Putnam Managed Municipal Income Trust

The fund's portfolio

7/31/05 (Unaudited)

KEY TO ABBREVIATIONS

AMBAC

AMBAC Indemnity Corporation

COP

Certificate of Participation

FGIC

Financial Guaranty Insurance Company

FNMA Coll.

Federal National Mortgage Association Collateralized

FRB

Floating Rate Bonds

FSA

Financial Security Assurance

GNMA Coll.

Government National Mortgage Association Collateralized

G.O. Bonds

General Obligation Bonds

IFB

Inverse Floating Rate Bonds

MBIA

MBIA Insurance Company

PSFG

Permanent School Fund Guaranteed

Q-SBLF

Qualified School Board Loan Fund

U.S. Govt. Coll.

U.S. Government Collateralized

VRDN

Variable Rate Demand Notes

MUNICIPAL BONDS AND NOTES (98.2%)(a)

Rating (RAT)

Principal amount

Value

Alabama (0.2%)

Butler, Indl. Dev. Board Solid Waste Disp. Rev. Bonds (GA. Pacific Corp.), 5 3/4s, 9/1/28

BB+

 $950,000

 $966,749

Arizona (2.1%)

Apache Cnty., Indl. Dev. Auth. Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co.), Ser. B, 5 7/8s, 3/1/33

Ba1

1,000,000

 1,000,130

AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds (John C. Lincoln Hlth. Network), 6 3/8s, 12/1/37

BBB

1,000,000

 1,096,180

Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29

B-/P

1,800,000

 1,934,604

Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra Vista Regl. Hlth. Ctr.), Ser. A, 6.2s, 12/1/21

BB+/P

500,000

 528,385

Coconino Cnty., Poll. Control Rev. Bonds (Tuscon/Navajo Elec. Pwr.), Ser. A, 7 1/8s, 10/1/32

Ba1

3,000,000

 3,131,730

Glendale, Wtr. & Swr. Rev. Bonds, AMBAC, 5s, 7/1/28

Aaa

2,000,000

 2,110,820

Pima Cnty., Indl Dev. Auth. Rev. Bonds (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25

BBB-

815,000

 818,977

Scottsdale, Indl. Dev. Auth. Hosp. Rev. Bonds (Scottsdale Hlth. Care), 5.8s, 12/1/31

A3

1,000,000

 1,081,820

 11,702,646

Arkansas (2.0%)

AR State Hosp. Dev. Fin. Auth. Rev. Bonds (Washington Regl. Med. Ctr.), 7 3/8s, 2/1/29

Baa2

4,600,000

 5,370,776

Independence Cnty., Poll. Control Rev. Bonds (Entergy, Inc.), 5s, 1/1/21

A-

1,000,000

 1,020,450

Little Rock G.O. Bonds (Cap. Impt.), FSA, 3.95s, 4/1/19

Aaa

900,000

 912,609

Northwest Regl. Arpt. Auth. Rev. Bonds, 7 5/8s, 2/1/27

BB/P

2,750,000

 3,098,150

Washington Cnty., Hosp. Rev. Bonds (Regl. Med. Ctr.)

Ser. A, 5s, 2/1/35

Baa2

250,000

 250,938

Ser. B, 5s, 2/1/25

Baa2

500,000

 507,170

 11,160,093

California (12.2%)

CA G.O. Bonds, 5s, 5/1/22

A

4,000,000

 4,237,080

CA Hlth. Fac. Auth. IFB (Catholic Hlth. Care West), AMBAC, 8.306s, 7/1/17

Aaa

1,700,000

 1,762,220

CA Poll. Control Fin. Auth. Solid Waste Disp. Rev. Bonds (Waste Management, Inc.), Ser. A-2, 5.4s, 4/1/25

BBB

1,200,000

 1,238,208

CA State Dept. of Wtr. Resources Rev. Bonds, Ser. A

6s, 5/1/15

A2

1,000,000

 1,140,700

AMBAC, 5 1/2s, 5/1/13

Aaa

20,000,000

 22,426,400

5 1/2s, 5/1/11

A2

3,000,000

 3,299,790

CA State Econ. Recvy. VRDN, Ser. C-6, 2.24s, 7/1/23

VMIG1

1,000,000

 1,000,000

CA Statewide Cmnty. Apt. Dev. Apt. Dev. Rev. Bonds (Irvine Apt. Cmntys.), Ser. A-3, 5.1s, 5/15/25

Baa2

2,250,000

 2,346,503

CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30

BBB-

3,000,000

 3,013,560

CA Statewide Cmnty. Dev. Auth. Rev. Bonds (Huntington Memorial Hosp.), 5s, 7/1/21

A+

3,000,000

 3,192,840

Capistrano, Unified School Dist. Cmnty. Fac. Special Tax (No 98-2 Ladera), 5.7s, 9/1/20

BBB/P

1,000,000

 1,114,450

Cathedral City, Impt. Board Act of 1915 Special Assmt. (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35

BB+/P

400,000

 400,888

Chula Vista, Cmnty. Fac. Dist. Special Tax Rev. Bonds

(No. 08-1 Otay Ranch Village Six), 6s, 9/1/33

BB/P

1,250,000

 1,307,438

(No 07-I-Otay Ranch Village Eleven), 5 7/8s, 9/1/34

BB-/P

300,000

 309,888

(No. 07-I Otay Ranch Village Eleven), 5.8s, 9/1/28

BB-/P

300,000

 309,159

Corona, COP (Vista Hosp. Syst.), zero %, 7/1/29 (In default) (F)(NON)

D/P

10,775,000

 30,170

Folsom, Special Tax Rev. Bonds (Cmnty. Facs. Dist. No. 10), 5 7/8s, 9/1/28

BB

750,000

 780,015

Gilroy, Rev. Bonds (Bonfante Gardens Park), 8s, 11/1/25

D/P

770,000

 631,492

Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. B, 5 5/8s, 6/1/38

A-

2,500,000

 2,804,475

Murrieta, Cmnty. Fac. Dist. Special Tax (No. 2 The Oaks Impt. Area A), 6s, 9/1/34

BB-

1,100,000

 1,134,870

Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev. Bonds (No. 02-1 Ladera Ranch), Ser. A, 5.55s, 8/15/33

BBB/P

650,000

 670,189

Sacramento, Special Tax (North Natomas Cmnty. Fac.), Ser. 4-C, 6s, 9/1/33

BBB/P

1,250,000

 1,311,425

San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, MBIA, 6 1/2s, 8/1/28

Aaa

7,000,000

 7,140,000

San Diego, Association of Bay Area Governments Fin. Auth. For Nonprofit Corps. Rev. Bonds (San Diego Hosp.), Ser. A, 6 1/8s, 8/15/20

Baa1

250,000

 274,615

Santaluz Cmnty., Facs. Dist. No. 2 Special Tax Rev. Bonds (Impt. Area No. 1), Ser. B, 6 3/8s, 9/1/30

BB+/P

2,515,000

 2,567,890

Thousand Oaks, Cmnty. Fac. Dist. Special Tax Rev. Bonds (Marketplace 94-1), zero %, 9/1/14

B/P

3,465,000

 1,838,044

Vallejo, COP (Marine World Foundation), 7.2s, 2/1/26

BBB-/P

2,500,000

 2,643,650

 68,925,959

Colorado (2.0%)

CO Hlth. Fac. Auth. Rev. Bonds (Evangelical Lutheran), 3.05s, 10/1/05

A3

3,015,000

 3,015,874

CO Hwy. Auth. Rev. Bonds (E-470 Pub. Hwy.), Ser. B

zero %, 9/1/35

Aaa

15,500,000

 1,959,200

zero %, 9/1/34

Aaa

16,500,000

 2,250,435

Denver, City & Cnty. Arpt. Rev. Bonds

Ser. D, AMBAC, 7 3/4s, 11/15/13

AAA

1,050,000

 1,254,330

MBIA, 5 1/2s, 11/15/25

Aaa

2,500,000

 2,598,500

 11,078,339

Delaware (0.5%)

GMAC Muni. Mtge. Trust 144A sub. notes, Ser. A1-3, 5.3s, 10/31/39

A3

2,500,000

 2,542,375

District of Columbia (1.4%)

DC G.O. Bonds, Ser. A, FSA, 5s, 6/1/27

Aaa

3,000,000

 3,166,710

DC Tobacco Settlement Fin. Corp. Rev. Bonds, 6 1/2s, 5/15/33

BBB

4,000,000

 4,759,400

 7,926,110

Florida (3.8%)

Cap. Trust Agcy. Rev. Bonds (Seminole Tribe Convention), Ser. A, 10s, 10/1/33

B/P

1,500,000

 1,653,405

CFM Cmnty. Dev. Dist. Rev. Bonds, Ser. A, 6 1/4s, 5/1/35

BB-/P

1,500,000

 1,595,475

Fishhawk, Cmnty. Dev. Dist. II Rev. Bonds

Ser. A, 6 1/8s, 5/1/34

BB-/P

490,000

 511,678

Ser. B, 5s, 11/1/07

BB-/P

330,000

 332,006

FL State Mid-Bay Bridge Auth. Rev. Bonds, Ser. A, 6.05s, 10/1/22

BBB/P

770,000

 806,244

Fleming Island, Plantation Cmnty. Dev. Dist. Special Assmt. Rev. Bonds, Ser. B, 7 3/8s, 5/1/31

BB/P

750,000

 813,083

Gateway Svcs. Cmnty., Dev. Dist. Special Assmt. Bonds (Stoneybrook), 5 1/2s, 7/1/08

BB

385,000

 391,730

Heritage Harbor, South Cmnty. Dev. Distr. Rev. Bonds, Ser. A, 6 1/2s, 5/1/34

BB/P

490,000

 522,904

Heritage Isle at Viera, Cmnty. Dev. Dist. Special Assmt., Ser. B, 5s, 11/1/09

BB/P

515,000

 516,133

Islands at Doral III, Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. 04-A, 5.9s, 5/1/35

BB/P

1,250,000

 1,290,613

Lee Cnty., Indl. Dev. Auth. Rev. Bonds (Alliance Cmnty. Project), Ser. C, 5 1/2s, 11/15/29

BBB-

1,000,000

 1,004,120

Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), Ser. A, 6.7s, 11/15/19

BB+

1,335,000

 1,466,498

Old Palm, Cmnty. Dev. Dist. Special Assmt. Bonds (Palm Beach Gardens), Ser. A, 5.9s, 5/1/35

BB

1,000,000

 1,032,850

Reunion West, Cmnty. Dev. Dist. Special Assmt., 6 1/4s, 5/1/36

BB-/P

1,500,000

 1,586,475

South Bay, Cmnty. Dev. Dist. Rev. Bonds, Ser. B-2, 5 3/8s, 5/1/13

BB-/P

2,500,000

 2,529,925

South Miami, Hlth. Fac. Auth. Rev. Bonds (Baptist Hlth.), 5 1/4s, 11/15/33

Aa3

1,500,000

 1,563,150

South Village, Cmnty. Dev. Dist. Rev. Bonds, Ser. A, 5.7s, 5/1/35

BB-/P

500,000

 508,805

Sterling Hill, Cmnty. Dev. Dist. Rev. Bonds, Ser. B, 5 1/2s, 11/1/10

BB-/P

990,000

 1,006,573

Westchester Cmnty. Dev. Dist. No. 1 Special Assmt. (Cmnty. Infrastructure), 6 1/8s, 5/1/35

BB-/P

1,250,000

 1,310,600

World Commerce Cmnty. Dev. Dist. Special Assmt., Ser. A-1, 6 1/2s, 5/1/36

BB-/P

1,250,000

 1,311,450

 21,753,717

Georgia (2.8%)

Atlanta Arpt. Passenger Fac. Rev. Bonds (Sub. Lien), Ser. J, FSA, 5s, 1/1/27

Aaa

5,000,000

 5,280,250

Burke Cnty., Poll. Control Dev. Auth. Mandatory Put Bonds (GA Power Co.), 4.45s, 12/1/08

A2

4,000,000

 4,138,560

Fulton Cnty., Res. Care Fac. Rev. Bonds (Canterbury Court), Class A, 6 1/8s, 2/15/34

B+/P

425,000

 430,342

GA Med. Ctr. Hosp. Auth. FRB, MBIA, 1.918s, 8/1/10

Aaa

700,000

 700,000

GA Med. Ctr. Hosp. Auth. IFB, MBIA, 10.505s, 8/1/10

Aaa

700,000

 707,420

GA Muni. Elec. Auth. Rev. Bonds, AMBAC, 5s, 1/1/26

AAA

2,500,000

 2,631,850

Rockdale Cnty., Dev. Auth. Solid Waste Disp. Rev. Bonds (Visay Paper, Inc.), 7.4s, 1/1/16

B+/P

2,020,000

 2,041,250

 15,929,672

Hawaii (0.6%)

HI Dept. of Trans. Special Fac. Rev. Bonds (Continental Airlines, Inc.), 7s, 6/1/20

B

1,700,000

 1,631,779

HI State Hsg. & Cmnty. Dev. Corp. Rev. Bonds (Single Fam. Mtge.), Ser. B, 3.7s, 1/1/22

Aaa

2,000,000

 1,993,860

 3,625,639

Illinois (1.4%)

Chicago, G.O. Bonds, Ser. A, AMBAC, 5 5/8s, 1/1/39

Aaa

3,500,000

 3,855,880

IL Dev. Fin. Auth. Hosp. Rev. Bonds (Adventist Hlth. Syst./Sunbelt Obligation), 5.65s, 11/15/24

A2

3,250,000

 3,419,455

IL Fin. Auth. Rev. Bonds (Friendship Village Schaumburg), Ser. A, 5 5/8s, 2/15/37

B+/P

300,000

 300,474

IL Hlth. Fac. Auth. Rev. Bonds (St. Benedict), Ser. 03A-1, 6.9s, 11/15/33

B+

500,000

 524,900

 8,100,709

Indiana (2.0%)

IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds (USX Corp.), 5.6s, 12/1/32

Baa1

2,500,000

 2,592,950

IN Trans. Fin. Auth. Arpt. Facs. Lease Rev. Bonds, Ser. A, AMBAC, 5s, 11/1/16

Aaa

6,500,000

 6,805,565

Rockport, Poll. Control Mandatory Put Bonds (Indiana Michigan Pwr. Co.), Ser. C, 2 5/8s, 10/1/06

BBB+

1,750,000

 1,735,423

 11,133,938

Iowa (0.9%)

IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives)

9 1/4s, 7/1/25

BBB-/P

2,900,000

 3,512,451

9.15s, 7/1/09

BBB-/P

1,125,000

 1,285,481

IA Fin. Auth. Retirement Cmnty. Rev. Bonds (Friendship Haven), Ser. A

6 1/8s, 11/15/32

BB/P

200,000

 203,572

6s, 11/15/24

BB/P

200,000

 202,450

 5,203,954

Kansas (0.4%)

Olathe, Hlth. Fac. VRDN (Olathe Med. Ctr.), Ser. A, AMBAC, 2.30s, 9/1/32

A-1+

2,145,000

 2,145,000

Wyandotte Cnty., KS City, U. Govt. Special Oblig. Rev. Bonds (2nd Lien- Area B), 5s, 12/1/20

BBB-/F

300,000

 --

 2,145,000

Kentucky (0.3%)

KY Econ. Dev. Fin. Auth. Rev. Bonds (Norton Hlth. Care, Inc.), Ser. A, 6 1/2s, 10/1/20

BBB+/F

1,700,000

 1,879,163

Louisiana (0.8%)

LA Pub. Fac. Auth. Hosp. Rev. Bonds (Lake Charles Memorial Hosp.), 8 5/8s, 12/1/30

CCC/P

1,140,000

 1,222,308

Tangipahoa Parish Hosp. Svcs. Rev. Bonds (North Oaks Med. Ctr.), Ser. A, 5s, 2/1/25

A

500,000

 514,470

W. Feliciana Parish, Poll. Control Rev. Bonds (Gulf States Util. Co.), Ser. C, 7s, 11/1/15

BBB-

2,750,000

 2,774,970

 4,511,748

Maine (0.7%)

ME State Hsg. Auth. Rev. Bonds, Ser. D-2-AMT, 5s, 11/15/27

Aa1

1,835,000

 1,896,050

Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26

Ba1

2,000,000

 2,132,460

 4,028,510

Maryland (0.6%)

MD State Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (Medstar Hlth.), 5 3/4s, 8/15/15

Baa1

1,000,000

 1,109,160

MD State Indl. Dev. Fin. Auth. Econ. Dev. Rev. Bonds (Our Lady of Good Counsel School), Ser. A, 6s, 5/1/35

B/P

200,000

 205,366

Westminster, Econ. Dev. Rev. Bonds (Carroll Lutheran Village), Ser. A, 5 7/8s, 5/1/21

BB/P

1,850,000

 1,918,265

 3,232,791

Massachusetts (6.2%)

Boston, Indl. Dev. Fin. Auth. Rev. Bonds (Springhouse, Inc.), 6s, 7/1/28

BB-/P

600,000

 608,862

MA State Dev. Fin. Agcy. Rev. Bonds (Lasell Village), Ser. A, 6 3/8s, 12/1/25

BB-/P

600,000

 607,644

MA State Hlth. & Edl. Fac. Auth. Rev. Bonds

(Civic Investments), Ser. A, 9s, 12/15/15

BBB-/P

2,000,000

 2,465,160

(Norwood Hosp.), Ser. C, 7s, 7/1/14

Ba2

1,185,000

 1,458,071

(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33

BBB-

1,200,000

 1,321,476

(UMass Memorial), Ser. C, 6 5/8s, 7/1/32

Baa2

2,225,000

 2,399,685

(UMass Memorial), Ser. C, 6 1/2s, 7/1/21

Baa2

1,875,000

 2,025,263

(Caritas Christi Oblig. Group), Ser. A, 5 1/4s, 7/1/08

BBB

1,500,000

 1,552,650

(Partners Hlth. Care Syst.), Ser. F, 5s, 7/1/21

Aa3

1,000,000

 1,067,620

MA State Hsg. Fin. Agcy. Rev. Bonds (Rental Mtge.)

Ser. C, AMBAC, 5 5/8s, 7/1/40

Aaa

2,000,000

 2,051,280

Ser. A, AMBAC, 5 1/2s, 7/1/40

Aaa

15,290,000

 15,693,197

MA State Indl. Fin. Agcy. Rev. Bonds

(1st Mtge. Stone Institution & Newton), 7.9s, 1/1/24

BB-/P

500,000

 508,050

(1st Mtge. Berkshire Retirement), Ser. A, 6 5/8s, 7/1/16

BBB-

1,550,000

 1,565,609

(1st Mtge. Brookhaven), Ser. B, 5 1/4s, 1/1/17

BBB/P

1,500,000

 1,518,150

 34,842,717

Michigan (4.5%)

Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 6s, 7/1/20

Baa3

500,000

 517,780

Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden City Hosp. OB Group), Ser. A, 5 3/4s, 9/1/17

Ba1

350,000

 344,012

Harper Woods School Dist. G.O. Bonds (School Bldg. & Site), FGIC, Q-SBLF, 5s, 5/1/28

Aaa

1,425,000

 1,505,484

MI State Hosp. Fin. Auth. Rev. Bonds

(Oakwood Hosp.), Ser. A, 6s, 4/1/22

A2

1,500,000

 1,645,350

(Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/25

BBB

755,000

 756,684

Midland Cnty., Econ. Dev. Corp. Rev. Bonds, 6 3/4s, 7/23/09

Ba3

2,000,000

 2,097,940

Plymouth-Canton Cmnty., School Dist. G.O. Bonds, FGIC, Q-SBLF, 5s, 5/1/26

Aaa

4,750,000

 5,036,093

Saginaw Cnty., G.O. Bonds, MBIA, 5s, 5/1/29

Aaa

4,750,000

 5,031,533

Warren Cons. School Dist. G.O. Bonds, FSA, 5 3/8s, 5/1/18

Aaa

2,975,000

 3,243,464

Waterford, Econ. Dev. Corp. Rev. Bonds (Canterbury Hlth.), 6s, 1/1/39

B-/P

6,630,000

 5,397,682

 25,576,022

Minnesota (1.3%)

Cohasset, VRDN (MN Pwr. & Light Co. Project B), 2.30s, 6/1/13

A-1+

810,000

 810,000

Cohasset, Poll. Control Rev. Bonds (Allete, Inc.), 4.95s, 7/1/22

A

2,000,000

 2,038,900

Minneapolis, Rev. Bonds (Walker Methodist Sr. Svcs.), Ser. C, 6s, 11/15/28

B+/P

500,000

 468,335

MN State Hsg. Fin. Agcy. Rev. Bonds (Residential Hsg.), Ser. H, 4.15s, 1/1/12

Aa1

760,000

 759,977

Sauk Rapids Hlth. Care & Hsg. Fac. Rev. Bonds (Good Shepherd Lutheran Home), 6s, 1/1/34

B/P

400,000

 411,404

St. Paul, Hsg. & Hosp. Redev. Auth. Rev. Bonds (Healtheast), Ser. B, 6 5/8s, 11/1/17

Ba1

3,055,000

 3,072,566

 7,561,182

Mississippi (0.8%)

Lowndes Cnty., Solid Waste Disp. & Poll. Control Rev. Bonds (Weyerhaeuser Co.), Ser. B, 6.7s, 4/1/22

Baa2

1,500,000

 1,828,125

Mississippi Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst. Energy Resources, Inc.), 5.9s, 5/1/22

BBB-

1,250,000

 1,269,375

MS Home Corp. Rev. Bonds (Single Fam.), Ser. B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33

Aaa

1,500,000

 1,597,455

 4,694,955

Missouri (1.3%)

Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5 1/2s, 6/1/32

A

1,500,000

 1,592,865

Kansas City, Indl. Dev. Auth. Hlth. Fac. Rev. Bonds (First Mtg. Bishop Spencer), Ser. A, 6 1/2s, 1/1/35

BB-/P

1,500,000

 1,561,980

MO Hsg. Dev. Comm. Rev. Bonds (Home Ownership)

GNMA Coll., FNMA Coll., 5.55s, 9/1/34

Aaa

1,750,000

 1,839,793

Ser. B, GNMA Coll., FNMA Coll., 4.4s, 9/1/14

AAA

435,000

 436,605

Ser. B, GNMA Coll., FNMA Coll., 4.3s, 9/1/13

AAA

415,000

 416,394

MO State Hlth. & Edl. Fac. Auth. Rev. Bonds (BJC Hlth. Syst.), 5 1/4s, 5/15/32

Aa2

1,450,000

 1,523,559

 7,371,196

Montana (0.3%)

Forsyth, Poll. Control Mandatory Put Bonds (Avista Corp.), AMBAC, 5s, 12/30/08

Aaa

1,775,000

 1,852,248

Nebraska (0.0%)

Kearney, Indl. Dev. Rev. Bonds

(Great Platte River), 8s, 9/1/12

CCC/P

68,154

 53,153

(Brookhaven), zero %, 9/1/12

CCC/P

791,466

 15,901

 69,054

Nevada (2.0%)

Clark Cnty., Impt. Dist. Special Assmt. (Dist. No. 142), 6 3/8s, 8/1/23

BB-/P

1,000,000

 1,031,050

Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas Corp.), Ser. C, AMBAC, 5.95s, 12/1/38

Aaa

5,000,000

 5,509,750

Henderson, Local Impt. Dist. Special Assmt. (No. T-14)

5.8s, 3/1/23

BB-/P

500,000

 515,280

3.2s, 3/1/06

BB-/P

1,585,000

 1,585,793

Las Vegas, Local Impt. Board Special Assmt. (Dist. No. 607), 5.9s, 6/1/18

BB-/P

875,000

 902,169

Washoe Cnty., Wtr. Fac. Mandatory Put Bonds (Sierra Pacific Pwr. Co.), 5s, 7/1/09

Ba2

2,000,000

 2,005,960

 11,550,002

New Hampshire (1.1%)

NH Higher Ed. & Hlth. Fac. Auth. Rev. Bonds (Riverwoods at Exeter), Ser. A, 6 3/8s, 3/1/13

BB+/P

670,000

 686,804

NH Hlth. & Ed. Fac. Auth. Rev. Bonds (Kendal at Hanover), Ser. A, 5s, 10/1/18

BBB

1,275,000

 1,303,127

NH State Bus. Fin. Auth. Rev. Bonds (Alice Peck Day Hlth. Syst.), Ser. A, 7s, 10/1/29

BBB-/P

2,565,000

 2,596,575

NH State Bus. Fin. Auth. Poll. Control Rev. Bonds, 3 1/2s, 7/1/27

Baa2

1,750,000

 1,714,160

 6,300,666

New Jersey (2.7%)

NJ Econ. Dev. Auth. Rev. Bonds

(Cranes Mill), Ser. A, 7 1/2s, 2/1/27

BB-/P

1,300,000

 1,413,763

(Cedar Crest Vlg., Inc.), Ser. A, 7 1/4s, 11/15/31

BB-/P

1,250,000

 1,330,488

(Newark Arpt. Marriot Hotel), 7s, 10/1/14

Ba3

1,900,000

 1,967,982

(First Mtge. Presbyterian Home), Ser. A, 6 3/8s, 11/1/31

BB/P

500,000

 519,445

(First Mtge. Lions Gate), Ser. A, 5 7/8s, 1/1/37

B/P

230,000

 233,892

(Cigarette Tax), 5 1/2s, 6/15/24

Baa2

2,500,000

 2,637,075

NJ Econ. Dev. Auth. Solid Waste Rev. Bonds (Disp. Waste Mgt.), 5.3s, 6/1/15

BBB

1,750,000

 1,836,643

NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds

(Trinitas Hosp. Oblig. Group), 7 1/2s, 7/1/30

Baa3

1,300,000

 1,461,564

(United Methodist Homes), Ser. A, 5 3/4s, 7/1/29

BB+

2,250,000

 2,268,023

(Atlantic City Med. Ctr.), 5 3/4s, 7/1/25

A2

1,250,000

 1,334,988

 15,003,863

New Mexico (0.3%)

Farmington, Poll. Control Mandatory Put Bonds (Pub. Svc. San Juan), Class B, 2.1s, 4/1/06

Baa2

1,740,000

 1,724,636

New York (9.9%)

Huntington, Hsg. Auth. Rev. Bonds (Gurwin Jewish Sr. Residence), Ser. A, 6s, 5/1/39

B+/P

500,000

 492,825

Long Island, Pwr. Auth. NY Elec. Syst. Rev. Bonds, Ser. A, 5 3/4s, 12/1/24

Baa1

2,500,000

 2,700,850

Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds (Keyspan-Glenwood), 5 1/4s, 6/1/27

A

2,000,000

 2,083,180

NY City, G.O. Bonds, Ser. B, 5 1/4s, 12/1/09

A1

10,000,000

 10,742,400

NY City, Indl. Dev. Agcy. Rev. Bonds (Liberty-7 World Trade Ctr.), Ser. A, 6 1/4s, 3/1/15

B-/P

1,450,000

 1,542,626

NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (British Airways PLC), 5 1/4s, 12/1/32

BB+

3,025,000

 2,759,496

NY City, Indl. Dev. Agency Rev. Bonds (Staten Island U. Hosp. Project), 6.45s, 7/1/32

Ba3

1,485,000

 1,504,958

NY City, Muni. Wtr. Fin. Auth. Rev. Bonds, Ser. C, MBIA, 5 1/2s, 6/15/17

Aaa

10,000,000

 10,321,600

NY State Dorm. Auth. Rev. Bonds (Winthrop-U. Hosp. Assn.), Ser. A, 5 1/2s, 7/1/32

Baa1

900,000

 947,070

NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26

A+

2,400,000

 2,525,208

Onondaga Cnty., Indl. Dev. Agcy. Rev. Bonds (Solvay Paperboard, LLC), 7s, 11/1/30 (acquired 12/9/98, cost $2,000,000) (RES)

BB/P

2,000,000

 2,117,060

Port Auth. NY & NJ Rev. Bonds (Kennedy Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19

BB+/P

200,000

 211,376

Port. Auth. NY & NJ Special Obligation Rev. Bonds (JFK Intl. Air Term. - 6), MBIA, 5.9s, 12/1/17

Aaa

15,000,000

 16,102,050

Suffolk Cnty., Indl. Dev. Agcy. Rev. Bonds (Peconic Landing), Ser. A, 8s, 10/1/30

B+/P

1,700,000

 1,878,806

 55,929,505

North Carolina (1.7%)

NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds

Ser. D, 6 3/4s, 1/1/26

Baa2

1,500,000

 1,673,955

Ser. A, 5 3/4s, 1/1/26

Baa2

3,000,000

 3,182,520

NC Med. Care Cmnty. Healthcare Fac. Rev. Bonds (Deerfield), Ser. A, 5s, 11/1/23

A-/F

750,000

 778,628

NC Med. Care Comm. Retirement Fac. Rev. Bonds (First Mtg.), Ser. A-05

5 1/2s, 10/1/35

BBB+

1,040,000

 1,047,353

5 1/4s, 10/1/25

BB+

600,000

 602,118

NC State Muni. Pwr. Agcy. Rev. Bonds

(No. 1, Catawba Elec.), Ser. B, 6 1/2s, 1/1/20

A3

1,000,000

 1,120,600

Ser. A, FGIC, 5 1/2s, 1/1/13

AAA

1,300,000

 1,458,470

 9,863,644

Ohio (2.7%)

Coshocton Cnty., Env. Rev. Bonds (Smurfit-Stone Container), 5 1/8s, 8/1/13

B

1,400,000

 1,385,986

Cuyahoga Cnty., Rev. Bonds, Ser. A

6s, 1/1/16

Aa3

1,280,000

 1,466,099

6s, 1/1/15

A1

2,000,000

 2,280,540

OH State Air Quality Dev. Auth. Rev. Bonds (Toledo Poll. Control), Ser. A, 6.1s, 8/1/27

Baa2

3,000,000

 3,126,210

OH State Air Quality Dev. Auth. VRDN (Columbus Southern), Ser. C, 2.35s, 12/1/38

VMIG1

6,800,000

 6,800,000

 15,058,835

Oklahoma (2.2%)

OK City Arpt. Trust Rev. Bonds Jr. Lien 27th Ser., Ser. A, FSA, 5s, 7/1/18

Aaa

3,150,000

 3,312,036

OK Dev. Fin. Auth. Rev. Bonds (Hillcrest Hlth. Care Syst.), Ser. A, U.S. Govt. Coll., 5 5/8s, 8/15/29

Aaa

1,575,000

 1,726,011

OK State Indl. Dev. Auth. Rev. Bonds (Hlth. Syst.), Ser. A, MBIA

5 3/4s, 8/15/29

AAA

4,045,000

 4,383,122

5 3/4s, 8/15/29 (Prerefunded)

AAA

2,955,000

 3,269,885

 12,691,054

Oregon (0.5%)

Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), 6 1/2s, 12/1/29

BB-/P

1,900,000

 1,937,202

OR State Hsg. & Cmnty. Svcs. Dept. Rev. Bonds (Single Family Mtg.), Ser. K, 5 5/8s, 7/1/29

Aa2

940,000

 988,805

 2,926,007

Pennsylvania (8.2%)

Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther Creek Partners), 6.65s, 5/1/10

BBB-

1,800,000

 1,926,738

Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant View Retirement), Ser. A, 5.3s, 12/15/26

BB-/P

500,000

 499,330

Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds (Lehigh Valley Hosp. Hlth. Network), Ser. A, 5 1/4s, 7/1/32

A1

1,000,000

 1,039,920

Monroe Cnty., Hosp. Auth. Rev. Bonds (Pocono Med. Ctr.), 6s, 1/1/43

BBB+

500,000

 530,090

Montgomery Cnty., Indl. Auth. Resource Recvy. Rev. Bonds (Whitemarsh Cont Care), 6 1/4s, 2/1/35

B/P

700,000

 732,627

PA Convention Ctr. Auth. Rev. Bonds

Ser. A, 6 3/4s, 9/1/19

Baa2

1,500,000

 1,520,025

MBIA, 6.7s, 9/1/14

Aaa

7,250,000

 7,346,498

PA Econ. Dev. Fin. Auth. Rev. Bonds (MacMillan Ltd. Partnership), 7.6s, 12/1/20

Baa2

7,750,000

 8,024,815

PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds

(Colver), Ser. E, 8.05s, 12/1/15

BBB-/P

1,750,000

 1,787,555

(Colver), Ser. D, 7 1/8s, 12/1/15

BBB-

1,000,000

 1,021,200

(Northampton Generating), Ser. A, 6.6s, 1/1/19

BB

4,200,000

 4,255,608

PA State Higher Edl. Fac. Auth. Rev. Bonds

(Widener U.), 5.4s, 7/15/36

BBB+

1,000,000

 1,057,510

(Philadelphia College of Osteopathic Medicine), 5s, 12/1/07

A

995,000

 1,030,969

Philadelphia, Gas Wks. Rev. Bonds (1975 Gen. Ordinance 17th), FSA, 5s, 7/1/07

Aaa

5,715,000

 5,915,882

Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Graduate Hlth. Syst.), 7 1/4s, 7/1/10 (In default) (NON)

Ca

2,729,624

 273

Philadelphia, Indl. Dev. Auth. Arpt. Rev. Bonds (Aero Philadelphia, LLC), 5 1/2s, 1/1/24

BB/P

2,000,000

 1,981,620

Philadelphia, Redev. Auth. Rev. Bonds (Neighborhood Transformation), Ser. C, FGIC, 5s, 4/15/27

Aaa

5,285,000

 5,601,413

Sayre, Hlth. Care Fac. Auth. Rev. Bonds (Guthrie Hlth.), Ser. A, 5 7/8s, 12/1/31

A-

1,800,000

 1,918,728

 46,190,801

South Carolina (1.5%)

Lexington Cnty. Hlth. Svcs. Dist. Inc. Hosp. Rev. Bonds, 5 1/2s, 5/1/37

A2

1,000,000

 1,068,580

Richland Cnty., Rev. Bonds (Intl. Paper Co.), Ser. A, 4 1/4s, 10/1/07

Baa2

3,000,000

 3,039,450

SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A, 6 1/2s, 8/15/32

AAA

1,250,000

 1,475,163

SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds (Palmetto Hlth. Alliance), Ser. A, 7 3/8s, 12/15/21

Baa2

1,000,000

 1,205,190

SC Tobacco Settlement Rev. Mgt. Rev. Bonds, Ser. B, 6 3/8s, 5/15/30

BBB

1,300,000

 1,521,403

 8,309,786

South Dakota (0.4%)

SD Edl. Enhancement Funding Corp. Rev. Bonds, Ser. B, 6 1/2s, 6/1/32

BBB

2,000,000

 2,179,780

Tennessee (3.7%)

Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (First Mtg.- Mountain States Hlth.)

     Ser. A, 7 1/2s, 7/1/33

BBB+

3,700,000

 4,395,341

      Ser. A, MBIA, 6s, 7/1/21

Aaa

12,000,000

 13,288,920

Johnson City, Hlth. & Edl. Facs. Board Retirement Fac. Rev. Bonds (Appalachian Christian Village), Ser. A, 6 1/4s, 2/15/32

BB-/P

600,000

 610,008

Shelby Cnty., Hlth. Edl. & Hsg. Fac. Hosp. Board Rev. Bonds (Methodist Hlth. Care)

6 1/2s, 9/1/26

A3

1,255,000

 1,486,598

6 1/2s, 9/1/26

A3

745,000

 882,482

 20,663,349

Texas (5.5%)

Abilene, Hlth. Fac. Dev. Corp. Rev. Bonds (Sears Methodist Retirement), Ser. A, 7s, 11/15/33

BB/P

600,000

 639,522

Alliance, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 6 3/8s, 4/1/21 (SEG)

Baa2

5,500,000

 5,733,420

Carrollton, Farmers Branch Indpt. School Dist. G.O. Bonds, PSFG, 5s, 2/15/17

Aaa

4,655,000

 4,923,966

Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev. Bonds (American Airlines, Inc.), 6 3/8s, 5/1/35

Caa2

2,360,000

 1,778,992

Fort Worth, Higher Ed. Fin. Corp. Rev. Bonds (Wesleyan U.), Ser. A, 6s, 10/1/12

Ba2

550,000

 563,129

Harris Cnty., Rev. Bonds, Ser. B, FSA, 5s, 8/15/32

Aaa

5,500,000

 5,928,560

Harris Cnty., Hlth. Fac. Rev. Bonds (Memorial Hermann Hlth. Care), Ser. A, 6 3/8s, 6/1/29

A2

3,000,000

 3,334,530

Houston, Arpt. Syst. Rev. Bonds (Continental Airlines, Inc.), Ser. C, 5.7s, 7/15/29

B-

2,500,000

 2,002,750

Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21

Baa2

2,500,000

 2,701,800

Tomball, Hosp. Auth. Rev. Bonds (Tomball Regl. Hosp.)

6s, 7/1/29

Baa3

2,000,000

 2,051,800

6s, 7/1/25

Baa3

800,000

 822,320

6s, 7/1/19

Baa3

800,000

 823,736

 31,304,525

Utah (0.8%)

Carbon Cnty., Solid Waste Disp. Rev. Bonds (Laidlaw Env.), Ser. A

7 1/2s, 2/1/10

BB-

750,000

 769,980

7.45s, 7/1/17

BB-/P

600,000

 629,268

Tooele Cnty., Harbor & Term. Dist. Port Fac. Rev. Bonds (Union Pacific), Ser. A, 5.7s, 11/1/26

Baa2

2,000,000

 2,087,960

UT Cnty., Env. Impt. Rev. Bonds (Marathon Oil), 5.05s, 11/1/17

Baa1

1,000,000

 1,063,450

 4,550,658

Vermont (0.2%)

VT Hsg. Fin. Agcy. Rev. Bonds, Ser. 19A, FSA, 4.62s, 5/1/29

Aaa

975,000

 991,429

Virginia (1.3%)

James Cnty., Indl. Dev. Auth. Rev. Bonds (Williamsburg), Ser. A, 6 1/8s, 3/1/32

BB-/P

1,000,000

 1,052,160

Russell Cnty. Indl. Dev. Auth. Poll. Control Rev. Bonds (Appalachian Pwr. Co.), Ser. I, 2.7s, 11/1/07

Baa2

2,000,000

 1,989,040

Tobacco Settlement Fin. Corp. Rev. Bonds, 5 1/2s, 6/1/26

BBB

1,250,000

 1,307,850

VA State Hsg. Dev. Auth. Rev. Bonds (Cmnwlth. Mtge.), 3.45s, 10/1/10

Aaa

2,300,000

 2,289,167

Winchester, Indl. Dev. Auth. Residential Care Fac. Rev. Bonds (Westminster-Canterbury), Ser. A, 5.2s, 1/1/27

BB/P

500,000

 505,500

 7,143,717

Washington (0.9%)

King Cnty., G.O. Bonds, Ser. C, 6 1/4s, 1/1/32

Aa1

5,000,000

 5,309,250

West Virginia (1.3%)

Marshall Cnty., Poll. Control VRDN (OH Pwr. Co.), Ser. E, 2.33s, 6/1/22

VMIG1

5,300,000

 5,300,000

Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn., Inc.), 6.1s, 5/1/29

B2

2,250,000

 1,997,955

 7,297,955

Wisconsin (2.4%)

Badger Tobacco Settlement Asset Securitization Corp. Rev. Bonds

7s, 6/1/28

BBB

3,000,000

 3,352,380

6 3/8s, 6/1/32

BBB

3,000,000

 3,244,890

Kimberly, Area School Distr. G.O. Bonds, FSA, 5s, 3/1/25

Aaa

2,625,000

 2,789,115

WI State Hlth. & Edl. Fac. Auth. Rev. Bonds (Wheaton Franciscan), 5 3/4s, 8/15/30

A2

3,900,000

 4,170,413

 13,556,798

Total municipal bonds and notes (cost $538,305,171)

 $556,360,746

PREFERRED STOCKS (1.1%)(a)

Shares

Value

Charter Mac. Equity Trust 144A Ser. A, 6.625% cum. pfd.

2,000,000

 $2,146,960

MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A, 6.875% cum. pfd.

4,000,000

 4,307,120

Total preferred stocks (cost $6,000,000)

 $6,454,080

TOTAL INVESTMENTS

Total investments (cost $544,305,171)(b)

 $562,814,826

Putnam Managed Municipal Income Trust

FUTURES CONTRACTS OUTSTANDING at 7/31/05 (Unaudited)

Number of

Expiration

Unrealized

contracts

Value

date

appreciation

U.S. Treasury Note 5 yr (Short)

262

 $28,087,219

Sep-05

 $338,995

U.S. Treasury Note 10 yr (Short)

91

 10,099,578

Sep-05

 $162,532

Total

 $501,527

NOTES

(a)

Percentages indicated are based on net assets of $566,603,198.

(RAT)

The Moody's or Standard & Poor's ratings indicated are believed to be the most recent ratings available at July 31, 2005 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 July 31, 2005. Securities rated by Putnam are indicated by "/P".  Security ratings are defined in the Statement of Additional Information.

(b)

The aggregate identified cost on a tax basis is $543,844,357, resulting in gross unrealized appreciation and depreciation of $26,506,063 and $7,535,594, respectively, or net unrealized appreciation of $18,970,469.

(F)

Security is valued at fair value following procedures approved by the Trustees.

(NON)

Non-income-producing security.

(RES)

Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at July 31, 2005 was $2,117,060 or 0.4% of net assets.

(SEG)

A portion of this security was pledged and segregated with the custodian to cover margin requirements for futures contracts at July 31, 2005.

At July 31, 2005, liquid assets totaling $1,614,438 have been designated as collateral for open forward commitments.

144A after the name of a security represents those exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

The rates shown on VRDN, Mandatory Put Bonds, and FRB are the current interest rates at July 31, 2005.

The dates shown on Mandatory Put Bonds are the next mandatory put dates.

The rates shown on IFB, which are securities paying interest rates that vary inversely to changes in the market interest rates, are the current interest rates at July 31, 2005.

The fund had the following industry group concentrations greater than 10% at July 31, 2005 (as a percentage of net assets):

Health care

28.7%

Utilities

18.0

Transportation

13.3

The fund had the following insurance concentrations greater than 10% at July 31, 2005 (as a percentage of net assets):

MBIA

12.5%

AMBAC

12.0

Security valuation Tax-exempt bonds and notes are valued at fair value 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.  Other investments are valued at fair value following procedures approved by the Trustees.  Such valuations and procedures are reviewed periodically by the Trustees.

Futures and options contracts The fund may use futures and options contracts to hedge against changes in the values of securities the fund owns or expects to purchase.  The fund may also write options on securities it owns or in which it may invest to increase its current returns.

The potential risk to the fund is that the change in value of futures and options 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, or if the counterparty to the contract is unable to perform. 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.  Realized gains and losses on purchased options are included in realized gains and losses on investment securities.  If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds.  If a written put option is exercised, the premium originally received is recorded as a reduction to cost of investments.

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 “variation margin.”  Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price for purchased options and the last ask price for written options.  Options traded over-the-counter are valued using prices supplied by dealers.  Futures and written option contracts outstanding at period end, if any, are listed after the fund’s portfolio.

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