edl. Fac. Rev. Bonds (Butler U.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 2/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,091,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 2/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,101,710</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Indianapolis, Arpt. Auth. Rev. Bonds (Federal</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Express Corp.), 5.1s, 1/15/17</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,998,015</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Jasper Cnty., Indl. Poll. Control Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>AMBAC, 5.7s, 7/1/17</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,125,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,283,839</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NATL, 5.6s, 11/1/16</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>791,273</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, NATL, 5.6s, 11/1/16</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>565,195</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>St. Joseph Cnty., Econ. Dev. Rev. Bonds (Holy Cross</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Village Notre Dame), Ser. A, 5 3/4s, 5/15/15</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>455,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>477,195</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>10,116,830</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Iowa (1.6%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>IA Fin. Auth. Hlth. Care Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Care Initiatives), Ser. A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 7/1/17</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,040,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,145,030</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 7/1/19</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,966,673</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>IA Fin. Auth. Hlth. Fac. Rev. Bonds (Dev. Care</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Initiatives), Ser. A, 5 1/2s, 7/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>950,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,023,074</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Orange Cnty., Hosp. Rev. Bonds, 5 1/2s, 9/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,205,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,234,065</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tobacco Settlement Auth. of IA Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 5 3/8s, 6/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,163,850</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>7,532,692</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Kansas (0.1%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lenexa, Hlth. Care Fac. Rev. Bonds (LakeView</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Village), 7 1/8s, 5/15/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>569,885</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>569,885</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Kentucky (1.4%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Breckinridge Cnty., Lease Program VRDN, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>0.23s, 2/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,080,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,080,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>KY Econ. Dev. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(First Mtge.), Ser. IA, 8s, 1/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>271,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>278,238</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Masonic Home Indpt. Living II), 7 1/4s, 5/15/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>574,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Masonic Home Indpt. Living II), 7s, 5/15/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>578,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>KY State Econ. Dev. Fin. Auth. Hlth. Care Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Masonic Homes of KY), 5 3/8s, 11/15/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>910,764</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Louisville/Jefferson Cnty., Metro. Govt. College</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>553,510</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Owen Cnty., Wtr. Wks. Syst. Rev. Bonds (American</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Wtr. Co.), Ser. A, 6 1/4s, 6/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>782,495</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>6,758,212</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>27</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_29"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Louisiana (0.8%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rapides, Fin. Auth. FRB (Cleco Pwr.), AMBAC,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>4.7s, 11/1/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$756,510</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 01-B,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 7/8s, 5/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,771,253</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,527,763</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Maine (0.8%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>ME Hlth. &amp; Higher Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(ME Gen. Med. Ctr.), 7 1/2s, 7/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,281,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rumford, Solid Waste Disp. Rev. Bonds (Boise</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cascade Corp.), 6 7/8s, 10/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,499,850</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,781,600</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Maryland (1.4%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Baltimore Cnty., Rev. Bonds (Oak Crest</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Village, Inc. Fac.), Ser. A, 5s, 1/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,065,720</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MD Econ. Dev. Corp. Poll. Control Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Potomac Electric Power Co.), 6.2s, 9/1/22</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>676,979</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MD State Indl. Dev. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Synagro-Baltimore), Ser. A, 5 3/8s, 12/1/14</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,048,380</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MD State Indl. Dev. Fin. Auth. Econ. Dev. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Our Lady of Good Counsel School), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6s, 5/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>419,544</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Westminster, Econ. Dev. Rev. Bonds (Carroll</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lutheran Village), Ser. A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 5/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>601,764</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 7/8s, 5/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,608,912</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>6,421,299</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Massachusetts (7.7%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Boston, Indl. Dev. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Springhouse, Inc.), 6s, 7/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,600,320</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA Dev. Fin. Agcy. Sr. Living Fac. 144A Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B1, 7 1/4s, 6/1/16</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,321,640</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA Edl. Fin. Auth. Rev. Bonds, Ser. B, 5 1/2s, 1/1/23</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>830,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>918,179</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA State Dev. Fin. Agcy. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Sabis Intl.), Ser. A, 8s, 4/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>690,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>849,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. A-1,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 11/15/46</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>850,850</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>646,289</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. A-1,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 11/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>532,400</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>413,622</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. A-1,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 11/15/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>275,400</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>240,008</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Boston U.), 6s, 5/15/59</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>622,515</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Boston Biomedical Research), 5 3/4s, 2/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ba3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. A-2,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 11/15/46</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>88,265</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>59,643</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(New England Conservatory of Music),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>805,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>857,534</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Wheelock College), Ser. C, 5 1/4s, 10/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,811,656</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(First Mtge. &#8212; Orchard Cove), 5s, 10/1/19</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>558,091</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>439,022</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,190</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Adventcare), Ser. A, 6.65s, 10/15/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,050,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,117,946</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>28</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_30"></A><BR>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Massachusetts </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA State Dev. Fin. Agcy. Solid Waste Disp.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Mandatory Put Bonds (5/1/19) (Dominion Energy</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Brayton 1), Ser. 1, 5 3/4s, 12/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$1,050,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,292,802</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Civic Investments, Inc.), Ser. A, U.S. Govt.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Coll., 9s, 12/15/15 (Prerefunded 12/15/12)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,775,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,820,689</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Norwood Hosp.), Ser. C, 7s, 7/1/14 (Escrowed</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>to maturity)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,185,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,259,382</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,597,022</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Suffolk U.), Ser. A, 6 1/4s, 7/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,170,370</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>377,889</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>378</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Suffolk U.), Ser. A, 5 3/4s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>950,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,069,282</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,668,630</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Springfield College), 5 5/8s, 10/15/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>493,376</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Springfield College), 5 1/2s, 10/15/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,206,843</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Springfield College), 5 1/2s, 10/15/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,694,340</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Fisher College), Ser. A, 5 1/8s, 4/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>253,478</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Emerson Hosp.), Ser. E, Radian Insd., 5s, 8/15/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,506,825</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Milford Regl. Med.), Ser. E, 5s, 7/15/22</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,329,888</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA State Indl. Fin. Agcy. Rev. Bonds (1st Mtge.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Berkshire Retirement), Ser. A, 6 5/8s, 7/1/16</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,230,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,235,695</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA State Port Auth. Special Fac. Rev. Bonds (Conrac),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 1/8s, 7/1/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>823,260</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Metro. Boston Trans. Pkg. Corp. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 7/1/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,644,390</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Metro. Boston, Trans. Pkg. Corp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Systemwide Pkg.), 5 1/4s, 7/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,708,905</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>35,798,498</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Michigan (5.9%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Detroit, G.O. Bonds (Cap. Impt.), Ser. A-1,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 4/1/15</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>950,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>911,763</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Detroit, Wtr. &amp; Swr. Dept. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 7/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,297,272</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 7/1/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,660,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,932,057</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6s, 7/1/20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>945,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>961,235</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>City Hosp.), Ser. A, 5 3/4s, 9/1/17</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ba3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>340,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>340,377</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Kentwood, Economic Dev. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Holland Home), 5 5/8s, 11/15/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,195,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,301,326</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>King Cnty., Wtr &amp; Swr. Rev. Bonds, 5s, 1/1/45</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,680,900</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MI State Hosp. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 1/8s, 6/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,309,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Henry Ford Hlth.), 5 3/4s, 11/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,835,424</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,565,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,705,613</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 5/15/15)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>755,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>838,412</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>29</FONT></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_31"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Michigan </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MI State Strategic Fund Ltd. Oblig. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Cadillac Place Office Bldg.), 5 1/4s, 10/15/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,439,525</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MI State Strategic Fund, Ltd. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Worthington Armstrong Venture), U.S. Govt.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Coll., 5 3/4s, 10/1/22 (Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,715,162</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MI Tobacco Settlement Fin. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6s, 6/1/48</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,524,720</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Memorial Hosp.), 5 1/2s, 6/1/20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,480,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,615,968</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,278,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>27,687,454</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Minnesota (3.1%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Douglas Cnty., Gross Hlth. Care Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Douglas Cnty. Hosp.), Ser. A, 6 1/4s, 7/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,338,430</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Inver Grove Heights, Nursing Home Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Presbyterian Homes Care), 5 3/8s, 10/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>707,343</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Minneapolis &amp; St. Paul, Hsg. &amp; Redev. Auth. Hlth.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Care VRDN (Allina Hlth. Syst.), Ser. B-1,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>0.25s, 11/15/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Homes North Oaks), 6 1/8s, 10/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>315,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>336,149</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Northfield, Hosp. Rev. Bonds, 5 3/8s, 11/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>803,948</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rochester, Hlth. Care Fac. Rev. Bonds (Olmsted</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Med. Ctr.), 5 7/8s, 7/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,104,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Sartell, Hlth. Care &amp; Hsg. Facs. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Country Manor Campus, LLC)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 9/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>509,960</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 9/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>779,708</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Sauk Rapids Hlth. Care &amp; Hsg. Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Good Shepherd Lutheran Home)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>7 1/2s, 1/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>524,575</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6s, 1/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>401,420</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>St. Paul, Hsg. &amp; Redev. Auth. Charter School Lease</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Nova Classical Academy), Ser. A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 5/8s, 9/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>270,170</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 3/8s, 9/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>270,368</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>St. Paul, Hsg. &amp; Redev. Auth. Hosp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Healtheast), 6s, 11/15/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,411,371</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>St. Paul, Port Auth. Lease Rev. Bonds (Regions</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Hosp. Pkg. Ramp), Ser. 1, 5s, 8/1/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,125,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,129,095</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Wayzata, Sr. Hsg. Rev. Bonds (Folkestone Sr.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Living Cmnty.), Ser. B, 4 7/8s, 5/1/19</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,511,010</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>14,598,047</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Mississippi (0.5%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MS Home Corp. Rev. Bonds, Ser. B-2, GNMA Coll.,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>FNMA Coll., 6.45s, 12/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>430,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>452,093</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Warren Cnty., Gulf Opportunity Zone Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,847,104</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,299,197</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>30</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Missouri (0.6%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Kansas City, Indl. Dev. Auth. Hlth. Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(First Mtge. Bishop Spencer), Ser. A, 6 1/2s, 1/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,532,385</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis Arpt. Rev. Bonds (Lambert-St. Louis Intl.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A-1, 6 5/8s, 7/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,178,850</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,711,235</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Montana (0.5%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MT Fac. Fin. Auth. Rev. Bonds (Sr. Living St. John&#8217;s</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lutheran), Ser. A, 6s, 5/15/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>515,330</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MT Fac. Fin. Auth. VRDN (Sisters of Charity</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>of Leavenworth), Ser. A, 0.23s, 12/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,800,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,315,330</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Nebraska (0.6%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Central Plains, Energy Rev. Bonds (NE Gas No. 1),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 1/4s, 12/1/18</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,658,850</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Oblig. Group), 5 1/2s, 1/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,132,340</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,791,190</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Nevada (0.9%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Clark Cnty., Impt. Dist. Special Assmt. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Mountains Edge Local No. 142), 5s, 8/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>675,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>734,191</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Summerlin No. 151), 5s, 8/1/20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>415,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>361,274</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Summerlin No. 151), 5s, 8/1/16</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>980,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>930,549</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Henderson, Local Impt. Dist. Special Assmt. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(No. T-17), 5s, 9/1/18</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>365,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>374,052</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(No. T-18), 5s, 9/1/16</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>CCC/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>995,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>779,821</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Las Vegas, Local Impt. Board Special Assmt. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Dist. No. 607), 5.9s, 6/1/18</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,135,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,160,435</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4,340,322</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>New Hampshire (1.8%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NH Hlth. &amp; Ed. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Rivermead), Ser. A, 6 7/8s, 7/1/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,265,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Huntington at Nashua), Ser. A, 6 7/8s, 5/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>604,980</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Rivermead), Ser. A, 6 5/8s, 7/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,320,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,474,018</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Kendal at Hanover), Ser. A, 5s, 10/1/18</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,875,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,001,825</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NH State Bus. Fin. Auth. Rev. Bonds (Elliot Hosp.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Oblig. Group), Ser. A, 6s, 10/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,993,913</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>8,339,936</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>New Jersey (6.8%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Burlington Cnty., Bridge Comm. Econ. Dev. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (The Evergreens), 5 5/8s, 1/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,218,134</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NJ Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Newark Arpt. Marriott Hotel), 7s, 10/1/14</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,407,487</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(United Methodist Homes), Ser. A-1, 6 1/4s, 7/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,035,870</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(First Mtge. Lions Gate), Ser. A, 5 7/8s, 1/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>430,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>433,285</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Cigarette Tax), 5 3/4s, 6/15/29 (Prerefunded</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6/15/14)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,087,860</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(MSU Student Hsg. &#8212; Provident Group &#8212;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Montclair LLC), 5 3/8s, 6/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,263,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 6/15/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>568,180</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NJ Econ. Dev. Auth. Retirement Cmnty. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Seabrook Village, Inc.), 5 1/4s, 11/15/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>860,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>877,157</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NJ Econ. Dev. Auth. Solid Waste Mandatory Put</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (6/1/14) (Disp. Waste Mgt.), 5.3s, 6/1/15</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,867,652</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>31</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_33"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>New Jersey </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NJ Econ. Dev. Auth. Wtr. Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(NJ American Wtr. Co.)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5.7s, 10/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$2,600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$2,859,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. D, 4 7/8s, 11/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>755,433</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,611,574</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(St. Peter&#8217;s U. Hosp.), 6 1/4s, 7/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,279,260</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(United Methodist Homes), Ser. A, 5 3/4s, 7/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,250,922</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Holy Name Hosp.), 5s, 7/1/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,555,924</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NJ State, Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Continental Airlines, Inc.), 4 7/8s, 9/15/19</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,063,840</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>North Hudson, Swr. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 6/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,122,820</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Union Cnty., Util. Auth. Resource Recvy. Fac. Lease</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,618,273</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>31,876,141</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>New Mexico (1.6%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Farmington, Poll. Control Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Public Service Co. of NM San Juan), Ser. D,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.9s, 6/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>559,095</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(San Juan), Ser. B, 4 7/8s, 4/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,674,015</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(AZ Pub. Svc. Co.), Ser. B, 4.7s, 9/1/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,252,040</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>7,485,150</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>New York (9.9%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Broome Cnty., Indl. Dev. Agcy. Continuing Care</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Retirement Rev. Bonds (Good Shepard Village),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 3/4s, 7/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>650,040</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Huntington, Hsg. Auth. Sr. Hsg. Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Gurwin Jewish Sr. Residence), Ser. A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6s, 5/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>501,910</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6s, 5/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>750,330</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Livingston Cnty., Indl. Dev. Agcy. Civic Fac.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Nicholas H. Noyes Memorial Hosp.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 7/1/15</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,240,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,241,277</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Keyspan-Glenwood), 5 1/4s, 6/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,775,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,839,519</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Niagara Cnty., Indl. Dev. Agcy. Mandatory Put</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (11/15/12) (Solid Waste Disp.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.45s, 11/15/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>500,360</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY City, G.O. Bonds, Ser. F, 5s, 8/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,768,275</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(American Airlines &#8212; JFK Intl. Arpt.), 7 1/2s,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>8/1/16 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,175,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,423,496</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(British Airways PLC), 5 1/4s, 12/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,425,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,429,213</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Jetblue Airways Corp.), 5s, 5/15/20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>295,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>294,628</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY City, Muni. Wtr. &amp; Swr. Fin. Auth. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>bonds 5s, 6/15/31 </FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>10,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,781,423</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY City, Transitional Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Future Tax), Ser. D-1, 5s, 11/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,373,740</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY State Dorm. Auth. Rev. Bonds (Winthrop-U.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Hosp. Assn.), Ser. A, 5 1/2s, 7/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 7/1/13)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>930,870</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>32</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>New York </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY State Dorm. Auth. Non-State Supported Debt Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$725,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$802,677</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY State Dorm. Auth. Ser. C Rev bonds 5s, 3/15/31</FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,864,268</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY State Energy Research &amp; Dev. Auth. Gas Fac.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,811,628</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Port Auth. NY &amp; NJ Special Oblig. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Kennedy Intl. Arpt. &#8212; 5th Installment),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 3/4s, 10/1/19</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>180,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>180,007</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(JFK Intl. Air Term.), 6s, 12/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,174,450</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Seneca Cnty., Indl. Dev. Agcy. Solid Waste Disp.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Mandatory Put Bonds (10/1/13) (Seneca</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Meadows, Inc.), 6 5/8s, 10/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>670,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>676,559</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Suffolk Cnty., Indl. Dev. Agcy. Civic Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Southampton Hosp. Assn.), Ser. A, 7 1/4s, 1/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,251,375</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Syracuse, Indl. Dev. Agcy. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(1st Mtge.&#8212; Jewish Home), Ser. A, 7 3/8s, 3/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>745,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>746,192</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>45,992,237</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>North Carolina (1.8%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 6 3/4s, 1/1/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>943,455</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NC Hsg. Fin. Agcy. FRB (Homeownership),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. 26-A, 5 1/2s, 1/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>285,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>293,484</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Presbyterian Homes), 5.4s, 10/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,069,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(First Mtge. &#8212; Presbyterian Homes),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 10/1/22</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,110,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,170,384</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NC Med. Care Comm. Retirement Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Carolina Village), 6s, 4/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>524,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(First Mtge.), Ser. A-05, 5 1/2s, 10/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,730,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,740,761</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(First Mtge.), Ser. A-05, 5 1/4s, 10/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>707,672</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Forest at Duke), 5 1/8s, 9/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,062,360</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>8,512,486</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Ohio (5.4%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>American Muni. Pwr. &#8212; Ohio, Inc. Rev. Bonds (Prairie</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Street Energy Campus), Ser. A, 5 1/4s, 2/15/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,602,150</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A-2</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 7/8s, 6/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,340,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,899,487</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 6/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,978,605</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/8s, 6/1/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>990,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>857,845</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cleveland, Arpt. Syst. Rev. Bonds, Ser. A, 5s, 1/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>448,968</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Franklin Cnty., Hlth. Care Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Presbyterian Svcs.), Ser. A, 5 5/8s, 7/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,076,645</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Hickory Chase, Cmnty. Auth. Infrastructure Impt. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Hickory Chase), 7s, 12/1/38 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>644,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>380,604</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 5 5/8s, 8/15/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,530,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,668,557</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lorain Cnty., Port Auth. Recovery Zone Fac. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (U.S. Steel Corp.), 6 3/4s, 12/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,083,260</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>OH State Air Quality Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Valley Elec. Corp.), Ser. E, 5 5/8s, 10/1/19</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,547,078</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>33</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_35"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Ohio </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>OH State Higher Edl. Fac. Comm. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Kenyon College), 5s, 7/1/44</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$863,216</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>OH State Higher Edl. Fac. Commn. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 1/15/15)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,275,280</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 12/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>955,791</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Transn, Inc.), 6.45s, 12/15/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>632,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>25,269,986</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Oklahoma (0.9%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>OK Hsg. Fin. Agcy. Single Fam. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Homeownership Loan), Ser. B, 5.35s, 3/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,205,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,273,058</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>OK Hsg. Fin. Agcy. Single Family Mtge. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Homeownership Loan), Ser. C, GNMA Coll., FNMA</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Coll., 5.95s, 3/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,085,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,157,847</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tulsa Cnty., Indl. Auth. Rev. Bonds (Sr. Living</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cmnty. Montereau, Inc.), Ser. A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>7 1/8s, 11/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,427,638</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 7/8s, 11/1/23</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>532,630</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4,391,173</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Oregon (0.9%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Terwilliger Plaza), 6 1/2s, 12/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,013,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Terwilliger Plaza, Inc.), 5s, 12/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>381,196</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Warm Springs Reservation, Confederated Tribes</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>144A Rev. Bonds (Pelton Round Butte Tribal),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 6 3/8s, 11/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>766,108</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4,160,384</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Pennsylvania (6.5%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Robert Morris U.), Ser. A, 5 1/2s, 10/15/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,104,790</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Hlth. Syst.-West PA), Ser. A, 5 3/8s, 11/15/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,205,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>859,599</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(U.S. Steel Corp.), 6 3/4s, 11/1/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,160,260</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Allentown, Neighborhood Impt. Zone Dev. Auth.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds, Ser. A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 5/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>842,616</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 5/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>532,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 5/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>216,318</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Ann&#8217;s Choice, Inc.), Ser. A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/8s, 1/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,160,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,173,526</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.3s, 1/1/14</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>690,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>698,328</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.2s, 1/1/13</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,002,150</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cumberland Cnty., Muni. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Presbyterian Homes Oblig.), Ser. A, 5.45s, 1/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>551,656</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Presbyterian Homes), Ser. A, 5.35s, 1/1/20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>515,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>516,633</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Delaware Cnty., Indl. Dev. Auth. Resource Recvy.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds, Ser. A, 6.1s, 7/1/13</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>115,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>115,184</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>34</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Pennsylvania </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lancaster Cnty., Hosp. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Brethren Village), Ser. A, 6 3/8s, 7/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$625,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$672,325</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>View Retirement), Ser. A, 5.3s, 12/15/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,819,206</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Susquehanna Hlth. Syst.), Ser. A, 5 3/4s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,305,790</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Montgomery Cnty., Indl. Auth. Resource Recvy. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Whitemarsh Cont. Care), 6 1/4s, 2/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,120,053</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Northampton Cnty., Hosp. Auth. Mandatory Put</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (8/15/16) (Saint Luke&#8217;s Hosp.), Ser. C,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>4 1/2s, 8/15/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,644,930</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Allegheny Energy Supply Co.), 7s, 7/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,399,880</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>PA State Econ. Dev. Fin. Auth. Resource Recvy.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Colver), Ser. F, AMBAC, 5s, 12/1/15</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,650,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,699,616</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>PA State Higher Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Shippensburg U.), 6 1/4s, 10/1/43</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>561,645</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Edinboro U. Foundation), 5.8s, 7/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,137,410</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>785,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>830,734</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Indiana U.), Ser. A, 5s, 7/1/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>537,210</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Philadelphia, Auth. for Indl. Dev. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Master Charter School), 6s, 8/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>656,580</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Philadelphia, Gas Wks. Rev. Bonds, Ser. 9, 5s, 8/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,083,240</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Philadelphia, Hosp. &amp; Higher Ed. Fac. Auth. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Graduate Hlth. Syst.), 7 1/4s, 7/1/13</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,707,789</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>271</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Pittsburgh G.O. Bonds, Ser. B, 5s, 9/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,159,790</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Susquehanna, Area Regl. Arpt. Syst. Auth. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. A, 6 1/2s, 1/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,325,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,408,674</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Wilkes-Barre, Fin. Auth. Rev. Bonds (Wilkes U.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 3/1/22</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>560,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>604,352</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>30,415,416</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Puerto Rico (2.7%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 6 1/2s, 7/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,242,860</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, FGIC, 5 1/2s, 7/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,101,090</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Pub. Impt.), Ser. A, NATL, 5 1/2s, 7/1/20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,100,790</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Pub. Impt.), Ser. E, 5 3/8s, 7/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,125,130</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Hwy. &amp; Trans. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. L, AMBAC, 5 1/4s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,845,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,927,545</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Indl. Tourist Edl. Med. &amp; Env. Control</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Facs. Rev. Bonds (Cogen. Fac.-AES), 6 5/8s, 6/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,590</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, zero %, 8/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,956,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>12,454,505</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Rhode Island (0.3%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/8s, 6/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,490,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,521,901</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,521,901</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>35</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_37"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>South Carolina (0.3%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Georgetown Cnty., Env. Impt. Rev. Bonds (Intl.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Paper Co.), Ser. A, 5s, 8/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$1,135,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,135,806</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Palmetto Hlth.), Ser. C, U.S. Govt. Coll., 6s,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>8/1/20 (Prerefunded 8/1/13)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>110,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>114,556</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,250,362</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>South Dakota (0.4%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>SD Edl. Enhancement Funding Corp. SD Tobacco Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. B, 6 1/2s, 6/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,071,360</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,071,360</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Tennessee (0.6%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Johnson City, Hlth. &amp; Edl. Fac. Board Hosp. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,701,097</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Johnson City, Hlth. &amp; Edl. Facs. Board Retirement</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Fac. Rev. Bonds (Appalachian Christian Village),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 1/4s, 2/15/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,009,640</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,710,737</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Texas (11.6%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Abilene, Hlth. Fac. Dev. Corp. Rev. Bonds (Sears</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Methodist Retirement)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 7s, 11/15/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>CCC/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>392,718</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 7/8s, 11/15/18</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>CCC/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>660,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>432,993</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 7/8s, 11/15/18</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>CCC/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>15,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,841</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Abilene, Hlth. Fac. Dev. Corp. Retirement Fac. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Sears Methodist Retirement), 6s, 11/15/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>CCC/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,124,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>736,153</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Brazos River, Auth. Poll. Control Rev. Bonds (TXU</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Energy Co., LLC), 5s, 3/1/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ca</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>139,335</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Put Bonds (5/1/18) (Dow Chemical), 5.9s, 5/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,498,012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Gulf Coast, Waste Disp. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6.1s, 8/1/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>451,742</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Texas Med. Ctr.), Ser. B-1, 0.23s, 9/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,090,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,090,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Houston, Arpt. Syst. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Continental Airlines, Inc.), Ser. E, 7s, 7/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>502,360</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Continental Airlines, Inc.), Ser. E, 6 3/4s, 7/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,014,880</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Special Fac. &#8212; Continental Airlines, Inc.), Ser. E,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 3/4s, 7/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,607,072</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Continental Airlines, Inc.), Ser. C, 5.7s, 7/15/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>6,185,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,202,009</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 7/1/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,724,670</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>La Vernia, Higher Ed. Fin. Corp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Kipp, Inc.), Ser. A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 3/8s, 8/15/44</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,272,040</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 8/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,975,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,279,466</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Love Field, Arpt. Modernization Corp. Special</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Fac. Rev. Bonds (Southwest Airlines Co.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 11/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,796,625</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Matagorda Cnty., Poll. Control Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Cent Pwr. &amp; Light Co.), Ser. A, 6.3s, 11/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,168,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,330,338</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Newark, Cultural Ed. Facs. Fin. Corp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(AW Brown-Fellowship Leadership Academy),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6s, 8/15/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>670,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>704,391</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



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   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>36</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

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   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Texas </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>North Texas Edl. Fin. Co. Rev. Bonds (Uplift Edl.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 1/4s, 12/1/47</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$2,134,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>North TX, Tollway Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6s, 1/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,170,920</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,931,580</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 10/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>597,030</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tarrant Cnty., Cultural Ed. Fac. Fin. Corp.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Retirement Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Sr. Living Ctr.), Ser. A, 8 1/4s, 11/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,514,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Buckner Retirement Svcs., Inc.), 5 1/4s, 11/15/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,989,547</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Air Force Village), 5 1/8s, 5/15/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,193,868</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>TX Muni. Gas Acquisition &amp; Supply Corp. I Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 1/4s, 12/15/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,287,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>TX Private Activity Surface Trans. Corp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(NTE Mobility), 7 1/2s, 12/31/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,540,140</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(LBJ Infrastructure), 7s, 6/30/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,854,255</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>TX State Dept. of Hsg. &amp; Cmnty. Affairs Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll.,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6.9s, 7/2/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>471,299</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>54,038,904</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Utah (0.7%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Murray City, Hosp. VRDN (IHC Hlth. Svcs., Inc.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 0.23s, 5/15/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,155,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,155,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,155,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Vermont (&#8212;%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>VT Hsg. Fin. Agcy. Rev. Bonds (Single Fam.), Ser. 23,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>AGM, 5s, 5/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>10,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,139</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>10,139</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Virginia (2.3%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Albemarle Cnty., Indl. Dev. Auth. Res. Care Fac.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Westminster-Canterbury), 5s, 1/1/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>623,196</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Chesapeake, Toll Rd. Rev. Bonds (Sr. Trans. Syst.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 7/15/27 </FONT><FONT size=1 face=sans-serif><FONT lang=EN-US size=1 face="arial narrow">&#8710;</FONT></FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>337,761</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Henrico Cnty., Econ. Dev. Auth. Res. Care Fac.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Westminster-Canterbury), 5s, 10/1/22</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,031,420</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(United Methodist Homes), 5s, 6/1/22</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>625,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>687,856</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>James Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Williamsburg), Ser. A, 6 1/8s, 3/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,503,165</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lynchburg, Indl. Dev. Auth. Res. Care Fac. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Westminster-Canterbury)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 7/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,292,888</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>4 7/8s, 7/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,054,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>VA ST Small Bus. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Elizabeth River Crossings OPCO, LLC), 6s, 1/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,032,066</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Express Lanes, LLC), 5s, 7/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>952,101</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Washington Cnty., Indl. Dev. Auth. Hosp. Fac.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Mountain States Hlth. Alliance),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 7 3/4s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,128,961</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>10,644,014</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>37</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_39"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Washington (3.3%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>WA State G.O. Bonds (Sr. 520 Corridor-Motor</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Vehicle Tax), Ser. C, 5s, 6/1/28 </FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$5,998,071</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Port Seattle, Port Indl. Dev. Corp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Delta Airlines, Inc.), 5s, 4/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>302,652</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Skagit Cnty., Pub. Hosp. Rev. Bonds (Dist. No. 001),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 12/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,730,675</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tobacco Settlement Auth. of WA Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 5/8s, 6/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,385,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,481,616</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 6/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>455,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>474,797</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>WA State Higher Ed. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Whitworth U.), 5 5/8s, 10/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>437,604</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>WA State Hlth. Care Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(WA Hlth. Svcs.), 7s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,161,040</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Kadlec Med. Ctr.), 5 1/2s, 12/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,626,945</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>15,213,400</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>West Virginia (0.2%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>WV State Hosp. Fin. Auth. Rev. Bonds (Thomas</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Hlth. Syst.), 6 3/4s, 10/1/43</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>735,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>770,978</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>770,978</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Wisconsin (0.7%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Group), 5 1/4s, 7/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>374,315</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(St. Johns Cmntys. Inc.), Ser. A, 7 5/8s, 9/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,338,646</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Prohealth Care, Inc.), 6 5/8s, 2/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,481,512</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,194,473</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left></TD>

   <TD width="17%" noWrap align=left></TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Total municipal bonds and notes (cost $539,063,290)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$588,476,348</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>PREFERRED STOCKS (1.1%)*</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left>

   <HR SIZE=1 noShade>

&nbsp;<B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MuniMae Tax Exempt Bond Subsidiary, LLC 144A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A-3, $7.50</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$2,001,040</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MuniMae Tax Exempt Bond Subsidiary, LLC 144A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 7.50% cum. pfd.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,197,423</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,198,862</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Total preferred stocks (cost $5,197,423)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$5,199,902</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>COMMON STOCKS (&#8212;%)*</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tembec, Inc. (Canada) &#8224;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,750</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$3,960</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Total common stocks (cost $1,273,944)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$3,960</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>TOTAL INVESTMENTS</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Total investments (cost $545,534,657)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$593,680,210</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif>Notes to the fund&#8217;s portfolio</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Unless noted otherwise, the notes to the fund&#8217;s portfolio are for the close of the fund&#8217;s reporting period, which ran from November 1, 2011 through October 31, 2012 (the reporting period). Within the following notes to the portfolio, references to &#8220;ASC 820&#8221; represent Accounting Standards Codification ASC 820 </FONT><I><FONT size=1 face=sans-serif>Fair Value Measurements and&nbsp;Disclosures.</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Percentages indicated are based on net assets of $466,728,330.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>38</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_40"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>** The Moody&#8217;s, Standard &amp; Poor&#8217;s or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Putnam are indicated by &#8220;/P.&#8221; Securities rated by Fitch are indicated by &#8220;/F.&#8221; The rating of an insured security represents what is believed to be the most recent rating of the insurer&#8217;s claims-paying ability available at the close of the reporting period, if higher than the rating of the direct issuer of the bond, and does not reflect any subsequent changes. Ratings are not covered by the Report of Independent Registered Public Accounting Firm.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224; Non-income-producing security.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif><FONT lang=EN-US size=1 face="arial narrow">&#8710;</FONT> </FONT><FONT size=1 face=sans-serif>Forward commitment, in part or in entirety (Note 1).</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>T </FONT></SUP></B><FONT size=1 face=sans-serif>Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At the close of the reporting period, the fund maintained liquid assets totaling $13,587,075 to cover certain tender option bonds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Debt obligations are considered secured unless otherwise indicated.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The rates shown on Mandatory Put Bonds are the current interest rates at the close of the reporting period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The dates shown parenthetically on Mandatory Put Bonds represent the next mandatory put dates.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The dates shown on debt obligations are the original maturity dates.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="85%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Health care</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=1 face=sans-serif>44.3%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Utilities</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=1 face=sans-serif>19.2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Transportation</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=1 face=sans-serif>14.1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>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&#8217;s investments. The three levels are defined as&nbsp;follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Level 1: Valuations based on quoted prices for identical securities in active markets.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The following is a summary of the inputs used to value the fund&#8217;s net assets as of the close of the reporting period:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%" colSpan=2></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 60px" width="38%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Valuation inputs</FONT></B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Investments in securities:</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 1</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 2</FONT></B>&nbsp;</TD>

   <TD width="25%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Level 3</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Common stocks:</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" colSpan=2 noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Basic materials</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$3,960</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Total common stocks</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>3,960</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="25%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="25%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Municipal bonds and notes</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$588,476,348</FONT>&nbsp;</TD>

   <TD width="25%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Preferred stocks</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>5,199,902</FONT>&nbsp;</TD>

   <TD width="25%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Totals by level</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$3,960</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$593,676,250</FONT></B>&nbsp;</TD>

   <TD width="25%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>$&#8212;</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>39</FONT></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_41"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of assets and liabilities </FONT></B><FONT size=2 face=sans-serif>10/31/12</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>ASSETS</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Investment in securities, at value (Note 1):</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Unaffiliated issuers (identified cost $545,534,657)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$593,680,210</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Cash</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>59,185</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Interest and other receivables</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>9,516,168</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Receivable for investments sold</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Receivable for sales of delayed delivery securities (Note 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>331,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total assets</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>604,086,563</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>LIABILITIES</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions payable to preferred shareholders (Note 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>4,769</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Preferred share remarketing agent fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>91,596</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions payable to shareholders</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>2,241,913</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for purchases of delayed delivery securities (Note 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>336,621</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for compensation of Manager (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>830,159</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for investor servicing fees (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>19,354</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for custodian fees (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>4,833</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for Trustee compensation and expenses (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>162,636</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for administrative services (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>909</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for floating rate notes issued (Note 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>10,056,688</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Other accrued expenses</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>108,755</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total liabilities</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>13,858,233</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Series A remarketed preferred shares: (245 shares</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>authorized and issued at $100,000 per share) (Note 4)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>24,500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Series C remarketed preferred shares: (1,980 shares</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>authorized and issued at $50,000 per share) (Note 4)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>99,000,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net assets</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$466,728,330</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>REPRESENTED BY</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Paid-in capital &#8212; common shares (Unlimited shares authorized) (Notes 1 and 5)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$459,313,365</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions in excess of net investment income (Note 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(1,148,179)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Accumulated net realized loss on investments</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(39,582,409)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation of investments</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>48,145,553</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total &#8212; Representing net assets applicable to common shares outstanding</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$466,728,330</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>COMPUTATION OF NET ASSET VALUE</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value per common share </FONT></B><FONT size=1 face=sans-serif>($466,728,330 divided by 57,627,845 shares)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$8.10</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>40</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_42"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of operations </FONT></B><FONT size=2 face=sans-serif>Year ended 10/31/12</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>INTEREST INCOME</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$31,723,692</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>EXPENSES</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Compensation of Manager (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$3,149,331</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Investor servicing fees (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>224,508</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Custodian fees (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>11,138</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Trustee compensation and expenses (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>39,610</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Administrative services (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>13,697</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Interest and fee expense (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>67,538</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Preferred share remarketing agent fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>188,341</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Other</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>348,930</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total expenses</FONT></B>&nbsp; </TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>4,043,093</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Expense reduction (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(1,091)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net expenses</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>4,042,002</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net investment income</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>27,681,690</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Net realized loss on investments (Notes 1 and 3)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(3,195,255)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation of investments during the year</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>44,600,253</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net gain on investments</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>41,404,998</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$69,086,688</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>DISTRIBUTIONS TO SERIES A AND C REMARKETED PREFERRED SHAREHOLDERS (NOTE 1):</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>From ordinary income</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Taxable net investment income</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(1,401)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>From tax exempt net investment income</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(187,662)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>(applicable to common shareholders)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$68,897,625</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>41</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_43"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of changes in net assets</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>INCREASE (DECREASE) IN NET ASSETS</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Year ended 10/31/12</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Year ended 10/31/11</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Operations:</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Net investment income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$27,681,690</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$29,242,868</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Net realized loss on investments</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(3,195,255)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(4,842,454)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation (depreciation) of investments</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44,600,253</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(8,169,592)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>69,086,688</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>16,230,822</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>DISTRIBUTIONS TO SERIES A AND C REMARKETED PREFERRED SHAREHOLDERS (NOTE 1):</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>From ordinary income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Taxable net investment income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(1,401)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(346)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>From tax exempt net investment income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(187,662)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(237,674)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>(applicable to common shareholders)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>68,897,625</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>15,992,802</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>DISTRIBUTIONS TO COMMON SHAREHOLDERS (NOTE 1):</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>From ordinary income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Taxable net investment income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(168,479)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(30,748)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>From tax exempt net investment income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(26,996,651)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(30,288,181)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Increase from issuance of common shares in connection with</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>reinvestment of distributions</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,075,030</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>852,863</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Total increase (decrease) in net assets</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>42,807,525</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>(13,473,264)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>NET ASSETS</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Beginning of year</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>423,920,805</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>437,394,069</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>End of year </FONT></B><FONT size=1 face=sans-serif>(including distributions in excess of net investment</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>income of $1,148,179 and $1,108,566, respectively)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$466,728,330</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$423,920,805</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>NUMBER OF FUND SHARES</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Common shares outstanding at beginning of year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>57,489,218</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>57,371,319</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Shares issued in connection with dividend reinvestment plan</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>138,627</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>117,899</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Common shares outstanding at end of year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>57,627,845</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>57,489,218</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Remarketed preferred shares outstanding at beginning</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>and end of year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>2,225</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>2,225</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>42</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_44"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Financial highlights </FONT></B><FONT size=2 face=sans-serif>(For a common share outstanding throughout the period)</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="34%"></TD>

   <TD width="13%" align=right></TD>

   <TD width="13%" align=right></TD>

   <TD width="13%" align=right></TD>

   <TD width="13%" align=right></TD>

   <TD width="13%" align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>PER-SHARE OPERATING PERFORMANCE</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=center><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD style="TEXT-INDENT: 60px" width="13%" noWrap align=center><B><FONT size=1 face=sans-serif>Year ended</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=center>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="34%"></TD>

   <TD width="65%" colSpan=5 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>10/31/12</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>10/31/11</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>10/31/10</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>10/31/09</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>10/31/08</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=6 noWrap align=right><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, beginning of period</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$7.37</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$7.62</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$7.17</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$6.23</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$8.04</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><I><FONT size=1 face=sans-serif>Investment operations:</FONT></I>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><FONT size=1 face=sans-serif>Net investment income</FONT><B><SUP><FONT size=1 face=sans-serif>a</FONT></SUP></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>.48</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>.51</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>.52</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>.50</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>.56</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><FONT size=1 face=sans-serif>Net realized and unrealized</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><FONT size=1 face=sans-serif>gain (loss) on investments</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>.72</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>(.23)</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>.46</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>.92</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>(1.84)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>Total from investment operations</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>1.20</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>.28</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>.98</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>1.42</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.28)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><I><FONT size=1 face=sans-serif>Distributions to preferred shareholders:</FONT></I>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><FONT size=1 face=sans-serif>From net investment income</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>&#8212; </FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>&#8212; </FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>(.01)</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>(.02)</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>(.12)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>Total from investment operations</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>(applicable to common shareholders)</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>1.20</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>.28</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>.97</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>1.40</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.40)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><I><FONT size=1 face=sans-serif>Distributions to common shareholders:</FONT></I>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><FONT size=1 face=sans-serif>From net investment income</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>(.47)</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>(.53)</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>(.52)</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>(.46)</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>(.42)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>Total distributions</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>(.47)</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>(.53)</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>(.52)</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>(.46)</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>(.42)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>Increase from shares repurchased</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>.01</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, end of period</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$8.10</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$7.37</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$7.62</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$7.17</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$6.23</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>Market price, end of period</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$8.37</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$7.50</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$7.73</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$6.59</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$5.70</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>Total return at market price (%)</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B><B><SUP><FONT size=1 face=sans-serif>b</FONT></SUP></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>18.52</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>4.47</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>25.94</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>24.96</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>(15.69)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>RATIOS AND SUPPLEMENTAL DATA</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=6 noWrap align=right><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>Net assets, end of period</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares) (in thousands)</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$466,728</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$423,921</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$437,394</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$410,733</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>$356,857</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><FONT size=1 face=sans-serif>Ratio of expenses to average</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><FONT size=1 face=sans-serif>net assets (excluding interest</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><FONT size=1 face=sans-serif>expense) (%)</FONT><B><SUP><FONT size=1 face=sans-serif>c,d</FONT></SUP></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>.88</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>1.02</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>.92</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>.98</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>1.24</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><FONT size=1 face=sans-serif>Ratio of expenses to average</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><FONT size=1 face=sans-serif>net assets (including interest</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><FONT size=1 face=sans-serif>expense) (%)</FONT><B><SUP><FONT size=1 face=sans-serif>c,d</FONT></SUP></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>.89 </FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>1.03 </FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>.94 </FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>1.03 </FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>1.28 </FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><FONT size=1 face=sans-serif>Ratio of net investment income</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD>

   <TD width="13%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><FONT size=1 face=sans-serif>to average net assets (%)</FONT><B><SUP><FONT size=1 face=sans-serif>c</FONT></SUP></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>6.12</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>7.04</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>7.03</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>7.66</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>5.87</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="34%" noWrap align=left><FONT size=1 face=sans-serif>Portfolio turnover (%)</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>15</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>17</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>17</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>25</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>41</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6 align=right>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><SUP><FONT size=1 face=sans-serif></FONT></SUP></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><SUP><FONT size=1 face=sans-serif>a </FONT></SUP></B><FONT size=1 face=sans-serif>Per share net investment income has been determined on the basis of the weighted average number of shares outstanding during the period.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>b </FONT></SUP></B><FONT size=1 face=sans-serif>Total return assumes dividend reinvestment.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>c </FONT></SUP></B><FONT size=1 face=sans-serif>Ratios reflect net assets available to common shares only; net investment income ratio also reflects reduction for dividend payments to preferred shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>d </FONT></SUP></B><FONT size=1 face=sans-serif>Includes amounts paid through expense offset arrangements (Note 2).</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>e </FONT></SUP></B><FONT size=1 face=sans-serif>Amount represents less than $0.01 per share.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>f </FONT></SUP></B><FONT size=1 face=sans-serif>Includes interest and fee expense associated with borrowings which amounted to 0.02%, 0.01%, 0.02% and 0.05% of the average net assets for the periods ended October 31, 2012, October 31, 2011, October 31, 2010 and October 31, 2009, respectively (Note 1).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

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<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>43</FONT></FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Notes to financial statements </FONT></B><FONT size=2 face=sans-serif>10/31/12</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Within the following Notes to financial statements, references to &#8220;State Street&#8221; represent State Street Bank and Trust Company, references to &#8220;the SEC&#8221; represent the Securities and Exchange Commission and references to &#8220;Putnam Management&#8221; represent Putnam Investment Management, LLC, the fund&#8217;s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. Unless otherwise noted, the &#8220;reporting period&#8221; represents the period from November 1, 2011 through October 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Putnam Managed Municipal Income Trust (the fund) is a Massachusetts business trust, which is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company. The investment objective of the fund is to seek a high level of current income exempt from federal income tax. The fund intends to achieve its objective by investing in a diversified portfolio of tax-exempt municipal securities which Putnam Management believes does not involve undue risk to income or principal. Up to 60% of the fund&#8217;s assets may consist of high-yield tax-exempt municipal securities that are below investment grade and involve special risk considerations. The fund also uses leverage by issuing preferred shares in an effort to increase the income to the common shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund&#8217;s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund&#8217;s management team expects the risk of material loss to be remote.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 1: Significant accounting policies</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Security valuation </FONT></B><FONT size=1 face=sans-serif>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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Security transactions and related investment income </FONT></B><FONT size=1 face=sans-serif>Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis. Interest income is recorded on the accrual basis. All premiums/discounts are amortized/accreted on a yield-to-maturity basis. The premium in excess of the call price, if any, is amortized to the call date; thereafter, any remaining premium is amortized to maturity. Securities purchased or sold on a delayed delivery basis may be settled a month or more after the trade date; interest income is accrued based on the terms of the securities. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Tender option bond transactions </FONT></B><FONT size=1 face=sans-serif>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 to third parties and allowing the fund to retain the residual interest in the TOB trust&#8217;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</FONT></P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>44</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>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&#8217;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&#8217;s investments with a value of $23,643,762 were held by the TOB trust and served as collateral for $10,056,688 in floating-rate bonds outstanding. For the reporting period ended, the fund incurred interest expense of $15,314 for these investments based on an average interest rate of 0.17%.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Federal taxes </FONT></B><FONT size=1 face=sans-serif>It is the policy of the fund to distribute all of its income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund is subject to the provisions of Accounting Standards Codification ASC 740 </FONT><I><FONT size=1 face=sans-serif>Income Taxes </FONT></I><FONT size=1 face=sans-serif>(ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund&#8217;s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At October 31, 2012, the fund had a capital loss carryover of $39,479,488 available to the extent allowed by the Code to offset future net capital gain, if any. The amounts of the carryovers and the expiration dates are:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=4 noWrap align=center><B><FONT size=1 face=sans-serif>Loss carryover</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Short-term</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Long-term</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Expiration</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$2,939,585</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$2,939,585</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>*</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>574,057</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>574,057</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>October 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>3,275,525</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>3,275,525</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>October 31, 2014</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>954,441</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>954,441</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>October 31, 2015</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>11,265,981</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>11,265,981</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>October 31, 2016</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>12,490,924</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>12,490,924</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>October 31, 2017</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>3,146,619</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>3,146,619</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>October 31, 2018</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>4,832,356</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>4,832,356</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>October 31, 2019</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>* Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Distributions to shareholders </FONT></B><FONT size=1 face=sans-serif>Distributions to common and preferred shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. Dividends on remarketed preferred shares become payable when, as and if declared by the Trustees. Each dividend period for the remarketed preferred shares Series A is generally a 28 day period. The applicable dividend rate for the remarketed preferred shares Series A on October 31, 2012 was 0.176%. Each dividend period for the remarketed preferred shares Series C is generally a 7 day period. The applicable dividend rate for the remarketed preferred shares Series C on October 31, 2012 was 0.176%.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>During the reporting period, the fund has experienced unsuccessful remarketings of its remarketed preferred shares. As a result, dividends to the remarketed preferred shares have been paid at the &#8220;maximum dividend rate,&#8221; pursuant to the fund&#8217;s by-laws, which, based on the current credit quality of the remarketed preferred shares, equals 110% of the 60-day &#8220;AA&#8221; composite commercial paper rate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. These differences include temporary and/or permanent differences of the expiration of capital loss carryovers, dividends payable, defaulted bond interest, market discount, and straddle loss deferrals. Reclassifications are made to the fund&#8217;s capital accounts</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>45</FONT></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_47"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations. For the reporting period ended, the fund reclassified $367,110 to increase distributions in excess of net investment income, $12,656,385 to decrease paid-in-capital and $13,023,495 to decrease accumulated net realized losses.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The tax basis components of distributable earnings and the federal tax cost as of the close of the reporting period were as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Unrealized appreciation</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$58,079,604</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Unrealized depreciation</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(9,919,532)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>48,160,072</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Undistributed tax-exempt income</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>1,537,296</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Undistributed ordinary income</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>19,310</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Capital loss carryforward</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(39,479,488)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Cost for federal income tax purposes</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$545,520,138</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif>Determination of net asset value </FONT></B><FONT size=1 face=sans-serif>Net asset value of the common shares is determined by dividing the value of all assets of the fund, less all liabilities and the liquidation preference (redemption value of preferred shares, plus accumulated and unpaid dividends) of any outstanding remarketed preferred shares, by the total number of common shares outstanding as of period end.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 2: Management fee, administrative services and other transactions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund pays Putnam Management for management and investment advisory services quarterly based on the average net assets of the fund, including assets attributable to preferred shares. Such fee is based on the following annual rates based on the average weekly net assets attributable to common and preferred shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The lesser of (i) 0.55% of average weekly net assets attributable to common and preferred shares outstanding, or (ii) the following rates:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="22%"></TD>

   <TD width="24%"></TD>

   <TD width="8%"></TD>

   <TD width="22%"></TD>

   <TD width="23%"></TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left><FONT size=1 face=sans-serif>0.65%</FONT>&nbsp;</TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=sans-serif>of the first $500 million of average weekly</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="22%" noWrap align=left><FONT size=1 face=sans-serif>0.425%</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>of the next $5 billion of average weekly</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="45%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left><FONT size=1 face=sans-serif>0.55%</FONT>&nbsp;</TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=sans-serif>of the next $500 million of average weekly</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="22%" noWrap align=left><FONT size=1 face=sans-serif>0.405%</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>of the next $5 billion of average weekly</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="45%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left><FONT size=1 face=sans-serif>0.50%</FONT>&nbsp;</TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=sans-serif>of the next $500 million of average weekly</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="22%" noWrap align=left><FONT size=1 face=sans-serif>0.39%</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>of the next $5 billion of average weekly</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>net assets, and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="45%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left><FONT size=1 face=sans-serif>0.45%</FONT>&nbsp;</TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=sans-serif>of the next $5 billion of average weekly</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="22%" noWrap align=left><FONT size=1 face=sans-serif>0.38%</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>of any excess thereafter.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="22%" noWrap align=left>&nbsp;</TD>

   <TD width="24%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="45%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="22%" noWrap align=left></TD>

   <TD width="23%" noWrap align=left></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>Putnam Investments Limited (PIL), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. Putnam Management pays a quarterly sub-management fee to PIL for its services at an annual rate of 0.40% of the average net assets of the portion of the fund managed by PIL.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>If dividends payable on remarketed preferred shares during any dividend payment period plus any expenses attributable to remarketed preferred shares for that period exceed the fund&#8217;s gross income attributable to the proceeds of the remarketed preferred shares during that period, then the fee payable to Putnam Management for that period will be reduced by the amount of the excess (but not more than the effective management fee rate under the contracts multiplied by the liquidation preference of the remarketed preferred shares outstanding during the period).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Custodial functions for the fund&#8217;s assets are provided by State Street. Custody fees are based on the fund&#8217;s asset level, the number of its security holdings and transaction volumes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Putnam Investor Services, Inc., an affiliate of Putnam Management, provided investor servicing agent functions to the fund. Putnam Investor Services, Inc. was paid a monthly fee for investor servicing at an annual rate of 0.05% of the fund&#8217;s average net assets. The amounts incurred for investor servicing agent functions during the reporting period are included in Investor servicing fees in the Statement of operations.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>46</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_48"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc. and State Street&#8217;s fees are reduced by credits allowed on cash balances. For the reporting period, the fund&#8217;s expenses were reduced by $1,091 under the expense offset arrangements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Each independent Trustee of the fund receives an annual Trustee fee, of which $364, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee&#8217;s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee&#8217;s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 3: Purchases and sales of securities</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>During the reporting period, cost of purchases and proceeds from sales of investment securities other than short-term investments aggregated $93,876,863 and $86,053,086, respectively. There were no purchases or proceeds from sales of long-term U.S. government securities.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 4: Preferred shares</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The Series A (245) and Series C (1,980) Remarketed preferred shares are redeemable at the option of the fund on any dividend payment date at a redemption price of $100,000 per Series A Remarketed preferred share and at $50,000 per Series C Remarketed preferred share, plus an amount equal to any dividends accumulated on a daily basis but unpaid through the redemption date (whether or not such dividends have been declared) and, in certain circumstances, a call premium.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>It is anticipated that dividends paid to holders of remarketed preferred shares will be considered tax-exempt dividends under the Internal Revenue Code of 1986. To the extent that the fund earns taxable income and capital gains by the conclusion of a fiscal year, it may be required to apportion to the holders of the remarketed preferred shares throughout that year additional dividends as necessary to result in an after-tax equivalent to the applicable dividend rate for the period. Total additional dividends for the reporting period were $492.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Under the Investment Company Act of 1940, the fund is required to maintain asset coverage of at least 200% with respect to the remarketed preferred shares. Additionally, the fund&#8217;s bylaws impose more stringent asset coverage requirements and restrictions relating to the rating of the remarketed preferred shares by the shares&#8217; rating agencies. Should these requirements not be met, or should dividends accrued on the remarketed preferred shares not be paid, the fund may be restricted in its ability to declare dividends to common shareholders or may be required to redeem certain of the remarketed preferred shares. At period end, no such restrictions have been placed on the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 5: Shares repurchased</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In September 2012, the Trustees approved the renewal of the repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 12-month period ending October 7, 2013 (based on shares outstanding as of October 7, 2012). Prior to this renewal, the Trustees had approved a repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 12-month period ending October 7, 2012 (based on shares outstanding as of October 7, 2011). Repurchases are made when the fund&#8217;s shares are trading at less than net asset value and in accordance with procedures approved by the fund&#8217;s Trustees. For the reporting period, the fund did not repurchase any of its outstanding common shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At the close of the reporting period, Putnam Investments, LLC owned approximately 646 shares of the fund (0.001% of the fund&#8217;s shares outstanding), valued at $5,233 based on net asset value.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>47</FONT></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_49"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 6: Summary of derivative activity</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>As of the close of the reporting period, the fund did not hold any derivative instruments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The following is a summary of realized and change in unrealized gains or losses of derivative instruments on the Statement of operations for the reporting period (see Note 1):</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Derivatives not accounted for as hedging</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>instruments under ASC 815</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Warrants</FONT></B><FONT size=1 face=sans-serif>*</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Equity contracts</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$(154,422)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$(154,422)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$(154,422)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$(154,422)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif>Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) on investments</FONT></B></P>

<P style="MARGIN: 0px"><STRONG><FONT size=1 face=Arial></FONT></STRONG>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Derivatives not accounted for as hedging</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>instruments under ASC 815</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Warrants</FONT></B><FONT size=1 face=sans-serif>*</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Equity contracts</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$154,363</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$154,363</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$154,363</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$154,363</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>* For the reporting period, the transaction volume for warrants was minimal.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 7: Share ownership</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At period end, to the fund&#8217;s knowledge, a shareholder owned of record, beneficially, or on behalf of other accounts 15.9% of the fund&#8217;s outstanding common shares.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 8: Market, credit and other risks</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 9: New accounting pronouncements</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In December 2011, the FASB issued ASU No. 2011&#8211;11 </FONT><I><FONT size=1 face=sans-serif>&#8220;Disclosures about Offsetting Assets and Liabilities&#8221;</FONT></I><FONT size=1 face=sans-serif>. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. Putnam Management is currently evaluating the application of ASU 2011&#8211;11 and its impact, if any, on the fund&#8217;s financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Federal tax information (Unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The fund has designated 99.4% of dividends paid from net investment income during the reporting period as tax exempt for Federal income tax purposes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Form 1099 that will be mailed to you in January 2013 will show the tax status of all distributions paid to your account in calendar 2012.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>48</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Shareholder meeting results (Unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>September 20, 2012 annual meeting</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At the meeting, the proposal to fix the number of Trustees at 13 was approved as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="49%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><B><FONT size=1 face=sans-serif>Votes for</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Votes against</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Abstentions</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>50,428,656</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>1,746,205</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>839,417</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>Additionally each of the nominees for Trustees was elected, as follows:</FONT></P>

<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="49%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Votes for</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Votes withheld</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>50,793,836</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>2,220,451</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>51,077,691</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>1,936,596</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>50,870,718</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>2,143,569</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>50,652,339</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>2,361,948</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>50,795,869</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>2,218,418</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>50,839,383</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>2,174,904</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>50,771,684</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>2,242,604</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>50,975,458</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>2,038,829</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>50,888,914</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>2,125,373</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>51,131,967</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>1,882,320</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>50,908,629</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>2,105,659</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>A quorum was not present with respect to the matter of electing two Trustees to be voted on by the preferred shareholders voting as a separate class. As a result, in accordance with the fund&#8217;s Declaration of Trust and Bylaws, independent fund Trustees John A. Hill and Robert E. Patterson remain in office and continue to serve as Trustees. On October 4, 2012, Liaquat Ahamed and Katinka Domotorffy were elected as Trustees of the fund by vote of the Board of Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>All tabulations are rounded to the nearest whole number.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>49</FONT></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>About the Trustees</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Independent Trustees</FONT></B></P>

<P align=left>
<IMG border=0 src="managedmuniincx51x1.jpg"> </P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>50</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<!--$$/page=--><A name="page_52"></A><BR>

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<IMG border=0 src="managedmuniincx52x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Mr. Reynolds is an &#8220;interested person&#8221; (as defined in the Investment Company Act of 1940) of the fund, Putnam Management, and Putnam Retail Management. He is President and Chief Executive Officer of Putnam Investments, as well as the President of your fund and each of the other Putnam funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The address of each Trustee is One Post Office Square, Boston, MA 02109.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>As of October 31, 2012, there were 109 Putnam funds. All Trustees serve as Trustees of all Putnam funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Each Trustee serves for an indefinite term, until his or her resignation, retirement at age 75, removal, or death.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>51</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<A name="page_53"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Officers</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In addition to Robert L. Reynolds, the other officers of the fund are shown below:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Jonathan S. Horwitz </FONT></B><I><FONT size=2 face=sans-serif>(Born 1955)</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Janet C. Smith </FONT></B><I><FONT size=2 face=sans-serif>(Born 1965)</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Executive Vice President, Principal Executive</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Vice President, Principal Accounting Officer,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Officer, and Compliance Liaison</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>and Assistant Treasurer</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2004</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2007</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Director of Fund Administration Services,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Steven D. Krichmar </FONT></B><I><FONT size=2 face=sans-serif>(Born 1958)</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Investments and Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Vice President and Principal Financial Officer</FONT></FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2002</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Susan G. Malloy </FONT></B><I><FONT size=2 face=sans-serif>(Born 1957)</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Chief of Operations, Putnam Investments and</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Vice President and Assistant Treasurer</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Management</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2007</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Director of Accounting &amp; Control Services,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Robert T. Burns </FONT></B><I><FONT size=2 face=sans-serif>(Born 1961)</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Vice President and Chief Legal Officer</FONT></FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2011</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>James P. Pappas </FONT></B><I><FONT size=2 face=sans-serif>(Born 1953)</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>General Counsel, Putnam Investments and</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Vice President</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Management</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2004</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Director of Trustee Relations,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Robert R. Leveille </FONT></B><I><FONT size=2 face=sans-serif>(Born 1969)</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Investments and Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Vice President and Chief Compliance Officer</FONT></FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2007</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Mark C. Trenchard </FONT></B><I><FONT size=2 face=sans-serif>(Born 1962)</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Chief Compliance Officer, Putnam Investments,</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Vice President and BSA Compliance Officer</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Management, and Putnam Retail</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2002</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Management</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Director of Operational Compliance,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Investments and Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Michael J. Higgins </FONT></B><I><FONT size=2 face=sans-serif>(Born 1976)</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Retail Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Vice President and Treasurer</FONT></FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2010</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Judith Cohen </FONT></B><I><FONT size=2 face=sans-serif>(Born 1945)</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Manager of Finance, Dunkin&#8217; Brands (2008&#8211;</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Vice President, Clerk, and Associate Treasurer</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>2010); Senior Financial Analyst, Old Mutual Asset</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 1993</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Management (2007&#8211;2008); Senior Financial</FONT></FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif></FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Analyst, Putnam Investments (1999&#8211;2007)</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Nancy E. Florek </FONT></B><I><FONT size=2 face=sans-serif>(Born 1957)</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Vice President, Proxy Manager, Assistant Clerk,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>and Associate Treasurer</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Since 2000</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The principal occupations of the officers for the past five years have been with the employers as shown above although in some cases, they have held different positions with such employers. The address of each Officer is One Post Office Square, Boston, MA 02109.</FONT></P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>52</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Fund information</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Founded 75 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage over 100 funds across income, value, blend, growth, asset allocation, absolute return, and global sector categories.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Investment Manager</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Trustees</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert R. Leveille</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Investment</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Jameson A. Baxter, </FONT><I><FONT size=2 face=sans-serif>Chair</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Management, LLC</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Chief Compliance Officer</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Michael J. Higgins</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and Treasurer</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Investment Sub-Manager</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Investments Limited</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Janet C. Smith</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>57&#8211;59 St James&#8217;s Street</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President,</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>London, England SW1A 1LD</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Principal Accounting Officer,</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Elizabeth T. Kennan</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>and Assistant Treasurer</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Custodian</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>State Street Bank</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Susan G. Malloy</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>and Trust Company</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Assistant Treasurer</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Legal Counsel</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Ropes &amp; Gray LLP</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>James P. Pappas</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Officers</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Independent Registered</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Public Accounting Firm</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>President</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Mark C. Trenchard</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>KPMG LLP</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Jonathan S. Horwitz</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>BSA Compliance Officer</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Executive Vice President,</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Principal Executive Officer, and</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Judith Cohen</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Compliance Liaison</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President, Clerk, and</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Associate Treasurer</FONT></I>&nbsp;</TD></TR>

<TR>

   <TD width="33%">&nbsp;</TD>

   <TD width="33%"><FONT size=2 face=sans-serif>Steven D. Krichmar</FONT>&nbsp;</TD>

   <TD width="33%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Nancy E. Florek</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Principal Financial Officer</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President, Proxy</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Manager, Assistant Clerk, and</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert T. Burns</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Associate Treasurer</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Chief Legal Officer</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Call 1-800-225-1581 Monday through Friday between 8:00 a.m. and 8:00 p.m. Eastern Time, or visit putnam.com anytime for up-to-date information about the fund&#8217;s NAV.</FONT></B></P>

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<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 2. Code of Ethics:</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a) The Fund&#8217;s principal executive, financial and accounting officers are employees of Putnam Investment Management, LLC, the Fund's investment manager. As such they are subject to a comprehensive Code of Ethics adopted and administered by Putnam Investments which is designed to protect the interests of the firm and its clients. The Fund has adopted a Code of Ethics which incorporates the Code of Ethics of Putnam Investments with respect to all of its officers and Trustees who are employees of Putnam Investment Management, LLC. For this reason, the Fund has not adopted a separate code of ethics governing its principal executive, financial and accounting officers.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(c) </FONT><FONT face=sans-serif size=2>In May 2008, the Code of Ethics of Putnam Investment Management, LLC was updated in its entirety to include the amendments adopted in August 2007 as well as a several additional technical, administrative and non-substantive changes. In May of 2009, the Code of Ethics of Putnam Investment Management, LLC was amended to reflect that all employees will now be subject to a 90-day blackout restriction on holding Putnam open-end funds, except for portfolio managers and their supervisors (and each of their immediate family members), who will be subject to a one-year blackout restriction on the funds that they manage or supervise. In June 2010, the Code of Ethics of Putnam Investments was updated in its entirety to include the amendments adopted in May of 2009 and to change certain rules and limits contained in the Code of Ethics. In addition, the updated Code of Ethics included numerous technical, administrative and non-substantive changes, which were intended primarily to make the document easier to navigate and understand</FONT><FONT face=sans-serif size=2>. In July 2011, the Code of Ethics of Putnam Investments was updated to reflect several technical, administrative and non-substantive changes resulting from changes in employee titles.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 3. Audit Committee Financial Expert:</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>The Funds' Audit and Compliance Committee is comprised solely of Trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The Trustees believe that each of the members of the Audit and Compliance Committee also possess a combination of knowledge and experience with respect to financial accounting matters, as well as other attributes, that qualify them for service on the Committee. In addition, the Trustees have determined that each of Mr. Leibler, Mr. Hill, Mr. Darretta and Ms. Baumann qualifies as an "audit committee financial expert" (as such term has been defined by the Regulations) based on their review of his or her pertinent experience and education. The SEC has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Audit and Compliance Committee and the Board of Trustees in the absence of such designation or identification.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 4. Principal Accountant Fees and Services:</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>The following table presents fees billed in each of the last two fiscal years for services rendered to the fund by the fund&#8217;s independent auditor:</FONT></P>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Audit-</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Fiscal</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Audit</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Related</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Tax</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>All Other</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>year</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Fees</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Fees</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Fees</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>October 31, 2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$68,324</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$26,550</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$6,300</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$-</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>October 31, 2011</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$66,220</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$25,300</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$6,100</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$-</FONT>&nbsp;</TD></TR>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>For the fiscal years ended October 31, 2012 and October 31, 2011, the fund&#8217;s independent auditor billed aggregate non-audit fees in the amounts of </FONT><FONT face=sans-serif size=2>$32,850 </FONT><FONT face=sans-serif size=2>and </FONT><FONT face=sans-serif size=2>$</FONT><FONT face=sans-serif size=2>31,400 respectively, to the fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Audit Fees represent fees billed for the fund's last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Audit-Related Fees represent fees billed in the fund&#8217;s last two fiscal years for services traditionally performed by the fund&#8217;s auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Tax Fees represent fees billed in the fund&#8217;s last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Pre-Approval Policies of the Audit and Compliance Committee. The Audit and Compliance Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds&#8217; independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>The Audit and Compliance Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the funds&#8217; independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>The following table presents fees billed by the fund&#8217;s independent auditor for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.</FONT></P>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Fiscal</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Audit-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>All</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Total</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>year</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Related</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Tax</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Other</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Non-Audit</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>ended</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Fees</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Fees</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Fees</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Fees</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>October 31,</FONT><FONT size=2>&nbsp;</FONT></TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$ -</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$ -</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$ -</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$ -</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>October 31 ,</FONT><FONT size=2>&nbsp;</FONT></TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2011</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$ -</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$ -</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$ -</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>$ -</FONT>&nbsp;</TD></TR>

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<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 5. Audit Committee of Listed Registrants</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a) The fund has a separately-designated Audit and Compliance Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit and Compliance Committee of the fund's Board of Trustees is composed of the following persons:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Kenneth R. Leibler (Chairperson)</FONT><BR><FONT face=sans-serif size=2>Robert J. Darretta</FONT><BR><FONT face=sans-serif size=2>John A. Hill</FONT><BR><FONT face=sans-serif size=2>Barbara M. Baumann</FONT><BR><FONT face=sans-serif size=2>Charles B. Curtis</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) Not applicable</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 6. Schedule of Investments:</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>The registrant&#8217;s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:</FONT></U></P>

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   <TD noWrap align=center width="100%"><B><FONT face=sans-serif size=4>Proxy voting guidelines of the</FONT></B> <B><FONT face=sans-serif size=4>Putnam funds</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The proxy voting guidelines below summarize the funds&#8217; positions on various issues of concern to investors, and give a general indication of how fund portfolio securities will be voted on proposals dealing with particular issues. The funds&#8217; proxy voting service is instructed to vote all proxies relating to fund portfolio securities in accordance with these guidelines, except as otherwise instructed by the Proxy Manager, a member of the Office of the Trustees who is appointed to assist in the coordination and voting of the funds&#8217; proxies.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The proxy voting guidelines are just that &#8211; guidelines. The guidelines are not exhaustive and do not address all potential voting issues. Because the circumstances of individual companies are so varied, there may be instances when the funds do not vote in strict adherence to these guidelines. For example, the proxy voting service is expected to bring to the Proxy Manager&#8217;s attention proxy questions that are company-specific and of a non-routine nature and that, even if covered by the guidelines, may be more appropriately handled on a case-by-case basis.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Similarly, Putnam Management&#8217;s investment professionals, as part of their ongoing review and analysis of all fund portfolio holdings, are responsible for monitoring significant corporate developments, including proxy proposals submitted to shareholders, and notifying the Proxy Manager of circumstances where the interests of fund shareholders may warrant a vote contrary to these guidelines. In such instances, the investment professionals submit a written recommendation to the Proxy Manager and the person or persons designated by Putnam Management&#8217;s Legal and Compliance Department to assist in processing referral items under the funds&#8217; &#8220;Proxy Voting Procedures.&#8221; The Proxy Manager, in consultation with the funds&#8217; Executive Vice President and/or the Chair of the Board Policy and Nominating Committee, as</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>appropriate, will determine how the funds&#8217; proxies will be voted. When indicated, the Chair of the Board Policy and Nominating Committee may consult with other members of the Committee or the full Board of Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The following guidelines are grouped according to the types of proposals generally presented to shareholders. Part I deals with proposals submitted by management and approved and recommended by a company&#8217;s board of directors. Part II deals with proposals submitted by shareholders. Part III addresses unique considerations pertaining to non-U.S. issuers.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The Trustees of the Putnam funds are committed to promoting strong corporate governance practices and encouraging corporate actions that enhance shareholder value through the judicious voting of the funds&#8217; proxies. It is the funds&#8217; policy to vote their proxies at all shareholder meetings where it is practicable to do so. In furtherance of this, the funds&#8217; have requested that their securities lending agent recall each domestic issuer&#8217;s voting securities that are on loan, in advance of the record date for the issuer&#8217;s shareholder meetings, so that the funds may vote at the meetings.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The Putnam funds will disclose their proxy votes not later than August 31 of each year for the most recent 12-month period ended June 30, in accordance with the timetable established by SEC rules.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>I. BOARD-APPROVED PROPOSALS</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The vast majority of matters presented to shareholders for a vote involve proposals made by a company itself (sometimes referred to as &#8220;management proposals&#8221;), which have been approved and recommended by its board of directors. In view of the enhanced corporate governance practices currently being implemented in public companies and of the funds&#8217; intent to hold corporate boards accountable for their actions in promoting shareholder interests, the funds&#8217; proxies generally will be voted </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>the decisions reached by majority independent boards of directors, except as otherwise indicated in these guidelines. Accordingly, the funds&#8217; proxies will be voted </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>board-approved proposals, except as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><B><U><FONT face=sans-serif size=3>Matters relating to the Board of Directors</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Uncontested Election of Directors</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The funds&#8217; proxies will be voted </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>the election of a company&#8217;s nominees for the board of directors, except as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will </FONT><B><FONT face=sans-serif size=3><U>withhold votes</U> </FONT></B><FONT face=sans-serif size=3>from the entire board of directors if</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the board does not have a majority of independent directors,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the board has not established independent nominating, audit, and compensation committees,</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the board has more than </FONT><FONT face=sans-serif size=3><U>19</U> </FONT><FONT face=sans-serif size=3>members or fewer than </FONT><FONT face=sans-serif size=3><U>five</U> </FONT><FONT face=sans-serif size=3>members, absent special circumstances,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the board has not acted to implement a policy requested in a shareholder proposal that received the support of a majority of the shares of the company cast at its previous two annual meetings, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the board has adopted or renewed a shareholder rights plan (commonly referred to as a &#8220;poison pill&#8221;) without shareholder approval during the current or prior calendar year.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis withhold votes</U> </FONT></B><FONT face=sans-serif size=3>from the entire board of directors, or from particular directors as may be appropriate, if the board has approved compensation arrangements for one or more company executives that the funds determine are unreasonably excessive relative to the company&#8217;s performance or has otherwise failed to observe good corporate governance practices.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will </FONT><B><FONT face=sans-serif size=3><U>withhold votes</U> </FONT></B><FONT face=sans-serif size=3>from any nominee for director:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>who is considered an independent director by the company and who has received compensation within the last three years from the company other than for service as a director (</FONT><I><FONT face=sans-serif size=3>e.g.</FONT></I><FONT face=sans-serif size=3>, investment banking, consulting, legal, or financial advisory fees),</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>who attends less than 75% of board and committee meetings without valid reasons for the absences (</FONT><I><FONT face=sans-serif size=3>e.g.</FONT></I><FONT face=sans-serif size=3>, illness, personal emergency, etc.),</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>of a public company (Company A) who is employed as a senior executive of another company (Company B), if a director of Company B serves as a senior executive of Company A (commonly referred to as an &#8220;interlocking directorate&#8221;), or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>who serves on more than </FONT><FONT face=sans-serif size=3><U>five</U> </FONT><FONT face=sans-serif size=3>unaffiliated public company boards (for the purpose of this guideline, boards of affiliated registered investment companies will count as one board).</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>Board independence</FONT></B><FONT face=sans-serif size=3>: Unless otherwise indicated, for the purposes of determining whether a board has a majority of independent directors and independent nominating, audit, and compensation committees, an &#8220;independent director&#8221; is a director who (1) meets all requirements to serve as an independent director of a company under the NYSE Corporate Governance Rules (</FONT><I><FONT face=sans-serif size=3>e.g.</FONT></I><FONT face=sans-serif size=3>, no material business relationships with the company and no present or recent employment relationship with the company including employment of an immediate family member as an executive officer), and (2) has not within the last three years accepted directly or indirectly any consulting, advisory, or other compensatory fee from the company other than in his or her capacity as a member of the board of directors or any board committee. The funds&#8217; Trustees believe that the</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>recent (</FONT><I><FONT face=sans-serif size=3>i.e.</FONT></I><FONT face=sans-serif size=3>, within the last three years) receipt of any amount of compensation for services other than service as a director raises significant independence issues.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>Board size</FONT></B><FONT face=sans-serif size=3>: The funds&#8217; Trustees believe that the size of the board of directors can have a direct impact on the ability of the board to govern effectively. Boards that have too many members can be unwieldy and ultimately inhibit their ability to oversee management performance. Boards that have too few members can stifle innovation and lead to excessive influence by management.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>Time commitment</FONT></B><FONT face=sans-serif size=3>: Being a director of a company requires a significant time commitment to adequately prepare for and attend the company&#8217;s board and committee meetings. Directors must be able to commit the time and attention necessary to perform their fiduciary duties in proper fashion, particularly in times of crisis. The funds&#8217; Trustees are concerned about over-committed directors. In some cases, directors may serve on too many boards to make a meaningful contribution. This may be particularly true for senior executives of public companies (or other directors with substantially full-time employment) who serve on more than a few outside boards. The funds may withhold votes from such directors on a case-by-case basis where it appears that they may be unable to discharge their duties properly because of excessive commitments.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>Interlocking directorships</FONT></B><FONT face=sans-serif size=3>: The funds&#8217; Trustees believe that interlocking directorships are inconsistent with the degree of independence required for outside directors of public companies.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>Corporate governance practices</FONT></B><FONT face=sans-serif size=3>: Board independence depends not only on its members&#8217; individual relationships, but also on the board&#8217;s overall attitude toward management. Independent boards are committed to good corporate governance practices and, by providing objective independent judgment, enhancing shareholder value. The funds may withhold votes on a case-by-case basis from some or all directors who, through their lack of independence or otherwise, have failed to observe good corporate governance practices or, through specific corporate action, have demonstrated a disregard for the interests of shareholders. Such instances may include cases where a board of directors has approved compensation arrangements for one or more members of management that, in the judgment of the funds&#8217; Trustees, are excessive by reasonable corporate standards relative to the company&#8217;s record of performance. It may also represent a disregard for the interests of shareholders if a board of directors fails to register an appropriate response when a director who fails to win the support of a majority of shareholders in an election (sometimes referred to as a &#8220;rejected director&#8221;) continues to serve on the board. While the Trustees recognize that it may in some circumstances be appropriate for a rejected director to continue his or her service on the board, steps should be taken to address the concerns reflected by the shareholders&#8217; lack support for the rejected director.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Contested Elections of Directors</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>in contested elections of directors.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Classified Boards</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>proposals to classify a board, absent special circumstances indicating that shareholder interests would be better served by this structure.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>: Under a typical classified board structure, the directors are divided into three classes, with each class serving a three-year term. The classified board structure results in directors serving staggered terms, with usually only a third of the directors up for re-election at any given annual meeting. The funds&#8217; Trustees generally believe that it is appropriate for directors to stand for election each year, but recognize that, in special circumstances, shareholder interests may be better served under a classified board structure.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Other Board-Related Proposals</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The funds will generally vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals that have been approved by a majority independent board, and on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>on proposals that have been approved by a board that fails to meet the guidelines&#8217; basic independence standards (</FONT><I><FONT face=sans-serif size=3>i.e.</FONT></I><FONT face=sans-serif size=3>, majority of independent directors and independent nominating, audit, and compensation committees).</FONT></P>

<P style="TEXT-ALIGN: left"><B><U><FONT face=sans-serif size=3>Executive Compensation</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The funds generally favor compensation programs that relate executive compensation to a company&#8217;s long-term performance. The funds will vote on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>on board-approved proposals relating to executive compensation, except as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>Except where the funds are otherwise withholding votes for the entire board of directors, the funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>stock option and restricted stock plans that will result in an average </FONT><FONT face=sans-serif size=3><U>annual</U> </FONT><FONT face=sans-serif size=3>dilution of 1.67% or less (based on the disclosed term of the plan and including all equity-based plans).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>stock option and restricted stock plans that will result in an average </FONT><FONT face=sans-serif size=3><U>annual</U> </FONT><FONT face=sans-serif size=3>dilution of greater than 1.67% (based on the disclosed term of the plan and including all equity-based plans).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>any stock option or restricted stock plan where the company&#8217;s actual grants of stock options and restricted stock under all equity-based compensation plans during the prior three (3) fiscal years have resulted in an average annual dilution of greater than 1.67%.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>stock option plans that permit the replacing or repricing of underwater options (and against any proposal to authorize a replacement or repricing of underwater options).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>stock option plans that permit issuance of options with an exercise price below the stock&#8217;s current market price.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>Except where the funds are otherwise withholding votes for the entire board of directors, the funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>an employee stock purchase plan that has the following features: (1) the shares purchased under the plan are acquired for no less than 85% of their market value; (2) the offering period under the plan is 27 months or less; and (3) dilution is 10% or less.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals to approve a company&#8217;s executive compensation program (</FONT><I><FONT face=sans-serif size=3>i.e., </FONT></I><FONT face=sans-serif size=3>&#8220;say on pay&#8221; proposals in which the company&#8217;s board proposes that shareholders indicate their support for the company&#8217;s compensation philosophy, policies, and practices), except that the funds will vote on a </FONT><B><FONT face=sans-serif size=3>case-by-case basis </FONT></B><FONT face=sans-serif size=3>if the company is assigned to the lowest category, through independent third party benchmarking performed by the funds&#8217; proxy voting service, for the correlation of the company&#8217;s executive compensation program with its performance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>bonus plans under which payments are treated as performance-based compensation that is deductible under Section 162(m) of the Internal Revenue Code of 1986, as amended, except that the funds will vote on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>if any of the following circumstances exist:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>the award pool or amount per employee under the plan is unlimited, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>the plan&#8217;s performance criteria is undisclosed, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>the company is assigned to the lowest category, through independent third party benchmarking performed by the funds&#8217; proxy voting service, for the correlation of the company&#8217;s executive compensation program with its performance.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>: Companies should have compensation programs that are reasonable and that align shareholder and management interests over the longer term. Further, disclosure of compensation programs should provide absolute transparency to shareholders regarding the sources and amounts of, and the factors influencing, executive compensation. Appropriately designed equity-based compensation plans can be an effective way to align the interests of long-term shareholders with the interests of management. However, the funds may vote against these or other executive compensation proposals on a case-by-case basis where compensation is excessive by reasonable corporate standards, where a company fails to provide transparent disclosure of executive compensation, or, in some instances, where independent third-party benchmarking indicates that compensation is inadequately correlated with performance, relative to peer companies. (Examples of excessive executive compensation may include, but are not limited to, equity incentive plans that exceed the dilution criteria noted above, excessive perquisites, performance-based compensation programs that do not properly correlate reward and performance, &#8220;golden parachutes&#8221; or other severance arrangements that present conflicts between management&#8217;s interests and the interests of shareholders, and &#8220;golden coffins&#8221; or unearned death benefits.) In voting on a proposal relating to executive compensation, the funds will consider whether the proposal has been approved by an independent compensation committee of the board.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><U><FONT face=sans-serif size=3>Capitalization</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Many proxy proposals involve changes in a company&#8217;s capitalization, including the authorization of additional stock, the issuance of stock, the repurchase of outstanding stock, or the approval of a stock split. The management of a company&#8217;s capital structure involves a number of important issues, including cash flow, financing needs, and market conditions that are unique to the circumstances of the company. As a result, the funds will vote on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>on board-approved proposals involving changes to a company&#8217;s capitalization, except that where the funds are not otherwise withholding votes from the entire board of directors:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals relating to the authorization and issuance of additional common stock (except where such proposals relate to a specific transaction).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals to effect stock splits (excluding reverse stock splits).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals authorizing share repurchase programs.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>: A company may decide to authorize additional shares of common stock for reasons relating to executive compensation or for routine business purposes. For the most part, these decisions are best left to the board of directors and senior management. The funds will vote on a case-by-case basis, however, on other proposals to change a company&#8217;s capitalization, including the authorization of common stock with special voting rights, the authorization or issuance of common stock in connection with a specific transaction (</FONT><I><FONT face=sans-serif size=3>e.g.</FONT></I><FONT face=sans-serif size=3>, an acquisition, merger or reorganization), or the authorization or issuance of preferred stock. Actions such as these involve a number of considerations that may affect a shareholder&#8217;s investment and that warrant a case-by-case determination.</FONT></P>

<P style="TEXT-ALIGN: left"><B><U><FONT face=sans-serif size=3>Acquisitions, Mergers, Reincorporations, Reorganizations and Other Transactions</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Shareholders may be confronted with a number of different types of transactions, including acquisitions, mergers, reorganizations involving business combinations, liquidations, and the sale of all or substantially all of a company&#8217;s assets, which may require their consent. Voting on such proposals involves considerations unique to each transaction. As a result, the funds will vote on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>on board-approved proposals to effect these types of transactions, except as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>mergers and reorganizations involving business combinations designed solely to reincorporate a company in Delaware.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>: A company may reincorporate into another state through a merger or reorganization by setting up a &#8220;shell&#8221; company in a different state and then merging the company into the new company. While reincorporation into states with extensive and established corporate laws &#8211; notably Delaware &#8211; provides companies and shareholders with a more well-defined legal framework, shareholders must carefully consider the</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>reasons for a reincorporation into another jurisdiction, including especially an offshore jurisdiction.</FONT></P>

<P style="TEXT-ALIGN: left"><B><U><FONT face=sans-serif size=3>Anti-Takeover Measures</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Some proxy proposals involve efforts by management to make it more difficult for an outside party to take control of the company without the approval of the company&#8217;s board of directors. These include the adoption of a shareholder rights plan, requiring supermajority voting on particular issues, the adoption of fair price provisions, the issuance of blank check preferred stock, and the creation of a separate class of stock with disparate voting rights. Such proposals may adversely affect shareholder rights, lead to management entrenchment, or create conflicts of interest. As a result, the funds will vote </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>board-approved proposals to adopt such anti-takeover measures, except as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>on proposals to ratify or approve shareholder rights plans; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>on proposals to adopt fair price provisions.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>: The funds&#8217; Trustees recognize that poison pills and fair price provisions may enhance or protect shareholder value under certain circumstances. For instance, where a company has incurred significant operating losses, a shareholder rights plan may be appropriately tailored to protect shareholder value by preserving a company&#8217;s net operating losses. Thus, the funds will consider proposals to approve such matters on a case-by-case basis.</FONT></P>

<P style="TEXT-ALIGN: left"><B><U><FONT face=sans-serif size=3>Other Business Matters</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Many proxies involve approval of routine business matters, such as changing a company&#8217;s name, ratifying the appointment of auditors, and procedural matters relating to the shareholder meeting. For the most part, these routine matters do not materially affect shareholder interests and are best left to the board of directors and senior management of the company. The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>board-approved proposals approving such matters, except as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>on proposals to amend a company&#8217;s charter or bylaws (except for charter amendments necessary to effect stock splits, to change a company&#8217;s name or to authorize additional shares of common stock).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>authorization to transact other unidentified, substantive business at the meeting.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>on proposals to ratify the selection of independent auditors if there is evidence that the audit firm&#8217;s independence or the integrity of an audit is compromised.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>on other business matters where the funds are otherwise withholding votes for the entire board of directors.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>: Charter and bylaw amendments and the transaction of other unidentified, substantive business at a shareholder meeting may directly affect shareholder rights and have a significant impact on shareholder value. As a result, the funds do not view these items as routine business matters. Putnam Management&#8217;s investment professionals and the funds&#8217; proxy voting service may also bring to the Proxy Manager&#8217;s attention company-specific items that they believe to be non-routine and warranting special consideration. Under these circumstances, the funds will vote on a case-by-case basis.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The fund&#8217;s proxy voting service may identify circumstances that call into question an audit firm&#8217;s independence or the integrity of an audit. These circumstances may include recent material restatements of financials, unusual audit fees, egregious contractual relationships, and aggressive accounting policies. The funds will consider proposals to ratify the selection of auditors in these circumstances on a case-by-case basis. In all other cases, given the existence of rules that enhance the independence of audit committees and auditors by, for example, prohibiting auditors from performing a range of non-audit services for audit clients, the funds will vote for the ratification of independent auditors.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>II. SHAREHOLDER PROPOSALS</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>SEC regulations permit shareholders to submit proposals for inclusion in a company&#8217;s proxy statement. These proposals generally seek to change some aspect of the company&#8217;s corporate governance structure or to change some aspect of its business operations. The funds generally will vote </FONT><B><FONT face=sans-serif size=3><U>in accordance with the recommendation of the company&#8217;s board of directors</U> </FONT></B><FONT face=sans-serif size=3>on all shareholder proposals, except as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>on shareholder proposals requiring that the chairman&#8217;s position be filled by someone other than the chief executive officer.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>shareholder proposals asking that director nominees receive support from holders of a majority of votes cast or a majority of shares outstanding in order to be (re)elected.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>shareholder proposals to declassify a board, absent special circumstances which would indicate that shareholder interests are better served by a classified board structure.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>shareholder proposals to eliminate supermajority vote requirements in the company&#8217;s charter documents.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>shareholder proposals to require shareholder approval of shareholder rights plans.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>shareholder proposals to amend a company&#8217;s charter documents to permit shareholders to call special meetings, but only if both of the following conditions are met:</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the proposed amendment limits the right to call special meetings to shareholders holding at least 15% of the company&#8217;s outstanding shares, and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>applicable state law does not otherwise provide shareholders with the right to call special meetings.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>shareholder proposals requiring companies to make cash payments under management severance agreements only if both of the following conditions are met:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the company undergoes a change in control, and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the change in control results in the termination of employment for the person receiving the severance payment.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>on a case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>on shareholder proposals requiring companies to accelerate vesting of equity awards under management severance agreements only if both of the following conditions are met:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the company undergoes a change in control, and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the change in control results in the termination of employment for the person receiving the severance payment.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>on a case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>on shareholder proposals to limit a company&#8217;s ability to make excise tax gross-up payments under management severance agreements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>on a case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>on shareholder proposals requesting that the board adopt a policy to recoup, in the event of a significant restatement of financial results or significant extraordinary write-off, to the fullest extent practicable, for the benefit of the company, all performance-based bonuses or awards that were paid to senior executives based on the company having met or exceeded specific performance targets to the extent that the specific performance targets were not, in fact, met.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>shareholder proposals calling for the company to obtain shareholder approval for any future golden coffins or unearned death benefits (payments or awards of unearned salary or bonus, accelerated vesting or the continuation of unvested equity awards, perquisites or other payments or awards in respect of an executive following his or her death), and </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>shareholder proposals calling for the company to cease providing golden coffins or unearned death benefits.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>shareholder proposals requiring a company to report on its executive retirement benefits (</FONT><I><FONT face=sans-serif size=3>e.g.</FONT></I><FONT face=sans-serif size=3>, deferred compensation, split-dollar life insurance, SERPs and pension benefits).</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>shareholder proposals requiring a company to disclose its relationships with executive compensation consultants (</FONT><I><FONT face=sans-serif size=3>e.g.</FONT></I><FONT face=sans-serif size=3>, whether the company, the board or the compensation committee retained the consultant, the types of services provided by the consultant over the past five years, and a list of the consultant&#8217;s clients on which any of the company&#8217;s executives serve as a director).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>shareholder proposals that are consistent with the funds&#8217; proxy voting guidelines for board-approved proposals.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>on other shareholder proposals where the funds are otherwise withholding votes for the entire board of directors.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>: In light of the substantial reforms in corporate governance that are currently underway, the funds&#8217; Trustees believe that effective corporate reforms should be promoted by holding boards of directors &#8211; and in particular their independent directors &#8211; accountable for their actions, rather than by imposing additional legal restrictions on board governance through piecemeal proposals. Generally speaking, shareholder proposals relating to business operations are often motivated primarily by political or social concerns, rather than the interests of shareholders as investors in an economic enterprise. As stated above, the funds&#8217; Trustees believe that boards of directors and management are responsible for ensuring that their businesses are operating in accordance with high legal and ethical standards and should be held accountable for resulting corporate behavior. Accordingly, the funds will generally support the recommendations of boards that meet the basic independence and governance standards established in these guidelines. Where boards fail to meet these standards, the funds will generally evaluate shareholder proposals on a case-by-case basis. The funds will also consider proposals requiring that the chairman&#8217;s position be filled by someone other than the company&#8217;s chief executive officer on a case-by-case basis, recognizing that in some cases this separation may advance the company&#8217;s corporate governance while in other cases it may be less necessary to the sound governance of the company. The funds will take into account the level of independent leadership on a company&#8217;s board in evaluating these proposals.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>However, the funds generally support shareholder proposals to implement majority voting for directors, observing that majority voting is an emerging standard intended to encourage directors to be attentive to shareholders&#8217; interests. The funds also generally support shareholder proposals to declassify a board, to eliminate supermajority vote requirements, or to require shareholder approval of shareholder rights plans. The funds&#8217; Trustees believe that these shareholder proposals further the goals of reducing management entrenchment and conflicts of interest, and aligning management&#8217;s interests with shareholders&#8217; interests in evaluating proposed acquisitions of the company. The Trustees also believe that shareholder proposals to limit severance payments may further these goals in some instances. In general, the funds favor arrangements in which severance payments are made to an executive only when there is a change in control and the executive loses his or her job as a result. Arrangements in which an executive receives a payment upon a change of control even if the executive retains employment</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>introduce potential conflicts of interest and may distract management focus from the long term success of the company.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>In evaluating shareholder proposals that address severance payments, the funds distinguish between cash and equity payments. The funds generally do not favor cash payments to executives upon a change in control transaction if the executive retains employment. However, the funds recognize that accelerated vesting of equity incentives, even without termination of employment, may help to align management and shareholder interests in some instances, and will evaluate shareholder proposals addressing accelerated vesting of equity incentive payments on a case-by-case basis.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>When severance payments exceed a certain amount based on the executive&#8217;s previous compensation, the payments may be subject to an excise tax. Some compensation arrangements provide for full excise tax gross-ups, which means that the company pays the executive sufficient additional amounts to cover the cost of the excise tax. The funds are concerned that the benefits of providing full excise tax gross-ups to executives may be outweighed by the cost to the company of the gross-up payments. Accordingly, the funds will vote on a case-by-case basis on shareholder proposals to curtail excise tax gross-up payments. The funds generally favor arrangements in which severance payments do not trigger an excise tax or in which the company&#8217;s obligations with respect to gross-up payments are limited in a reasonable manner.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The funds&#8217; Trustees believe that performance-based compensation can be an effective tool for aligning management and shareholder interests. However, to fulfill its purpose, performance compensation should only be paid to executives if the performance targets are actually met. A significant restatement of financial results or a significant extraordinary write-off may reveal that executives who were previously paid performance compensation did not actually deliver the required business performance to earn that compensation. In these circumstances, it may be appropriate for the company to recoup this performance compensation. The funds will consider on a case-by-case basis shareholder proposals requesting that the board adopt a policy to recoup, in the event of a significant restatement of financial results or significant extraordinary write-off, performance-based bonuses or awards paid to senior executives based on the company having met or exceeded specific performance targets to the extent that the specific performance targets were not, in fact, met. The funds do not believe that such a policy should necessarily disadvantage a company in recruiting executives, as executives should understand that they are only entitled to performance compensation based on the actual performance they deliver.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The funds&#8217; Trustees disfavor golden coffins or unearned death benefits, and the funds will generally support shareholder proposals to restrict or terminate these practices. The Trustees will also consider whether a company&#8217;s overall compensation arrangements, taking all of the pertinent circumstances into account, constitute excessive compensation or otherwise reflect poorly on the corporate governance practices of the company. As the Trustees evaluate these matters, they will be mindful of evolving practices and legislation relevant to executive compensation and corporate governance.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The funds&#8217; Trustees also believe that shareholder proposals that are intended to increase transparency, particularly with respect to executive compensation, without establishing rigid restrictions upon a company&#8217;s ability to attract and motivate talented executives, are generally beneficial to sound corporate governance without imposing undue burdens. </FONT><FONT face=sans-serif size=3>The funds will generally support shareholder proposals calling for reasonable disclosure.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>III. VOTING SHARES OF NON-U.S. ISSUERS</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Many of the Putnam funds invest on a global basis, and, as a result, they may hold, and have an opportunity to vote, shares in non-U.S. issuers &#8211; i.e., issuers that are incorporated under the laws of foreign jurisdictions and whose shares are not listed on a U.S. securities exchange or the NASDAQ stock market.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>In many non-U.S. markets, shareholders who vote proxies of a non-U.S. issuer are not able to trade in that company&#8217;s stock on or around the shareholder meeting date. This practice is known as &#8220;share blocking.&#8221; In countries where share blocking is practiced, the funds will vote proxies only with direction from Putnam Management&#8217;s investment professionals.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>In addition, some non-U.S. markets require that a company&#8217;s shares be re-registered out of the name of the local custodian or nominee into the name of the shareholder for the shareholder to be able to vote at the meeting. This practice is known as &#8220;share re-registration.&#8221; As a result, shareholders, including the funds, are not able to trade in that company&#8217;s stock until the shares are re-registered back in the name of the local custodian or nominee following the meeting. In countries where share re-registration is practiced, the funds will generally not vote proxies.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Protection for shareholders of non-U.S. issuers may vary significantly from jurisdiction to jurisdiction. Laws governing non-U.S. issuers may, in some cases, provide substantially less protection for shareholders than do U.S. laws. As a result, the guidelines applicable to U.S. issuers, which are premised on the existence of a sound corporate governance and disclosure framework, may not be appropriate under some circumstances for non-U.S. issuers. However, the funds will vote proxies of non-U.S. issuers </FONT><B><U><FONT face=sans-serif size=3>in accordance with the guidelines applicable to U.S. issuers</FONT></U></B><FONT face=sans-serif size=3>, except as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><B><U><FONT face=sans-serif size=3>Uncontested Board Elections</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Germany</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>For companies subject to &#8220;co-determination,&#8221; the funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>the election of nominees to the supervisory board, except that the funds will vote on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>for any nominee who is either an employee of the company or who is otherwise affiliated with the company (as determined by the funds&#8217; proxy voting service).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will </FONT><B><FONT face=sans-serif size=3><U>withhold votes</U> </FONT></B><FONT face=sans-serif size=3>for the election of a former member of the company&#8217;s managerial board to chair of the supervisory board.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>: German corporate governance is characterized by a two-tier board system&#8212;a managerial board composed of the company&#8217;s executive officers, and a supervisory board. The supervisory board appoints the members of the managerial board. Shareholders elect members of the supervisory board, except that in the case of companies with a large number of employees, company employees are allowed to elect some of the supervisory board members (one-half of supervisory board members are elected by company employees at companies with more than 2,000 employees; one-third of the supervisory board members are elected by company employees at companies with more than 500 employees but fewer than 2,000). This &#8220;co-determination&#8221; practice may increase the chances that the supervisory board of a large German company does not contain a majority of independent members. In this situation, under the Fund&#8217;s proxy voting guidelines applicable to U.S. issuers, the funds would vote against all nominees. </FONT><FONT face=sans-serif size=3>However, in the case of companies subject to &#8220;co-determination&#8221; and with the goal of supporting independent nominees, the Funds will vote for supervisory board members who are neither employees of the company nor otherwise affiliated with the company.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Consistent with the funds&#8217; belief that the interests of shareholders are best protected by boards with strong, independent leadership, the funds will withhold votes for the election of former chairs of the managerial board to chair of the supervisory board.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Japan</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>For companies that have established a U.S.-style corporate governance structure, the funds will </FONT><B><FONT face=sans-serif size=3><U>withhold votes</U> </FONT></B><FONT face=sans-serif size=3>from the entire board of directors if</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the board does not have a majority of </FONT><U><FONT face=sans-serif size=3>outside directors</FONT></U><FONT face=sans-serif size=3>,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the board has not established nominating and compensation committees composed of a majority of </FONT><U><FONT face=sans-serif size=3>outside directors</FONT></U><FONT face=sans-serif size=3>, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the board has not established an audit committee composed of a majority of </FONT><U><FONT face=sans-serif size=3>independent directors</FONT></U><FONT face=sans-serif size=3>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will </FONT><B><FONT face=sans-serif size=3><U>withhold votes</U> </FONT></B><FONT face=sans-serif size=3>for the appointment of members of a company&#8217;s board of statutory auditors if a majority of the members of the board of statutory auditors is not independent.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>Board structure</FONT></B><FONT face=sans-serif size=3>: Recent amendments to the Japanese Commercial Code give companies the option to adopt a U.S.-style corporate governance structure (</FONT><I><FONT face=sans-serif size=3>i.e.</FONT></I><FONT face=sans-serif size=3>, a board of directors and audit, nominating, and compensation committees). The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals to amend a company&#8217;s articles of incorporation to adopt the U.S.-style corporate structure.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>Definition of outside director and independent director</FONT></B><FONT face=sans-serif size=3>: Corporate governance principles in Japan focus on the distinction between outside directors and independent directors. Under these principles, an outside director is a director who is not and has</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>never been a director, executive, or employee of the company or its parent company, subsidiaries or affiliates. An outside director is &#8220;independent&#8221; if that person can make decisions completely independent from the managers of the company, its parent, subsidiaries, or affiliates and does not have a material relationship with the company (</FONT><I><FONT face=sans-serif size=3>i.e.</FONT></I><FONT face=sans-serif size=3>, major client, trading partner, or other business relationship; familial relationship with current director or executive; etc.). The guidelines have incorporated these definitions in applying the board independence standards above.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Korea</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will </FONT><B><FONT face=sans-serif size=3><U>withhold votes</U> </FONT></B><FONT face=sans-serif size=3>from the entire board of directors if</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>fewer than half of the directors are outside directors,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the board has not established a nominating committee with at least half of the members being outside directors, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the board has not established an audit committee composed of at least three members and in which at least two-thirds of its members are outside directors.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>: For purposes of these guidelines, an &#8220;outside director&#8221; is a director that is independent from the management or controlling shareholders of the company, and holds no interests that might impair performing his or her duties impartially from the company, management or controlling shareholder. In determining whether a director is an outside director, the funds will also apply the standards included in Article 415-2(2) of the Korean Commercial Code (</FONT><I><FONT face=sans-serif size=3>i.e.</FONT></I><FONT face=sans-serif size=3>, no employment relationship with the company for a period of two years before serving on the committee, no director or employment relationship with the company&#8217;s largest shareholder, etc.) and may consider other business relationships that would affect the independence of an outside director.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Russia</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>for the election of nominees to the board of directors.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>: In Russia, director elections are typically handled through a cumulative voting process. Cumulative voting allows shareholders to cast all of their votes for a single nominee for the board of directors, or to allocate their votes among nominees in any other way. In contrast, in &#8220;regular&#8221; voting, shareholders may not give more than one vote per share to any single nominee. Cumulative voting can help to strengthen the ability of minority shareholders to elect a director.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>In Russia, as in some other emerging markets, standards of corporate governance are usually behind those in developed markets. Rather than vote against the entire board of directors, as the funds generally would in the case of a company whose board fails to meet the funds&#8217; standards for independence, the funds may, on a case by case basis, cast all of their votes for one or more independent director nominees. The funds believe that</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>it is important to increase the number of independent directors on the boards of Russian companies to mitigate the risks associated with dominant shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>United Kingdom</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will </FONT><B><FONT face=sans-serif size=3><U>withhold votes</U> </FONT></B><FONT face=sans-serif size=3>from the entire board of directors if</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the board does not have at least a majority of independent non-executive directors,</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the board has not established a nomination committee composed of a majority of independent non-executive directors, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>the board has not established compensation and audit committees composed of (1) at least three directors (in the case of smaller companies, two directors) and (2) solely independent non-executive directors, provided that, to the extent permitted under the United Kingdom&#8217;s Combined Code on Corporate Governance, the company chairman serve on (but not serve as chairman of) the compensation and audit committees if the chairman was considered independent upon his or appointment as chairman.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will </FONT><B><FONT face=sans-serif size=3><U>withhold votes</U> </FONT></B><FONT face=sans-serif size=3>from any nominee for director who is considered an independent director by the company and who has received compensation within the last three years from the company other than for service as a director, such as investment banking, consulting, legal, or financial advisory fees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals to amend a company&#8217;s articles of association to authorize boards to approve situations that might be interpreted to present potential conflicts of interest affecting a director.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>Application of guidelines</FONT></B><FONT face=sans-serif size=3>: Although the United Kingdom&#8217;s Combined Code on Corporate Governance (&#8220;Combined Code&#8221;) has adopted the &#8220;comply and explain&#8221; approach to corporate governance, the funds&#8217; Trustees believe that the guidelines discussed above with respect to board independence standards are integral to the protection of investors in U.K. companies. As a result, these guidelines will generally be applied in a prescriptive manner.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>Definition of independence</FONT></B><FONT face=sans-serif size=3>: For the purposes of these guidelines, a non-executive director shall be considered independent if the director meets the independence standards in section A.3.1 of the Combined Code (</FONT><I><FONT face=sans-serif size=3>i.e.</FONT></I><FONT face=sans-serif size=3>, no material business or employment relationships with the company, no remuneration from the company for non-board services, no close family ties with senior employees or directors of the company, etc.), except that the funds do not view service on the board for more than nine years as affecting a director&#8217;s independence. Company chairmen in the U.K. are generally considered affiliated upon appointment as chairman due to the nature of the position of</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>chairman. Consistent with the Combined Code, a company chairman who was considered independent upon appointment as chairman: may serve as a member of, but not as the chairman of, the compensation (remuneration) committee; and, in the case of smaller companies, may serve as a member of, but not as the chairman of, the audit committee.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>Smaller companies</FONT></B><FONT face=sans-serif size=3>: A smaller company is one that is below the FTSE 350 throughout the year immediately prior to the reporting year.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>Conflicts of interest</FONT></B><FONT face=sans-serif size=3>: The Companies Act 2006 requires a director to avoid a situation in which he or she has, or can have, a direct or indirect interest that conflicts, or possibly may conflict, with the interests of the company. This broadly written requirement could be construed to prevent a director from becoming a trustee or director of another organization. Provided there are reasonable safeguards, such as the exclusion of the relevant director from deliberations, the funds believe that the board may approve this type of potential conflict of interest in its discretion.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>All other jurisdictions</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>supervisory board nominees when the supervisory board meets the funds&#8217; independence standards, otherwise the funds will vote </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>supervisory board nominees.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>: Companies in many jurisdictions operate under the oversight of supervisory boards. In the absence of jurisdiction-specific guidelines, the funds will generally hold supervisory boards to the same standards of independence as it applies to boards of directors in the United States.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=sans-serif size=3>Contested Board Elections</FONT></B></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Italy</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>the management- or board-sponsored slate of nominees if the board meets the funds&#8217; independence standards, and </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>the management- or board-sponsored slate of nominees if the board does not meet the funds&#8217; independence standards; the funds will not vote on shareholder-proposed slates of nominees.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>: Contested elections in Italy may involve a variety of competing slates of nominees. In these circumstances, the funds will focus their analysis on the board- or management-sponsored slate.</FONT></P>

<P style="TEXT-ALIGN: left"><B><U><FONT face=sans-serif size=3>Corporate Governance</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals to change the size of a board if the board meets the funds&#8217; independence standards, and </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>proposals to change the size of a board if the board does not meet the funds&#8217; independence standards.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>shareholder proposals calling for a majority of a company&#8217;s directors to be independent of management.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>shareholder proposals seeking to increase the independence of board nominating, audit, and compensation committees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>shareholder proposals that implement corporate governance standards similar to those established under U.S. federal law and the listing requirements of U.S. stock exchanges, and that do not otherwise violate the laws of the jurisdiction under which the company is incorporated.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Taiwan</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>proposals to release directors from their non-competition obligations (their obligations not to engage in any business that is competitive with the company), unless the proposal is narrowly drafted to permit directors to engage in a business that is competitive with the company only on behalf of a wholly-owned subsidiary of the company.</FONT></P>

<P style="TEXT-ALIGN: left"><B><U><FONT face=sans-serif size=3>Compensation</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals to approve annual directors&#8217; fees, except that the funds will consider these proposals on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>in each case in which the funds&#8217; proxy voting service has recommended a vote against such a proposal.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>non-binding proposals to approve remuneration reports, except that the funds will vote </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>proposals to approve remuneration reports that indicate that awards under a long-term incentive plan are not linked to performance targets.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3><U>Commentary</U>: </FONT><FONT face=sans-serif size=3>Since proposals relating to directors&#8217; fees for non-U.S. issuers generally address relatively modest fees paid to non-executive directors, the funds generally support these proposals, provided that the fees are consistent with directors&#8217; fees paid by the company&#8217;s peers and do not otherwise appear unwarranted. Consistent with the approach taken for U.S. issuers, the funds generally favor compensation programs that relate executive compensation to a company&#8217;s long-term performance and will support non-binding remuneration reports unless such a correlation is not made.</FONT></P>

<P style="TEXT-ALIGN: left"><B><U><FONT face=sans-serif size=3>Capitalization</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>to issue additional common stock representing up to 20% of the company&#8217;s outstanding common stock, where shareholders </FONT><I><FONT face=sans-serif size=3>do not </FONT></I><FONT face=sans-serif size=3>have preemptive rights, or</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; </FONT><FONT face=sans-serif size=3>to issue additional common stock representing up to 100% of the company&#8217;s outstanding common stock, where shareholders </FONT><I><FONT face=sans-serif size=3>do have </FONT></I><FONT face=sans-serif size=3>preemptive rights.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals to authorize share repurchase programs that are recommended for approval by the funds&#8217; proxy voting service; otherwise, the funds will vote </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>such proposals.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Australia</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals to carve out, from the general cap on non-</FONT><I><FONT face=sans-serif size=3>pro rata </FONT></I><FONT face=sans-serif size=3>share issues of 15% of total equity in a rolling 12-month period, a particular proposed issue of shares or a particular issue of shares made previously within the 12-month period, if the company&#8217;s board meets the funds&#8217; independence standards; if the company&#8217;s board does not meet the funds&#8217; independence standards, then the funds will vote </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>these proposals.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Hong Kong</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals to approve a general mandate permitting the company to engage in non-</FONT><I><FONT face=sans-serif size=3>pro rata </FONT></I><FONT face=sans-serif size=3>share issues of up to 20% of total equity in a year if the company&#8217;s board meets the funds&#8217; independence standards; if the company&#8217;s board does not meet the funds&#8217; independence standards, then the funds will vote </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>these proposals.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=3>Commentary</FONT></U><FONT face=sans-serif size=3>: In light of the prevalence of certain types of capitalization proposals in Australia and Hong Kong, the funds have adopted guidelines specific to those jurisdictions.</FONT></P>

<P style="TEXT-ALIGN: left"><B><U><FONT face=sans-serif size=3>Other Business Matters</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals permitting companies to deliver reports and other materials electronically (</FONT><I><FONT face=sans-serif size=3>e.g.</FONT></I><FONT face=sans-serif size=3>, via website posting).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals permitting companies to issue regulatory reports in English.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>against</U> </FONT></B><FONT face=sans-serif size=3>proposals to shorten shareholder meeting notice periods to fourteen days.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3><U>Commentary</U>: </FONT><FONT face=sans-serif size=3>Under Directive 2007/36/EC of the European Parliament and the Council of the European Union, companies have the option to request shareholder approval to set the notice period for special meetings at 14 days provided that certain electronic voting and communication requirements are met. The funds believe that the 14 day notice period is too short to provide overseas shareholders with sufficient time to analyze proposals and to participate meaningfully at special meetings and, as a result, have determined to vote against such proposals.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>France</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals to approve a company&#8217;s related party transactions, except that the funds will consider these proposals on a </FONT><B><FONT face=sans-serif size=3><U>case-by-case basis</U> </FONT></B><FONT face=sans-serif size=3>if the funds&#8217; proxy voting service has recommended a vote against the proposal.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3><U>Commentary</U>: </FONT><FONT face=sans-serif size=3>In France, shareholders are generally requested to approve any agreement between the company and: (i) its directors, chair of the board, CEO and deputy CEOs; (ii) the members of the supervisory board and management board, for companies with a dual structure; and (iii) a shareholder who directly or indirectly owns at least 10% of the company&#8217;s voting rights. This includes agreements under which compensation may be paid to executive officers after the end of their employment, such as severance payments, supplementary retirement plans and non-competition agreements. The funds will generally support these proposals unless the funds&#8217; proxy voting service recommends a vote against, in which case the funds will consider the proposal on a case-by-case basis.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Germany</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>in accordance with the recommendation of the company&#8217;s board of directors</U> </FONT></B><FONT face=sans-serif size=3>on shareholder countermotions added to a company&#8217;s meeting agenda, unless the countermotion is directly addressed by one of the funds&#8217; other guidelines.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3><U>Commentary</U>: </FONT><FONT face=sans-serif size=3>In Germany, shareholders are able to add both proposals and countermotions to a meeting agenda. Countermotions, which must correspond to a proposal on the agenda, generally call for shareholders to oppose the existing proposal, although they may also propose separate voting decisions. Countermotions may be proposed by any shareholder and they are typically added throughout the period between the publication of the meeting agenda and the meeting date. This guideline reflects the funds&#8217; intention to focus on the original proposal, which is expected to be presented a reasonable period of time before the shareholder meeting so that the funds will have an appropriate opportunity to evaluate it.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals to approve profit-and-loss transfer agreements between a controlling company and its subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3><U>Commentary</U>: </FONT><FONT face=sans-serif size=3>These agreements are customary in Germany and are typically entered into for tax purposes. In light of this and the prevalence of these proposals, the funds have adopted a guideline to vote for this type of proposal.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Taiwan</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#9658; </FONT><FONT face=sans-serif size=3>The funds will vote </FONT><B><FONT face=sans-serif size=3><U>for</U> </FONT></B><FONT face=sans-serif size=3>proposals to amend a Taiwanese company&#8217;s procedural rules.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3><U>Commentary</U>: </FONT><FONT face=sans-serif size=3>Since procedural rules, which address such matters as a company&#8217;s policies with respect to capital loans, endorsements and guarantees, and acquisitions and disposal of assets, are generally adopted or amended to conform to changes in local</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>regulations governing these transactions, the funds have adopted a guideline to vote for these transactions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>As adopted December 9, 2011</FONT></P>

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   <TD noWrap align=center><B><FONT face=sans-serif size=4>Proxy voting procedures of the Putnam funds</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The proxy voting procedures below explain the role of the funds&#8217; Trustees, the proxy voting service and the Proxy Manager, as well as how the process will work when a proxy question needs to be handled on a case-by-case basis, or when there may be a conflict of interest.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>The role of the funds&#8217; Trustees</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The Trustees of the Putnam funds exercise control of the voting of proxies through their Board Policy and Nominating Committee, which is composed entirely of independent Trustees. The Board Policy and Nominating Committee oversees the proxy voting process and participates, as needed, in the resolution of issues that need to be handled on a case-by-case basis. The Committee annually reviews and recommends, for Trustee approval, guidelines governing the funds&#8217; proxy votes, including how the funds vote on specific proposals and which matters are to be considered on a case-by-case basis. The Trustees are assisted in this process by their independent administrative staff (&#8220;Office of the Trustees&#8221;), independent legal counsel, and an independent proxy voting service. The Trustees also receive assistance from Putnam Investment Management, LLC (&#8220;Putnam Management&#8221;), the funds&#8217; investment advisor, on matters involving investment judgments. In all cases, the ultimate decision on voting proxies rests with the Trustees, acting as fiduciaries on behalf of the shareholders of the funds.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>The role of the proxy voting service</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The funds have engaged an independent proxy voting service to assist in the voting of proxies. The proxy voting service is responsible for coordinating with the funds&#8217; custodians to ensure that all proxy materials received by the custodians relating to the funds&#8217; portfolio securities are processed in a timely fashion. To the extent applicable, the proxy voting service votes all proxies in accordance with the proxy voting guidelines established by the Trustees. The proxy voting service will refer proxy questions to the Proxy Manager (described below) for instructions under circumstances where: (1) the application of the proxy voting guidelines is unclear; (2) a particular proxy question is not covered by the guidelines; or (3) the guidelines call for specific instructions on a case-by-case basis. The proxy voting service is also requested to call to the Proxy Manager&#8217;s attention specific proxy questions that, while governed by a guideline, appear to involve unusual or controversial issues. The funds also utilize research services relating to proxy questions provided by the proxy voting service and by other firms.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>The role of the Proxy Manager</FONT></I></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Each year, a member of the Office of the Trustees is appointed Proxy Manager to assist in the coordination and voting of the funds&#8217; proxies. The Proxy Manager will deal directly with the proxy voting service and, in the case of proxy questions referred by the proxy voting service, will solicit voting recommendations and instructions from the Office of the Trustees, the Chair of the Board Policy and Nominating Committee, and Putnam Management&#8217;s investment professionals, as appropriate. The Proxy Manager is responsible for ensuring that these questions and referrals are responded to in a timely fashion and for transmitting appropriate voting instructions to the proxy voting service.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Voting procedures for referral items</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>As discussed above, the proxy voting service will refer proxy questions to the Proxy Manager under certain circumstances. When the application of the proxy voting guidelines is unclear or a particular proxy question is not covered by the guidelines (and does not involve investment considerations), the Proxy Manager will assist in interpreting the guidelines and, as appropriate, consult with one or more senior staff members of the Office of the Trustees and the Chair of the Board Policy and Nominating Committee on how the funds&#8217; shares will be voted.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>For proxy questions that require a case-by-case analysis pursuant to the guidelines or that are not covered by the guidelines but involve investment considerations, the Proxy Manager will refer such questions, through an electronic request form, to Putnam Management&#8217;s investment professionals for a voting recommendation. Such referrals will be made in cooperation with the person or persons designated by Putnam Management&#8217;s Legal and Compliance Department to assist in processing such referral items. In connection with each referral item, the Legal and Compliance Department will conduct a conflicts of interest review, as described below under &#8220;Conflicts of interest,&#8221; and provide electronically a conflicts of interest report (the &#8220;Conflicts Report&#8221;) to the Proxy Manager describing the results of such review. After receiving a referral item from the Proxy Manager, Putnam Management&#8217;s investment professionals will provide a recommendation electronically to the Proxy Manager and the person or persons designated by the Legal and Compliance Department to assist in processing referral items. Such recommendation will set forth (1) how the proxies should be voted; (2) the basis and rationale for such recommendation; and (3) any contacts the investment professionals have had with respect to the referral item with non-investment personnel of Putnam Management or with outside parties (except for routine communications from proxy solicitors). The Proxy Manager will then review the investment professionals&#8217; recommendation and the Conflicts Report with one or more senior staff members of the Office of the Trustees in determining how to vote the funds&#8217; proxies. The Proxy Manager will maintain a record of all proxy questions that have been referred to Putnam Management&#8217;s investment professionals, the voting recommendation, and the Conflicts Report.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>In some situations, the Proxy Manager and/or one or more senior staff members of the Office of the Trustees may determine that a particular proxy question raises policy issues requiring consultation with the Chair of the Board Policy and Nominating Committee,</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>who, in turn, may decide to bring the particular proxy question to the Committee or the full Board of Trustees for consideration.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>Conflicts of interest</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Occasions may arise where a person or organization involved in the proxy voting process may have a conflict of interest. A conflict of interest may exist, for example, if Putnam Management has a business relationship with (or is actively soliciting business from) either the company soliciting the proxy or a third party that has a material interest in the outcome of a proxy vote or that is actively lobbying for a particular outcome of a proxy vote. Any individual with knowledge of a personal conflict of interest (e.g., familial relationship with company management) relating to a particular referral item shall disclose that conflict to the Proxy Manager and the Legal and Compliance Department and otherwise remove himself or herself from the proxy voting process. The Legal and Compliance Department will review each item referred to Putnam Management&#8217;s investment professionals to determine if a conflict of interest exists and will provide the Proxy Manager with a Conflicts Report for each referral item that (1) describes any conflict of interest; (2) discusses the procedures used to address such conflict of interest; and (3) discloses any contacts from parties outside Putnam Management (other than routine communications from proxy solicitors) with respect to the referral item not otherwise reported in an investment professional&#8217;s recommendation. The Conflicts Report will also include written confirmation that any recommendation from an investment professional provided under circumstances where a conflict of interest exists was made solely on the investment merits and without regard to any other consideration.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT face=sans-serif size=3>As adopted March 11, 2005 and revised June 12, 2009</FONT></I></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 8. Portfolio Managers of Closed-End Management Investment Companies</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>(a)(1) </FONT><B><FONT face=sans-serif size=3>Portfolio Managers. </FONT></B><FONT face=sans-serif size=3>The officers of Putnam Management identified below are primarily responsible for the day-to-day management of the fund&#8217;s portfolio </FONT><FONT face=sans-serif size=3>as of the filing </FONT><FONT size=3><FONT face=sans-serif>date of this report</FONT><FONT face=sans-serif>.</FONT></P></FONT>

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   <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=3>Portfolio Managers</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="25%"><B><FONT face=sans-serif size=3>Joined</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=left width="25%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=center width="25%"><B><FONT face=sans-serif size=3>Fund</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=3>Employer</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=3>Positions Over Past Five Years</FONT></B>&nbsp;</TD></TR>

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</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=sans-serif size=3>Paul Drury</FONT>&nbsp;</TD>

   <TD noWrap align=center width="25%"><FONT face=sans-serif size=3>2002</FONT>&nbsp;</TD>

   <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=3>Putnam</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=sans-serif size=3>Portfolio Manager,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=3>Management</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=sans-serif size=3>Previously, Tax Exempt Specialist</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=sans-serif size=3>1989 &#8211; Present</FONT>&nbsp;</TD>

   <TD noWrap align=left width="25%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR noShade SIZE=1>

</TD></TR>

<TR>

   <TD width="100%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=sans-serif size=3>Susan McCormack</FONT>&nbsp;</TD>

   <TD noWrap align=center width="25%"><FONT face=sans-serif size=3>2002</FONT>&nbsp;</TD>

   <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=3>Putnam</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=sans-serif size=3>Portfolio Manager,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=3>Management</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=sans-serif size=3>Previously, Tax Exempt Specialist</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=sans-serif size=3>1994 &#8211; Present</FONT>&nbsp;</TD>

   <TD noWrap align=left width="25%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR noShade SIZE=1>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center width="100%" noShade SIZE=2>



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<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=sans-serif size=3>Thalia Meehan</FONT>&nbsp;</TD>

   <TD noWrap align=center width="25%"><FONT face=sans-serif size=3>2006</FONT>&nbsp;</TD>

   <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=3>Putnam</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=sans-serif size=3>Portfolio Manager,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=3>Management</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=sans-serif size=3>Previously, Team Leader of Tax Exempt</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=sans-serif size=3>1989 &#8211; Present</FONT>&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=sans-serif size=3>Group</FONT>&nbsp;</TD></TR>

<TR>

   <TD noWrap align=left colSpan=4><B><FONT face=sans-serif color=#000000 size=3></FONT></B><FONT face=sans-serif color=#000000 size=3>

   <HR noShade SIZE=1>

 </FONT></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>(a)(2) </FONT><B><FONT face=sans-serif size=3>Other Accounts Managed by the Fund&#8217;s Portfolio Managers.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The following table shows the number and approximate assets of other investment accounts (or portions of investment accounts) that the fund&#8217;s Portfolio Managers managed as of the fund&#8217;s most recent fiscal year-end. Unless noted, none of the other accounts pays a fee based on the account&#8217;s performance.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD align=center width="14%"></TD>

   <TD align=center width="14%"></TD>

   <TD align=center width="14%"></TD>

   <TD align=center width="15%"></TD>

   <TD align=center width="14%"></TD>

   <TD align=center width="14%"></TD>

   <TD align=center width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="15%">&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="28%" colSpan=2></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="15%">&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="28%" colSpan=2><STRONG><FONT face=sans-serif size=2>Other accounts (including</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="29%" colSpan=2></TD>

   <TD noWrap align=center width="28%" colSpan=2><STRONG><FONT face=sans-serif size=2>separate accounts, managed</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="28%" colSpan=2></TD>

   <TD noWrap align=center width="29%" colSpan=2></TD>

   <TD noWrap align=center width="28%" colSpan=2><STRONG><FONT face=sans-serif size=2>account programs and</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center width="14%"></TD>

   <TD noWrap align=center width="28%" colSpan=2><STRONG><FONT face=sans-serif size=2>Other SEC-registered open-end</FONT></STRONG>&nbsp;</TD>

   <TD noWrap align=center width="29%" colSpan=2><STRONG><FONT face=sans-serif size=2>Other accounts that pool</FONT></STRONG>&nbsp;</TD>

   <TD noWrap align=center width="28%" colSpan=2><STRONG><FONT face=sans-serif size=2>single-sponsor defined</FONT></STRONG>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center width="14%"><STRONG><FONT face=sans-serif size=2>Portfolio Leader or</FONT></STRONG>&nbsp;</TD>

   <TD noWrap align=center width="28%" colSpan=2><B><FONT face=sans-serif size=2>and closed-end funds</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="29%" colSpan=2><STRONG><FONT face=sans-serif size=2>assets from more than one</FONT></STRONG>&nbsp;</TD>

   <TD noWrap align=center width="28%" colSpan=2><B><FONT face=sans-serif size=2>contribution plan offerings)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=2>Member</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="29%" colSpan=2><B><FONT face=sans-serif size=2>client</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="28%" colSpan=2></TD></TR>

<TR>

   <TD align=center width="99%" colSpan=7>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Number</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Assets</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=2>Number</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Assets</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Number</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Assets</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>of</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=2>of</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>of</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>accounts</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=2>accounts</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>accounts</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%">&nbsp;</TD></TR>

<TR>

   <TD align=center width="99%" colSpan=7>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Paul Drury</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>13</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>$8,115,900,000</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=2>0</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>$-</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>0</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>$-</FONT>&nbsp;</TD></TR>

<TR>

   <TD align=center width="99%" colSpan=7>

   <HR noShade SIZE=1>

</TD></TR>

<TR>

   <TD align=center width="99%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Susan McCormack</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>13</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>$8,115,900,000</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=2>0</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>$-</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>1</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>$1,500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD align=center width="99%" colSpan=7>

   <HR noShade SIZE=1>

</TD></TR>

<TR>

   <TD align=center width="99%" colSpan=7>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Thalia Meehan</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>13</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>$8,115,900,000</FONT>&nbsp;</TD>

   <TD noWrap align=center width="15%"><FONT face=sans-serif size=2>0</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>$-</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>1</FONT>&nbsp;</TD>

   <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>$1,100,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD align=center colSpan=7>

   <HR noShade SIZE=1>

</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3><U>Potential conflicts of interest in managing multiple accounts</U>. </FONT><FONT face=sans-serif size=3>Like other investment professionals with multiple clients, the fund&#8217;s Portfolio Managers may face certain potential conflicts of interest in connection with managing both the fund and the other accounts listed under &#8220;Other Accounts Managed by the Fund&#8217;s Portfolio Managers&#8221; at the same time. The paragraphs below describe some of these potential conflicts, which Putnam Management believes are faced by investment professionals at most major financial firms. As described below, Putnam Management and the Trustees of the Putnam funds have adopted compliance policies and procedures that attempt to address certain of these potential conflicts.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The management of accounts with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance (&#8220;performance fee accounts&#8221;), may raise potential conflicts of interest by creating an incentive to favor higher-fee accounts. These potential conflicts may include, among others:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; The most attractive investments could be allocated to higher-fee accounts or performance fee accounts.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; The trading of higher-fee accounts could be favored as to timing and/or execution price. For example, higher-fee accounts could be permitted to sell securities earlier than other accounts when a prompt sale is desirable or to buy securities at an earlier and more opportune time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; The trading of other accounts could be used to benefit higher-fee accounts (front-running).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; The investment management team could focus their time and efforts primarily on higher-fee accounts due to a personal stake in compensation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Putnam Management attempts to address these potential conflicts of interest relating to higher-fee accounts through various compliance policies that are generally intended to place all accounts, regardless of fee structure, on the same footing for investment management purposes. For example, under Putnam Management&#8217;s policies:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; Performance fee accounts must be included in all standard trading and allocation procedures with all other accounts.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; All accounts must be allocated to a specific category of account and trade in parallel with allocations of similar accounts based on the procedures generally applicable to all accounts in those groups (e.g., based on relative risk budgets of accounts).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; All trading must be effected through Putnam&#8217;s trading desks and normal queues and procedures must be followed (i.e., no special treatment is permitted for performance fee accounts or higher-fee accounts based on account fee structure).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; Front running is strictly prohibited.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8226; The fund&#8217;s Portfolio Manager(s) may not be guaranteed or specifically allocated any portion of a performance fee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>As part of these policies, Putnam Management has also implemented trade oversight and review procedures in order to monitor whether particular accounts (including higher-fee accounts or performance fee accounts) are being favored over time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Potential conflicts of interest may also arise when the Portfolio Manager(s) have personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and subject to limited exceptions, Putnam Management&#8217;s investment professionals do not have the opportunity to invest in client accounts, other than the Putnam funds. However, in the ordinary course of business, Putnam Management or related persons may from time to time establish &#8220;pilot&#8221; or &#8220;incubator&#8221; funds for the purpose of testing proposed investment strategies and products prior to offering them to clients. These pilot accounts may be in the form of registered investment companies, private funds such as partnerships or separate accounts established by Putnam Management or an affiliate. Putnam Management or an affiliate supplies the funding for these accounts. Putnam employees, including the fund&#8217;s Portfolio Manager(s), may also invest in certain pilot accounts. Putnam Management, and to the extent applicable, the Portfolio Manager(s) will benefit from the favorable investment performance of those funds and accounts. Pilot funds and accounts may, and frequently do, invest in the same securities as the client accounts. Putnam Management&#8217;s policy is to treat pilot accounts in the same manner as client accounts for purposes of trading allocation &#8211; neither</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>favoring nor disfavoring them except as is legally required. For example, pilot accounts are normally included in Putnam Management&#8217;s daily block trades to the same extent as client accounts (except that pilot accounts do not participate in initial public offerings).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>A potential conflict of interest may arise when the fund and other accounts purchase or sell the same securities. On occasions when the Portfolio Manager(s) consider the purchase or sale of a security to be in the best interests of the fund as well as other accounts, Putnam Management&#8217;s trading desk may, to the extent permitted by applicable laws and regulations, aggregate the securities to be sold or purchased in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to the fund or another account if one account is favored over another in allocating the securities purchased or sold &#8211; for example, by allocating a disproportionate amount of a security that is likely to increase in value to a favored account. Putnam Management&#8217;s trade allocation policies generally provide that each day&#8217;s transactions in securities that are purchased or sold by multiple accounts are, insofar as possible, averaged as to price and allocated between such accounts (including the fund) in a manner which in Putnam Management&#8217;s opinion is equitable to each account and in accordance with the amount being purchased or sold by each account. Certain exceptions exist for specialty, regional or sector accounts. Trade allocations are reviewed on a periodic basis as part of Putnam Management&#8217;s trade oversight procedures in an attempt to ensure fairness over time across accounts.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>&#8220;Cross trades,&#8221; in which one Putnam account sells a particular security to another account (potentially saving transaction costs for both accounts), may also pose a potential conflict of interest. Cross trades may be seen to involve a potential conflict of interest if, for example, one account is permitted to sell a security to another account at a higher price than an independent third party would pay</FONT><FONT face=sans-serif size=2>, </FONT><FONT face=sans-serif size=3>or if such trades result in more attractive investments being allocated to higher-fee accounts</FONT><FONT face=sans-serif size=2>. </FONT><FONT face=sans-serif size=3>Putnam Management and the fund&#8217;s Trustees have adopted compliance procedures that provide that any transactions between the fund and another Putnam-advised account are to be made at an independent current market price, as required by law.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>Another potential conflict of interest may arise based on the different investment objectives and strategies of the fund and other accounts. For example, another account may have a shorter-term investment horizon or different investment objectives, policies or restrictions than the fund. Depending on another account&#8217;s objectives or other factors, the Portfolio Manager(s) may give advice and make decisions that may differ from advice given, or the timing or nature of decisions made, with respect to the fund. In addition, investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a particular security may be bought or sold for certain accounts even though it could have been bought or sold for other accounts at the same time. More rarely, a particular security may be bought for one or more accounts managed by the Portfolio Manager(s) when one or more other accounts are selling the security (including short sales). There may be circumstances when purchases or sales of portfolio securities for one or more accounts may have an adverse effect on other accounts. As noted above, Putnam Management has implemented trade</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>oversight and review procedures to monitor whether any account is systematically favored over time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>The fund&#8217;s Portfolio Manager(s) may also face other potential conflicts of interest in managing the fund, and the description above is not a complete description of every conflict that could be deemed to exist in managing both the fund and other accounts.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>(a)(3) </FONT><B><FONT face=sans-serif size=3>Compensation of portfolio managers. </FONT></B><FONT face=sans-serif size=2>Putnam&#8217;s goal for our products and investors is to deliver strong performance versus peers or performance ahead of benchmark, depending on the product, over a rolling 3-year period. Portfolio managers are evaluated and compensated, in part, based on their performance relative to this goal across the products they manage. In addition to their individual performance, evaluations take into account the performance of their group and a subjective component.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Each portfolio manager is assigned an industry competitive incentive compensation target consistent with this goal and evaluation framework. Actual incentive compensation may be higher or lower than the target, based on individual, group, and subjective performance, and may also reflect the performance of Putnam as a firm. Typically, performance is measured over the lesser of three years or the length of time a portfolio manager has managed a product.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Incentive compensation includes a cash bonus and may also include grants of deferred cash, stock or options. In addition to incentive compensation, portfolio managers receive fixed annual salaries typically based on level of responsibility and experience.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>For this fund, the peer group Putnam compares fund performance against is its broad investment category as determined by Lipper Inc. and identified in the shareholder report included in Item 1.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=3>(a)(4) </FONT><B><FONT face=sans-serif size=3>Fund ownership. </FONT></B><FONT face=sans-serif size=3>The following table shows the dollar ranges of shares of the fund owned by the professionals listed above at the end of the fund&#8217;s last two fiscal years, including investments by their immediate family members and amounts invested through retirement and deferred compensation plans.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="48%" colSpan=4><FONT face=sans-serif size=3>*</FONT> <FONT face=sans-serif size=3>- Assets in the fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="12%">&nbsp;</TD>

   <TD noWrap align=left width="12%">&nbsp;</TD>

   <TD noWrap align=left width="12%">&nbsp;</TD>

   <TD noWrap align=left width="12%">&nbsp;</TD></TR>

<TR>

   <TD width="96%" colSpan=8>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="12%">&nbsp;</TD>

   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>$0</FONT>&nbsp;</TD>

   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>$1-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>$10,001-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>$50,001-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>$100,001-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>$500,001-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>$1,000,001</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="12%">&nbsp;</TD>

   <TD noWrap align=left width="12%">&nbsp;</TD>

   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>$10,000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>$50,000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>$100,000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>$500,000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>$1,000,000</FONT>&nbsp;</TD>

   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>and Over</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>Name</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="96%" colSpan=8 rowSpan=4><FONT face=sans-serif size=3>PUTNAM </FONT><FONT face=sans-serif size=3>MANAGED </FONT><FONT face=sans-serif size=3>MUNI INC </FONT><FONT face=sans-serif size=3>TR</FONT></TD></TR>

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   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>Drury, Paul</FONT>&nbsp;</TD>

   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>*</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>M.</FONT>&nbsp;</TD>

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<!--$$/page=--><A name="page_30"></A><BR>

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   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>McCormack,</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>Susan A.</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>Meehan,</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="12%"><FONT face=sans-serif size=3>Thalia</FONT>&nbsp;</TD>

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<P style="MARGIN: 0px"><FONT face=Arial><BR>(b)</FONT> <FONT face=sans-serif size=3>Not applicable</FONT> </P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Registrant Purchase of Equity Securities</FONT></P>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Maximum</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Total Number</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Number (or</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>of Shares</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Approximate</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Purchased</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Dollar Value )</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%">&nbsp;</TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>as Part</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>of Shares</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>of Publicly</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>that May Yet Be</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Total Number</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Average</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Announced</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Purchased</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>of Shares</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Price Paid</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Plans or</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>under the Plans</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Period</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Purchased</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>per Share</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Programs*</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>or Programs**</FONT>&nbsp;</TD></TR>

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</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>November 1 -</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>November 30,</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2011</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5,747,266</FONT>&nbsp;</TD></TR>

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</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>December 1 -</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>December 31,</FONT>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2011</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5,747,266</FONT>&nbsp;</TD></TR>

<TR>

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</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>January 1 -</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>January 31, 2012 </FONT></TD>

   <TD noWrap align=left width="20%"><FONT face=Arial size=2>-</FONT>&nbsp;&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5,747,266</FONT>&nbsp;</TD></TR>

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</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>February 1 -</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>February 28, 2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5,747,266</FONT>&nbsp;</TD></TR>

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</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>March 1 - March</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>31, 2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5,747,266</FONT>&nbsp;</TD></TR>

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</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>April 1 - April 30,</FONT>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5,747,266</FONT>&nbsp;</TD></TR>

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</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>May 1 - May 31,</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5,747,266</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>June 1 - June 30</FONT>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5,747,266</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>July 1 - July 31,</FONT>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5,747,266</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>August 1 - August</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="20%">&nbsp;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>31, 2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5,747,266</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>September 1 -</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>September 30,</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5,747,266</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>October 1 &#8211;</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5,747,266</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>October 7, 2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"></TD>

   <TD noWrap align=left width="20%"></TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR noShade SIZE=1>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>October 8 &#8211;</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"></TD>

   <TD noWrap align=left width="20%"></TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>October 31, 2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>5,761,514</FONT>&nbsp;</TD></TR>

<TR>

   <TD align=center colSpan=7>

   <HR noShade SIZE=1>

</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>* In October 2005, the Board of Trustees of the Putnam Funds initiated the closed-end fund share repurchase program, which, as subsequently amended, authorized the fund to repurchase of up to 10% of its fund's outstanding common shares over the two-years ending October 5, 2007. The Trustees have subsequently renewed the program on an annual basis. The program renewed by the Board in September 2011, which remained in effect between October 8, 2011 and October 7, 2012, allowed the fund to repurchase up to 5,747,266 of its shares. The program renewed by the Board in September 2012, which will remain in effect between October 8, 2012 and October 7, 2013, allows the fund to repurchase up to 5,761,514 of its shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>**Information prior to October 7, 2012 is based on the total number of shares eligible for repurchase under the program, as amended through September 2011. Information from October 8, 2012 forward is based on the total number of shares eligible for repurchase under the program, as amended through September 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 10. Submission of Matters to a Vote of Security Holders:</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Not applicable</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 11. Controls and Procedures:</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) Changes in internal control over financial reporting: Not applicable</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 12. Exhibits:</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a)(1) The Code of Ethics of The Putnam Funds, which incorporates the Code of Ethics of Putnam Investments, is filed herewith.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a)(2) 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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>SIGNATURES</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>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.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT></U><BR><BR><FONT face=sans-serif size=2>By (Signature and Title):</FONT><BR><BR><U><FONT face=sans-serif size=2>/s/Janet C. Smith</FONT></U><BR><FONT face=sans-serif size=2>Janet C. Smith</FONT><BR><FONT face=sans-serif size=2>Principal Accounting Officer</FONT><BR><BR><FONT face=sans-serif size=2>Date: December 28, 2012</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>By (Signature and Title):</FONT><BR><BR><U><FONT face=sans-serif size=2>/s/Jonathan S. Horwitz</FONT></U><BR><FONT face=sans-serif size=2>Jonathan S. Horwitz</FONT><BR><FONT face=sans-serif size=2>Principal Executive Officer</FONT><BR><BR><FONT face=sans-serif size=2>Date: December 28, 2012</FONT><BR><BR><FONT face=sans-serif size=2>By (Signature and Title):</FONT><BR><BR><U><FONT face=sans-serif size=2>/s/Steven D. Krichmar</FONT></U><BR><FONT face=sans-serif size=2>Steven D. Krichmar</FONT><BR><FONT face=sans-serif size=2>Principal Financial Officer</FONT><BR><BR><FONT face=sans-serif size=2>Date: December 28, 2012</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Certifications</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>d) disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2></FONT>&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Date: December 27, 2012</FONT></P>


<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>/s/ Jonathan S. Horwitz</FONT><BR><FONT face=sans-serif size=2>_______________________</FONT><BR><FONT face=sans-serif size=2>Jonathan S. Horwitz</FONT><BR><FONT face=sans-serif size=2>Principal Executive Officer</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Certifications</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>d) disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Date: December 27, 2012</FONT><BR><BR><FONT face=sans-serif size=2>/s/ Steven D. Krichmar</FONT><BR><FONT face=sans-serif size=2>_______________________</FONT><BR><FONT face=sans-serif size=2>Steven D. Krichmar</FONT><BR><FONT face=sans-serif size=2>Principal Financial Officer</FONT></P></DIV>

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<TABLE border=0 style="width:80%" cellspacing=0>
<TR>
     <TD width=100%></TD></TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=2 face="sans-serif">Attachment A</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Period (s) ended October 31, 2012</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Putnam Managed Municipal Income Trust</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Municipal Opportunities Trust</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Multi-Cap Value Fund</FONT><BR>
<FONT size=2 face="sans-serif">The Putnam Fund for Growth and Income</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Capital Opportunities Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Income Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Global Income Trust</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Global Equity Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Convertible Securities Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Absolute Return 100 Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Absolute Return 300 Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Absolute Return 500 Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Absolute Return 700 Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Capital Spectrum Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Equity Spectrum Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Asia Pacific Equity Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Global Sector Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Multi-Cap Core Fund</FONT></P>
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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_manmunicertnos.htm
<DESCRIPTION>EX-99.906 CERT
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<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Section 906 Certifications</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge: </FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>1. The form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2012 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2012 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Date: December 27, 2012</FONT><BR><BR><FONT face=sans-serif size=2>/s/ Jonathan S. Horwitz</FONT><BR><FONT face=sans-serif size=2>______________________</FONT><BR><FONT face=sans-serif size=2>Jonathan S. Horwitz</FONT><BR><FONT face=sans-serif size=2>Principal Executive Officer</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Section 906 Certifications</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>I, Steven D. Krichmar, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge: </FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>1. The form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2012 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2012 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Date: December 27, 2012</FONT><BR><BR><FONT face=sans-serif size=2>/s/ Steven D. Krichmar</FONT><BR><FONT face=sans-serif size=2>______________________</FONT><BR><FONT face=sans-serif size=2>Steven D. Krichmar</FONT><BR><BR><FONT face=sans-serif size=2>Principal Financial Officer</FONT></P></DIV>

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<TABLE border=0 style="width:80%" cellspacing=0>
<TR>
     <TD width=100%></TD></TR>
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<FONT size=2 face="sans-serif">Attachment A</FONT></TD>
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<TR valign="bottom">
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<FONT size=2 face="sans-serif">N-CSR</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center nowrap>
<FONT size=1 face="sans-serif">Period (s) ended October 31, 2012</FONT>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Putnam Managed Municipal Income Trust</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Municipal Opportunities Trust</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Multi-Cap Value Fund</FONT><BR>
<FONT size=2 face="sans-serif">The Putnam Fund for Growth and Income</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Capital Opportunities Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Income Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Global Income Trust</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Global Equity Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Convertible Securities Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Absolute Return 100 Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Absolute Return 300 Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Absolute Return 500 Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Absolute Return 700 Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Capital Spectrum Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Equity Spectrum Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Asia Pacific Equity Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Global Sector Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Multi-Cap Core Fund</FONT></P>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>18
<FILENAME>a_nf68stixmod7.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>a_nf68stixmod7.htm</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


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<DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<FONT size=4 face="serif">Amendments to Putnam&#146;s Code of Ethics &#150; June 2011</FONT></P>
<P style="text-align: left;">
<B><I><FONT size=3 face="serif">The following sections of the Code are rewritten to read in their entirety as follows:</FONT></I></B></P>
<P style="text-align: left;">
<B><FONT size=3 face="serif">Definitions</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=3 face="serif">Access Person </FONT></B><FONT size=3 face="serif">Putnam has identified certain employees as Access Persons due to their position or access to investment information. Access Persons are held to a higher standard under the Code than other employees. Please ask the Code of Ethics Officer if you have any question whether you are an Access Person. The following employees are Access Persons:</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; All employees of Putnam&#146;s Investment Management Division</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; Employees of the Operations Division within the following specific groups and departments:</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Fund Administration Group</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; investment Services and Operations Group</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Accounting Services Group</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Custody Services Group</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; Any employee in the following groups or divisions who reports directly to a member of the Operating Committee:</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Mutual Fund Shareholder Services Group</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Accounting, Custody, and Control Services Group</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Global Marketing and Products Division</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Defined Contribution Division</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&raquo; Global Distribution Division</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; All members of Putnam&#146;s Operating Committee</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; All employees of Putnam investments Limited (PiL) and all other Putnam employees based in Europe</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; All directors and officers of a registered investment advisor affiliate, e.g., Putnam investment Management, LLC (PIM), or The Putnam Advisory Company, LLC (PAC)</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; All employees who have access to My Putnam (unless access is limited to the </FONT><I><FONT size=3 face="serif">Wall Street Journal, Factiva</FONT></I><FONT size=3 face="serif">, or other systems that do not allow access to non-public information about Putnam products, as determined by the Code of Ethics Officer)</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; Employees who have systems access or other access to non-public information about any client&#146;s purchase or sale of securities or to information regarding portfolio holdings or recommendations with respect to such purchases or sales</FONT></P>
<P style="text-align: left;">
<FONT size=3 face="serif">&#149; </FONT><FONT size=3 face="serif">Others as determined by the Code of Ethics Officer</FONT></P>
</DIV>

<HR noshade align="center" width="100%" size=2>


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<DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Section 8 &#151; Sanctions</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The Code of Ethics Oversight Committee has adopted the following minimum monetary sanctions for violations of the Code. These sanctions apply even if the exception results from inadvertence rather than intentional misbehavior. The Code of Ethics Oversight Committee will review and approve sanctions on employees. However, the sanctions noted below are only minimums, and the Committee reserves the right to impose sanctions it believes fit the circumstances, such as higher monetary sanctions, trading bans, suspension, or termination of employment. The Committee&#146;s belief that an employee has violated the Code of Ethics intentionally may result in more severe sanctions than outlined in the guidelines.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>8.1. </FONT><B><FONT size=3 face=serif>Sanctions for violations of Sections 1-3</FONT></B><FONT size=3 face=serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The minimum sanction per violation of the Rules in Sections 1, 2 or 3 is disgorgement of any profits or payment of avoided losses and the following payments:</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>Investment Division,</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>All other employees</FONT></B>&nbsp;<B><FONT size=3 face=serif>not </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>Operating Committee</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>included in the</FONT></B>&nbsp;<B><FONT size=3 face=serif>criteria </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>Member, and any</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>for inclusion in</FONT></B>&nbsp;<B><FONT size=3 face=serif>the higher </FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>employee who reports</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>sanction</FONT></B>&nbsp;<B><FONT size=3 face=serif>schedule</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>directly to an</FONT></B>&nbsp;<B><FONT size=3 face=serif>Operating</FONT></B></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif><B><FONT size=3 face=serif>Committee</FONT></B> Member</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>(administrative</FONT></B>&nbsp;<B><FONT size=3 face=serif>assistants</FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>will be</FONT></B>&nbsp;<B><FONT size=3 face=serif>excluded from the</FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>higher sanction</FONT></B>&nbsp;<B><FONT size=3 face=serif>schedule)</FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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</TD></TR>
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     <TD noWrap align=left><FONT size=3 face=serif>1st violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$50</FONT>&nbsp;</TD></TR>
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</TD></TR>
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     <TD noWrap align=left><FONT size=3 face=serif>2nd violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$100</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=3 face=serif>3rd violation</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=3 face=serif>Minimum monetary sanction for a 2</FONT><SUP><FONT size=3 face=serif>nd </FONT></SUP><FONT size=3 face=serif>violation with</FONT>&nbsp;<FONT size=3 face=serif>a </FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=3 face=serif>ban on all new personal securities transactions</FONT>&nbsp;<FONT size=3 face=serif>for time </FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=3 face=serif>period determined by the Code of Ethics</FONT>&nbsp;<FONT size=3 face=serif>Oversight </FONT></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>Committee</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>8.2. </FONT><B><FONT size=3 face=serif>Sanctions for violations of Sections 4-6</FONT></B><FONT size=3 face=serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The minimum sanction for violations of the rules in Sections 4-6 is as follows:</FONT></P>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>Investment Division,</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>All other employees</FONT></B>&nbsp;<B><FONT size=3 face=serif>not </FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>Operating Committee</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>included in the</FONT></B>&nbsp;<B><FONT size=3 face=serif>criteria </FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>Member, and any</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>for inclusion in</FONT></B>&nbsp;<B><FONT size=3 face=serif>the higher </FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>employee who reports</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>sanction</FONT></B>&nbsp;<B><FONT size=3 face=serif>schedule</FONT></B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>directly to an</FONT></B>&nbsp;<B><FONT size=3 face=serif>Operating </FONT></B></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif><B><FONT size=3 face=serif>Committee</FONT></B> Member</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>(administrative</FONT></B>&nbsp;<B><FONT size=3 face=serif>assistants </FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>will be&nbsp;<B><FONT size=3 face=serif>excluded from the</FONT></B></FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=3 face=serif>higher sanction</FONT></B>&nbsp;<B><FONT size=3 face=serif>schedule)</FONT></B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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<HR SIZE=1 noShade>
</TD></TR>
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     <TD noWrap align=left><FONT size=3 face=serif>1st violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>Warning</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>Warning</FONT>&nbsp;</TD></TR>
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<HR SIZE=1 noShade>
</TD></TR>
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     <TD noWrap align=left><FONT size=3 face=serif>2nd violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$50</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$25</FONT>&nbsp;</TD></TR>
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<HR SIZE=1 noShade>
</TD></TR>
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     <TD noWrap align=left><FONT size=3 face=serif>3rd violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$100</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=3 face=serif>$50</FONT>&nbsp;</TD></TR>
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<P style="MARGIN: 0px"><FONT size=3 face=serif>8.3. </FONT><B><FONT size=3 face=serif>Sanctions for violations of Section 7</FONT></B><FONT size=3 face=serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>All violations concerning the use of material, non-public information, failure to report inside information, or insider trading will be presented to the Code of Ethics Oversight Committee to determine the appropriate sanction, up to and including termination. Severe criminal penalties may also be imposed.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The reference period for determining generally whether a violation is initial or subsequent will be three years.</FONT></P>
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<TYPE>EX-99.CODE ETH
<SEQUENCE>19
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     <TD noWrap align=left><FONT size=3 face=sans-serif><B>working@PUTNAM</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=3 face=sans-serif><B>JUNE 2010</B></FONT><B>&nbsp;</B></TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=6 face=sans-serif>Putnam&#146;s</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=6 face=sans-serif>Code of Ethics</FONT></B></P>
<BR>
<P style="TEXT-ALIGN: left"><FONT  size=2 face=sans-serif>[Graphic omitted: Portrait of Samuel Putnam]</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Putnam Investments Code of Ethics</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>Putnam Investments is required by law to adopt a Code of Ethics (the &#147;Code&#148;). The objective of the Code is to ensure that Putnam&#146;s employees comply with all applicable laws and avoid any conflict of interest that might result in any harm to our clients. Putnam owes a fiduciary duty to its clients. This Code of Ethics is designed to strengthen the trust and confidence our clients place in us and to demonstrate that our clients&#146; interests come first.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>Adherence to the Code is a fundamental condition of employment at Putnam. Every employee is expected to adhere to the requirements of the Code. Any employee failing to do so may be subject to disciplinary action, including financial penalties and termination of employment, as determined by the Code of Ethics Officer, the Code of Ethics Oversight Committee, or the Chief Executive Officer of Putnam Investments.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Table of Contents</FONT></P>
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     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Putnam Investments Code of Ethics</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>1</B></FONT><B>&nbsp;</B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Definitions</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>3</B></FONT><B>&nbsp;</B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 1 &#151; Personal Securities Rules for All Employees</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>5</B></FONT><B>&nbsp;</B></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>1.1. Pre-clearance Requirements</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>5</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>1.2. Restricted List</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>1.3. Prohibited Transactions</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>6</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 2 &#151; Putnam Mutual Funds</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>7</B></FONT><B>&nbsp;</B></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>2.1. Holding Putnam Mutual Fund Shares at Putnam</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>2.2. Putnam Mutual Funds &#151; Employee Holding Periods and Linked Accounts</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>7</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>2.3. Putnam Mutual Funds &#151; Closed-End Fund Rules</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 3 &#151; Additional Rules for Access Persons and Certain Investment Professionals</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>8</B></FONT><B>&nbsp;</B></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>3.1. 60-Day Short-Term Rule &#151; All Access Persons</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>3.2. 7-Day Pre-Trade Rule (Portfolio Managers and Analysts)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>8</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>3.3. 7-Day Post-Trade Rule (Portfolio Managers and Analysts)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>3.4. Contra-Trading Rule (Portfolio Managers and Team Leaders)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>3.5. No Personal Benefit (Portfolio Managers and Analysts)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 4 &#151; Reporting Requirements</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>9</B></FONT><B>&nbsp;</B></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>4.1. Brokerage/Securities Accounts &#151; Initial and Annual Requirements</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>9</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>4.2. Separate Provisions for Brokerage/Securities Accounts That Are</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Professionally Managed (Discretionary) Accounts &#151; Initial and Annual Requirements</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>4.3. Account Confirmations and Statements</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 5 &#151; Additional Reporting, Certification, and Training Requirements</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>10</B></FONT><B>&nbsp;</B></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>5.1. Initial/Annual Holdings Report &#151; Access Persons Only</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>5.2. Quarterly Transaction Report &#151; Access Persons Only</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>10</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>5.3. Annual Certification &#151; All Employees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>5.4. Training Requirements &#151; All Employees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>5.5. Maintenance and Distribution of the Code of Ethics</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>5.6. Procedures and Timeliness</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 6 &#151; General Ethics Rules for All Employees</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>11</B></FONT><B>&nbsp;</B></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>6.1. Outside Business Activities</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>11</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>6.2. Charitable or Non-profit Roles/Role as Trustee or Fiduciary Outside Putnam Investments</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>6.3. Family Members&#146; Conflict Policy</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>6.4. CFA Institute Code of Ethics and Standards of Professional Conduct</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>12</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>6.5. Business Ethics, Ombudsman, and Hotlines</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>13</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 7 &#151; Insider Trading</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>13</B></FONT><B>&nbsp;</B></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>7.1. Material, Non-Public Information and Insider Trading</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>13</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>7.2. Reporting and Restrictions</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>13</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>7.3. Special Provisions Applicable to Putnam Affiliates</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>7.4. PIL Employees</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 8 &#151; Sanctions</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>14</B></FONT><B>&nbsp;</B></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>8.1. Sanctions for Violations of Sections 1&#150;3</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>8.2. Sanctions for Violations of Sections 4&#150;6</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>8.3. Sanctions for Violations of Section 7</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Section 9 &#151; Procedures for Determinations and Exemptions</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>15</B></FONT><B>&nbsp;</B></TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif><B>Appendix A &#151; Contra-Trading Rule Clearance Form</B></FONT><B>&nbsp;</B></TD>
     <TD noWrap align=right><FONT size=2 face=sans-serif><B>16</B></FONT><B>&nbsp;</B></TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left"><FONT face=sans-serif>Definitions</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Access Person</FONT></B><B><FONT size=2 face=serif> </FONT></B><FONT size=2 face=sans-serif>Putnam has identified certain employees as Access Persons due to their position or access to investment information. Access Persons are held to a higher standard under the Code than other employees. Please ask the Code of Ethics Officer if you have any question whether you are an Access Person. The following employees are Access Persons:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; All employees of Putnam&#146;s Investment Management Division</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Employees of the Operations Division within the following specific groups and departments:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Fund Administration Group</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Investment Services and Operations Group</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Accounting Services Group</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Custody Services Group</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Senior Managing Directors and Managing Directors in:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Mutual Fund Shareholder Services Group</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Accounting, Custody, and Control Services Group</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Global Marketing and Products Division</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#187; </FONT><FONT size=2 face=sans-serif>Global Distribution Division</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; All members of Putnam&#146;s Operating Committee</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; All employees of Putnam Investments Limited (PIL) and all other Putnam employees based in Europe</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; All directors and officers of a registered investment advisor affiliate, e.g., Putnam Investment Management, LLC (PIM), or The Putnam Advisory Company, LLC (PAC)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; All employees who have access to My Putnam (unless access is limited to the </FONT><I><FONT size=2 face=sans-serif>Wall Street Journal, Factiva</FONT></I><FONT size=2 face=sans-serif>, or other systems that do not allow access to non-public information about Putnam products, as determined by the Code of Ethics Officer)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Employees who have systems access or other access to non-public information about any client&#146;s purchase or sale of securities or to information regarding portfolio holdings or recommendations with respect to such purchases or sales</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Others as determined by the Code of Ethics Officer</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Approved Indices</FONT></B><B><FONT size=2 face=serif> </FONT></B><FONT size=2 face=sans-serif>means any securities index (which is typically a broad-based index) determined by the Code of Ethics Officer to present minimal risks of abuse. All Approved Indices are posted on the Putnam Compliance intranet homepage and the Code of Ethics PTA system.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Closed-end fund&nbsp;</FONT></B><FONT size=2 face=sans-serif>means a fund that has a fixed number of shares outstanding and does not redeem its shares. Closed-end funds typically trade like stocks on an exchange.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The </FONT><B><FONT size=2 face=sans-serif>Code of Ethics Officer </FONT></B><FONT size=2 face=sans-serif>and the </FONT><B><FONT size=2 face=sans-serif>Deputy Code of Ethics Officer </FONT></B><FONT size=2 face=sans-serif>are responsible for enforcing and interpreting the Code. The following are the current members of the Code of Ethics staff, each of whom can answer employee questions and provide other assistance regarding the Code:</FONT></P>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Bob Leveille</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(617) 760-1858</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Rick DeGregorio</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(617) 760-1201</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Dana Scribner-Shea</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>(617) 760-7182</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Code of Ethics Oversight Committee&nbsp;</FONT></B><FONT size=2 face=sans-serif>has oversight responsibility for administering the Code of Ethics. Members include the Code of Ethics Officer and other members of Putnam&#146;s senior management appointed by the Chief Executive Officer of Putnam. The Committee reviews and approves Code revisions, violations, and sanctions. In certain instances, requests for exemptions may require the approval of the Committee. The Committee meets on a quarterly basis or as otherwise necessary.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Exchange-Traded Fund (ETF)&nbsp;</FONT></B><FONT size=2 face=sans-serif>means a fund (other than a closed-end fund) that can be traded on an exchange throughout the day like a stock. ETFs often track an index. Examples include (but are not limited to) SPDRs, WEBs, QQQQs, iShares, and HLDRs.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Immediate Family&nbsp;</FONT></B><FONT size=2 face=sans-serif>means the Putnam employee&#146;s spouse, domestic partner, fianc&#233;(e), or other family members who are living in the same household. Immediate Family also includes any other family members, including in-laws, for whom the Putnam employee can exercise investment discretion, regardless of whether or not they live in the same household.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Private Placement&nbsp;</FONT></B><FONT size=2 face=sans-serif>means any offering of a security not offered to the public and not requiring registration with the relevant securities authorities.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Putnam </FONT></B><FONT size=2 face=sans-serif>means any or all of Putnam Investments, LLC and its subsidiaries (other than PanAgora Asset Management, Inc.), any one of which shall be a Putnam company.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Putnam employee, or employee,&nbsp;</FONT></B><FONT size=2 face=sans-serif>means any employee of Putnam and, for purposes of all rules in Sections 1, 2, and 3, also includes the following:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Members of the Immediate Family of a Putnam employee;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Any trust in which a Putnam employee or Immediate Family member is a trustee with investment discretion;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Any account for a partnership in which a Putnam employee or Immediate Family member is a general partner or a partner with investment discretion;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Any closely held entity (such as a partnership, limited liability company, or corporation) in which a Putnam employee or Immediate Family member holds a controlling interest and with respect to which he or she has investment discretion;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Any account (including any retirement, pension, deferred compensation, or similar account) in which a Putnam employee or Immediate Family member has a substantial economic interest and over which the Putnam employee or Immediate Family member exercises investment discretion;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Any account other than a Putnam client account that receives investment advice of any sort from the employee or Immediate Family member, or as to which the employee or Immediate Family member has investment discretion.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Security </FONT></B><FONT size=2 face=sans-serif>The instruments required to be pre-cleared under Section 1.1 are considered to be securities for purposes of this Code and are also required to be reported by Access Persons under Section 4. In addition, transactions in exchange-traded funds (ETFs), exchange-traded notes (ETNs), exchange-traded commodities (ETCs), options, futures, and other derivative securities are required to be reported by Access Persons under Section 4, even for those instruments that are not required to be pre-cleared pursuant to Section 1.1(c).</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 1 &#151; Personal Securities Rules for All Employees</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam maintains the Code of Ethics PTA system to assist employees in fulfilling their obligations under the Code of Ethics. This system can be accessed by selecting the Code of Ethics PTA link, which appears on Putnam&#146;s intranet page in the Secure Information Section under My Essentials. This system allows the automated pre-clearance of publicly traded equities and other securities trading on major U.S. and other exchanges. To pre-clear an options contract for a publicly traded security, pre-clear the underlying security in the Code of Ethics PTA system. To request clearance to trade bonds or other securities, you must contact the Code of Ethics staff. Pre-clearance hours are 9:00 a.m. to 4:00 p.m. EST.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>1.1. Pre-clearance Requirements</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>1.1(a) Employees must pre-clear all trades in the following securities:</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Stocks of companies</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Bonds (including corporate, municipal, high-yield, and convertible bonds)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Options, warrants, and all other derivatives of any underlying securities which themselves require pre-clearance. Examples include options and futures based on specific stocks or based on indices that are not Approved Indices (see &#147;Definitions&#148; section)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Exchange-traded funds (ETFs ) other than those based on Approved Indices or based on other instruments listed below (under Section 1.1(c)) that do not require pre-clearance</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Exchange-traded notes (ETNs) other than those based on Approved Indices</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Closed-end funds, including Putnam closed-end funds</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Employees must also pre-clear the following transactions:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Private placements and purchases of hedge funds or other private investment funds must receive pre-approval from the Code of Ethics Oversight Committee</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Donating or gifting of securities</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Shares purchased by subscription or by mail (if purchasing directly from a company&#146;s transfer agent by check, you must pre-clear the day the check is to be mailed)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Tendering securities from your personal account</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>1.1(b) Provisions Applicable to Pre-Clearances</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A pre-clearance is only valid for trading on the day it is obtained. However, trades by employees in Putnam&#146;s Asian or European offices, or trades by any employees in securities listed on Asian or European stock exchanges, may be executed within one business day after pre-clearance is obtained. If the Code of Ethics system does not recognize a security, if an employee is unable to use the system, or if he or she has any questions with respect to the system or pre-clearance, the employee must contact the Code of Ethics staff.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>1.1(c) Exceptions from Pre-Clearance Requirements</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Pre-clearance is not required for certain transactions. (Please note that reporting may still be required for Access Persons even when pre-clearance is not required. See Sections 4 and 5 for reporting requirements.)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Pre-clearance is not required for:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Open-end mutual funds</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Currencies</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Commodities</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Treasury securities and other U.S. and other sovereign government debt (Please note that agency securities, such as securities issued by Fannie Mae and Freddie Mac, require pre-clearance.)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Certificates of deposit (CDs), commercial paper</FONT><B><FONT size=2 face=sans-serif>, </FONT></B><FONT size=2 face=sans-serif>repurchase agreements, bankers&#146; acceptances, and other money market instruments</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Options and futures and all other derivatives of securities not requiring pre-clearance (Please note that examples include options and futures based on Approved Indices (see Definitions) and Treasury futures.)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; ETFs and ETNs based on Approved Indices</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Exchange-traded commodities (ETCs)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Withdrawals or distributions from a Putnam Retirement Plan that result in the sale of MMC stock</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Trades in approved discretionary accounts (see Section 4.2 for additional information)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Transactions that are involuntary (i.e., not initiated by the employee or an immediate family member covered under the Code), including dividend reinvestments under an automatic program of a publicly traded issuer and broker actions not initiated by the employee, such as option assignments or sales out of the brokerage account to cover fees or margin calls (provided the employee may not have withdrawn funds from the margin account in the prior 10 days)</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>1.2. Restricted List</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Employees may not trade in securities that are on Putnam&#146;s restricted list, except as set forth below under &#147;Large-/Mid-Cap Exemption.&#148; There are a number of reasons why a security may appear on the Restricted List, and securities are placed on the Restricted List under criteria, and in specific circumstances, as determined by the Code of Ethics Officer or the Code of Ethics Oversight Committee. If a security is not on the Restricted List, other classes of securities of the same issuer (e.g., preferred or convertible preferred stock) may be on the Restricted List. It is the employee&#146;s responsibility to identify with particularity the class of securities being pre-cleared.</FONT></P>
<P style="TEXT-ALIGN: left"><B><U><FONT size=2 face=sans-serif>Large-/Mid-Cap Exemption</FONT></U></B><B><FONT size=2 face=sans-serif>. </FONT></B><FONT size=2 face=sans-serif>An employee may trade up to 1,000 shares of a security appearing on the Restricted List if it is an equity security of an issuer with a market capitalization greater than $2 billion. However, these transactions must still be pre-cleared. Market capitalization is defined as outstanding shares multiplied by current price per share.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>1.3. Prohibited Transactions</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following transactions and activities are prohibited for all employees:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. Good-Until-Canceled Orders (GTC). Any order not executed on the day of pre-clearance must be resubmitted for pre-clearance before being executed on a subsequent day.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. Short sales of any security that is subject to pre-clearance requirements. However, short sales against the box are permitted. In addition, opening an option position that would result in a short position in the underlying security upon assignment or expiration is also prohibited. For example, buying a put option without owning a number of shares at least equal to the delivery obligation under the contract, or selling a naked call option, would be prohibited.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. Purchasing securities in an initial public offering (IPO). Although exceptions from this prohibition will rarely be granted, employees may request an exemption from the Code of Ethics Officer, who may grant exceptions in unusual cases such as when an immediate family member&#146;s association or employment with the issuer warrants consideration or when the employee has had a pre-existing status for at least two years as a policyholder or depositor in connection with a bank or insurance company conversion from mutual or cooperative form to stock form.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. Trading with Material Non-public Information (see Section 7)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5. Personal Trading with Putnam Client Portfolios. Putnam employees may not buy or sell securities when the employee knows a Putnam client account is on the other side of the trade.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>6. Participating in an Investment Club</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>7. Spread Betting. PIL employees may not enter into any spread betting contracts on financial instruments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>8. Excessive Trading. Employees are prohibited from making more than 10 trades in individual securities in any given quarter across all their accounts (including accounts held by Immediate Family members). For purposes of applying this rule, securities that are required to be pre-cleared shall be the only securities counted, and trading the same security in the same direction (buy or sell) over a period of five business days will be counted as one transaction.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>6</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 2 &#151; Putnam Mutual Funds</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>2.1. Holding Putnam Mutual Fund Shares at Putnam</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam employees must hold shares of Putnam open-end U.S. mutual funds through accounts maintained at Putnam, with Putnam Retail Management (PRM) listed as the dealer of record. All transactions must be executed through Putnam and not through an outside broker or other intermediary.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>These requirements also apply to:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Self-directed IRA accounts holding Putnam fund shares;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Variable annuities and variable insurance contracts, such as Putnam/Hartford Capital Manager and Allstate Advisor, which invest in Putnam Variable Trusts (must list PRM as dealer but may be held at the insurer).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In limited circumstances, retirement, pension, deferred compensation, and similar accounts (and variable insurance arrangements) that cannot be legally transferred to Putnam may be allowed to hold Putnam funds upon approval of the Code of Ethics Officer. For example, a spouse of a Putnam employee may have a 401(k)/ Profit Sharing Plan with his or her employer that invests in Putnam funds. The employee must notify the Code of Ethics Officer in writing, provide the reason why the account cannot be transferred to Putnam, and arrange for a quarterly statement of transactions in such account to be sent to the Code of Ethics staff, if approved.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>2.2. Putnam Mutual Funds &#151; Employee Holding Periods and Linked Accounts</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Employees may not, within a 90-calendar day period, make a purchase followed by a sale or a sale followed by a purchase of shares of the same open-end Putnam mutual fund, even if the transactions occur in different accounts.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Employees who have sole or shared supervisory or portfolio management responsibility for a Putnam open-end mutual fund or a U.S. registered mutual fund to which Putnam acts as advisor or sub-advisor may not, within a one-year period, make a purchase followed by a sale or a sale followed by a purchase of shares of such fund, even if the transactions occur in different accounts.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All employees are required to ensure that their Immediate Family members&#146; accounts holding Putnam mutual funds are linked to comply with the disclosure and holding period requirements. To ensure these accounts are linked, log on to Putnam&#146;s intranet home page at </FONT><U><FONT size=2 face=sans-serif>http://intranet/home/index.shtml</FONT></U><FONT size=2 face=sans-serif>, and select My Essentials/Linked Mutual Fund Accounts.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The above holding period restrictions do not apply to:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; 401(k)/Profit Sharing (or other employee benefit plan) contributions, withdrawals, loans, or distributions, including employer contributions or forfeitures to an employee&#146;s account. However, exchanges within these accounts are subject to these holding period restrictions.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Putnam&#146;s Money Market Funds or Putnam Stable Value Fund</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Systematic investments, exchanges, or redemptions and payroll deductions. However, once these programs are established/revised, they may not be changed again for 90 days. Employees subject to a one-year holding period with respect to a fund may establish a semiannual or annual automatic rebalancing program, although it may only be changed on an annual basis.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Dividend reinvestments, distributions, fund mergers, and share class conversions</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Qualified redemptions (i.e., from the Putnam CollegeAdvantage 529 Plan for matters such as tuition, school fees, books, supplies, and equipment required by the school, room and board, disability, and death)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In special situations, such as financial hardship or disability, an exemption from the holding period requirements may be provided by the Code of Ethics Oversight Committee upon written application by the employee.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>2.3. Putnam Mutual Funds &#151; Closed-End Fund Rules</B></FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>2.3(a) </FONT></B><U><FONT size=2 face=sans-serif>Pre-clearance and Reporting</FONT></U><FONT size=2 face=sans-serif>. Putnam closed-end fund shares are subject to the same pre-clearance and reporting requirements as other stocks. A list of the Putnam closed-end funds can be obtained from the Code of Ethics staff.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>2.3(b) </FONT></B><U><FONT size=2 face=sans-serif>Special Rules Applicable to Managing Directors in the Investment Division, Operating Committee members, and officers of the Putnam Funds</FONT></U><FONT size=2 face=sans-serif>. Managing Directors in Putnam&#146;s Investment Division, Putnam Operating Committee members, and officers of the Putnam Funds will not receive clearance to engage in any combination of purchase and sale, or sale and purchase, of the shares of a given closed-end fund within six months of each other. Therefore, purchases should be made only if you intend to hold the shares more than six months, and sales should not be made if you plan to purchase more shares of that fund within six months.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 3 &#151; Additional Rules for Access Persons and Certain Investment Professionals</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>3.1. 60-Day Short-Term Rule &#151; All Access Persons</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Access Persons may not sell a security at a price higher than any price paid for that security within the past 60 calendar days, or buy a security at a price below which he or she sold it within the past 60 days. This rule applies to transactions across all accounts of the employee. All trades for the previous 60 days will be compared to the trade date for the transaction in question to determine whether a violation has occurred. Thus, if an employee buys a security for $10, buys it again for $15, and then sells shares of this security for $12, this will be considered a violation even though some shares of the security in question were bought for a higher price. Access Persons may also not open an option transaction for a contract that expires in 60 days or less. Although portfolio managers and analysts may sell securities at a profit within 60 days of purchase in order to comply with the requirements of the 7-Day Pre-Trade and 7-Day Post-Trade Rules (described below), any profit must be disgorged to charity.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>3.2. 7-Day Pre-Trade Rule (Portfolio Managers and Analysts)</B></FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>3.2(a) </FONT></B><FONT size=2 face=sans-serif>Portfolio Managers: (i) Before a portfolio manager places an order to buy a security for any Putnam client portfolio that he manages, he must sell that security or related derivative security if he has purchased it in his personal account within the preceding seven calendar days; or (ii) upon entering an order to sell a security for any Putnam client portfolio that he manages, he must disgorge to charity any losses avoided if he sold the security in his personal account within the preceding seven calendar days. Disgorgements will be measured by the difference between the selling price for the personal account and the selling price for the client account, multiplied by the number of shares sold for the personal account.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>3.2(b) </FONT></B><FONT size=2 face=sans-serif>Analysts: (i) Before an analyst makes a purchase or an outperform recommendation for a security (including designation of a security for inclusion in the portfolio of Putnam Research Fund), he must sell that security or related derivative security if he has purchased it in his personal account within the preceding seven calendar days; or (ii) upon making a sell or an underperform recommendation for a security (including designation of a security for sale from the portfolio of Putnam Research Fund), he must disgorge to charity any losses avoided if he sold the security in his personal account within the preceding seven calendar days. Disgorgements will be measured by the difference between the selling price for the personal account and the price at the time that the recommendation is made, multiplied by the number of shares sold for the personal account.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>3.3. 7-Day Post-Trade Rule (Portfolio Managers and Analysts)</B></FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>3.3(a) </FONT></B><FONT size=2 face=sans-serif>Portfolio Managers: No portfolio manager shall: (i) sell any security or related derivative security for her personal account until seven calendar days have elapsed after the date of the most recent purchase of that security or related derivative security by any Putnam client portfolio she manages or co-manages; or (ii) purchase any security or related derivative security for her personal account until seven calendar days have elapsed after the date of the most recent sale of that security or related derivative security from any Putnam client portfolio that she manages or co-manages.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>3.3(b) </FONT></B><FONT size=2 face=sans-serif>Analysts: No analyst shall: (i) sell any security or related derivative security for his personal account until seven calendar days have elapsed after the date of his most recent buy or outperform recommendation for that security or related derivative security (including designation of a security for inclusion in the portfolio of Putnam Research Fund); or (ii) purchase any security or related derivative security for his personal account until seven calendar days have elapsed after the date of his most recent sell or underperform recommendation for that security or related derivative security (including the removal of a security from the portfolio of Putnam Research Fund).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>3.4. Contra-Trading Rule (Portfolio Managers and Team Leaders)</B></FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>3.4(a) </FONT></B><FONT size=2 face=sans-serif>Portfolio Managers: No portfolio manager shall, without prior clearance and written approval, sell in his personal account any securities or related derivative securities that are held in any Putnam client portfolio that he manages or co-manages (see Appendix A for the Contra-Trading Rule Clearance Form).</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>3.4(b) </FONT></B><FONT size=2 face=sans-serif>Team Leaders: No Team Leader within the Investment Division shall, without prior clearance and written approval, sell in his personal account any securities or related derivative securities that are held in any Putnam client portfolio managed in his team (see Appendix A for the Contra-Trading Rule Clearance Form).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>3.5. No Personal Benefit </B><B>(Portfolio Managers and Analysts)</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>No portfolio manager shall cause, and no analyst shall recommend, an action that would cause a Putnam client to take action for the portfolio manager&#146;s or analyst&#146;s own personal benefit. A portfolio manager who trades in, or an analyst who recommends, particular securities for a Putnam client account in order to support the price of securities in his personal account, or who &#147;front runs&#148; a Putnam client order, is in violation of this Rule.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 4 &#151; Reporting Requirements</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>4.1. Brokerage/Securities Accounts &#151; Initial and Annual Requirements</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All employees (on their own behalf and on behalf of their Immediate Family members) are required to report the existence of any accounts which have the capability of purchasing any securities. This Rule includes all brokerage accounts, accounts held directly at an issuer&#146;s transfer agent, and securities held in physical certificate form by an employee or any Immediate Family member of the employee. The only investment accounts excluded from this rule are accounts that are only permitted to hold open-end mutual funds (other than Putnam open-end funds) and no other investments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>To satisfy this requirement, a new employee must enter the requested information in the Code of Ethics PTA system within the required time frame below:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Access Persons &#151; within 10 days of hire</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Non-access Persons &#151; within 30 days of hire</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Existing employees opening a new account (including accounts being opened for Immediate Family members) must disclose them in the system in advance of the first personal securities transaction in the account.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All employees will be required to certify annually that all accounts requiring disclosure are accurately listed in the Code of Ethics PTA system.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>4.2. Separate Provisions for Brokerage/Securities Accounts That Are Professionally Managed (Discretionary) Accounts &#151; Initial and Annual Requirements</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If you wish to establish a professionally managed or discretionary account (including professionally managed or discretionary accounts being opened for Immediate Family members), where you completely turn over decision-making authority to a professional money manager who is not subject to this Code, you must disclose the existence of the account and receive approval from the Code of Ethics staff in advance of the first personal securities transaction. You do not need to pre-clear or report securities transactions in these accounts. Please note a discretionary account may not purchase an IPO or hold Putnam open-end mutual funds.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The broker or advisor maintaining discretion over the account may not be a family member of the Putnam employee.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In order for the account to be considered discretionary, the employee must:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. Complete an initial certification (as well as annual certifications each year) in which both the employee and the broker/advisor certify that the Putnam employee does not participate in investment decisions on the account; and</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. Ensure that copies of broker statements are delivered to Putnam Investments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>4.3. Account Confirmations and Statements</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All employees are required to ensure that copies of all confirmations and statements are delivered to Putnam for all accounts described in Section 4.1 above, and to ensure that copies of all statements (but not confirmations) are delivered to Putnam for all discretionary accounts described in Section 4.2. When the employee discloses the account as required, the Code of Ethics staff will issue a 407 letter, or other communication to the entity where the employee&#146;s account is held, requesting that confirmations and statements be sent to Putnam on the employee&#146;s behalf. However, it is ultimately the employee&#146;s responsibility to ensure his or her broker has complied with this request.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If it is discovered these reports are not being delivered to Putnam, the Code of Ethics staff will bring this issue to the employee&#146;s attention and request he or she assist in rectifying the issue. If it is determined that a broker has failed to comply with requests to deliver these reports, Putnam reserves the right to require the employee to close the account within 30 days by transferring the account to another dealer willing to comply with this requirement (any trades as a result of a transfer must be pre-cleared).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 5 &#151; Additional Reporting, Certification, and Training Requirements</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>5.1. Initial/Annual Holdings Report &#151; Access Persons Only</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Access Persons must disclose their securities holdings, including all holdings for Immediate Family member accounts, within 10 days of hire (or within 10 days of becoming an Access Person) and then on an annual basis thereafter (within 45 days after the end of the year). The report of securities holdings must include all securities that require pre-clearance under Section 1.1, as well as holdings in non-U.S. sovereign government debt, ETFs, ETNs, ETCs, options, futures and other derivative securities, and holdings of Putnam open-end U.S. mutual funds not held through a Putnam account and U.S. registered mutual funds to which Putnam acts as advisor or sub-advisor (see Section 4).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>5.2. Quarterly Transaction Report &#151; Access Persons Only</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Access Persons must disclose and certify all of their personal securities transactions, including transactions for Immediate Family member accounts, within 20 calendar days following the end of each quarter. In addition to the securities requiring pre-clearance under Section 1.1, Access Persons are also required to disclose and certify all personal transactions in non-U.S. sovereign government debt, as well as ETFs, ETNs, ETCs, options, futures, and other derivative securities, not just those requiring pre-clearance.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>5.3. Annual Certification &#151; All Employees</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Each calendar year, all employees will be required to certify that they have reviewed and understand the rules and requirements of the Code and that the list of brokerage accounts (for the employee and all Immediate Family members) disclosed in the Code of Ethics PTA system is accurate. An e-mail notification will be sent informing employees of their requirement and the due date.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>5.4. Training Requirements &#151; All Employees</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As deemed necessary by the Code of Ethics staff, employees will be required to complete training on Putnam&#146;s Code of Ethics. E-mail notifications will be sent notifying employees of the requirements and the due date.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>5.5. Maintenance and Distribution of the Code of Ethics</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>When revisions are made to the Code of Ethics, all employees will receive a revised version of the Code. The Code will be available to all employees on Putnam&#146;s intranet site. Hard copies may be requested by contacting the Code of Ethics staff.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>5.6. Procedures and Timeliness</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The certifications and reports required by the Code are completed in the Code of Ethics PTA system. There are strict deadlines for these filings. Planned absences, vacations, and business trips are not valid excuses for failing to meet a deadline. Employees will receive instructions regarding these submissions and the due dates. Please contact the Code of Ethics staff for assistance.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 6 &#151; General Ethics Rules for All Employees</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam employees are expected to act ethically at all times in connection with their employment. In addition to complying with the specific provisions of this section, employees should contact the Code of Ethics staff or the Ombudsman if they are not sure how to proceed in any circumstances involving ethical issues or questions.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>6.1. Outside Business Activities</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>No Putnam employee shall serve as employee, officer, director, trustee, or general partner of a corporation or entity other than Putnam, without prior written approval of the Code of Ethics Officer, who may also confirm that the employee&#146;s manager has approved such outside position. Requests for a role at a publicly traded company are especially disfavored and are closely reviewed. Permission will be granted only in extenuating circumstances.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All employees must provide a written request seeking approval from the Code of Ethics Officer by entering the details of the proposed position in the Code of Ethics PTA system. Employees may not engage in any outside employment activity until they receive an e-mail approving their request. Employees hired at Putnam with an outside position must disclose the position upon hire in the system and may be required to resign such position if the position presents conflicts of interest or other issues.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>FINRA-licensed employees under PRM also have an obligation to disclose outside positions to, and receive approval from the PRM Compliance Department. Employees must also keep this information accurate by updating their profile in the Code of Ethics system and updating the PRM Compliance Department if they change or terminate a position previously approved.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>6.2. Charitable or Non-profit Roles/Role as Trustee or Fiduciary Outside Putnam Investments</B></FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.2(a) </FONT></B><FONT size=2 face=sans-serif>An employee may serve as a volunteer, officer, director, or trustee of a charitable or not-for-profit institution, provided that the employee abides by the Code of Ethics with respect to any investment activity for which she has any discretion or input as a volunteer, officer, director, or trustee. The pre-clearance and reporting requirements of the Code of Ethics do not apply to the trading activities of such charitable or not-for-profit institutions for which an employee serves as a volunteer, officer, director, or trustee unless the employee has discretion for the account. You must contact the Code of Ethics staff if you are asked to serve in a role in which you may have discretion, investment, or financial authority for a charitable or not-for-profit institution to discuss whether such position is permissible and whether you must perform any additional actions prior to serving in such role.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.2(b) </FONT></B><FONT size=2 face=sans-serif>Except as stated below, no Putnam employee shall serve as a trustee, an executor, a custodian, or any other fiduciary, or as an investment advisor or a counselor for any account outside Putnam.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam employees may serve as a fiduciary with respect to a religious or charitable trust or foundation, provided that the employee abides by the Code of Ethics with respect to any investment activity for which she has any discretion or input. The pre-clearance and reporting requirements of the Code of Ethics apply to the trading activities of such a religious or charitable trust or foundation if the employee has discretion for the account.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.2(c) </FONT></B><I><FONT size=2 face=sans-serif>Family Trust or Estate Exception</FONT></I><FONT size=2 face=sans-serif>. Putnam employees may serve as a fiduciary with respect to a family trust or estate, as long as the employee abides by all of the Rules of the Code of Ethics with respect to any investment activity over which he has any discretion.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>6.3. Family Members&#146; Conflict Policy</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>No employee or member of an employee&#146;s Immediate Family shall have any direct or indirect personal financial interests in companies that do business with Putnam, unless such interest is disclosed and approved by the Code of Ethics Officer.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.3(a) </FONT></B><FONT size=2 face=sans-serif>Corporate Purchase of Goods and Services &#151; Putnam will not acquire goods and services from any firm in which a member of an employee&#146;s Immediate Family serves as a sales representative or in a senior management capacity, or has an ownership interest (excluding normal investment holdings in public companies), unless permission is obtained from the Assistant Treasurer and the Code of Ethics Officer. Any employee who is aware of a proposal to purchase goods and services from a firm with which a member of the employee&#146;s Immediate Family has one of these associations must notify the Assistant Treasurer and the Code of Ethics Officer.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.3(b) </FONT></B><FONT size=2 face=sans-serif>Portfolio Trading &#150; Putnam will not allocate any client trades to any firm that employs a member of an employee&#146;s Immediate Family as a sales representative to Putnam (in a primary, secondary, or backup role). Any Putnam employee who is aware that an Immediate Family member serves as a broker-dealer&#146;s sales representative to Putnam should inform the Code of Ethics Officer.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.3(c) </FONT></B><FONT size=2 face=sans-serif>Definition of Immediate Family (specific to this rule) &#150; &#147;Immediate Family&#148; of an employee means (1) spouse, fianc&#233;(e), or domestic partner of the employee, (2) any child, sibling, or parent of an employee and any person married to a child, sibling or parent of an employee, and (3) any other person who lives in the same household as the employee.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>6.4. CFA Institute Code of Ethics and Standards of Professional Conduct</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All members of the Investment Division and any other CFA Institute Members or Candidates must follow and abide by the spirit of the Code of Ethics and the Standards of Professional Conduct of the CFA Institute. The text of the CFA Institute Code of Ethics and Standards of Professional Conduct can be found on the Putnam Compliance Department intranet home page, which is accessible from the Putnam intranet home page. The terms of Putnam&#146;s Code of Ethics shall govern in any case where there is a conflict between the terms of this Code and the CFA Institute Code of Ethics and Standards of Professional Conduct. Please contact the Code of Ethics Officer with any questions.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>6.5. Business Ethics, Ombudsman, and Hotlines</B></FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.5(a) </FONT></B><FONT size=2 face=sans-serif>If a Putnam employee suspects that fraudulent, illegal, or other irregular activity (including violations of the Code of Ethics) might be occurring at Putnam, the activity should be reported immediately to Putnam&#146;s Controller, Chief Compliance Officer or Code of Ethics Officer, through the Ombudsman or hotlines described below or through Putnam&#146;s Human Resources department.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.5(b) </FONT></B><FONT size=2 face=sans-serif>Putnam has established the office of the corporate ombudsman as a resource to help employees address legal or ethical issues in the workplace and to allow employees to voice concerns or seek clarity on issues. The Ombudsman provides a confidential, independent, and impartial source to employees to discuss potential violations of law or of company standards without fear of retribution, and serves as a neutral party with no vested interest in a particular outcome.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>6.5(c) </FONT></B><FONT size=2 face=sans-serif>An employee who does not feel comfortable reporting activity in the manner described in 6.5(a) above may instead contact any of the following on an anonymous basis:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; The Putnam Ethics hotline at 1-888-475-4210,</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; The Putnam Funds Trustees&#146; hotline at 1-866-858-4155, or</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149; Putnam&#146;s Ombudsman at 1-866-ombuds7 (866-662-8377).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 7 &#151; Material, Non-Public Information and Insider Trading</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>7.1. Material, Public Information and Insider Trading</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Antifraud provisions of the U.S. securities laws as well as the laws of other countries generally prohibit persons who possess material, non-public information from trading on or communicating that information to others. Putnam&#146;s policy calls for strict compliance with such laws. Unlawful trading while in possession of material, non-public information is a very serious matter and can be a crime punishable by imprisionment. There is also significant monetary liability for an inside trader, which can include liability to private plaintiffs and/or the Securities and Exchange Commission, which can seek a court order requiring a violator to pay back profits, as well as penalties substantially greater than those profits. In certain cases, controlling persons of inside traders, including supervisors of inside traders or Putnam itself, can be liable for penalties.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Employees found to have conducted this activity will be immediately referred to the Code of Ethics Oversight Committee or Putnam&#146;s Chief Executive Officer to determine the appropriate sanction, up to and including termination.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>While employees in the Investment Division are most likely to come into contact with material, non-public information, the rules (and sanctions) in this area apply to all Putnam employees (see Section 7.2 for information on what to do if you believe you may have material, non-public information).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>7.2. Reporting and Restrictions</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Any employee who believes he or she is (or may be) in possession of material, non-public information must immediately contact Putnam&#146;s Code of Ethics Officer or an attorney in Putnam&#146;s Legal Department, and provide details on the information received and the source. The employee must also take precautions to maintain the confidentiality of the information in question.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>After reviewing the facts and circumstances, Putnam&#146;s Code of Ethics Officer or Putnam&#146;s Legal Department will make a determination as to whether possession of the information warrants restricting trading activity in the issuer&#146;s securities for client accounts as well as personal securities transactions for employees.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>7.3. Special Provisions Applicable to Putnam Affiliates</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Any employee wishing to place a trade in the securities of Great-West Lifeco Inc., Power Financial Corporation, Power Corporation of Canada, or IGM Financial Inc. must contact the Code of Ethics Officer or the Deputy Code of Ethics Officer to request manual approval of the pre-clearance request. An employee requesting such approval must certify that he or she is not in possession of any material, non-public information regarding the company in which he or she is seeking to place a trade. The decision whether or not to grant the pre-clearance request is in the sole discretion of the Code of Ethics Officer and the Deputy Code of Ethics Officer. The Code of Ethics Officer and Deputy Code of Ethics Officer will reject any such request for pre-clearance made by members of Putnam&#146;s Operating Committee and certain members of the Chief Financial Officer&#146;s staff from the end of each calendar quarter to the date of announcement of Great-West Lifeco Inc.&#146;s earnings for such quarter.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>7.4. PIL Employees</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For PIL employees, these topics are covered by the FSA&#146;s Market Abuse rules. PIL employees receive information on this topic in their annual instructor-led code of ethics and compliance training.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 8 &#151; Sanctions</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Code of Ethics Oversight Committee has adopted the following minimum monetary sanctions for violations of the Code. These sanctions apply even if the exception results from inadvertence rather than intentional misbehavior. The Code of Ethics Oversight Committee will review and approve sanctions on employees. However, the sanctions noted below are only minimums, and the Committee reserves the right to impose sanctions it believes fit the circumstances, such as higher monetary sanctions, trading bans, suspension, or termination of employment. The Committee&#146;s belief that an employee has violated the Code of Ethics intentionally may result in more severe sanctions than outlined in the guidelines.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>8.1. Sanctions for Violations of Sections 1&#150;3</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The minimum sanction per violation of the Rules in Sections 1, 2, or 3 is disgorgement of any profits or payment of avoided losses and the following payments:</FONT></P>
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<TR>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Officer level</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>SMD/MD/SVP</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>VP/AVP/Non-officer</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>1st violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$250</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$50</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>2nd violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$500</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$100</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Minimum monetary sanction as above with ban on all new personal</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>3rd violation</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>securities transactions</FONT></TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>8.2. Sanctions for Violations of Sections 4&#150;6</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The minimum sanction for violations of the rules in Sections 4&#150;6 is as follows:</FONT></P>
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<TR>
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     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Officer level</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>SMD/MD/SVP</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT size=2 face=sans-serif>VP/AVP/Non-officer</FONT></B>&nbsp;</TD></TR>
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<HR SIZE=1 noShade>
</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>1st violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Warning</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Warning</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>2nd violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$50</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$25</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Subsequent violation</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$100</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>$50</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>
<HR SIZE=1 noShade>
</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><B>8.3. Sanctions for Violations of Section 7</B></FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All violations concerning the use of material, non-public information, failure to report inside information, or insider trading will be presented to the Code of Ethics Oversight Committee to determine the appropriate sanction, up to and including termination. Severe criminal penalties may also be imposed.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The reference period for determining generally whether a violation is initial or subsequent will be three years.</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>14</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Section 9 &#151; Procedures for Determinations and Exemptions</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>No perceived ambiguity in the Code of Ethics shall excuse any violation. Any employee who has a question concerning the applicability of the Code or believes the Code to be ambiguous in a particular situation should request a determination from the Code of Ethics Officer in advance of the conduct. Employees may also request an exemption from the Code of Ethics if they do so in advance of the conduct or transaction sought to be exempted.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Any employee seeking a determination or exemption shall provide the Code of Ethics Officer with such information as the Code of Ethics Officer deems necessary to render the determination or make a decision on the exemption.</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=right><FONT size=2 face=sans-serif>15</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>Appendix A &#151; Contra-Trading Rule Clearance Form</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>To: Code of Ethics Officer</FONT></P>
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<TR>
     <TD width="70%"></TD>
     <TD width="30%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>From:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Re: Sale of Personal Security</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=left>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This serves as prior written approval to sell the following personal security:</FONT></P>
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<TR>
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     <TD width="30%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Name of portfolio manager contemplating personal sale:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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<HR SIZE=1 noShade>
</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Security to be sold:</FONT>&nbsp;</TD>
     <TD style="TEXT-INDENT: 0px" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Number of shares to be sold:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Fund(s) holding security:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Number of shares held by fund:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Reason for the personal sale:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=2 face=sans-serif>Specify the reason why the sale is inappropriate for fund: (Please attach additional sheets if necessary.)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>CIO approval: </FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Code of Ethics Officer:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Deputy Code of Ethics Officer approval: </FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Date:</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 noShade>
</TD></TR></TABLE><BR>
<TABLE border=0 cellSpacing=0 width="80%">
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=sans-serif>16</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Putnam Investments | One Post Office Square | Boston, MA 02109 | putnam.com</FONT></B></P>
<P style="TEXT-ALIGN: right"><FONT size=1 face=sans-serif>262362 6/10</FONT></P>
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<TYPE>EX-99.CODE ETH
<SEQUENCE>20
<FILENAME>a_nf69mod6.htm
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     <TD noWrap align=center><B><FONT face=serif>THE PUTNAM FUNDS</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center><U><FONT face=serif>Code of Ethics</FONT></U></TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT face=serif>Each of The Putnam Funds (the "Funds") has determined to adopt this Code of Ethics with respect to certain activities by officers and Trustees of the Funds which might be deemed to create possible conflicts of interest and to establish reporting requirements and enforcement procedures with respect to such activities.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>I. </FONT><U><FONT face=serif>Rules Applicable to Officers and Trustees Affiliated with Putnam Investments Trust or Its Subsidiaries</FONT></U></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>A. </FONT><U><FONT face=serif>Incorporation of Adviser's Code of Ethics</FONT></U><FONT face=serif>. The provisions of the Code of Ethics for employees of Putnam Investments Trust and its subsidiaries (the "Putnam Investments Code of Ethics"), which is attached as Appendix A hereto, are hereby incorporated herein as the Funds' Code of Ethics applicable to officers and Trustees of the Funds who are employees of the Funds or officers, directors or employees of Putnam Investments Trust or its subsidiaries. A violation of the Putnam Investments' Code of Ethics shall constitute a violation of the Funds' Code.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>B. </FONT><U><FONT face=serif>Reports</FONT></U><FONT face=serif>. Officers and Trustees of each of the Funds who are made subject to the Putnam Investments' Code of Ethics pursuant to the preceding paragraph shall file the reports required by the Putnam Investments' Code of Ethics with the Code of Ethics Officer designated therein. A report filed with the Code of Ethics Officer shall be deemed to be filed with each of the Funds of which the reporting individual is an officer or Trustee.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>C. </FONT><U><FONT face=serif>Review and Reporting</FONT></U><FONT face=serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(1) The Code of Ethics Officer shall cause the reported personal securities transactions to be compared with completed and contemplated portfolio transactions of each of the Funds to determine whether a violation of this Code may have occurred. Before making any determination that a violation has been committed by any person, the Code of Ethics Officer shall give such person an opportunity to supply additional explanatory material.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(2) If the Code of Ethics Officer determines that a violation of any provision of this Code has or may have occurred, he shall submit his written determination, together with any additional explanatory material, to the Audit and Compliance Committee of the Funds at its next meeting when Code of Ethics matters are discussed.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>D. </FONT><U><FONT face=serif>Sanctions</FONT></U><FONT face=serif>. In addition to reporting violations of this Code to the Audit and Compliance Committee of the Funds as provided in Section I-C(2), the Code of Ethics Officer shall also report to such Committee any sanctions imposed with</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=serif>respect to such violations. The Committee reserves the right to impose such additional sanctions as it deems appropriate.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>II. </FONT><U><FONT face=serif>Rules Applicable to Unaffiliated Trustees</FONT></U></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>A. </FONT><U><FONT face=serif>Definitions</FONT></U><FONT face=serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(1) "Beneficial ownership" shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(2) "Control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(3) "Covered Person" means an affiliated person of the Fund, who is not made subject to the Putnam Investments Code of Ethics pursuant to Part I hereof.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(4) "Interested Trustee" means a Trustee of a Fund who is an "interested person" of the Fund within the meaning of the Investment Company Act of 1940, as amended (the "Investment Company Act").</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(5) "Purchase or sale of a security" includes, among other things, the writing of an option to purchase or sell a security.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(6) "Security" shall have the same meaning as that set forth in Section 2(a)(36) of the Investment Company Act (in effect, all securities) except that it shall not include securities issued by the Government of the United States or an agency thereof, bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt investments, including repurchase agreements, and shares of registered open-end investment companies, but shall include any security convertible into or exchangeable for a security.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(7) "Security Held or to be Acquired by a Fund" means: (i) any security, as defined herein, which, within the most recent 15 days: (A) is or has been held by the Fund, or (B) is being or has been considered by the Fund or Putnam Investments for purchase by the Fund, and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a security described in (i) above.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(8) "Unaffiliated Trustee" means a Trustee who is not made subject to the Putnam Investments Code of Ethics pursuant to Part I hereof.</FONT></P>
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     <TD noWrap align=center><FONT face=serif>2</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P style="TEXT-ALIGN: left"><FONT face=serif>B. </FONT><U><FONT face=serif>Prohibited Actions</FONT></U><FONT face=serif>. No Covered Person, in connection with the purchase or sale, directly or indirectly, by such Covered Person of a security held or to be acquired by the Fund, shall:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(1) Employ any device, scheme or artifice to defraud the Fund;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(2) Make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(3) Engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(4) Engage in any manipulative practice with respect to the Fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>C. </FONT><U><FONT face=serif>Reporting</FONT></U><FONT face=serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(1) Every Unaffiliated Trustee of a Fund shall file with the Funds' Compliance Liaison a report containing the information described in Section II-C(2) of this Code with respect to purchases or sales of any security in which such Unaffiliated Trustee has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, if such Trustee, at the time of that transaction, knew or, in the ordinary course of fulfilling his official duties as a Trustee of the Fund, should have known that, during the 15-day period immediately preceding or after the date of the transaction by the Trustee:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(a) such security was or is to be purchased or sold by the Fund or</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(b) such security was or is being considered for purchase or sale by the Fund;</FONT></P>
<P style="TEXT-ALIGN: left"><U><FONT face=serif>provided</FONT></U><FONT face=serif>, </FONT><U><FONT face=serif>however</FONT></U><FONT face=serif>, that an Unaffiliated Trustee shall not be required to make a report with respect to transactions effected for any account over which such person does not have any direct or indirect influence or control.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(2) Every report shall be made not later than 10 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall contain the following information:</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=serif>(a) The date of the transaction, the title, the number of shares, the interest rate and maturity date (if applicable) and the principal amount of each security involved;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(b) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(c) The price at which the transaction was effected;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(d) The name of the broker, dealer or bank with or through whom the transaction was effected; and</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(e) the date that the report is submitted by each Unaffiliated Trustee.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(3) Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect beneficial ownership in the security to which the report relates.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(4) Notwithstanding anything to the contrary contained herein, an Unaffiliated Trustee who is an "interested person" of the Funds shall file the reports required by Rule 17j-1(d)(1) under the Investment Company Act with the Code of Ethics Officer of Putnam Investments. Such reports shall be reviewed by such Officer as provided in Section I-D(1) and any related violations shall be reported by him to the Audit and Compliance Committee as provided in Section I-C(2). The Committee may impose such additional sanctions as it deems appropriate.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>D. </FONT><U><FONT face=serif>Review and Reporting</FONT></U><FONT face=serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(1) The Compliance Liaison of the Funds, in consultation with the Code of Ethics Officer of Putnam Investments, shall cause the reported personal securities transactions that he receives pursuant to Section II-C(1) to be compared with completed and contemplated portfolio transactions of the Funds to determine whether any prohibited action listed in Section II-B may have occurred.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(2) Before making any determination that a violation of this Code has occurred, the Compliance Liaison shall give the person involved an opportunity to supply additional information regarding the transaction in question.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>E. </FONT><U><FONT face=serif>Sanctions</FONT></U><FONT face=serif>. If the Compliance Liaison determines that a violation of this Code has occurred, he shall so advise the Funds' Audit and Compliance Committee, and provide the Committee with a report of the matter, including any additional information supplied by such person. The Committee may impose such sanctions as it deems appropriate.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=serif>III. </FONT><U><FONT face=serif>Miscellaneous</FONT></U></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>A. </FONT><U><FONT face=serif>Amendments to the Putnam Investments' Code of Ethics</FONT></U><FONT face=serif>. Any amendment to the Putnam Investments' Code of Ethics shall be deemed an amendment to Section 1-A of this Code effective 30 days after written notice of such amendment shall have been received by the Chairman of the Funds, unless the Trustees of the Funds expressly determine that such amendment shall become effective at an earlier or later date or shall not be adopted.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>B. </FONT><U><FONT face=serif>Records</FONT></U><FONT face=serif>. The Funds shall maintain records in the manner and to the extent set forth below, which records may be maintained on microfilm under the conditions described in Rule 31a-2(f)(1) under the Investment Company Act and shall be available for examination by representatives of the Securities and Exchange Commission.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(1) A copy of this Code and any other code which is, or at any time within the past five years has been, in effect shall be preserved in an easily accessible place;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(2) A record of any violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(3) A copy of each report made by an officer or Trustee pursuant to this Code shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(4) A list of all persons who are, or within the past five years have been, required to make reports pursuant to this Code shall be maintained in an easily accessible place; and</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>(5) To the extent any record required to be kept by this section is also required to be kept by Putnam Investments pursuant to the Putnam Investments' Code of Ethics, Putnam Investments shall maintain such record on behalf of the Funds as well.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>C. </FONT><U><FONT face=serif>Confidentiality</FONT></U><FONT face=serif>. All reports of securities transactions and any other information filed with any Fund pursuant to this Code shall be treated as confidential, but are subject to review as provided herein and by personnel of the Securities and Exchange Commission.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>D. </FONT><U><FONT face=serif>Interpretation of Provisions</FONT></U><FONT face=serif>. The Trustees may from time to time adopt such interpretations of this Code as they deem appropriate.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=serif>E. </FONT><U><FONT face=serif>Delegation by Chairman</FONT></U><FONT face=serif>. The Chairman of the Funds may from time to time delegate any or all of his responsibilities under this Code, either generally or as to specific instances, to such officer or Trustee of the Funds as he may designate.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>As revised</FONT><BR>
<FONT face=serif>September 11, 2009</FONT></P>
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