<SEC-DOCUMENT>0000928816-24-000708.txt : 20240626
<SEC-HEADER>0000928816-24-000708.hdr.sgml : 20240626
<ACCEPTANCE-DATETIME>20240626165653
ACCESSION NUMBER:		0000928816-24-000708
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20240430
FILED AS OF DATE:		20240626
DATE AS OF CHANGE:		20240626
EFFECTIVENESS DATE:		20240626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		ORGANIZATION NAME:           	
		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:		241074331

	BUSINESS ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>a_managedmuniinc.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>100 Federal Street, Boston, Massachusetts 02110</td></tr></table>




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<tr valign=top><td></td><td>Name and address of agent for service:</td>	<td>Stephen Tate, Vice President<br>100 Federal Street<br>Boston, Massachusetts 02110</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>Bryan Chegwidden, Esq.<br>Ropes &amp; Gray LLP<br>1211 Avenue of the Americas<br>New York, New York 10036</td></tr></table>




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<tr valign=top><td></td><td align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>James E. Thomas, Esq.<br>Ropes &amp; Gray LLP<br>800 Boylston Street<br>Boston, Massachusetts 02199</td></tr></table>




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<tr valign=top><td></td><td>Registrant&rsquo;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, 2024</td></tr></table>




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<tr valign=top><td></td><td>Date of reporting period:</td>	<td>November 1, 2023 &ndash; April 30, 2024</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"><FONT style="COLOR: #ff9900" size=6 face=sans-serif>Putnam</FONT><FONT style="COLOR: #ff9900"><BR><FONT size=6 face=sans-serif>Managed Municipal</FONT><BR><FONT size=6 face=sans-serif>Income Trust</FONT></FONT><BR><BR><B><FONT size=4 face=sans-serif>Semiannual report</FONT></B><BR><B><FONT size=4 face=sans-serif>4 </FONT></B><FONT size=4 face=sans-serif>| </FONT><B><FONT size=4 face=sans-serif>30 </FONT></B><FONT size=4 face=sans-serif>| </FONT><B><FONT size=4 face=sans-serif>24</FONT></B></P>

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   <A href="#page_3"><FONT size=2 face=sans-serif>Message from the Trustees</FONT></A></TD>

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   <A href="#page_3"><FONT size=2 face=sans-serif>1</FONT></A></TD>

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   <A href="#page_4"><FONT size=2 face=sans-serif>Your fund at a glance</FONT></A></TD>

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   <A href="#page_4"><FONT size=2 face=sans-serif>2</FONT></A></TD>

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   <A href="#page_5"><FONT size=2 face=sans-serif>Other information for shareholders</FONT></A></TD>

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   <A href="#page_5"><FONT size=2 face=sans-serif>3</FONT></A></TD>

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   <A href="#page_6"><FONT size=2 face=sans-serif>Important notice regarding Putnam&#8217;s privacy policy</FONT></A></TD>

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   <A href="#page_6"><FONT size=2 face=sans-serif>4</FONT></A></TD>

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   <A href="#page_7"><FONT size=2 face=sans-serif>Summary of dividend reinvestment plans</FONT></A></TD>

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   <A href="#page_7"><FONT size=2 face=sans-serif>5</FONT></A></TD>

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   <A href="#page_9"><FONT size=2 face=sans-serif>Financial statements</FONT></A></TD>

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   <A href="#page_9"><FONT size=2 face=sans-serif>7</FONT></A></TD>

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   <A href="#page_40"><FONT size=2 face=sans-serif>Shareholder meeting results</FONT></A></TD>

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   <A href="#page_40"><FONT size=2 face=sans-serif>38</FONT></A></TD>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The fund has adopted a managed distribution policy (the &#8220;Distribution Policy&#8221;) with the goal of providing shareholders with a consistent, although not guaranteed, monthly distribution. In accordance with the Distribution Policy, the fund currently expects to make monthly distributions to common shareholders at a distribution rate per share of $0.0238. Distributions may include ordinary and/or tax-exempt income, net capital gains, and/or a return of capital of your investment in the fund. You should not draw any conclusions about the fund&#8217;s investment performance from the amount of this distribution or from the terms of the Distribution Policy. The Distribution Policy provides that the Board of Trustees may amend or terminate the Distribution Policy at any time without prior notice to fund shareholders.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT style="COLOR: #ff9900" size=4 face=sans-serif>Message from the Trustees</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>June 17, 2024</FONT></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>We are pleased to report that on January 1, 2024, Franklin Resources, Inc., a leading global asset management firm operating as Franklin Templeton, acquired Putnam Investments. With complementary capabilities and an established infrastructure serving over 150 countries, Franklin Templeton enhances Putnam&#8217;s investment, risk management, operations, and technology platforms. Together, our firms are committed to delivering strong fund performance and more choices for our investors.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We are also pleased to welcome Jane E. Trust and Gregory G. McGreevey to your Board of Trustees. Ms. Trust is an interested trustee who has served as Senior Vice President, Fund Board Management, at Franklin Templeton since 2020. Mr. McGreevey joins the Board as an independent trustee, most recently serving as Senior Managing Director, Investments, at Invesco Ltd., until 2023.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As we enter this new chapter, you can rest assured that your fund continues to be actively managed by the same experienced investment professionals. Your investment team is exploring new and attractive opportunities for your fund while monitoring changing market conditions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Thank you for investing with Putnam.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Credit qualities are shown as a percentage of the fund&#8217;s net assets as of 4/30/24. A bond rated BBB or higher (SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard &amp; Poor&#8217;s, Moody&#8217;s, and Fitch. Ratings may vary over time. Due to rounding, percentages may not equal 100%.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Cash and net other assets, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT style="COLOR: #ff9900" 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 2023, the Trustees of your fund approved the renewal of a share repurchase program that had been in effect since 2005. This renewal allows your fund to repurchase, in the 365 days beginning October 1, 2023, up to 10% of the fund&#8217;s common shares outstanding as of September 30, 2023.</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 notice of internet availability, or a single printed 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 30 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 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, 2023, are available in the Individual Investors section of putnam.com and on the SEC&#8217;s website, www.sec.gov. If you have questions about finding forms on the SEC&#8217;s website, you may call the SEC at 1-800-SEC-0330. You may also obtain The Putnam Funds&#8217; proxy voting guidelines and procedures at no charge by calling Putnam&#8217;s Shareholder Services at 1-800-225-1581.</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the fund&#8217;s Form N-PORT on the SEC&#8217;s website at www.sec.gov.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT style="COLOR: #ff9900" size=4 face=sans-serif>Important notice regarding Putnam&#8217;s privacy policy</FONT></B></P>

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

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

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

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<P style="TEXT-ALIGN: left"><B><FONT style="COLOR: #ff9900" size=4 face=sans-serif>Summary of Putnam closed-end funds&#8217; amended and restated dividend reinvestment plans</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust and Putnam Premier Income Trust (each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;) each offer a </FONT><B><FONT size=2 face=sans-serif>dividend reinvestment plan </FONT></B><FONT size=2 face=sans-serif>(each, a &#8220;Plan&#8221; and collectively, the &#8220;Plans&#8221;). If you participate in a Plan, all income dividends and capital gain distributions are </FONT><B><FONT size=2 face=sans-serif>automatically reinvested </FONT></B><FONT size=2 face=sans-serif>in Fund shares by the Fund&#8217;s agent, Putnam Investor Services, Inc. (the &#8220;Agent&#8221;). If you are not participating in a Plan, every month you will receive all dividends and other distributions in cash, paid by check and mailed directly to you or your intermediary.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Upon a purchase (or, where applicable, upon registration of transfer on the shareholder records of a Fund) of shares of a Fund by a registered shareholder, each such shareholder </FONT><B><FONT size=2 face=sans-serif>will be deemed to have elected to participate </FONT></B><FONT size=2 face=sans-serif>in that Fund&#8217;s Plan. Each such shareholder will have all distributions by a Fund automatically reinvested in additional shares, unless such shareholder elects to terminate participation in a Plan by instructing the Agent to pay future distributions in cash. Shareholders who were not participants in a Plan as of January 31, 2010, will continue to receive distributions in cash but may enroll in a Plan at any time by contacting the Agent.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If you participate in a Fund&#8217;s Plan, the Agent will automatically reinvest subsequent distributions, and the Agent will send you a confirmation in the mail telling you how many additional shares were issued to your account.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>To change your enrollment status or to request additional information about the Plans, you may contact the Agent either in writing, at P.O. Box 8383, Boston, MA 02266-8383, or by telephone at 1-800-225-1581 during normal East Coast business hours.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How you acquire additional shares through a Plan </FONT></B><FONT size=2 face=sans-serif>If the market price per share for your Fund&#8217;s shares (plus estimated brokerage </FONT><FONT size=2 face=sans-serif>commissions) is greater than or equal to their net asset value per share on the payment date for a distribution, you will be issued shares of the Fund at a value equal to the higher of the net asset value per share on that date or 95% of the market price per share on that date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If the market price per share for your Fund&#8217;s shares (plus estimated brokerage commissions) is less than their net asset value per share on the payment date for a distribution, the Agent will buy Fund shares for participating accounts in the open market. The Agent will aggregate open-market purchases on behalf of all participants, and the average price (including brokerage commissions) of all shares purchased by the Agent will be the price per share allocable to each participant. The Agent will generally complete these open-market purchases within five business days following the payment date. If, before the Agent has completed open-market purchases, the market price per share (plus estimated brokerage commissions) rises to exceed the net asset value per share on the payment date, then the purchase price may exceed the net asset value per share, potentially resulting in the acquisition of fewer shares than if the distribution had been paid in newly issued shares.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How to withdraw from a Plan </FONT></B><FONT size=2 face=sans-serif>Participants may withdraw from a Fund&#8217;s Plan at any time by notifying the Agent, either in writing or by telephone. Such withdrawal will be effective immediately if notice is received by the Agent with sufficient time prior to any distribution record date; otherwise, such withdrawal will be effective with respect to any subsequent distribution following notice of withdrawal. There is no penalty for withdrawing from or not participating in a Plan.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Plan administration </FONT></B><FONT size=2 face=sans-serif>The Agent will credit all shares acquired for a participant under a Plan to the account in which the participant&#8217;s common shares are held. Each participant will</FONT></P>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust 5</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>be sent reasonably promptly a confirmation by the Agent of each acquisition made for his or her account.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>About brokerage fees </FONT></B><FONT size=2 face=sans-serif>Each participant pays a proportionate share of any brokerage commissions incurred if the Agent purchases additional shares on the open market, in accordance with the Plans. There are no brokerage charges applied to shares issued directly by the Funds under the Plans.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>About taxes and Plan amendments </FONT></B><FONT size=2 face=sans-serif>Reinvesting dividend and capital gain distributions in shares of the Funds does not relieve you of tax obligations, which are the same as if you had received cash distributions. The Agent supplies tax information to you and to the IRS annually. Each Fund reserves the right to amend or terminate its Plan upon 30 days&#8217; written notice. However, the Agent may assign its rights, and delegate its duties, to a successor agent with the prior </FONT><FONT size=2 face=sans-serif>consent of a Fund and without prior notice to Plan participants.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>If your shares are held in a broker or nominee name </FONT></B><FONT size=2 face=sans-serif>If your shares are held in the name of a broker or nominee offering a dividend reinvestment service, consult your broker or nominee to ensure that an appropriate election is made on your behalf. If the broker or nominee holding your shares does not provide a reinvestment service, you may need to register your shares in your own name in order to participate in a Plan.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the case of record shareholders such as banks, brokers or nominees that hold shares for others who are the beneficial owners of such shares, the Agent will administer the Plan on the basis of the number of shares certified by the record shareholder as representing the total amount registered in such shareholder&#8217;s name and held for the account of beneficial owners who are to participate in the Plan.</FONT></P>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>6 Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT style="COLOR: #ff9900" size=4 face=sans-serif>Financial statements</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>These sections of the report, as well as the accompanying Notes, constitute the fund&#8217;s financial statements.</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>The fund&#8217;s portfolio </FONT></B><FONT size=1 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=1 face=sans-serif>Statement of assets and liabilities </FONT></B><FONT size=1 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, which is calculated separately for each class of shares. (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=1 face=sans-serif>Statement of operations </FONT></B><FONT size=1 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 &#8212; as well as any unrealized gains or losses over the period &#8212; is added to or subtracted from the net investment result to determine the fund&#8217;s net gain or loss for the fiscal period.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Statement of changes in net assets </FONT></B><FONT size=1 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 period. 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 period.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Financial highlights </FONT></B><FONT size=1 face=sans-serif>provide an overview of the fund&#8217;s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover (not required for money market funds) 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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   <TD noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust 7</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>The fund&#8217;s portfolio </FONT></B><FONT size=2 face=sans-serif>4/30/24 (Unaudited)</FONT></TD>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Key to holding&#8217;s abbreviations</FONT></B></P>
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   <TD width="95%" align=left><FONT size=1 face=sans-serif><STRONG>AGM</STRONG></FONT><FONT size=1 face=sans-serif> Assured Guaranty Municipal Corporation</FONT>&nbsp;</TD>
</TR><TR>
   <TD width="95%" align=left><FONT size=1 face=sans-serif><STRONG>AMBAC</STRONG></FONT><FONT size=1 face=sans-serif> AMBAC Indemnity Corporation</FONT>&nbsp;</TD>
</TR><TR>
   <TD width="95%" align=left><FONT size=1 face=sans-serif><STRONG>BAM</STRONG></FONT><FONT size=1 face=sans-serif> Build America Mutual</FONT>&nbsp;</TD>
</TR><TR>
   <TD width="95%" align=left><FONT size=1 face=sans-serif><STRONG>G.O. Bonds</STRONG></FONT><FONT size=1 face=sans-serif> General Obligation Bonds</FONT>&nbsp;</TD>
</TR><TR>
   <TD width="95%" align=left><FONT size=1 face=sans-serif><STRONG>PSFG</STRONG></FONT><FONT size=1 face=sans-serif> Permanent School Fund Guaranteed</FONT>&nbsp;</TD>
</TR><TR>
   <TD width="95%" align=left><FONT size=1 face=sans-serif><STRONG>Q-SBLF</STRONG></FONT><FONT size=1 face=sans-serif> Qualified School Board Loan Fund</FONT>&nbsp;</TD>
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   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (131.5%)*</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Rating**</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

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   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Alaska (1.6%)</FONT></B></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>AK State Indl. Dev. &AMP; Export Auth. Rev. Bonds, (Dena&#8217; Nena&#8217; Henash), 4.00%, 10/1/44</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A+/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$5,125,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$4,777,639</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>4,777,639</FONT></B></TD>

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   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Arizona (4.4%)</FONT></B></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(BASIS Schools, Inc.), Ser. G, 5.00%, 7/1/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,980</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Somerset Academy of Las Vegas), 4.00%, 12/15/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>421,547</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>La Paz Cnty., Indl. Dev. Auth. Ed. Fac. Rev. Bonds, (Harmony Pub. Schools), Ser. A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 2/15/48</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,330,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,173,201</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 2/15/38</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>499,594</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds, (Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>753,152</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies), 5.00%, 7/1/44</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,700,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,588,738</FONT></TD>

</TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. A, 5.00%, 7/1/46</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>236,811</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 7/1/35</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>902,865</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. A, 5.00%, 7/1/35</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>601,910</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Pima Cnty., Indl. Dev. Auth. Sr. Living 144A Rev. Bonds, (La Posada at Park Centre, Inc.), 6.875%, 11/15/52</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,587,660</FONT></TD>

</TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Salt Verde, Fin. Corp. Gas Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.50%, 12/1/29</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,121,288</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 12/1/32</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>570,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>599,799</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds, (Agribusiness &AMP; Equine Ctr.), 5.00%, 3/1/32</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>835,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>828,543</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Yavapai Cnty., Indl. Dev. Ed. Auth. 144A Rev. Bonds, Ser. A, 5.00%, 9/1/34</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>492,049</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>13,308,137</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Arkansas (0.6%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>AR Dev. Fin. Auth. Hlth. Care Rev. Bonds, (Baptist Health Oblig. Group)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 12/1/44</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>610,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>569,088</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 12/1/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>585,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>567,958</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 12/1/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>805,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>801,546</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>1,938,592</FONT></B></TD>

</TR>
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   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif><BR>8 Managed Municipal Income Trust</FONT></TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (131.5%)* </B><I>cont.</I></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Rating**</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>California (10.7%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds, (Aster Apt.), Ser. A-1, 4.00%, 2/1/56</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$475,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$424,005</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>CA Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,644,872</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,520,886</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>CA Pub. State Fin. Auth. Sr. Living 144A Rev. Bonds, (Enso Village Project), Ser. A, 5.00%, 11/15/56</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>640,412</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>CA School Fin. Auth. Rev. Bonds, (2023 Union, LLC), Ser. A, 6.00%, 7/1/33</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>465,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>465,488</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>CA State Infrastructure &AMP; Econ. Dev. Bank 144A Rev. Bonds, (WFCS Holdings II, LLC), Ser. B, zero %, 1/1/61</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>4,405,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>300,941</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>CA State Muni. Fin. Auth. Rev. Bonds, (Orchard Park Student Hsg.), BAM, 3.00%, 5/15/54</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,410,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,750,380</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>CA State Muni. Fin. Auth. 144A Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Westside Neighborhood School), 6.20%, 6/15/54 <SUP>##</SUP></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>800,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>824,578</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Catalyst Impact Fund 1, LLC), Class I, 6.00%, 1/1/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>800,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>825,972</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>CA State Tobacco Securitization Agcy. Rev. Bonds, (Gold Country Settlement Funding Corp.), Ser. B-2, zero %, 6/1/55</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>5,570,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,201,641</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>CMFA Special Fin. Agcy. I 144A Rev. Bonds, (Social Bond), Ser. A-2, 4.00%, 4/1/56</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,854,937</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>CSCDA Cmnty. Impt. Auth. Rev. Bonds, (Pasadena Portfolio), Ser. A-2, 3.00%, 12/1/56</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,379,652</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>CSCDA Cmnty. Impt. Auth. 144A Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Anaheim), 4.00%, 8/1/56</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,715,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,270,901</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Jefferson-Anaheim), 3.125%, 8/1/56</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,125,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,268,559</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Jefferson-Anaheim), 2.875%, 8/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>880,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>789,373</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. B-2, zero %, 6/1/66</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>15,675,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,591,685</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Hastings Campus HFA Rev. Bonds, (U. of CA Hastings College of the Law), Ser. A, 5.00%, 7/1/61</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,200,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,075,861</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Palm Desert, Special Tax, (Cmnty. Fac. Dist. 2021-1), 4.00%, 9/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>450,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>404,097</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Sacramento, Special Tax, (Greenbriar Cmnty. Fac. Dist. No 2018-03), 4.00%, 9/1/46</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>609,159</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>San Francisco, City &AMP; Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 4.00%, 5/1/49</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>7,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>6,917,348</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>San Francisco, City &AMP; Cnty. Dev. 144A Special Tax, (Dist. No. 2020-1 Mission Rock Fac. &AMP; Svcs.), Ser. A, 4.00%, 9/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>438,848</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Santa Clara Cnty., Fin. Auth. Rev. Bonds, Ser. Q, 3.00%, 5/15/34</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,705,930</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Sunnyvale, Special Tax Bonds, (Cmnty. Fac. Dist. <BR>No. 1), 7.75%, 8/1/32</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>730,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>732,278</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>31,992,931</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Colorado (2.9%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>CO State Edl. &AMP; Cultural Auth. Rev. Bonds, (Aspen View Academy, Inc.)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 5/1/61</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>401,036</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 5/1/51</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>350,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>269,201</FONT></TD>

</TR></TABLE>
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   <TD colSpan=2 noWrap align=right><FONT size=1 face=sans-serif><BR>Managed Municipal Income Trust 9</FONT></TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (131.5%)* </B><I>cont.</I></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Rating**</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Colorado </B><I>cont.</I></FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>CO State Edl. &AMP; Cultural Auth. Rev. Bonds, (Aspen View Academy, Inc.)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 5/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$175,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$149,220</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 5/1/36</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>150,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>138,944</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>CO State Educ. &AMP; Cultural Fac. Auth. Rev. Bonds, (Skyview Academy), 5.125%, 7/1/34</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>755,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>755,410</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (Christian Living Neighborhood)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 1/1/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,250,310</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 1/1/31</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>502,421</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Plaza, Tax Alloc. Bonds, (Metro. Dist. No. 1), 5.00%, 12/1/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,650,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,597,580</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>RainDance Metro. Dist. No. 1 Rev. Bonds, (Non-Potable Wtr. Enterprise), 5.25%, 12/1/50</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>875,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>834,758</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Rampart Range Metro. Distr. Rev. Bonds, <BR>(Dist. No. 5), 4.00%, 12/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>829,766</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Southlands, Metro. Dist. No. 1 G.O. Bonds, Ser. A-1, 5.00%, 12/1/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>498,060</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Sterling Ranch Cmnty. Auth. Board Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Metro. Dist. No. 4 Subdist. A), Ser. A, 6.50%, 12/1/54</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,017,352</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Metro. Dist. No. 2), Ser. A, 4.25%, 12/1/50</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>450,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>377,191</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>8,621,249</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Connecticut (1.2%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,473,983</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>3,473,983</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Delaware (1.3%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Bridgeville, 144A Special Tax Bonds, (Heritage Shores Special Dev. Dist.), 5.25%, 7/1/44</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>875,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>902,386</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>DE State Econ. Dev. Auth. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(ASPIRA of Delaware Charter Operations, Inc.), Ser. A, 5.00%, 6/1/51</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,035,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>922,542</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(ASPIRA Charter School), Ser. A, 5.00%, 6/1/36</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>705,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>697,424</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Millsboro Special Oblig. 144A Special Tax, (Plantation Lakes), 5.25%, 7/1/48</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>998,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>947,435</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Millsboro Special Oblig. 144A Tax Alloc. Bonds, (Plantation Lakes Special Dev. Dist.), 5.125%, 7/1/38</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>490,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>476,963</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>3,946,750</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>District of Columbia (6.3%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds (Dulles Metrorail &AMP; Cap. Impt. Proj.) 4.00%, 10/1/53 <SUP>T</SUP></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,065,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>958,952</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>DC G.O. Bonds, Ser. A, 5.00%, 1/1/45</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>6,675,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>7,259,990</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>DC Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Plenary Infrastructure DC, LLC), 5.50%, 8/31/36</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,365,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,556,515</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Plenary Infrastructure DC, LLC), 5.50%, 8/31/35</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,140,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,303,062</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Ingleside at Rock Creek), Ser. A, 5.00%, 7/1/52</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>890,820</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(DC Intl. School), 5.00%, 7/1/49</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,275,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,274,553</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Latin American Montessori Bilingual Pub. Charter School Oblig. Group), 5.00%, 6/1/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,445,854</FONT></TD>

</TR></TABLE>
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   <TD width="70%"></TD>

   <TD width="30%"></TD>

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   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif><BR>10 Managed Municipal Income Trust</FONT></TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (131.5%)* </B><I>cont.</I></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Rating**</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>District of Columbia </B><I>cont.</I></FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>DC Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(DC Intl. School), 5.00%, 7/1/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$400,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$408,023</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(KIPP DC), 4.00%, 7/1/44</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>679,082</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>DC 144A Rev. Bonds, (Rocketship DC Oblig. Group), Ser. 21-A, 5.00%, 6/1/61</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>349,253</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>CCC/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>7,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,749,488</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>18,875,592</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Florida (8.2%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Cap. Trust Agcy. Rev. Bonds, (Wonderful Foundation Charter School Holdings, LLC), zero %, 1/1/60</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>6,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>429,811</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Cap. Trust Agcy. 144A Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(WFCS Holdings II, LLC), Ser. A-1, 5.00%, 1/1/56</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,900,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,523,490</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Wonderful Foundation Charter School Holdings, LLC), 4.50%, 1/1/35</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>709,743</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Charlotte Cnty., Indl. Dev. Auth. Util. Syst. 144A Rev. Bonds, (MSKP Town &AMP; Country Util., LLC), Ser. A, 4.00%, 10/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>897,700</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>FL State Dev. Fin Corp. Sr. Living Rev. Bonds, (Glenridge on Palmer Ranch Oblig. Group), 5.00%, 6/1/51</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>574,644</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>FL State Dev. Fin. Corp. Ed. Fac. 144A Rev. Bonds, (Drs. Kiran &AMP; Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 4.00%, 7/1/51</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>408,186</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>FL State Higher Edl. Fac. Financial Auth. Rev. Bonds, (St. Leo U.), 5.00%, 3/1/44</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,370,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>988,075</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,315,054</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Hobe-St. Lucie Conservancy Dist. Special Assmt. Bonds, (Unit of Dev. No. 1A), 5.875%, 5/1/55</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>506,484</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Lake Cnty., Retirement Fac. Rev. Bonds, (Waterman Cmnty., Inc.), 5.75%, 8/15/55</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>678,764</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Lakewood Ranch, Stewardship Dist. Special Assessment Bonds, (Village of Lakewood Ranch South), 5.125%, 5/1/46</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>745,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>741,583</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Lakewood Ranch, Stewardship Dist. Special Assmt., (Azario), 4.00%, 5/1/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>896,165</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Lakewood Ranch, Stewardship Dist. Special Assmt. Bonds, (Taylor Ranch), 6.30%, 5/1/54</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,140,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,186,852</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Lakewood Ranch, Stewardship Dist. 144A Special Assmt., 4.00%, 5/1/50</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>204,724</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Miami-Dade Cnty., Indl. Dev. Auth. Rev. Bonds, (Pinecrest Academy, Inc.), 5.00%, 9/15/34</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,240,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,239,967</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Orange Cnty., Hlth. Fac. Auth. Rev. Bonds, (Orlando Hlth.), 4.00%, 10/1/52</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,570,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,376,306</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Palm Beach Cnty., Rev. Bonds, (Lynn U. Hsg.), Ser. A, 5.00%, 6/1/57</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>625,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>545,185</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Palm Beach Cnty., 144A Rev. Bonds, (PBAU Hsg.), Ser. A, 5.00%, 4/1/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,600,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,606,844</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Pinellas Cnty., Indl. Dev. Auth. Rev. Bonds, (2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,690,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,689,885</FONT></TD>

</TR>

</TABLE>
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   <TD colSpan=2 noWrap align=right><FONT size=1 face=sans-serif><BR>Managed Municipal Income Trust 11</FONT></TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (131.5%)* </B><I>cont.</I></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Rating**</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Florida </B><I>cont.</I></FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Sarasota Cnty., Hlth. Fac. Auth. Rev. Bonds, (Village on the Isle), Ser. A, 5.00%, 1/1/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$990,685</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Sarasota Cnty., Pub. Hosp. Dist. Rev. Bonds, (Sarasota Memorial Hosp.), 4.00%, 7/1/48</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,397,283</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>St. John&#8217;s Cnty., Indl. Dev. Auth. Rev. Bonds, (Life Care Ponte Vedra Oblig. Group), Ser. A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 12/15/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>400,518</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 12/15/36</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>355,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>311,711</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds, (Cap. Impt.), 5.00%, 5/1/33</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>450,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>450,127</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Village Cmnty. Dev. Dist. No. 12 144A Special Assessment Bonds, 4.00%, 5/1/33</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>675,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>676,998</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Village, 144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 3.25%, 5/1/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,420,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,090,307</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>24,837,091</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Georgia (5.8%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Cobb Cnty., Dev. Auth. Student Hsg. Rev. Bonds, (Kennesaw State U. Real Estate)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 7/15/38</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>740,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>728,364</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 7/15/38 (Prerefunded 7/15/25)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>25,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>25,425</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 7/15/30</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>685,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>688,379</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 7/15/30 (Prerefunded 7/15/25)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>15,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>15,255</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Cobb Cnty., Kennestone Hosp. Auth. Rev. Bonds, (WellStar Hlth. Syst.), 3.00%, 4/1/45</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,785,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,372,961</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Coweta Cnty., Dev. Auth. Rev. Bonds, (Piedmont Healthcare, Inc.), 5.00%, 7/1/44</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>4,090,676</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>DeKalb Cnty., Dev. Auth. (GLOBE Academy, Inc. (The)), Ser. A, 5.00%, 6/1/63</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>515,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>485,369</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Gainesville and Hall Cnty., Hosp. Auth. Rev. Bonds, (Northeast GA Hlth. Syst.), 3.00%, 2/15/51</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,490,356</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Geo L Smith II GA Congress Ctr. 144A Rev. Bonds, (Signia Hotel Mgt., LLC.), 5.00%, 1/1/54</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,980,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,658,578</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Main Street Natural Gas, Inc. Gas Supply Mandatory Put Bonds (3/1/32), Ser. B, 5.00%, 12/1/54</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,200,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,321,935</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Main Street Natural Gas, Inc. Gas Supply Rev. Bonds, Ser. A, 5.00%, 5/15/34</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,345,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,476,728</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>17,354,026</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Illinois (10.6%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Chicago, G.O. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. A, 5.50%, 1/1/49</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,031,874</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. A, 5.00%, 1/1/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,058,327</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. A, 5.00%, 1/1/30</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,800,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,924,468</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. B, 4.00%, 1/1/38</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,747,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,683,707</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Chicago, Special Assmt.</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>3.38%, 12/1/31</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>341,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>310,661</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>3.04%, 12/1/28</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>241,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>223,041</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Chicago, Board of Ed. G.O. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. C, 5.25%, 12/1/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,496,769</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. A, 5.00%, 12/1/47</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,734,651</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. A, 5.00%, 12/1/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>508,303</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. H, 5.00%, 12/1/36</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,100,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,124,679</FONT></TD>

</TR></TABLE>
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<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>

<TR>

   <TD width="70%"></TD>

   <TD width="30%"></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif><BR>12 Managed Municipal Income Trust</FONT></TD></TR></TABLE></DIV>

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

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

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<DIV style="WIDTH: 100%; PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>

<TR>

   <TD width="62%"></TD>

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<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (131.5%)* </B><I>cont.</I></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Rating**</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Illinois </B><I>cont.</I></FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Chicago, Midway Intl. Arpt. Rev. Bonds, Ser. C, 5.00%, 1/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$1,049,304</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Chicago, O&#8217;Hare Intl. Arpt. Rev. Bonds, Ser. A, 5.00%, 1/1/38</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>728,179</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds, (Monarch Landing), 5.625%, 3/1/36</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>262,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>261,224</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>IL State G.O. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. B, 5.25%, 5/1/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,100,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,269,484</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. A, 5.00%, 5/1/38</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,032,523</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>IL State Fin. Auth. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Plymouth Place Oblig. Group), 5.00%, 5/15/56</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>815,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>639,402</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Plymouth Place Oblig. Group), 5.00%, 5/15/51</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>804,764</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Plymouth Place Oblig. Group), 5.00%, 5/15/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>345,014</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Southern IL Healthcare Enterprises, Inc.), 5.00%, 3/1/33</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>718,089</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>IL State Fin. Auth. Student Hsg. &AMP; Academic Fac. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(CHF-Chicago, LLC), 5.00%, 2/15/47</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,419,883</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(U. of IL-CHF-Chicago, LLC), Ser. A, 5.00%, 2/15/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,200,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,202,430</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Metro. Pier &AMP; Exposition Auth. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(McCormick Place Expansion), 4.00%, 6/15/52</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>878,251</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 12/15/47</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,100,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,900,164</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(McCormick Place Expansion), Ser. B, stepped-coupon zero % (4.95%, 6/15/31), 12/15/47 <SUP> &#8224;&#8224; </SUP></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,032,512</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Northern IL U. Rev. Bonds, Ser. B, BAM</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 4/1/33</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>625,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>651,304</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 4/1/31</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>525,432</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 4/1/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>610,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>577,905</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 4/1/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>486,712</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Sales Tax Securitization Corp. Rev. Bonds, Ser. A, 4.00%, 1/1/38</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,720,430</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>32,339,486</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Indiana (0.2%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>IN State Fin. Auth. Student Hsg. Rev. Bonds, (CHF &#8212; Tippecanoe, LLC), 5.125%, 6/1/58</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>504,770</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>504,770</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Iowa (0.5%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>IA State Fin. Auth. Rev. Bonds, (Lifespace Cmnty., Inc.), Ser. B, 7.50%, 5/15/53</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>654,392</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>IA Tobacco Settlement Auth. Rev. Bonds, Ser. B-1, Class 2, 4.00%, 6/1/49</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>815,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>803,145</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>1,457,537</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Kansas (0.1%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Wyandotte, Cnty./Kansas City, Unified Govt. 144A Rev. Bonds, (Legends Apt. Garage &AMP; West Lawn), 4.50%, 6/1/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>335,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>307,410</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>307,410</FONT></B></TD>

</TR>
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   <TD colSpan=2 noWrap align=right><FONT size=1 face=sans-serif><BR>Managed Municipal Income Trust 13</FONT></TD></TR></TABLE></DIV>

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<TR>

   <TD width="62%"></TD>

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<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (131.5%)* </B><I>cont.</I></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Rating**</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Kentucky (0.3%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>KY Econ. Dev. Fin. Auth. Rev. Bonds, (Masonic Home Indpt. Living), 5.00%, 5/15/46</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$756,018</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>KY State Econ. Dev. Fin. Auth. Rev. Bonds, (Owensboro Hlth.), Ser. A, 5.25%, 6/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>125,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>126,060</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>882,078</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Louisiana (0.1%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>LA Pub. Fac. Auth. Rev. Bonds, (U. of Tulane), 4.00%, 12/15/50 (Prerefunded 12/15/27)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>20,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>20,514</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>St. Tammany, Public Trust Fin. Auth. Rev. Bonds, (Christwood), 5.25%, 11/15/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>385,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>363,595</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>384,109</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Maine (0.2%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>ME State Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (8/1/25), (Casella Waste Syst.), 5.125%, 8/1/35</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>501,306</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>501,306</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Maryland (1.6%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Brunswick, Special Tax, 5.00%, 7/1/36</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>549,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>555,532</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Frederick Cnty., Special Tax Bonds, (Oakdale-Lake Linganore), 3.75%, 7/1/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,410,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,220,238</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Frederick Cnty., Edl. Fac. 144A Rev. Bonds, (Mount St. Mary&#8217;s U.), Ser. A, 5.00%, 9/1/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>490,905</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>MD State Econ. Dev. Corp. Tax Alloc. Bonds, (Port Covington)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 9/1/50</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>594,562</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 9/1/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>755,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>664,240</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Prince Georges Cnty., Special Oblig. 144A Tax Alloc. Bonds, (Westphalia Town Ctr.), 5.125%, 7/1/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>997,976</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Westminster, Rev. Bonds, (Lutheran Village at Miller&#8217;s Grant, Inc. (The)), Ser. A, 6.00%, 7/1/34</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>250,191</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>4,773,644</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Massachusetts (0.7%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Lowell, Collegiate Charter School Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 6/15/54</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,181,255</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 6/15/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,002,533</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds, (Adventcare), Ser. A, 6.65%, 10/15/28 (In default) <SUP> &#8224; </SUP></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>995,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>9,950</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>2,193,738</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Michigan (5.9%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Detroit, G.O. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 4/1/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>766,106</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Fin. Recvy.), Ser. B-1, 4.00%, 4/1/44</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,975,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,026,726</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Flint, Hosp. Bldg. Auth. Rev. Bonds, Ser. A, 5.25%, 7/1/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>716,837</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Kentwood, Economic Dev. Corp. Rev. Bonds, (Holland Home Obligated Group)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 11/15/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>931,396</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 11/15/32</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,215,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,213,304</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>MI State Fin. Auth. Ltd. Oblig. Rev. Bonds, (Lawrence Technological U.), 5.00%, 2/1/47</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,150,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,920,615</FONT></TD>

</TR>

</TABLE>
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<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>

<TR>

   <TD width="70%"></TD>

   <TD width="30%"></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif><BR>14 Managed Municipal Income Trust</FONT></TD></TR></TABLE></DIV>

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

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

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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<DIV style="WIDTH: 100%; PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>

<TR>

   <TD width="62%"></TD>

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   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>



<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (131.5%)* </B><I>cont.</I></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Rating**</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Michigan </B><I>cont.</I></FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>MI State Fin. Auth. Ltd. Oblig. Higher Ed. Fac. Rev. Bonds, (Aquinas College), 5.00%, 5/1/46</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$786,550</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A, 2.73%, 10/1/59</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>606,290</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>MI State Strategic Fund Ltd. Oblig. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/43</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>457,414</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Pontiac City, G.O. Bonds, (Pontiac School Dist.)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Q-SBLF 4.00%, 5/1/45 <SUP>T</SUP></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,576,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,449,049</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Q-SBLF 4.00%, 5/1/50 <SUP>T</SUP></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>4,023,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,792,239</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>17,666,526</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Minnesota (1.0%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Baytown Twp., Lease Rev. Bonds, Ser. A, 4.00%, 8/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>380,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>323,044</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Ham Lake, Charter School Lease Rev. Bonds, (DaVinci Academy of Arts &AMP; Science), Ser. A, 5.00%, 7/1/47</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>432,210</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>MN State Higher Ed. Fac. Auth. Rev. Bonds, (Augsburg U.), Ser. A, 5.00%, 5/1/46</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,108,169</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>St. Paul, Port Auth. Lease Rev. Bonds, (Regions Hosp. Pkg. Ramp), Ser. 1, 5.00%, 8/1/36</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,020,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,020,456</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>2,883,879</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Missouri (4.8%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Cape Girardeau Cnty., Indl. Dev. Auth. Rev. Bonds, (SoutheastHEALTH Oblig. Group), 4.00%, 3/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,429,346</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>MI State Hlth. &AMP; Edl. Fac. Rev. Bonds, (U. of Hlth. Sciences &AMP; Pharmacy in St. Louis)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 5/1/43</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,270,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,787,331</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 5/1/38</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>763,063</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>MI State Hlth. &AMP; Edl. Fac. 144A Rev. Bonds, (U. of Hlth. Sciences &AMP; Pharmacy in St. Louis), 4.00%, 5/1/45</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,900,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,457,731</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>MO State Hlth. &AMP; Edl. Fac. Auth. Hlth. Fac. Rev. Bonds, (Children&#8217;s Mercy Hosp.), Ser. A, 4.00%, 5/15/48</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>5,600,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>5,252,404</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Saint Louis, Indl. Dev. Auth. Fin. Rev. Bonds, (Ballpark Village Dev.), Ser. A, 4.75%, 11/15/47</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>875,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>660,533</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>St. Louis Cnty., Indl. Dev. Auth. Sr. Living Fac. Rev. Bonds, (Friendship Village), 5.25%, 9/1/53</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,086,812</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>14,437,220</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Nevada (1.4%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Clark Cnty., Impt. Dist. No. 159 Special Assessment Bonds, (Summerlin Village 16A), 5.00%, 8/1/32</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>395,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>397,413</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Las Vegas, Special Assmt. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Dist. No. 815), 5.00%, 12/1/49</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>615,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>564,401</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Special Impt. Dist. No. 816), 3.00%, 6/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>650,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>460,331</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Las Vegas, Impt. Dist. No. 812 Special Assessment Bonds, (Summerlin Village 24), 5.00%, 12/1/35</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>210,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>210,457</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Las Vegas, Special Assmt. Dist. No. 817 Special Assmt. Bonds, (Summerlin Village 29)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>6.00%, 6/1/53</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>508,571</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>6.00%, 6/1/48</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>350,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>357,016</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.75%, 6/1/43</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>507,516</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.50%, 6/1/38</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>375,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>380,657</FONT></TD>

</TR></TABLE>
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<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>


<TR>

   <TD width="70%"></TD>

   <TD width="30%"></TD>

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   <TD colSpan=2 noWrap align=right><FONT size=1 face=sans-serif><BR>Managed Municipal Income Trust 15</FONT></TD></TR></TABLE></DIV>

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

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<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>

<TR>

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<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (131.5%)* </B><I>cont.</I></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Rating**</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Nevada </B><I>cont.</I></FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Las Vegas, Special Impt. Dist. No. 814 Special Assmt., (Summerlin Village No. 21 and 24A)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 6/1/44</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$605,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$497,639</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 6/1/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>425,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>374,731</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>4,258,732</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>New Hampshire (0.5%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>NH State Hlth. &AMP; Ed. Fac. Auth. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Elliot Hosp.), 5.00%, 10/1/38</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>253,888</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Southern NH Med. Ctr.), 5.00%, 10/1/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,013,721</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>NH State Hlth. &AMP; Ed. Fac. Auth. 144A Rev. Bonds, (Hillside Village), Ser. A, 6.25%, 7/1/42 (In default) <SUP> &#8224; </SUP></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>605,808</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>145,394</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>1,413,003</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>New Jersey (0.6%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>NJ State Econ. Dev. Auth. Rev. Bonds, (Ashland School, Inc.), 6.00%, 10/1/33</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>930,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>931,218</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>NJ State Econ. Dev. Auth. Fac. Rev. Bonds, (Continental Airlines, Inc.), 5.625%, 11/15/30</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Ba3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>504,438</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Passaic Cnty., Impt. Auth. Rev. Bonds, (Paterson Arts &AMP; Science Charter School), 5.50%, 7/1/58</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>450,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>453,606</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>1,889,262</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>New Mexico (0.2%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Sante Fe, Retirement Fac. Rev. Bonds, (El Castillo Retirement Residences), Ser. A, 5.00%, 5/15/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>482,567</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>482,567</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>New York (9.8%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Metro. Trans. Auth. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. A, 5.50%, 11/15/47</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>4,418,140</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. C-1, 4.00%, 11/15/35</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,008,521</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>NY Counties, Tobacco Trust VI Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Tobacco Settlement Pass Through), Ser. A-2B, 5.00%, 6/1/51</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>635,090</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. A-2B, 5.00%, 6/1/45</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,799,850</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>NY State Env. Fac. Corp. Solid Waste Disp. Mandatory Put Bonds (9/2/25), (Casella Waste Syst., Inc.), Ser. R-1, 2.75%, 9/1/50</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>225,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>219,187</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>NY State Liberty Dev. Corp. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. A, BAM, 3.00%, 11/15/51</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,211,294</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(4 World Trade Ctr.), 3.00%, 11/15/51</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>4,215,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,072,324</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>2.875%, 11/15/46</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,860,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,344,355</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Port Auth. of NY &AMP; NJ), Ser. 1WTC, 2.75%, 2/15/44</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,457,097</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>NY State Liberty Dev. Corp. 144A Rev. Bonds, (World Trade Ctr.), Class 2, 5.375%, 11/15/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>751,571</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>NY State Trans. Special Fac. Dev. Corp. Rev. Bonds, (Delta Air Lines, Inc.)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.625%, 4/1/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,087,401</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 10/1/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,291,470</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>NY State Urban Dev. Corp. Rev. Bonds, (Bidding Group 4), Ser. A, 3.00%, 3/15/50</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,466,471</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Port Auth. of NY &AMP; NJ Rev. Bonds Ser. 218, 5.00%, 11/1/49 <SUP>T</SUP></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,460,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,493,960</FONT></TD>

</TR>

</TABLE>
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<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>

<TR>

   <TD width="70%"></TD>

   <TD width="30%"></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif><BR>16 Managed Municipal Income Trust</FONT></TD></TR></TABLE></DIV>

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

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

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<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>

<TR>

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<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (131.5%)* </B><I>cont.</I></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Rating**</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>New York </B><I>cont.</I></FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Oneida Indian Nation 144A (Oneida Indian Nation of NY), Ser. A, 8.00%, 9/1/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$950,302</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Suffolk, Regl. Off-Track Betting Corp. Rev. Bonds, 6.00%, 12/1/53</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,021,432</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Suffolk, Tobacco Asset Securitization Corp. Rev. Bonds, Ser. A-2, 4.00%, 6/1/50</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>800,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>718,726</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>29,947,191</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>North Carolina (1.7%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>NC State Med. Care Comm. Hlth. Care Fac. Rev. Bonds, (Lutheran Svcs. for the Aging, Inc. Oblig. Group), Ser. C, 4.00%, 3/1/36</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,320,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,079,964</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>NC State Med. Care Comm. Retirement Fac. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Maryfield, Inc. Oblig. Group), 5.00%, 10/1/45</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>444,549</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Twin Lakes Cmnty.), Ser. A, 5.00%, 1/1/38</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,760,725</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Southminister, Inc.), 5.00%, 10/1/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>965,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>946,483</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>5,231,721</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>North Dakota (0.8%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Grand Forks, Hlth. Care Syst. Rev. Bonds, (Altru Hlth. Syst.), Ser. A, AGM</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 12/1/53</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,039,216</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 12/1/48</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>350,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>360,176</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>2,399,392</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Ohio (3.6%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. B-2, Class 2, 5.00%, 6/1/55</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>470,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>426,112</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. A-2, Class 1, 3.00%, 6/1/48</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>951,521</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds, (Playhouse Square Foundation), 5.50%, 12/1/53</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,501,726</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Northeast Ohio Med. U. Rev. Bonds, Ser. A, 3.00%, 12/1/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,575,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,219,865</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>OH State Air Quality Dev. Auth. Exempt Fac. 144A Rev. Bonds, (Pratt Paper, LLC), 4.50%, 1/15/48</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,200,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,157,523</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>OH State Higher Edl. Fac. Comm. Rev. Bonds, (John Carroll U.), 4.00%, 10/1/45</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,400,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,997,972</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>OH State Private Activity Rev. Bonds, (Portsmouth Bypass), AGM, 5.00%, 12/31/35</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>754,432</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Port of Greater Cincinnati Dev. Auth. 144A Rev. Bonds, 4.25%, 12/1/50</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,395,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,203,409</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, (Memorial Hlth. Syst. Oblig. Group), 5.00%, 12/1/43</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>150,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>130,018</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Washington Cnty, Hosp. Rev. Bonds, (Marietta Area Hlth. Care, Inc.), 6.75%, 12/1/52</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>538,282</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>10,880,860</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Oregon (0.3%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds, (Terwilliger Plaza, Inc.), 5.00%, 12/1/29</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>305,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>304,693</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Warm Springs, Reservation Confederated Tribes 144A Rev. Bonds, (Pelton-Round Butte), Ser. B, 5.00%, 11/1/36</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>536,795</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>841,488</FONT></B></TD>

</TR>
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   <TD width="70%"></TD>

   <TD width="30%"></TD>

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<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=right><FONT size=1 face=sans-serif><BR>Managed Municipal Income Trust 17</FONT></TD></TR></TABLE></DIV>

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<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>

<TR>

   <TD width="62%"></TD>

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<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (131.5%)* </B><I>cont.</I></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Rating**</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Other (1.0%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Federal Home Loan Mortgage Corporation Structured Pass-through certificates, Ser. ML-21, 4.618%, 8/25/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$2,999,448</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$2,919,748</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>2,919,748</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Pennsylvania (4.0%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds, (Allegheny Hlth. Network Oblig. Group), Ser. A, 5.00%, 4/1/35</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,200,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,252,433</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Chester Cnty., Indl. Dev. Auth. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Collegium Charter School), Ser. A, 5.125%, 10/15/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>731,945</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Renaissance Academy Charter School), 5.00%, 10/1/34</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>350,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>339,593</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds, (West Chester U. Student Hsg., LLC), Ser. A, 5.00%, 8/1/45</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Ba2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>935,333</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Cumberland Cnty., Muni. Auth. Rev. Bonds, (Asbury PA Obligated Group), 5.00%, 1/1/45</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>441,729</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Dallas, Area Muni. Auth. U. Rev. Bonds, (Misericordia U.), 5.00%, 5/1/48</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,281,651</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Lehigh Cnty., Indl. Dev. Auth. Charter School Rev. Bonds, (Seven Generations Charter School), 4.00%, 5/1/51</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>728,946</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Maxatawny Twp., Muni. Auth. Rev. Bonds, (Diakon Lutheran Social Ministries), Ser. A</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 1/1/42</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,450,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,429,828</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 1/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,400,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,390,522</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>PA State Econ. Dev. Fin. Auth. Rev. Bonds, (PennDOT Major Bridges), 6.00%, 6/30/61</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,098,764</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Philadelphia Auth. For Ind. Dev. 144A Rev. Bonds, (String Theory Charter School), 5.00%, 6/15/50</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>662,871</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Philadelphia, Auth. for Indl. Dev. 144A Rev. Bonds, (U. of the Arts)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 3/15/45</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>660,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>546,414</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>5.00%, 3/15/45 (Prerefunded 3/15/28)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>40,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>42,736</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Philadelphia, Auth. For Indl. Dev. Multi-Fam. 144A (University Sq. Apt.), 5.25%, 12/1/47</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,208,673</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>12,091,438</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Puerto Rico (4.4%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, G.O. Bonds, Ser. A-1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 7/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,388,447</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,152,601</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 7/1/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,875,115</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 7/1/33</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,920,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,892,388</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A-1, 4.75%, 7/1/53</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>4,700,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>4,598,743</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>PR, Elec. Pwr. Auth. Rev. Bonds, Ser. TT, 5.00%, 7/1/37 (In default) <SUP> &#8224; </SUP></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>662,500</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>13,181,347</FONT></B></TD>

</TR>
</TABLE>
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<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>

<TR>

   <TD width="70%"></TD>

   <TD width="30%"></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif><BR>18 Managed Municipal Income Trust</FONT></TD></TR></TABLE></DIV>

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

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

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<DIV style="WIDTH: 100%; PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>

<TR>

   <TD width="62%"></TD>

   <TD width="6%"></TD>

   <TD width="4%"></TD>

   <TD width="14%"></TD>

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<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (131.5%)* </B><I>cont.</I></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Rating**</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>South Carolina (4.9%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Berkeley Cnty., Assmt. Rev. Bonds, (Nexton Impt. Dist.), 4.375%, 11/1/49</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$815,293</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>SC State Jobs Econ. Dev. Auth. Edl. Fac. 144A Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(High Point Academy), Ser. A, 5.75%, 6/15/49</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,010,074</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(High Point Academy), Ser. A, 5.75%, 6/15/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>507,965</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Greenville Renewable Energy Ed. Charter School), 4.00%, 6/1/56</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,020,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>678,047</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>SC State Public Svc Auth. Rev. Bonds Ser. B</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 12/1/51 <SUP>T</SUP></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,692,772</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 12/1/42 <SUP>T</SUP></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>5,250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>5,048,467</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 12/1/41 <SUP>T</SUP></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,877,732</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>14,630,350</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>South Dakota (0.4%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Lincoln Cnty., Econ. Dev. Rev. Bonds, (Augustana College Assn. (The)), 4.00%, 8/1/51</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,201,616</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>1,201,616</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Tennessee (0.8%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Metro. Govt. Nashville &AMP; Davidson Cnty., Hlth. &AMP; Edl. Fac. Board Rev. Bonds, (Blakeford at Green Hills), Ser. A, 4.00%, 11/1/55</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,223,452</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Metro. Nashville, Arpt. Auth. Rev. Bonds, Ser. B, 5.50%, 7/1/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,109,545</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>2,332,997</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Texas (7.5%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Arlington, Higher Ed. Fin. Corp. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Uplift Ed.), Ser. A, PSFG, 4.00%, 12/1/42</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>975,970</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Wayside Schools), Ser. A, 4.00%, 8/15/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>610,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>512,338</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Arlington, Higher Ed. Fin. Corp. 144A Rev. Bonds, (Magellan School (The)), 6.375%, 6/1/62</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Ba3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,100,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,132,421</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Clifton, Higher Ed. Fin. Corp. Ed. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Intl. Leadership), Ser. D, 6.125%, 8/15/48</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,541,541</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(IDEA Pub. Schools), Ser. A, 4.00%, 8/15/51</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,200,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,017,163</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Dallas, Area Rapid Transit Sales Tax Rev. Bonds, Ser. A, 5.00%, 12/1/45</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>7,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>7,421,974</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>231,579</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>958,383</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Houston, Arpt. Syst. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. B-1, 5.00%, 7/15/35</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,505,019</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(United Airlines, Inc.), 4.00%, 7/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,174,330</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Matagorda Cnty., Poll. Control Rev. Bonds, <BR>(Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,259,908</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds, (Woman&#8217;s U.-Collegiate Hsg. Denton, LLC), Ser. A-1, AGM, 4.125%, 7/1/53</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>887,429</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>TX State Muni. Gas Acquisition &AMP; Supply Corp. III Rev. Bonds, 5.00%, 12/15/30</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,042,464</FONT></TD>

</TR>

</TABLE>
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   <TD width="70%"></TD>

   <TD width="30%"></TD>

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   <TD colSpan=2 noWrap align=right><FONT size=1 face=sans-serif><BR>Managed Municipal Income Trust 19</FONT></TD></TR></TABLE></DIV>

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

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<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>

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<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (131.5%)* </B><I>cont.</I></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Rating**</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Texas </B><I>cont.</I></FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>TX State Trans. Comm. Rev. Bonds, (State Hwy. 249 Sys.), Ser. A, zero %, 8/1/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$700,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$344,765</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Uptown Dev. Auth. Tax Alloc. Bonds, (City of Houston Reinvestment Zone No. 16), 3.00%, 9/1/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>726,708</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>22,731,992</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Utah (1.8%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Infrastructure Agcy. Telecomm. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>6.00%, 10/15/47</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,350,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,445,018</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>4.00%, 10/15/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,337,102</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>MDA Mountain Village Pub. Infrastructure Dist. Special Assmt., Ser. A, 5.00%, 8/1/50</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,045,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>987,261</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Mida Mountain Village Pub. Infrastructure Dist. 144A Special Assmt. Bonds, (Mountain Village Assmt. Area No. 2), 4.00%, 8/1/50</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,024,227</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>UT State Charter School Fin. Auth. Rev. Bonds, (Summit Academy, Inc.), Ser. A, 5.00%, 4/15/44</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>625,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>640,325</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>5,433,933</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Virginia (3.5%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Cherry Hill Cmnty., Dev. Auth. 144A Special Assmt. Bonds, (Potomac Shores), 5.40%, 3/1/45</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>995,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>997,162</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Farms of New Kent, Cmnty. Dev. Auth. 144A Special Assmt. Bonds, Ser. A, 3.75%, 3/1/36</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>505,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>473,237</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>James City Cnty., Econ. Dev. Auth. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Williamsburg Landing), Ser. A, 4.00%, 12/1/50</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,235,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>952,100</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(VA United Methodist Homes, Inc. Oblig. Group), Ser. A, 4.00%, 6/1/47</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>771,495</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Lexington, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Lexington Retirement Cmnty.), 4.00%, 1/1/48</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,310,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,122,850</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Lexington Retirement Cmnty.), 4.00%, 1/1/42</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>904,279</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Kendal at Lexington), 4.00%, 1/1/31</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>675,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>669,903</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Lower Magnolia Green Cmnty., Dev. Auth. 144A Special Assmt. Bonds, 5.00%, 3/1/35</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>460,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>460,058</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Suffolk, Econ. Dev. Auth. Retirement Fac. Rev. Bonds, (United Church Homes &AMP; Svcs. Oblig. Group), 5.00%, 9/1/31</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>490,949</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>VA State Small Bus. Fin. Auth. Hlth. Care Fac. Rev. Bonds, (Bon Secours Mercy Hlth., Inc.), 4.00%, 12/1/49</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,698,266</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>10,540,299</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Washington (5.0%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Grays Harbor Cnty., Pub. Hosp. Dist. No. 1 Rev. Bonds, 6.875%, 12/1/53</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,042,283</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Kalispel Tribe of Indians Priority Dist. Rev. Bonds, Ser. A, 5.25%, 1/1/38</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>764,950</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Skagit Cnty., Pub. Hosp. Dist. No. 1 Rev. Bonds, 5.50%, 12/1/54</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,049,887</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>WA State Hsg. Fin. Comm. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Eastside Retirement Assn.), Ser. A, 5.00%, 7/1/48</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A&#8722;/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,200,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,214,358</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Wesley Homes Lea Hill), 5.00%, 7/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>425,360</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Wesley Homes Lea Hill), 5.00%, 7/1/36</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>580,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>522,026</FONT></TD>

</TR></TABLE>
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<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>

<TR>

   <TD width="70%"></TD>

   <TD width="30%"></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif><BR>20 Managed Municipal Income Trust</FONT></TD></TR></TABLE></DIV>

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<TR>

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<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (131.5%)* </B><I>cont.</I></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Rating**</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Washington </B><I>cont.</I></FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>WA State Hsg. Fin. Comm. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Social Certif.), Ser. A-1, 3.50%, 12/20/35</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$2,104,680</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$1,914,840</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>Ser. 1, Class A, 3.375%, 4/20/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,189,611</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,804,686</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>WA State Hsg. Fin. Comm. 144A Rev. Bonds, (Presbyterian Retirement Cmnty. Northwest), Ser. A, 5.00%, 1/1/36</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,175,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,068,146</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>WA State Hsg. Fin. Comm. Nonprofit 144A Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Seattle Academy of Arts &AMP; Sciences), 6.375%, 7/1/63</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>800,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>862,777</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Spokane Intl. Academy), Ser. A, 5.00%, 7/1/56</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Ba2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,130,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,013,903</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Spokane Intl. Academy), Ser. A, 5.00%, 7/1/50</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Ba2</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>459,019</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>15,142,235</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>West Virginia (2.0%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>WV State Hosp. Fin. Auth. Rev. Bonds, (Vandalia Hlth., Inc.), Ser. B, 6.00%, 9/1/48</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>5,250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>5,903,688</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>5,903,688</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Wisconsin (8.3%)</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Pub. Fin. Auth. Tax Alloc. Bonds, (Southeast Overtown Pk. West. Cmnty. Redev. Agcy.), 5.00%, 6/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>625,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>622,827</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Pub. Fin. Auth. 144A Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(WFCS Holdings, LLC), 5.00%, 1/1/55</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,700,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,405,387</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Roseman U. of Hlth. Sciences), 5.00%, 4/1/40</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,085,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,101,033</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Roseman U. of Hlth. Sciences), 5.00%, 4/1/40 (Prerefunded 4/1/30)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>65,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>71,690</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Pub. Fin. Auth. Conference Ctr. &AMP; Hotel Rev. Bonds, (U. of NC Charlotte Foundation), Ser. A, 4.00%, 9/1/51</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,446,174</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Pub. Fin. Auth. Ed. 144A Rev. Bonds, (North Carolina Leadership Academy), 5.00%, 6/15/54</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>910,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>818,751</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Pub. Fin. Auth. Edl. Fac. Rev. Bonds, (Piedmont Cmnty. Charter School), 5.00%, 6/15/53</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,150,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,052,548</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Pub. Fin. Auth. Exempt Fac. Rev. Bonds, (Celanese U.S. Holdings, LLC), Ser. C, 4.30%, 11/1/30</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>300,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>293,346</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Pub. Fin. Auth. Multi-Fam Affordable Hsg. 144A Rev. Bonds, (Dominium Holdings I, LLC), Ser. 1, Class B-1, 6.81%, 4/28/36</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,425,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,426,779</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Pub. Fin. Auth. Multi-Fam. Hsg. 144A (Promenade Apt.), 6.25%, 2/1/39</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>800,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>815,116</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Pub. Fin. Auth. Pooled Charter School Certif. Rev. Bonds, Ser. 23-1, Class A, 5.75%, 7/1/62</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,250,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>2,417,603</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Pub. Fin. Auth. Retirement Communities Rev. Bonds, (Evergreens Oblig. Group), Ser. A, 5.00%, 11/15/49</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>A&#8722;/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,750,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,765,112</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Pub. Fin. Auth. Retirement Fac. 144A Rev. Bonds, (Southminster, Inc.), 5.00%, 10/1/48</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>800,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>717,899</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Pub. Fin. Auth. Student Hsg. Fac. 144A Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(CHF-Manoa, LLC), Ser. A, 5.75%, 7/1/63</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,045,362</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(UHF RISE Student Hsg., LLC), Ser. A-1, 4.00%, 7/1/61</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>467,460</FONT></TD>

</TR></TABLE>
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   <TD width="70%"></TD>

   <TD width="30%"></TD>

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   <TD colSpan=2 noWrap align=right><FONT size=1 face=sans-serif><BR>Managed Municipal Income Trust 21</FONT></TD></TR></TABLE></DIV>

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

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

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<TR>

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<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (131.5%)* </B><I>cont.</I></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Rating**</FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif></FONT></B></TD>

  <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=5 width="100%" bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Wisconsin </B><I>cont.</I></FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>WI Pub. Fin. Auth. Hotel Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Grand Hyatt), 5.00%, 2/1/62</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$800,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$765,654</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Grand Hyatt Sanitary), 5.00%, 2/1/52</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8722;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,470,645</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>WI Pub. Fin. Auth. Hotel 144A Rev. Bonds, (Grand Hyatt), 6.00%, 2/1/62</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB&#8722;/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,010,838</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>WI State Hlth. &AMP; Edl. Fac. Auth. Rev. Bonds</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Oakwood Lutheran Sr. Ministries Oblig. Group), 4.00%, 1/1/57</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>650,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>376,031</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(St. John&#8217;s Communities, Inc.), 4.00%, 9/15/45</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,150,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>921,081</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(St. John&#8217;s Communities, Inc.), 4.00%, 9/15/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BBB/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>270,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>229,907</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 20px" align=left><FONT size=1 face=sans-serif>(Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/41</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>3,874,500</FONT></TD>

</TR><TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds, (Mary&#8217;s Woods at Marylhurst), Ser. A, 5.25%, 5/15/37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>380,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>375,755</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>WI State Pub. Fin. Auth. 144A Rev. Bonds, (Church Home of Hartford, Inc.), Ser. A, 5.00%, 9/1/30</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>BB/F</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>945,000</FONT></TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>929,852</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>25,421,350</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD bgColor=#ededed colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Total municipal bonds and notes (cost $411,496,300)</FONT></B></TD>

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>$396,332,902</FONT></B></TD>

</TR>
<TR>

  <BR> <TD colSpan=3></TD>

</TR>
</TABLE>
<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>

<TR>

   <TD width="62%"></TD>

   <TD width="8%"></TD>

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

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



<TR vAlign=bottom>

   <TD colSpan=2 style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>SHORT-TERM INVESTMENTS (4.8%)*</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Principal amount/<BR>shares</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #ff9900" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Value</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>Putnam Short Term Investment Fund Class P 5.48% <SUP>L</SUP></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>Shares</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif> 14,023,996</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$14,023,996</FONT></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT size=1 face=sans-serif>U.S. Treasury Bills 5.382%, 7/23/24 <SUP>#</SUP></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$600,000</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>592,731</FONT></TD>

</TR>
<TR vAlign=bottom>

   <TD bgColor=#ededed colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Total short-term investments (cost $14,616,762)</FONT></B></TD>

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>$14,616,727</FONT></B></TD>

</TR>
<TR>

  <BR> <TD colSpan=3></TD>

</TR>
</TABLE>
<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>


<TR>

   <TD width="85%"></TD>

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

</TR>


<TR vAlign=bottom>

   <TD colSpan=2 style="BACKGROUND-COLOR: #ff9900" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>TOTAL INVESTMENTS</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Total investments (cost $426,113,062)</FONT></B></TD>

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>$410,949,629</FONT></B></TD>

</TR>
<TR>

  <BR> <TD colSpan=3></TD>

</TR>
</TABLE>
<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>

<TR>

   <TD width="1%"></TD>

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

   <TD width="5%"></TD>

   <TD width="79%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=4 align=left><STRONG><FONT size=1 face=sans-serif>Notes to the fund&#8217;s portfolio</FONT></STRONG></TD>

</TR>

<TR vAlign=top>

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

   <TD colSpan=3 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, 2023 through April 30, 2024 (the reporting period). Within the following notes to the portfolio, references to &#8220;Putnam Management&#8221; represent Putnam Investment Management, LLC, the fund&#8217;s manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., and references to &#8220;ASC 820&#8221; represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures.</FONT></TD>

</TR><TR vAlign=top>

   <TD align=left><FONT size=1 face=sans-serif> <SUP>*</SUP></FONT></TD>

   <TD colSpan=3 align=left><FONT size=1 face=sans-serif>Percentages indicated are based on net assets of $301,416,281.</FONT></TD>

</TR><TR vAlign=top>

   <TD align=left><FONT size=1 face=sans-serif> <SUP>**</SUP></FONT></TD>

   <TD colSpan=3 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 Fitch are indicated by &#8220;/F.&#8221; Securities rated by Putnam are indicated by &#8220;/P.&#8221; The Putnam rating categories are comparable to the Standard &AMP; Poor&#8217;s classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer.</FONT></TD>

</TR><TR vAlign=top>

   <TD align=left><FONT size=1 face=sans-serif> <SUP>&#8224;</SUP></FONT></TD>

   <TD colSpan=3 align=left><FONT size=1 face=sans-serif>This security is non-income-producing.</FONT></TD>

</TR><TR vAlign=top>

   <TD align=left><FONT size=1 face=sans-serif> <SUP>&#8224;&#8224;</SUP></FONT></TD>

   <TD colSpan=3 align=left><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></TD>

</TR><TR vAlign=top>

   <TD align=left><FONT size=1 face=sans-serif> <SUP>#</SUP></FONT></TD>

   <TD colSpan=3 align=left><FONT size=1 face=sans-serif>This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $247,888 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 9).</FONT></TD>

</TR><TR vAlign=top>

   <TD align=left><FONT size=1 face=sans-serif> <SUP>L</SUP></FONT></TD>

   <TD colSpan=3 align=left><FONT size=1 face=sans-serif>Affiliated company (Note 6). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.</FONT></TD>

</TR></TABLE>
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   <TD colSpan=2 noWrap align=left><FONT size=1 face=sans-serif><BR>22 Managed Municipal Income Trust</FONT></TD></TR></TABLE></DIV>

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

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

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   <TD width="79%"></TD>

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   <TD align=left><FONT size=1 face=sans-serif> <SUP>T</SUP></FONT></TD>

   <TD colSpan=3 align=left><FONT size=1 face=sans-serif>Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions.</FONT></TD>

</TR><TR vAlign=top>

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

   <TD colSpan=3 align=left><FONT size=1 face=sans-serif>Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.</FONT></TD>

</TR><TR vAlign=top>

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

   <TD colSpan=3 align=left><FONT size=1 face=sans-serif>144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</FONT></TD>

</TR><TR vAlign=top>

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

   <TD colSpan=3 align=left><FONT size=1 face=sans-serif>On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, Intercontinental Exchange (ICE) London Interbank Offered Rate (LIBOR) USD 1 Month, ICE LIBOR USD 3 Month, US Secured Overnight Financing Rate (SOFR), Chicago Mercantile Exchange (CME) Term SOFR 3 Month or CME Term SOFR 6 Month rates, which were 3.77%, 5.43%, 5.59%, 5.34%, 5.33%, and 5.31%, respectively, as of the close of the reporting period.</FONT></TD>

</TR><TR vAlign=top>

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

   <TD colSpan=3 align=left><FONT size=1 face=sans-serif>The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.</FONT></TD>

</TR><TR vAlign=top>

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

   <TD colSpan=3 align=left><FONT size=1 face=sans-serif>The dates shown on debt obligations are the original maturity dates.</FONT></TD>

</TR><TR vAlign=top>

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

   <TD colSpan=3 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></TD>

</TR><TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Health care</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>30.5%</FONT></TD>

</TR><TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Education</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>26.3</FONT></TD>

</TR><TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Land</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>11.0</FONT></TD>

</TR><TR>

  <BR> <TD colSpan=3></TD>

</TR>
</TABLE>
<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>

<TR>

   <TD width="30%"></TD>

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   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>


</TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" colSpan=7 noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>FUTURES CONTRACTS OUTSTANDING at 4/30/24 (Unaudited)</FONT></B></TD>

 </TR>
 <TR vAlign=bottom>

  <TD style="BORDER-BOTTOM: #000000 .5px solid" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 .5px solid" noWrap align=right><B><FONT size=1 face=sans-serif>Number of<BR>contracts</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 .5px solid" noWrap align=right><B><FONT size=1 face=sans-serif>Notional<BR>amount</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 .5px solid" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 .5px solid; PADDING-LEFT: 75px" noWrap align=left><B><FONT size=1 face=sans-serif>Expiration<BR>date</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 .5px solid" noWrap align=right><B><FONT size=1 face=sans-serif>Unrealized<BR>appreciation</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>U.S. Treasury Bond Ultra 30 yr (Short)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>37</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$4,423,813</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$4,423,813</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-LEFT: 75px" noWrap align=left><FONT size=1 face=sans-serif>Jun-24</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$154,880</FONT></TD>

</TR>

<TR vAlign=bottom>

	<TD style="BORDER-TOP: #000000 1px solid" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Unrealized appreciation</FONT></B></TD>

	<TD style="BORDER-TOP: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

 	<TD style="BORDER-TOP: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

	<TD style="BORDER-TOP: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>154,880</FONT></B></TD>

</TR>
<TR vAlign=bottom>

	<TD style="BORDER-TOP: #000000 1px solid" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Unrealized (depreciation)</FONT></B></TD>

	<TD style="BORDER-TOP: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

 	<TD style="BORDER-TOP: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

	<TD style="BORDER-TOP: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B></TD>

</TR>
<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#ededed colSpan=5 noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>$154,880</FONT></B></TD>

</TR>
<TR>

  <BR> <TD colSpan=3></TD>

</TR>
</TABLE>
<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>
<TR>

  <BR> <TD colSpan=3></TD>

</TR>
<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Valuation inputs</FONT></B></TD>
   </TR>
<TR vAlign=bottom>

   <TD bgColor=#ededed width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Investments in securities:</FONT></B></TD>

   <TD bgColor=#ededed width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 1</FONT></B></TD>

   <TD bgColor=#ededed width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 2</FONT></B></TD>

   <TD bgColor=#ededed width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 3</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=left><FONT size=1 face=sans-serif>Municipal bonds and notes</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=right><FONT size=1 face=sans-serif>$396,332,902</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=left><FONT size=1 face=sans-serif>Short-term investments</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=right><FONT size=1 face=sans-serif>14,616,727</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Totals by level</FONT></B></TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$&#8212;</FONT></B></TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$410,949,629</FONT></B></TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$&#8212;</FONT></B></TD>

</TR>
<TR>

  <BR> <TD colSpan=3></TD>

</TR>
</TABLE>
<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="50%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Valuation inputs</FONT></B></TD>
   </TR>
<TR vAlign=bottom>

   <TD bgColor=#ededed width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Other financial instruments:</FONT></B></TD>

   <TD bgColor=#ededed width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 1</FONT></B></TD>

   <TD bgColor=#ededed width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 2</FONT></B></TD>

   <TD bgColor=#ededed width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 3</FONT></B></TD>

</TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=left><FONT size=1 face=sans-serif>Futures contracts</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=right><FONT size=1 face=sans-serif>$154,880</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT></TD>

</TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Totals by level</FONT></B></TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$154,880</FONT></B></TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$&#8212;</FONT></B></TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$&#8212;</FONT></B></TD>

</TR>
</TABLE>
<BR><BR><P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>
<P style="MARGIN: 0px"></P>

<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>


<TR>

   <TD width="70%"></TD>

   <TD width="30%"></TD>

</TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=right><FONT size=1 face=sans-serif><BR>Managed Municipal Income Trust 23</FONT></TD></TR></TABLE></DIV>

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

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

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>



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<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>4/30/24 (Unaudited)</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="70%"></TD>

   <TD width="30%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>ASSETS</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Investment in securities, at value (Notes 1 and 9):</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 $412,089,066)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$396,925,633</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Affiliated issuers (identified cost $14,023,996) (Note 6)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>14,023,996</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Interest and other receivables</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>5,820,845</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Receivable for investments sold</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>75,552</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Receivable for variation margin on futures contracts (Note 1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>38,157</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Prepaid assets</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>34,475</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>416,918,658</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>LIABILITIES</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Payable for investments purchased</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>875,234</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Payable for purchases of delayed delivery securities (Note 1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>800,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Payable for shares of the fund repurchased</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>210,892</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Payable for compensation of Manager (Note 2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>419,013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Payable for custodian fees (Note 2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>6,938</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Payable for investor servicing fees (Note 2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>25,729</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Payable for Trustee compensation and expenses (Note 2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>121,318</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Payable for administrative services (Note 2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>902</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Payable for floating rate notes issued (Note 1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>12,299,679</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Preferred share remarketing agent fees</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>26,907</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Distributions payable to shareholders</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,185,493</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Distributions payable to preferred shareholders (Note 1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>112,068</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Other accrued expenses</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>68,204</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>16,152,377</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Series A remarketed preferred shares: (240 shares authorized and issued at $100,000 per</FONT>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>share) (Note 4)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>24,000,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Series C remarketed preferred shares: (1,507 shares authorized and issued at $50,000 per</FONT>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>share) (Note 4)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>75,350,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Net assets</FONT></B>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>$301,416,281</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>REPRESENTED BY</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" 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 style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$340,077,377</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Total distributable earnings (Note 1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(38,661,096)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed 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 bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>$301,416,281</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>COMPUTATION OF NET ASSET VALUE</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif><STRONG>Net asset value per common share</STRONG> </FONT><FONT size=1 face=sans-serif>($301,416,281 divided by 45,739,545 shares)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$6.59</FONT>&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: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="99%"></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" noWrap align=left><FONT size=1 face=sans-serif>24 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"><B><FONT size=2 face=sans-serif>Statement of operations </FONT></B><FONT size=2 face=sans-serif>Six months ended 4/30/24 (Unaudited)</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="70%"></TD>

   <TD width="30%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>INVESTMENT INCOME</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Interest (including interest income of $130,234 from investments in affiliated issuers) (Note 6)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$9,681,180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>9,681,180</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>EXPENSES</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Compensation of Manager (Note 2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>1,099,154</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Investor servicing fees (Note 2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>76,554</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Custodian fees (Note 2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>7,851</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Trustee compensation and expenses (Note 2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>8,372</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Administrative services (Note 2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>5,946</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Interest and fees expense (Note 1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>356,428</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Preferred share remarketing agent fees</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>75,342</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Other</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>242,887</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Fees waived and reimbursed by Manager (Note 2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(269,807)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>1,602,727</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Expense reduction (Note 2)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(749)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Net expenses</FONT></B>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>1,601,978</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Net investment income</FONT></B>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>8,079,202</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>REALIZED AND UNREALIZED GAIN (LOSS)</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif>Net realized gain (loss) on:</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Securities from unaffiliated issuers (Notes 1 and 3)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(1,926,726)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Futures contracts (Note 1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>25,667</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Swap contracts (Note 1)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(56,000)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Total net realized loss</FONT></B>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>(1,957,059)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif>Change in net unrealized appreciation on:</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Securities from unaffiliated issuers</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>41,927,414</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Futures contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>154,880</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Swap contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>214,306</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Total change in net unrealized appreciation</FONT></B>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>42,296,600</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Net gain on investments</FONT></B>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>40,339,541</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations</FONT></B>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>48,418,743</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Distributions to Series A and C remarketed preferred shareholders (Note 1):</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>From ordinary income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Taxable net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(15,133)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>From tax exempt net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(2,987,657)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations (applicable to common shareholders)</FONT></B>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>$45,415,953</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: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust 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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<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: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="70%"></TD>

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>INCREASE (DECREASE) IN NET ASSETS</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Six months ended 4/30/24*</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Year ended 10/31/23</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Operations</FONT></B>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=left>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$8,079,202</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$15,571,536</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Net realized loss on investments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(1,957,059)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(13,224,869)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Change in net unrealized appreciation of investments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>42,296,600</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>9,995,743</FONT>&nbsp;</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>48,418,743</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>12,342,410</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&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</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif>shareholders (Note 1):</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</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>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Taxable net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(15,133)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(8,043)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>From tax exempt net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(2,987,657)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(5,429,673)</FONT>&nbsp;</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>

   <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>45,415,953</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>6,904,694</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif>Distributions to common shareholders (Note 1):</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</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>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Taxable net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(13,624)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(742,130)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>From tax exempt net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(6,621,990)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(8,760,917)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>From return of capital</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(6,271,969)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Increase from issuance of common shares in connection</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>with reinvestment of distributions</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>260,630</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Decrease from shares repurchased (Note 5)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(8,217,919)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(9,795,449)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed noWrap align=left><B><FONT size=1 face=sans-serif>Total increase (decrease) in net assets</FONT></B>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>30,562,420</FONT></B>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>(18,405,141)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>NET ASSETS</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Beginning of period</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>270,853,861</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>289,259,002</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$301,416,281</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$270,853,861</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>NUMBER OF FUND SHARES</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif>Common shares outstanding at beginning of period</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>47,098,000</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>48,738,809</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Shares issued in connection with dividend</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>reinvestment plan</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>39,845</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Shares repurchased (Note 5)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(1,358,455)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>(1,680,654)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Common shares outstanding at end of period</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>45,739,545</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>47,098,000</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Series A Remarketed preferred shares outstanding at</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>beginning and end of period</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>240</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>240</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Series C Remarketed preferred shares outstanding at</FONT></B>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>beginning and end of period</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>1,507</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>1,507</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>*</FONT></SUP><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: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="99%"></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" noWrap align=left><FONT size=1 face=sans-serif>26 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"><B><FONT size=2 face=sans-serif>Financial highlights</FONT></B><BR><FONT size=2 face=sans-serif>(For a common share outstanding throughout the period)</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="39%"></TD>

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

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

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

   <TD width="11%"></TD>

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="39%" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>PER-SHARE OPERATING PERFORMANCE</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="11%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="10%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e5e5e5 width="39%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Six</FONT></B>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="11%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e5e5e5 width="39%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>months </FONT></B>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="11%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e5e5e5 width="39%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>ended</FONT></B><SUP><FONT size=1 face=sans-serif>**</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e5e5e5 width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e5e5e5 width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e5e5e5 width="11%" noWrap align=center><B><FONT size=1 face=sans-serif>Year ended</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e5e5e5 width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e5e5e5 width="10%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e5e5e5 width="39%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>4/30/24</FONT></B>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>10/31/23</FONT></B>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>10/31/22</FONT></B>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="11%" noWrap align=right><B><FONT size=1 face=sans-serif>10/31/21</FONT></B>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>10/31/20</FONT></B>&nbsp;</TD>

   <TD bgColor=#e5e5e5 width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>10/31/19</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, beginning of period</FONT></B>&nbsp;</TD>

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

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

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

   <TD width="11%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$5.75</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$5.94</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$8.19</FONT></B>&nbsp;</TD>

   <TD width="11%" noWrap align=right><B><FONT size=1 face=sans-serif>$7.91</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$8.15</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$7.64</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Investment operations:</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><FONT size=1 face=sans-serif>Net investment income</FONT><FONT size=1 face=sans-serif><SUP> a</SUP></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>.17</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>.32</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>.30</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><FONT size=1 face=sans-serif>.31</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>.33</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>.38</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Net realized and unrealized</FONT>&nbsp;</TD>

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

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

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

   <TD width="11%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><FONT size=1 face=sans-serif>gain (loss) on investments</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>.85</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.09)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(2.13)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><FONT size=1 face=sans-serif>.35</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.17)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>.54</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Total from investment operations</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>1.02</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>.23</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.83)</FONT></B>&nbsp;</TD>

   <TD width="11%" noWrap align=right><B><FONT size=1 face=sans-serif>.66</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>.16</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>.92</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="49%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Distributions to preferred shareholders:</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><FONT size=1 face=sans-serif>From net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.06)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.11)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.03)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT><SUP><FONT size=1 face=sans-serif>e</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.02)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.04)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><FONT size=1 face=sans-serif>From capital gains</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT><SUP><FONT size=1 face=sans-serif>e</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.01)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.01)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Total from investment operations</FONT></B>&nbsp;</TD>

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

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

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

   <TD width="11%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>(applicable to common shareholders)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>.96</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>.12</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.86)</FONT></B>&nbsp;</TD>

   <TD width="11%" noWrap align=right><B><FONT size=1 face=sans-serif>.66</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>.13</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>.87</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Distributions to common shareholders:</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><FONT size=1 face=sans-serif>From net investment income</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.14)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.20)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.29)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><FONT size=1 face=sans-serif>(.32)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.33)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.31)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><FONT size=1 face=sans-serif>From capital gains</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.03)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><FONT size=1 face=sans-serif>(.06)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.05)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.07)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><FONT size=1 face=sans-serif>From return of capital</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.13)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.07)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Total distributions</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>(.14)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>(.33)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>(.39)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><B><FONT size=1 face=sans-serif>(.38)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>(.38)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>(.38)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Increase from shares repurchased</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>.02</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>.02</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>.01</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>.02</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, end of period</FONT></B>&nbsp;</TD>

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

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

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

   <TD bgColor=#ededed width="11%" noWrap align=left>&nbsp;</TD>

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

   <TD bgColor=#ededed width="10%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$6.59</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$5.75</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$5.94</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="11%" noWrap align=right><B><FONT size=1 face=sans-serif>$8.19</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$7.91</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$8.15</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Market price, end of period</FONT></B>&nbsp;</TD>

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

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

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

   <TD width="11%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$5.85</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$5.14</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$5.75</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><B><FONT size=1 face=sans-serif>$8.25</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$7.64</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$7.97</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Total return at market price (%)</FONT></B>&nbsp;</TD>

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

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

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

   <TD width="11%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B><FONT size=1 face=sans-serif><SUP> b</SUP></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>16.52</FONT></B><SUP><FONT size=1 face=sans-serif>*</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>(5.69)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>(26.35)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><B><FONT size=1 face=sans-serif>13.11</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>0.77</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>24.89</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Total return at net asset value (%)</FONT></B>&nbsp;</TD>

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

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

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

   <TD width="11%" noWrap align=left>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B><FONT size=1 face=sans-serif><SUP> b</SUP></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>17.11</FONT></B><SUP><FONT size=1 face=sans-serif>*</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>1.87</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>(23.46)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><B><FONT size=1 face=sans-serif>8.44</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>1.93</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>11.91</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=7>&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="39%" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>RATIOS AND SUPPLEMENTAL DATA</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="11%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="10%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="10%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Net assets, end of period</FONT></B>&nbsp;</TD>

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

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

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

   <TD width="11%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares) (in thousands)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$301,416</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$270,854</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$289,259</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><B><FONT size=1 face=sans-serif>$401,053</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$386,602</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$401,242</FONT></B>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Ratio of expenses to average</FONT>&nbsp;</TD>

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

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

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

   <TD width="11%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>net assets (including interest</FONT>&nbsp;</TD>

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

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

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

   <TD width="11%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><FONT size=1 face=sans-serif>expense) (%)</FONT><FONT size=1 face=sans-serif><SUP> c,d,f</SUP></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>.52</FONT><SUP><FONT size=1 face=sans-serif>*g</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>1.21</FONT><SUP><FONT size=1 face=sans-serif>g</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>1.09</FONT><SUP><FONT size=1 face=sans-serif>g</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><FONT size=1 face=sans-serif>.93</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>.98</FONT><SUP><FONT size=1 face=sans-serif>g</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>1.01</FONT>&nbsp;</TD></TR>

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   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Ratio of net investment income</FONT>&nbsp;</TD>

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

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

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

   <TD width="11%" noWrap align=left>&nbsp;</TD>

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

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

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><FONT size=1 face=sans-serif>to average net assets (%)</FONT><FONT size=1 face=sans-serif><SUP> c</SUP></FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>1.66</FONT><SUP><FONT size=1 face=sans-serif>*</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>3.27</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>3.75</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><FONT size=1 face=sans-serif>3.73</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>3.92</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>4.21</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="39%" noWrap align=left><FONT size=1 face=sans-serif>Portfolio turnover (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>10</FONT><SUP><FONT size=1 face=sans-serif>*</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>45</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>24</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" noWrap align=right><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>38</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(Continued on next page)</FONT></P>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust 27</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Financial highlights </FONT></B><I><FONT size=2 face=sans-serif>cont.</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif></FONT><SUP><FONT size=1 face=sans-serif>* </FONT></SUP><FONT size=1 face=sans-serif>Not annualized.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif></FONT><SUP><FONT size=1 face=sans-serif>** </FONT></SUP><FONT size=1 face=sans-serif>Unaudited. </FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>a </FONT></SUP><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"><SUP><FONT size=1 face=sans-serif>b </FONT></SUP><FONT size=1 face=sans-serif>Total return assumes dividend reinvestment. </FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>c </FONT></SUP><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"><SUP><FONT size=1 face=sans-serif>d </FONT></SUP><FONT size=1 face=sans-serif>Includes amounts paid through expense offset arrangements, if any (Note 2). </FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>e </FONT></SUP><FONT size=1 face=sans-serif>Amount represents less than $0.01 per share. </FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>f </FONT></SUP><FONT size=1 face=sans-serif>Includes interest and fee expense associated with borrowings which amounted to the following amounts as a percentage of average net assets:</FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage of average net assets</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2024</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>0.12%</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2023</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>0.35</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2022</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>0.18</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2021</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>0.05</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2020</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>0.09</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2019</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>0.14</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>g </FONT></SUP><FONT size=1 face=sans-serif>Reflects waiver of certain fund expenses in connection with the fund&#8217;s remarketing preferred shares during the period. As a result of such waiver, the expenses of the fund reflect a reduction as a percentage of average net assets for the periods noted below (Note 2):</FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage of average net assets</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2024</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>0.09%</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2023&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>0.18</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2022&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&nbsp; 0.01</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2020&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&gt;0.01</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

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   <TD width="99%" noWrap align=left><FONT size=1 face=sans-serif>28 Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Notes to financial statements </FONT></B><FONT size=2 face=sans-serif>4/30/24 (Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Unless otherwise noted, the &#8220;reporting period&#8221; represents the period from November 1, 2023 through April 30, 2024. The following table defines commonly used references within the Notes to financial statements:</FONT></P>

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   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>References to</FONT></B>&nbsp;</TD>

   <TD width="85%" noWrap align=left><B><FONT size=1 face=sans-serif>Represent</FONT></B>&nbsp;</TD></TR>

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   <TD bgColor=#ededed width="15%" noWrap align=left><FONT size=1 face=sans-serif>Franklin Templeton</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="85%" noWrap align=left><FONT size=1 face=sans-serif>Franklin Resources, Inc.</FONT>&nbsp;</TD></TR>

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   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>JPMorgan</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=1 face=sans-serif>JPMorgan Chase Bank, N.A.</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#ededed width="15%" noWrap align=left><FONT size=1 face=sans-serif>OTC</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="85%" noWrap align=left><FONT size=1 face=sans-serif>Over-the-counter</FONT>&nbsp;</TD></TR>

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   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>PIL</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investments Limited, an affiliate of Putnam Management</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#ededed width="15%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Management</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="85%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment Management, LLC, the fund&#8217;s manager, an indirect wholly-owned</FONT>&nbsp;</TD></TR>

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

   <TD bgColor=#ededed width="85%" noWrap align=left><FONT size=1 face=sans-serif>subsidiary of Franklin Templeton</FONT>&nbsp;</TD></TR>

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   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>State Street</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=1 face=sans-serif>State Street Bank and Trust Company</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<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 goal of the fund is to seek a high level of current income exempt from federal income tax. The fund intends to achieve its goal 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>The fund&#8217;s shares trade on a stock exchange at market prices, which may be lower than the fund&#8217;s net asset value.</FONT></P>

<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"><FONT size=1 face=sans-serif>The fund has entered into contractual arrangements with an investment adviser, administrator, transfer agent and custodian, who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Under the fund&#8217;s Agreement and Declaration of Trust, any claims asserted by a shareholder against or on behalf of the fund, including claims against Trustees and Officers, must be brought in courts located within the Commonwealth of Massachusetts.</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 fund follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, </FONT><I><FONT size=1 face=sans-serif>Financial Services &#8211; Investment Companies </FONT></I><FONT size=1 face=sans-serif>(ASC 946) and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP), including, but not limited to, ASC 946. 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>Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund&#8217;s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.</FONT></P>

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<P style="TEXT-ALIGN: left"><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>Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security&#8217;s fair value, the security will be valued at fair value by Putnam Management, which has been designated as valuation designee pursuant to Rule 2a&#8211;5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. 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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Interest income, net of any applicable withholding taxes, if any, is recorded on the accrual basis. Amortization and accretion of premiums and discounts on debt securities, if any, is recorded on the accrual basis.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Futures contracts </FONT></B><FONT size=1 face=sans-serif>The fund uses futures contracts for hedging treasury term structure risk and for yield curve positioning.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange&#8217;s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Risks may exceed amounts recognized on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as &#8220;variation margin.&#8221; </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Futures contracts outstanding at period end, if any, are listed after the fund&#8217;s portfolio.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Total return swap contracts </FONT></B><FONT size=1 face=sans-serif>The fund entered into OTC and/or centrally cleared total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, both based on a notional principal amount, for hedging inflation, for gaining exposure to inflation and for hedging and gaining exposure to interest rate and term structure risk.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded in variation margin on the Statement of assets and liabilities and recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund&#8217;s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Risk of loss may exceed amounts recognized on the Statement of assets and liabilities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>OTC and/or centrally cleared total return swap contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund&#8217;s portfolio.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Master agreements </FONT></B><FONT size=1 face=sans-serif>The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties&#8217; general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral pledged to the fund is held in a segregated account by the fund&#8217;s custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund&#8217;s portfolio.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Collateral pledged by the fund is segregated by the fund&#8217;s custodian and identified in the fund&#8217;s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund&#8217;s net position with each counterparty.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Termination events applicable to the fund may occur upon a decline in the fund&#8217;s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty&#8217;s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund&#8217;s counterparties to elect early termination could impact the fund&#8217;s future derivative activity.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements.</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 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</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>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 $22,313,171 were held by the TOB trust and served as collateral for $12,299,679 in floating-rate bonds outstanding. For the reporting period ended, the fund incurred interest expense of $309,305 for these investments based on an average interest rate of 3.59%.</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 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>Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred for an unlimited period and the carry forwards will retain their character as either short-term or long-term capital losses. At October 31, 2023, the fund had the following capital loss carryovers available, to the extent allowed by the Code, to offset future net capital gain, if any:</FONT></P>

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<TR>

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

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="33%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="33%" noWrap align=center><B><FONT color=#ffffff size=1 face=sans-serif>Loss carryover</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="33%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

<TR vAlign=bottom>

   <TD bgColor=#ededed width="33%" noWrap align=right><FONT size=1 face=sans-serif>$8,838,363</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=right><FONT size=1 face=sans-serif>$10,227,210</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=right><FONT size=1 face=sans-serif>$19,065,573</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The aggregate identified cost on a tax basis is $425,775,234, resulting in gross unrealized appreciation and depreciation of $18,920,845 and $33,591,570, respectively, or net unrealized depreciation of $14,670,725.</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, if any, 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. The fund pays targeted distribution rates to its common shareholders. Distributions are sourced first from tax-exempt and ordinary income. The balance of the distributions, if any, comes next from capital gain and then will constitute a return of capital. A return of capital is not taxable; rather it reduces a shareholder&#8217;s tax basis in their shares of the fund. The fund may make return of capital distributions to achieve the targeted distribution rates. Dividends on remarketed preferred shares become payable when, as and if declared by the Trustees. Each dividend period for the remarketed preferred Series A shares is generally a 28 day period, and generally a 7 day period for Series C. The applicable dividend rate for the remarketed preferred shares on April 30, 2024 was 5.882% on Series A, and 5.882% for Series C. 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; 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>

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   <TD width="99%" noWrap align=left><FONT size=1 face=sans-serif>32 Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<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) 0.550% 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 style="BACKGROUND-COLOR: #ffffff" width="10%"></TD>

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

   <TD width="35%"></TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#ededed width="35%" noWrap align=left><FONT size=1 face=sans-serif>of the first $500 million of average</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#ededed width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

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

   <TD bgColor=#ededed width="35%" noWrap align=left><FONT size=1 face=sans-serif>of the next $5 billion of average weekly</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#ededed width="10%" noWrap align=left><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="35%" noWrap align=left><FONT size=1 face=sans-serif>weekly net assets,</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#ededed width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD bgColor=#ededed width="10%" noWrap align=left><FONT size=1 face=sans-serif>0.425%</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="35%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</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>of the next $500 million of average</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="10%" noWrap align=left>&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><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="35%" noWrap align=left><FONT size=1 face=sans-serif>weekly net assets,</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" 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>net assets,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#ededed width="35%" noWrap align=left><FONT size=1 face=sans-serif>of the next $500 million of average</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#ededed width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

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

   <TD bgColor=#ededed 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 bgColor=#ededed width="10%" noWrap align=left><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="35%" noWrap align=left><FONT size=1 face=sans-serif>weekly net assets,</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#ededed width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD bgColor=#ededed width="10%" noWrap align=left><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="35%" noWrap align=left><FONT size=1 face=sans-serif>net assets and</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>of the next $5 billion of average weekly</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>0.380%</FONT>&nbsp;</TD>

   <TD width="35%" noWrap align=left><FONT size=1 face=sans-serif>of any excess thereafter.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="35%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" width="10%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

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

   <TD width="35%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>For the reporting period, the management fee represented an effective rate (excluding the impact from any expense waivers in effect) of 0.271% of the fund&#8217;s average net assets attributable to common and preferred shares outstanding.</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 fees rate under the contract multiplied by the liquidation preference of the remarketed preferred shares outstanding during the period). For the reporting period, Putnam Management reimbursed $269,807 to the fund. Any amount in excess of the fee payable to Putnam Management for a given period will be used to reduce any subsequent fee payable to Putnam Management, as may be necessary. As of April 30, 2024, this excess amounted to $2,030,966.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>PIL 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. PIL did not manage any portion of the assets of the fund during the reporting period. If Putnam Management were to engage the services of PIL, Putnam Management would pay a quarterly sub-management fee to PIL for its services at an annual rate of 0.20% 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>On January 1, 2024, a subsidiary of Franklin Templeton acquired Putnam U.S. Holdings I, LLC (&#8220;Putnam Holdings&#8221;), the parent company of Putnam Management and PIL, in a stock and cash transaction (the &#8220;Transaction&#8221;). As a result of the Transaction, Putnam Management and PIL became indirect, wholly-owned subsidiaries of Franklin Templeton. The Transaction also resulted in the automatic termination of the investment management contract between the fund and Putnam Management and the sub-management contract for the fund between Putnam Management and PIL that were in place for the fund before the Transaction (together, the &#8220;Previous Advisory Contracts&#8221;). However, for the period from January 1, 2024 until March 19, 2024, Putnam Management and PIL continued to provide uninterrupted services with respect to the fund pursuant to interim investment management and sub-management contracts (together, the &#8220;Interim Advisory Contracts&#8221;) that were approved by the Board of Trustees. The terms of the Interim Advisory Contracts were identical to those of the Previous Advisory Contracts, except for the term of the contracts and those provisions required by regulation. On March 19, 2024, new investment management and sub-management contracts were approved by fund shareholders at a shareholder meeting held in connection with the Transaction (together, the &#8220;New Advisory Contracts&#8221;). The New Advisory Contracts took effect on March 19, 2024 and replaced the Interim Advisory Contracts. The terms of the New Advisory Contracts are substantially similar to those of the Previous Advisory Contracts, and the fee rates payable under the New Advisory Contracts are the same as the fee rates under the Previous Advisory Contracts.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Effective June 1, 2024, under an agreement with Putnam Management, Franklin Templeton Services, LLC, a wholly-owned subsidiary of Franklin Templeton and an affiliate of Putnam Management, will provide certain administrative services to the fund. The fee for those services will be paid by Putnam Management based on the fund&#8217;s average daily net assets, and is not an additional expense of the fund.</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>

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<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, provides 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 daily 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.&#8217;s 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 $749 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 $239, 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 from July 1, 1995 through December 31, 2023. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee&#8217;s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee&#8217;s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 3: Purchases and sales of securities</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments, were as follows:</FONT></P>

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<TR>

   <TD width="70%"></TD>

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

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

<TR vAlign=bottom>

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

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>Cost of purchases</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>Proceeds from sales</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed noWrap align=left><FONT size=1 face=sans-serif>Investments in securities (Long-term)</FONT>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=right><FONT size=1 face=sans-serif>$42,237,774</FONT>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=right><FONT size=1 face=sans-serif>$69,829,671</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>U.S. government securities (Long-term)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$42,237,774</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$69,829,671</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 fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund&#8217;s transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales of long-term securities from or to other Putnam funds, if any, did not represent more than 5% of the fund&#8217;s total cost of purchases and/or total proceeds from sales.</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 (240) and C (1,507) 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 $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</FONT></P>

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   <TD width="99%" noWrap align=left><FONT size=1 face=sans-serif>34 Managed Municipal Income Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>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 April 30, 2024, 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 2023, 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 365 day period ending September 30, 2024 (based on shares outstanding as of September 30, 2023). 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 365 day period ending September 30, 2023 (based on shares outstanding as of September 30, 2022). 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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>For the reporting period, the fund repurchased 1,358,455 common shares for an aggregate purchase price of $8,217,919, which reflects a weighted-average discount from net asset value per share of 8.83%. The weighted-average discount reflects the payment of commissions by the fund to execute repurchase trades.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>For the previous fiscal year, the fund repurchased 1,680,654 common shares for an aggregate purchase price of $9,795,449, which reflected a weighted-average discount from net asset value per share of 8.84%. The weighted-average discount reflected the payment of commissions by the fund to execute repurchase trades.</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 2,200 shares of the fund (0.005% of the fund&#8217;s shares outstanding), valued at $14,498 based on net asset value.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 6: Affiliated transactions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Transactions during the reporting period with any company which is under common ownership or control were as follows:</FONT></P>

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<TR>

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   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Shares</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>outstanding</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>and fair</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Fair value as</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Purchase</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Sale</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>Investment</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>value as</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Name of affiliate</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>of 10/31/23</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>cost</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>proceeds</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>income</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="16%" noWrap align=right><B><FONT color=#ffffff size=1 face=sans-serif>of 4/30/24</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Short-term investments</FONT></B>&nbsp;</TD>

   <TD bgColor=#ededed width="16%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#ededed width="16%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#ededed width="16%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#ededed width="16%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#ededed width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Short Term</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>Investment Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=left><FONT size=1 face=sans-serif>Class&nbsp;P</FONT><SUP><FONT size=1 face=sans-serif>&#8225;</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right><FONT size=1 face=sans-serif>$3,978,234</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right><FONT size=1 face=sans-serif>$56,595,262</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right><FONT size=1 face=sans-serif>$46,549,500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right><FONT size=1 face=sans-serif>$130,234</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" noWrap align=right><FONT size=1 face=sans-serif>$14,023,996</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Total Short-term</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>investments</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>$3,978,234</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>$56,595,262</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>$46,549,500</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>$130,234</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=right><B><FONT size=1 face=sans-serif>$14,023,996</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif></FONT><SUP><FONT size=1 face=sans-serif>&#8225; </FONT></SUP><FONT size=1 face=sans-serif>Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 7: 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. The fund may invest in higher-yielding, lower-rated bonds that may have a higher rate of default.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 8: Summary of derivative activity</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The volume of activity for the reporting period for any derivative type that was held during the period is listed below and was based on an average of the holdings at the end of each fiscal quarter:</FONT></P>

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<TR>

   <TD width="70%"></TD>

   <TD width="30%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed noWrap align=left><FONT size=1 face=sans-serif>Futures contracts (number of contracts)</FONT>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=right><FONT size=1 face=sans-serif>30</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>OTC total return swap contracts (notional)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$290,000</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The following is a summary of the fair value of derivative instruments as of the close of the reporting period:</FONT></P>

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<TR>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="80%" colSpan=4 noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Fair value of derivative instruments as of the close of the reporting period</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="20%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>ASSET DERIVATIVES</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>LIABILITY DERIVATIVES</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Derivatives not</FONT></B>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

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

   <TD bgColor=#ededed width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Statement of</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

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

   <TD bgColor=#ededed width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>assets&nbsp;and</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>under ASC 815</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>liabilities location</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Fair value</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>liabilities location</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Fair value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD bgColor=#ededed width="20%" noWrap align=right><FONT size=1 face=sans-serif>Receivables, Net</FONT>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

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

   <TD bgColor=#ededed width="20%" noWrap align=right><FONT size=1 face=sans-serif>assets&nbsp;&#8212; Unrealized</FONT>&nbsp;</TD>

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

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>Payables, Net assets&nbsp;&#8212;</FONT>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><FONT size=1 face=sans-serif>Interest rate contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="20%" noWrap align=right><FONT size=1 face=sans-serif>appreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="20%" noWrap align=right><FONT size=1 face=sans-serif>$154,880 </FONT><SUP><FONT size=1 face=sans-serif>*</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=right><FONT size=1 face=sans-serif>Unrealized depreciation</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

   <TD bgColor=#ededed width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$154,880</FONT></B>&nbsp;</TD>

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

   <TD width="20%" 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></FONT><SUP><FONT size=1 face=sans-serif>* </FONT></SUP><FONT size=1 face=sans-serif>Includes cumulative appreciation/depreciation of futures contracts as reported in the fund&#8217;s portfolio. Only current day&#8217;s variation margin is reported within the Statement of assets&nbsp;and liabilities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The following is a summary of realized and change in unrealized gains or losses of derivative instruments in the Statement of operations for the reporting period (Note 1):</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="75%" colSpan=3 noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="25%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Derivatives not accounted for as hedging</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>instruments under ASC 815</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="25%" noWrap align=left><FONT size=1 face=sans-serif>Interest rate contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="25%" noWrap align=right><FONT size=1 face=sans-serif>$25,667</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="25%" noWrap align=right><FONT size=1 face=sans-serif>$(56,000)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="25%" noWrap align=right><FONT size=1 face=sans-serif>$(30,333)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><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>$25,667</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$(56,000)</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$(30,333)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="100%" colSpan=4 noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="25%" noWrap align=left><B><FONT color=#ffffff size=1 face=sans-serif>on investments</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="25%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="25%" noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf width="25%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Derivatives not accounted for as hedging</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>instruments under ASC 815</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="25%" noWrap align=left><FONT size=1 face=sans-serif>Interest rate contracts</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="25%" noWrap align=right><FONT size=1 face=sans-serif>$154,880</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="25%" noWrap align=right><FONT size=1 face=sans-serif>$214,306</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed width="25%" noWrap align=right><FONT size=1 face=sans-serif>$369,186</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><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>$154,880</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$214,306</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$369,186</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>36 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"><B><FONT size=1 face=sans-serif>Note 9: Offsetting of financial and derivative assets and liabilities</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions or borrowing transactions associated with securities sold short, if any, see Note 1. For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to the master netting agreements in the Statement of assets and liabilities.</FONT></P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="70%"></TD>

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=left>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#000000 noWrap align=center><B><FONT color=#ffffff size=1 face=sans-serif>JPMorgan Securities LLC</FONT></B>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ff9900" bgColor=#38efaf noWrap align=center><B><FONT color=#ffffff size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif>Assets:</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Futures contracts</FONT><SUP><FONT size=1 face=sans-serif>&#167;</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed noWrap align=right><FONT size=1 face=sans-serif>$38,157</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$38,157</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif>Total Assets</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>$38,157</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>$38,157</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif>Liabilities:</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Futures contracts</FONT><SUP><FONT size=1 face=sans-serif>&#167;</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif>Total Liabilities</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>$&#8212;</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>$&#8212;</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B><FONT size=1 face=sans-serif>Total Financial and Derivative Net Assets</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed noWrap align=right><B><FONT size=1 face=sans-serif>$38,157</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B><FONT size=1 face=sans-serif>$38,157</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><FONT size=1 face=sans-serif>Total collateral received (pledged)</FONT><SUP><FONT size=1 face=sans-serif>&#8224;##</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left><FONT size=1 face=sans-serif>Net amount</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#ededed noWrap align=right><FONT size=1 face=sans-serif>$38,157</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I><FONT size=1 face=sans-serif>Controlled collateral received (including</FONT></I>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=left>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><I><FONT size=1 face=sans-serif>TBA commitments)</FONT></I><SUP><FONT size=1 face=sans-serif>**</FONT></SUP>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><I><FONT size=1 face=sans-serif>Uncontrolled collateral received</FONT></I>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ededed noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I><FONT size=1 face=sans-serif>Collateral (pledged) (including TBA commitments)</FONT></I><SUP><FONT size=1 face=sans-serif>**</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#ededed noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

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

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<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>** </FONT></SUP><FONT size=1 face=sans-serif>Included with Investments in securities on the Statement of assets and liabilities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif></FONT><SUP><FONT size=1 face=sans-serif>&#8224; </FONT></SUP><FONT size=1 face=sans-serif>Additional collateral may be required from certain brokers based on individual agreements.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>##</FONT></SUP><FONT size=1 face=sans-serif>Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif></FONT><SUP><FONT size=1 face=sans-serif>&#167; </FONT></SUP><FONT size=1 face=sans-serif>Includes current day&#8217;s variation margin only as reported on the Statement of assets and liabilities, which is not collateralized. Cumulative appreciation/(depreciation) for futures contracts is represented in the tables listed after the fund&#8217;s portfolio. Collateral pledged for initial margin on futures contracts, which is not included in the table above, amounted to $247,888.</FONT></P>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>Managed Municipal Income Trust 37</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT style="COLOR: #ff9900" size=4 face=sans-serif>Shareholder meeting results (Unaudited)</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>April 26, 2024 annual meeting</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At the meeting, a proposal to fix the number of trustees at 12 was approved as follows:</FONT></P>

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<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

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

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

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

<TR vAlign=bottom>

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

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

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

<TR vAlign=bottom>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>33,150,069</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>1,465,004</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>840,487</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At the meeting, each of the nominees for Trustees was elected as follows:</FONT></P>

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<TR>

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

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

<TR vAlign=bottom>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>32,118,042</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>3,337,523</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>32,533,490</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>2,922,075</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>Catharine Bond Hill</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>32,491,979</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>2,963,586</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>32,207,708</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>3,247,857</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>Jennifer Williams Murphy</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>32,451,186</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>3,004,379</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>32,382,480</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>3,073,084</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>32,176,569</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>3,278,996</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>32,196,954</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>3,258,611</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>Mona K. Sutphen</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>32,067,187</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>3,388,378</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>32,543,046</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>2,912,519</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>A quorum was not present with respect to the matter of electing two Trustees to be voted on by the preferred shareholders voting as a separate class. As a result, in accordance with the fund&#8217;s Declaration of Trust and Bylaws, independent Trustees Katinka Domotorffy and George Putnam III remain in office and continue to serve as Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>A Proposal did not pass to convert Putnam Managed Municipal Income Trust to an open-end investment company and approving certain related amendments to its Declaration of Trust.</FONT></P>

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<TR>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Broker Non votes</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>1,838,975</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>10,400,189</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>22,044,042</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>March 19, 2024 special meeting</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At the meeting, a new Management Contract for your fund with Putnam Investment Management, LLC was approved, as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Abstentions/Votes withheld</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>21,027,410</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>1,677,560</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>2,180,535</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At the meeting, a new Sub-Management Contract for your fund between Putnam Investment Management, LLC and Putnam Investments Limited was approved, as follows:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><B><FONT size=1 face=sans-serif>Abstentions/Votes withheld</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>20,952,659</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>1,753,639</FONT>&nbsp;</TD>

   <TD bgColor=#ededed width="33%" noWrap align=left><FONT size=1 face=sans-serif>2,179,209</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>All tabulations are rounded to the nearest whole number.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

   <TD width="99%"></TD></TR>

<TR vAlign=bottom>

   <TD width="99%" noWrap align=left><FONT size=1 face=sans-serif>38 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"><B><FONT style="COLOR: #ff9900" size=4 face=sans-serif>Fund information</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 border=0>



<TR>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Michael J. Higgins</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler, </FONT><I><FONT size=1 face=sans-serif>Chair</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif>Vice President, Treasurer,</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann, </FONT><I><FONT size=1 face=sans-serif>Vice Chair</FONT></I>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>100 Federal Street</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02110</FONT>&nbsp;</TD>

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

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Jonathan S. Horwitz</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif>Executive Vice President,</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif>Principal Executive Officer,</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif>and Compliance Liaison</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Cannon Place, 78 Cannon Street</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>London, England EC4N 6HL</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif><I><FONT size=1 face=sans-serif>AML Compliance Officer</FONT></I></FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

<TR vAlign=bottom>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>100 Federal Street</FONT>&nbsp;</TD>

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

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif>Derivatives Risk Manager</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02110</FONT>&nbsp;</TD>

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

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

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Denere P. Poulack</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif>President, The Putnam Funds</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif>Assistant Vice President,</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif>Assistant Clerk, and</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

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

<TR vAlign=bottom>

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

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

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

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Janet C. Smith</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif>Vice President,</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif>Principal Financial Officer,</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif>Principal Accounting Officer,</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

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

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif>and Assistant Treasurer</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

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

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif></FONT></I></TD>

   <TD width="33%" noWrap align=left><I><FONT size=1 face=sans-serif>&nbsp;</FONT></I></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><FONT size=1 face=sans-serif>Stephen J. Tate</FONT>&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=1 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=1 face=sans-serif>Chief Legal Officer</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><I><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 or franklintempleton.com anytime for up-to-date information about the fund&#8217;s NAV.</FONT></I></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>Not Applicable
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<tr><td></td><td><u>Item 3. Audit Committee Financial Expert:</u>
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<tr><td></td><td>Not Applicable
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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>Not Applicable
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<tr><td></td><td><u>Item 5. Audit Committee</u>
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<tr><td></td><td>Not Applicable
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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&rsquo;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>Not applicable
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<tr><td></td><td><u>Item 8. Portfolio Managers of Closed-End Management Investment Companies</u>
</td></tr></table>
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<tr><td></td><td>(a) Not applicable
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<td width=95%></td>
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<tr><td></td><td>(b) There have been no changes to the list of the registrant&rsquo;s identified portfolio managers included in the registrant&rsquo;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>
</td></tr></table><br>
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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>Period</td>	<td>Purchased</td>	<td>per Share</td>	<td>Programs*</td>	<td>or Programs**</td></tr>
<tr valign=bottom><td></td>	<td></td>	<td></td>	<td></td>	<td></td>	<tr height=4><td></td><td colspan=5><hr size=2 noshade></td></tr>
<tr height=24 valign=bottom><td></td>	<td>November 1 &mdash; November 30, 2023</td>	<td>141,252</td>	<td>$5.79</td>	<td>141,252</td>	<td>4,545,570</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>December 1 &mdash; December 31, 2023</td>	<td>311,945</td>	<td>$6.11</td>	<td>311,945</td>	<td>4,233,625</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>January 1 &mdash; January 31, 2024</td>	<td>189,010</td>	<td>$6.15</td>	<td>189,010</td>	<td>4,044,615</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>February 1 &mdash; February 28, 2024</td>	<td>97,426</td>	<td>$6.16</td>	<td>97,426</td>	<td>3,947,189</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>March 1 &mdash; March 31, 2024</td>	<td>299,763</td>	<td>$6.13</td>	<td>299,763</td>	<td>3,647,426</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>April 1 &mdash; April 30, 2024</td>	<td>319,059</td>	<td>$5.94</td>	<td>319,059</td>	<td>3,328,367</td></tr>
<tr valign=bottom><td></td>	<td></td>	<td></td>	<td></td>	<td></td>	<td></td></tr></table><br>

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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&rsquo;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 2022, which was in effect between October 1, 2022 and September 30, 2023, allowed the fund to repurchase up to 4,877,463 of its shares. The program renewed by the Board in September 2023, which is in effect between October 1, 2023 and September 30, 2024, allows the fund to repurchase up to 4,715,012 of its shares.
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<tr valign=top><td width=5% align= right>**&nbsp;</td>
<td width=95%>Information prior to October 1, 2023, is based on the total number of shares eligible for repurchase under the program, as amended through September 2022. Information from October 1, 2023 forward is based on the total number of shares eligible for repurchase under the program, as amended through September 2023.
</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>Not applicable
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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&rsquo;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&rsquo;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&rsquo;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. Disclosures of Securities Lending Activities for Closed-End Investment Companies:</u>
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<tr><td></td><td>Not Applicable
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<tr><td></td><td><u>Item 13. Recovery of Erroneously Awarded Compensation.</u>
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<tr><td></td><td>Not Applicable
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<tr><td></td><td><u>Item 14. Exhibits:</u>
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<tr><td></td><td><u>(a)(1) Not applicable</u>
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<tr><td></td><td>(a)(2) Not applicable
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<tr><td></td><td><a href="c_052certifications.htm">(a)(3) 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.</a>
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<tr><td></td><td><a href="b_19anotices2024.htm">(a)(4) 19(a) Notices to Beneficial Owners are filed herewith.</a>
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<tr><td></td><td><a href="d_052noscertification.htm">(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.</a>
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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 26, 2024
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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 26, 2024
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<tr><td></td><td>By (Signature and Title):
</td></tr></table>
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<tr><td></td><td><u>/s/ Janet C. Smith</u><br>Janet C. Smith<br>Principal Financial Officer<br>
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<tr><td></td><td>Date: June 26, 2024
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<TYPE>EX-99
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<FILENAME>b_19anotices2024.htm
<DESCRIPTION>19(A) NOTICES TO BENEFICIAL OWNERS
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<P style="TEXT-ALIGN: left"><FONT size=7 face=sans-serif>Sources of fund distributions</FONT><BR><BR><B><FONT size=5 face=sans-serif>19(a) Notice</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below provides an estimate of the sources of the Fund&#8217;s current distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per share of common stock basis and as a percentage of the distribution amount.</FONT></P>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="63%" colSpan=7 noWrap align=center><B><FONT size=1 face=sans-serif>Estimated sources and percentages of distributions</FONT></B>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Short-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Long-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Net</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Short-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Long-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Per share</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Net</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>invest-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>distribution</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>investment</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Return of</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>ment</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Return of</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Ticker</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Time period</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>(Jan.)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>PMM</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Current</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

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   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>(FYE 10/31)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>month</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0238</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0179</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0059</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>75.2%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>24.8%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>Fiscal YTD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0714</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0525</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0189</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>73.5%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>26.5%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>PMO</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Current</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>(FYE 4/30)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>month</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0245</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0105</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>70.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>30.0%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>Fiscal YTD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.3150</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.2132</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.1018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>67.7%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>32.3%</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below provides information regarding distributions and total return performance for various periods.</FONT></P>

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<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=2 face=sans-serif>Data as of 12/31/23</FONT></B>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Annualized</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Cumulative</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>5-year return</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Ticker</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>at NAV</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>rate at NAV*</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>at NAV</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>rate at </FONT></B><B><FONT size=1 face=sans-serif>NAV</FONT></B><B><FONT size=1 face=sans-serif><SUP>&#8224;</FONT></B>&nbsp;</SUP></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><FONT size=1 face=sans-serif>PMM (FYE 10/31)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>2.14%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>4.26%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>17.56%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>4.26%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><FONT size=1 face=sans-serif>PMO (FYE 4/30)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>2.80%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>3.64%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.02%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>3.64%</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Performance includes the deduction of management fees and administrative expenses, assumes reinvestment of distributions, and does not account for taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Most recent distribution annualized and divided by NAV at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224; Total fiscal period distributions annualized and divided by NAV at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>You should not draw any conclusions about the Fund&#8217;s investment performance from the amount of this distribution or from the terms of the Fund&#8217;s Distribution Policy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221; </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend on the Fund&#8217;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Please call your financial advisor with any questions.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Putnam Investments is a Franklin Templeton company.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>SU006_BW 336213 1/24</FONT>&nbsp;</TD></TR></TABLE></DIV>

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


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<IMG border=0 src="webconfirmfinalx1x1.jpg"> </P>

<P style="TEXT-ALIGN: left"><FONT size=7 face=sans-serif>Sources of fund distributions</FONT><BR><BR><B><FONT size=5 face=sans-serif>19(a) Notice</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below provides an estimate of the sources of the Fund&#8217;s current distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per share of common stock basis and as a percentage of the distribution amount.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="63%" colSpan=7 noWrap align=center><B><FONT size=1 face=sans-serif>Estimated sources and percentages of distributions</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Short-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Long-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Net</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Short-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Long-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Per share</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Net</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>invest-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>distribution</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>investment</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Return of</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>ment</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Return of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Ticker</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Time period</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>(Feb.)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>PMM</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Current</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>(FYE 10/31)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>month</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0238</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0163</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0075</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>68.5%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>31.5%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>Fiscal YTD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0952</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0688</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0264</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>72.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>27.7%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>PMO</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Current</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>(FYE 4/30)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>month</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0246</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0104</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>70.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>29.7%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>Fiscal YTD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.3500</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.2378</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.1122</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>67.9%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>32.1%</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below provides information regarding distributions and total return performance for various periods.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=2 face=sans-serif>Data as of 1/31/24</FONT></B>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Annualized</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Cumulative</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>5-year return</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Ticker</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>at NAV</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>rate at NAV*</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>at NAV</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>rate at </FONT></B><B><FONT size=1 face=sans-serif>NAV</FONT></B><B><FONT size=1 face=sans-serif><SUP>&#8224;</FONT></SUP></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><FONT size=1 face=sans-serif>PMM (FYE 10/31)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>2.14%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>4.25%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>18.16%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>4.25%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><FONT size=1 face=sans-serif>PMO (FYE 4/30)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>2.60%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>3.66%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>5.89%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>3.66%</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Performance includes the deduction of management fees and administrative expenses, assumes reinvestment of distributions, and does not account for taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Most recent distribution annualized and divided by NAV at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224; Total fiscal period distributions annualized and divided by NAV at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>You should not draw any conclusions about the Fund&#8217;s investment performance from the amount of this distribution or from the terms of the Fund&#8217;s Distribution Policy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221; </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend on the Fund&#8217;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Please call your financial advisor with any questions.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Putnam Investments is a Franklin Templeton company.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>SU006_BW 336306 2/24</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

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<IMG border=0 src="webconfirmfinalx1x1.jpg"> </P>

<P style="TEXT-ALIGN: left"><FONT size=7 face=sans-serif>Sources of fund distributions</FONT><BR><BR><B><FONT size=5 face=sans-serif>19(a) Notice</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below provides an estimate of the sources of the Fund&#8217;s current distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per share of common stock basis and as a percentage of the distribution amount.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="63%" colSpan=7 noWrap align=center><B><FONT size=1 face=sans-serif>Estimated sources and percentages of distributions</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Short-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Long-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Net</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Short-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Long-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Per share</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Net</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>invest-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>distribution</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>investment</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Return of</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>ment</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Return of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Ticker</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Time period</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>(Mar.)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>PMM</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Current</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>(FYE 10/31)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>month</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0238</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0197</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0041</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>82.8%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>17.2%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>Fiscal YTD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.1190</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0885</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0305</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>74.4%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>25.6%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>PMO</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Current</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>(FYE 4/30)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>month</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0275</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0075</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>78.6%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>21.4%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>Fiscal YTD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.3850</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.2653</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.1197</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>68.9%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>31.1%</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below provides information regarding distributions and total return performance for various periods.</FONT></P>

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<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

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

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<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=2 face=sans-serif>Data as of 2/29/24</FONT></B>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Annualized</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Cumulative</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>5-year return</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Ticker</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>at NAV</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>rate at NAV*</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>at NAV</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>rate at </FONT></B><B><FONT size=1 face=sans-serif>NAV</FONT></B><B><FONT size=1 face=sans-serif><SUP>&#8224;</SUP></FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><FONT size=1 face=sans-serif>PMM (FYE 10/31)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>2.05%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>4.24%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>18.75%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>4.24%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><FONT size=1 face=sans-serif>PMO (FYE 4/30)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>2.46%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>3.66%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.03%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>3.66%</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Performance includes the deduction of management fees and administrative expenses, assumes reinvestment of distributions, and does not account for taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Most recent distribution annualized and divided by NAV at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224; Total fiscal period distributions annualized and divided by NAV at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>You should not draw any conclusions about the Fund&#8217;s investment performance from the amount of this distribution or from the terms of the Fund&#8217;s Distribution Policy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221; </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend on the Fund&#8217;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Please call your financial advisor with any questions.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Putnam Investments is a Franklin Templeton company.</FONT></P>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>SU006_BW 336406 3/24</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<IMG border=0 src="webconfirmfinalx1x1.jpg"> </P>

<P style="TEXT-ALIGN: left"><FONT size=7 face=sans-serif>Sources of fund distributions</FONT><BR><BR><B><FONT size=5 face=sans-serif>19(a) Notice</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below provides an estimate of the sources of the Fund&#8217;s current distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per share of common stock basis and as a percentage of the distribution amount.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

   <TD width="9%"></TD>

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   <TD width="9%"></TD>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="63%" colSpan=7 noWrap align=center><B><FONT size=1 face=sans-serif>Estimated sources and percentages of distributions</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Short-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Long-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Net</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Short-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Long-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Per share</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Net</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>invest-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>distribution</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>investment</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Return of</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>ment</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Return of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Ticker</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Time period</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>(Apr.)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>PMM</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Current</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>(FYE 10/31)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>month</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0238</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0191</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0047</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>80.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>19.7%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>Fiscal YTD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.1428</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.1076</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0352</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>75.4%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>24.6%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>PMO</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Current</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>(FYE 4/30)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>month</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0293</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0057</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>83.7%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>16.3%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>Fiscal YTD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.4200</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.2946</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.1254</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>70.1%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>29.9%</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below provides information regarding distributions and total return performance for various periods.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=2 face=sans-serif>Data as of 3/31/24</FONT></B>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Annualized</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Cumulative</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>5-year return</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Ticker</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>at NAV</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>rate at NAV*</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>at NAV</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>rate at </FONT></B><B><FONT size=1 face=sans-serif>NAV</FONT></B><B><FONT size=1 face=sans-serif><SUP>&#8224;</FONT></SUP></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><FONT size=1 face=sans-serif>PMM (FYE 10/31)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>1.74%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>4.22%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>19.71%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>4.22%</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><FONT size=1 face=sans-serif>PMO (FYE 4/30)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>2.07%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>3.66%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.45%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>3.66%</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Performance includes the deduction of management fees and administrative expenses, assumes reinvestment of distributions, and does not account for taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Most recent distribution annualized and divided by NAV at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224; Total fiscal period distributions annualized and divided by NAV at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>You should not draw any conclusions about the Fund&#8217;s investment performance from the amount of this distribution or from the terms of the Fund&#8217;s Distribution Policy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221; </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend on the Fund&#8217;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Please call your financial advisor with any questions.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Putnam Investments is a Franklin Templeton company.</FONT></P>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>SU006_BW 336740 4/24</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=7 face=sans-serif>Sources of fund distributions</FONT><BR><BR><B><FONT size=5 face=sans-serif>19(a) Notice</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below provides an estimate of the sources of the Fund&#8217;s current distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per share of common stock basis and as a percentage of the distribution amount.</FONT></P>

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<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

   <TD width="9%"></TD>

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   <TD width="9%"></TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="63%" colSpan=7 noWrap align=center><B><FONT size=1 face=sans-serif>Estimated sources and percentages of distributions</FONT>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Short-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Long-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Short-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Long-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Per share</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Net</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Net</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>distribution</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>investment</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Return of</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>investment</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Return of</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Ticker</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Time period</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>(May)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>PMM</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Current</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>(FYE 10/31)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>month</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0238</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0181</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0057</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>76.1%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>23.9%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>Fiscal YTD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.1666</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.1257</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0409</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>75.5%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>24.5%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>PMO</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Current</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>(FYE 4/30)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>month</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0260</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0090</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>74.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>25.7%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>Fiscal YTD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0260</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0090</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>74.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>25.7%</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below provides information regarding distributions and total return performance for various periods.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

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

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

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

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

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

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=2 face=sans-serif>Data as of 4/30/24</FONT></B>&nbsp;</TD>

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

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

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

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

<TR vAlign=bottom>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Annualized</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Cumulative</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>5-year return</FONT></B>&nbsp;</TD>

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Ticker</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>at NAV</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>rate at NAV*</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>at NAV</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>rate at </FONT></B><B><FONT size=1 face=sans-serif>NAV</FONT></B><B><FONT size=1 face=sans-serif><SUP>&#8224;</FONT></B>&nbsp;</SUP></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><FONT size=1 face=sans-serif>PMM (FYE 10/31)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>1.22%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>4.33%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>17.11%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>4.33%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><FONT size=1 face=sans-serif>PMO (FYE 4/30)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>1.48%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>3.76%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>3.90%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>3.76%</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Performance includes the deduction of management fees and administrative expenses, assumes reinvestment of distributions, and does not account for taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Most recent distribution annualized and divided by NAV at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224; Total fiscal period distributions annualized and divided by NAV at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>You should not draw any conclusions about the Fund&#8217;s investment performance from the amount of this distribution or from the terms of the Fund&#8217;s Distribution Policy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221; </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend on the Fund&#8217;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Please call your financial advisor with any questions.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Putnam Investments is a Franklin Templeton company.</FONT></P>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>US-PUTNAM-2887561-2787561</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>SU006-BW-0524</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<IMG border=0 src="webconfirmfinalx1x1.jpg"> </P>

<P style="TEXT-ALIGN: left"><FONT size=7 face=sans-serif>Sources of fund distributions</FONT><BR><BR><B><FONT size=5 face=sans-serif>19(a) Notice</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below provides an estimate of the sources of the Fund&#8217;s current distribution and its cumulative distributions paid this fiscal year-to-date. Amounts are expressed on a per share of common stock basis and as a percentage of the distribution amount.</FONT></P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="63%" colSpan=7 noWrap align=center><B><FONT size=1 face=sans-serif>Estimated sources and percentages of distributions</FONT></B>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Short-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Long-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Short-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Long-</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Per share</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Net</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Net</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>term</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>distribution</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>investment</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Return of</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>investment</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>Return of</FONT></B>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Ticker</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>Time period</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>(June)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><B><FONT size=1 face=sans-serif>income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>income</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>gains</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><B><FONT size=1 face=sans-serif>capital</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>PMM</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Current</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>(FYE 10/31)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>month</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0238</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0172</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0066</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>72.3%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>27.7%</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>Fiscal YTD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.1904</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.1429</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0475</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>75.1%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>24.9%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>PMO</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Current</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>(FYE 4/30)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>month</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0350</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0254</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0096</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>72.6%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>27.4%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>Fiscal YTD</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0700</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=left><FONT size=1 face=sans-serif>$0.0514</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>$0.0186</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>73.4%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>0.0%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" noWrap align=center><FONT size=1 face=sans-serif>26.6%</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below provides information regarding distributions and total return performance for various periods.</FONT></P>

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   <TD width="20%" noWrap align=left><B><FONT size=2 face=sans-serif>Data as of 5/31/24</FONT></B>&nbsp;</TD>

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

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

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

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Annualized</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Cumulative</FONT></B>&nbsp;</TD></TR>

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

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>5-year return</FONT></B>&nbsp;</TD>

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

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

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

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Ticker</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>at NAV</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>rate at NAV*</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>at NAV</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>rate at </FONT></B><B><FONT size=1 face=sans-serif>NAV</FONT></B><B><FONT size=1 face=sans-serif><SUP>&#8224;</FONT></B>&nbsp;</SUP></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><FONT size=1 face=sans-serif>PMM (FYE 10/31)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>0.94%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>4.32%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>17.89%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>4.32%</FONT>&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=left><FONT size=1 face=sans-serif>PMO (FYE 4/30)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>1.09%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>3.76%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>0.22%</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" noWrap align=center><FONT size=1 face=sans-serif>3.76%</FONT>&nbsp;</TD></TR></TABLE></DIV>

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

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Performance includes the deduction of management fees and administrative expenses, assumes reinvestment of distributions, and does not account for taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Most recent distribution annualized and divided by NAV at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224; Total fiscal period distributions annualized and divided by NAV at the end of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>You should not draw any conclusions about the Fund&#8217;s investment performance from the amount of this distribution or from the terms of the Fund&#8217;s Distribution Policy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#8217;s investment performance and should not be confused with &#8220;yield&#8221; or &#8220;income.&#8221; </FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend on the Fund&#8217;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Please call your financial advisor with any questions.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Putnam Investments is a Franklin Templeton company.</FONT></P>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>US-PUTNAM-2887561-2787561</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>SU006-BW-0624</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<FILENAME>c_052certifications.htm
<DESCRIPTION>CERTIFICATIONS
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<td width=95%></td>
</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&rsquo;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>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>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>c) evaluated the effectiveness of the registrant&rsquo;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>d) disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the period covered by the registrant&rsquo;s report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</td></tr>
<tr><td></td><td><br>5. The registrant&rsquo;s other certifying officer and I have disclosed to each registrant&rsquo;s auditors and the audit committee of each registrant&rsquo;s board of directors (or persons performing the equivalent functions):</td></tr>
<tr><td></td><td><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&rsquo;s ability to record, process, summarize, and report financial information; and</td></tr>
<tr><td></td><td><br>b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&rsquo;s internal control over financial reporting.</td></tr>
<tr><td></td><td><br>Date: June 26, 2024</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 size=2 noshade><br><br><br><br><br><u>Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Janet C. Smith, 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&rsquo;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>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>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>c) evaluated the effectiveness of the registrant&rsquo;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>d) disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the period covered by the registrant&rsquo;s report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and</td></tr>
<tr><td></td><td><br>5. The registrant&rsquo;s other certifying officer and I have disclosed to each registrant&rsquo;s auditors and the audit committee of each registrant&rsquo;s board of directors (or persons performing the equivalent functions):</td></tr>
<tr><td></td><td><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&rsquo;s ability to record, process, summarize, and report financial information; and</td></tr>
<tr><td></td><td><br>b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant&rsquo;s internal control over financial reporting.</td></tr>
<tr><td></td><td><br>Date: June 26, 2024</td></tr>
<tr><td></td><td><br>/s/ Janet C. Smith</td></tr>
<tr><td></td><td>_______________________</td></tr>
<tr><td></td><td>Janet C. Smith</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 size=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, 2024<br><br></td></tr>

<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam BDC Income ETF</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam BioRevolution ETF</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 Core Equity Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Core Bond Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Emerging Markets ex-China ETF</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam ESG Core Bond ETF</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam ESG High Yield ETF</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam ESG Ultra Short ETF</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Focused International 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 Income Trust</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 Large Cap Value Fund</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 PanAgora ESG Emerging Markets Equity ETF</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam PanAgora ESG International Equity ETF</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Short Duration Bond Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Future Fund</td></tr>



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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>d_052noscertification.htm
<DESCRIPTION>906 CERTIFICATIONS
<TEXT>

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<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, 2024 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, 2024 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 26, 2024</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 size=2 noshade><br><br><br><br><br><u>Section 906 Certifications<br><br></u></td></tr>
<tr><td></td><td>I, Janet C. Smith, 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, 2024 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, 2024 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 26, 2024</td></tr>

<tr><td></td><td><br>/s/ Janet C. Smith</td></tr>
<tr><td></td><td>______________________</td></tr>
<tr><td></td><td>Janet C. Smith</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 size=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, 2024<br><br></td></tr>

<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam BDC Income ETF</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam BioRevolution ETF</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 Core Equity Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Core Bond Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Emerging Markets ex-China ETF</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam ESG Core Bond ETF</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam ESG High Yield ETF</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam ESG Ultra Short ETF</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Focused International 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 Income Trust</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 Large Cap Value Fund</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 PanAgora ESG Emerging Markets Equity ETF</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam PanAgora ESG International Equity ETF</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Short Duration Bond Fund</td></tr>
<tr><td></td><td>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Putnam Sustainable Future Fund</td></tr>

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<TYPE>GRAPHIC
<SEQUENCE>5
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
