| 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: | Bryan Chegwidden, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, New York 10036 |
| Registrant’s telephone number, including area code: | (617) 292-1000 |
| Date of fiscal year end: | October 31, 2015 |
| Date of reporting period: | July 31, 2015 |
Item 1. Schedule of Investments: |
| Putnam Managed Municipal Income Trust | |||||||||
| The fund's portfolio | |||||||||
| 7/31/15 (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 | |||||||||
| SGI — Syncora Guarantee, Inc. | |||||||||
| 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 (130.4%)(a) | |||||||||
| Rating(RAT) | Principal amount | Value | |||||||
| Alabama (1.3%) | |||||||||
| Cullman Cnty., Hlth. Care Auth. Rev. Bonds (Cullman Regl. Med. Ctr.), Ser. A, 6 3/4s, 2/1/29 | Ba1 | $1,100,000 | $1,190,893 | ||||||
| Jefferson Cnty., Swr. Rev. Bonds | |||||||||
| Ser. D, 6 1/2s, 10/1/53 | BBB- | 500,000 | 574,860 | ||||||
| zero %, 10/1/46 | BBB- | 3,950,000 | 2,601,826 | ||||||
| Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 6 1/4s, 11/1/33 | BBB | 1,000,000 | 1,145,120 | ||||||
| 5,512,699 | |||||||||
| Arizona (5.3%) | |||||||||
| Apache Cnty., Indl. Dev. Auth. Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co.), Ser. A, 4 1/2s, 3/1/30 | A3 | 1,750,000 | 1,879,553 | ||||||
| Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.) | |||||||||
| Ser. A, 7 5/8s, 12/1/29 (escrow)(F) | D/P | 1,800,000 | 5,380 | ||||||
| 7 1/4s, 12/1/19 (escrow)(F) | D/P | 1,000,000 | 2,989 | ||||||
| Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32 | A3 | 2,000,000 | 2,186,900 | ||||||
| Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40 | Baa1 | 2,200,000 | 2,518,516 | ||||||
| Navajo Cnty., Poll. Control Corp. Mandatory Put Bonds (6/1/16) (AZ Pub. Svc. Co. Cholla Pwr. Plant), Ser. E, 5 3/4s, 6/1/34 | A2 | 1,950,000 | 2,024,139 | ||||||
| Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds | |||||||||
| (Great Hearts Academies), 6s, 7/1/32 | BB/F | 200,000 | 211,678 | ||||||
| (Choice Academies, Inc.), 5 5/8s, 9/1/42 | BB+ | 315,000 | 323,010 | ||||||
| (Choice Academies, Inc.), 5 3/8s, 9/1/32 | BB+ | 675,000 | 692,321 | ||||||
| (Great Hearts Academies), 5s, 7/1/44 | BB+ | 1,975,000 | 2,003,262 | ||||||
| (BASIS School, Inc.), 5s, 7/1/35 | BB | 900,000 | 907,659 | ||||||
| (Choice Academies, Inc.), 4 7/8s, 9/1/22 | BB+ | 905,000 | 936,974 | ||||||
| Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25 | BBB | 1,140,000 | 1,140,205 | ||||||
| Salt Verde, Fin. Corp. Gas Rev. Bonds | |||||||||
| 5 1/2s, 12/1/29 | A- | 2,000,000 | 2,370,320 | ||||||
| 5s, 12/1/37 | A- | 2,000,000 | 2,205,600 | ||||||
| 5s, 12/1/32 | A- | 570,000 | 630,893 | ||||||
| Tempe, Indl. Dev. Auth. Rev. Bonds (Friendship Village), Ser. A, 6 1/4s, 12/1/42 | BB-/P | 1,000,000 | 1,072,550 | ||||||
| Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds (Agribusiness & Equine Ctr.), 5s, 3/1/32 | BB+ | 1,000,000 | 1,007,660 | ||||||
| Yavapai Cnty., Indl. Dev. Ed. Auth. 144A Rev. Bonds, Ser. A, 5s, 9/1/34 | BB+ | 500,000 | 496,940 | ||||||
| 22,616,549 | |||||||||
| Arkansas (0.2%) | |||||||||
| Arkadelphia, Pub. Ed. Fac. Board Rev. Bonds (Ouachita Baptist U.), 6s, 3/1/33 | BB+/P | 840,000 | 870,660 | ||||||
| 870,660 | |||||||||
| California (14.7%) | |||||||||
| ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds | |||||||||
| (Episcopal Sr. Cmntys.), 6s, 7/1/31 | BBB+/F | 660,000 | 753,746 | ||||||
| (O'Connor Woods), 5s, 1/1/33 | AA- | 600,000 | 662,886 | ||||||
| CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37 (Prerefunded 2/1/17) | A- | 1,105,000 | 1,156,095 | ||||||
| CA Muni. Fin. Auth. Rev. Bonds | |||||||||
| (U. of La Verne), Ser. A, 6 1/8s, 6/1/30 | Baa1 | 1,000,000 | 1,144,110 | ||||||
| (Emerson College), 6s, 1/1/42 | Baa1 | 1,000,000 | 1,185,780 | ||||||
| (Cmnty. Med. Ctrs.), Ser. A, 5s, 2/1/40 | A- | 750,000 | 808,733 | ||||||
| CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23 | A- | 2,150,000 | 2,194,484 | ||||||
| CA School Fin. Auth. Rev. Bonds (2023 Union, LLC), Ser. A, 6s, 7/1/33 | BBB- | 465,000 | 514,202 | ||||||
| CA State G.O. Bonds | |||||||||
| 6 1/2s, 4/1/33 | Aa3 | 5,000,000 | 5,940,950 | ||||||
| 5s, 4/1/42 | Aa3 | 2,000,000 | 2,231,960 | ||||||
| CA State Muni. Fin. Auth. Charter School Rev. Bonds (Partnerships Uplift Cmnty.), Ser. A, 5s, 8/1/32 | BB+ | 665,000 | 689,592 | ||||||
| CA State Poll. Control Fin. Auth. Rev. Bonds | |||||||||
| (Wtr. Furnishing), 5s, 11/21/45 | Baa3 | 2,000,000 | 2,097,420 | ||||||
| (Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23 | A3 | 2,500,000 | 2,643,150 | ||||||
| CA State Pub. Wks. Board Rev. Bonds | |||||||||
| (Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32 | A1 | 1,250,000 | 1,356,625 | ||||||
| (Capital Projects), Ser. A, 5s, 4/1/29 | A1 | 2,000,000 | 2,273,220 | ||||||
| CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30 | BBB+ | 540,000 | 541,458 | ||||||
| CA Statewide Cmnty. Dev. Auth. Rev. Bonds | |||||||||
| (Terraces at San Joaquin Gardens), Ser. A, 6s, 10/1/47 | BB/P | 1,345,000 | 1,426,628 | ||||||
| (American Baptist Homes West), 5 3/4s, 10/1/25 | BBB+/F | 3,000,000 | 3,349,770 | ||||||
| (U. CA Irvine E. Campus Apts. Phase 1), 5 3/8s, 5/15/38 | Baa2 | 1,000,000 | 1,102,760 | ||||||
| (899 Charleston, LLC), Ser. A, 5 1/4s, 11/1/44 | BB/P | 450,000 | 450,288 | ||||||
| (U. CA Irvine E. Campus Apts. Phase 1), 5 1/8s, 5/15/31 | Baa2 | 2,250,000 | 2,464,290 | ||||||
| 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 | 1,005,101 | ||||||
| 5s, 9/2/30 | BB+/P | 245,000 | 245,037 | ||||||
| Corona-Norco, School Dist. Pub. Fin. Auth. Special Tax Bonds (Sr. Lien), Ser. A, 5s, 9/1/28 | A- | 380,000 | 421,181 | ||||||
| Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A, 6s, 1/15/53 | BBB- | 1,500,000 | 1,738,785 | ||||||
| Golden State Tobacco Securitization Corp. Rev. Bonds | |||||||||
| Ser. A-1, 5 3/4s, 6/1/47 | B3 | 1,000,000 | 849,100 | ||||||
| Ser. A-2, 5.3s, 6/1/37 | B3 | 2,000,000 | 1,622,300 | ||||||
| Ser. A-1, 5 1/8s, 6/1/47 | B3 | 3,235,000 | 2,512,139 | ||||||
| Irvine Pub. Fac. & Infrastructure Auth. Special Assmt. Bonds, Ser. A, 4 1/4s, 9/2/24 | A- | 500,000 | 515,710 | ||||||
| Univ. of CA Rev. Bonds, Ser. AF, 5s, 5/15/36(T) | AA | 7,000,000 | 7,928,060 | ||||||
| La Verne, COP (Brethren Hillcrest Homes), 5s, 5/15/36 | BBB-/F | 325,000 | 340,668 | ||||||
| Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.), 5s, 5/15/30 | AA | 1,000,000 | 1,129,640 | ||||||
| Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27 | A | 400,000 | 422,764 | ||||||
| M-S-R Energy Auth. Rev. Bonds, Ser. A, 6 1/2s, 11/1/39 | A- | 750,000 | 981,900 | ||||||
| Oakland, Unified School Dist. Alameda Cnty., G.O. Bonds | |||||||||
| (Election of 2012), 6 5/8s, 8/1/38 | BBB/P | 800,000 | 969,112 | ||||||
| (Election 2006), Ser. A, 5 1/2s, 8/1/32 | BBB/P | 500,000 | 562,840 | ||||||
| Poway, Unified School Dist. Pub. Fin. Auth. Special Tax Bonds, 5s, 9/15/32 | BBB | 495,000 | 534,674 | ||||||
| Rancho Cordova, Cmnty. Fac. Dist. Special Tax Bonds (Sunridge Anatolia), Ser. 03-1, 5s, 9/1/37 | BB+/P | 350,000 | 378,067 | ||||||
| San Francisco City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 5s, 5/1/30 | A1 | 600,000 | 661,152 | ||||||
| San Francisco City & Cnty., Redev. Agcy. Cmnty. Successor Special Tax Bonds | |||||||||
| (No.6 Mission Bay Pub. Impts.), Ser. C, zero %, 8/1/43 | BBB-/P | 2,000,000 | 413,980 | ||||||
| (Mission Bay), Ser. C, zero %, 8/1/38 | BBB-/P | 2,000,000 | 560,320 | ||||||
| San Francisco, City & Cnty. Redev. Fin. Auth. Tax Alloc. Bonds (Mission Bay South), Ser. D, 6 5/8s, 8/1/39 | BBB+ | 250,000 | 283,528 | ||||||
| San Joaquin Hills, Trans. Corridor Agcy. Toll Road Rev. Bonds, Ser. A, 5s, 1/15/34 | BBB- | 920,000 | 989,506 | ||||||
| Santaluz, Cmnty. Fac. Dist. No. 2 Special Tax Bonds (Impt. Area No. 1), Ser. A, 5 1/4s, 9/1/26 (Prerefunded 9/1/21) | BBB+ | 1,625,000 | 1,833,293 | ||||||
| Sunnyvale, Special Tax Bonds (Cmnty. Fac. Dist. No. 1), 7 3/4s, 8/1/32 | B+/P | 835,000 | 836,344 | ||||||
| Yucaipa Special Tax Bonds (Cmnty. Fac. Dist. No. 98-1 Chapman Heights), 5 3/8s, 9/1/30 | BBB+ | 375,000 | 410,550 | ||||||
| 63,133,898 | |||||||||
| Colorado (3.8%) | |||||||||
| Central Platte Valley, Metro. Dist. G.O. Bonds, 5s, 12/1/43 | BB+ | 400,000 | 410,656 | ||||||
| CO Pub. Hwy. Auth. Rev. Bonds (E-470), Ser. C, 5 3/8s, 9/1/26 | Baa1 | 500,000 | 567,050 | ||||||
| CO State Educ. & Cultural Fac. Auth. Rev. Bonds (Skyview Academy), 5 1/8s, 7/1/34 | BB+ | 755,000 | 772,025 | ||||||
| CO State Hlth. Fac. Auth. Rev. Bonds | |||||||||
| (Christian Living Cmnty.), 6 3/8s, 1/1/41 | BB-/P | 810,000 | 857,174 | ||||||
| (Total Longterm Care National), Ser. A, 6 1/4s, 11/15/40 | BBB+/F | 300,000 | 329,862 | ||||||
| (Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26 | BB-/P | 1,925,000 | 1,963,635 | ||||||
| (Evangelical Lutheran Good Samaritan Society), 5 5/8s, 6/1/43 | Baa1 | 250,000 | 275,103 | ||||||
| (Valley View Assn.), 5 1/4s, 5/15/42 | A- | 3,495,000 | 3,674,713 | ||||||
| (Evangelical Lutheran Good Samaritan Society), Ser. A, 5s, 6/1/45 | Baa1 | 1,500,000 | 1,585,770 | ||||||
| (Covenant Retirement Cmnty.), Ser. A, 5s, 12/1/33 | BBB+/F | 900,000 | 944,352 | ||||||
| (Evangelical Lutheran Good Samaritan Society), 5s, 12/1/33 | Baa1 | 1,100,000 | 1,161,017 | ||||||
| E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1, NATL, 5 1/2s, 9/1/24 | AA- | 1,000,000 | 1,003,890 | ||||||
| Eaton, Area Park & Recreation Dist. G.O. Bonds, 5 1/4s, 12/1/34 | BB/P | 220,000 | 227,407 | ||||||
| Plaza, Tax Alloc. Bonds (Metro. Dist. No. 1), 5s, 12/1/40 | BB/P | 1,650,000 | 1,657,920 | ||||||
| Regl. Trans. Dist. Rev. Bonds (Denver Trans. Partners), 6s, 1/15/41 | Baa3 | 750,000 | 844,583 | ||||||
| 16,275,157 | |||||||||
| Delaware (0.8%) | |||||||||
| DE State Econ. Dev. Auth. Rev. Bonds | |||||||||
| (Delmarva Pwr.), 5.4s, 2/1/31 | Baa1 | 500,000 | 556,685 | ||||||
| (Indian River Pwr.), 5 3/8s, 10/1/45 | Baa3 | 2,600,000 | 2,813,980 | ||||||
| 3,370,665 | |||||||||
| District of Columbia (2.5%) | |||||||||
| DC Rev. Bonds | |||||||||
| (Howard U.), Ser. A, 6 1/2s, 10/1/41 | BBB | 2,500,000 | 2,647,225 | ||||||
| (Howard U.), Ser. A, 6 1/4s, 10/1/32 | BBB | 1,000,000 | 1,075,610 | ||||||
| (Kipp Charter School), 6s, 7/1/33 | BBB+ | 1,000,000 | 1,146,770 | ||||||
| DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46 | B-/F | 7,500,000 | 930,600 | ||||||
| DC, Rev. Bonds (Methodist Home of The DC (The)), Ser. A, 5 1/4s, 1/1/39 | BB-/P | 250,000 | 245,690 | ||||||
| Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds | |||||||||
| (Dulles Metrorail), 5s, 10/1/53 | Baa1 | 1,500,000 | 1,553,100 | ||||||
| (2nd Sr. Lien), Ser. B, zero %, 10/1/40 | Baa1 | 10,000,000 | 2,852,000 | ||||||
| 10,450,995 | |||||||||
| Florida (5.2%) | |||||||||
| Capital Trust Agcy Rev. Bonds (Faulk Sr. Svcs., LLC), 6 3/4s, 12/1/44 | B-/P | 165,000 | 153,130 | ||||||
| Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds (Sr. Lien), Ser. A-1, 4 1/8s, 5/1/31 | A- | 500,000 | 500,795 | ||||||
| Fishhawk, CCD IV Special Assmt. Bonds, 7 1/4s, 5/1/43 | B/P | 400,000 | 431,120 | ||||||
| FL Hsg. Fin. Corp. Rev. Bonds, Ser. G, GNMA Coll., FNMA Coll., FHLMC Coll., 5 3/4s, 1/1/37 | Aa1 | 30,000 | 30,465 | ||||||
| Florida State Higher Edl. Fac. Rev. Bonds (U. of Tampa), Ser. A, 5s, 4/1/32 | BBB+ | 600,000 | 641,958 | ||||||
| Greater Orlando Aviation Auth. Rev. Bonds (JetBlue Airways Corp.), 5s, 11/15/36 | B/P | 1,000,000 | 1,017,330 | ||||||
| Heritage Harbour Marketplace Cmnty., Dev. Dist. Special Assmt. Bonds, 5.6s, 5/1/36 | D/P | 335,000 | 233,190 | ||||||
| Jacksonville, Econ. Dev. Comm. Hlth. Care Fac. Rev. Bonds (FL Proton Therapy Inst.), Ser. A, 6s, 9/1/17 | BB-/P | 260,000 | 271,193 | ||||||
| Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev. Bonds (Gerdau Ameristeel US, Inc.), 5.3s, 5/1/37 | Baa3 | 2,450,000 | 2,454,998 | ||||||
| Lakeland, Hosp. Syst. Rev. Bonds (Lakeland Regl. Hlth.), 5s, 11/15/40 | A2 | 500,000 | 536,400 | ||||||
| Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43 | BBB-/F | 840,000 | 886,880 | ||||||
| Lakewood Ranch, Stewardship Dist. Special Assmt. Bonds, 4 7/8s, 5/1/35 | BB-/P | 500,000 | 495,645 | ||||||
| Lee Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds | |||||||||
| (Shell Pt./Alliance Oblig. Group), 5 1/8s, 11/15/36 | BBB- | 1,075,000 | 1,112,851 | ||||||
| (Shell Pt./Alliance Cmnty.), 5s, 11/15/22 | BBB- | 1,500,000 | 1,573,050 | ||||||
| Martin Cnty., Rev. Bonds (Indiantown Cogeneration), 4.2s, 12/15/25 | Ba1 | 500,000 | 506,565 | ||||||
| Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), 5s, 11/15/29 | Baa1 | 1,000,000 | 1,096,260 | ||||||
| Miami-Dade Cnty., Indl. Dev. Auth. Rev. Bonds (Pinecrest Academy, Inc.), 5s, 9/15/34 | BBB- | 1,240,000 | 1,274,658 | ||||||
| Midtown Miami Cmnty. Dev. Dist. Special Assmt. Bonds (Garage), Ser. A, 5s, 5/1/29 | BB-/P | 570,000 | 600,210 | ||||||
| Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33 | BBB+ | 2,000,000 | 2,184,080 | ||||||
| Palm Coast Pk. Cmnty. Dev. Dist. Special Assmt. Bonds, 5.7s, 5/1/37 | B-/P | 470,000 | 391,270 | ||||||
| South Lake Hosp. Dist. Rev. Bonds (South Lake Hosp.), Ser. A, 6s, 4/1/29 | Baa1 | 1,000,000 | 1,128,600 | ||||||
| Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5s, 3/1/30 | BBB+ | 480,000 | 518,472 | ||||||
| Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37 | B-/P | 790,000 | 790,466 | ||||||
| Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds (Cap. Impt.), 5s, 5/1/33 | BB-/P | 500,000 | 508,950 | ||||||
| Verano Ctr. Cmnty. Dev. Dist. Special Assmt. Bonds (Cmnty. Infrastructure), Ser. A, 5 3/8s, 5/1/37 | B-/P | 885,000 | 885,000 | ||||||
| Village Cmnty. Dev. Dist. No. 8 Special Assmt. Bonds (Phase II), 6 1/8s, 5/1/39 | BB/P | 410,000 | 473,632 | ||||||
| Village Cmnty. Dev. Dist. No. 9 Special Assmt. Bonds, 5s, 5/1/22 | BBB-/P | 455,000 | 473,846 | ||||||
| Village Community Development District No. 10 Special Assmt. Bonds, 5 3/4s, 5/1/31 | BB/P | 800,000 | 911,752 | ||||||
| 22,082,766 | |||||||||
| Georgia (3.2%) | |||||||||
| Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39 (Prerefunded 11/1/19) | Aa3 | 2,500,000 | 3,021,350 | ||||||
| Clayton Cnty., Dev. Auth. Special Fac. Rev. Bonds (Delta Airlines), Ser. A, 8 3/4s, 6/1/29 | BB | 3,000,000 | 3,691,560 | ||||||
| Cobb Cnty., Dev. Auth. Student Hsg. Rev. Bonds (Kennesaw State U. Real Estate Oblig. Group), Ser. C, 5s, 7/15/38 | Baa2 | 750,000 | 784,065 | ||||||
| Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist Hlth. Care Syst.), U.S. Govt. Coll., 6 1/4s, 10/1/18 (Escrowed to maturity) | AA+ | 945,000 | 1,028,311 | ||||||
| GA State Private College & U. Auth. Rev. Bonds (Mercer U.) | |||||||||
| Ser. C, 5 1/4s, 10/1/30 | Baa2 | 750,000 | 823,943 | ||||||
| Ser. A, 5 1/4s, 10/1/27 | Baa2 | 1,000,000 | 1,103,680 | ||||||
| Ser. A, 5s, 10/1/32 | Baa2 | 1,000,000 | 1,074,920 | ||||||
| Gainesville & Hall Cnty., Devauth Retirement Cmnty. Rev. Bonds (Acts Retirement-Life Cmnty.), Ser. A-2, 6 3/8s, 11/15/29 | BBB+ | 700,000 | 801,101 | ||||||
| Marietta, Dev. Auth. Rev. Bonds (U. Fac. Life U., Inc.), Ser. PJ, 6 1/4s, 6/15/20 | Ba3 | 815,000 | 868,146 | ||||||
| Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy Paper), Ser. A, 6 1/8s, 1/1/34 | BB/P | 600,000 | 614,172 | ||||||
| 13,811,248 | |||||||||
| Guam (0.1%) | |||||||||
| Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5s, 10/1/34 | BBB | 200,000 | 215,404 | ||||||
| 215,404 | |||||||||
| Hawaii (1.0%) | |||||||||
| HI State Dept. Budget & Fin. Rev. Bonds | |||||||||
| (Craigside), Ser. A, 9s, 11/15/44 | B/P | 400,000 | 500,952 | ||||||
| (Hawaiian Elec. Co. - Subsidiary), 6 1/2s, 7/1/39 | Baa1 | 3,000,000 | 3,429,360 | ||||||
| (Kahala Nui), 5 1/8s, 11/15/32 | BBB/F | 400,000 | 431,288 | ||||||
| 4,361,600 | |||||||||
| Illinois (6.0%) | |||||||||
| Chicago, G.O. Bonds, Ser. B-2, 5 1/2s, 1/1/37 | BBB+ | 2,000,000 | 1,938,760 | ||||||
| Chicago, Special Assmt. Bonds (Lake Shore East), 6 3/4s, 12/1/32 | BB/P | 1,615,000 | 1,617,762 | ||||||
| Chicago, Board of Ed. G.O. Bonds, Ser. C, 5 1/4s, 12/1/35 | BBB | 1,500,000 | 1,388,655 | ||||||
| Chicago, Motor Fuel Tax Rev. Bonds, 5s, 1/1/29 | AA+ | 500,000 | 514,845 | ||||||
| Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. C, 5s, 1/1/26 | A2 | 2,595,000 | 2,928,094 | ||||||
| Chicago, Waste Wtr. Transmission Rev. Bonds (2nd Lien), 5s, 1/1/39 | A- | 1,360,000 | 1,396,557 | ||||||
| Chicago, Wtr. Wks Rev. Bonds (2nd Lien), 5s, 11/1/39 | A- | 875,000 | 903,700 | ||||||
| Cicero, G.O. Bonds, Ser. A, AGM, 5s, 1/1/20 | AA | 1,250,000 | 1,406,238 | ||||||
| Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds (Monarch Landing) | |||||||||
| 5 5/8s, 3/1/36 | B/P | 350,000 | 350,994 | ||||||
| 5.4s, 3/1/16 | B/P | 40,000 | 40,440 | ||||||
| IL Fin. Auth. Rev. Bonds | |||||||||
| (Provena Hlth.), Ser. A, 7 3/4s, 8/15/34 | BBB+ | 1,500,000 | 1,826,310 | ||||||
| (Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44 (Prerefunded 8/15/19) | AAA/P | 2,000,000 | 2,446,820 | ||||||
| (IL Rush U. Med. Ctr.), Ser. C, U.S. Govt. Coll., 6 5/8s, 11/1/39 (Prerefunded 5/1/19) | Aaa | 1,075,000 | 1,287,141 | ||||||
| (Navistar Intl. Recvy. Zone), 6 1/2s, 10/15/40 | Caa1 | 1,500,000 | 1,585,530 | ||||||
| (Three Crowns Pk. Plaza), Ser. A, 5 7/8s, 2/15/26 | BB-/P | 1,000,000 | 1,006,870 | ||||||
| (American Wtr. Cap. Corp.), 5 1/4s, 10/1/39 | A | 1,575,000 | 1,661,326 | ||||||
| IL State G.O. Bonds, 5s, 3/1/34 | A3 | 750,000 | 763,418 | ||||||
| IL State Fin. Auth. Rev. Bonds (Rush U. Med. Ctr.), Ser. A, 5s, 11/15/38 | A1 | 1,250,000 | 1,367,200 | ||||||
| IL State Sports Fac. Auth. Rev. Bonds, AGM, 5 1/4s, 6/15/32 | AA | 250,000 | 273,893 | ||||||
| Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28 | A- | 1,050,000 | 1,220,121 | ||||||
| 25,924,674 | |||||||||
| Indiana (3.3%) | |||||||||
| IN State Fin. Auth. Rev. Bonds | |||||||||
| (I-69 Dev. Partners, LLC), 5 1/4s, 9/1/40 | BBB- | 1,000,000 | 1,072,260 | ||||||
| (I-69 Dev. Partners, LLC), 5 1/4s, 9/1/34 | BBB- | 1,250,000 | 1,360,913 | ||||||
| (OH Valley Elec. Corp.), Ser. A, 5s, 6/1/32 | Baa3 | 750,000 | 794,813 | ||||||
| IN State Fin. Auth. VRDN, Ser. A-3, 0.01s, 2/1/37 | VMIG1 | 1,700,000 | 1,700,000 | ||||||
| IN State Fin. Auth. Edl. Fac. Rev. Bonds (Butler U.), Ser. B | |||||||||
| 5s, 2/1/32 | BBB+ | 1,000,000 | 1,094,900 | ||||||
| 5s, 2/1/29 | BBB+ | 500,000 | 555,140 | ||||||
| Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 5.1s, 1/15/17 | Baa1 | 3,500,000 | 3,695,720 | ||||||
| Jasper Cnty., Indl. Poll. Control Rev. Bonds | |||||||||
| AMBAC, 5.7s, 7/1/17 | Baa1 | 1,125,000 | 1,218,296 | ||||||
| NATL, 5.6s, 11/1/16 | AA- | 700,000 | 739,445 | ||||||
| Ser. A, NATL, 5.6s, 11/1/16 | AA- | 500,000 | 528,175 | ||||||
| Valparaiso, Exempt Facs. Rev. Bonds (Pratt Paper, LLC), 6 3/4s, 1/1/34 | B+/P | 1,125,000 | 1,357,335 | ||||||
| 14,116,997 | |||||||||
| Iowa (2.2%) | |||||||||
| IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives), Ser. A | |||||||||
| 5 1/4s, 7/1/17 | BB+ | 1,040,000 | 1,073,020 | ||||||
| 5s, 7/1/19 | BB+ | 2,750,000 | 2,819,603 | ||||||
| IA Fin. Auth. Hlth. Fac. Rev. Bonds (Dev. Care Initiatives), Ser. A, 5 1/2s, 7/1/25 | BB+ | 950,000 | 968,050 | ||||||
| IA State Fin. Auth. Midwestern Disaster Rev. Bonds | |||||||||
| (IA Fertilizer Co., LLC), 5 1/2s, 12/1/22 | BB- | 1,000,000 | 1,055,730 | ||||||
| (IA Fertilizer Co.), 5 1/4s, 12/1/25 | BB- | 1,000,000 | 1,087,690 | ||||||
| Orange Cnty., Hosp. Rev. Bonds, 5 1/2s, 9/1/27 | BB/P | 1,150,000 | 1,174,070 | ||||||
| Tobacco Settlement Auth. of IA Rev. Bonds, Ser. C, 5 3/8s, 6/1/38 | B+ | 1,250,000 | 1,099,938 | ||||||
| 9,278,101 | |||||||||
| Kansas (0.1%) | |||||||||
| Lenexa, Hlth. Care Fac. Rev. Bonds (LakeView Village), 7 1/8s, 5/15/29 | BB/P | 500,000 | 556,465 | ||||||
| 556,465 | |||||||||
| Kentucky (1.9%) | |||||||||
| KY Econ. Dev. Fin. Auth. Rev. Bonds (Masonic Home Indpt. Living II) | |||||||||
| 7 1/4s, 5/15/41 | BB-/P | 500,000 | 564,080 | ||||||
| 7s, 5/15/30 | BB-/P | 500,000 | 564,555 | ||||||
| KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6s, 7/1/53 | Baa3 | 1,100,000 | 1,241,449 | ||||||
| KY State Econ. Dev. Fin. Auth. Hlth. Care Rev. Bonds (Masonic Homes of KY), 5 3/8s, 11/15/42 | BB-/P | 900,000 | 909,369 | ||||||
| Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/28 | Baa3 | 500,000 | 543,530 | ||||||
| Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds (Norton Healthcare Oblig. Group), 5 1/2s, 10/1/33 | A- | 3,000,000 | 3,445,290 | ||||||
| Owen Cnty., Wtr. Wks. Syst. Rev. Bonds (American Wtr. Co.), Ser. A, 6 1/4s, 6/1/39 | A | 700,000 | 795,641 | ||||||
| 8,063,914 | |||||||||
| Louisiana (1.3%) | |||||||||
| LA State Local Govt. Env. Fac. & Cmnty. Dev. Auth. Rev. Bonds (Westlake Chemical Corp.), 6 3/4s, 11/1/32 | BBB+ | 2,200,000 | 2,418,944 | ||||||
| LA State Pub. Fac. Auth. Rev. Bonds (Ochsner Clinic Foundation), 5s, 5/15/47(FWC) | Baa1 | 250,000 | 266,038 | ||||||
| LA State Pub. Fac. Solid Waste Disp. Auth. Rev. Bonds (LA Pellets, Inc.), Ser. A, 8 3/8s, 7/1/39 | B-/P | 500,000 | 512,710 | ||||||
| Pub. Fac. Auth. Dock & Wharf 144A Rev. Bonds (Impala Warehousing, LLC), 6 1/2s, 7/1/36 | B+/P | 1,000,000 | 1,110,690 | ||||||
| Rapides, Fin. Auth. FRB (Cleco Pwr.), AMBAC, 4.7s, 11/1/36 | A3 | 750,000 | 753,443 | ||||||
| St. Tammany, Public Trust Fin. Auth. Rev. Bonds (Christwood), 5 1/4s, 11/15/37 | BB/P | 385,000 | 386,090 | ||||||
| 5,447,915 | |||||||||
| Maine (0.5%) | |||||||||
| ME Hlth. & Higher Edl. Fac. Auth. Rev. Bonds | |||||||||
| (ME Gen. Med. Ctr.), 7 1/2s, 7/1/32 | Ba2 | 1,000,000 | 1,189,950 | ||||||
| (MaineGeneral Health Oblig. Group), 6.95s, 7/1/41 | Ba2 | 1,000,000 | 1,120,270 | ||||||
| 2,310,220 | |||||||||
| Maryland (1.1%) | |||||||||
| Baltimore Cnty., Rev. Bonds (Oak Crest Village, Inc. Fac.), Ser. A, 5s, 1/1/37 | A- | 2,000,000 | 2,054,400 | ||||||
| MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22 | A2 | 550,000 | 640,206 | ||||||
| Westminster, Rev. Bonds | |||||||||
| (Lutheran Village at Miller's Grant, Inc. (The)), Ser. A, 6s, 7/1/34 | B-/P | 250,000 | 264,280 | ||||||
| (Carroll Lutheran Village, Inc.), 5 1/8s, 7/1/34 | BB/P | 1,500,000 | 1,554,735 | ||||||
| 4,513,621 | |||||||||
| Massachusetts (6.4%) | |||||||||
| MA State Dev. Fin. Agcy. Rev. Bonds | |||||||||
| (Sabis Intl.), Ser. A, 8s, 4/15/39 | BBB | 690,000 | 797,882 | ||||||
| (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/46 | B-/P | 450,850 | 423,808 | ||||||
| (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26 | B-/P | 275,400 | 271,434 | ||||||
| (Boston U.), SGI, 6s, 5/15/59 | A1 | 500,000 | 612,895 | ||||||
| (Loomis Cmntys.), Ser. A, 6s, 1/1/33 | BBB- | 200,000 | 221,226 | ||||||
| (Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46 | B-/P | 88,265 | 74,358 | ||||||
| (New England Conservatory of Music), U.S. Govt. Coll., 5 1/4s, 7/1/38 (Prerefunded 7/1/18) | AAA/P | 805,000 | 902,727 | ||||||
| (Wheelock College), Ser. C, 5 1/4s, 10/1/29 | BBB | 1,700,000 | 1,806,301 | ||||||
| (Emerson College), Ser. A, 5s, 1/1/40 | Baa1 | 1,000,000 | 1,048,640 | ||||||
| (First Mtge. - Orchard Cove), 5s, 10/1/19 | BB/P | 550,000 | 565,483 | ||||||
| (Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56 | B-/P | 439,022 | 2,656 | ||||||
| MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds (Adventcare), Ser. A, 6.65s, 10/15/28 | B/P | 1,050,000 | 1,082,403 | ||||||
| MA State Dev. Fin. Agcy. Solid Waste Disp. FRB (Dominion Energy Brayton), Ser. 1, U.S. Govt. Coll., 5 3/4s, 12/1/42 (Prerefunded 5/1/19) | BBB+ | 1,050,000 | 1,227,923 | ||||||
| MA State Edl. Fin. Auth. Rev. Bonds, Ser. B, 5 1/2s, 1/1/23 | AA | 530,000 | 574,642 | ||||||
| MA State Hlth. & Edl. Fac. Auth. Rev. Bonds | |||||||||
| (Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33 | B+ | 2,550,000 | 2,558,747 | ||||||
| (Suffolk U.), Ser. A, 6 1/4s, 7/1/30 | Baa2 | 1,000,000 | 1,147,920 | ||||||
| (Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON) | D/P | 330,776 | 33 | ||||||
| (Suffolk U.), Ser. A, U.S. Govt. Coll., 5 3/4s, 7/1/39 (Prerefunded 7/1/19) | Baa2 | 950,000 | 1,063,430 | ||||||
| (Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36 | A+ | 1,500,000 | 1,694,610 | ||||||
| (Springfield College), 5 5/8s, 10/15/40 | Baa1 | 450,000 | 487,890 | ||||||
| (Springfield College), 5 1/2s, 10/15/31 | Baa1 | 1,100,000 | 1,195,810 | ||||||
| (Springfield College), 5 1/2s, 10/15/26 | Baa1 | 1,500,000 | 1,655,415 | ||||||
| (Fisher College), Ser. A, 5 1/8s, 4/1/37 | BBB- | 250,000 | 255,415 | ||||||
| (Emerson Hosp.), Ser. E, Radian Insd., 5s, 8/15/25 | AA | 1,500,000 | 1,504,485 | ||||||
| (Milford Regl. Med.), Ser. E, 5s, 7/15/22 | Baa3 | 2,200,000 | 2,296,888 | ||||||
| MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41 | A | 750,000 | 804,150 | ||||||
| Metro. Boston, Trans. Pkg. Corp. Rev. Bonds | |||||||||
| (Systemwide Pkg.), 5 1/4s, 7/1/33 | A1 | 1,500,000 | 1,701,330 | ||||||
| 5s, 7/1/41 | A1 | 1,500,000 | 1,656,945 | ||||||
| 27,635,446 | |||||||||
| Michigan (5.4%) | |||||||||
| Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36 | AA | 1,660,000 | 1,798,726 | ||||||
| Flint, Hosp. Bldg. Auth. Rev. Bonds, Ser. A, 5 1/4s, 7/1/39 | Ba1 | 750,000 | 734,955 | ||||||
| Kentwood, Economic Dev. Rev. Bonds (Holland Home), 5 5/8s, 11/15/32 | BB+/F | 2,195,000 | 2,315,418 | ||||||
| MI State Fin. Auth. Rev. Bonds | |||||||||
| (Presbyterian Villages of MI), 5 1/2s, 11/15/45 | BB+/F | 500,000 | 497,035 | ||||||
| (Detroit Wtr. & Swr.), Ser. C-6, 5s, 7/1/33 | BBB+ | 600,000 | 631,236 | ||||||
| MI State Hosp. Fin. Auth. Rev. Bonds | |||||||||
| Ser. A, 6 1/8s, 6/1/39 (Prerefunded 6/1/19) | AA+ | 2,000,000 | 2,363,580 | ||||||
| (Henry Ford Hlth.), 5 3/4s, 11/15/39 | A3 | 1,600,000 | 1,808,960 | ||||||
| (Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46 | A3 | 2,565,000 | 2,630,510 | ||||||
| MI State Strategic Fund Ltd. Rev. Bonds (Worthington Armstrong Venture), 5 3/4s, 10/1/22 (Escrowed to maturity) | AAA/P | 1,350,000 | 1,621,094 | ||||||
| MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Cadillac Place Office Bldg.), 5 1/4s, 10/15/26 | A1 | 1,250,000 | 1,463,288 | ||||||
| MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/48 | B- | 4,000,000 | 3,329,320 | ||||||
| Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp.), 5 1/2s, 6/1/20 | AA- | 1,480,000 | 1,536,506 | ||||||
| Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21 | A2 | 2,000,000 | 2,280,600 | ||||||
| 23,011,228 | |||||||||
| Minnesota (2.9%) | |||||||||
| Douglas Cnty., Gross Hlth. Care Fac. Rev. Bonds (Douglas Cnty. Hosp.) | |||||||||
| 6 1/4s, 7/1/34 (Prerefunded 7/1/18) | AAA/P | 1,940,000 | 2,230,942 | ||||||
| 6 1/4s, 7/1/34 (Prerefunded 7/1/18) | AAA/P | 1,060,000 | 1,218,968 | ||||||
| Inver Grove Heights, Nursing Home Rev. Bonds (Presbyterian Homes Care), 5 3/8s, 10/1/26 | B/P | 700,000 | 700,252 | ||||||
| North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39 | BB/P | 315,000 | 331,204 | ||||||
| Northfield, Hosp. Rev. Bonds, 5 3/8s, 11/1/26 | BBB | 750,000 | 784,103 | ||||||
| Otsego, Charter School Lease Rev. Bonds (Kaleidoscope Charter School), Ser. A, 5s, 9/1/34 | BB+ | 800,000 | 809,280 | ||||||
| Rochester, Hlth. Care Fac. Rev. Bonds (Olmsted Med. Ctr.), 5 7/8s, 7/1/30 | A-/F | 1,000,000 | 1,161,900 | ||||||
| Sartell, Hlth. Care & Hsg. Facs. Rev. Bonds (Country Manor Campus, LLC) | |||||||||
| 5 1/4s, 9/1/30 | B-/P | 500,000 | 519,110 | ||||||
| 5 1/4s, 9/1/27 | B-/P | 750,000 | 789,758 | ||||||
| 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 | 514,600 | ||||||
| St. Paul, Hsg. & Redev. Auth. Charter School Lease Rev. Bonds (Nova Classical Academy), Ser. A | |||||||||
| 6 5/8s, 9/1/42 | BBB- | 250,000 | 280,338 | ||||||
| 6 3/8s, 9/1/31 | BBB- | 250,000 | 287,530 | ||||||
| St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35 (Prerefunded 11/15/15) | BBB- | 1,350,000 | 1,371,884 | ||||||
| St. Paul, Hsg. & Redev. Auth. Hosp. Fac. Rev. Bonds (Healtheast Care Syst.), Ser. A, 5s, 11/15/40 | BBB- | 300,000 | 312,717 | ||||||
| St. Paul, Port Auth. Lease Rev. Bonds (Regions Hosp. Pkg. Ramp), Ser. 1, 5s, 8/1/36 | A-/P | 1,125,000 | 1,127,576 | ||||||
| 12,440,162 | |||||||||
| Mississippi (0.4%) | |||||||||
| Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32 | Baa2 | 1,600,000 | 1,811,424 | ||||||
| 1,811,424 | |||||||||
| 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 | 1,491,705 | ||||||
| St. Louis Arpt. Rev. Bonds (Lambert-St. Louis Intl.), Ser. A-1, 6 5/8s, 7/1/34 | A3 | 1,000,000 | 1,178,680 | ||||||
| 2,670,385 | |||||||||
| 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 | 510,565 | ||||||
| 510,565 | |||||||||
| Nebraska (0.8%) | |||||||||
| Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18 | A3 | 1,500,000 | 1,651,830 | ||||||
| Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 1/2s, 1/1/30 | AA/F | 1,000,000 | 1,134,220 | ||||||
| NE Pub. Pwr. Dist. Rev. Bonds, Ser. A | |||||||||
| 5s, 1/1/39 | A1 | 250,000 | 274,958 | ||||||
| 5s, 1/1/38 | A1 | 250,000 | 275,718 | ||||||
| 3,336,726 | |||||||||
| Nevada (1.2%) | |||||||||
| Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5s, 7/1/33 | A1 | 1,050,000 | 1,173,848 | ||||||
| Clark Cnty., Impt. Dist. Special Assmt. Bonds | |||||||||
| (Mountains Edge Local No. 142), 5s, 8/1/21 | BBB- | 585,000 | 631,385 | ||||||
| (Summerlin No. 151), 5s, 8/1/20 | BB/P | 400,000 | 400,000 | ||||||
| (Summerlin No. 151), 5s, 8/1/16 | BB/P | 945,000 | 945,000 | ||||||
| Henderson, Local Impt. Dist. Special Assmt. Bonds | |||||||||
| (No. T-17), 5s, 9/1/18 | BB+/P | 355,000 | 365,970 | ||||||
| (No. T-18), 5s, 9/1/16 | B-/P | 715,000 | 713,091 | ||||||
| Las Vegas, Special Assmt. Bonds | |||||||||
| 5s, 6/1/31 | B+/P | 450,000 | 452,840 | ||||||
| (Dist. No. 607 Local Impt.), 5s, 6/1/23 | BBB-/P | 420,000 | 449,698 | ||||||
| 5,131,832 | |||||||||
| New Hampshire (1.8%) | |||||||||
| NH Hlth. & Ed. Fac. Auth. Rev. Bonds | |||||||||
| (Rivermead), Ser. A, 6 7/8s, 7/1/41 | BB+/P | 2,000,000 | 2,243,840 | ||||||
| (Rivermead), Ser. A, 6 5/8s, 7/1/31 | BB+/P | 1,320,000 | 1,488,023 | ||||||
| (Kendal at Hanover), Ser. A, 5s, 10/1/18 | BBB+ | 1,875,000 | 1,879,669 | ||||||
| NH State Bus. Fin. Auth. Rev. Bonds (Elliot Hosp. Oblig. Group), Ser. A, 6s, 10/1/27 | Baa1 | 1,700,000 | 1,922,632 | ||||||
| NH State Bus. Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (10/1/19) (Casella Waste Syst., Inc.), 4s, 4/1/29 | B1 | 350,000 | 351,985 | ||||||
| 7,886,149 | |||||||||
| New Jersey (8.2%) | |||||||||
| Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds (The Evergreens), 5 5/8s, 1/1/38 | BB+/P | 2,200,000 | 2,258,564 | ||||||
| NJ State Econ. Dev. Auth. Rev. Bonds | |||||||||
| (Ashland School, Inc.), 6s, 10/1/33 | BBB | 1,000,000 | 1,130,520 | ||||||
| (NYNJ Link Borrower, LLC), 5 3/8s, 1/1/43 | BBB- | 1,000,000 | 1,071,480 | ||||||
| (MSU Student Hsg. - Provident Group - Montclair LLC), 5 3/8s, 6/1/25 | Baa3 | 2,000,000 | 2,226,900 | ||||||
| (Lions Gate), 5 1/4s, 1/1/44 | BB-/P | 300,000 | 305,286 | ||||||
| (Continental Airlines, Inc.), 5 1/4s, 9/15/29 | BB- | 3,000,000 | 3,262,350 | ||||||
| (United Methodist Homes), Ser. A, 5s, 7/1/29 | BBB-/F | 500,000 | 526,785 | ||||||
| 5s, 6/15/26 | Baa1 | 500,000 | 541,565 | ||||||
| NJ State Econ. Dev. Auth. Fac. Rev. Bonds (Continental Airlines, Inc.), 5 5/8s, 11/15/30 | BB- | 1,500,000 | 1,693,230 | ||||||
| NJ State Econ. Dev. Auth. Retirement Cmnty. Rev. Bonds (Seabrook Village, Inc.), 5 1/4s, 11/15/36 | BB-/P | 860,000 | 869,357 | ||||||
| NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.) | |||||||||
| Ser. A, 5.7s, 10/1/39 | A1 | 2,600,000 | 2,930,746 | ||||||
| Ser. D, 4 7/8s, 11/1/29 | A1 | 700,000 | 745,325 | ||||||
| NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds | |||||||||
| (St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38 | Baa3 | 2,250,000 | 2,506,478 | ||||||
| (St. Peter's U. Hosp.), 6 1/4s, 7/1/35 | Ba1 | 2,000,000 | 2,183,980 | ||||||
| (Holy Name Hosp.), 5s, 7/1/36 | Baa2 | 2,500,000 | 2,549,900 | ||||||
| North Hudson, Swr. Auth. Rev. Bonds, Ser. A, 5s, 6/1/42 | A- | 1,000,000 | 1,073,950 | ||||||
| Tobacco Settlement Fin. Corp. Rev. Bonds | |||||||||
| Ser. 1A, 5s, 6/1/41 | B3 | 5,000,000 | 3,750,500 | ||||||
| Ser. 1A, 4 3/4s, 6/1/34 | B3 | 2,210,000 | 1,649,014 | ||||||
| zero %, 6/1/41 | A- | 10,000,000 | 2,512,400 | ||||||
| Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31 | AA+ | 1,450,000 | 1,557,822 | ||||||
| 35,346,152 | |||||||||
| 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 | 550,695 | ||||||
| (San Juan), Ser. B, 4 7/8s, 4/1/33 | Baa2 | 4,500,000 | 4,584,735 | ||||||
| (AZ Pub. Svc. Co.), Ser. B, 4.7s, 9/1/24 | A2 | 2,000,000 | 2,192,060 | ||||||
| 7,327,490 | |||||||||
| New York (9.6%) | |||||||||
| Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, 6 3/4s, 7/1/28 (Prerefunded 7/1/18) | AAA/P | 600,000 | 699,114 | ||||||
| Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds (Keyspan-Glenwood), 5 1/4s, 6/1/27 | A- | 2,775,000 | 2,783,436 | ||||||
| NY City, Indl. Dev. Agcy. Special Fac. Mandatory Put Bonds (8/1/16) (JFK Intl. Arpt.), Ser. B, 2s, 8/1/28 | BB/P | 1,000,000 | 1,002,050 | ||||||
| NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds | |||||||||
| (American Airlines - JFK Intl. Arpt.), 7 1/2s, 8/1/16 | B+/P | 815,000 | 839,923 | ||||||
| (British Airways PLC), 5 1/4s, 12/1/32 | BB | 3,425,000 | 3,442,091 | ||||||
| NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds, 5s, 6/15/31(T) | AA+ | 10,000,000 | 11,449,500 | ||||||
| NY State Dorm. Auth. Rev. Bonds, Ser. A, 5s, 3/15/38 | AAA | 1,500,000 | 1,697,295 | ||||||
| NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37 | Ba1 | 725,000 | 793,411 | ||||||
| NY State Dorm. Auth. Non-Supported Debt Rev. Bonds (NYU Hosp. Ctr.), 5s, 7/1/34 | A3 | 500,000 | 554,120 | ||||||
| NY State Dorm. Auth. Revs. bonds, Ser. C, 5s, 3/15/31(T) | AAA | 5,000,000 | 5,709,042 | ||||||
| NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26 | A2 | 3,800,000 | 3,811,856 | ||||||
| NY State Env. Fac. Corp. Solid Waste Disp. 144A Mandatory Put Bonds (12/2/19) (Casella Waste Syst., Inc.), 3 3/4s, 12/1/44 | B1 | 1,000,000 | 998,700 | ||||||
| NY State Liberty Dev. Corp. 144A Rev. Bonds (World Trade Ctr.) | |||||||||
| Class 2, 5 3/8s, 11/15/40 | BB-/P | 750,000 | 786,510 | ||||||
| Class 1, 5s, 11/15/44 | BB-/P | 2,250,000 | 2,268,113 | ||||||
| Onondaga, Civic Dev. Corp. Rev. Bonds (St. Joseph's Hosp. Hlth. Ctr.), 5 1/8s, 7/1/31 | Ba2 | 1,620,000 | 1,736,672 | ||||||
| Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term.), 6s, 12/1/42 | Baa3 | 1,000,000 | 1,161,870 | ||||||
| Port Auth. of NY & NJ Rev. Bonds (Kennedy Intl. Arpt. - 5th Installment), 6 3/4s, 10/1/19 | BB+/P | 155,000 | 155,020 | ||||||
| Syracuse, Indl. Dev. Agcy. Civic Fac. VRDN (Syracuse U. ), Ser. A-1, 0.01s, 7/1/37 | VMIG1 | 1,450,000 | 1,450,000 | ||||||
| 41,338,723 | |||||||||
| North Carolina (2.1%) | |||||||||
| Dept. Trans. Private Activity Rev. Bonds (I-77 Hot Lanes), 5s, 12/31/37 | BBB-/F | 300,000 | 317,772 | ||||||
| NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24 (Prerefunded 1/1/19) | A- | 750,000 | 892,358 | ||||||
| NC State Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds | |||||||||
| (Presbyterian Homes), 5.4s, 10/1/27 | BB/P | 2,000,000 | 2,049,900 | ||||||
| (First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22 | BB/P | 1,110,000 | 1,150,215 | ||||||
| NC State Med. Care Comm. Hlth. Fac. Rev. Bonds (Pennybyrn at Maryfield, Inc.), 5s, 10/1/35 | BB/P | 375,000 | 384,390 | ||||||
| NC State Med. Care Comm. Retirement Fac. Rev. Bonds | |||||||||
| (Carolina Village), 6s, 4/1/38 | BB/P | 1,000,000 | 1,049,920 | ||||||
| (First Mtge.), Ser. A-05, 5 1/2s, 10/1/35 | BB+/P | 1,730,000 | 1,730,986 | ||||||
| (First Mtge.), Ser. A-05, 5 1/4s, 10/1/25 | BB+/P | 95,000 | 95,078 | ||||||
| (Forest at Duke), 5 1/8s, 9/1/27 | BBB+/F | 1,000,000 | 1,029,760 | ||||||
| (United Church Homes & Svcs. Oblig. Group), Ser. A, 5s, 9/1/37 | BB/P | 500,000 | 496,675 | ||||||
| 9,197,054 | |||||||||
| Ohio (4.6%) | |||||||||
| Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds | |||||||||
| Ser. A-3, 6 1/4s, 6/1/37 | B- | 850,000 | 715,887 | ||||||
| Ser. A-2, 6s, 6/1/42 | B3 | 2,500,000 | 2,025,250 | ||||||
| Ser. A-2, 5 7/8s, 6/1/30 | B- | 1,315,000 | 1,083,652 | ||||||
| Ser. A-2, 5 3/4s, 6/1/34 | B- | 3,675,000 | 2,916,113 | ||||||
| Franklin Cnty., Hlth. Care Fac. Rev. Bonds (Presbyterian Svcs.), Ser. A, 5 5/8s, 7/1/26 | BBB- | 2,750,000 | 2,994,393 | ||||||
| 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 (Prerefunded 8/15/18) | A3 | 1,530,000 | 1,697,872 | ||||||
| Lorain Cnty., Port Auth. Recovery Zone Fac. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 12/1/40 | BB- | 1,000,000 | 1,107,350 | ||||||
| Northeast Regl. Swr. Dist. Rev. Bonds, 5s, 11/15/39 | Aa1 | 1,500,000 | 1,704,870 | ||||||
| OH State Air Quality Dev. Auth., Poll. Control Mandatory Put Bonds (5/1/20) (FirstEnergy Nuclear), Ser. C, 3.95s, 11/1/32 | Baa3 | 450,000 | 453,272 | ||||||
| OH State Higher Edl. Fac. Comm. Rev. Bonds (Kenyon College), 5s, 7/1/44 | A1 | 800,000 | 859,232 | ||||||
| OH State Private Activity Rev. Bonds (Portsmouth Bypass), AGM, 5s, 12/31/35 | AA | 750,000 | 819,143 | ||||||
| OH State Wtr. Dev. Auth. Poll. Control Mandatory Put Bonds (6/3/19) (FirstEnergy Nuclear Generation, LLC), 4s, 12/1/33 | Baa3 | 1,550,000 | 1,601,073 | ||||||
| Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds | |||||||||
| 5 3/4s, 12/1/32 | BB/F | 900,000 | 961,353 | ||||||
| (Memorial Hlth. Syst.), 5s, 12/1/43 | BB/F | 150,000 | 150,767 | ||||||
| Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX Transn, Inc.), 6.45s, 12/15/21 | Baa1 | 500,000 | 614,350 | ||||||
| 19,781,793 | |||||||||
| Oklahoma (0.9%) | |||||||||
| OK Hsg. Fin. Agcy. Single Fam. Mtge. Rev. Bonds (Homeownership Loan), Ser. C, GNMA Coll., FNMA Coll., 5.95s, 3/1/37 | Aaa | 360,000 | 361,069 | ||||||
| Tulsa Cnty., Indl. Auth. Rev. Bonds (Sr. Living Cmnty. Montereau, Inc.), Ser. A, 7 1/8s, 11/1/30 | BB-/P | 1,250,000 | 1,363,463 | ||||||
| Tulsa, Muni. Arpt. Trust Mandatory Put Bonds (6/1/25) (American Airlines, Inc.), 5s, 6/1/35 | BB- | 750,000 | 812,918 | ||||||
| Tulsa, Muni. Arpt. Trust Rev. Bonds (American Airlines, Inc.), Ser. B, 5 1/2s, 12/1/35 | B+/P | 1,250,000 | 1,332,425 | ||||||
| 3,869,875 | |||||||||
| Oregon (0.4%) | |||||||||
| Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds | |||||||||
| (Mirabella at South Waterfront), Ser. A, 5.4s, 10/1/44 | BB-/P | 500,000 | 543,205 | ||||||
| (Terwilliger Plaza, Inc.), 5s, 12/1/29 | BBB/F | 350,000 | 371,322 | ||||||
| Warm Springs Reservation, Confederated Tribes 144A Rev. Bonds (Pelton Round Butte Tribal), Ser. B, 6 3/8s, 11/1/33 | A3 | 700,000 | 774,235 | ||||||
| 1,688,762 | |||||||||
| Pennsylvania (5.4%) | |||||||||
| Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds (Robert Morris U.), Ser. A, 5 1/2s, 10/15/30 | Baa3 | 1,000,000 | 1,079,390 | ||||||
| Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds (U.S. Steel Corp.), 6 3/4s, 11/1/24 | BB- | 1,500,000 | 1,675,365 | ||||||
| Chester Cnty., Indl. Dev. Auth. Rev. Bonds (Renaissance Academy Charter School), 5s, 10/1/34 | BBB- | 350,000 | 371,903 | ||||||
| Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds (West Chester U. Student Hsg., LLC), Ser. A, 5s, 8/1/45 | Baa3 | 1,000,000 | 1,029,180 | ||||||
| Lancaster Cnty., Hosp. Auth. Rev. Bonds (Brethren Village), Ser. A, 6 3/8s, 7/1/30 | BB-/P | 625,000 | 647,063 | ||||||
| Lycoming Cnty., Auth. Hlth. Syst. Rev. Bonds (Susquehanna Hlth. Syst.), Ser. A, 5 3/4s, 7/1/39 | A- | 3,000,000 | 3,200,250 | ||||||
| Moon, Indl. Dev. Auth. Rev. Bonds (Baptist Homes Society Oblig. Group), 5 3/4s, 7/1/35 | B+/P | 1,500,000 | 1,472,895 | ||||||
| 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 | 1,550,145 | ||||||
| Northampton Cnty., Indl. Dev. Auth. Tax Alloc. Bonds (Rte. 33), 7s, 7/1/32 | B/P | 800,000 | 864,336 | ||||||
| PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds (Colver), Ser. F, AMBAC, 5s, 12/1/15 | BBB- | 1,650,000 | 1,671,203 | ||||||
| PA State Higher Edl. Fac. Auth. Rev. Bonds | |||||||||
| (Shippensburg U.), 6 1/4s, 10/1/43 | Baa3 | 500,000 | 557,930 | ||||||
| (Edinboro U. Foundation), 5.8s, 7/1/30 | Baa3 | 1,000,000 | 1,062,940 | ||||||
| (Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42 | BBB | 785,000 | 832,445 | ||||||
| (Indiana U.), Ser. A, 5s, 7/1/41 | BBB+ | 500,000 | 523,135 | ||||||
| PA State Tpk. Comm. Rev. Bonds | |||||||||
| Ser. C, 5s, 12/1/44 | A1 | 1,000,000 | 1,099,180 | ||||||
| Ser. A, 5s, 12/1/38 | A1 | 500,000 | 554,160 | ||||||
| Philadelphia, Auth. for Indl. Dev. Rev. Bonds (Master Charter School), 6s, 8/1/35 | BBB+ | 1,055,000 | 1,151,564 | ||||||
| Philadelphia, Gas Wks. Rev. Bonds, Ser. 9, 5s, 8/1/30 | A- | 1,000,000 | 1,101,280 | ||||||
| Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Graduate Hlth. Syst.), 7 1/4s, 8/1/17 (In default)(NON) | D/P | 2,583,821 | 258 | ||||||
| Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A, 6 1/2s, 1/1/38 | Baa3 | 1,325,000 | 1,415,286 | ||||||
| West Shore Area Auth. Rev. Bonds (Lifeways at Messiah Village), Ser. A, 5s, 7/1/35 | BBB-/F | 785,000 | 818,614 | ||||||
| Wilkes-Barre, Fin. Auth. Rev. Bonds (Wilkes U.), 5s, 3/1/22 | BBB | 560,000 | 587,826 | ||||||
| 23,266,348 | |||||||||
| Puerto Rico (1.0%) | |||||||||
| Children's Trust Fund Tobacco Settlement (The) Rev. Bonds (Asset Backed Bonds), 5 5/8s, 5/15/43 | Ba2 | 1,300,000 | 1,304,459 | ||||||
| Cmnwlth. of PR, G.O. Bonds | |||||||||
| Ser. A, FGIC, 5 1/2s, 7/1/21 | Caa3 | 1,000,000 | 750,080 | ||||||
| (Pub. Impt.), Ser. A, NATL, 5 1/2s, 7/1/20 | AA- | 1,000,000 | 996,260 | ||||||
| Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds | |||||||||
| Ser. A, 5 3/8s, 8/1/39 | CCC- | 2,300,000 | 897,000 | ||||||
| Ser. C, 5 3/8s, 8/1/36 | CCC- | 530,000 | 206,700 | ||||||
| Ser. A, AMBAC, zero %, 8/1/47 | Caa3 | 3,000,000 | 329,340 | ||||||
| 4,483,839 | |||||||||
| South Carolina (1.6%) | |||||||||
| Georgetown Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/30 | Baa2 | 1,135,000 | 1,137,281 | ||||||
| SC State Pub. Svc. Auth. Rev. Bonds | |||||||||
| (Santee Cooper), Ser. A, 5 3/4s, 12/1/43 | AA- | 3,000,000 | 3,533,310 | ||||||
| Ser. A, 5 1/2s, 12/1/54 | AA- | 2,000,000 | 2,238,400 | ||||||
| 6,908,991 | |||||||||
| Tennessee (0.4%) | |||||||||
| Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38 | Baa1 | 1,450,000 | 1,631,511 | ||||||
| 1,631,511 | |||||||||
| Texas (12.7%) | |||||||||
| Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38 | BBB | 3,735,000 | 4,038,021 | ||||||
| Central TX Regl. Mobility Auth. Rev. Bonds (Sr. Lien), Ser. A, 5s, 1/1/33 | Baa2 | 525,000 | 570,255 | ||||||
| Clifton, Higher Ed. Fin. Corp. Rev. Bonds (Idea Pub. Schools) | |||||||||
| 6s, 8/15/33 | BBB | 500,000 | 582,255 | ||||||
| 5s, 8/15/32 | BBB | 315,000 | 336,316 | ||||||
| Grand Parkway Trans. Corp. Rev. Bonds, Ser. B, 5 1/4s, 10/1/51 | AA+ | 2,000,000 | 2,234,309 | ||||||
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (YMCA of Greater Houston), Ser. A, 5s, 6/1/33 | Baa3 | 1,000,000 | 1,061,710 | ||||||
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (The Methodist Hosp.), Ser. C-1, 0.01s, 12/1/24 | A-1+ | 350,000 | 350,000 | ||||||
| Houston, Arpt. Syst. Rev. Bonds | |||||||||
| Ser. B-1, 5s, 7/15/35 | BB- | 2,500,000 | 2,577,000 | ||||||
| Ser. A, 5s, 7/1/24 | A | 1,500,000 | 1,699,380 | ||||||
| (United Airlines, Inc.), 4 3/4s, 7/1/24 | BB- | 1,300,000 | 1,382,394 | ||||||
| La Vernia, Higher Ed. Fin. Corp. Rev. Bonds (Kipp, Inc.), Ser. A | |||||||||
| 6 3/8s, 8/15/44 (Prerefunded 8/15/19) | BBB | 1,100,000 | 1,314,060 | ||||||
| 6 1/4s, 8/15/39 (Prerefunded 8/15/19) | BBB | 1,975,000 | 2,349,717 | ||||||
| La Vernia, Higher Ed. Fin. Corp. 144A Rev. Bonds (Meridian World School, LLC), Ser. A, 5 1/4s, 8/15/35 | BB+ | 1,000,000 | 996,300 | ||||||
| Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40 | Baa1 | 3,500,000 | 3,785,460 | ||||||
| Matagorda Cnty., Poll. Control Rev. Bonds | |||||||||
| (Central Pwr. & Light Co.), Ser. A, 6.3s, 11/1/29 | Baa1 | 1,000,000 | 1,130,600 | ||||||
| (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30 | Baa1 | 1,250,000 | 1,312,325 | ||||||
| New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds | |||||||||
| (Wesleyan Homes, Inc.), 5 1/2s, 1/1/43 | BB-/P | 500,000 | 502,525 | ||||||
| (NCCD College Station Properties, LLC), Ser. A, 5s, 7/1/47 | Baa3 | 500,000 | 512,945 | ||||||
| (Collegiate Hsg.-Tarleton St.), 5s, 4/1/39 | Baa3 | 500,000 | 513,040 | ||||||
| (TX A&M U. Collegiate & Student Hsg. College Station I, LLC), Ser. A, 5s, 4/1/29 | Baa3 | 530,000 | 565,229 | ||||||
| Newark, Cultural Ed. Fac. Fin. Corp. Rev. Bonds (AW Brown-Fellowship Leadership Academy), Ser. A, 6s, 8/15/42 | BBB- | 670,000 | 691,460 | ||||||
| North Texas Edl. Fin. Co. Rev. Bonds (Uplift Edl.), Ser. A, 5 1/4s, 12/1/47 | BBB- | 2,000,000 | 2,160,260 | ||||||
| North TX, Tollway Auth. Rev. Bonds | |||||||||
| (1st Tier), Ser. A, 6s, 1/1/25 | A2 | 120,000 | 133,072 | ||||||
| (1st Tier), Ser. A, FNMA Coll., U.S. Govt. Coll., 6s, 1/1/25 (Prerefunded 1/1/18) | AAA/P | 880,000 | 989,252 | ||||||
| (Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38 (Prerefunded 1/1/18) | A3 | 1,750,000 | 1,956,850 | ||||||
| Red River, Hlth. Retirement Fac. Dev. Corp. Rev. Bonds | |||||||||
| (Happy Harbor Methodist Home, Inc.), Ser. A, 7 3/4s, 11/15/44 | B-/P | 420,000 | 487,570 | ||||||
| (Sears Methodist Retirement Syst. Oblig. Group), Ser. C, 6 1/4s, 5/9/53 (In default)(NON) | D/P | 39,000 | 215 | ||||||
| (Sears Methodist Retirement Syst. Oblig. Group), Ser. B, 6.15s, 11/15/49 (In default)(NON) | D/P | 749,000 | 4,120 | ||||||
| (Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 6.05s, 11/15/46 (In default)(NON) | D/P | 441,000 | 2,426 | ||||||
| (Sears Methodist Retirement Syst. Oblig. Group), Ser. D, 6.05s, 11/15/46 (In default)(NON) | D/P | 76,000 | 418 | ||||||
| (Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 5.45s, 11/15/38 (In default)(NON) | D/P | 1,124,000 | 6,182 | ||||||
| (Sears Methodist Retirement Syst. Oblig. Group), Ser. A, 5.15s, 11/15/27 (In default)(NON) | D/P | 593,000 | 3,262 | ||||||
| Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds | |||||||||
| (Sr. Living Ctr.), Ser. A, 8 1/4s, 11/15/39 | B+/P | 2,000,000 | 2,004,560 | ||||||
| (Buckingham Sr. Living Cmnty., Inc.), Ser. A, 5 1/2s, 11/15/45 | BB/F | 1,000,000 | 1,003,020 | ||||||
| (Buckner Retirement Svcs., Inc.), 5 1/4s, 11/15/37 | A- | 1,900,000 | 1,994,221 | ||||||
| (Air Force Village), 5 1/8s, 5/15/27 | BBB-/F | 2,850,000 | 2,930,000 | ||||||
| Travis Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (Wayside Schools), Ser. A, 5 1/4s, 8/15/42 | BB+ | 1,000,000 | 1,012,860 | ||||||
| TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5 1/4s, 12/15/24 | A- | 2,000,000 | 2,317,040 | ||||||
| TX Private Activity Surface Trans. Corp. Rev. Bonds | |||||||||
| (NTE Mobility), 7 1/2s, 12/31/31 | Baa2 | 2,000,000 | 2,414,640 | ||||||
| (LBJ Infrastructure), 7s, 6/30/40 | Baa3 | 2,500,000 | 2,982,875 | ||||||
| TX State G.O. Bonds (Trans. Auth.), Ser. A, 5s, 10/1/44 | Aaa | 1,500,000 | 1,700,025 | ||||||
| TX State Dept. of Hsg. & Cmnty. Affairs Rev. Bonds, Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll., 6.9s, 7/2/24 | AA+ | 250,000 | 251,498 | ||||||
| TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5s, 12/15/28 | A3 | 1,500,000 | 1,636,695 | ||||||
| 54,496,362 | |||||||||
| Virginia (2.5%) | |||||||||
| Albemarle Cnty., Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury), 5s, 1/1/24 | BB/P | 600,000 | 606,462 | ||||||
| Alexandria, Indl. Dev. Auth. Res. Care Fac. Mtge. Rev. Bonds (Goodwin House, Inc.), 5s, 10/1/45 | BBB/F | 1,500,000 | 1,589,385 | ||||||
| Cherry Hill Cmnty., Dev. Auth. 144A Special Assmt. Bonds (Potomac Shores), 5.4s, 3/1/45 | B/P | 1,000,000 | 1,013,380 | ||||||
| Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds (United Methodist Homes), 5s, 6/1/22 | BB+/P | 625,000 | 674,344 | ||||||
| Lower Magnolia Green Cmnty., Dev. Auth. 144A Special Assmt. Bonds, 5s, 3/1/35 | B/P | 500,000 | 496,895 | ||||||
| Lynchburg, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds (Westminster-Canterbury) | |||||||||
| 5s, 7/1/31 | BB+/P | 1,250,000 | 1,273,363 | ||||||
| 4 7/8s, 7/1/21 | BB+/P | 1,000,000 | 1,030,510 | ||||||
| VA State Small Bus. Fin. Auth. Rev. Bonds | |||||||||
| (Elizabeth River Crossings OPCO, LLC), 6s, 1/1/37 | BBB- | 900,000 | 1,027,449 | ||||||
| (Express Lanes, LLC), 5s, 7/1/34 | BBB- | 1,150,000 | 1,205,764 | ||||||
| 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 | 1,962,480 | ||||||
| 10,880,032 | |||||||||
| Washington (3.6%) | |||||||||
| WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T) | AA+ | 5,000,000 | 5,778,865 | ||||||
| Port of Seattle, Rev. Bonds, Ser. C, 5s, 4/1/40(FWC) | A1 | 625,000 | 679,469 | ||||||
| Port Seattle, Port Indl. Dev. Corp. Rev. Bonds (Delta Airlines, Inc.), 5s, 4/1/30 | BB+ | 300,000 | 312,168 | ||||||
| Skagit Cnty., Pub. Hosp. Rev. Bonds (Dist. No. 001), 5 3/4s, 12/1/35 | Baa2 | 2,500,000 | 2,745,375 | ||||||
| Tobacco Settlement Auth. of WA Rev. Bonds, 5 1/4s, 6/1/32 | A- | 1,275,000 | 1,406,376 | ||||||
| WA State Higher Ed. Fac. Auth. Rev. Bonds (Whitworth U.), 5 5/8s, 10/1/40 | Baa1 | 400,000 | 431,464 | ||||||
| WA State Hlth. Care Fac. Auth. Rev. Bonds | |||||||||
| (WA Hlth. Svcs.), 7s, 7/1/39 (Prerefunded 7/1/19) | Baa1 | 1,000,000 | 1,216,780 | ||||||
| (Kadlec Med. Ctr.), 5 1/2s, 12/1/39 (Prerefunded 12/1/20) | AAA/P | 1,300,000 | 1,562,795 | ||||||
| (Central WA Hlth. Svcs. Assn.), 4s, 7/1/36 | Baa1 | 810,000 | 778,847 | ||||||
| WA State Hsg. Fin. Comm. 144A Rev. Bonds (Heron's Key Oblig. Group), Ser. A, 7s, 7/1/50(FWC) | B-/P | 500,000 | 499,305 | ||||||
| 15,411,444 | |||||||||
| West Virginia (0.2%) | |||||||||
| WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43 | B+/P | 735,000 | 761,431 | ||||||
| 761,431 | |||||||||
| Wisconsin (1.4%) | |||||||||
| Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5 1/4s, 7/1/28 | BBB | 350,000 | 380,779 | ||||||
| WI State Hlth. & Edl. Fac. Auth. Rev. Bonds | |||||||||
| (St. Johns Cmntys. Inc.), Ser. A, 7 5/8s, 9/15/39 | BB+/P | 1,350,000 | 1,568,741 | ||||||
| (Prohealth Care, Inc.), 6 5/8s, 2/15/39 (Prerefunded 2/15/19) | A1 | 1,250,000 | 1,490,238 | ||||||
| WI State Pub. Fin. Auth Sr. Living Rev. Bonds (Rose Villa, Inc.), Ser. A, 5 3/4s, 11/15/44 | BB-/P | 1,800,000 | 1,901,826 | ||||||
| WI State Pub. Fin. Auth. 144A Rev. Bonds (Church Home of Hartford, Inc.), Ser. A, 5s, 9/1/30 | BB/F | 800,000 | 807,520 | ||||||
| 6,149,104 | |||||||||
| Total municipal bonds and notes (cost $521,009,968) | $559,886,376 | ||||||||
| PREFERRED STOCKS (0.9%)(a) | |||||||||
| Shares | Value | ||||||||
| MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A-5, 5s cum. pfd. | 3,550,000 | $3,852,815 | |||||||
| Total preferred stocks (cost $3,550,000) | $3,852,815 | ||||||||
| COMMON STOCKS (0.0%)(a) | |||||||||
| Shares | Value | ||||||||
| Tembec, Inc. (Canada)(NON) | 1,750 | $2,435 | |||||||
| Total common stocks (cost $1,273,945) | $2,435 | ||||||||
| TOTAL INVESTMENTS | |||||||||
| Total investments (cost $525,833,913)(b) | $563,741,626 | ||||||||
| 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, 2014 through July 31, 2015 (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 $429,443,646. | |||||
| (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.” If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. | |||||
| (b) | The aggregate identified cost on a tax basis is $525,399,492, resulting in gross unrealized appreciation and depreciation of $47,015,350 and $8,673,216, respectively, or net unrealized appreciation of $38,342,134. | |||||
| (NON) | This security is non-income-producing. | |||||
| (FWC) | Forward commitment, in part or in entirety. | |||||
| (F) | This 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. This security has been segregated as collateral for financing transactions. | |||||
| At the close of the reporting period, the fund maintained liquid assets totaling $17,324,710 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. | ||||||
| On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. | ||||||
| The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. | ||||||
| The dates shown on debt obligations are the original maturity dates. | ||||||
The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets): | ||||||
| Healthcare | 35.80% | |||||
| Utilities | 19.2 | |||||
| Transportation | 16.7 | |||||
| Education | 13.6 | |||||
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | ||||||
| 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. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. 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 $30,865,467 were held by the TOB trust and served as collateral for $13,540,757 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $5,063 for these investments based on an average interest rate of 0..04%. | ||||||
| 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 | $2,435 | $— | $— | |
| Total common stocks | 2,435 | — | — | |
| Municipal bonds and notes | $— | $559,800,500 | $85,876 | |
| Preferred stocks | — | 3,852,815 | — | |
|
|
|
|
||
| Totals by level | $2,435 | $563,653,315 | $85,876 | |
| * Common stock classifications are presented at the sector level, which may differ from the fund's portfolio presentation. | ||||
| During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. | ||||
| At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of 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 | ||||
| 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: September 28, 2015 |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title): |
| /s/ Jonathan S. Horwitz Jonathan S. Horwitz Principal Executive Officer Date: September 28, 2015 |
| By (Signature and Title): |
| /s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: September 28, 2015 |
| 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: September 25, 2015 | |
| 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: September 25, 2015 | |
| Steven D. Krichmar | |
| Principal Financial Officer | |
Attachment A | |
NQ | |
Period (s) ended July 31, 2015 | |
| 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 |