a_managedmuni.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY



Investment Company Act file number: (811-05740)
Exact name of registrant as specified in charter: Putnam Managed Municipal Income Trust
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109
Name and address of agent for service: Beth S. Mazor, Vice President
One Post Office Square
Boston, Massachusetts 02109
Copy to:         John W. Gerstmayr, Esq.
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199-3600
Registrant’s telephone number, including area code: (617) 292-1000
Date of fiscal year end: October 31, 2011
Date of reporting period: July 31, 2011



Item 1. Schedule of Investments:













Putnam Managed Municipal Income Trust

The fund's portfolio
7/31/11 (Unaudited)
Key to holding's abbreviations
AGM — Assured Guaranty Municipal Corporation
AMBAC — AMBAC Indemnity Corporation
COP — Certificates of Participation
FGIC — Financial Guaranty Insurance Company
FHLMC Coll. — Federal Home Loan Mortgage Corporation Collateralized
FNMA Coll. — Federal National Mortgage Association Collateralized
FRB — Floating Rate Bonds
G.O. Bonds — General Obligation Bonds
GNMA Coll. — Government National Mortgage Association Collateralized
NATL — National Public Finance Guarantee Corp.
Radian Insd. — Radian Group Insured
U.S. Govt. Coll. — U.S. Government Collateralized
VRDN — Variable Rate Demand Notes
MUNICIPAL BONDS AND NOTES (130.2%)(a)
Rating(RAT) Principal amount Value
Alabama (1.7%)
Butler, Indl. Dev. Board Solid Waste Disp. Rev. Bonds (GA. Pacific Corp.), 5 3/4s, 9/1/28 BBB- $1,500,000 $1,460,190
Courtland, Indl. Dev. Board Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 11/1/13 BBB 1,500,000 1,602,690
Cullman Cnty., Hlth. Care Auth. Rev. Bonds (Cullman Regl. Med. Ctr.), Ser. A, 6 3/4s, 2/1/29 Ba1 3,000,000 2,892,840
Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 6 1/4s, 11/1/33 BBB 1,000,000 1,043,020
6,998,740
Arizona (3.8%)
Apache Cnty., Indl. Dev. Auth. Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co.)
     Ser. B, 5 7/8s, 3/1/33 Baa3 1,000,000 1,000,160
     Ser. A, 5.85s, 3/1/28 Baa3 250,000 250,045
Calhoun Cnty., Sales & Use Tax Rev. Bonds (Georgia-Pacific Corp.), 6 3/8s, 11/1/26 Ba2 830,000 834,474
Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A
     7 5/8s, 12/1/29 BB-/P 1,800,000 1,758,978
     7 1/4s, 12/1/19 BB-/P 1,000,000 1,005,880
Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra Vista Regl. Hlth. Ctr.), Ser. A, 6.2s, 12/1/21 BBB+/P 425,000 446,114
Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32 Baa3 2,000,000 1,859,500
Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40 Baa2 2,200,000 2,411,244
Navajo Cnty., Poll. Control Corp. Mandatory Put Bonds (6/1/16), Ser. E, 5 3/4s, 6/1/34 Baa2 1,950,000 2,190,182
Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds (Career Success Schools), 7 1/8s, 1/1/45 BB+ 500,000 469,570
Pima Cnty., Indl. Dev. Auth. Rev. Bonds
     (Tucson Elec. Pwr.), Ser. A, 6 3/8s, 9/1/29 Baa3 500,000 508,235
     (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25 BBB 1,140,000 985,906
Salt Verde, Fin. Corp. Gas Rev. Bonds, 5 1/2s, 12/1/29 A 2,000,000 1,977,100
Tempe, Indl. Dev. Auth. Sr. Living Rev. Bonds (Friendship Village), Ser. A, 5 3/8s, 12/1/13 BB-/P 393,000 391,121
16,088,509
Arkansas (0.2%)
Arkadelphia, Pub. Ed. Fac. Board Rev. Bonds (Ouachita Baptist U.), 6s, 3/1/33 BBB-/P 840,000 855,456
855,456
California (10.4%)
CA Edl. Fac. Auth. Rev. Bonds (U. of La Verne), Ser. A, 5s, 6/1/35 Baa2 500,000 431,895
CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37 Baa2 1,105,000 951,228
CA Muni. Fin. Auth. Rev. Bonds (U. of La Verne), Ser. A, 6 1/8s, 6/1/30 Baa2 1,000,000 1,035,380
CA Poll. Control Fin. Auth. Rev. Bonds (Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23 A3 2,500,000 2,525,200
CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23 A-2 2,150,000 2,177,886
CA Poll. Control Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Management, Inc.), Ser. A-2, 5.4s, 4/1/25 BBB 1,760,000 1,793,211
CA State G.O. Bonds, 6 1/2s, 4/1/33 A1 5,000,000 5,669,300
CA State Pub. Wks. Board Rev. Bonds
     Ser. I-1, 6 5/8s, 11/1/34 A2 5,595,000 6,068,841
     (Dept. of Corrections), Ser. C, 5 1/4s, 6/1/28 A2 1,000,000 1,000,360
     (Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32 A2 1,250,000 1,173,638
CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30 BBB 3,950,000 3,600,386
CA Statewide Cmnty. Dev. Auth. Rev. Bonds
     (Thomas Jefferson School of Law), Ser. A, 7 1/4s, 10/1/38 BB+ 560,000 568,960
     (American Baptist Homes West), 5 3/4s, 10/1/25 BBB 3,000,000 2,942,850
Cathedral City, Impt. Board Act of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02
     5.05s, 9/2/35 BBB-/P 1,015,000 846,723
     5s, 9/2/30 BBB-/P 245,000 215,095
Chula Vista, Cmnty. Fac. Dist. Special Tax Rev. Bonds
     (No. 06-1 Eastlake Woods Area), 6.1s, 9/1/21 BBB/P 1,000,000 1,020,800
     (No. 07-1 Otay Ranch Village Eleven), 5.8s, 9/1/28 BB+/P 275,000 268,012
Foothill/Eastern Corridor Agcy. Rev. Bonds
     (Toll Road), 5.85s, 1/15/23 Baa3 500,000 499,155
     (CA Toll Roads), 5 3/4s, 1/15/40 Baa3 2,745,000 2,440,689
M-S-R Energy Auth. Rev. Bonds, Ser. A, 6 1/2s, 11/1/39 A 750,000 830,265
Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev. Bonds (Ladera Ranch No. 02-1), Ser. A, 5.55s, 8/15/33 BBB-/P 900,000 849,780
Sacramento, Special Tax Rev. Bonds (North Natomas Cmnty. Fac.), Ser. 4-C, 6s, 9/1/33 BBB-/P 1,245,000 1,216,664
San Francisco, City & Cnty. Redev. Fin. Auth. Tax Alloc. Bonds (Mission Bay South), Ser. D, 6 5/8s, 8/1/39 BBB 250,000 250,690
Santaluz, Cmnty. Facs. Dist. No. 2 Special Tax Rev. Bonds (Impt. Area No. 1), Ser. B, 6 3/8s, 9/1/30 BBB/P 2,810,000 2,810,478
Sunnyvale, Special Tax Rev. Bonds (Cmnty. Fac. Dist. No. 1), 7 3/4s, 8/1/32 B+/P 835,000 808,497
Thousand Oaks, Cmnty. Fac. Dist. Special Tax Rev. Bonds (Marketplace 94-1), zero %, 9/1/14 B/P 1,720,000 1,356,478
43,352,461
Colorado (2.1%)
CO Hlth. Fac. Auth. Rev. Bonds
     (Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26 BB-/P 425,000 401,510
     (Christian Living Cmntys.), Ser. A, 8 1/4s, 1/1/24 BB-/P 375,000 397,680
     (Evangelical Lutheran), Ser. A, 6 1/8s, 6/1/38 A3 2,045,000 2,053,446
     (Total Longterm Care National), Ser. A, 6 1/4s, 11/15/40 BBB-/F 300,000 302,697
     (Valley View Assn.), 5 1/4s, 5/15/42 BBB+ 3,495,000 3,088,636
CO Pub. Hwy. Auth. Rev. Bonds
     (E-470 Pub. Hwy.), Ser. C1, NATL, 5 1/2s, 9/1/24 Baa1 1,000,000 982,590
     (E-470), Ser. C, 5 3/8s, 9/1/26 Baa2 500,000 477,360
Denver, City & Cnty. Special Fac. Arpt. Rev. Bonds (United Airlines), Ser. A, 5 1/4s, 10/1/32 B 325,000 279,282
Regl. Trans. Dist. Rev. Bonds (Denver Trans. Partners), 6s, 1/15/41 Baa3 750,000 756,165
8,739,366
Connecticut (0.4%)
CT State Dev. Auth. 1st. Mtg. Gross Rev. Hlth. Care Rev. Bonds (Elim Street Park Baptist, Inc.), 5.85s, 12/1/33 BBB+ 650,000 621,875
Hamden, Fac. Rev. Bonds (Whitney Ctr.), Ser. A, 7 3/4s, 1/1/43 BB/P 1,050,000 1,091,223
1,713,098
Delaware (0.7%)
DE St. Econ. Dev. Auth. Rev. Bonds
     (Delmarva Pwr.), 5.4s, 2/1/31 BBB+ 500,000 502,475
     (Indian River Pwr.), 5 3/8s, 10/1/45 Baa3 2,600,000 2,357,940
2,860,415
District of Columbia (1.4%)
DC Rev. Bonds (Howard U.), Ser. A
     6 1/2s, 10/1/41 A3 2,500,000 2,594,100
     6 1/4s, 10/1/32 A3 1,000,000 1,041,840
DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46 B+/F 17,500,000 967,050
Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds (2nd Sr. Lien), Ser. B, zero %, 10/1/40 Baa1 10,000,000 1,398,900
6,001,890
Florida (6.5%)
Double Branch Cmnty. Dev. Dist. Rev. Bonds, Ser. A, 6.7s, 5/1/34 BBB 915,000 924,891
Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/26 BBB 2,000,000 1,904,660
Fishhawk, Cmnty. Dev. Dist. II Rev. Bonds
     Ser. B, 7.04s, 11/1/14 B-/P 15,000 14,786
     Ser. A, 6 1/8s, 5/1/34 B-/P 435,000 421,224
FL Hsg. Fin. Corp. Rev. Bonds, Ser. G, GNMA Coll., FNMA Coll., FHLMC Coll., 5 3/4s, 1/1/37 Aa1 785,000 829,949
Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 3/8s, 6/1/46 A- 4,380,000 4,059,515
Heritage Harbour Marketplace Cmnty., Dev. Dist. Special Assmt. Bonds, 5.6s, 5/1/36 B/P 370,000 303,111
Heritage Harbour, South Cmnty. Dev. Distr. Rev. Bonds, Ser. A, 6 1/2s, 5/1/34 BB+/P 450,000 451,058
Hillsborough Cnty., Indl. Dev. Auth. Poll. Control Mandatory Put Bonds (9/1/13) (Tampa Elec. Co.), Ser. B, 5.15s, 9/1/25 Baa1 400,000 426,356
Jacksonville, Econ. Dev. Comm. Hlth. Care Fac. Rev. Bonds (Proton Therapy Inst.), Class A, 6s, 9/1/17 B/P 450,000 476,456
Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev. Bonds (Gerdau Ameristeel US, Inc.), 5.3s, 5/1/37 BBB- 2,450,000 2,092,691
Lakeland, Retirement Cmnty. Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43 BBB-/F 840,000 755,068
Lee Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds
     (Cypress Cove Hlth. Pk.), Ser. A, 6 3/8s, 10/1/25 BB-/P 1,100,000 882,453
     (Shell Pt./Alliance Oblig. Group), 5 1/8s, 11/15/36 BB 1,075,000 831,233
     (Shell Pt./Alliance Cmnty.), 5s, 11/15/22 BB 1,500,000 1,380,480
Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), Ser. A
     6.8s, 11/15/31 Baa3 500,000 501,385
     6.7s, 11/15/19 Baa3 1,335,000 1,352,582
Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33 BBB+ 2,000,000 1,896,580
Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt. Bonds, 5.7s, 5/1/37 B+/P 945,000 559,005
Reunion West, Cmnty. Dev. Dist. Special Assmt. Bonds, 1 7/8s, 5/1/36 D/P 1,670,000 868,400
Six Mile Creek, Cmnty. Dev. Dist. Rev. Bonds, 5.65s, 5/1/22 CCC/P 1,240,000 396,800
South Lake Hosp. Dist. (South Lake Hosp.), Ser. A, 6s, 4/1/29 Baa2 1,000,000 998,820
Tampa Bay, Cmnty. Dev. Dist. Special Assmt. Bonds (New Port), Ser. A, 5 7/8s, 5/1/38 (In default)(NON) D/P 655,000 209,600
Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds
    (Split Pine Cmnty. Dev. Dist.), Ser. A, 5 1/4s, 5/1/39 B-/P 1,790,000 1,112,467
     6.55s, 5/1/27 B-/P 700,000 467,663
     5.4s, 5/1/37 BB-/P 1,385,000 1,056,561
Verandah, West Cmnty. Dev. Dist. Rev. Bonds (Cap. Impt.), Ser. A, 6 5/8s, 5/1/33 BB/P 445,000 418,420
Verano Ctr. Cmnty. Dev. Dist. Special Assmt. Bonds (Cmnty. Infrastructure)
     Ser. A, 5 3/8s, 5/1/37 B-/P 980,000 630,189
     Ser. B, 5s, 11/1/13 B-/P 590,000 534,068
Village Cmnty. Dev. Dist. No. 8 Special Assmt. Bonds (Dist. No. 8 Phase II), 6 1/8s, 5/1/39 BB-/P 500,000 494,350
27,250,821
Georgia (2.5%)
Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39 A1 2,500,000 2,670,500
Clayton Cnty., Dev. Auth. Special Fac. Rev. Bonds (Delta Airlines), Ser. A, 8 3/4s, 6/1/29 CCC+ 2,000,000 2,321,760
Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist Hlth. Care Syst.), U.S. Govt. Coll., 6 1/4s, 10/1/18 (Escrowed to maturity) AAA 1,690,000 1,996,904
Fulton Cnty., Res. Care Fac. Rev. Bonds (Canterbury Court), Class A, 6 1/8s, 2/15/34 BB/P 600,000 529,806
Gainesville & Hall Cnty., Devauth Retirement Cmnty. Rev. Bonds (Acts Retirement-Life Cmnty.), Ser. A-2, 6 3/8s, 11/15/29 BBB+ 700,000 725,172
Marietta, Dev. Auth. Rev. Bonds (U. Fac. Life U., Inc.), Ser. PJ, 6 1/4s, 6/15/20 Ba3 1,255,000 1,207,862
Med. Ctr. Hosp. Auth. Rev. Bonds (Spring Harbor Green Island), 5 1/4s, 7/1/27 B+/P 575,000 502,286
Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy Paper), Ser. A, 6 1/8s, 1/1/34 B-/P 600,000 557,598
10,511,888
Hawaii (0.8%)
HI Dept. of Trans. Special Fac. Rev. Bonds (Continental Airlines, Inc.), 7s, 6/1/20 B 1,220,000 1,219,829
HI State Dept. Budget & Fin. Rev. Bonds
     (Craigside), Ser. A, 9s, 11/15/44 B/P 400,000 453,340
     (Hawaiian Elec. Co. - Subsidary), 6 1/2s, 7/1/39 Baa1 1,500,000 1,580,340
3,253,509
Illinois (3.4%)
Chicago, Waste Wtr. Transmission VRDN, Ser. C-2, 0.2s, 1/1/39 VMIG1 1,300,000 1,300,000
Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds (Monarch Landing)
     5 5/8s, 3/1/36 BB-/P 350,000 275,825
     5.4s, 3/1/16 BB-/P 165,000 161,918
IL Fin. Auth. Rev. Bonds
     (American Wtr. Cap. Corp.), 5 1/4s, 10/1/39 BBB+ 1,575,000 1,516,646
     (IL Rush U. Med.. Ctr.), Ser. C, 6 5/8s, 11/1/39 A2 1,075,000 1,132,319
     (Landing At Plymouth Place), Ser. A, 5.35s, 5/15/15 B+/P 600,000 587,508
     (Landing At Plymouth Place), Ser. A, 6s, 5/15/25 B+/P 200,000 175,876
     (Navistar Intl. Recvy. Zone), 6 1/2s, 10/15/40 BB- 1,000,000 1,029,860
     (Provena Hlth.), Ser. A, 7 3/4s, 8/15/34 Baa1 1,500,000 1,677,510
     (Roosevelt U.), 6 1/4s, 4/1/29 Baa2 1,500,000 1,561,035
     (Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44 BBB 2,000,000 2,089,700
     (Three Crowns Pk. Plaza), Ser. A, 5 7/8s, 2/15/26 B+/P 1,000,000 957,150
IL Hlth. Fac. Auth. Rev. Bonds
     (Cmnty. Rehab. Providers Fac.), Ser. A, 7 7/8s, 7/1/20 CCC/P 120,246 85,030
     (St. Benedict), Ser. 03A-1, 6.9s, 11/15/33 (In default)(NON) D/P 500,000 155,000
     (Elmhurst Memorial Hlth. Care), 5 5/8s, 1/1/28 Baa1 550,000 517,143
Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28 A- 1,050,000 1,082,120
14,304,640
Indiana (2.4%)
IN State Fin. Auth. VRDN
     Ser. A-3, 0.3s, 2/1/37 VMIG1 1,000,000 1,000,000
     Ser. A-1, 0.19s, 2/1/39 Aa2 1,500,000 1,500,000
     Ser. A-2, 0.19s, 2/1/37 VMIG1 400,000 400,000
IN State Fin. Auth. Edl. Fac. VRDN, Ser. A-1, 0.19s, 2/1/37 VMIG1 400,000 400,000
Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 5.1s, 1/15/17 Baa2 3,500,000 3,868,795
Jasper Cnty., Indl. Poll. Control Rev. Bonds
     AMBAC, 5.7s, 7/1/17 Baa2 1,125,000 1,254,184
     NATL, 5.6s, 11/1/16 Baa1 700,000 779,408
     Ser. A, NATL, 5.6s, 11/1/16 Baa1 500,000 556,720
St. Joseph Cnty., Econ. Dev. Rev. Bonds (Holy Cross Village Notre Dame), Ser. A, 5 3/4s, 5/15/15 B/P 455,000 461,739
10,220,846
Iowa (1.9%)
IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives), Ser. A
     5 1/4s, 7/1/17 BB+ 1,040,000 1,014,198
     5s, 7/1/19 BB+ 2,750,000 2,513,748
     5 1/2s, 7/1/25 BB+ 950,000 813,210
IA Fin. Auth. Retirement Cmnty. Rev. Bonds (Friendship Haven), Ser. A
     6 1/8s, 11/15/32 BB/P 750,000 711,945
     6s, 11/15/24 BB/P 200,000 199,996
IA State Higher Ed. Loan Auth. Rev. Bonds, 5s, 10/1/22 BB/F 800,000 719,240
Orange Cnty., Hosp. Rev. Bonds, 5 1/2s, 9/1/27 BB-/P 1,250,000 1,112,663
Tobacco Settlement Auth. of IA Rev. Bonds, Ser. C, 5 3/8s, 6/1/38 BBB 1,250,000 944,825
8,029,825
Kansas (0.1%)
Lenexa, Hlth. Care Fac. Rev. Bonds (LakeView Village), 7 1/8s, 5/15/29 BB/P 500,000 470,940
470,940
Kentucky (0.9%)
KY Econ. Dev. Fin. Auth. Rev. Bonds
     (First Mtge.), Ser. IA, 8s, 1/1/29 B+/P 273,000 274,510
     (Masonic Home Indpt. Living II), 7 1/4s, 5/15/41 Aa2 500,000 496,300
     (Masonic Home Indpt. Living II), 7s, 5/15/30 Aa2 500,000 504,855
KY Econ. Dev. Fin. Auth. Hlth. Syst. Rev. Bonds (Norton Hlth. Care), Ser. A, 6 1/2s, 10/1/20 A-/F 1,040,000 1,045,314
Louisville/Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/28 Baa3 500,000 517,580
Owen Cnty., Wtr. Wks. Syst. Rev. Bonds (American Wtr. Co.), Ser. A, 6 1/4s, 6/1/39 BBB+ 700,000 732,515
3,571,074
Louisiana (0.8%)
Rapides, Fin. Auth. FRB (Cleco Pwr.), AMBAC, 4.7s, 11/1/36 Baa2 750,000 608,145
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 01-B, 5 7/8s, 5/15/39 A- 2,700,000 2,694,222
3,302,367
Maine (0.8%)
ME Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (ME Gen. Med. Ctr.), 7 1/2s, 7/1/32 Baa3 1,000,000 1,063,880
Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26 B2 2,500,000 2,227,000
3,290,880
Maryland (1.6%)
Baltimore Cnty., Rev. Bonds (Oak Crest Village, Inc. Fac.), Ser. A, 5s, 1/1/37 BBB+ 2,000,000 1,764,420
MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22 A 550,000 636,185
MD State Hlth. & Higher Edl. Fac. Auth. Rev. Bonds
     (WA Cnty. Hosp.), 5 3/4s, 1/1/38 BBB- 450,000 433,427
     (King Farm Presbyterian Cmnty.), Ser. A, 5 1/4s, 1/1/27 B/P 710,000 578,877
MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 3/8s, 12/1/14 BBB+/F 1,000,000 1,045,560
MD State Indl. Dev. Fin. Auth. Econ. Dev. Rev. Bonds (Our Lady of Good Counsel School), Ser. A, 6s, 5/1/35 BB-/P 400,000 398,452
Westminster, Econ. Dev. Rev. Bonds (Carroll Lutheran Village), Ser. A
     6 1/4s, 5/1/34 BB/P 600,000 507,750
     5 7/8s, 5/1/21 BB/P 1,600,000 1,462,560
6,827,231
Massachusetts (9.8%)
Boston, Indl. Dev. Fin. Auth. Rev. Bonds (Springhouse, Inc.), 6s, 7/1/28 BB-/P 1,600,000 1,408,160
MA Dev. Fin. Agcy. Sr. Living Fac. Rev. Bonds, Ser. B1, 7 1/4s, 6/1/16 BB-/P 2,000,000 2,000,100
MA Edl. Fin. Auth. Rev. Bonds, Ser. B, 5 1/2s, 1/1/23 AA 915,000 935,340
MA State Dev. Fin. Agcy. Rev. Bonds
     (Boston Biomedical Research), 5 3/4s, 2/1/29 Ba1 1,000,000 896,340
     (First Mtge. - Orchard Cove), 5s, 10/1/19 BB/P 550,000 504,543
     (Linden Ponds, Inc. Fac.), Ser. A, 5 3/4s, 11/15/42 D/P 1,200,000 660,000
     (Linden Ponds, Inc.), Ser. A, 5 1/2s, 11/15/22 D/P 390,000 214,500
     (Linden Ponds, Inc.), Ser. A, 5 3/4s, 11/15/35 D/P 755,000 415,250
     (Sabis Intl.), Ser. A, 8s, 4/15/39 BBB 690,000 763,195
     (Wheelock College), Ser. C, 5 1/4s, 10/1/29 BBB 1,700,000 1,686,128
MA State Dev. Fin. Agcy. Hlth. Care Fac. Rev. Bonds (Adventcare), Ser. A, 6.65s, 10/15/28 B/P 1,050,000 997,364
MA State Dev. Fin. Agcy. Solid Waste Disp. Mandatory Put Bonds ( 5/1/19) (Dominion Energy Brayton), Ser. 1, 5 3/4s, 12/1/42 A- 1,050,000 1,144,973
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
     (Baystate Med. Ctr.), Ser. F, 5.7s, 7/1/27 A+ 1,000,000 1,003,720
     (Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36 A+ 1,500,000 1,480,365
     (Civic Investments/HPHC), Ser. A, 9s, 12/15/15 (Prerefunded 12/15/12) AAA/P 1,975,000 2,200,427
     (Emerson Hosp.), Ser. E, Radian Insd., 5s, 8/15/25 BB/P 1,500,000 1,334,175
     (Fisher College), Ser. A, 5 1/8s, 4/1/37 BBB- 250,000 212,283
     (Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33 BB- 2,550,000 2,481,227
     (Milford Regl. Med.), Ser. E, 5s, 7/15/22 Baa3 2,200,000 2,176,196
     (Norwood Hosp.), Ser. C, 7s, 7/1/14 (Escrowed to maturity) BB/P 1,185,000 1,331,750
     (Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON) D/P 1,700,000 1,377,000
     (Springfield College), 5 1/2s, 10/15/26 Baa1 1,500,000 1,544,745
     (Springfield College), 5 1/2s, 10/15/31 Baa1 1,100,000 1,108,558
     (Suffolk U.), Ser. A, 5 3/4s, 7/1/39 Baa2 950,000 931,827
     (Suffolk U.), Ser. A, 6 1/4s, 7/1/30 Baa2 1,000,000 1,070,010
     (UMass Memorial), Ser. C, 6 1/2s, 7/1/21 A- 3,450,000 3,454,347
     (UMass Memorial), Ser. C, 6 5/8s, 7/1/32 A- 2,225,000 2,226,268
MA State Indl. Fin. Agcy. Rev. Bonds (1st Mtge. Berkshire Retirement), Ser. A, 6 5/8s, 7/1/16 BBB 1,560,000 1,565,398
MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41 A 750,000 738,120
Metro. Boston Trans. Pkg. Corp. Rev. Bonds
     (Systemwide Pkg.), 5 1/4s, 7/1/33 A1 1,500,000 1,557,480
     5s, 7/1/41 A1 1,500,000 1,474,785
40,894,574
Michigan (4.5%)
Detroit, G.O. Bonds (Cap. Impt.), Ser. A-1, 5s, 4/1/15 BB 950,000 873,829
Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36 AA+ 1,660,000 1,805,416
Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 6s, 7/1/20 Ba1 1,035,000 1,032,112
Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden City Hosp.), Ser. A, 5 3/4s, 9/1/17 Ba3 450,000 449,982
MI State Bldg. Auth. Rev. Bonds, Ser. II-A, 5 3/8s, 10/15/36 Aa3 550,000 558,371
MI State Hosp. Fin. Auth. Rev. Bonds
     Ser. A, 6 1/8s, 6/1/39 A1 2,000,000 2,059,240
     (Henry Ford Hlth.), 5 3/4s, 11/15/39 A1 1,600,000 1,600,880
     (Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46 A1 2,565,000 2,285,338
     (Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/25 (Prerefunded 5/15/15) AAA 755,000 868,054
MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Cadillac Place Office Bldg.), 5 1/4s, 10/15/26 A1 1,250,000 1,297,925
MI State Strategic Fund, Ltd. Rev. Bonds (Worthington Armstrong Venture), U.S. Govt. Coll., 5 3/4s, 10/1/22 (Escrowed to maturity) AAA/P 1,350,000 1,601,100
MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/48 BB 4,000,000 2,960,560
Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp.), 5 1/2s, 6/1/20 Baa3 1,480,000 1,484,233
18,877,040
Minnesota (2.2%)
Douglas Cnty., Gross Hlth. Care Fac. Rev. Bonds (Douglas Cnty. Hosp.), Ser. A, 6 1/4s, 7/1/34 BBB- 3,000,000 3,101,640
Duluth, Econ. Dev. Auth. Hlth. Care Fac. Rev. Bonds (BSM Properties, Inc.), Ser. A, 5 7/8s, 12/1/28 B+/P 115,000 97,717
Inver Grove Heights, Nursing Home Rev. Bonds (Presbyterian Homes Care), 5 3/8s, 10/1/26 B/P 700,000 654,136
North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39 BB/P 315,000 312,669
Northfield, Hosp. Rev. Bonds, 5 3/8s, 11/1/26 BBB- 750,000 758,633
Rochester, Hlth. Care Fac. Rev. Bonds (Olmsted Med. Ctr.), 5 7/8s, 7/1/30 BBB/F 1,000,000 980,380
Sauk Rapids Hlth. Care & Hsg. Fac. Rev. Bonds (Good Shepherd Lutheran Home)
     7 1/2s, 1/1/39 B+/P 500,000 501,620
     6s, 1/1/34 B+/P 400,000 342,240
St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast)
     6s, 11/15/35 Ba1 1,350,000 1,312,889
     Ser. B, 5.85s, 11/1/17 Ba1 250,000 250,180
St. Paul, Port Auth. Lease Rev. Bonds (Regions Hosp. Pkg. Ramp), Ser. 1, 5s, 8/1/36 BBB+/P 1,125,000 914,299
9,226,403
Mississippi (1.4%)
MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst. Energy Resources, Inc.), 5.9s, 5/1/22 BBB 3,630,000 3,637,369
MS Home Corp. Rev. Bonds (Single Fam. Mtge.), Ser. B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33 Aaa 540,000 566,719
Warren Cnty., Gulf Opportunity Zone (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32 BBB 1,600,000 1,737,535
5,941,623
Missouri (1.2%)
Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5 1/2s, 6/1/16 A+ 1,000,000 1,045,920
Kansas City, Indl. Dev. Auth. Hlth. Fac. Rev. Bonds (First Mtge. Bishop Spencer), Ser. A, 6 1/2s, 1/1/35 B/P 2,000,000 1,859,540
MO State Hlth. & Edl. Fac. Auth. VRDN (Washington U. (The)), Ser. A, 0.3s, 9/1/30 VMIG1 600,000 600,000
MO State Hsg. Dev. Comm. Mtge. Rev. Bonds
     (Single Fam. Homeowner Loan), Ser. A-1, GNMA Coll, FNMA Coll, 7 1/2s, 3/1/31 AAA 90,000 93,635
     (Single Fam. Homeowner Loan), Ser. B-1, GNMA Coll., FNMA Coll., 7.45s, 9/1/31 AAA 165,000 169,896
     (Single Fam. Home Ownership Loan), Ser. A-1, GNMA Coll., FNMA Coll., 6 3/4s, 3/1/34 AAA 250,000 264,075
St. Louis Arpt. Rev. Bonds (Lambert-St. Louis Intl.), Ser. A-1, 6 5/8s, 7/1/34 A- 1,000,000 1,052,980
5,086,046
Montana (1.1%)
Forsyth, Poll. Control VRDN (Pacific Corp.), 0.18s, 1/1/18 P-1 500,000 500,000
MT Fac. Fin. Auth. Rev. Bonds (Sr. Living St. John's Lutheran), Ser. A, 6s, 5/15/25 B+/P 500,000 457,415
MT Fac. Fin. Auth. VRDN (Sisters of Charity), Ser. A, 0.2s, 12/1/25 VMIG1 3,560,000 3,560,000
4,517,415
Nebraska (0.6%)
Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18 Ba3 1,500,000 1,548,660
Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 1/2s, 1/1/30 A-/F 1,000,000 1,040,210
2,588,870
Nevada (2.4%)
Clark Cnty., Impt. Dist. Special Assmt. Bonds
     (Summerlin No. 151), 5s, 8/1/16 BB-/P 990,000 881,635
     (Summerlin No. 142), 6 3/8s, 8/1/23 BB/P 920,000 929,964
     (Summerlin No. 151), 5s, 8/1/20 BB-/P 420,000 331,552
Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas Corp.), Ser. C, AMBAC, 5.95s, 12/1/38 Baa2 5,000,000 5,010,000
Clark Cnty., Local Impt. Dist. Special Assmt. Bonds (No. 142), 6.1s, 8/1/18 BB/P 240,000 248,011
Henderson, Local Impt. Dist. Special Assmt. Bonds
     (No. T-17), 5s, 9/1/18 BB+/P 370,000 352,584
     (No. T-18), 5s, 9/1/16 CCC/P 1,920,000 1,209,600
Las Vegas, Local Impt. Board Special Assmt. (Dist. No. 607), 5.9s, 6/1/18 BB/P 1,160,000 1,100,562
10,063,908
New Hampshire (1.0%)
NH Hlth. & Ed. Fac. Auth. Rev. Bonds
     (Huntington at Nashua), Ser. A, 6 7/8s, 5/1/33 BB-/P 600,000 600,840
     (Kendal at Hanover), Ser. A, 5s, 10/1/18 BBB+ 1,875,000 1,928,944
NH State Bus. Fin. Auth. Rev. Bonds (Elliot Hosp. Oblig. Group), Ser. A, 6s, 10/1/27 Baa1 1,700,000 1,719,499
4,249,283
New Jersey (6.7%)
Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds (The Evergreens), 5 5/8s, 1/1/38 BB+/P 1,000,000 848,080
NJ Econ. Dev. Auth. Rev. Bonds
     (Cedar Crest Village, Inc.), Ser. A, U.S. Govt. Coll., 7 1/4s, 11/15/31 (Prerefunded 11/15/11) AAA/F 1,250,000 1,287,438
     (Cigarette Tax), 5 1/2s, 6/15/24 BBB 4,000,000 3,891,960
     (Cigarette Tax), 5 3/4s, 6/15/29 BBB 1,000,000 988,930
     (First Mtge. Lions Gate), Ser. A, 5 7/8s, 1/1/37 B/P 430,000 366,597
     (First Mtge. Presbyterian Home), Ser. A, 6 3/8s, 11/1/31 BB/P 500,000 425,740
     (MSU Student Hsg. - Provident Group - Montclair LLC), 5 3/8s, 6/1/25 Baa3 2,000,000 1,973,940
     (Newark Arpt. Marriott Hotel), 7s, 10/1/14 Ba1 2,400,000 2,405,855
     (United Methodist Homes), Ser. A-1, 6 1/4s, 7/1/33 BB+ 1,000,000 939,890
NJ Econ. Dev. Auth. Retirement Cmnty. Rev. Bonds (Seabrook Village, Inc.), 5 1/4s, 11/15/36 BB-/P 860,000 733,004
NJ Econ. Dev. Auth. Solid Waste Mandatory Put Bonds (6/1/14) (Disp. Waste Mgt.), 5.3s, 6/1/15 BBB 1,750,000 1,905,942
NJ Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
     Ser. A, 5.7s, 10/1/39 A2 2,600,000 2,574,572
     Ser. D, 4 7/8s, 11/1/29 A2 700,000 696,185
NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds
     (Atlantic City Med.), 5 3/4s, 7/1/25 A1 695,000 707,246
     (Holy Name Hosp.), 5s, 7/1/36 Baa2 2,500,000 2,088,525
     (St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38 BBB- 2,250,000 2,285,280
     (St. Peter's U. Hosp.), 6 1/4s, 7/1/35(FWC) Baa3 2,000,000 1,994,940
     (United Methodist Homes), Ser. A, 5 3/4s, 7/1/29 BB+ 2,250,000 2,026,642
28,140,766
New Mexico (1.5%)
Farmington, Poll. Control Rev. Bonds
     (Public Service Co. of NM San Juan), Ser. D, 5.9s, 6/1/40 Baa3 500,000 495,845
     (San Juan), Ser. B, 4 7/8s, 4/1/33 Baa3 4,500,000 3,949,695
     (AZ Pub. Svc. Co.), Ser. B, 4.7s, 9/1/24 Baa2 2,000,000 1,976,840
6,422,380
New York (9.8%)
Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, 6 3/4s, 7/1/28 B/P 600,000 596,964
Huntington, Hsg. Auth. Sr. Hsg. Fac. Rev. Bonds (Gurwin Jewish Sr. Residence), Ser. A,
     6s, 5/1/29 B+/P 750,000 704,010
     6s, 5/1/39 B+/P 500,000 444,090
Livingston Cnty., Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Nicholas H. Noyes Memorial Hosp.), 5 3/4s, 7/1/15 BB 1,610,000 1,604,784
Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds (Keyspan-Glenwood), 5 1/4s, 6/1/27 A- 2,775,000 2,733,763
Niagara Cnty., Indl. Dev. Agcy. Mandatory Put Bonds (11/15/12) (Solid Waste Disp.), Ser. A, 5.45s, 11/15/26 Baa2 500,000 507,285
NY City, Indl. Dev. Agcy. Rev. Bonds (Liberty-7 World Trade Ctr.)
     Ser. B, 6 3/4s, 3/1/15 BB/P 200,000 202,268
     Ser. A, 6 1/4s, 3/1/15 BB/P 2,775,000 2,798,947
NY City, Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Staten Island U. Hosp.), Ser. A, 6 3/8s, 7/1/31 Baa3 730,000 731,891
NY City, Indl. Dev. Agcy. Special Arpt. Fac. Rev. Bonds (Airis JFK I, LLC), Ser. A, 5 1/2s, 7/1/28 BBB- 1,300,000 1,129,245
NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds
     (American Airlines - JFK Intl. Arpt.), 7 1/2s, 8/1/16 B- 5,975,000 6,190,398
     (British Airways PLC), 5 1/4s, 12/1/32 BB- 3,425,000 2,814,871
     (Jetblue Airways Corp.), 5s, 5/15/20 B- 325,000 293,134
NY City, Muni. Wtr. & Swr. Fin. Auth., Rev. Bonds 5s, 6/15/31(T) AA+ 10,000,000 10,633,564
NY State Dorm. Auth. Rev. Bonds (Winthrop-U. Hosp. Assn.), Ser. A, 5 1/2s, 7/1/32 Baa1 900,000 902,538
NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37 Ba1 725,000 698,675
NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26 A3 3,800,000 3,845,448
Port Auth. NY & NJ Special Oblig. Rev. Bonds
     (Kennedy Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19 BB+/P 200,000 186,896
     (Kennedy Intl. Arpt. - 4th Installment), 6 3/4s, 10/1/11 BB+/P 200,000 200,682
     (JFK Intl. Air Term.), 6s, 12/1/42 Baa3 1,000,000 1,015,600
Seneca Cnty., Indl. Dev. Agcy. Solid Waste Disp. Mandatory Put Bonds (10/1/13) (Seneca Meadows, Inc.), 6 5/8s, 10/1/35 BB- 670,000 671,930
Suffolk Cnty., Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Southampton Hosp. Assn.), Ser. A, 7 1/4s, 1/1/30 B-/P 1,250,000 1,249,813
Syracuse, Indl. Dev. Agcy. Rev. Bonds (1st Mtge. - Jewish Home), Ser. A, 7 3/8s, 3/1/21 B+/P 800,000 759,248
40,916,044
North Carolina (1.9%)
NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24 A- 750,000 871,718
NC Hsg. Fin. Agcy. FRB (Homeownership), Ser. 26, Class A, 5 1/2s, 1/1/38 Aa2 520,000 530,915
NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
     (Presbyterian Homes), 5.4s, 10/1/27 BB/P 2,000,000 1,855,280
     (First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22 BB/P 1,110,000 1,097,545
NC Med. Care Comm. Retirement Fac. Rev. Bonds
     (Carolina Village), 6s, 4/1/38 BB/P 500,000 442,105
     (First Mtge.), Ser. A-05, 5 1/2s, 10/1/35 BB+/P 1,730,000 1,463,026
     (First Mtge.), Ser. A-05, 5 1/4s, 10/1/25 BB+/P 700,000 631,743
     (Forest at Duke), 5 1/8s, 9/1/27 BBB+/F 1,000,000 974,840
7,867,172
Ohio (7.0%)
American Muni. Pwr. - Ohio, Inc. Rev. Bonds, 5 1/4s, 2/15/33(T) AA+ 10,000,000 10,239,259
Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A-2
     5 7/8s, 6/1/30 Baa3 3,340,000 2,609,074
     5 3/4s, 6/1/34 Baa3 3,500,000 2,649,884
     5 1/8s, 6/1/24 Baa3 990,000 801,831
Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), 5 5/8s, 8/15/32 A- 2,825,000 2,738,612
Franklin Cnty., Hlth. Care Fac. Rev. Bonds (Presbyterian Svcs.), Ser. A, 5 5/8s, 7/1/26 BBB 2,750,000 2,678,170
Hickory Chase, Cmnty. Auth. Infrastructure Impt. Rev. Bonds (Hickory Chase), 7s, 12/1/38 BB-/P 700,000 458,367
Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 5 5/8s, 8/15/29 Baa1 1,530,000 1,481,988
Lorain Cnty., Port Auth. Recovery Zone Fac. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 12/1/40 Ba2 1,000,000 1,034,110
OH State Air Quality Dev. Auth. Rev. Bonds (Valley Elec. Corp.), Ser. E, 5 5/8s, 10/1/19 Baa3 1,300,000 1,385,176
OH State Higher Edl. Fac. Comm. Rev. Bonds
    (Kenyon College), 5s, 7/1/44 A1 800,000 756,832
    (U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39 A2 2,000,000 2,085,160
Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX Transn, Inc.), 6.45s, 12/15/21 Baa3 500,000 559,780
29,478,243
Oklahoma (1.3%)
OK Hsg. Fin. Agcy. Single Fam. Rev. Bonds (Homeownership Loan), Ser. B, 5.35s, 3/1/35 Aaa 1,805,000 1,883,841
OK Hsg. Fin. Agcy. Single Family Mtge. Rev. Bonds (Homeownership Loan), Ser. C, GNMA Coll., FNMA Coll., 5.95s, 3/1/37 Aaa 1,625,000 1,715,431
Tulsa Cnty., Indl. Auth. Rev. Bonds (Sr. Living Cmnty. Montereau, Inc.), Ser. A
     7 1/8s, 11/1/30 BB-/P 1,250,000 1,302,163
     6 7/8s, 11/1/23 BB-/P 500,000 518,650
5,420,085
Oregon (0.9%)
Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), 6 1/2s, 12/1/29 BB-/P 3,100,000 3,107,532
Warm Springs Reservation, Confederated Tribes Rev. Bonds (Pelton Round Butte Tribal), Ser. B, 6 3/8s, 11/1/33 A3 700,000 714,518
3,822,050
Pennsylvania (6.6%)
Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds (Robert Morris U.), Ser. A, 5 1/2s, 10/15/30 Baa3 1,000,000 1,002,060
Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Hlth. Syst.-West PA), Ser. A, 5 3/8s, 11/15/40 B+ 2,905,000 2,452,603
Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 11/1/24 Ba2 2,000,000 2,141,820
Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev. Bonds (Ann's Choice, Inc.), Ser. A
     6 1/8s, 1/1/25 BB/P 1,160,000 1,126,418
     5.3s, 1/1/14 BB/P 690,000 702,296
     5.2s, 1/1/13 BB/P 1,000,000 1,015,440
     5.1s, 1/1/12 BB/P 400,000 402,308
Cumberland Cnty., Muni. Auth. Rev. Bonds
     (Presbyterian Homes Oblig.), Ser. A, 5.45s, 1/1/21 BBB+ 550,000 552,712
     (Presbyterian Homes), Ser. A, 5.35s, 1/1/20 BBB+ 515,000 518,239
Delaware Cnty., Indl. Dev. Auth. Resource Recvy. Rev. Bonds, Ser. A, 6.1s, 7/1/13 Ba1 230,000 230,202
Lancaster Cnty., Hosp. Auth. Rev. Bonds (Brethren Village), Ser. A, 6 3/8s, 7/1/30 BB-/P 625,000 626,931
Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant View Retirement), Ser. A, 5.3s, 12/15/26 BB/P 1,800,000 1,604,753
Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds (Susquehanna Hlth. Syst.), Ser. A, 5 3/4s, 7/1/39 BBB+ 3,000,000 2,867,580
Montgomery Cnty., Indl. Auth. Resource Recvy. Rev. Bonds (Whitemarsh Cont. Care), 6 1/4s, 2/1/35 B-/P 1,100,000 920,700
Northampton Cnty., Hosp. Auth. Mandatory Put Bonds (8/15/16) (Saint Luke's Hosp.), Ser. C, 4 1/2s, 8/15/32 A3 1,500,000 1,571,475
PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Allegheny Energy Supply Co.), 7s, 7/15/39 Baa3 2,000,000 2,165,600
PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds (Colver), Ser. F, AMBAC, 5s, 12/1/15 BBB- 1,650,000 1,643,549
PA State Higher Edl. Fac. Auth. Rev. Bonds
     (Shippensburg U.), 6 1/4s, 10/1/43 Baa3 500,000 507,080
     (Edinboro U. Foundation), 5.8s, 7/1/30 Baa3 1,000,000 1,001,320
     (Widener U.), 5.4s, 7/15/36 BBB+ 1,000,000 1,002,900
Philadelphia, Auth. for Indl. Dev. Rev. Bonds (Master Charter School), 6s, 8/1/35 BBB+ 600,000 610,416
Philadelphia, Gas Wks. Rev. Bonds, Ser. 9, 5s, 8/1/30 BBB+ 1,000,000 993,940
Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Graduate Hlth. Syst.), 7 1/4s, 7/1/12 (In default)(NON) D/P 2,707,789 271
Scranton, G.O. Bonds, Ser. C, 7.1s, 9/1/31 (Prerefunded 9/1/11) AAA/P 750,000 754,020
Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A, 6 1/2s, 1/1/38 Baa3 500,000 485,850
Wilkes-Barre, Fin. Auth. (Wilkes U.), 5s, 3/1/22 BBB 560,000 574,487
27,474,970
Puerto Rico (3.5%)
Cmnwlth. of PR, G.O. Bonds
     Ser. C, 6 1/2s, 7/1/40 A3 2,000,000 2,144,800
     Ser. A, FGIC, 5 1/2s, 7/1/21 A3 1,000,000 1,059,510
     (Pub. Impt.), Ser. A, NATL, 5 1/2s, 7/1/20 A3 1,000,000 1,062,140
     (Pub. Impt.), Ser. E, 5 3/8s, 7/1/30 A3 3,000,000 3,003,270
Cmnwlth. of PR, Aqueduct & Swr. Auth. Rev. Bonds, Ser. A
     6s, 7/1/44 Baa1 1,200,000 1,203,287
     6s, 7/1/38 Baa1 1,000,000 1,004,420
Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds
     Ser. N, 5 1/2s, 7/1/25 A3 1,000,000 1,031,400
     Ser. L, AMBAC, 5 1/4s, 7/1/38 A3 1,845,000 1,677,234
Cmnwlth. of PR, Indl. Tourist Edl. Med. & Env. Control Facs. Rev. Bonds (Cogen. Fac.-AES), 6 5/8s, 6/1/26 Baa3 1,000,000 1,001,050
Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A, zero %, 8/1/30 A1 5,000,000 1,536,350
14,723,461
Rhode Island (0.4%)
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/8s, 6/1/32 BBB 1,490,000 1,491,922
1,491,922
South Carolina (1.4%)
Georgetown Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/30 BBB 1,135,000 1,059,761
Orangeburg Cnty., Solid Waste Disp. Fac. Rev. Bonds (SC Elec. & Gas), AMBAC, 5.7s, 11/1/24 A 2,500,000 2,506,324
SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A, 6 1/2s, 8/15/32 (Prerefunded 8/15/12) AAA 1,250,000 1,331,250
SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds (Palmetto Hlth.), Ser. C
     6s, 8/1/20 (Prerefunded 8/1/13) Baa1 890,000 985,141
     U.S. Govt. Coll., 6s, 8/1/20 (Prerefunded 8/1/13) Baa1 110,000 121,759
6,004,235
South Dakota (0.5%)
SD Edl. Enhancement Funding Corp. SD Tobacco Rev. Bonds, Ser. B, 6 1/2s, 6/1/32 BBB 2,000,000 2,033,440
2,033,440
Tennessee (0.6%)
Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38 Baa1 1,450,000 1,478,957
Johnson City, Hlth. & Edl. Facs. Board Retirement Fac. Rev. Bonds (Appalachian Christian Village), Ser. A, 6 1/4s, 2/15/32 BB-/P 1,000,000 908,820
2,387,777
Texas (12.6%)
Abilene, Hlth. Fac. Dev. Corp. Rev. Bonds (Sears Methodist Retirement)
     Ser. A, 7s, 11/15/33 B+/P 600,000 509,526
     5 7/8s, 11/15/18 B+/P 915,000 842,221
     Ser. A, 5 7/8s, 11/15/18 B+/P 18,000 16,568
     6s, 11/15/29 B+/P 1,450,000 1,133,145
Alliance, Arpt. Auth. Rev. Bonds (American Airlines, Inc.), 5 1/4s, 12/1/29 CCC+ 850,000 573,113
Brazos River, Auth. Poll. Control Rev. Bonds (TXU Energy Co., LLC)
     Ser. D-1, 8 1/4s, 5/1/33 Ca 1,000,000 412,590
     5s, 3/1/41 Ca 1,500,000 401,550
Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38 BBB 2,200,000 2,255,044
Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Rev. Bonds (American Airlines, Inc.)
     6 3/8s, 5/1/35 CCC+ 1,000,000 748,880
     5 1/2s, 11/1/30 CCC+ 500,000 345,710
Gulf Coast, Waste Disp. Auth. Rev. Bonds, Ser. A, 6.1s, 8/1/24 BBB 450,000 456,926
Houston, Arpt. Syst. Rev. Bonds
     (Continental Airlines, Inc.), Ser. C, 5.7s, 7/15/29 B3 6,185,000 5,485,477
     (Continental Airlines, Inc.), Ser. E, 6 3/4s, 7/1/29 B3 4,790,000 4,790,861
     (Continental Airlines, Inc.), Ser. E, 7s, 7/1/29 B3 500,000 501,130
     (Special Fac. - Continental Airlines, Inc.), Ser. E, 6 3/4s, 7/1/21 B3 1,600,000 1,602,096
     Ser. A, 5s, 7/1/24 A 1,500,000 1,512,780
La Vernia, Higher Ed. Fin. Corp. Rev. Bonds
     (Kipp Inc.), Ser. A, 6 3/8s, 8/15/44 BBB 1,100,000 1,129,480
     (Kipp, Inc.), Ser. A, 6 1/4s, 8/15/39 BBB 300,000 306,633
Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40 Baa3 3,500,000 3,310,020
Matagorda Cnty., Poll. Control Rev. Bonds
     (Cent Pwr. & Light Co.), Ser. A, 6.3s, 11/1/29 Baa2 1,000,000 1,045,660
     (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30 Baa2 1,250,000 1,145,100
Mission, Econ. Dev. Corp. Solid Waste Disp. Rev. Bonds (Allied Waste N.A. Inc.), Ser. A, 5.2s, 4/1/18 BBB 900,000 914,013
North TX, Thruway Auth. Rev. Bonds
     Ser. A, 6s, 1/1/25 A2 1,000,000 1,090,820
     (Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38 A3 1,750,000 1,761,077
North TX, Thruway Auth. stepped-coupon Rev. Bonds, zero %, (6.5s, 1/1/15) 2043(STP) A2 3,000,000 2,537,910
Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21 Baa2 1,950,000 1,976,852
Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds
     (Sr. Living Ctr.), Ser. A, 8 1/4s, 11/15/39 B+/P 4,000,000 4,080,720
     (Buckner Retirement Svcs., Inc.), 5 1/4s, 11/15/37 A- 900,000 860,418
     (Air Force Village), 5 1/8s, 5/15/27 BBB/F 4,000,000 3,638,160
Tomball, Hosp. Auth. Rev. Bonds (Tomball Regl. Hosp.), 6s, 7/1/29 Ba1 1,640,000 1,375,534
TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5 1/4s, 12/15/24 A2 2,000,000 1,962,240
TX Private Activity Surface Trans. Corp. Rev. Bonds
     (NTE Mobility), 7 1/2s, 12/31/31 Baa2 2,000,000 2,233,520
     (LBJ Infrastructure), 7s, 6/30/40 Baa3 1,000,000 1,065,320
TX State Dept. of Hsg. & Cmnty. Affairs Rev. Bonds, Ser. C, GNMA/FNMA Coll., 6.9s, 7/2/24 AAA 500,000 531,210
52,552,304
Utah (1.2%)
Carbon Cnty., Solid Waste Disp. Rev. Bonds (Laidlaw Env.), Ser. A, 7.45s, 7/1/17 B+/P 600,000 600,552
Murray City, Hosp. Rev. VRDN (IHC Hlth. Svcs., Inc.), Ser. A, 0.2s, 5/15/37 VMIG1 3,000,000 3,000,000
Tooele Cnty., Harbor & Term. Dist. Port Fac. Rev. Bonds (Union Pacific), Ser. A, 5.7s, 11/1/26 BBB+ 1,500,000 1,512,045
5,112,597
Vermont (0.1%)
VT Hsg. Fin. Agcy. Rev. Bonds (Single Fam.), Ser. 23, AGM, 5s, 5/1/34 AA+ 310,000 313,047
313,047
Virginia (1.9%)
Albemarle Cnty., Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury), 5s, 1/1/24 B+/P 600,000 588,564
Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds
     (United Methodist), Ser. A, 6.7s, 6/1/27 BB+/P 295,000 297,109
     (United Methodist), Ser. A, 6.7s, 6/1/27 (Prerefunded 6/1/12) BB+/P 105,000 110,325
     (United Methodist), Ser. A, 6 1/2s, 6/1/22 BB+/P 565,000 570,091
     (Westminster-Canterbury), 5s, 10/1/22 BBB 1,000,000 1,015,830
James Cnty., Indl. Dev. Auth. Rev. Bonds (Williamsburg), Ser. A, 6 1/8s, 3/1/32 BB-/P 1,500,000 1,433,295
Lynchburg, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury)
     5s, 7/1/31 BB/P 1,250,000 1,087,462
     4 7/8s, 7/1/21 BB/P 1,000,000 950,490
Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Mountain States Hlth. Alliance), Ser. C, 7 3/4s, 7/1/38 Baa1 1,700,000 1,907,060
7,960,226
Washington (1.9%)
Skagit Cnty., Pub. Hosp. Rev. Bonds (Dist. No. 001), 5 3/4s, 12/1/35 Baa2 2,500,000 2,365,374
Tobacco Settlement Auth. of WA Rev. Bonds
     6 5/8s, 6/1/32 BBB 2,385,000 2,414,693
     6 1/2s, 6/1/26 BBB 460,000 467,369
WA State Higher Ed. Fac. Auth. Rev. Bonds (Whitworth U.), 5 5/8s, 10/1/40 Baa1 400,000 383,668
WA State Hlth. Care Fac. Auth. Rev. Bonds
     (WA Hlth. Svcs.), 7s, 7/1/39 Baa2 1,000,000 1,028,600
     (Kadlec Med. Ctr.), 5 1/2s, 12/1/39 Baa2 1,500,000 1,390,605
8,050,309
West Virginia (1.1%)
Mason Cnty., Poll. Control (Appalachian Pwr. Co. Project), Ser. L, 5 1/2s, 10/1/11 Baa2 725,000 725,450
Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn., Inc.), 6.1s, 5/1/29 BBB- 3,075,000 3,015,929
WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43 B/P 735,000 710,620
4,451,999
Wisconsin (2.7%)
Badger, Tobacco Settlement Asset Securitization Corp. Rev. Bonds
     7s, 6/1/28 (Prerefunded 6/1/12) Aaa 3,000,000 3,167,340
     6 3/8s, 6/1/32 (Prerefunded 6/1/12) Aaa 5,500,000 5,778,355
WI State Hlth. & Edl. Fac. Auth. Rev. Bonds
     (St. Johns Cmntys. Inc.), Ser. A, 7 5/8s, 9/15/39 BB/P 1,150,000 1,180,222
     (Prohealth Care, Inc.), 6 5/8s, 2/15/39 A1 1,250,000 1,329,413
11,455,330
Total municipal bonds and notes (cost $545,747,472) $545,167,475

PREFERRED STOCKS (1.2%)(a)
Shares Value
MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A-3, $4.95 2,000,000 $1,643,000
MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A, 7.50% cum. pfd. 3,585,637 3,410,981
Total preferred stocks (cost $5,585,637) $5,053,981

COMMON STOCKS (0.0%)(a)
Shares Value
Tembec, Inc. (Canada)(NON) 1,750 $6,778
Total common stocks (cost $1,273,945) $6,778

WARRANTS (0.0%)(a)(NON)
Expiration date Strike Price Warrants Value
Tembec, Inc. (Canada) CAD 3/3/12 0.13 3,889 $407
Total warrants (cost $154,422) $407

TOTAL INVESTMENTS
Total investments (cost $552,761,476)(b) $550,228,641













Key to holding's currency abbreviations

CAD Canadian Dollar
Notes to the fund's portfolio
Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2010 through July 31, 2011 (the reporting period).
(a) Percentages indicated are based on net assets of $418,755,779.
(RAT) The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Putnam are indicated by “/P.” Securities rated by Fitch are indicated by “/F.” The rating of an insured security represents what is believed to be the most recent rating of the insurer's claims-paying ability available at the close of the reporting period and does not reflect any subsequent changes.
(b) The aggregate identified cost on a tax basis is $552,788,237, resulting in gross unrealized appreciation and depreciation of $19,934,576 and $22,494,172, respectively, or net unrealized depreciation of $2,559,596.
(NON) Non-income-producing security.
(STP) The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.
(FWC) Forward commitment, in part or in entirety.
(T) Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions.
Debt obligations are considered secured unless otherwise indicated.
144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
The rates shown on FRB, Mandatory Put Bonds and VRDN are the current interest rates at the close of the reporting period.
The dates shown parenthetically on Mandatory Put Bonds represent the next mandatory put dates.
The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.
The dates shown on debt obligations are the original maturity dates.
The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
Healthcare 48.8%
Utilities 22.4
Transportation 14.2
Security valuation: Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.
Certain investments, including certain restricted and illiquid securities and derivatives are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
Tender option bond transactions: The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust’s assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund’s portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund’s investments with a value of $20,872,823 were held by the TOB trust and served as collateral for $10,008,723 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $12,244 for these investments based on an average interest rate of 0.21%.












Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures (ASC 820) establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:
Level 1 – Valuations based on quoted prices for identical securities in active markets.
Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:

 Valuation inputs
Investments in securities: Level 1 Level 2 Level 3
Common stocks:
    Basic materials $6,778 $— $—
Total common stocks 6,778 — —
Municipal bonds and notes $— $545,167,475 $—
Preferred stocks — 5,053,981 —
Warrants 407 — —
Totals by level $7,185 $550,221,456 $—


Market Values of Derivative Instruments as of the close of the reporting period
Asset derivatives Liability derivatives
Derivatives not accounted for as hedging instruments under ASC 815 Market value Market value
Equity contracts $407 $—
Total $407 $—


For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com



Item 2. Controls and Procedures:
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.

(b) Changes in internal control over financial reporting: During the period, State Street Bank and Trust Company, which provides certain administrative, pricing and bookkeeping services for the Putnam funds pursuant to an agreement with Putnam Investment Management, LLC, began utilizing different accounting systems and systems support in providing services for the fund.

Item 3. Exhibits:
Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Putnam Managed Municipal Income Trust
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: September 29, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):
/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: September 29, 2011

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: September 29, 2011