<SEC-DOCUMENT>0000928816-13-000931.txt : 20130627
<SEC-HEADER>0000928816-13-000931.hdr.sgml : 20130627
<ACCEPTANCE-DATETIME>20130627144307
ACCESSION NUMBER:		0000928816-13-000931
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20130430
FILED AS OF DATE:		20130627
DATE AS OF CHANGE:		20130627
EFFECTIVENESS DATE:		20130627

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		13937105

	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-CSRS
<SEQUENCE>1
<FILENAME>a_managedmuni.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME TRUST
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<tr valign=top><td></td><td align=center colspan=2><font size=+2>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</font></td></tr></table>



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<tr valign=top><td></td><td align=center colspan=2>Washington, D.C. 20549</td></tr></table>




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<tr valign=top><td></td><td align=center colspan=2><font size=+2><b>CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br>MANAGEMENT INVESTMENT COMPANIES</b><br><br><br><br></font></td></tr></table>




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<tr valign=top><td></td><td>Investment Company Act file number:</td>	<td>(811-05740)</td></tr></table>




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<tr valign=top><td></td><td>Exact name of registrant as specified in charter:</td>	<td>Putnam Managed Municipal Income Trust</td></tr></table>




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<tr valign=top><td></td><td>Address of principal executive offices:</td>	<td>One Post Office Square, Boston, Massachusetts 02109</td></tr></table>




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<tr valign=top><td></td><td>Name and address of agent for service:</td>	<td>Robert T. Burns, Vice President<br>One Post Office Square<br>Boston, Massachusetts 02109</td></tr></table>




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<tr valign=top><td></td><td align=right>Copy to:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td>	<td>John W. Gerstmayr, Esq.<br>Ropes & Gray LLP<br>800 Boylston Street<br>Boston, Massachusetts 02199-3600</td></tr></table>




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<tr valign=top><td></td><td>Registrant&#8217;s telephone number, including area code:</td>	<td>(617) 292-1000</td></tr></table>




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<tr valign=top><td></td><td>Date of fiscal year end:</td>	<td>October 31, 2013</td></tr></table>




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<tr valign=top><td></td><td>Date of reporting period:</td>	<td>November 1, 2012 &#8211; April 30, 2013</td></tr></table>





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<br><tr valign=top><td></td><td><br><br><u>Item 1. Report to Stockholders:</td>	<td></u></td></tr></table><br>



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<tr valign=top><td></td><td colspan=2>The following is a copy of the report transmitted to stockholders  pursuant to Rule 30e-1 under the Investment Company Act of 1940:</td>	<td></td></tr></table>















































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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>Semiannual report</FONT></B><BR><B><FONT size=4 face=sans-serif>4 </FONT></B><B><FONT size=5 face=sans-serif>| </FONT></B><B><FONT size=4 face=sans-serif>30 </FONT></B><B><FONT size=5 face=sans-serif>| </FONT></B><B><FONT size=4 face=sans-serif>13</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="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="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="10%" noWrap align=right><B><FONT size=2 face=sans-serif>15</FONT></B>&nbsp;</TD>

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<P style="TEXT-ALIGN: left"><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. You can lose money by investing in the fund.</FONT></P></DIV>

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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>Equities around the world have generally demonstrated a positive trend in early 2013. However, after a strong 2012, fixed-income markets have been facing challenges and increased volatility in 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Supportive macroeconomic data, notably better housing and employment data in the United States, and the coordinated stimulative monetary policies of central banks around the world are helping to boost equity values, although investor confidence remains tempered. Markets continue to confront a variety of macroeconomic and fiscal challenges worldwide &#8212; from budget concerns in the United States to the eurozone&#8217;s debt-related troubles.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Investor apprehension today can be linked to the heightened volatility that has challenged markets for over a decade. In this fundamentally changed environment, Putnam&#8217;s equity and fixed-income teams are focused on integrating innovative investing ideas into our more time-tested, traditional strategies. It is also important to rely on the guidance of your financial advisor, who can help ensure that your portfolio matches your individual goals and tolerance for risk.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We would like to extend a welcome to new shareholders of the fund and to thank you for investing with 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 pages 5 and 11&#8211;12 for additional performance information, including fund returns at market price. </FONT></I></B><B><I><FONT size=1 face=sans-serif>Index and Lipper results should be compared with fund performance at NAV. Fund results reflect the use of leverage, while index results are unleveraged and Lipper results reflect varying use of, and methods for, leverage. 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>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>* </FONT></B><B><I><FONT size=1 face=sans-serif>Returns for the six-month period are not annualized, but&nbsp;cumulative.</FONT></I></B></P>

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

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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 gains during the first half of its fiscal year. How would you describe the investment environment?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>During the past six months, municipal bonds continued to post gains despite some heightened uncertainty for investors as 2012 came to a close. During the first quarter of 2013 the market was somewhat muted and posted a negative return during March before rebounding in April. At the start of the reporting period, investor and media attention centered on the fiscal cliff looming at the end of 2012. By way of background, as a part of the 2011 debt-ceiling negotiations, Congress had scheduled $1.2 trillion in tax increases and spending cuts to begin taking </FONT><FONT size=2 face=sans-serif>effect in January&nbsp;2013 &#8212; a scenario that many investors and analysts assumed would be avoided by last-minute legislation. While that turned out to be the case, a municipal bond sell-off took place in December due in part to the uncertainty surrounding the nature of the agreement that Congress would ultimately reach to avert the across-the-board tax hikes and draconian spending cuts.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Regarding more recent performance, the beginning of the year tends to be one of tempered demand, particularly as individual investors are making adjustments to their portfolios in advance of tax season. At the same time, issuance tends to be lighter before beginning to pick back up toward the end of March. This seasonal trend, along with</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 six months ended 4/30/13. 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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   <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>5</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>increased volatility in Treasury rates, partially explains the municipal bond market&#8217;s lackluster performance in March. During April the municipal market followed the Treasury market to some extent and benefited as rates moved lower and prices moved higher.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Despite the muted performance in the first quarter, we saw some encouraging trends on the heels of a strong April. Refinancing activity has been high, as issuers are retiring higher-coupon bonds whenever possible and replacing them with lower-yielding debt. While this makes it difficult to add higher-yielding securities to the portfolio, it has simultaneously helped buoy prices and demand &#8212; the seasonal weakness notwithstanding &#8212; and this has been true particularly for more seasoned, or mature, bonds with coupons above today&#8217;s prevailing rates. In addition, increased clarity on tax rates, at </FONT><FONT size=2 face=sans-serif>least for the near future, has had a positive influence on the market.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Against this backdrop, tax-exempt bonds posted gains and outpaced the broad taxable bond market, as measured by the Barclays U.S. Aggregate Bond Index. Moreover, the fund outperformed its benchmark index, although it did trail the average return of its Lipper peer group.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>You mentioned the fiscal cliff and related legislation. How did policy developments impact the municipal bond market?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For months now, the focal point of many discussions about municipal bonds has been federal policy and the potential risks it entails. On January&nbsp;1, 2013, Congress enacted a last-minute tax deal to raise rates on top earners while preserving existing brackets for most other taxpayers. Although the new, higher rates for top earners have likely bolstered</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 portfolio market value as of 4/30/13. 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 ratings, and then included in the closest equivalent Moody&#8217;s rating. Ratings may vary over time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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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   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif>6</FONT>&nbsp;</TD>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>demand for municipal bonds by making their taxable equivalent yields that much more attractive, the correlation between tax rates and demand is rarely one-to-one. Taxes are one factor among many that investors consider when weighing options for their fixed-income portfolios and, to that end, the question of whether the income from municipal bonds will remain fully tax free is still unsettled. One potential outcome in a &#8220;grand bargain&#8221; on tax reform would cap the income level of municipal bond interest that can be claimed tax free, possibly at</FONT></P>
<IMG border=0 src="manmuniinctrstx8x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>28%. While we are skeptical of the prospects for any further significant tax reform in the near term under a divided Congress, we do believe it remains a possibility. We believe it is highly likely, however, that changes to the tax treatment of municipal bonds will continue to be part of any tax-reform negotiations, so some short-term headline risk does exist. We are monitoring the situation closely.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Beyond the issue of taxes, since January much of the talk among federal lawmakers has revolved around sequestration, the other half of the fiscal cliff that mandated 2% across-the-board spending cuts. While the political rhetoric associated with those cuts often has painted them as catastrophic, we believe any fallout for most states will be fairly benign. The cuts certainly won&#8217;t be beneficial for states and local communities, but their impact will be staggered over time, and we believe widespread negative effects</FONT></P>
<IMG border=0 src="manmuniinctrstx8x2.jpg"> <BR>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Top ten state allocations are shown as a percentage of portfolio market value as of 4/30/13. Investments in Puerto Rico represented 2.1% of portfolio market value. Summary information may differ from the portfolio schedule included in the financial statements due to the differing treatment of interest accruals, the floating rate portion of tender option bonds, derivative securities (if any), and classification of securities for presentation purposes.</FONT></P>

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

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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>7</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>are unlikely. Sectors and localities that benefit most from federal support and areas that are heavily reliant on defense spending are the most vulnerable, in our opinion. But at this point, it is difficult to quantify exactly how sequestration will affect states&#8217; finances. </FONT><FONT size=2 face=sans-serif>The ultimate impact will depend on how well these states have prepared and budgeted for the sequestration cuts.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Outside of the sequestration issue, how are states&#8217; finances faring?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Generally, we have been seeing improvements across the board. According to the National Conference of State Legislatures, 45&nbsp;states reported that they are likely to meet or exceed their revenue projections for fiscal year 2013. While this is an encouraging trend, challenges remain at the local level. Many states have lowered expenses by reducing their financial support to cities and counties. </FONT><FONT size=2 face=sans-serif>Should the economy begin to slow, this would almost certainly negatively affect municipal finances, in our opinion. It is important to keep in mind that general obligation bonds compose approximately one third of the overall municipal market, while two thirds are revenue bonds. Generally speaking, we feel that revenue credits are faring well, and we continue to see opportunities in higher education, utility, and health-care bonds, among others.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How would you describe the default picture in the municipal bond market?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For calendar year 2012, bankruptcy filings represented approximately 0.12% of the $3.7 trillion municipal bond market. This is in line with historical averages, and we do not believe defaults will increase meaningfully in the near future. We do expect to see occasional isolated incidents of insolvency,</FONT></P>
<IMG border=0 src="manmuniinctrstx9x1.jpg"> <BR>

<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. Allocations are represented as a percentage of portfolio market value. Current period summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the exclusion of as-of trades, if any, and the use of different classifications of securities for presentation purposes. Holdings and allocations may vary over time.</FONT></P>

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   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif>8</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=2 face=sans-serif>however, which can create headline risk. For example, in Michigan a fiscal emergency was recently declared in Detroit, which has been in financial distress for some time now. In other news, credit rating agencies Moody&#8217;s and Standard &amp; Poor&#8217;s recently downgraded Puerto Rico&#8217;s debt. The government of Puerto Rico has since put in proposals for pension reform in an attempt to repair its credit profile. Perhaps the most significant development, however, is the bankruptcy proceedings in Stockton, California. The city filed for bankruptcy protection last summer, and the eventual outcome of the legal proceedings, with bondholders on one side and pension funds on the other, may set a precedent in the market, and could impact how other distressed cities negotiate with creditors.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How did you position the portfolio during the period?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As has been our strategy for some time, we continued to favor essential service revenue bonds over local general obligation bonds. From a credit-quality perspective, the BBB-rated segment of the curve, as well as other rating categories of the high-yield municipal bond market, continue to offer attractive relative value opportunities, in our analysis. In terms of maturities, we find 10 to 20 years to be the optimal part of the yield curve in today&#8217;s environment. We continue to have a favorable outlook and have overweighted investments in several sectors of the municipal bond market, including continuing-care retirement communities, utilities, higher education, and airlines. Generally speaking, the supply/demand picture becomes more favorable in the summer months when reinvestment demand is typically the highest of the year &#8212; thereby providing support for municipal bond prices. That said, other factors such as interest rates and the direction of the economy, among others, could influence market activity. If there is a technical imbalance throughout the spring months, our positioning should allow us to take advantage of any dislocations in the market.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How does the fund use leverage, and why?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Leverage generally involves borrowing funds or raising additional capital [e.g., by issuing debt securities or preferred stock] and investing the proceeds with the expectation of producing a return that exceeds the cost of borrowing or of the additional capital. Unlike open-end funds, closed-end funds, such as your fund, are permitted to engage in leverage by raising additional capital. Preferred share leverage is your fund&#8217;s primary source of leverage. We also use tender option bonds as a supplemental source of leverage.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Importantly, the purpose of leverage is to seek to enhance returns for the fund&#8217;s common shareholders. Leverage offers opportunities for increased investment yield and also amplifies common shareholders&#8217; exposure to the effects of gains and losses in the fund&#8217;s investment portfolio.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Are there risks associated with the use of leverage?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We believe common shareholders generally have been well served by the fund&#8217;s use of leverage in recent years. However, the use of leverage presents certain risks for common shareholders. Because, as noted above, leverage amplifies gains and losses, the net asset value of the common shares and the returns earned by common shareholders will be more volatile in a leveraged fund than in a fund that does not use leverage. In addition, if the borrowing costs [which are typically based on short-term interest rates] associated with leverage rise, the costs of leverage will increase, most likely reducing the returns earned by common shareholders. We consider these risks and may adjust the fund&#8217;s investment exposures, taking into account leverage and other factors, as appropriate under market conditions.</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>9</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What is your outlook for the second half of 2013?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We continue to have a constructive outlook for municipal bonds, though we believe that returns in 2013 will be less about price appreciation and more about coupon income in the tax-exempt market. While spreads are much narrower than they were at their peak, they remain attractive within certain credit-quality areas, in our opinion. Although they softened somewhat in March, technical factors in the market &#8212; specifically, continued refunding activity and stable investor demand &#8212; generally have remained supportive in recent months. While investors now have more near-term certainty on tax rates for 2013, many issues remain unresolved, including federal budget sequestration, the debt ceiling, and the potential for broader tax reform during the year, all of which could affect the value of municipal bonds. As always, we are monitoring the situation closely and positioning the fund accordingly, based on our analysis.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Thank you, Paul, for your time and insights today.</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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   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif>10</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>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 April 30, 2013, the end of the first half of its current fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance information 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 and comparative index results for periods ended 4/30/13</FONT></P>

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<TR>

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

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

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

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

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

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

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

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

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

   <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=left>&nbsp;</TD>

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

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

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

   <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=left>&nbsp;</TD>

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

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

   <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>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&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>

   <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="100%" colSpan=5 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

 </FONT></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>&nbsp;</TD>

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

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

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

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

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.82%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.42%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.51%</FONT>&nbsp;</TD>

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

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   <TD width="100%" colSpan=5 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

 </FONT><FONT size=1 face=sans-serif></FONT><FONT size=1 face=sans-serif></FONT><FONT size=1 face=sans-serif></FONT><FONT size=1 face=sans-serif></FONT></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>94.14</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>100.10</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>63.70</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>96.91</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>6.86</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>7.18</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>5.05</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.95</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=5 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

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

<TR vAlign=bottom>

   <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>49.86</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>60.34</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>34.37</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>52.11</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>8.43</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>9.90</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.09</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>8.72</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=5 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

 </FONT><FONT size=1 face=sans-serif></FONT><FONT size=1 face=sans-serif></FONT><FONT size=1 face=sans-serif></FONT><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <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>34.15</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>32.39</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>19.72</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>38.98</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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>10.29</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>9.80</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.18</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>11.58</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=5 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <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>9.33</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>8.83</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>5.19</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>12.70</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=5 align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>6 months</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>2.93</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>&#8211;2.24</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>1.78</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>4.19</FONT>&nbsp;</TD></TR>

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   <HR SIZE=1 noShade>

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

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif><BR>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. Fund results reflect the use of leverage, while index results are unleveraged and Lipper results reflect varying use of, and methods for, leverage. 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 6-month, 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 4/30/13, there were 12, 12, 12, 12, 8, and 6 funds, respectively, in this Lipper 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>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 six-month period ended 4/30/13</FONT></P>

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<TR>

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

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

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

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

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

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

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=center><FONT size=1 face=sans-serif>6</FONT>&nbsp;</TD>

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   <TD 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 noWrap align=left>&nbsp;</TD>

   <TD noWrap align=center><FONT size=1 face=sans-serif>$0.2334</FONT>&nbsp;</TD>

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   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD 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 noWrap align=left>&nbsp;</TD>

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

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=center><B><FONT size=1 face=sans-serif>$0.2334</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

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

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=center><B><FONT size=1 face=sans-serif>Shares C</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

   <TD noWrap align=left>&nbsp;</TD>

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

<TR>

   <TD colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD 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 noWrap align=center><FONT size=1 face=sans-serif>$81.41</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=center><FONT size=1 face=sans-serif>$38.60</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=left>&nbsp;</TD>

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

<TR>

   <TD colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=center><B><FONT size=1 face=sans-serif>$81.41</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=center><B><FONT size=1 face=sans-serif>$38.60</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

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

   <TD noWrap align=left>&nbsp;</TD>

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

<TR>

   <TD colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=center><FONT size=1 face=sans-serif>$8.10</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

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

<TR>

   <TD colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>4/30/13</FONT>&nbsp;</TD>

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

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=center><FONT size=1 face=sans-serif>7.95</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=center><FONT size=1 face=sans-serif>5.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD 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 noWrap align=center><FONT size=1 face=sans-serif>10.18%</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

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

<TR>

   <TD colSpan=4>

   <HR SIZE=1 noShade>

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

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif><BR>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, including any return of capital and 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 43.40% federal tax rate for 2013. 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 3/31/13</FONT></P>

<DIV align=left>

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



<TR>

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

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

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

   <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) (2/24/89)</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>6.80%</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>6.38%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

 </FONT><FONT size=1 face=sans-serif></FONT><FONT size=1 face=sans-serif></FONT></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>96.13</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>98.32</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>6.97</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>7.09</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

 </FONT><FONT size=1 face=sans-serif></FONT><FONT size=1 face=sans-serif></FONT></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>49.90</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>59.38</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>8.43</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>9.77</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

 </FONT><FONT size=1 face=sans-serif></FONT><FONT size=1 face=sans-serif></FONT></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>35.29</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>33.55</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>10.60</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>10.12</FONT>&nbsp;</TD></TR>

<TR>

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

   <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>10.49</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>8.44</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>6 months</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>2.79</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>&#8211;4.02</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

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

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>See the discussion following the Fund performance table on page 11 for information about the calculation of fund performance.</FONT></P>

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<TR>

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

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<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, divided by the number of outstanding 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 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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<TR>

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   <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>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 delivery of shareholder documents</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In accordance with Securities and Exchange Commission (SEC) regulations, Putnam sends a single copy of annual and semiannual shareholder reports, prospectuses, and proxy statements to Putnam shareholders who share the same address, unless a shareholder requests otherwise. If you prefer to receive your own copy of these documents, please call Putnam at 1-800-225-1581, and Putnam will begin sending individual copies within&nbsp;30&nbsp;days.</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 of putnam.com, and on the SEC&#8217;s website, www.sec.gov. If </FONT><FONT size=2 face=sans-serif>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 April 30, 2013, Putnam employees had approximately $381,000,000 and the Trustees had approximately $91,000,000 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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<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>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>Financial statements</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>A guide to financial statements</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>These sections of the report, as well as the accompanying Notes, constitute the fund&#8217;s financial statements.</FONT></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 investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings&nbsp;&#8212;&nbsp;as well as any unrealized gains or losses over the period &#8212; is added to or </FONT><FONT size=2 face=sans-serif>subtracted from the net investment result to determine the fund&#8217;s net gain or loss for the fiscal period.</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. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund&#8217;s fiscal year.</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&nbsp; the&nbsp; 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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<TR>

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   <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>15</FONT>&nbsp;</TD></TR></TABLE></DIV>

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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>4/30/13 (Unaudited)</FONT></P>

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   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Key to holding&#8217;s abbreviations</FONT></B>&nbsp;</TD>

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   <TD width="50%" 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="50%" 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="50%" 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="50%" 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="50%" 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="50%" noWrap align=left><FONT size=1 face=sans-serif>Association Collateralized</FONT>&nbsp;</TD></TR>

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   <TD width="50%" 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="50%" 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="50%" 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="50%" 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="50%" 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="50%" 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="50%" noWrap align=left><FONT size=1 face=sans-serif>Corporation Collateralized</FONT>&nbsp;</TD>

   <TD width="50%" 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="50%" 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="50%" 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="50%" noWrap align=left><FONT size=1 face=sans-serif>Association&nbsp;Collateralized</FONT>&nbsp;</TD>

   <TD width="50%" 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="50%" 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</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>days. The rate shown is the current interest rate at</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>the current interest rate at the close of the</FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>the&nbsp;close of the reporting period.</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=1 face=sans-serif>reporting&nbsp;period</FONT></TD>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)*</FONT></B>&nbsp;</TD>

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

   <TD width="15%" 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>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Alabama (1.4%)</FONT></B>&nbsp;</TD>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Butler, Indl. Dev. Board Solid Waste Disp. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (GA. Pacific Corp.), 5 3/4s, 9/1/28</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>$1,589,190</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Courtland, Indl. Dev. Board Env. Impt. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Intl. Paper Co.), Ser. A, 5s, 11/1/13</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,532,685</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cullman Cnty., Hlth. Care Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,287,887</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Selma, Indl. Dev. Board Rev. Bonds (Gulf</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Opportunity Zone Intl. Paper Co.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 11/1/33</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,139,210</FONT>&nbsp;</TD></TR>

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

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>6,548,972</FONT></B>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Arizona (4.5%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Apache Cnty., Indl. Dev. Auth. Poll. Control</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Tucson Elec. Pwr. Co.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>4 1/2s, 3/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,821,068</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Grande Regl. Med. Ctr.), Ser. A</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>7 5/8s, 12/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,850,346</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>7 1/4s, 12/1/19</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,028,040</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

   <TD width="15%" 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>449,700</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Coconino Cnty., Poll. Control Rev. Bonds (Tucson</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,130,720</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Maricopa Cnty., Poll. Control Rev. Bonds (El Paso</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Elec. Co.), Ser. A, 7 1/4s, 2/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,599,409</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Navajo Cnty., Poll. Control Corp. Mandatory</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Put Bonds (6/1/16) (AZ Pub. Svc. Co.), Ser. E,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 6/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,212,841</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds (Choice</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Academies, Inc.), 5 5/8s, 9/1/42</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>322,897</FONT>&nbsp;</TD></TR>

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   <HR SIZE=1 noShade>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cmnty. Learning Ctr.), 5.05s, 6/1/25</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,139,954</FONT>&nbsp;</TD></TR>

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

   <HR SIZE=1 noShade>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Salt River Agricultural Impt. &amp; Pwr. Dist. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. A, 5s, 12/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,369,880</FONT>&nbsp;</TD></TR>

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   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif>16</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="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

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

   <TD width="15%" 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>

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

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   <TD width="59%" 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>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Salt Verde, Fin. Corp. Gas Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 12/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>$2,404,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>649,367</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tempe, Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Friendship Village),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 1/4s, 12/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,097,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, U.S. Govt. Coll., 5 3/8s, 12/1/13</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>142,056</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Agribusiness &amp; Equine Ctr.), 5s, 3/1/32</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>999,930</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>21,217,748</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Arkansas (0.4%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Arkadelphia, Pub. Ed. Fac. Board Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Ouachita Baptist U.), 6s, 3/1/33</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>917,666</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rogers, Rev. Bonds (Sales and Use Tax),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>3 3/4s, 11/1/34</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>715,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>721,364</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,639,030</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>California (14.6%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Episcopal Sr. Cmnty.), 6s, 7/1/31</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>776,734</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Edl. Fac. Auth. Rev. Bonds (U. of La Verne),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 6/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>519,370</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA), 5 1/4s, 2/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,164,316</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Muni. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,168,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Emerson College), 6s, 1/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,212,830</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Poll. Control Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Wtr. Furnishing), 5s, 7/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,072,760</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Pacific Gas &amp; Electric Corp.), Class D, FGIC,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>4 3/4s, 12/1/23</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,749,349</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Poll. Control Fin. Auth. Solid Waste Disp.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>FRB (Waste Management, Inc.), Ser. C,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/8s, 11/1/23</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>2,340,297</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Poll. Control Fin. Auth. Solid Waste Disp. 144A</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Waste Management, Inc.), Ser. A-2,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.4s, 4/1/25</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,891,331</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA State G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 4/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" 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>6,210,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 4/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,234,400</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA State Muni. Fin. Auth. Charter School</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Partnerships Uplift Cmnty.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 8/1/32</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>665,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>675,281</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA State Pub. Wks. Board Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 12/1/13)</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,029,090</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,364,275</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Capital Projects), Ser. A, 5s, 4/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,260,580</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Statewide Cmnty. Dev. Auth. COP (The</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Internext Group), 5 3/8s, 4/1/30</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>2,006,440</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>17</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="59%"></TD>

   <TD width="10%"></TD>

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

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

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Statewide Cmnty. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Terraces at San Joaquin Gardens), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6s, 10/1/47</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>$1,076,620</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(U. CA Irvine E. Campus Apts. Phase 1),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 5/15/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,103,780</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(U. CA Irvine E. Campus Apts. Phase 1),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/8s, 5/15/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,497,433</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CA Statewide Cmnty. Dev. Auth. 144A Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Thomas Jefferson School of Law), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>7 1/4s, 10/1/38</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>561,434</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(American Baptist Homes West),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 10/1/25</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>3,449,520</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cathedral City, Impt. Board Act of 1915 Special</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.05s, 9/2/35</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,012,202</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 9/2/30</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>246,431</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Chula Vista, Cmnty. Fac. Dist. Special</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

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

   <TD width="15%" 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>1,008,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(No. 07-I Otay Ranch Village Eleven),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.8s, 9/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>279,147</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Corona-Norco, School Dist. Pub. Fin. Auth. Special</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tax Bonds (Sr. Lien), Ser. A, 5s, 9/1/28</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>380,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>426,577</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Foothill/Eastern Corridor Agcy. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(CA Toll Road)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.85s, 1/15/23</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>513,785</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 1/15/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,747,553</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A-2, 5.3s, 6/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,858,780</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Enhanced Asset), Ser. A, 5s, 6/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" 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>565,030</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Enhanced Asset), Ser. A, 5s, 6/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,279,530</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Irvine Pub. Fac. &amp; Infrastructure Auth. Special</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Assmt. Bonds, Ser. A, 4 1/4s, 9/2/24</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>515,995</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Irvine, Impt. Board Act of 1915 Special Assmt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, 5s, 9/2/25</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>955,438</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Univ of CA, Ser. AF Rev. bonds, 5s, 5/15/36&nbsp;</FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,126,755</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>434,004</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>M-S-R Energy Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 11/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,030,155</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Oakland, Unified School Dist. Alameda Cnty., G.O.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

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

   <TD width="15%" 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>540,975</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Orange Cnty., Cmnty. Fac. Dist. Special Tax</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Ladera Ranch &#8212; No. 02-1), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.55s, 8/15/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>902,970</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Poway, Unified School Dist. Pub. Fin. Auth. Special</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tax Bonds, 5s, 9/15/32</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>557,805</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rancho Cordova, Cmnty. Fac. Dist. Special Tax</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Sunridge Anatolia), Ser. 03-1, 5s, 9/1/37</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>355,453</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="2%"></TD>

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

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif>18</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="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Sacramento, Special Tax Bonds (North Natomas</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cmnty. Fac.), Ser. 4-C, 6s, 9/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>$1,262,205</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco City &amp; Cnty. Arpt. Comm. Intl. Arpt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds, Ser. A, 5s, 5/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" 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>673,854</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco City &amp; Cnty., Redev. Agcy. Cmnty.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(No. 6 Mission Bay Pub. Impts.), Ser. C,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 8/1/43</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>359,820</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Mission Bay), Ser. C, zero %, 8/1/38</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>482,220</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, City &amp; Cnty. Redev. Fin. Auth.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tax Alloc. Bonds (Mission Bay South), Ser. D,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 5/8s, 8/1/39</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>289,215</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Santaluz, Cmnty. Facs. Dist. No. 2 Special Tax Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Impt. Area No. 1), Ser. A, 5 1/4s, 9/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 9/1/21)</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,630,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,808,338</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Sunnyvale, Special Tax Rev. Bonds (Cmnty. Fac.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Dist. No. 1), 7 3/4s, 8/1/32</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>836,161</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Vernon, Elec. Syst. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 8/1/41</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>276,485</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Yucaipa Special Tax Bonds (Cmnty. Fac. Dist. No.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>98-1 Chapman Heights), 5 3/8s, 9/1/30</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>407,318</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>68,117,141</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Colorado (3.4%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CO Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Christian Living Cmnty.), 6 3/8s, 1/1/41</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>925,376</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Christian Living Cmntys.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 1/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,060,211</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Christian Living Cmntys.), Ser. A, 8 1/4s,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>1/1/24 (Prerefunded 1/1/14)</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>398,179</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Covenant Retirement Cmnty.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>956,268</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Evangelical Lutheran Good Samaritan Society),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,185,613</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Evangelical Lutheran), Ser. A, 6 1/8s, 6/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 6/1/14)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,173,528</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Total Longterm Care National), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 11/15/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/F</FONT>&nbsp;</TD>

   <TD width="15%" 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>334,239</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Valley View Assn.), 5 1/4s, 5/15/42</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>3,632,423</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>CO Pub. Hwy. Auth. Rev. Bonds (E-470), Ser. C,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 9/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>561,825</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NATL, 5 1/2s, 9/1/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,074,690</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Plaza, Tax Allocation Bonds (Metro. Dist. No. 1),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/40</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,720,092</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Regl. Trans. Dist. Rev. Bonds (Denver Trans.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Partners), 6s, 1/15/41</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>869,415</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>15,891,859</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Connecticut (0.2%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Hamden, Fac. Rev. Bonds (Whitney Ctr.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>7 3/4s, 1/1/43</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,139,366</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,139,366</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>19</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="59%"></TD>

   <TD width="10%"></TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Delaware (0.7%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>DE St. Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Delmarva Pwr.), 5.4s, 2/1/31</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>$562,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Indian River Pwr.), 5 3/8s, 10/1/45</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,796,170</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,358,170</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>District of Columbia (1.7%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>DC Rev. Bonds (Howard U.), Ser. A</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 10/1/41</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,020,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 10/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,211,649</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>DC Tobacco Settlement Fin. Corp. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, zero %, 6/15/46</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,665,475</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Metro. Washington, Arpt. Auth. Dulles Toll Rd.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (2nd Sr. Lien), Ser. B, zero %, 10/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,284,200</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>8,181,374</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Florida (5.9%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Broward Cnty., Arpt. Syst. Rev. Bonds, Ser. Q-2,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 10/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,121,070</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Double Branch Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Sr. Lien), Ser. A-1, 4 1/8s, 5/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>497,170</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Escambia Cnty., Env. Impt. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Intl. Paper Co.), Ser. A, 5s, 8/1/26</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>2,007,300</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Fishhawk, Cmnty. Dev. Dist. II Special Assmt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. A, 6 1/8s, 5/1/34</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>420,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>424,200</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>FL Hsg. Fin. Corp. Rev. Bonds, Ser. G, GNMA Coll.,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>FNMA Coll., FHLMC Coll., 5 3/4s, 1/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>476,085</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Florida State Higher Edl. Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(U. of Tampa), Ser. A, 5s, 4/1/32</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>657,780</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Greater Orlando Aviation Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(JetBlue Airways Corp.), 5s, 11/15/36</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,042,460</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 6/1/46</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>4,618,840</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Heritage Harbour Marketplace Cmnty., Dev. Dist.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Special Assmt. Bonds, 5.6s, 5/1/36</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>321,643</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Heritage Harbour, South Cmnty. Dev. Distr. Special</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Assmt. Bonds, Ser. A, 6 1/2s, 5/1/34</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>435,298</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Hillsborough Cnty., Indl. Dev. Auth. Poll. Control</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Mandatory Put Bonds (9/1/13) (Tampa</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Elec. Co.), Ser. B, 5.15s, 9/1/25</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" 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>406,148</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, Econ. Dev. Comm. Hlth. Care</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Fac. Rev. Bonds (FL Proton Therapy Inst.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6s, 9/1/17</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>503,033</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Gerdau Ameristeel US, Inc.), 5.3s, 5/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,450,662</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lakeland, Retirement Cmnty. 144A Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(1st Mtge. &#8212; Carpenters), 6 3/8s, 1/1/43</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/F</FONT>&nbsp;</TD>

   <TD width="15%" 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>927,587</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lee Cnty., Indl. Dev. Auth. Hlth. Care</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Shell Pt./Alliance Oblig. Group),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/8s, 11/15/36</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,107,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Shell Pt./Alliance Cmnty.), 5s, 11/15/22</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,597,875</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>20 </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="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

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

   <TD width="15%" 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>

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

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   <TD width="59%" 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="10%" noWrap align=left>&nbsp;</TD>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Martin Cnty., Rev. Bonds (Indiantown</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cogeneration), 4.2s, 12/15/25</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="15%" 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>$504,270</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Mount Sinai Med. Ctr.), 5s, 11/15/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,086,870</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>2,234,780</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, 5.7s, 5/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>910,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>609,991</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>South Lake Hosp. Dist. Rev. Bonds (South Lake</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Hosp.), Ser. A, 6s, 4/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,148,520</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tolomato, Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, 5.4s, 5/1/37</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,270,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,271,753</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Verandah, West Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Cap. Impt.), 5s, 5/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>500,390</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Verano Ctr. Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Cmnty. Infrastructure), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 5/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>935,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>713,919</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Village Cmnty. Dev. Dist. No. 8 Special Assmt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Phase II), 6 1/8s, 5/1/39</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>445,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>524,802</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Village Cmnty. Dev. Dist. No. 9 Special Assmt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, 5s, 5/1/22</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>645,888</FONT>&nbsp;</TD></TR>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>27,836,014</FONT></B>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Georgia (2.9%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Atlanta, Wtr. &amp; Waste Wtr. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 11/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,087,475</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Clayton Cnty., Dev. Auth. Special Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Delta Airlines), Ser. A, 8 3/4s, 6/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,532,440</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Hlth. Care Syst.), U.S. Govt. Coll., 6 1/4s, 10/1/18</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Escrowed to maturity)</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,729,015</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Fulton Cnty., Res. Care Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Canterbury Court), Class A, 6 1/8s, 2/15/34</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>611,166</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>GA State Private College &amp; U. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Mercer U.)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 5 1/4s, 10/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>863,535</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 1/4s, 10/1/27</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,150,889</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 10/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,115,390</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Gainesville &amp; Hall Cnty., Devauth Retirement</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cmnty. Rev. Bonds (Acts Retirement-Life Cmnty.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A-2, 6 3/8s, 11/15/29</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>818,398</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Marietta, Dev. Auth. Rev. Bonds (U. Fac. Life U.,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Inc.), Ser. PJ, 6 1/4s, 6/15/20</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,242,939</FONT>&nbsp;</TD></TR>

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

   <HR SIZE=1 noShade>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Paper), Ser. A, 6 1/8s, 1/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>627,174</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>13,778,421</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 10/1/34</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>222,178</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>222,178</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <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>

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



<TR>

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

   <TD width="10%"></TD>

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

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Hawaii (1.2%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>HI Dept. of Trans. Special Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Continental Airlines, Inc.), 7s, 6/1/20</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="15%" 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>$1,121,243</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>HI State Dept. Budget &amp; Fin. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Craigside), Ser. A, 9s, 11/15/44</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>478,380</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Hawaiian Elec. Co. &#8212; Subsidiary),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,511,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Kahala Nui), 5 1/8s, 11/15/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/F</FONT>&nbsp;</TD>

   <TD width="15%" 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>437,364</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>5,548,037</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Illinois (4.6%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Chicago, G.O. Bonds, Ser. A, 5s, 1/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,222,379</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Chicago, Special Assmt. Bonds (Lake Shore East),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 3/4s, 12/1/32</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,792,245</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Du Page Cnty., Special Svc. Area No. 31 Special</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tax Bonds (Monarch Landing)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 5/8s, 3/1/36</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>355,859</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.4s, 3/1/16</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>114,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>119,496</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>IL Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(American Wtr. Cap. Corp.), 5 1/4s, 10/1/39</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,711,269</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,290,613</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Landing At Plymouth Place), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.35s, 5/15/15</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>603,078</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Landing At Plymouth Place), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6s, 5/15/25</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>190,294</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Navistar Intl. Recvy. Zone), 6 1/2s, 10/15/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,649,235</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Provena Hlth.), Ser. A, 7 3/4s, 8/15/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,887,525</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Roosevelt U.), 6 1/4s, 4/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,709,130</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Silver Cross Hosp. &amp; Med. Ctr.), 7s, 8/15/44</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,394,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Three Crowns Pk. Plaza), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 7/8s, 2/15/26</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,040,560</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>IL Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Cmnty. Rehab. Providers Fac.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>7 7/8s, 7/1/20</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>82,814</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Elmhurst Memorial Hlth. Care), 5 5/8s, 1/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>551,711</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>IL State G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 3/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" 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>805,283</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 8/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" 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>882,165</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Met Pier &amp; Exposition Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(McCormick Place), Ser. B, zero %, 12/15/51</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>745,350</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Railsplitter, Tobacco Settlement Auth. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, 6s, 6/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,275,288</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>21,308,414</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Indiana (2.7%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>IN State Fin. Auth. Rev. Bonds (OH Valley Elec.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Corp.), Ser. A, 5s, 6/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>813,135</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>IN State Fin. Auth. VRDN, Ser. A-3, 0.22s, 2/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,500,000</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>IN State Fin. Auth. Edl. Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Butler U.), Ser. B</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 2/1/32</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,110,510</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 2/1/29</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,120,910</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>



<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>22</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="15%"></TD>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

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

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

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Indianapolis, Arpt. Auth. Rev. Bonds (Federal</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Express Corp.), 5.1s, 1/15/17</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>$3,961,229</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Jasper Cnty., Indl. Poll. Control Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>AMBAC, 5.7s, 7/1/17</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,268,291</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NATL, 5.6s, 11/1/16</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>779,877</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, NATL, 5.6s, 11/1/16</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>557,055</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>St. Joseph Cnty., Econ. Dev. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Holy Cross Village Notre Dame), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 5/15/15</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>473,013</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>12,584,020</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Iowa (1.6%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Initiatives), Ser. A</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 7/1/17</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,120,454</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 7/1/19</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>2,909,472</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>IA Fin. Auth. Hlth. Fac. Rev. Bonds (Dev. Care</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Initiatives), Ser. A, 5 1/2s, 7/1/25</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,002,260</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="15%" 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>1,236,571</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tobacco Settlement Auth. of IA Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 5 3/8s, 6/1/38</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,209,025</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>7,477,782</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Kansas (0.1%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lenexa, Hlth. Care Fac. Rev. Bonds (LakeView</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Village), 7 1/8s, 5/15/29</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>570,080</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>570,080</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Kentucky (1.5%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Breckinridge Cnty., Lease Program VRDN, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>0.18s, 2/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,195,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,195,000</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>KY Econ. Dev. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(First Mtge.), Ser. IA, 8s, 1/1/29</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>267,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>273,298</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Masonic Home Indpt. Living II),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>7 1/4s, 5/15/41</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>585,940</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Masonic Home Indpt. Living II), 7s, 5/15/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>585,685</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>KY State Econ. Dev. Fin. Auth. Hlth. Care Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>929,466</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Louisville/Jefferson Cnty., Metro. Govt. College</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>551,765</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Owen Cnty., Wtr. Wks. Syst. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(American Wtr. Co.), Ser. A, 6 1/4s, 6/1/39</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>783,006</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>6,904,160</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Louisiana (1.3%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rapides, Fin. Auth. FRB (Cleco Pwr.), AMBAC,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>4.7s, 11/1/36</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>780,893</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Stadium &amp; Exposition Dist. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 7/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,145,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,443,627</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tobacco Settlement Fin. Corp. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. 01-B, 5 7/8s, 5/15/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,717,253</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>5,941,773</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>23</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

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

   <TD width="15%" 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>

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

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Maine (0.8%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>ME Hlth. &amp; Higher Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(ME Gen. Med. Ctr.), 7 1/2s, 7/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>$1,285,870</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rumford, Solid Waste Disp. Rev. Bonds (Boise</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cascade Corp.), 6 7/8s, 10/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,511,725</FONT>&nbsp;</TD></TR>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,797,595</FONT></B>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Maryland (1.4%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Baltimore Cnty., Rev. Bonds (Oak Crest Village,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Inc. Fac.), Ser. A, 5s, 1/1/37</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>2,071,520</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MD Econ. Dev. Corp. Poll. Control Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Potomac Electric Power Co.), 6.2s, 9/1/22</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>675,098</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MD State Indl. Dev. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Synagro-Baltimore), Ser. A, 5 3/8s, 12/1/14</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,036,310</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MD State Indl. Dev. Fin. Auth. Econ. Dev. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Our Lady of Good Counsel School),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6s, 5/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>416,672</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Westminster, Econ. Dev. Rev. Bonds (Carroll</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lutheran Village), Ser. A</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 5/1/34</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>601,998</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 7/8s, 5/1/21</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,608,176</FONT>&nbsp;</TD></TR>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>6,409,774</FONT></B>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Massachusetts (6.9%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA Dev. Fin. Agcy. Sr. Living Fac. 144A Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. B1, 7 1/4s, 6/1/16 (In default) &#8224;</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>965,639</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA Edl. Fin. Auth. Rev. Bonds, Ser. B,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 1/1/23</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>795,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>885,209</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA State Dev. Fin. Agcy. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Boston Biomedical Research), 5 3/4s, 2/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Caa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>989,600</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Boston U.), 6s, 5/15/59</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" 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>632,840</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(First Mtge. &#8212; Orchard Cove), 5s, 10/1/19</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>559,988</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. A-1,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 11/15/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>259,116</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. A-1,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 11/15/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>482,754</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. A-1,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 11/15/46</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>755,827</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. A-2,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 11/15/46</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>70,010</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. B,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>zero&nbsp;%, 11/15/56</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,293</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(New England Conservatory of Music),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>861,922</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Sabis Intl.), Ser. A, 8s, 4/15/39</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>845,567</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Wheelock College), Ser. C, 5 1/4s, 10/1/29</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,809,123</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Adventcare), Ser. A, 6.65s, 10/15/28</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,117,893</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA State Dev. Fin. Agcy. Solid Waste Disp.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Mandatory Put Bonds (5/1/19) (Dominion</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Energy Brayton), Ser. 1, 5 3/4s, 12/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,282,670</FONT>&nbsp;</TD></TR>

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

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

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   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif>24</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="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

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

   <TD width="15%" 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>$1,660,110</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Emerson Hosp.), Ser. E, Radian Insd.,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 8/15/25</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,509,210</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Fisher College), Ser. A, 5 1/8s, 4/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>254,103</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,572,568</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Milford Regl. Med.), Ser. E, 5s, 7/15/22</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,326,852</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Norwood Hosp.), Ser. C, 7s, 7/1/14</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Escrowed to maturity)</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,228,158</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(In default) &#8224;</FONT>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>330,776</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>33</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Springfield College), 5 1/2s, 10/15/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,704,270</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Springfield College), 5 1/2s, 10/15/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,215,995</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Springfield College), 5 5/8s, 10/15/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>497,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Suffolk U.), Ser. A, 5 3/4s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,079,894</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Suffolk U.), Ser. A, 6 1/4s, 7/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,173,550</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA State Indl. Fin. Agcy. Rev. Bonds (1st Mtge.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Berkshire Retirement), Ser. A, 6 5/8s, 7/1/16</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,236,162</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MA State Port Auth. Special Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Conrac), Ser. A, 5 1/8s, 7/1/41</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>844,913</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Metro. Boston Trans. Pkg. Corp. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 7/1/41</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,676,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Systemwide Pkg.), 5 1/4s, 7/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,746,180</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

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

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>32,247,089</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Michigan (5.8%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Detroit, G.O. Bonds (Cap. Impt.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A-1, 5s, 4/1/15</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>890,882</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Detroit, Wtr. &amp; Swr. Dept. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 7/1/32</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,309,500</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>AGM, 6 1/4s, 7/1/36</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,910,942</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Flint, Hosp. Bldg. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Hurley Med. Ctr.), 6s, 7/1/20</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 7/1/13)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="15%" 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>949,271</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 1/4s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="15%" 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>757,005</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>City Hosp.), Ser. A, 5 3/4s, 9/1/17</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>340,524</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Kentwood, Economic Dev. Rev. Bonds (Holland</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Home), 5 5/8s, 11/15/32</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>2,361,425</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MI State Hosp. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 1/8s, 6/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,288,659</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Henry Ford Hlth.), 5 3/4s, 11/15/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,823,632</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Henry Ford Hlth. Syst.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 11/15/46</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,710,307</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/25</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 5/15/15)</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>823,969</FONT>&nbsp;</TD></TR>

<TR>

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

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MI State Strategic Fund Ltd. Oblig. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Cadillac Place Office Bldg.), 5 1/4s, 10/15/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,457,513</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>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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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

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

   <TD width="15%" 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>

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

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   <TD width="59%" 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="10%" noWrap align=left>&nbsp;</TD>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MI State Strategic Fund, Ltd. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Worthington Armstrong Venture), U.S. Govt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Coll., 5 3/4s, 10/1/22 (Escrowed to maturity)</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>$1,718,469</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MI Tobacco Settlement Fin. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6s, 6/1/48</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,756,040</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Memorial Hosp.), 5 1/2s, 6/1/20</FONT>&nbsp;</TD>

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

   <TD width="15%" 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>1,616,234</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,380,440</FONT>&nbsp;</TD></TR>

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

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

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>27,094,812</FONT></B>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Minnesota (2.8%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Douglas Cnty., Gross Hlth. Care Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,326,520</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Inver Grove Heights, Nursing Home Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Presbyterian Homes Care), 5 3/8s, 10/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>706,825</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Homes North Oaks), 6 1/8s, 10/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>336,036</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Northfield, Hosp. Rev. Bonds, 5 3/8s, 11/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>800,198</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rochester, Hlth. Care Fac. Rev. Bonds (Olmsted</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Med. Ctr.), 5 7/8s, 7/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;/F</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,203,270</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Sartell, Hlth. Care &amp; Hsg. Facs. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Country Manor Campus, LLC)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 9/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>515,965</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 9/1/27</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>788,333</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Sauk Rapids Hlth. Care &amp; Hsg. Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Good Shepherd Lutheran Home), 7 1/2s, 1/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 1/1/16)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>592,255</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>St. Paul, Hsg. &amp; Redev. Auth. Charter School Lease</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Nova Classical Academy), Ser. A</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 5/8s, 9/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>278,455</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 3/8s, 9/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>277,835</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>St. Paul, Hsg. &amp; Redev. Auth. Hosp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Healtheast), 6s, 11/15/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,451,155</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>St. Paul, Port Auth. Lease Rev. Bonds (Regions</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Hosp. Pkg. Ramp), Ser. 1, 5s, 8/1/36</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,133,280</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Wayzata, Sr. Hsg. Rev. Bonds (Folkestone Sr.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Living Cmnty.), Ser. B, 4 7/8s, 5/1/19</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,509,180</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>12,919,307</FONT></B>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Mississippi (0.5%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MS Home Corp. Rev. Bonds, Ser. B-2, GNMA Coll.,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>FNMA Coll., 6.45s, 12/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>382,922</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Warren Cnty., Gulf Opportunity Zone Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,840,592</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,223,514</FONT></B>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Missouri (0.6%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Kansas City, Indl. Dev. Auth. Hlth. Fac. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (First Mtge. Bishop Spencer), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 1/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,526,385</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis Arpt. Rev. Bonds (Lambert-St. Louis</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Intl.), Ser. A-1, 6 5/8s, 7/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,185,790</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,712,175</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>26</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="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" 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></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Montana (0.1%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>MT Fac. Fin. Auth. Rev. Bonds (Sr. Living</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>St. John&#8217;s Lutheran), Ser. A, 6s, 5/15/25</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="15%" 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="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>515,330</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Nebraska (0.6%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Central Plains, Energy Rev. Bonds (NE Gas No. 1),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 1/4s, 12/1/18</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,690,170</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lancaster Cnty., Hosp. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Immanuel Oblig. Group), 5 1/2s, 1/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;/F</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,120,390</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,810,560</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Nevada (1.0%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Clark Cnty., Impt. Dist. Special Assmt. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Mountains Edge Local No. 142), 5s, 8/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>721,433</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Summerlin No. 151), 5s, 8/1/20</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>366,686</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Summerlin No. 151), 5s, 8/1/16</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>975,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>935,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Henderson, Local Impt. Dist. Special</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Assmt. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(No. T-17), 5s, 9/1/18</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>370,228</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(No. T-18), 5s, 9/1/16</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>CCC/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>973,488</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Las Vegas, Local Impt. Board Special Assmt.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Dist. No. 607), 5.9s, 6/1/18</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,147,070</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4,514,105</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>New Hampshire (1.6%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NH Hlth. &amp; Ed. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Rivermead), Ser. A, 6 7/8s, 7/1/41</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,273,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Rivermead), Ser. A, 6 5/8s, 7/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,480,037</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Kendal at Hanover), Ser. A, 5s, 10/1/18</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,971,131</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NH State Bus. Fin. Auth. Rev. Bonds (Elliot Hosp.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Oblig. Group), Ser. A, 6s, 10/1/27</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,981,367</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>7,705,535</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>New Jersey (6.8%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Burlington Cnty., Bridge Comm. Econ. Dev. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (The Evergreens), 5 5/8s, 1/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,224,949</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,597,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,354,760</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(United Methodist Homes), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 7/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,251,238</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Holy Name Hosp.), 5s, 7/1/36</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,611,175</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NJ State Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Cigarette Tax), 5 3/4s, 6/15/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 6/15/14)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,061,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Continental Airlines, Inc.), 4 7/8s, 9/15/19</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,088,290</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>433,505</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(MSU Student Hsg. &#8212; Provident Group &#8212;</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Montclair LLC), 5 3/8s, 6/1/25</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,281,660</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Newark Arpt. Marriott Hotel), 7s, 10/1/14</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,407,967</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(United Methodist Homes), Ser. A-1,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 7/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,032,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 6/15/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>574,925</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NJ State Econ. Dev. Auth. Retirement Cmnty. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Seabrook Village, Inc.), 5 1/4s, 11/15/36</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>885,938</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>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>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" 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></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NJ State Econ. Dev. Auth. Solid Waste Fac.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Mandatory Put Bonds (6/1/14) (Disp. Waste</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Mgt.), Ser. A, 5.3s, 6/1/15</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" 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>$1,833,160</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(NJ American Wtr. Co.)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5.7s, 10/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,846,142</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. D, 4 7/8s, 11/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" 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>751,506</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>North Hudson, Swr. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 6/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,119,070</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Union Cnty., Util. Auth. Resource Recvy. Fac.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lease Rev. Bonds (Covanta Union), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 12/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,608,239</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>31,964,519</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>New Mexico (1.6%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Farmington, Poll. Control Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Public Service Co. of NM San Juan), Ser. D,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.9s, 6/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" 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>560,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(San Juan), Ser. B, 4 7/8s, 4/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" 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>4,674,824</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,255,280</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>7,490,104</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>New York (9.9%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Broome Cnty., Indl. Dev. Agcy. Continuing Care</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Retirement Rev. Bonds (Good Shepard Village),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 3/4s, 7/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>650,856</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Huntington, Hsg. Auth. Sr. Hsg. Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Gurwin Jewish Sr. Residence), Ser. A</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6s, 5/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>502,115</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6s, 5/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>750,443</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Livingston Cnty., Indl. Dev. Agcy. Civic Fac. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Nicholas H. Noyes Memorial Hosp.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 7/1/15</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,241,339</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Keyspan-Glenwood), 5 1/4s, 6/1/27</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,784,047</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Niagara, Area Dev. Corp. Solid Waste Disp. Fac.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Covanta Holding Corp.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 11/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,144,121</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,755,585</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(American Airlines &#8212; JFK Intl. Arpt.), 7 1/2s,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>8/1/16 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>4,413,643</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(British Airways PLC), 5 1/4s, 12/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,434,796</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Jetblue Airways Corp.), 5s, 5/15/20</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>294,997</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY City, Muni. Wtr. &amp; Swr. Fin. Auth. Rev. bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 6/15/31&nbsp;</FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" 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>11,678,771</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY City, Transitional Fin. Auth. Rev. Bonds (Future</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tax), Ser. D-1, 5s, 11/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,338,820</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY State Dorm. Auth. Rev. Bonds (Winthrop-U.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Hosp. Assn.), Ser. A, 5 1/2s, 7/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 7/1/13)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>907,614</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY State Dorm. Auth. Non-State Supported</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Debt Rev. Bonds (Orange Regl. Med. Ctr.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 12/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="15%" 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>803,895</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="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif>28 </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="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" 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></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY State Dorm. Auth. Ser. C Rev bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 3/15/31</FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="15%" 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>$5,813,261</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NY State Energy Research &amp; Dev. Auth. Gas Fac.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,812,350</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Port Auth. NY &amp; NJ Special Oblig. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Kennedy Intl. Arpt. &#8212; 5th Installment),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 3/4s, 10/1/19</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>180,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(JFK Intl. Air Term.), 6s, 12/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,176,760</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Seneca Cnty., Indl. Dev. Agcy. Solid Waste Disp.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>144A Mandatory Put Bonds (10/1/13)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(IESI Corp.), 6 5/8s, 10/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>678,650</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Suffolk Cnty., Indl. Dev. Agcy. Civic Fac. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Southampton Hosp. Assn.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>7 1/4s, 1/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,251,588</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Syracuse, Indl. Dev. Agcy. Rev. Bonds (1st Mtge. &#8212;</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Jewish Home), Ser. A, 7 3/8s, 3/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>685,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>685,281</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>46,298,957</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>North Carolina (1.8%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 6 3/4s, 1/1/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>939,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Presbyterian Homes), 5.4s, 10/1/27</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,074,160</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(First Mtge. &#8212; Presbyterian Homes),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 10/1/22</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,170,484</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NC Med. Care Comm. Retirement Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Carolina Village), 6s, 4/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>525,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,752,368</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>712,250</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Forest at Duke), 5 1/8s, 9/1/27</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+/F</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,062,210</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>NC State Hsg. Fin. Agcy. FRB (Homeownership),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. 26-A, 5 1/2s, 1/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>289,483</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>8,526,205</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Ohio (5.4%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>American Muni. Pwr. &#8212; Ohio, Inc. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prairie Street Energy Campus), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 2/15/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>5,582,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Buckeye, Tobacco Settlement Fin. Auth. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. A-2</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 7/8s, 6/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,993,241</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 6/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,063,060</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/8s, 6/1/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="15%" 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>916,799</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cleveland, Arpt. Syst. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 1/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>448,288</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Franklin Cnty., Hlth. Care Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Presbyterian Svcs.), Ser. A, 5 5/8s, 7/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,083,877</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Hickory Chase, Cmnty. Auth. Infrastructure</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Impt. Rev. Bonds (Hickory Chase), 7s, 12/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>289,800</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Syst.), Ser. C, 5 5/8s, 8/15/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,708,949</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>29</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="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" 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></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lorain Cnty., Port Auth. Recovery Zone Fac. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="15%" 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>$1,100,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>OH State Air Quality Dev. Auth. Rev. Bonds (Valley</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Elec. Corp.), Ser. E, 5 5/8s, 10/1/19</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,519,102</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>OH State Higher Edl. Fac. Comm. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>1/15/39 (Prerefunded 1/15/15)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,217,480</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Kenyon College), 5s, 7/1/44</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" 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>864,344</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Southeastern OH Port Auth. Hosp. Fac. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, 5 3/4s, 12/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>997,803</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Transn, Inc.), 6.45s, 12/15/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>642,380</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>25,428,323</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Oklahoma (0.9%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>OK Hsg. Fin. Agcy. Single Fam. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Homeownership Loan),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 5.35s, 3/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,025,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,074,578</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, GNMA Coll., FNMA Coll., 5.95s, 3/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>925,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>977,004</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>OK State Tpk. Auth. VRDN, Ser. F, 0.18s, 1/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="15%" 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>400,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tulsa Cnty., Indl. Auth. Rev. Bonds (Sr. Living</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cmnty. Montereau, Inc.), Ser. A</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>7 1/8s, 11/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,428,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 7/8s, 11/1/23</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>527,785</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4,408,292</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Oregon (0.3%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Terwilliger Plaza, Inc.), 5s, 12/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB/F</FONT>&nbsp;</TD>

   <TD width="15%" 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>387,594</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Warm Springs Reservation, Confederated Tribes</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>144A Rev. Bonds (Pelton Round Butte Tribal),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 6 3/8s, 11/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" 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>809,410</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,197,004</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Pennsylvania (6.8%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Allegheny Cnty., Higher Ed. Bldg. Auth.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Robert Morris U.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 10/15/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,141,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (U.S.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Steel Corp.), 6 3/4s, 11/1/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,228,380</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Allentown, Neighborhood Impt. Zone Dev. Auth.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds, Ser. A</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 5/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>856,192</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 5/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>542,175</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 5/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>220,060</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Ann&#8217;s Choice, Inc.), Ser. A</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/8s, 1/1/25</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,177,713</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.3s, 1/1/14</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>697,197</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (West Chester U. Student Hsg., LLC),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 8/1/45</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>632,430</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cumberland Cnty., Muni. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Presbyterian Homes Oblig.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.45s, 1/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="15%" 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>550,886</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Presbyterian Homes), Ser. A, 5.35s, 1/1/20</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="15%" 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>515,865</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="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif>30</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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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" 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></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Delaware Cnty., Indl. Dev. Auth. Resource Recvy.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds, Ser. A, 6.1s, 7/1/13</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="15%" 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>$110,183</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lancaster Cnty., Hosp. Auth. Rev. Bonds (Brethren</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Village), Ser. A, 6 3/8s, 7/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>671,181</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>View Retirement), Ser. A, 5.3s, 12/15/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,821,276</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lycoming Cnty. Auth. Rev. Bonds, 5s, 5/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,264,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,327,179</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Montgomery Cnty., Indl. Auth. Resource</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Recvy. Rev. Bonds (Whitemarsh Cont. Care),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 2/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,118,370</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Northampton Cnty., Hosp. Auth. Mandatory Put</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>4 1/2s, 8/15/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,626,525</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Allegheny Energy Supply Co.), 7s, 7/15/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,391,900</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>PA State Econ. Dev. Fin. Auth. Resource Recvy.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Colver), Ser. F, AMBAC, 5s, 12/1/15</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,707,981</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>PA State Higher Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Shippensburg U.), 6 1/4s, 10/1/43</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>581,210</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Edinboro U. Foundation), 5.8s, 7/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,143,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Gwynedd Mercy College), Ser. KK1,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 5/1/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>835,350</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Indiana U.), Ser. A, 5s, 7/1/41</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="15%" 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>544,010</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Philadelphia, Auth. for Indl. Dev. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Master Charter School), 6s, 8/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="15%" 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>673,578</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Philadelphia, Gas Wks. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. 9, 5s, 8/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,087,190</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Philadelphia, Hosp. &amp; Higher Ed. Fac. Auth. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Graduate Hlth. Syst.), 7 1/4s, 7/1/13</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,695,052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>270</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Pittsburgh G.O. Bonds, Ser. B, 5s, 9/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,166,950</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Susquehanna, Area Regl. Arpt. Syst. Auth. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. A, 6 1/2s, 1/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,481,814</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Wilkes-Barre, Fin. Auth. Rev. Bonds (Wilkes</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>U.), 5s, 3/1/22</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" 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>609,498</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>31,725,003</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Puerto Rico (2.6%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 6 1/2s, 7/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,142,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, FGIC, 5 1/2s, 7/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,053,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,061,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Pub. Impt.), Ser. E, 5 3/8s, 7/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,016,499</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Hwy. &amp; Trans. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. L, AMBAC, 5 1/4s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,814,502</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Indl. Tourist Edl. Med. &amp; Env.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Control Facs. Rev. Bonds (Cogen. Fac.-AES),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 5/8s, 6/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,000,070</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, zero %, 8/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,998,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>12,086,281</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>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="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" 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></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Rhode Island (0.3%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/8s, 6/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" 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>$1,514,287</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,514,287</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>South Carolina (0.3%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Georgetown Cnty., Env. Impt. Rev. Bonds (Intl.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Paper Co.), Ser. A, 5s, 8/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,135,999</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Palmetto Hlth.), Ser. C, U.S. Govt. Coll., 6s,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>8/1/20 (Prerefunded 8/1/13)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>111,541</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,247,540</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Tennessee (0.6%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Johnson City, Hlth. &amp; Edl. Fac. Board</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Hosp. Rev. Bonds (Mountain States Hlth.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Alliance), 6s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,699,821</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Johnson City, Hlth. &amp; Edl. Facs. Board Retirement</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Fac. Rev. Bonds (Appalachian Christian Village),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 1/4s, 2/15/32 (Prerefunded 2/15/14)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,046,590</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,746,411</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Texas (12.0%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Abilene, Hlth. Fac. Dev. Corp. Rev. Bonds (Sears</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Methodist Retirement)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 7s, 11/15/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>CCC/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>524,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>342,570</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, U.S. Govt. Coll., 7s, 11/15/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 11/15/13)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>CCC/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>76,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>79,529</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 7/8s, 11/15/18 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>580,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>390,682</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 7/8s, 11/15/18 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,757</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6s, 11/15/29 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>739,828</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Brazos, Harbor Indl. Dev. Corp. Env. Fac.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Mandatory Put Bonds (5/1/28) (Dow Chemical),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5.9s, 5/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,489,519</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Central TX Regl. Mobility Auth. Rev. Bonds (Sr.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lien), Ser. A, 5s, 1/1/33 ##</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>525,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>579,989</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Gulf Coast, Waste Disp. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6.1s, 8/1/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" 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>451,931</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Harris Cnty., Cultural Ed. Fac. Fin. Corp.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (YMCA of Greater Houston),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 6/1/33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,096,150</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Houston, Arpt. Syst. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Continental Airlines, Inc.), Ser. C, 5.7s, 7/15/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="15%" 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>6,203,988</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Continental Airlines, Inc.), Ser. E,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 3/4s, 7/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="15%" 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>4,016,360</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Continental Airlines, Inc.), Ser. E, 7s, 7/1/29</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="15%" 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>502,935</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Special Fac. &#8212; Continental Airlines, Inc.), Ser. E,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 3/4s, 7/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,607,792</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 7/1/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,733,295</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>La Vernia, Higher Ed. Fin. Corp. Rev. Bonds (Kipp,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Inc.), Ser. A</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 3/8s, 8/15/44</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,270,280</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 8/15/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,276,563</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Love Field, Arpt. Modernization Corp. Special</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Fac. Rev. Bonds (Southwest Airlines Co.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 11/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,818,745</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>32</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="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" 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></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Matagorda Cnty., Poll. Control Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>$1,166,420</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,325,525</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Newark, Cultural Ed. Facs. Fin. Corp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(AW Brown-Fellowship Leadership Academy),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6s, 8/15/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>703,085</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>North Texas Edl. Fin. Co. Rev. Bonds (Uplift Edl.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 1/4s, 12/1/47</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,198,260</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>North TX, Tollway Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6s, 1/1/25</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,181,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,956,185</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 10/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="15%" 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>597,630</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tarrant Cnty., Cultural Ed. Fac. Fin. Corp.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Retirement Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,440,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Buckner Retirement Svcs., Inc.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 11/15/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,992,739</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Air Force Village), 5 1/8s, 5/15/27</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/F</FONT>&nbsp;</TD>

   <TD width="15%" 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>3,211,135</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Travis Cnty., Cultural Ed. Facs. Fin. Corp. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Wayside Schools), Ser. A, 5 1/4s, 8/15/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,005,920</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>TX Muni. Gas Acquisition &amp; Supply Corp. I Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. A, 5 1/4s, 12/15/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,344,180</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>TX Private Activity Surface Trans.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Corp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(NTE Mobility), 7 1/2s, 12/31/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,493,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(LBJ Infrastructure), 7s, 6/30/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,839,390</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>TX State Dept. of Hsg. &amp; Cmnty. Affairs Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. C, GNMA Coll., FNMA Coll., FHLMC</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Coll., 6.9s, 7/2/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" 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>416,548</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>TX State Muni. Gas Acquisition &amp; Supply Corp. III</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds, 5s, 12/15/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,616,220</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>TX State Trans. Comm. Tpk. Syst. Mandatory</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Put Bonds (2/15/15) (1st Tier), Ser. B,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>1 1/4s, 8/15/42</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,007,950</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>56,104,750</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Virginia (2.1%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Albemarle Cnty., Indl. Dev. Auth. Res.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Care Fac. Rev. Bonds (Westminster-</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Canterbury), 5s, 1/1/24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>618,150</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Chesapeake, Toll Rd. Rev. Bonds (Sr. Trans. Syst.),</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 7/15/27</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" 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>334,122</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Henrico Cnty., Econ. Dev. Auth. Res. Care</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Westminster-Canterbury), 5s, 10/1/22</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,031,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(United Methodist Homes), 5s, 6/1/22</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>692,231</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Lynchburg, Indl. Dev. Auth. Res. Care Fac. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Westminster-Canterbury)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>5s, 7/1/31</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,295,475</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>4 7/8s, 7/1/21</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,054,749</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="59%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (126.7%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="15%" 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></TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Virginia </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Route 460 Funding Corp. Toll Rd. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Sr. Lien), Ser. A, 5 1/8s, 7/1/49</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>$487,215</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>VA ST Small Bus. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Elizabeth River Crossings OPCO,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>LLC), 6s, 1/1/37</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,037,619</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Express Lanes, LLC), 5s, 7/1/34</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>940,464</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Mountain States Hlth. Alliance), Ser. C,</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>7 3/4s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,110,448</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>9,602,123</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Washington (3.6%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,671,510</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Port Seattle, Port Indl. Dev. Corp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Delta Airlines, Inc.), 5s, 4/1/30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>306,552</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Skagit Cnty., Pub. Hosp. Rev. Bonds (Dist.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>No.&nbsp;&nbsp;001), 5 3/4s, 12/1/35</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,740,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Tobacco Settlement Auth. of WA Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 5/8s, 6/1/32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>2,433,915</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 6/1/26</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="15%" 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>429,056</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>WA State G.O. Bonds (Sr. 520 Corridor-Motor</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Vehicle Tax), Ser. C, 5s, 6/1/28&nbsp;</FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="15%" 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>5,932,775</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>WA State Higher Ed. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Whitworth U.), 5 5/8s, 10/1/40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="15%" 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>437,844</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>WA State Hlth. Care Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(WA Hlth. Svcs.), 7s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,161,130</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Kadlec Med. Ctr.), 5 1/2s, 12/1/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,609,290</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>16,722,772</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>West Virginia (0.2%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>WV State Hosp. Fin. Auth. Rev. Bonds (Thomas</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Hlth. Syst.), 6 3/4s, 10/1/43</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>772,228</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>772,228</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Wisconsin (0.7%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig.</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Group), 5 1/4s, 7/1/28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="15%" 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>385,238</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" 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="10%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,346,937</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>(Prohealth Care, Inc.), 6 5/8s, 2/15/39</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="15%" 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>1,464,963</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,197,138</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="15%" 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="69%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Total municipal bonds and notes (cost $541,931,200)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$592,246,272</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="59%" noWrap align=left><B><FONT size=1 face=sans-serif>PREFERRED STOCKS (0.9%)*</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" 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><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A-5,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>$5.00 cum. pfd</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" 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>$4,003,320</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Total preferred stocks (cost $4,000,000)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$4,003,320</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>34</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="69%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>COMMON STOCKS (&#8212;%)*</FONT></B>&nbsp;</TD>

   <TD width="15%" 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=3 noWrap align=left><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT><FONT size=1 face=sans-serif></FONT><FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><FONT size=1 face=sans-serif>Tembec, Inc. (Canada) &#8224;</FONT>&nbsp;</TD>

   <TD width="15%" 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>$5,871</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Total common stocks (cost $1,273,945)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$5,871</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>TOTAL INVESTMENTS</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&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><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="69%" noWrap align=left><B><FONT size=1 face=sans-serif>Total investments (cost $547,205,145)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$596,255,463</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=1 face=sans-serif><BR>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, 2012 through April 30, 2013 (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 Disclosures </FONT></I><FONT size=1 face=sans-serif>and references to &#8220;OTC&#8221;, if any, represent over-the-counter.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Percentages indicated are based on net assets of $467,561,430.</FONT></P>

<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.</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>&#8224;<FONT size=1 face=sans-serif>&#8224; </FONT></FONT><FONT size=1 face=sans-serif>The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.</FONT></P>

<P style="TEXT-ALIGN: left"><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 (Note 1).</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 $18,006,910 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="8%"></TD>

   <TD width="92%"></TD></TR>

<TR vAlign=bottom>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif>Health care</FONT>&nbsp;</TD>

   <TD width="92%" noWrap align=left><FONT size=1 face=sans-serif>39.7%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif>Utilities</FONT>&nbsp;</TD>

   <TD width="92%" noWrap align=left><FONT size=1 face=sans-serif>19.2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif>Transportation</FONT>&nbsp;</TD>

   <TD width="92%" noWrap align=left><FONT size=1 face=sans-serif>14.9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif>Education</FONT>&nbsp;</TD>

   <TD width="92%" noWrap align=left><FONT size=1 face=sans-serif>11.7</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="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%">

<P style="TEXT-ALIGN: left"><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 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: 65px" 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>$5,871</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>5,871</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><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="25%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif></FONT></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>$592,246,272</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>4,003,320</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>$5,871</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$596,249,592</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">&nbsp;</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>

<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>36</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%">

<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>4/30/13 (Unaudited)</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><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

 </FONT></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 $547,205,145)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$596,255,463</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>545,238</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>9,335,451</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>2,313,050</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>608,449,202</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><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

 </FONT><FONT size=1 face=sans-serif></FONT></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>5,193</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>25,215</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>2,244,452</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>573,153</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>785,992</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>3,189</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>19,449</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>173,049</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>851</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>13,544,651</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>12,578</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>17,387,772</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Series A remarketed preferred shares: (245 shares authorized and issued</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>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 authorized and issued</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>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>$467,561,430</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><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

 </FONT><FONT size=1 face=sans-serif></FONT></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>$459,962,081</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>(1,262,212)</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 (Note 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(40,188,757)</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>49,050,318</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>$467,561,430</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><FONT size=1 face=sans-serif></FONT></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>($467,561,430 divided by 57,693,103 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">&nbsp;</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>

<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%">

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of operations </FONT></B><FONT size=2 face=sans-serif>Six months ended 4/30/13 (Unaudited)</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>$15,473,068</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

&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><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT><FONT size=1 face=sans-serif></FONT></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>$1,589,463</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>117,142</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>5,284</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>25,941</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>8,452</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>36,139</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>92,113</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>156,216</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>2,030,750</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif></FONT></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>(463)</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>2,030,287</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>13,442,781</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>(606,348)</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 period</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>904,765</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>298,417</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>$13,741,198</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><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></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>(126)</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>(96,242)</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>$13,644,830</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</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>

<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>38</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"><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 IN NET ASSETS</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Six months ended 4/30/13*</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></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>$13,442,781</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$27,681,690</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>(606,348)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(3,195,255)</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 of investments</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>904,765</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44,600,253</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>13,741,198</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>69,086,688</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>(126)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(1,401)</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>(96,242)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(187,662)</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>13,644,830</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>68,897,625</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>(19,163)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(168,479)</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>(13,441,283)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(26,996,651)</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</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>with reinvestment of distributions</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>648,716</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,075,030</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 in net assets</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>833,100</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>42,807,525</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 period</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>466,728,330</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>423,920,805</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 period </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 $1,262,212 and $1,148,179,&nbsp;respectively)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$467,561,430</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$466,728,330</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 period</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><FONT size=1 face=sans-serif>Shares issued in connection with reinvestment</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>of distributions</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>65,258</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>138,627</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 period</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>57,693,103</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>57,627,845</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 period</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><BR>* </FONT><FONT size=1 face=sans-serif>Unaudited</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>

<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>39</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>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="13%"></TD>

   <TD width="6%"></TD>

   <TD width="14%"></TD>

   <TD width="13%" colSpan=2></TD>

   <TD width="14%"></TD>

   <TD width="13%"></TD>

   <TD width="14%" colSpan=2></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>PER-SHARE OPERATING PERFORMANCE</FONT></B>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=center></TD>

   <TD width="6%" noWrap align=center><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="21%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six months ended**</FONT></B></TD>

   <TD width="6%" noWrap align=center>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended</FONT></B></TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="13%"></TD>

   <TD width="6%" align=center><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" align=center><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="67%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>4/30/13</FONT></B>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>10/31/12</FONT></B>&nbsp;</TD>

   <TD width="14%" 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="14%" colSpan=2 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="100%" colSpan=10 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, beginning of period</FONT></B>&nbsp;</TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$8.10</FONT></B>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>$7.37</FONT></B>&nbsp;</TD>

   <TD width="14%" 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="14%" colSpan=2 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="13%" noWrap align=left><I><FONT size=1 face=sans-serif>&nbsp;</FONT></I></TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="13%" colSpan=2 noWrap align=left></TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="13%" noWrap align=left></TD>

   <TD width="14%" colSpan=2 noWrap align=left></TD>

   <TD width="13%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><I><FONT size=1 face=sans-serif>Investment operations:</FONT></I>&nbsp;</TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" 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="6%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>.23</FONT>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>.48</FONT>&nbsp;</TD>

   <TD width="14%" 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="14%" colSpan=2 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="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=1 face=sans-serif>Net realized and unrealized</FONT>&nbsp;</TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=1 face=sans-serif>gain (loss) on investments</FONT>&nbsp;</TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" 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%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>.72</FONT>&nbsp;</TD>

   <TD width="14%" 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="14%" colSpan=2 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="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><B><FONT size=1 face=sans-serif>Total from investment operations</FONT></B>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>.23</FONT></B>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>1.20</FONT></B>&nbsp;</TD>

   <TD width="14%" 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="14%" colSpan=2 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="13%" noWrap align=left><I><FONT size=1 face=sans-serif>Distributions to preferred shareholders:</FONT></I>&nbsp;</TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=1 face=sans-serif>From net investment income</FONT>&nbsp;</TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" 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%" colSpan=2 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="14%" 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="14%" colSpan=2 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="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><B><FONT size=1 face=sans-serif>Total from investment operations</FONT></B>&nbsp;</TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><B><FONT size=1 face=sans-serif>(applicable to common shareholders)</FONT></B>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>.23</FONT></B>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>1.20</FONT></B>&nbsp;</TD>

   <TD width="14%" 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="14%" colSpan=2 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="13%" noWrap align=left><I><FONT size=1 face=sans-serif>Distributions to common shareholders:</FONT></I>&nbsp;</TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=1 face=sans-serif>From net investment income</FONT>&nbsp;</TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(.23)</FONT>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>(.47)</FONT>&nbsp;</TD>

   <TD width="14%" 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="14%" colSpan=2 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="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><B><FONT size=1 face=sans-serif>Total distributions</FONT></B>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(.23)</FONT></B>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>(.47)</FONT></B>&nbsp;</TD>

   <TD width="14%" 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="14%" colSpan=2 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="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><B><FONT size=1 face=sans-serif>Increase from shares repurchased</FONT></B>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="14%" 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="14%" colSpan=2 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="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, end of period</FONT></B>&nbsp;</TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$8.10</FONT></B>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>$8.10</FONT></B>&nbsp;</TD>

   <TD width="14%" 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="14%" colSpan=2 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="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><B><FONT size=1 face=sans-serif>Market price, end of period</FONT></B>&nbsp;</TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>7.95</FONT></B>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>$8.37</FONT></B>&nbsp;</TD>

   <TD width="14%" 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="14%" colSpan=2 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="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><B><FONT size=1 face=sans-serif>Total return at market price (%)</FONT></B>&nbsp;</TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" 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="6%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>(2.24)*</FONT></B>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>18.52</FONT></B>&nbsp;</TD>

   <TD width="14%" 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="14%" colSpan=2 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="13%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="13%" colSpan=2 noWrap align=left></TD>

   <TD width="14%" noWrap align=left></TD>

   <TD width="13%" noWrap align=left></TD>

   <TD width="14%" colSpan=2 noWrap align=left></TD>

   <TD width="13%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><B><FONT size=1 face=sans-serif>RATIOS AND SUPPLEMENTAL DATA</FONT></B>&nbsp;</TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=10 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

 </FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><B><FONT size=1 face=sans-serif>Net assets, end of period</FONT></B>&nbsp;</TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares) (in thousands)</FONT></B>&nbsp;</TD>

   <TD width="6%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>$467,561</FONT></B>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>$466,728</FONT></B>&nbsp;</TD>

   <TD width="14%" 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="14%" colSpan=2 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="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=1 face=sans-serif>Ratio of expenses to average</FONT>&nbsp;</TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=1 face=sans-serif>net assets (including interest</FONT>&nbsp;</TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" 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="6%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.43* </FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD>

   <TD width="13%" colSpan=2 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="14%" 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="14%" colSpan=2 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="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=1 face=sans-serif>Ratio of net investment income</FONT>&nbsp;</TD>

   <TD width="6%" noWrap align=left></TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" colSpan=2 noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" 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="6%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2.85*</FONT>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>6.12</FONT>&nbsp;</TD>

   <TD width="14%" 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="14%" colSpan=2 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="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="13%" noWrap align=left><FONT size=1 face=sans-serif>Portfolio turnover (%)</FONT>&nbsp;</TD>

   <TD width="6%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5*</FONT>&nbsp;</TD>

   <TD width="13%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>15</FONT>&nbsp;</TD>

   <TD width="14%" 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="14%" colSpan=2 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="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif><BR>* Not annualized.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>** Unaudited.</FONT></P>

<P style="TEXT-ALIGN: left"><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 0.01%, 0.02%, 0.01%, 0.02% and 0.05% of the average net assets for the periods ended April 30, 2013, 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>

<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>40 </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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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Notes to financial statements </FONT></B><FONT size=2 face=sans-serif>4/30/13 (Unaudited)</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, 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 and references to &#8220;OTC&#8221;, if any, represent over-the-counter. Unless otherwise noted, the &#8220;reporting period&#8221; represents the period from November 1, 2012 through April 30, 2013.</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 primarily by issuing preferred shares in an effort to enhance the returns for the common shareholders.</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 their notes</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>41</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<A name="page_43"></A><BR>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>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 $31,551,562 were held by the TOB trust and served as collateral for $13,544,651 in floating-rate bonds outstanding. For the reporting period ended, the fund incurred interest expense of $7,478 for these investments based on an average interest rate of 0.15%.</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%" colSpan=2></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="38%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss carryover</FONT></B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" 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=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%" colSpan=2 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=5>

   <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%" colSpan=2 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=5>

   <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%" colSpan=2 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=5>

   <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%" colSpan=2 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=5>

   <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%" colSpan=2 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=5>

   <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%" colSpan=2 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=5>

   <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%" colSpan=2 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=5>

   <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%" colSpan=2 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=5>

   <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%" colSpan=2 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=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif><BR>* 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 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&nbsp;day period. The applicable dividend rate for the remarketed preferred shares Series A on April 30, 2013 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 April 30, 2013 was 0.143%. 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. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund&#8217;s fiscal year. Reclassifications are made to the fund&#8217;s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.</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;</FONT></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>42 </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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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>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"><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 net assets attributable to common and preferred shares outstanding, or (ii) the following rates:</FONT></P>

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<TR>

   <TD width="10%"></TD>

   <TD width="35%"></TD>

   <TD width="9%"></TD>

   <TD width="10%"></TD>

   <TD width="35%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>0.65%</FONT>&nbsp;</TD>

   <TD width="35%" noWrap align=left><FONT size=1 face=sans-serif>of the first $500 million of average</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>0.425%</FONT>&nbsp;</TD>

   <TD width="35%" 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="10%" noWrap align=left>&nbsp;</TD>

   <TD width="35%" noWrap align=left><FONT size=1 face=sans-serif>weekly net assets,</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="35%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="45%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

<FONT size=1 face=sans-serif></FONT></TD>

   <TD width="9%" noWrap align=left></TD>

   <TD width="45%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

<FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>0.55%</FONT>&nbsp;</TD>

   <TD width="35%" noWrap align=left><FONT size=1 face=sans-serif>of the next $500 million of average</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>0.405%</FONT>&nbsp;</TD>

   <TD width="35%" 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="10%" noWrap align=left>&nbsp;</TD>

   <TD width="35%" noWrap align=left><FONT size=1 face=sans-serif>weekly net assets,</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="35%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="45%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

<FONT size=1 face=sans-serif></FONT></TD>

   <TD width="9%" noWrap align=left></TD>

   <TD width="45%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

<FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>0.50%</FONT>&nbsp;</TD>

   <TD width="35%" noWrap align=left><FONT size=1 face=sans-serif>of the next $500 million of average</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>0.39%</FONT>&nbsp;</TD>

   <TD width="35%" 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="10%" noWrap align=left>&nbsp;</TD>

   <TD width="35%" noWrap align=left><FONT size=1 face=sans-serif>weekly net assets,</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left></TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="35%" noWrap align=left><FONT size=1 face=sans-serif>net assets, and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="45%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

<FONT size=1 face=sans-serif></FONT></TD>

   <TD width="9%" noWrap align=left></TD>

   <TD width="45%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

<FONT size=1 face=sans-serif></FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>0.45%</FONT>&nbsp;</TD>

   <TD width="35%" noWrap align=left><FONT size=1 face=sans-serif>of the next $5 billion of average weekly</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>0.38%</FONT>&nbsp;</TD>

   <TD width="35%" noWrap align=left><FONT size=1 face=sans-serif>of any excess thereafter.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="10%">&nbsp;</TD>

   <TD width="35%"><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD>

   <TD width="9%"></TD>

   <TD width="45%" colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="45%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="9%"></TD>

   <TD width="45%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif><BR>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 rates under the contract 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>

<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 $463 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 $338, 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.</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>43</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>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 $37,828,442 and $29,581,428 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.</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 710 shares of the fund (0.001% of the fund&#8217;s shares outstanding), valued at $5,751 based on net asset value.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 6: 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 7: New accounting pronouncement</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In January 2013, ASU 2013&#8211;01, </FONT><I><FONT size=1 face=sans-serif>&#8220;Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,&#8221; </FONT></I><FONT size=1 face=sans-serif>amended 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 ASUs create 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 ASUs 2013&#8211;01 and 2011&#8211;11 and their impact, if any, on the fund&#8217;s financial statements.</FONT></P>

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   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif>44 </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 over 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>

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<TR>

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   <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 T. Burns</FONT>&nbsp;</TD></TR>

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   <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>

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   <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 Legal 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>

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   <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>Robert R. Leveille</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</FONT></I>&nbsp;</TD></TR>

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   <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><I><FONT size=2 face=sans-serif>Chief Compliance Officer</FONT></I>&nbsp;</TD></TR>

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   <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></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <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></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Michael J. Higgins</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>London, England SW1A 1LD</FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Paul L. Joskow</FONT></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and Treasurer</FONT></I></TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Elizabeth T. Kennan</FONT></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Marketing Services</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Kenneth R. Leibler</FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Janet C. Smith</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Retail Management</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert E. Patterson</FONT></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President,</FONT></I>&nbsp;</TD></TR>

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   <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>George Putnam, III</FONT></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Principal Accounting Officer,</FONT></I>&nbsp;</TD></TR>

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   <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>Robert L. Reynolds</FONT></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>and Assistant Treasurer</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>W. Thomas Stephens</FONT></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Custodian</FONT></B>&nbsp;</TD>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Susan G. Malloy</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>State Street Bank</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Officers</FONT></B></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD></TR>

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   <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>Robert L. Reynolds</FONT></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>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>President</FONT></I></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <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></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>James P. Pappas</FONT>&nbsp;</TD></TR>

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   <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><FONT size=2 face=sans-serif>Jonathan S. Horwitz</FONT></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President</FONT></I>&nbsp;</TD></TR>

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   <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></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></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Mark C. Trenchard</FONT>&nbsp;</TD></TR>

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   <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></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>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>BSA Compliance Officer</FONT></I>&nbsp;</TD></TR>

<TR>

   <TD width="33%">&nbsp;</TD>

   <TD width="33%"><FONT size=2 face=sans-serif>Steven D. Krichmar</FONT></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></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></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>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Associate Treasurer</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><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></DIV>

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<tr><td></td><td><u>Item 2. Code of Ethics:</u>
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<tr><td></td><td><u>Item 3. Audit Committee Financial Expert:</u>
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<tr><td></td><td><u>Item 4. Principal Accountant Fees and Services:</u>
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<tr><td></td><td><u>Item 5.  Audit Committee</u>
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<tr><td></td><td><u>Item 6. Schedule of Investments:</u>
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<tr><td></td><td>The registrant&#8217;s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.
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<tr><td></td><td><u>Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:</u>
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<tr><td></td><td><u>Item 8. Portfolio Managers of Closed-End Management Investment Companies</u>
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<tr><td></td><td>(a) Not applicable
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<tr><td></td><td>(b) There have been no changes to the list of the registrant&#8217;s identified portfolio managers included in the registrant&#8217;s report on Form N-CSR for the most recent completed fiscal year.
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<tr><td></td><td><u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:</u>
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<tr valign=bottom><td></td>	<td>Registrant Purchase of Equity Securities</td>			<td></td>	<td></td></tr>
<tr valign=bottom><td></td>	<td></td>	<td></td>	<td></td>	<td></td>	<td>Maximum</td></tr>
<tr valign=bottom><td></td>	<td></td>	<td></td>	<td></td>	<td>Total Number</td>	<td>Number (or</td></tr>
<tr valign=bottom><td></td>	<td></td>	<td></td>	<td></td>	<td>of Shares</td>	<td>Approximate</td></tr>
<tr valign=bottom><td></td>	<td></td>	<td></td>	<td></td>	<td>Purchased</td>	<td>Dollar Value)</td></tr>
<tr valign=bottom><td></td>	<td></td>	<td></td>	<td></td>	<td>as Part</td>	<td>of Shares</td></tr>
<tr valign=bottom><td></td>	<td></td>	<td></td>	<td></td>	<td>of Publicly</td>	<td>that May Yet Be</td></tr>
<tr valign=bottom><td></td>	<td></td>	<td>Total Number</td>	<td>Average</td>	<td>Announced</td>	<td>Purchased</td></tr>
<tr valign=bottom><td></td>	<td></td>	<td>of Shares</td>	<td>Price Paid</td>	<td>Plans or</td>	<td>under the Plans</td></tr>
<tr valign=bottom><td></td>	<td><u>Period</td>	<td><u>Purchased</td>	<td><u>per Share</td>	<td><u>Programs*</td>	<td><u>or Programs**</td></tr>
<tr valign=bottom><td></td>	<td></td>	<td></td>	<td></td>	<td></td>	<td></td></tr>
<tr height=24 valign=bottom><td></td>	<td>November 1 &#8211; November 30, 2012</td>	<td>&#8212; </td>	<td>&#8212; </td>	<td>&#8212; </td>	<td>5,761,514</td></tr>
<tr height=24 valign=bottom><td></td>	<td>December 1 &#8211; December 31, 2012</td>	<td>&#8212; </td>	<td>&#8212; </td>	<td>&#8212; </td>	<td>5,761,514</td></tr>
<tr height=24 valign=bottom><td></td>	<td>January 1 &#8211; January 31, 2013</td>	<td>&#8212; </td>	<td>&#8212; </td>	<td>&#8212; </td>	<td>5,761,514</td></tr>
<tr height=24 valign=bottom><td></td>	<td>February 1 &#8211; February 28, 2013</td>	<td>&#8212; </td>	<td>&#8212; </td>	<td>&#8212; </td>	<td>5,761,514</td></tr>
<tr height=24 valign=bottom><td></td>	<td>March 1 &#8211; March 31, 2013</td>	<td>&#8212; </td>	<td>&#8212; </td>	<td>&#8212; </td>	<td>5,761,514</td></tr>
<tr height=24 valign=bottom><td></td>	<td>April 1 &#8211; April 30, 2013</td>	<td>&#8212; </td>	<td>&#8212; </td>	<td>&#8212; </td>	<td>5,761,514</td></tr>
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<tr valign=top><td width=5% align= right>*&nbsp;&nbsp;</td>
<td width=95%>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&#8217;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 repurchases up to a total of 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 repurchases up to a total of 5,761,514 of its shares.
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<tr><td></td>	<td></td>	<td></td>	<td></td>	<td></td></tr><tr height=4><td></td><td colspan=4><hr weight=2 noshade></td></tr>
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<tr><td></td>	<td colspan=4>**	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.</td>	<td></td>	<td></td>	<td></td></tr></table><br>

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<tr><td></td><td><u>Item 10. Submission of Matters to a Vote of Security Holders:</u>
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<tr><td></td><td><u>Item 11. Controls and Procedures:</u>
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<tr><td></td><td>(a) The registrant&#8217;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&#8217;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&#8217;s rules and forms.
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<tr><td></td><td>(b) Changes in internal control over financial reporting: Not applicable
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<tr><td></td><td><u>Item 12. Exhibits:</u>
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<tr><td></td><td>(a)(1) Not applicable
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<tr><td></td><td>(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.
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<tr><td></td><td>(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.
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<tr><td></td><td><u>SIGNATURES</u>
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<tr><td></td><td>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.
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<tr><td></td><td><u>Putnam Managed Municipal Income Trust</u>
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<tr><td></td><td>By (Signature and Title):
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<tr><td></td><td><u>/s/Janet C. Smith</u><br>Janet C. Smith<br>Principal Accounting Officer<br>
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<tr><td></td><td>Date: June 27, 2013
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<tr><td></td><td>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.
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<tr><td></td><td>By (Signature and Title):
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<tr><td></td><td><u>/s/Jonathan S. Horwitz</u><br>Jonathan S. Horwitz<br>Principal Executive Officer<br>
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<tr><td></td><td>Date: June 27, 2013
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<tr><td></td><td>By (Signature and Title):
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<tr><td></td><td><u>/s/Steven D. Krichmar</u><br>Steven D. Krichmar<br>Principal Financial Officer<br>
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<tr><td></td><td>Date: June 27, 2013
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</tr>	<tr><td></td><td><u>Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:</td></tr>
<tr><td></td><td><br>1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:</td></tr>
<tr><td></td><td><br>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;</td></tr>
<tr><td></td><td><br>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;</td></tr>
<tr><td></td><td><br>4. The registrant&#8217;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:</td></tr>
<tr><td></td><td><br><br>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;</td></tr>
<tr><td></td><td><br><br>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;</td></tr>
<tr><td></td><td><br><br>c) evaluated the effectiveness of the registrant&#8217;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</td></tr>
<tr><td></td><td><br><br>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</td></tr>
<tr><td></td><td><br>5. The registrant&#8217;s other certifying officer and I have disclosed to each registrant&#8217;s auditors and the audit committee of each registrant&#8217;s board of directors (or persons performing the equivalent functions):</td></tr>
<tr><td></td><td><br><br>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&#8217;s ability to record, process, summarize, and report financial information; and</td></tr>
<tr><td></td><td><br><br>b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#8217;s internal control over financial reporting.</td></tr>
<tr><td></td><td><br>Date: June 27, 2013</td></tr>


<tr><td></td><td><br>/s/ Jonathan S. Horwitz</td></tr>
<tr><td></td><td>_______________________</td></tr>
<tr><td></td><td>Jonathan S. Horwitz</td></tr>
<tr><td></td><td>Principal Executive Officer</td></tr>

<tr><td></td><td><br><br><br><u><br><br><br><br><br><hr weight=2 noshade><br><br><br><br><br><u>Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:</td></tr>
<tr><td></td><td><br>1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:</td></tr>
<tr><td></td><td><br>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;</td></tr>
<tr><td></td><td><br>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;</td></tr>
<tr><td></td><td><br>4. The registrant&#8217;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:</td></tr>
<tr><td></td><td><br><br>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;</td></tr>
<tr><td></td><td><br><br>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;</td></tr>
<tr><td></td><td><br><br>c) evaluated the effectiveness of the registrant&#8217;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</td></tr>
<tr><td></td><td><br><br>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</td></tr>
<tr><td></td><td><br>5. The registrant&#8217;s other certifying officer and I have disclosed to each registrant&#8217;s auditors and the audit committee of each registrant&#8217;s board of directors (or persons performing the equivalent functions):</td></tr>
<tr><td></td><td><br><br>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&#8217;s ability to record, process, summarize, and report financial information; and</td></tr>
<tr><td></td><td><br><br>b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&#8217;s internal control over financial reporting.</td></tr>
<tr><td></td><td><br>Date: June 27, 2013</td></tr>
<tr><td></td><td><br>/s/ Steven D. Krichmar</td></tr>
<tr><td></td><td>_______________________</td></tr>
<tr><td></td><td>Steven D. Krichmar</td></tr>
<tr><td></td><td>Principal Financial Officer</td></tr>


<tr><td></td><td align=center><br><br><br><br><br><br><br><br><br><hr weight=2 noshade><br><br><br><br><br><font size=+2><b>Attachment A</b></font></td></tr>
<tr><td></td><td align=center><br>Period (s) ended April 30, 2013</td></tr>


<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Managed Municipal Income Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Municipal Opportunities Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Multi-Cap Value Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Putnam Fund for Growth and Income</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Capital Opportunities Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Income Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Income Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Equity Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Convertible Securities Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 100 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 300 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 500 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 700 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Capital Spectrum Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Equity Spectrum Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Asia Pacific Equity Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Sector Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Multi-Cap Core Fund</td></tr>




</table>
			</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>c_052noscertification.htm
<DESCRIPTION>EX-99.906 CERT
<TEXT>

<html>

     <head>
          <TITLE>c_052noscertification.htm</TITLE>
     </head>
     <body>
     <font face=sans-serif size=2>

<br><br>

<table width=95% border=0 cellspacing=0 cellpadding=1>
<tr>
<td width=5%></td>
<td width=95%></td>
</tr>     <tr><td></td><td><u>Section 906 Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:</td></tr>
<tr><td></td><td><br>1. The form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2013   fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</td></tr>

<tr><td></td><td><br>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2013 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.</td></tr>

<tr><td></td><td><br>Date: June 27, 2013</td></tr>

<tr><td></td><td><br>/s/ Jonathan S. Horwitz</td></tr>
<tr><td></td><td>______________________</td></tr>
<tr><td></td><td>Jonathan S. Horwitz</td></tr>
<tr><td></td><td>Principal Executive Officer</td></tr>


<tr><td></td><td><br><br><br><u><br><br><br><br><br><hr weight=2 noshade><br><br><br><br><br><u>Section 906 Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Steven D. Krichmar, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:</td></tr>
<tr><td></td><td><br>1. The form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2013   fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</td></tr>

<tr><td></td><td><br>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended April 30, 2013 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.</td></tr>

<tr><td></td><td><br>Date: June 27, 2013</td></tr>

<tr><td></td><td><br>/s/ Steven D. Krichmar</td></tr>
<tr><td></td><td>______________________</td></tr>
<tr><td></td><td>Steven D. Krichmar</td></tr>
<tr><td></td><td>Principal Financial Officer</td></tr>



<tr><td></td><td align=center><br><br><br><br><br><br><br><br><br><hr weight=2 noshade><br><br><br><br><br><font size=+2><b>Attachment A</b></font></td></tr>
<tr><td></td><td align=center><br><font size=+2><b>N-CSR</b></font></td></tr>
<tr><td></td><td align=center><br>Period (s) ended April 30, 2013</td></tr>


<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Managed Municipal Income Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Municipal Opportunities Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Multi-Cap Value Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Putnam Fund for Growth and Income</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Capital Opportunities Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Income Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Income Trust</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Equity Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Convertible Securities Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 100 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 300 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 500 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Absolute Return 700 Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Capital Spectrum Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Equity Spectrum Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Asia Pacific Equity Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Global Sector Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Multi-Cap Core Fund</td></tr>

</table>
               </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>manmuniinctrstx1x1.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
