| 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: | Robert T. Burns, 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, 2014 |
| Date of reporting period: | January 31, 2014 |
Item 1. Schedule of Investments: |
| Putnam Managed Municipal Income Trust | |||||||||
| The fund's portfolio | |||||||||
| 1/31/14 (Unaudited) | |||||||||
| Key to holding's abbreviations | |||||||||
| ABAG — Association Of Bay Area Governments | |||||||||
| 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: the rate shown is the current interest rate at the close of the reporting period | |||||||||
| 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, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period. | |||||||||
| MUNICIPAL BONDS AND NOTES (129.3%)(a) | |||||||||
| Rating(RAT) | Principal amount | Value | |||||||
| Alabama (1.3%) | |||||||||
| Butler, Indl. Dev. Board Solid Waste Disp. Rev. Bonds (GA. Pacific Corp.), 5 3/4s, 9/1/28 | A+ | $1,500,000 | $1,530,525 | ||||||
| Cullman Cnty., Hlth. Care Auth. Rev. Bonds (Cullman Regl. Med. Ctr.), Ser. A, 6 3/4s, 2/1/29 | Ba1 | 1,100,000 | 1,159,279 | ||||||
| Jefferson Cnty., Swr. Rev. Bonds, zero %, 10/1/46 | BBB- | 3,250,000 | 1,614,275 | ||||||
| Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 6 1/4s, 11/1/33 | BBB | 1,000,000 | 1,077,090 | ||||||
| 5,381,169 | |||||||||
| Arizona (4.4%) | |||||||||
| Apache Cnty., Indl. Dev. Auth. Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co.), Ser. A, 4 1/2s, 3/1/30 | Baa1 | 1,750,000 | 1,716,575 | ||||||
| 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 | 1,621,403 | ||||||
| 7 1/4s, 12/1/19 | BB-/P | 1,000,000 | 900,410 | ||||||
| Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32 | Baa1 | 2,000,000 | 2,036,680 | ||||||
| Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40 | Baa1 | 2,200,000 | 2,455,178 | ||||||
| Navajo Cnty., Poll. Control Corp. Mandatory Put Bonds (6/1/16) (AZ Pub. Svc. Co.), Ser. E, 5 3/4s, 6/1/34 | A3 | 1,950,000 | 2,140,749 | ||||||
| Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds | |||||||||
| (Great Hearts Academies Project), 6s, 7/1/32 | BB/F | 200,000 | 195,204 | ||||||
| (Choice Academies, Inc.), 5 5/8s, 9/1/42 | BB+ | 315,000 | 270,790 | ||||||
| (Choice Academies, Inc.), 5 3/8s, 9/1/32 | BB+ | 675,000 | 603,106 | ||||||
| (Choice Academies, Inc.), 4 7/8s, 9/1/22 | BB+ | 905,000 | 870,900 | ||||||
| Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25 | BBB | 1,140,000 | 1,073,264 | ||||||
| Salt Verde, Fin. Corp. Gas Rev. Bonds | |||||||||
| 5 1/2s, 12/1/29 | A- | 2,000,000 | 2,234,160 | ||||||
| 5s, 12/1/32 | A- | 570,000 | 587,562 | ||||||
| Tempe, Indl. Dev. Auth. Rev. Bonds (Friendship Village), Ser. A, 6 1/4s, 12/1/42 | BB-/P | 1,000,000 | 1,014,700 | ||||||
| Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds (Agribusiness & Equine Ctr.), 5s, 3/1/32 | BB+ | 1,000,000 | 920,560 | ||||||
| 18,641,241 | |||||||||
| Arkansas (0.3%) | |||||||||
| Arkadelphia, Pub. Ed. Fac. Board Rev. Bonds (Ouachita Baptist U.), 6s, 3/1/33 | BB+/P | 840,000 | 846,577 | ||||||
| Rogers, Rev. Bonds (Sales and Use Tax), 3 3/4s, 11/1/34 | AA | 405,000 | 406,531 | ||||||
| 1,253,108 | |||||||||
| California (14.0%) | |||||||||
| ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds | |||||||||
| (Episcopal Sr. Cmntys.), 6s, 7/1/31 | BBB+/F | 660,000 | 703,758 | ||||||
| (O'Connor Woods), 5s, 1/1/33 | A | 600,000 | 617,454 | ||||||
| CA Edl. Fac. Auth. Rev. Bonds (U. of La Verne), Ser. A, 5s, 6/1/35 | Baa2 | 500,000 | 483,415 | ||||||
| CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37 | Baa2 | 1,105,000 | 1,083,320 | ||||||
| CA Muni. Fin. Auth. Rev. Bonds | |||||||||
| (U. of La Verne), Ser. A, 6 1/8s, 6/1/30 | Baa2 | 1,000,000 | 1,086,759 | ||||||
| (Emerson College), 6s, 1/1/42 | Baa1 | 1,000,000 | 1,098,110 | ||||||
| CA Poll. Control Fin. Auth. Rev. Bonds | |||||||||
| (Wtr. Furnishing), 5s, 11/21/45 | Baa3 | 2,000,000 | 1,755,680 | ||||||
| (Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23 | A3 | 2,500,000 | 2,588,350 | ||||||
| CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23 | A- | 2,150,000 | 2,218,607 | ||||||
| CA Poll. Control Fin. Auth. Solid Waste Disp. 144A Rev. Bonds (Waste Management, Inc.), Ser. A-2, 5.4s, 4/1/25 | A- | 1,760,000 | 1,809,720 | ||||||
| CA School Fin. Auth. Rev. Bonds (2023 Union, LLC), Ser. A, 6s, 7/1/33 | BBB- | 465,000 | 477,062 | ||||||
| CA State G.O. Bonds | |||||||||
| 6 1/2s, 4/1/33 | A1 | 5,000,000 | 6,039,600 | ||||||
| 5s, 4/1/42 | A1 | 2,000,000 | 2,085,560 | ||||||
| CA State Muni. Fin. Auth. Charter School Rev. Bonds (Partnerships Uplift Cmnty.), Ser. A, 5s, 8/1/32 | BB+ | 665,000 | 550,454 | ||||||
| CA State Pub. Wks. Board Rev. Bonds | |||||||||
| (Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32 | A2 | 1,250,000 | 1,303,075 | ||||||
| (Capital Projects), Ser. A, 5s, 4/1/29 | A2 | 2,000,000 | 2,155,220 | ||||||
| CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30 | BBB+ | 980,000 | 982,205 | ||||||
| CA Statewide Cmnty. Dev. Auth. Rev. Bonds | |||||||||
| (Thomas Jefferson School of Law), Ser. A, 7 1/4s, 10/1/38 | B+ | 560,000 | 415,005 | ||||||
| (Terraces at San Joaquin Gardens), Ser. A, 6s, 10/1/47 | BB/P | 1,000,000 | 947,530 | ||||||
| (American Baptist Homes West), 5 3/4s, 10/1/25 | BBB | 3,000,000 | 3,183,690 | ||||||
| (U. CA Irvine E. Campus Apts. Phase 1), 5 3/8s, 5/15/38 | Baa2 | 1,000,000 | 1,027,470 | ||||||
| (U. CA Irvine E. Campus Apts. Phase 1), 5 1/8s, 5/15/31 | Baa2 | 2,250,000 | 2,306,813 | ||||||
| Cathedral City, Impt. Board Act of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02 | |||||||||
| 5.05s, 9/2/35 | BB+/P | 1,005,000 | 984,267 | ||||||
| 5s, 9/2/30 | BB+/P | 245,000 | 242,001 | ||||||
| Corona-Norco, School Dist. Pub. Fin. Auth. Special Tax Bonds (Sr. Lien), Ser. A, 5s, 9/1/28 | BBB+ | 380,000 | 384,309 | ||||||
| Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A, 6s, 1/15/53 | BBB- | 1,500,000 | 1,513,350 | ||||||
| Golden State Tobacco Securitization Corp. Rev. Bonds | |||||||||
| Ser. A-2, 5.3s, 6/1/37 | B3 | 2,000,000 | 1,509,580 | ||||||
| (Enhanced Asset), Ser. A, 5s, 6/1/30 | A2 | 500,000 | 518,060 | ||||||
| (Enhanced Asset), Ser. A, 5s, 6/1/29 | A2 | 1,125,000 | 1,178,730 | ||||||
| Irvine Pub. Fac. & Infrastructure Auth. Special Assmt. Bonds, Ser. A, 4 1/4s, 9/2/24 | BBB+ | 500,000 | 498,720 | ||||||
| Irvine, Impt. Board Act of 1915 Special Assmt. Bonds, 5s, 9/2/25 | BBB+ | 830,000 | 904,825 | ||||||
| Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27 | A | 400,000 | 402,632 | ||||||
| M-S-R Energy Auth. Rev. Bonds, Ser. A, 6 1/2s, 11/1/39 | A- | 750,000 | 919,320 | ||||||
| Oakland, Unified School Dist. Alameda Cnty., G.O. Bonds | |||||||||
| (Election of 2012), 6 5/8s, 8/1/38 | BBB/P | 800,000 | 884,576 | ||||||
| (Election 2006), Ser. A, 5 1/2s, 8/1/32 | BBB/P | 500,000 | 528,450 | ||||||
| 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 | 901,332 | ||||||
| Poway, Unified School Dist. Pub. Fin. Auth. Special Tax Bonds, 5s, 9/15/32 | BBB | 500,000 | 496,385 | ||||||
| Rancho Cordova, Cmnty. Fac. Dist. Special Tax Bonds (Sunridge Anatolia), Ser. 03-1, 5s, 9/1/37 | BB+/P | 350,000 | 339,612 | ||||||
| San Francisco City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 5s, 5/1/30 | A1 | 600,000 | 629,688 | ||||||
| San Francisco City & Cnty., Redev. Agcy. Cmnty. Successor Special Tax Bonds | |||||||||
| (No.6 Mission Bay Pub. Impts.), Ser. C, zero %, 8/1/43 | BB+/P | 2,000,000 | 297,260 | ||||||
| (Mission Bay), Ser. C, zero %, 8/1/38 | BB+/P | 2,000,000 | 423,560 | ||||||
| San Francisco, City & Cnty. Redev. Fin. Auth. Tax Alloc. Bonds (Mission Bay South), Ser. D, 6 5/8s, 8/1/39 | BBB | 250,000 | 269,538 | ||||||
| Santaluz, Cmnty. Facs. Dist. No. 2 Special Tax Rev. Bonds (Impt. Area No. 1), Ser. A, 5 1/4s, 9/1/26 (Prerefunded 9/1/21) | BBB+ | 1,630,000 | 1,725,877 | ||||||
| Sunnyvale, Special Tax Rev. Bonds (Cmnty. Fac. Dist. No. 1), 7 3/4s, 8/1/32 | B+/P | 835,000 | 836,169 | ||||||
| U. of CA, Rev. bonds, Ser. AF, 5s, 5/15/36(T) | AA | 7,000,000 | 7,577,185 | ||||||
| Vernon, Elec. Syst. Rev. Bonds, Ser. A, 5 1/2s, 8/1/41 | A- | 250,000 | 257,340 | ||||||
| Yucaipa Special Tax Bonds (Cmnty. Fac. Dist. No. 98-1 Chapman Heights), 5 3/8s, 9/1/30 | BBB+ | 375,000 | 390,473 | ||||||
| 59,532,096 | |||||||||
| Colorado (3.5%) | |||||||||
| CO Pub. Hwy. Auth. Rev. Bonds (E-470), Ser. C, 5 3/8s, 9/1/26 | Baa2 | 500,000 | 533,125 | ||||||
| CO State Hlth. Fac. Auth. Rev. Bonds | |||||||||
| (Christian Living Cmnty.), 6 3/8s, 1/1/41 | BB-/P | 810,000 | 823,244 | ||||||
| (Total Longterm Care National), Ser. A, 6 1/4s, 11/15/40 | BBB/F | 300,000 | 315,150 | ||||||
| (Evangelical Lutheran), Ser. A, 6 1/8s, 6/1/38 (Prerefunded 6/1/14) | A3 | 2,045,000 | 2,083,997 | ||||||
| (Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26 | BB-/P | 1,925,000 | 1,960,882 | ||||||
| (Evangelical Lutheran Good Samaritan Society), 5 5/8s, 6/1/43 | A3 | 250,000 | 257,750 | ||||||
| (Valley View Assn.), 5 1/4s, 5/15/42 | BBB+ | 3,495,000 | 3,497,831 | ||||||
| (Covenant Retirement Cmnty.), Ser. A, 5s, 12/1/33 | BBB- | 900,000 | 859,608 | ||||||
| (Evangelical Lutheran Good Samaritan Society), 5s, 12/1/33 | A3 | 1,100,000 | 1,094,445 | ||||||
| E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1, NATL, 5 1/2s, 9/1/24 | A | 1,000,000 | 1,042,010 | ||||||
| Plaza, Tax Assoc. Bonds (Metro. Dist. No.1), 5s, 12/1/40 | BB/P | 1,650,000 | 1,565,883 | ||||||
| Regl. Trans. Dist. Rev. Bonds (Denver Trans. Partners), 6s, 1/15/41 | Baa3 | 750,000 | 777,075 | ||||||
| 14,811,000 | |||||||||
| Connecticut (0.3%) | |||||||||
| Hamden, Fac. Rev. Bonds (Whitney Ctr.), Ser. A, 7 3/4s, 1/1/43 | B-/P | 1,050,000 | 1,083,884 | ||||||
| 1,083,884 | |||||||||
| Delaware (1.5%) | |||||||||
| DE State Econ. Dev. Auth. Rev. Bonds | |||||||||
| (Delmarva Pwr.), 5.4s, 2/1/31 | BBB+ | 500,000 | 533,770 | ||||||
| (Indian River Pwr.), 5 3/8s, 10/1/45 | Baa3 | 2,600,000 | 2,593,916 | ||||||
| DE State Hlth. Facs. Auth. VRDN (Christiana Care), Ser. A, 0.05s, 10/1/38 | VMIG1 | 3,075,000 | 3,075,000 | ||||||
| 6,202,686 | |||||||||
| District of Columbia (1.8%) | |||||||||
| DC Rev. Bonds | |||||||||
| (Howard U.), Ser. A, 6 1/2s, 10/1/41 | A- | 2,500,000 | 2,721,475 | ||||||
| (Howard U.), Ser. A, 6 1/4s, 10/1/32 | A- | 1,000,000 | 1,099,560 | ||||||
| (Kipp Charter School), 6s, 7/1/33 | BBB+ | 1,000,000 | 1,076,590 | ||||||
| DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46 | B/F | 7,500,000 | 721,050 | ||||||
| Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds (2nd Sr. Lien), Ser. B, zero %, 10/1/40 | Baa1 | 10,000,000 | 1,865,200 | ||||||
| 7,483,875 | |||||||||
| Florida (4.9%) | |||||||||
| Broward Cnty., Arpt. Syst. Rev. Bonds, Ser. Q-2, 5s, 10/1/31 | A1 | 1,000,000 | 1,023,210 | ||||||
| Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds (Sr. Lien), Ser. A-1, 4 1/8s, 5/1/31 | A- | 500,000 | 438,225 | ||||||
| Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/26 | BBB | 2,000,000 | 2,000,140 | ||||||
| Fishhawk, CCD IV Special Assmt. Bonds, 7 1/4s, 5/1/43 | B/P | 400,000 | 410,212 | ||||||
| FL Hsg. Fin. Corp. Rev. Bonds, Ser. G, GNMA Coll., FNMA Coll., FHLMC Coll., 5 3/4s, 1/1/37 | Aa1 | 260,000 | 273,182 | ||||||
| Florida State Higher Edl. Fac. Rev. Bonds (U. of Tampa), Ser. A, 5s, 4/1/32 | BBB+ | 600,000 | 604,758 | ||||||
| Greater Orlando Aviation Auth. Rev. Bonds (JetBlue Airways Corp.), 5s, 11/15/36 | B/P | 1,000,000 | 872,120 | ||||||
| Heritage Harbour Marketplace Cmnty., Dev. Dist. Special Assmt. Bonds, 5.6s, 5/1/36 | CCC/P | 350,000 | 298,956 | ||||||
| Jacksonville, Econ. Dev. Comm. Hlth. Care Fac. Rev. Bonds (FL Proton Therapy Inst.), Ser. A, 6s, 9/1/17 | BB-/P | 450,000 | 485,105 | ||||||
| Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev. Bonds (Gerdau Ameristeel US, Inc.), 5.3s, 5/1/37 | Baa3 | 2,450,000 | 2,199,560 | ||||||
| Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43 | BBB-/F | 840,000 | 847,837 | ||||||
| Lee Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds | |||||||||
| (Shell Pt./Alliance Oblig. Group), 5 1/8s, 11/15/36 | BB+ | 1,075,000 | 1,010,952 | ||||||
| (Shell Pt./Alliance Cmnty.), 5s, 11/15/22 | BB+ | 1,500,000 | 1,522,065 | ||||||
| Martin Cnty., Rev. Bonds (Indiantown Cogeneration), 4.2s, 12/15/25 | Ba1 | 500,000 | 444,285 | ||||||
| Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), 5s, 11/15/29 | Baa2 | 1,000,000 | 1,004,860 | ||||||
| Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33 | BBB+ | 2,000,000 | 2,034,880 | ||||||
| Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt. Bonds, 5.7s, 5/1/37 | B/P | 910,000 | 581,226 | ||||||
| South Lake Hosp. Dist. Rev. Bonds (South Lake Hosp.), Ser. A, 6s, 4/1/29 | Baa1 | 1,000,000 | 1,086,460 | ||||||
| Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37 | CCC/P | 860,000 | 820,001 | ||||||
| Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds (Cap. Impt.), 5s, 5/1/33 | BB-/P | 500,000 | 455,540 | ||||||
| Verano Ctr. Cmnty. Dev. Dist. Special Assmt. Bonds (Cmnty. Infrastructure), Ser. A, 5 3/8s, 5/1/37 | B-/P | 935,000 | 666,477 | ||||||
| Village Cmnty. Dev. Dist. No. 8 Special Assmt. Bonds (Phase II), 6 1/8s, 5/1/39 | BB/P | 435,000 | 470,344 | ||||||
| Village Cmnty. Dev. Dist. No. 9 Special Assmt. Bonds, 5s, 5/1/22 | B+/P | 585,000 | 602,070 | ||||||
| Village Community Development District No. 10 Special Assmt. Bonds, 5 3/4s, 5/1/31(FWC) | BB/P | 800,000 | 809,064 | ||||||
| 20,961,529 | |||||||||
| Georgia (3.3%) | |||||||||
| Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39 | Aa3 | 2,500,000 | 2,857,275 | ||||||
| Clayton Cnty., Dev. Auth. Special Fac. Rev. Bonds (Delta Airlines), Ser. A, 8 3/4s, 6/1/29 | B+ | 3,000,000 | 3,551,280 | ||||||
| Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist Hlth. Care Syst.), U.S. Govt. Coll., 6 1/4s, 10/1/18 (Escrowed to maturity) | AA+ | 1,325,000 | 1,516,131 | ||||||
| Fulton Cnty., Res. Care Fac. Rev. Bonds (Canterbury Court), Class A, 6 1/8s, 2/15/34 | BB/P | 600,000 | 600,948 | ||||||
| GA State Private College & U. Auth. Rev. Bonds (Mercer U.) | |||||||||
| Ser. C, 5 1/4s, 10/1/30 | Baa2 | 750,000 | 777,930 | ||||||
| Ser. A, 5 1/4s, 10/1/27 | Baa2 | 1,000,000 | 1,059,350 | ||||||
| Ser. A, 5s, 10/1/32 | Baa2 | 1,000,000 | 1,008,160 | ||||||
| Gainesville & Hall Cnty., Devauth Retirement Cmnty. Rev. Bonds (Acts Retirement-Life Cmnty.), Ser. A-2, 6 3/8s, 11/15/29 | BBB+ | 700,000 | 754,992 | ||||||
| Marietta, Dev. Auth. Rev. Bonds (U. Fac. Life U., Inc.), Ser. PJ, 6 1/4s, 6/15/20 | Ba3 | 1,070,000 | 1,084,937 | ||||||
| Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy Paper), Ser. A, 6 1/8s, 1/1/34 | BB/P | 600,000 | 603,798 | ||||||
| 13,814,801 | |||||||||
| Guam (—%) | |||||||||
| Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5s, 10/1/34 | BBB | 200,000 | 195,454 | ||||||
| 195,454 | |||||||||
| Hawaii (1.2%) | |||||||||
| HI Dept. of Trans. Special Fac. Rev. Bonds (Continental Airlines, Inc.), 7s, 6/1/20 | B2 | 1,010,000 | 1,010,000 | ||||||
| HI State Dept. Budget & Fin. Rev. Bonds | |||||||||
| (Craigside), Ser. A, 9s, 11/15/44 | B/P | 400,000 | 446,852 | ||||||
| (Hawaiian Elec. Co. - Subsidary), 6 1/2s, 7/1/39 | Baa1 | 3,000,000 | 3,303,030 | ||||||
| (Kahala Nui), 5 1/8s, 11/15/32 | BBB-/F | 400,000 | 403,204 | ||||||
| 5,163,086 | |||||||||
| Illinois (4.6%) | |||||||||
| Chicago, G.O. Bonds, Ser. A, 5s, 1/1/33 | A+ | 2,000,000 | 2,008,980 | ||||||
| Chicago, Special Assmt. Bonds (Lake Shore East), 6 3/4s, 12/1/32 | BB/P | 1,624,000 | 1,642,221 | ||||||
| Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. C, 5s, 1/1/26 | A2 | 2,595,000 | 2,698,904 | ||||||
| Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds (Monarch Landing) | |||||||||
| 5 5/8s, 3/1/36 | B/P | 350,000 | 345,758 | ||||||
| 5.4s, 3/1/16 | B/P | 78,000 | 80,101 | ||||||
| IL Fin. Auth. Rev. Bonds | |||||||||
| (Provena Hlth.), Ser. A, 7 3/4s, 8/15/34 | Baa1 | 1,500,000 | 1,807,815 | ||||||
| (Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44 | BBB- | 2,000,000 | 2,181,000 | ||||||
| (IL Rush U. Med. Ctr.), Ser. C, 6 5/8s, 11/1/39 | A2 | 1,075,000 | 1,187,327 | ||||||
| (Navistar Intl. Recvy. Zone), 6 1/2s, 10/15/40 | B3 | 1,500,000 | 1,464,555 | ||||||
| (Three Crowns Pk. Plaza), Ser. A, 5 7/8s, 2/15/26 | B+/P | 1,000,000 | 1,010,320 | ||||||
| (Landing At Plymouth Place), Ser. A, 5.35s, 5/15/15 | B+/P | 600,000 | 598,050 | ||||||
| (American Wtr. Cap. Corp.), 5 1/4s, 10/1/39 | A- | 1,575,000 | 1,584,071 | ||||||
| IL Hlth. Fac. Auth. Rev. Bonds (Cmnty. Rehab. Providers Fac.), Ser. A, 7 7/8s, 7/1/20 | CCC/P | 95,494 | 68,780 | ||||||
| IL State G.O. Bonds | |||||||||
| 5s, 3/1/34 | A3 | 750,000 | 758,415 | ||||||
| 5s, 8/1/21 | A3 | 750,000 | 846,720 | ||||||
| Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28 | A- | 1,050,000 | 1,175,727 | ||||||
| 19,458,744 | |||||||||
| Indiana (2.5%) | |||||||||
| IN State Fin. Auth. Rev. Bonds (OH Valley Elec. Corp.), Ser. A, 5s, 6/1/32 | Baa3 | 750,000 | 734,963 | ||||||
| IN State Fin. Auth. Edl. Fac. Rev. Bonds (Butler U.), Ser. B | |||||||||
| 5s, 2/1/32 | BBB+ | 1,000,000 | 1,014,460 | ||||||
| 5s, 2/1/29 | BBB+ | 1,000,000 | 1,025,140 | ||||||
| Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 5.1s, 1/15/17 | Baa1 | 3,500,000 | 3,804,500 | ||||||
| Jasper Cnty., Indl. Poll. Control Rev. Bonds | |||||||||
| AMBAC, 5.7s, 7/1/17 | Baa1 | 1,125,000 | 1,221,086 | ||||||
| NATL, 5.6s, 11/1/16 | A | 700,000 | 751,485 | ||||||
| Ser. A, NATL, 5.6s, 11/1/16 | A | 500,000 | 536,775 | ||||||
| St. Joseph Cnty., Econ. Dev. Rev. Bonds (Holy Cross Village Notre Dame), Ser. A, 5 3/4s, 5/15/15 | B+/P | 455,000 | 462,462 | ||||||
| Valparaiso, Exempt Facs. Rev. Bonds (Pratt Paper, LLC), 6 3/4s, 1/1/34 | B+/P | 1,125,000 | 1,168,515 | ||||||
| 10,719,386 | |||||||||
| Iowa (2.1%) | |||||||||
| IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives), Ser. A | |||||||||
| 5 1/4s, 7/1/17 | BB+ | 1,040,000 | 1,086,249 | ||||||
| 5s, 7/1/19 | BB+ | 2,750,000 | 2,832,748 | ||||||
| IA Fin. Auth. Hlth. Fac. Rev. Bonds (Dev. Care Initiatives), Ser. A, 5 1/2s, 7/1/25 | BB+ | 950,000 | 961,020 | ||||||
| IA State Fin. Auth. Midwestern Disaster Rev. Bonds | |||||||||
| (IA Fertilizer Co., LLC), 5 1/2s, 12/1/22 | BB- | 1,000,000 | 964,710 | ||||||
| (IA Fertilizer Co.), 5 1/4s, 12/1/25 | BB- | 1,000,000 | 930,640 | ||||||
| Orange Cnty., Hosp. Rev. Bonds, 5 1/2s, 9/1/27 | BB/P | 1,180,000 | 1,187,151 | ||||||
| Tobacco Settlement Auth. of IA Rev. Bonds, Ser. C, 5 3/8s, 6/1/38 | B+ | 1,250,000 | 986,150 | ||||||
| 8,948,668 | |||||||||
| Kansas (0.1%) | |||||||||
| Lenexa, Hlth. Care Fac. Rev. Bonds (LakeView Village), 7 1/8s, 5/15/29 | BB/P | 500,000 | 525,060 | ||||||
| 525,060 | |||||||||
| Kentucky (1.8%) | |||||||||
| Breckinridge Cnty., Lease Program VRDN, Ser. A, 0.05s, 2/1/32 | VMIG1 | 3,255,000 | 3,255,000 | ||||||
| KY Econ. Dev. Fin. Auth. Rev. Bonds | |||||||||
| (First Mtge.), Ser. IA, 8s, 1/1/29 | B+/P | 230,000 | 230,853 | ||||||
| (Masonic Home Indpt. Living II), 7 1/4s, 5/15/41 | BB-/P | 500,000 | 531,215 | ||||||
| (Masonic Home Indpt. Living II), 7s, 5/15/30 | BB-/P | 500,000 | 535,150 | ||||||
| KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6s, 7/1/53 | Baa3 | 1,100,000 | 1,138,268 | ||||||
| KY State Econ. Dev. Fin. Auth. Hlth. Care Rev. Bonds (Masonic Homes of KY), 5 3/8s, 11/15/42 | BB-/P | 900,000 | 825,561 | ||||||
| Louisville/Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/28 | Baa3 | 500,000 | 522,920 | ||||||
| Owen Cnty., Wtr. Wks. Syst. Rev. Bonds (American Wtr. Co.), Ser. A, 6 1/4s, 6/1/39 | A- | 700,000 | 737,380 | ||||||
| 7,776,347 | |||||||||
| Louisiana (1.5%) | |||||||||
| LA State Local Govt. Env. Facs. & Cmnty. Dev. Auth. Rev. Bonds (Westlake Chemical Corp.), 6 3/4s, 11/1/32 | BBB | 2,200,000 | 2,355,892 | ||||||
| Pub. Facs. Auth. Dock & Wharf Rev. Bonds (Impala Warehousing, LLC), 6 1/2s, 7/1/36 | B+/P | 1,000,000 | 939,490 | ||||||
| Rapides, Fin. Auth. FRB (Cleco Pwr.), AMBAC, 4.7s, 11/1/36 | Baa1 | 750,000 | 692,745 | ||||||
| Stadium & Exposition Dist. Rev. Bonds, Ser. A, 5s, 7/1/32 | A3 | 2,145,000 | 2,246,544 | ||||||
| 6,234,671 | |||||||||
| Maine (0.7%) | |||||||||
| ME Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (ME Gen. Med. Ctr.), 7 1/2s, 7/1/32 | Ba1 | 1,000,000 | 1,117,670 | ||||||
| Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26 | B2 | 2,000,000 | 2,008,460 | ||||||
| 3,126,130 | |||||||||
| Maryland (1.5%) | |||||||||
| Baltimore Cnty., Rev. Bonds (Oak Crest Village, Inc. Fac.), Ser. A, 5s, 1/1/37 | BBB+ | 2,000,000 | 1,991,800 | ||||||
| MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22 | A | 550,000 | 645,222 | ||||||
| MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 3/8s, 12/1/14 | BBB+/F | 1,000,000 | 1,017,050 | ||||||
| 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 | 405,144 | ||||||
| Westminster, Econ. Dev. Rev. Bonds (Carroll Lutheran Village), Ser. A | |||||||||
| 6 1/4s, 5/1/34 | BB/P | 600,000 | 599,970 | ||||||
| 5 7/8s, 5/1/21 | BB/P | 1,600,000 | 1,602,592 | ||||||
| 6,261,778 | |||||||||
| Massachusetts (6.6%) | |||||||||
| MA Edl. Fin. Auth. Rev. Bonds, Ser. B, 5 1/2s, 1/1/23 | AA | 685,000 | 721,963 | ||||||
| MA State Dev. Fin. Agcy. Rev. Bonds | |||||||||
| (Sabis Intl.), Ser. A, 8s, 4/15/39 | BBB | 690,000 | 801,076 | ||||||
| (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/46 | B-/P | 850,850 | 700,352 | ||||||
| (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/39 | B-/P | 532,400 | 456,352 | ||||||
| (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26 | B-/P | 275,400 | 249,052 | ||||||
| (Boston U.), 6s, 5/15/59 | A1 | 500,000 | 564,595 | ||||||
| (Loomis Cmntys.), Ser. A, 6s, 1/1/33 | BBB- | 200,000 | 201,908 | ||||||
| (Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46 | B-/P | 88,265 | 64,813 | ||||||
| (New England Conservatory of Music), 5 1/4s, 7/1/38 | Baa1 | 805,000 | 818,234 | ||||||
| (Wheelock College), Ser. C, 5 1/4s, 10/1/29 | BBB | 1,700,000 | 1,727,539 | ||||||
| (First Mtge. - Orchard Cove), 5s, 10/1/19 | BB/P | 550,000 | 561,220 | ||||||
| (Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56 | B-/P | 439,022 | 2,726 | ||||||
| MA State Dev. Fin. Agcy. 144A Rev. Bonds (Groves in Lincoln, Inc. (The)), Ser. B1, 7 1/4s, 6/1/16(F) | CCC/P | 1,329,720 | 42,551 | ||||||
| MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds (Adventcare), Ser. A, 6.65s, 10/15/28 | B/P | 1,050,000 | 1,076,030 | ||||||
| MA State Dev. Fin. Agcy. Solid Waste Disp. (Dominion Energy Brayton), Ser. 1, 5 3/4s, 12/1/42 (Prerefunded 5/1/19) | BBB+ | 1,050,000 | 1,291,857 | ||||||
| MA State Hlth. & Edl. Fac. Auth. Rev. Bonds | |||||||||
| (Norwood Hosp.), Ser. C, 7s, 7/1/14 (Escrowed to maturity) | BB/P | 600,000 | 616,404 | ||||||
| (Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33 | B+ | 2,550,000 | 2,550,969 | ||||||
| (Suffolk U.), Ser. A, 6 1/4s, 7/1/30 | Baa2 | 1,000,000 | 1,084,590 | ||||||
| (Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON) | D/P | 330,776 | 33 | ||||||
| (Suffolk U.), Ser. A, 5 3/4s, 7/1/39 | Baa2 | 950,000 | 987,297 | ||||||
| (Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36 | A+ | 1,500,000 | 1,620,060 | ||||||
| (Springfield College), 5 5/8s, 10/15/40 | Baa1 | 450,000 | 466,457 | ||||||
| (Springfield College), 5 1/2s, 10/15/31 | Baa1 | 1,100,000 | 1,140,656 | ||||||
| (Springfield College), 5 1/2s, 10/15/26 | Baa1 | 1,500,000 | 1,596,975 | ||||||
| (Fisher College), Ser. A, 5 1/8s, 4/1/37 | BBB- | 250,000 | 229,820 | ||||||
| (Emerson Hosp.), Ser. E, Radian Insd., 5s, 8/15/25 | BB/P | 1,500,000 | 1,420,620 | ||||||
| (Milford Regl. Med.), Ser. E, 5s, 7/15/22 | Baa3 | 2,200,000 | 2,247,344 | ||||||
| MA State Indl. Fin. Agcy. Rev. Bonds (1st Mtge. Berkshire Retirement), Ser. A, 6 5/8s, 7/1/16 | BBB | 885,000 | 888,965 | ||||||
| MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41 | A | 750,000 | 775,868 | ||||||
| Metro. Boston, Trans. Pkg. Corp. Rev. Bonds | |||||||||
| (Systemwide Pkg.), 5 1/4s, 7/1/33 | A1 | 1,500,000 | 1,631,115 | ||||||
| 5s, 7/1/41 | A1 | 1,500,000 | 1,567,875 | ||||||
| 28,105,316 | |||||||||
| Michigan (5.2%) | |||||||||
| Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36 | AA- | 1,660,000 | 1,704,953 | ||||||
| Flint, Hosp. Bldg. Auth. Rev. Bonds | |||||||||
| Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 6s, 7/1/20 | Ba1 | 210,000 | 210,107 | ||||||
| Ser. A, 5 1/4s, 7/1/39 | Ba1 | 750,000 | 606,413 | ||||||
| Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden City Hosp.), Ser. A, 5 3/4s, 9/1/17 | BB-/P | 280,000 | 279,980 | ||||||
| Kentwood, Economic Dev. Rev. Bonds (Holland Home), 5 5/8s, 11/15/32 | BB+/F | 2,195,000 | 2,195,505 | ||||||
| MI State Hosp. Fin. Auth. Rev. Bonds | |||||||||
| Ser. A, 6 1/8s, 6/1/39 | A1 | 2,000,000 | 2,160,000 | ||||||
| (Henry Ford Hlth.), 5 3/4s, 11/15/39 | A2 | 1,600,000 | 1,657,008 | ||||||
| (Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46 | A2 | 2,565,000 | 2,505,953 | ||||||
| (Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/25 (Prerefunded 5/15/15) | AA+ | 755,000 | 799,515 | ||||||
| MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Cadillac Place Office Bldg.), 5 1/4s, 10/15/26 | A1 | 1,250,000 | 1,349,950 | ||||||
| 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 | 1,624,253 | ||||||
| MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/48 | B- | 4,000,000 | 3,097,200 | ||||||
| Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp.), 5 1/2s, 6/1/20 | Baa2 | 1,480,000 | 1,548,080 | ||||||
| Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21 | A2 | 2,000,000 | 2,190,740 | ||||||
| 21,929,657 | |||||||||
| Minnesota (2.9%) | |||||||||
| Douglas Cnty., Gross Hlth. Care Fac. Rev. Bonds (Douglas Cnty. Hosp.), Ser. A, 6 1/4s, 7/1/34 | BBB- | 3,000,000 | 3,171,960 | ||||||
| Inver Grove Heights, Nursing Home Rev. Bonds (Presbyterian Homes Care), 5 3/8s, 10/1/26 | B/P | 700,000 | 692,041 | ||||||
| North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39 | BB/P | 315,000 | 323,086 | ||||||
| Northfield, Hosp. Rev. Bonds, 5 3/8s, 11/1/26 | BBB- | 750,000 | 772,920 | ||||||
| Rochester, Hlth. Care Fac. Rev. Bonds (Olmsted Med. Ctr.), 5 7/8s, 7/1/30 | A-/F | 1,000,000 | 1,132,129 | ||||||
| Sartell, Hlth. Care & Hsg. Facs. Rev. Bonds (Country Manor Campus, LLC) | |||||||||
| 5 1/4s, 9/1/30 | B-/P | 500,000 | 480,720 | ||||||
| 5 1/4s, 9/1/27 | B-/P | 750,000 | 742,088 | ||||||
| Sauk Rapids Hlth. Care & Hsg. Fac. Rev. Bonds (Good Shepherd Lutheran Home), 7 1/2s, 1/1/39 (Prerefunded 1/1/16) | AAA/P | 500,000 | 567,320 | ||||||
| St. Paul, Hsg. & Redev. Auth. Charter School Lease Rev. Bonds (Nova Classical Academy), Ser. A | |||||||||
| 6 5/8s, 9/1/42 | BBB- | 250,000 | 264,363 | ||||||
| 6 3/8s, 9/1/31 | BBB- | 250,000 | 264,178 | ||||||
| St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35 | BBB- | 1,350,000 | 1,376,028 | ||||||
| St. Paul, Port Auth. Lease Rev. Bonds (Regions Hosp. Pkg. Ramp), Ser. 1, 5s, 8/1/36 | A-/P | 1,125,000 | 1,050,154 | ||||||
| Wayzata, Sr. Hsg. Rev. Bonds (Folkestone Sr. Living Cmnty.), Ser. B, 4 7/8s, 5/1/19 | BB+/P | 1,500,000 | 1,510,530 | ||||||
| 12,347,517 | |||||||||
| Mississippi (0.4%) | |||||||||
| Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32 | BBB | 1,600,000 | 1,748,112 | ||||||
| 1,748,112 | |||||||||
| Missouri (0.6%) | |||||||||
| Kansas City, Indl. Dev. Auth. Hlth. Fac. Rev. Bonds (First Mtge. Bishop Spencer), Ser. A, 6 1/2s, 1/1/35 | B/P | 1,500,000 | 1,504,050 | ||||||
| St. Louis Arpt. Rev. Bonds (Lambert-St. Louis Intl.), Ser. A-1, 6 5/8s, 7/1/34 | A3 | 1,000,000 | 1,135,780 | ||||||
| 2,639,830 | |||||||||
| Montana (0.1%) | |||||||||
| MT Fac. Fin. Auth. Rev. Bonds (Sr. Living St. John's Lutheran), Ser. A, 6s, 5/15/25 | B+/P | 500,000 | 505,875 | ||||||
| 505,875 | |||||||||
| Nebraska (1.2%) | |||||||||
| Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18 | A- | 1,500,000 | 1,697,910 | ||||||
| Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 1/2s, 1/1/30 | AA-/F | 1,000,000 | 1,063,030 | ||||||
| NE Edl. Fin. Auth. VRDN (Creighton U.), 0.05s, 7/1/35 | VMIG1 | 2,340,000 | 2,340,000 | ||||||
| 5,100,940 | |||||||||
| Nevada (1.4%) | |||||||||
| Clark Cnty., Impt. Dist. Special Assmt. Bonds | |||||||||
| (Mountains Edge Local No. 142), 5s, 8/1/21 | BBB- | 650,000 | 671,301 | ||||||
| (Summerlin No. 151), 5s, 8/1/20 | BB-/P | 410,000 | 380,066 | ||||||
| (Summerlin No. 151), 5s, 8/1/16 | BB-/P | 960,000 | 949,190 | ||||||
| Henderson, Local Impt. Dist. Special Assmt. Bonds | |||||||||
| (No. T-17), 5s, 9/1/18 | BB+/P | 360,000 | 365,681 | ||||||
| (No. T-18), 5s, 9/1/16 | CCC/P | 715,000 | 695,509 | ||||||
| Las Vegas, Special Assmt. Bonds (Dist. No. 607 Local Impt.), 5s, 6/1/23 | BB/P | 445,000 | 452,601 | ||||||
| Reno, Sales Tax VRDN (Reno Trans. Rail Access Corridor (ReTRAC)), 0.05s, 6/1/42 | VMIG1 | 2,500,000 | 2,500,000 | ||||||
| 6,014,348 | |||||||||
| New Hampshire (1.7%) | |||||||||
| NH Hlth. & Ed. Fac. Auth. Rev. Bonds | |||||||||
| (Rivermead), Ser. A, 6 7/8s, 7/1/41 | BB+/P | 2,000,000 | 2,136,480 | ||||||
| (Rivermead), Ser. A, 6 5/8s, 7/1/31 | BB+/P | 1,320,000 | 1,393,656 | ||||||
| (Kendal at Hanover), Ser. A, 5s, 10/1/18 | BBB+ | 1,875,000 | 1,909,913 | ||||||
| NH State Bus. Fin. Auth. Rev. Bonds (Elliot Hosp. Oblig. Group), Ser. A, 6s, 10/1/27 | Baa1 | 1,700,000 | 1,817,215 | ||||||
| 7,257,264 | |||||||||
| New Jersey (9.2%) | |||||||||
| Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds (The Evergreens), 5 5/8s, 1/1/38 | BB+/P | 3,200,000 | 2,865,920 | ||||||
| NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds | |||||||||
| (St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38 | BBB- | 2,250,000 | 2,290,523 | ||||||
| (St. Peter's U. Hosp.), 6 1/4s, 7/1/35 | Ba1 | 2,000,000 | 2,064,360 | ||||||
| (United Methodist Homes), Ser. A, 5 3/4s, 7/1/29 | BBB-/F | 2,250,000 | 2,238,503 | ||||||
| (Holy Name Hosp.), 5s, 7/1/36 | Baa2 | 2,500,000 | 2,447,125 | ||||||
| NJ State Econ. Dev. Auth. Rev. Bonds | |||||||||
| (Newark Arpt. Marriott Hotel), 7s, 10/1/14 | Baa3 | 2,400,000 | 2,447,975 | ||||||
| (United Methodist Homes), Ser. A-1, 6 1/4s, 7/1/33 (Prerefunded 7/1/14) | AAA/P | 1,000,000 | 1,044,280 | ||||||
| (Ashland School, Inc.), 6s, 10/1/33 | BBB | 1,000,000 | 1,034,710 | ||||||
| (First Mtge. Lions Gate), Ser. A, 5 7/8s, 1/1/37 | B/P | 430,000 | 411,480 | ||||||
| (Cigarette Tax), 5 3/4s, 6/15/29 (Prerefunded 6/15/14) | Aaa | 1,000,000 | 1,020,210 | ||||||
| (MSU Student Hsg. - Provident Group - Montclair LLC), 5 3/8s, 6/1/25 | Baa3 | 2,000,000 | 2,155,640 | ||||||
| (Continental Airlines, Inc.), 5 1/4s, 9/15/29 | B2 | 3,000,000 | 2,928,060 | ||||||
| 5s, 6/15/26 | Baa1 | 500,000 | 529,380 | ||||||
| NJ State Econ. Dev. Auth. Retirement Cmnty. Rev. Bonds (Seabrook Village, Inc.), 5 1/4s, 11/15/36 | BB-/P | 860,000 | 795,431 | ||||||
| NJ State Econ. Dev. Auth. Solid Waste Fac. Mandatory Put Bonds (6/1/14) (Disp. Waste Mgt.), Ser. A, 5.3s, 6/1/15 | A- | 1,750,000 | 1,775,900 | ||||||
| NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.) | |||||||||
| Ser. A, 5.7s, 10/1/39 | A1 | 2,600,000 | 2,774,148 | ||||||
| Ser. D, 4 7/8s, 11/1/29 | A1 | 700,000 | 732,039 | ||||||
| North Hudson, Swr. Auth. Rev. Bonds, Ser. A, 5s, 6/1/42 | A- | 1,000,000 | 1,029,430 | ||||||
| Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A | |||||||||
| 5s, 6/1/41 | B2 | 5,000,000 | 3,692,900 | ||||||
| 4 3/4s, 6/1/34 | B2 | 2,210,000 | 1,632,615 | ||||||
| 4 5/8s, 6/1/26 | B1 | 2,000,000 | 1,731,200 | ||||||
| Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31 | AA+ | 1,450,000 | 1,518,020 | ||||||
| 39,159,849 | |||||||||
| New Mexico (1.7%) | |||||||||
| Farmington, Poll. Control Rev. Bonds | |||||||||
| (Public Service Co. of NM San Juan), Ser. D, 5.9s, 6/1/40 | Baa2 | 500,000 | 519,700 | ||||||
| (San Juan), Ser. B, 4 7/8s, 4/1/33 | Baa2 | 4,500,000 | 4,398,345 | ||||||
| (AZ Pub. Svc. Co.), Ser. B, 4.7s, 9/1/24 | A3 | 2,000,000 | 2,087,880 | ||||||
| 7,005,925 | |||||||||
| New York (9.1%) | |||||||||
| 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 | 608,424 | ||||||
| Livingston Cnty., Indl. Dev. Agcy. Civic Fac. Rev. Bonds (Nicholas H. Noyes Memorial Hosp.), 5 3/4s, 7/1/15 | BB | 850,000 | 850,476 | ||||||
| Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds (Keyspan-Glenwood), 5 1/4s, 6/1/27 | A- | 2,775,000 | 2,782,382 | ||||||
| Niagara, Area Dev. Corp. Solid Waste Disp. Fac. Rev. Bonds (Covanta Holding Corp.), Ser. A, 5 1/4s, 11/1/42 | Ba2 | 1,100,000 | 1,000,087 | ||||||
| NY City, G.O. Bonds, Ser. F, 5s, 8/1/31 | Aa2 | 1,500,000 | 1,619,805 | ||||||
| NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds | |||||||||
| (American Airlines - JFK Intl. Arpt.), 7 1/2s, 8/1/16 | B+/P | 2,915,000 | 3,099,315 | ||||||
| (British Airways PLC), 5 1/4s, 12/1/32 | BB | 3,425,000 | 3,137,266 | ||||||
| (Jetblue Airways Corp.), 5s, 5/15/20 | B | 265,000 | 262,869 | ||||||
| NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. bonds 5s, 6/15/31(T) | AA+ | 10,000,000 | 10,883,078 | ||||||
| NY State Dorm Auth. Rev. Bonds, Ser. A, 5s, 3/15/38 | AAA | 1,500,000 | 1,612,350 | ||||||
| NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37 | Ba1 | 725,000 | 703,105 | ||||||
| NY State Dorm. Auth.Ser. C Rev bonds 5s, 3/15/31(T) | AAA | 5,000,000 | 5,409,379 | ||||||
| NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26 | A3 | 3,800,000 | 3,812,540 | ||||||
| Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term.), 6s, 12/1/42 | Baa3 | 1,000,000 | 1,085,370 | ||||||
| Port Auth. of NY & NJ Rev. Bonds (Kennedy Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19 | BB+/P | 180,000 | 177,494 | ||||||
| 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 | 1,248,713 | ||||||
| Syracuse, Indl. Dev. Agcy. Rev. Bonds (1st Mtge. - Jewish Home), Ser. A, 7 3/8s, 3/1/21 | B+/P | 615,000 | 610,455 | ||||||
| 38,903,108 | |||||||||
| North Carolina (1.9%) | |||||||||
| NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24 | A- | 750,000 | 890,558 | ||||||
| NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds | |||||||||
| (Presbyterian Homes), 5.4s, 10/1/27 | BB/P | 2,000,000 | 1,928,740 | ||||||
| (First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22 | BB/P | 1,110,000 | 1,115,228 | ||||||
| NC Med. Care Comm. Retirement Fac. Rev. Bonds | |||||||||
| (Carolina Village), 6s, 4/1/38 | BB/P | 500,000 | 505,435 | ||||||
| (First Mtge.), Ser. A-05, 5 1/2s, 10/1/35 | BB+/P | 1,730,000 | 1,730,744 | ||||||
| (First Mtge.), Ser. A-05, 5 1/4s, 10/1/25 | BB+/P | 700,000 | 701,918 | ||||||
| (Forest at Duke), 5 1/8s, 9/1/27 | BBB+/F | 1,000,000 | 1,022,360 | ||||||
| NC State Hsg. Fin. Agcy. FRB (Homeownership), Ser. 26-A, 5 1/2s, 1/1/38 | Aa2 | 150,000 | 151,710 | ||||||
| 8,046,693 | |||||||||
| Ohio (5.8%) | |||||||||
| American Muni. Pwr. - Ohio, Inc. Rev. Bonds (Prairie Street Energy Campus), Ser. A, 5 1/4s, 2/15/33 | AA- | 5,000,000 | 5,262,600 | ||||||
| Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds | |||||||||
| Ser. A-3, 6 1/4s, 6/1/37 | B3 | 850,000 | 696,856 | ||||||
| Ser. A-2, 6s, 6/1/42 | B3 | 2,500,000 | 2,000,675 | ||||||
| Ser. A-2, 5 7/8s, 6/1/30 | B3 | 4,315,000 | 3,473,402 | ||||||
| Ser. A-2, 5 3/4s, 6/1/34 | B3 | 1,675,000 | 1,303,535 | ||||||
| Cleveland, Arpt. Syst. Rev. Bonds, Ser. A, 5s, 1/1/31 | A- | 400,000 | 407,036 | ||||||
| Franklin Cnty., Hlth. Care Fac. Rev. Bonds (Presbyterian Svcs.), Ser. A, 5 5/8s, 7/1/26 | BBB- | 2,750,000 | 2,859,862 | ||||||
| Hickory Chase Cmnty. Auth. Rev. Bonds (Infrastructure Impt.), 7s, 12/1/38(F) | CCC/P | 644,000 | 77,216 | ||||||
| Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 5 5/8s, 8/15/29 | A3 | 1,530,000 | 1,632,020 | ||||||
| Lorain Cnty., Port Auth. Recovery Zone Fac. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 12/1/40 | BB- | 1,000,000 | 1,010,190 | ||||||
| OH State Air Quality Dev. Auth. Rev. Bonds (Valley Elec. Corp.), Ser. E, 5 5/8s, 10/1/19 | Baa3 | 1,300,000 | 1,425,190 | ||||||
| OH State Higher Edl. Fac. Comm. Rev. Bonds | |||||||||
| (U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39 (Prerefunded 1/15/15) | A | 2,000,000 | 2,123,140 | ||||||
| (Kenyon College), 5s, 7/1/44 | A1 | 800,000 | 814,880 | ||||||
| Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, 5 3/4s, 12/1/32 | BB/P | 900,000 | 853,371 | ||||||
| Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX Transn, Inc.), 6.45s, 12/15/21 | Baa2 | 500,000 | 601,170 | ||||||
| 24,541,143 | |||||||||
| Oklahoma (1.1%) | |||||||||
| OK Hsg. Fin. Agcy. Single Fam. Rev. Bonds (Homeownership Loan), Ser. B, 5.35s, 3/1/35 | Aaa | 685,000 | 698,296 | ||||||
| OK Hsg. Fin. Agcy. Single Family Mtge. Rev. Bonds (Homeownership Loan), Ser. C, GNMA Coll., FNMA Coll., 5.95s, 3/1/37 | Aaa | 620,000 | 634,142 | ||||||
| Tulsa Cnty., Indl. Auth. Rev. Bonds (Sr. Living Cmnty. Montereau, Inc.), Ser. A | |||||||||
| 7 1/8s, 11/1/30 | BB-/P | 1,250,000 | 1,338,888 | ||||||
| 6 7/8s, 11/1/23 | BB-/P | 500,000 | 509,630 | ||||||
| Tulsa, Muni. Arpt. Trust Rev. Bonds (American Airlines, Inc.) | |||||||||
| 6 1/4s, 6/1/20 | B+/P | 500,000 | 502,500 | ||||||
| Ser. B, 5 1/2s, 12/1/35 | B+/P | 1,250,000 | 1,184,550 | ||||||
| 4,868,006 | |||||||||
| Oregon (0.3%) | |||||||||
| Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza, Inc.), 5s, 12/1/29 | BBB/F | 350,000 | 358,250 | ||||||
| Warm Springs Reservation, Confederated Tribes 144A Rev. Bonds (Pelton Round Butte Tribal), Ser. B, 6 3/8s, 11/1/33 | A3 | 700,000 | 766,787 | ||||||
| 1,125,037 | |||||||||
| Pennsylvania (6.0%) | |||||||||
| Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds (Robert Morris U.), Ser. A, 5 1/2s, 10/15/30 | Baa3 | 1,000,000 | 1,010,500 | ||||||
| Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 11/1/24 | BB- | 2,000,000 | 2,095,360 | ||||||
| Allentown, Neighborhood Impt. Zone Dev. Auth. Rev. Bonds, Ser. A | |||||||||
| 5s, 5/1/42 | Baa2 | 800,000 | 726,976 | ||||||
| 5s, 5/1/35 | Baa2 | 500,000 | 465,900 | ||||||
| 5s, 5/1/32 | Baa2 | 200,000 | 189,662 | ||||||
| Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds (West Chester U. Student Hsg., LLC), Ser. A, 5s, 8/1/45 | Baa3 | 600,000 | 538,866 | ||||||
| Lancaster Cnty., Hosp. Auth. Rev. Bonds (Brethren Village), Ser. A, 6 3/8s, 7/1/30 | BB-/P | 625,000 | 630,169 | ||||||
| Lebanon Cnty., Hlth. Facs. Rev. Bonds (Pleasant View Retirement), Ser. A, 5.3s, 12/15/26 | BB/P | 1,800,000 | 1,786,626 | ||||||
| Lycoming Cnty., Auth. Rev. Bonds, 5s, 5/1/26 | A | 2,000,000 | 2,133,300 | ||||||
| Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds (Susquehanna Hlth. Syst.), Ser. A, 5 3/4s, 7/1/39 | BBB+ | 3,000,000 | 3,098,100 | ||||||
| Montgomery Cnty., Indl. Auth. Resource Recvy. Rev. Bonds (Whitemarsh Cont. Care), 6 1/4s, 2/1/35 | B-/P | 1,100,000 | 1,100,506 | ||||||
| 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 | 1,570,035 | ||||||
| Northampton Cnty., Indl. Dev. Auth. Tax Alloc. Bonds (Rte. 33), 7s, 7/1/32 | B/P | 800,000 | 796,816 | ||||||
| PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds (Colver), Ser. F, AMBAC, 5s, 12/1/15 | BBB- | 1,650,000 | 1,688,840 | ||||||
| PA State Higher Edl. Fac. Auth. Rev. Bonds | |||||||||
| (Shippensburg U.), 6 1/4s, 10/1/43 | Baa3 | 500,000 | 533,090 | ||||||
| (Edinboro U. Foundation), 5.8s, 7/1/30 | Baa3 | 1,000,000 | 1,008,440 | ||||||
| (Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42 | BBB | 785,000 | 782,103 | ||||||
| (Indiana U.), Ser. A, 5s, 7/1/41 | BBB+ | 500,000 | 479,120 | ||||||
| Philadelphia, Auth. for Indl. Dev. Rev. Bonds (Master Charter School), 6s, 8/1/35 | BBB+ | 600,000 | 624,138 | ||||||
| Philadelphia, Gas Wks. Rev. Bonds, Ser. 9, 5s, 8/1/30 | BBB+ | 1,000,000 | 1,017,720 | ||||||
| Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Graduate Hlth. Syst.), 7 1/4s, 7/1/14 (In default)(NON) | D/P | 2,583,821 | 258 | ||||||
| Pittsburgh G.O. Bonds, Ser. B, 5s, 9/1/26 | A1 | 1,000,000 | 1,111,020 | ||||||
| Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A, 6 1/2s, 1/1/38 | Baa3 | 1,325,000 | 1,416,915 | ||||||
| Wilkes-Barre, Fin. Auth. Rev. Bonds (Wilkes U.), 5s, 3/1/22 | BBB | 560,000 | 575,859 | ||||||
| 25,380,319 | |||||||||
| Puerto Rico (0.6%) | |||||||||
| Cmnwlth. of PR, G.O. Bonds | |||||||||
| Ser. A, FGIC, 5 1/2s, 7/1/21 | Baa3 | 1,000,000 | 746,880 | ||||||
| (Pub. Impt.), Ser. A, NATL, 5 1/2s, 7/1/20 | A | 1,000,000 | 950,020 | ||||||
| Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A, zero %, 8/1/30 | A+ | 3,000,000 | 781,080 | ||||||
| 2,477,980 | |||||||||
| Rhode Island (0.4%) | |||||||||
| Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/8s, 6/1/32 | BBB | 1,490,000 | 1,490,015 | ||||||
| 1,490,015 | |||||||||
| South Carolina (1.0%) | |||||||||
| Georgetown Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/30 | BBB | 1,135,000 | 1,134,977 | ||||||
| SC State Pub. Svc. Auth. Rev. Bonds (Santee Cooper), Ser. A, 5 3/4s, 12/1/43 | AA- | 3,000,000 | 3,314,940 | ||||||
| 4,449,917 | |||||||||
| Tennessee (0.6%) | |||||||||
| Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38 | Baa1 | 1,450,000 | 1,568,973 | ||||||
| Johnson City, Hlth. & Edl. Facs. Board Retirement Fac. Rev. Bonds (Appalachian Christian Village), Ser. A, 6 1/4s, 2/15/32 (Prerefunded 2/15/14) | AAA/P | 1,000,000 | 1,001,680 | ||||||
| 2,570,653 | |||||||||
| Texas (13.8%) | |||||||||
| Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38 | BBB | 2,200,000 | 2,314,884 | ||||||
| Central TX Regl. Mobility Auth. Rev. Bonds (Sr. Lien), Ser. A, 5s, 1/1/33 | Baa2 | 525,000 | 526,097 | ||||||
| Clifton, Higher Ed. Fin. Corp. Rev. Bonds (Idea Pub. Schools), 6s, 8/15/33 | BBB | 500,000 | 530,515 | ||||||
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (YMCA of Greater Houston), Ser. A, 5s, 6/1/33 | Baa3 | 1,000,000 | 979,310 | ||||||
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (The Methodist Hosp.), Ser. C-1, 0.05s, 12/1/24 | A-1+ | 4,720,000 | 4,720,000 | ||||||
| Houston, Arpt. Syst. Rev. Bonds | |||||||||
| (Continental Airlines, Inc.), Ser. E, 7s, 7/1/29 | B2 | 500,000 | 500,640 | ||||||
| (Continental Airlines, Inc.), Ser. E, 6 3/4s, 7/1/29 | B2 | 2,500,000 | 2,500,525 | ||||||
| (Continental Airlines, Inc.), Ser. C, 5.7s, 7/15/29 | B2 | 6,185,000 | 6,178,443 | ||||||
| Ser. A, 5s, 7/1/24 | A | 1,500,000 | 1,595,265 | ||||||
| La Vernia, Higher Ed. Fin. Corp. Rev. Bonds (Kipp, Inc.), Ser. A | |||||||||
| 6 3/8s, 8/15/44 | BBB | 1,100,000 | 1,183,776 | ||||||
| 6 1/4s, 8/15/39 | BBB | 1,975,000 | 2,118,504 | ||||||
| Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40 | Baa3 | 3,500,000 | 3,535,315 | ||||||
| Matagorda Cnty., Poll. Control Rev. Bonds | |||||||||
| (Central Pwr. & Light Co.), Ser. A, 6.3s, 11/1/29 | Baa1 | 1,000,000 | 1,110,880 | ||||||
| (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30 | Baa1 | 1,250,000 | 1,181,825 | ||||||
| Newark, Cultural Ed. Facs. Fin. Corp. Rev. Bonds (AW Brown-Fellowship Leadership Academy), Ser. A, 6s, 8/15/42 | BBB- | 670,000 | 675,213 | ||||||
| North Texas Edl. Fin. Co. Rev. Bonds (Uplift Edl.), Ser. A, 5 1/4s, 12/1/47 | BBB- | 2,000,000 | 1,947,380 | ||||||
| North TX, Tollway Auth. Rev. Bonds | |||||||||
| Ser. A, 6s, 1/1/25 | A2 | 1,000,000 | 1,122,700 | ||||||
| (Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38 | A3 | 1,750,000 | 1,838,970 | ||||||
| Red River, Hlth. Retirement Facs. Dev. Corp. Rev. Bonds (Sears Methodist Retirement Syst. Oblig. Group) | |||||||||
| Ser. C, 6 1/4s, 5/9/53 | B/P | 39,000 | 33,414 | ||||||
| Ser. B, 6.15s, 11/15/49 | B/P | 749,000 | 638,320 | ||||||
| Ser. A, 6.05s, 11/15/46 | B/P | 441,000 | 373,104 | ||||||
| Ser. D, 6.05s, 11/15/46 | B/P | 76,000 | 64,299 | ||||||
| Ser. A, 5.45s, 11/15/38 | B/P | 1,124,000 | 895,839 | ||||||
| Ser. A, 5.15s, 11/15/27 | B/P | 593,000 | 514,505 | ||||||
| Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds, 5s, 10/1/21 | BBB+ | 500,000 | 575,305 | ||||||
| Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (TX Hlth. Resources), Ser. C, 0.06s, 11/15/33 | VMIG1 | 2,280,000 | 2,280,000 | ||||||
| Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds | |||||||||
| (Sr. Living Ctr.), Ser. A, 8 1/4s, 11/15/39 | B+/P | 3,000,000 | 2,933,700 | ||||||
| (Buckner Retirement Svcs., Inc.), 5 1/4s, 11/15/37 | A- | 1,900,000 | 1,887,080 | ||||||
| (Air Force Village), 5 1/8s, 5/15/27 | BBB-/F | 2,850,000 | 2,826,773 | ||||||
| Travis Cnty., Cultural Ed. Facs. Fin. Corp. Rev. Bonds (Wayside Schools), Ser. A, 5 1/4s, 8/15/42 | BB+ | 1,000,000 | 867,620 | ||||||
| TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5 1/4s, 12/15/24 | A- | 2,000,000 | 2,209,100 | ||||||
| TX Private Activity Surface Trans. Corp. Rev. Bonds | |||||||||
| (NTE Mobility), 7 1/2s, 12/31/31 | Baa2 | 2,000,000 | 2,289,060 | ||||||
| (LBJ Infrastructure), 7s, 6/30/40 | Baa3 | 2,500,000 | 2,765,150 | ||||||
| TX State Dept. of Hsg. & Cmnty. Affairs Rev. Bonds, Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll., 6.9s, 7/2/24 | AA+ | 350,000 | 357,413 | ||||||
| TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5s, 12/15/28 | A3 | 1,500,000 | 1,532,220 | ||||||
| TX State Trans. Comm. Tpk. Syst. Mandatory Put Bonds (2/15/15) (1st Tier), Ser. B, 1 1/4s, 8/15/42 | A- | 1,000,000 | 1,005,520 | ||||||
| 58,608,664 | |||||||||
| Virginia (2.1%) | |||||||||
| Albemarle Cnty., Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury), 5s, 1/1/24 | BB-/P | 600,000 | 594,888 | ||||||
| Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds | |||||||||
| (Westminster-Canterbury), 5s, 10/1/22 | BBB | 1,000,000 | 1,020,960 | ||||||
| (United Methodist Homes), 5s, 6/1/22 | BB+/P | 625,000 | 636,025 | ||||||
| Lynchburg, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury) | |||||||||
| 5s, 7/1/31 | BB/P | 1,250,000 | 1,193,975 | ||||||
| 4 7/8s, 7/1/21 | BB/P | 1,000,000 | 1,030,460 | ||||||
| Route 460 Funding Corp. Toll Rd. Rev. Bonds (Sr. Lien), Ser. A, 5 1/8s, 7/1/49 | Baa3 | 450,000 | 445,261 | ||||||
| VA State Small Bus. Fin. Auth. Rev. Bonds | |||||||||
| (Elizabeth River Crossings OPCO, LLC), 6s, 1/1/37 | BBB- | 900,000 | 942,858 | ||||||
| (Express Lanes, LLC), 5s, 7/1/34 | BBB- | 1,150,000 | 1,089,395 | ||||||
| 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 | 1,947,911 | ||||||
| 8,901,733 | |||||||||
| Washington (3.0%) | |||||||||
| Port Seattle, Port Indl. Dev. Corp. Rev. Bonds (Delta Airlines, Inc.), 5s, 4/1/30 | B+ | 300,000 | 272,391 | ||||||
| Skagit Cnty., Pub. Hosp. Rev. Bonds (Dist. No. 001), 5 3/4s, 12/1/35 | Baa2 | 2,500,000 | 2,526,450 | ||||||
| Tobacco Settlement Auth. of WA Rev. Bonds, 5 1/4s, 6/1/32 | A- | 1,275,000 | 1,320,325 | ||||||
| WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T) | AA+ | 5,000,000 | 5,561,840 | ||||||
| WA State Higher Ed. Fac. Auth. Rev. Bonds (Whitworth U.), 5 5/8s, 10/1/40 | Baa1 | 400,000 | 406,248 | ||||||
| WA State Hlth. Care Fac. Auth. Rev. Bonds | |||||||||
| (WA Hlth. Svcs.), 7s, 7/1/39 | Baa3 | 1,000,000 | 1,097,120 | ||||||
| (Kadlec Med. Ctr.), 5 1/2s, 12/1/39 | Baa3 | 1,500,000 | 1,463,520 | ||||||
| 12,647,894 | |||||||||
| West Virginia (0.6%) | |||||||||
| WV State Econ. Dev. Auth. Poll Control Rev. Bonds (Appalachian Pwr. Co. - Amos), Ser. C, 3 1/4s, 5/1/19 | Baa1 | 1,950,000 | 1,975,721 | ||||||
| WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43 | B+/P | 735,000 | 730,252 | ||||||
| 2,705,973 | |||||||||
| Wisconsin (0.7%) | |||||||||
| Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5 1/4s, 7/1/28 | BBB- | 350,000 | 336,973 | ||||||
| WI State Hlth. & Edl. Facs. Auth. Rev. Bonds | |||||||||
| (St. Johns Cmntys. Inc.), Ser. A, 7 5/8s, 9/15/39 | BB+/P | 1,150,000 | 1,237,814 | ||||||
| (Prohealth Care, Inc.), 6 5/8s, 2/15/39 | A1 | 1,250,000 | 1,381,325 | ||||||
| 2,956,112 | |||||||||
| Total municipal bonds and notes (cost $532,701,386) | $549,062,593 | ||||||||
| PREFERRED STOCKS (0.9%)(a) | |||||||||
| Shares | Value | ||||||||
| MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A-5, $5.00 cum. pfd. | 3,850,000 | $3,850,693 | |||||||
| Total preferred stocks (cost $3,850,000) | $3,850,693 | ||||||||
| COMMON STOCKS (0.0%)(a) | |||||||||
| Shares | Value | ||||||||
| Tembec, Inc. (Canada)(NON) | 1,750 | $4,682 | |||||||
| Total common stocks (cost $1,273,945) | $4,682 | ||||||||
| TOTAL INVESTMENTS | |||||||||
| Total investments (cost $537,825,331)(b) | $552,917,968 | ||||||||
| 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, 2013 through January 31, 2014 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter. | ||||||
| (a) | Percentages indicated are based on net assets of $424,479,636. | |||||
| (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, if higher than the rating of the direct issuer of the bond, and does not reflect any subsequent changes. | |||||
| (b) | The aggregate identified cost on a tax basis is $537,814,134, resulting in gross unrealized appreciation and depreciation of $29,558,790 and $14,454,956, respectively, or net unrealized appreciation of $15,103,834. | |||||
| (NON) | Non-income-producing security. | |||||
| (FWC) | Forward commitment, in part or in entirety. | |||||
| (F) | Security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs. | |||||
| (T) | Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions. | |||||
| At the close of the reporting period, the fund maintained liquid assets totaling $15,920,210 to cover tender option bonds. | ||||||
| 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 Mandatory Put Bonds 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): | ||||||
| Health care | 40.9% | |||||
| Utilities | 19.2 | |||||
| Transportation | 15.4 | |||||
| Education | 13.2 | |||||
| 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 $29,431,482 were held by the TOB trust and served as collateral for $13,511,272 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $1,857 for these investments based on an average interest rate of 0.06%. | ||||||
| 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 | $4,682 | $— | $— | |
| Total common stocks | 4,682 | — | — | |
| Municipal bonds and notes | $— | $549,062,593 | $— | |
| Preferred stocks | — | 3,850,693 | — | |
|
|
|
|
||
| Totals by level | $4,682 | $552,913,286 | $— | |
| * Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | ||||
| 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: Not applicable |
| 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: March 28, 2014 |
| 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: March 28, 2014 |
| By (Signature and Title): |
| /s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: March 28, 2014 |
| Certifications | |
| I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that: | |
1. I have reviewed each report on Form N-Q of the funds listed on Attachment A: | |
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; | |
3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | |
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have: | |
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; | |
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; | |
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and | |
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions): | |
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and | |
b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting. | |
/s/ Jonathan S. Horwitz | |
| _____________________________ | |
Date: March 27, 2014 | |
| Jonathan S. Horwitz | |
| Principal Executive Officer | |
Certifications | |
| I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that: | |
1. I have reviewed each report on Form N-Q of the funds listed on Attachment A: | |
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; | |
3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | |
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have: | |
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; | |
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; | |
c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and | |
d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
5. The registrant’s other certifying officer and I have disclosed to each registrant’s auditors and the audit committee of each registrant’s board of directors (or persons performing the equivalent functions): | |
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant’s ability to record, process, summarize, and report financial information; and | |
b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant’s internal control over financial reporting. | |
/s/ Steven D. Krichmar | |
| _______________________________ | |
Date: March 27, 2014 | |
| Steven D. Krichmar | |
| Principal Financial Officer | |
Attachment A | |
NQ | |
Period (s) ended January 31, 2014 | |
| Putnam Managed Municipal Income Trust | |
| Putnam Municipal Opportunities Trust | |
| Putnam Multi-Cap Value Fund | |
| The Putnam Fund for Growth and Income | |
| Putnam Capital Opportunities Fund | |
| Putnam Income Fund | |
| Putnam Global Income Trust | |
| Putnam Global Equity Fund | |
| Putnam Convertible Securities Fund | |
| Putnam Absolute Return 100 Fund | |
| Putnam Absolute Return 300 Fund | |
| Putnam Absolute Return 500 Fund | |
| Putnam Absolute Return 700 Fund | |
| Putnam Capital Spectrum Fund | |
| Putnam Equity Spectrum Fund | |
| Putnam Asia Pacific Equity Fund | |
| Putnam Global Sector Fund | |
| Putnam Multi-Cap Core Fund |