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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Putnam Muni Opportunity Trust | NYSE:PMO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.07 | 0.69% | 10.20 | 10.21 | 10.07 | 10.12 | 71,515 | 21:58:56 |
Putnam Municipal Opportunities Trust | ||||||
The fund's portfolio | ||||||
7/31/23 (Unaudited) | ||||||
Key to holding's abbreviations | ||||||
AGM — Assured Guaranty Municipal Corporation | ||||||
AMBAC — AMBAC Indemnity Corporation | ||||||
BAM — Build America Mutual | ||||||
COP — Certificates of Participation | ||||||
FHA Insd. — Federal Housing Administration Insured | ||||||
FRB — Floating Rate Bonds: The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. | ||||||
G.O. Bonds — General Obligation Bonds | ||||||
NATL — National Public Finance Guarantee Corporation | ||||||
PSFG — Permanent School Fund Guaranteed | ||||||
Q-SBLF — Qualified School Board Loan Fund | ||||||
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. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index rate, which was 3.98% as of the close of the reporting period. |
MUNICIPAL BONDS AND NOTES (140.4%)(a) | ||||||
Rating(RAT) | Principal amount | Value | ||||
Alabama (1.2%) | ||||||
Jefferson Cnty., Swr. Rev. Bonds, Ser. D, 6.50%, 10/1/53 | BBB | $2,000,000 | $2,106,049 | |||
Jefferson, Cnty. Rev. Bonds, (Refunding warrants) | ||||||
5.00%, 9/15/34 | AA+ | 2,075,000 | 2,173,178 | |||
5.00%, 9/15/33 | AA+ | 275,000 | 288,133 | |||
4,567,360 | ||||||
Alaska (1.5%) | ||||||
AK State Indl. Dev. & Export Auth. Rev. Bonds, (Tanana Chiefs Conference), Ser. A, 4.00%, 10/1/49 | A+/F | 5,890,000 | 5,368,429 | |||
5,368,429 | ||||||
Arizona (6.0%) | ||||||
AZ Indl. Dev. Auth. Student Hsg. Rev. Bonds, (NCCU Properties, LLC Central U.), BAM, 5.00%, 6/1/49 | AA | 2,000,000 | 2,095,897 | |||
AZ State Indl. Dev. Auth. Charter School Rev. Bonds, (Equitable School Revolving Fund, LLC), 4.00%, 11/1/46 | A | 2,855,000 | 2,577,939 | |||
AZ State Indl. Dev. Auth. Ed. Rev. Bonds, (KIPP New York, Inc., Jerome Fac.), Ser. B | ||||||
4.00%, 7/1/61 | BBB- | 1,380,000 | 1,112,663 | |||
4.00%, 7/1/41 | BBB- | 720,000 | 651,924 | |||
AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.), Ser. D, 5.00%, 7/1/51 | BB | 510,000 | 456,472 | |||
AZ State Indl. Dev. Auth. National Charter School Revolving Loan Fund Rev. Bonds, (Equitable School Revolving Fund, LLC), 5.00%, 11/1/47 | A | 2,900,000 | 3,005,258 | |||
Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds | ||||||
(Reid Traditional Schools Painted Rock Academy), 5.00%, 7/1/36 | Baa3 | 350,000 | 355,690 | |||
(Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35 | BB+ | 750,000 | 724,609 | |||
Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies), 3.75%, 7/1/24 | BBB | 100,000 | 99,005 | |||
Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.), 5.00%, 7/1/35 | BB | 1,000,000 | 1,001,220 | |||
Pima Cnty., Indl. Dev. Auth. Sr. Living 144A Rev. Bonds, (La Posada at Park Centre, Inc.) | ||||||
7.00%, 11/15/57 | BBB+/P | 350,000 | 352,558 | |||
6.25%, 11/15/35 | BBB+/P | 1,750,000 | 1,763,270 | |||
Salt River Project Agricultural Impt. & Pwr. Dist. Elec. Syst. Rev. Bonds, Ser. A, 5.00%, 1/1/50 | Aa1 | 5,460,000 | 5,995,077 | |||
Salt Verde, Fin. Corp. Gas Rev. Bonds, 5.50%, 12/1/29 | A3 | 1,350,000 | 1,445,599 | |||
Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds, (Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34 | A2 | 500,000 | 520,905 | |||
22,158,086 | ||||||
California (14.1%) | ||||||
Bay Area Toll Auth. Bridge Rev. Bonds, Ser. S-8, BAM, 3.00%, 4/1/54 | AA | 4,000,000 | 3,000,374 | |||
CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds, (Aster Apt.), Ser. A-1, 4.00%, 2/1/56 | BB+/P | 550,000 | 453,709 | |||
CA Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35 | BBB+ | 2,027,399 | 1,899,694 | |||
CA State Hlth. Fac. Fin. Auth. Rev. Bonds, (Cedars-Sinai Med. Ctr.), Ser. A, 3.00%, 8/15/51 | Aa3 | 7,565,000 | 5,754,907 | |||
CA State Muni. Fin. Auth. Rev. Bonds, (HumanGood California), 4.00%, 10/1/46 | A-/F | 3,000,000 | 2,789,693 | |||
CA Statewide Cmnty. Dev. Auth. Rev. Bonds, (Front Porch Cmnty. & Svcs. Oblig. Group), Ser. A, 3.00%, 4/1/51 | A- | 3,440,000 | 2,422,143 | |||
CSCDA Cmnty. Impt. Auth. Rev. Bonds, (Pasadena Portfolio), Ser. A-2, 3.00%, 12/1/56 | BBB-/P | 2,635,000 | 1,749,272 | |||
CSCDA Cmnty. Impt. Auth. 144A Rev. Bonds | ||||||
(Anaheim), 4.00%, 8/1/56 | BB/P | 2,875,000 | 2,182,838 | |||
(City of Orange Portfolio), 3.00%, 3/1/57 | BBB-/P | 650,000 | 430,894 | |||
(Essential Hsg.), Ser. A-2, 3.00%, 2/1/57 | BBB-/P | 1,900,000 | 1,255,697 | |||
Long Beach, Arpt. Syst. Rev. Bonds, Ser. C, AGM | ||||||
5.25%, 6/1/47 | AA | 1,250,000 | 1,336,924 | |||
5.00%, 6/1/42 | AA | 750,000 | 796,743 | |||
Los Angeles, Cmnty. Fac. Dist. No. 11 Special Tax, 4.00%, 9/1/38 | BB/P | 1,000,000 | 933,655 | |||
Los Angeles, Dept. of Arpt. Rev. Bonds | ||||||
Ser. C, 5.00%, 5/15/45 | Aa2 | 2,800,000 | 2,935,620 | |||
4.00%, 5/15/36 | Aa3 | 500,000 | 505,889 | |||
Regents of the U. of CA Med. Ctr. (The) Rev. Bonds, Ser. P | ||||||
5.00%, 5/15/42 | Aa3 | 13,000,000 | 14,547,761 | |||
5.00%, 5/15/41 | Aa3 | 5,260,000 | 5,918,999 | |||
San Bernardino Cnty., FRB, Ser. C, 5.435%, 8/1/23 | AA+ | 550,000 | 550,000 | |||
San Diego Cnty., COP, 5.00%, 10/1/46 | Aa1 | 2,150,000 | 2,377,267 | |||
51,842,079 | ||||||
Colorado (3.8%) | ||||||
CO State Hlth. Fac. Auth. Rev. Bonds | ||||||
(Valley View Hosp. Assn.), 5.00%, 5/15/40 | A | 1,000,000 | 1,006,303 | |||
(Covenant Retirement Cmnty.), Ser. A, 5.00%, 12/1/35 | A-/F | 1,000,000 | 1,007,309 | |||
CO State Hlth. Fac. Auth. Hosp. Rev. Bonds | ||||||
(Christian Living Neighborhood), 5.00%, 1/1/37 | BB/P | 550,000 | 499,782 | |||
(Covenant Living Cmnty. and Svcs. Oblig. Group), 4.00%, 12/1/50 | A-/F | 2,700,000 | 2,178,096 | |||
Denver City & Cnty., Arpt. Rev. Bonds, Ser. A | ||||||
5.50%, 11/15/38 | Aa3 | 1,500,000 | 1,700,979 | |||
5.00%, 11/15/37 | Aa3 | 1,025,000 | 1,111,826 | |||
5.00%, 11/15/36 | Aa3 | 1,575,000 | 1,718,003 | |||
Pub. Auth. for CO Energy Rev. Bonds, (Natural Gas Purchase), 6.50%, 11/15/38 | A1 | 2,250,000 | 2,713,975 | |||
Regl. Trans. Dist. Rev. Bonds, (Denver Transit Partners, LLC) | ||||||
4.00%, 7/15/38 | Baa1 | 800,000 | 797,736 | |||
3.00%, 7/15/37 | Baa1 | 850,000 | 736,913 | |||
Sterling Ranch Cmnty. Auth. Board Rev. Bonds, (Metro. Dist. No. 2), Ser. A, 4.25%, 12/1/50 | BB/P | 550,000 | 460,139 | |||
13,931,061 | ||||||
Connecticut (1.6%) | ||||||
CT State Hlth. & Edl. Fac. Auth. Rev. Bonds, (Yale U.), Ser. A-1, 4.28%, 7/1/42 | Aaa | 5,000,000 | 5,000,000 | |||
Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39 | BB/P | 1,000,000 | 1,002,918 | |||
6,002,918 | ||||||
District of Columbia (5.3%) | ||||||
DC Rev. Bonds | ||||||
(Plenary Infrastructure DC, LLC), 5.50%, 2/28/37 | A3 | 1,500,000 | 1,687,418 | |||
(Plenary Infrastructure DC, LLC), 5.50%, 2/29/36 | A3 | 1,370,000 | 1,552,480 | |||
(Ingleside at Rock Creek), Ser. A, 5.00%, 7/1/52 | BB-/P | 500,000 | 413,392 | |||
(Two Rivers Pub. Charter School, Inc.), 5.00%, 6/1/50 | Baa3 | 1,500,000 | 1,376,821 | |||
(Latin American Montessori Bilingual Pub. Charter School Oblig. Group), 5.00%, 6/1/40 | BB+ | 2,000,000 | 1,914,260 | |||
(Two Rivers Pub. Charter School, Inc.), 5.00%, 6/1/40 | Baa3 | 1,500,000 | 1,452,757 | |||
Metro. DC Arpt. Auth. Rev. Bonds, Ser. A | ||||||
5.25%, 10/1/48 | Aa3 | 5,000,000 | 5,372,912 | |||
5.00%, 10/1/32 | Aa3 | 1,250,000 | 1,396,038 | |||
Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds | ||||||
(Dulles Metrorail & Cap. Impt. Proj.) Ser. B, 4.00%, 10/1/44(T) | A- | 1,285,000 | 1,247,420 | |||
(Dulles Metrorail & Cap. Impt. Proj.) 4.00%, 10/1/53(T) | A- | 1,290,000 | 1,204,135 | |||
(Metrorail), Ser. A, zero %, 10/1/37 | A- | 3,700,000 | 1,913,595 | |||
19,531,228 | ||||||
Florida (5.9%) | ||||||
FL State Dev. Fin. Corp. Ed. Fac. Rev. Bonds, (River City Ed.) | ||||||
5.00%, 7/1/57 | Baa3 | 680,000 | 645,918 | |||
5.00%, 7/1/51 | Baa3 | 1,300,000 | 1,261,517 | |||
5.00%, 7/1/42 | Baa3 | 460,000 | 460,666 | |||
FL State Dev. Fin. Corp. Ed. Fac. 144A Rev. Bonds, (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 4.00%, 7/1/51 | BB/P | 500,000 | 409,583 | |||
FL State Higher Edl. Fac. Financial Auth. Rev. Bonds | ||||||
(St. Leo U.), 5.00%, 3/1/44 | BB | 1,500,000 | 1,333,713 | |||
(Florida Inst. of Tech., Inc.), 4.00%, 10/1/39 | BBB- | 800,000 | 712,260 | |||
Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 | A- | 2,250,000 | 2,310,970 | |||
Miami-Dade Cnty., Aviation Rev. Bonds, Ser. A, 5.00%, 10/1/36 | A1 | 5,000,000 | 5,020,317 | |||
Orange Cnty., Hlth. Fac. Auth. Rev. Bonds, (Presbyterian Retirement Cmntys.), 5.00%, 8/1/34 | A-/F | 1,350,000 | 1,354,969 | |||
Palm Beach Cnty., 144A Rev. Bonds, (PBAU Hsg.), Ser. A, 5.00%, 4/1/39 | Ba1 | 1,600,000 | 1,587,882 | |||
Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds, (Jupiter Med. Ctr.), Ser. A, 5.00%, 11/1/47 | BBB- | 1,515,000 | 1,521,054 | |||
Pinellas Cnty., Indl. Dev. Auth. Rev. Bonds, (2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | BBB+/P | 500,000 | 502,519 | |||
Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30 | BBB+ | 360,000 | 362,267 | |||
Village Cmnty. Dev. Dist. No. 15 144A Special Assmt. Bonds, 5.00%, 5/1/43 | BB/P | 1,000,000 | 1,015,974 | |||
Village, 144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 3.00%, 5/1/35 | BB-/P | 2,425,000 | 2,083,769 | |||
Volusia Cnty., Edl. Fac. Auth. Rev. Bonds | ||||||
(Embry-Riddle Aeronautical U., Inc.), Ser. A, 4.00%, 10/15/39 | A2 | 600,000 | 586,900 | |||
(Embry-Riddle Aeronautical University, Inc.), Ser. A, 4.00%, 10/15/36 | A2 | 500,000 | 501,421 | |||
21,671,699 | ||||||
Georgia (2.9%) | ||||||
Cobb Cnty., Kennestone Hosp. Auth. Rev. Bonds, (WellStar Hlth. Syst.), 5.00%, 4/1/50 | A+ | 1,400,000 | 1,443,560 | |||
Gainesville and Hall Cnty., Hosp. Auth. Rev. Bonds, (Northeast GA Hlth. Syst.), 3.00%, 2/15/51 | A | 2,330,000 | 1,688,679 | |||
Muni. Election Auth. of GA Rev. Bonds, (Plant Vogtle Units 3 & 4) | ||||||
AGM, 5.00%, 1/1/62 | AA | 1,000,000 | 1,035,980 | |||
5.00%, 1/1/56 | BBB+ | 650,000 | 651,725 | |||
AGM, 5.00%, 7/1/55 | AA | 1,700,000 | 1,787,179 | |||
AGM, 5.00%, 7/1/53 | AA | 1,500,000 | 1,576,923 | |||
4.00%, 1/1/51 | A2 | 500,000 | 456,163 | |||
4.00%, 1/1/51 | BBB+ | 425,000 | 365,373 | |||
Paulding Cnty., Hosp. Auth. Rev. Bonds, (WellStar Hlth. Syst.), 5.00%, 4/1/42 | A+ | 1,400,000 | 1,470,278 | |||
10,475,860 | ||||||
Hawaii (0.5%) | ||||||
HI State Harbor Syst. Rev. Bonds | ||||||
Ser. C, 4.00%, 7/1/40 | Aa3 | 300,000 | 300,749 | |||
Ser. A, 4.00%, 7/1/34 | Aa3 | 1,625,000 | 1,646,276 | |||
1,947,025 | ||||||
Illinois (15.4%) | ||||||
Chicago, G.O. Bonds, Ser. A | ||||||
5.00%, 1/1/35 | BBB+ | 2,500,000 | 2,717,193 | |||
5.00%, 1/1/27 | BBB+ | 1,850,000 | 1,939,117 | |||
Chicago, Board of Ed. G.O. Bonds | ||||||
Ser. C, 5.25%, 12/1/39 | BB+ | 2,250,000 | 2,254,409 | |||
Ser. B, 5.00%, 12/1/36 | BB+ | 2,500,000 | 2,578,343 | |||
Ser. H, 5.00%, 12/1/36 | BB+ | 500,000 | 504,469 | |||
Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. A | ||||||
5.00%, 1/1/38 | A+ | 100,000 | 104,449 | |||
5.00%, 1/1/37 | A+ | 300,000 | 315,587 | |||
Chicago, Waste Wtr. Transmission Rev. Bonds | ||||||
Ser. C, 5.00%, 1/1/39 | A+ | 900,000 | 908,070 | |||
(2nd Lien), 5.00%, 1/1/39 | A+ | 1,835,000 | 1,839,811 | |||
IL Fin. Auth. Rev. Bonds, (U. of IL) | ||||||
5.25%, 10/1/53 | Aa2 | 2,500,000 | 2,736,785 | |||
5.00%, 10/1/48 | Aa2 | 2,500,000 | 2,690,154 | |||
IL State G.O. Bonds, Ser. A | ||||||
5.00%, 5/1/38 | A3 | 1,500,000 | 1,563,104 | |||
5.00%, 12/1/31 | A3 | 5,750,000 | 6,108,891 | |||
IL State Fin. Auth. Rev. Bonds | ||||||
(Lifespace Cmntys, Inc.), Ser. A, 5.00%, 5/15/35 | BBB/F | 1,025,000 | 892,004 | |||
(Riverside Hlth.Syst.), 4.00%, 11/15/34 | A+ | 500,000 | 502,991 | |||
IL State Fin. Auth. Academic Fac. Rev. Bonds, (U. of Illinois at Urbana-Champaign), Ser. A | ||||||
5.00%, 10/1/44 | Aa2 | 1,100,000 | 1,133,445 | |||
5.00%, 10/1/36 | Aa2 | 600,000 | 635,089 | |||
IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds | ||||||
(CHF-Chicago, LLC), 5.00%, 2/15/47 | Baa3 | 2,000,000 | 1,878,878 | |||
(U. of IL-CHF-Chicago, LLC), Ser. A, 5.00%, 2/15/37 | Baa3 | 1,000,000 | 992,777 | |||
Metro. Pier & Exposition Auth. Rev. Bonds | ||||||
(McCormick Place Expansion), 4.00%, 6/15/50 | A | 1,000,000 | 920,382 | |||
4.00%, 12/15/47 | A | 5,000,000 | 4,663,916 | |||
(McCormick Place Expansion), Ser. B, stepped-coupon zero % (4.70%, 6/15/31), 12/15/37(STP) | A | 1,000,000 | 699,966 | |||
Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds, (McCormick), Ser. A, NATL, zero %, 12/15/30 | A | 12,000,000 | 9,057,502 | |||
Sales Tax Securitization Corp. Rev. Bonds | ||||||
Ser. C, 5.50%, 1/1/36 | AA- | 3,500,000 | 3,815,838 | |||
Ser. A, 5.00%, 1/1/36 | AA- | 1,400,000 | 1,499,941 | |||
Ser. C, 5.00%, 1/1/35(WIS) | AA- | 2,000,000 | 2,221,986 | |||
Southern IL U. Rev. Bonds, (Hsg. & Auxiliary), Ser. A, NATL, zero %, 4/1/25 | Baa2 | 1,870,000 | 1,732,440 | |||
56,907,537 | ||||||
Indiana (0.9%) | ||||||
Hammond, Multi-School Bldg. Corp. Rev. Bonds, 5.00%, 7/15/38 | AA+ | 1,750,000 | 1,824,669 | |||
Silver Creek, School Bldg. Corp. Rev. Bonds, 3.00%, 1/15/42 | AA+ | 1,600,000 | 1,341,997 | |||
3,166,666 | ||||||
Iowa (0.6%) | ||||||
IA State Fin. Auth. Rev. Bonds, (Lifespace Cmnty., Inc. Oblig. Group), Ser. A, 4.00%, 5/15/46 | BBB/F | 2,000,000 | 1,294,830 | |||
IA Tobacco Settlement Auth. Rev. Bonds, Ser. B-1, Class 2, 4.00%, 6/1/49 | BBB+ | 1,015,000 | 1,005,266 | |||
2,300,096 | ||||||
Kentucky (3.5%) | ||||||
KY State Property & Bldg. Comm. Rev. Bonds | ||||||
(No. 127), Ser. A, 5.25%, 6/1/39 | A1 | 3,000,000 | 3,338,688 | |||
(No. 122), Ser. A, 4.00%, 11/1/34 | A1 | 750,000 | 766,243 | |||
KY State Pub. Energy Auth. Gas Supply | ||||||
Mandatory Put Bonds (6/1/25), Ser. C-1, 4.00%, 12/1/49 | A1 | 5,500,000 | 5,475,110 | |||
Mandatory Put Bonds (1/1/25), Ser. B, 4.00%, 1/1/49 | A1 | 3,000,000 | 2,999,634 | |||
Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A, 5.00%, 7/1/31 | A+ | 385,000 | 388,096 | |||
12,967,771 | ||||||
Louisiana (1.5%) | ||||||
LA State Offshore Term. Auth. Deepwater Port Mandatory Put Bonds (12/1/23), (Loop, LLC), Ser. A, 1.65%, 9/1/33 | A3 | 1,600,000 | 1,583,112 | |||
St. John The Baptist Parish Mandatory Put Bonds (7/1/26), (Marathon Oil Corp.), Ser. A-3, 2.20%, 6/1/37 | Baa3 | 3,010,000 | 2,841,713 | |||
Tangipahoa Parish, Hosp. Svcs. Rev. Bonds, (North Oaks Hlth. Syst.), 4.00%, 2/1/42 | BBB+ | 1,250,000 | 1,142,632 | |||
5,567,457 | ||||||
Maryland (1.0%) | ||||||
Gaithersburg, Econ. Dev. Rev. Bonds, (Asbury, Oblig. Group), Ser. A, 5.00%, 1/1/36 | BBB/F | 450,000 | 438,611 | |||
MD Econ. Dev. Corp. Rev. Bonds | ||||||
(Morgan View & Thurgood Marshall Student Hsg.), Ser. A, 6.00%, 7/1/58 | BBB- | 1,725,000 | 1,910,531 | |||
(Morgan State U.), 4.25%, 7/1/50 | BBB- | 1,350,000 | 1,253,825 | |||
3,602,967 | ||||||
Massachusetts (5.8%) | ||||||
MA State G.O. Bonds | ||||||
(Cons. Loan of 2023), Ser. A, 5.00%, 5/1/53 | Aa1 | 6,500,000 | 7,102,128 | |||
Ser. E, 5.00%, 11/1/52 | Aa1 | 5,500,000 | 5,993,488 | |||
MA State Dev. Fin. Agcy. Rev. Bonds | ||||||
(Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5.75%, 7/15/43 | B+ | 500,000 | 486,537 | |||
(Intl. Charter School), 5.00%, 4/15/33 | BBB- | 1,000,000 | 1,008,490 | |||
MA State Dev. Fin. Agcy. 144A Rev. Bonds, (Linden Ponds, Inc. Fac.), 5.00%, 11/15/38 | A/F | 1,410,000 | 1,432,450 | |||
MA State Edl. Fin. Auth. Rev. Bonds, (Ed. Loan - Issue 1), 5.00%, 1/1/27 | AA | 800,000 | 809,242 | |||
MA State Trans. Fund Rev. Bonds, (Rail Enhancement Program), Ser. A, 5.00%, 6/1/50 | AAA | 4,250,000 | 4,606,138 | |||
21,438,473 | ||||||
Michigan (3.9%) | ||||||
Detroit, G.O. Bonds | ||||||
AMBAC, 5.25%, 4/1/24 | A-/P | 222,425 | 220,447 | |||
(Fin. Recvy.), Ser. B-1, 4.00%, 4/1/44 | BB/P | 1,700,000 | 1,266,822 | |||
Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6.00%, 5/1/29 | Aa1 | 835,000 | 927,532 | |||
Kentwood, Economic Dev. Corp. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/37 | BBB-/F | 1,750,000 | 1,645,891 | |||
MI State Fin. Auth. Ltd. Oblig. Rev. Bonds, (Lawrence Tech. U.), 4.00%, 2/1/42 | BBB- | 745,000 | 617,884 | |||
MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A, 2.73%, 10/1/59 | AA+ | 1,500,000 | 933,033 | |||
Pontiac City, G.O. Bonds, (Pontiac School Dist.), Q-SBLF | ||||||
4.00%, 5/1/50(T) | Aa1 | 4,977,000 | 4,655,004 | |||
4.00%, 5/1/45(T) | Aa1 | 4,424,000 | 4,200,256 | |||
14,466,869 | ||||||
Minnesota (0.8%) | ||||||
Ramsey, Charter School Rev. Bonds, (PACT Charter School), Ser. A, 5.00%, 6/1/32 | BB+ | 2,000,000 | 2,006,884 | |||
Rochester, Hlth. Care Fac. VRDN, (Mayo Clinic), Ser. A, 4.00%, 11/15/38 | A-1+ | 1,000,000 | 1,000,000 | |||
3,006,884 | ||||||
Missouri (7.4%) | ||||||
Kansas City, Indl. Dev. Auth. Arpt. Special Oblig. Rev. Bonds | ||||||
(Kansas City, Intl. Arpt.), AGM, 5.00%, 3/1/57 | AA | 8,980,000 | 9,232,750 | |||
5.00%, 3/1/46 | A2 | 4,550,000 | 4,667,878 | |||
5.00%, 3/1/35 | A2 | 5,925,000 | 6,313,599 | |||
MI State Hlth. & Edl. Fac. Rev. Bonds | ||||||
(U of Hlth. Sciences & Pharmacy), 4.00%, 5/1/43 | BBB- | 1,150,000 | 948,554 | |||
(U. of Hlth. Sciences & Pharmacy in St. Louis), 4.00%, 5/1/38 | BBB- | 1,750,000 | 1,533,818 | |||
(U. of Hlth. Science & Pharmacy in St. Louis), 4.00%, 5/1/34 | BBB- | 1,085,000 | 1,019,676 | |||
MI State Hlth. & Edl. Fac. 144A Rev. Bonds, (U. of Hlth. Sciences & Pharmacy in St. Louis), 4.00%, 5/1/45(FWC) | BBB- | 1,950,000 | 1,564,913 | |||
St. Louis, Muni. Fin. Corp. Rev. Bonds, AGM, 5.00%, 10/1/45 | AA | 2,000,000 | 2,098,999 | |||
27,380,187 | ||||||
Nevada (0.7%) | ||||||
Las Vegas, Special Assmt. Bonds, (Special Impt. Dist. No. 816), 3.00%, 6/1/41 | BB-/P | 1,765,000 | 1,289,428 | |||
Sparks, Tourism Impt. Dist. No. 1 144A Rev. Bonds, Ser. A, 2.75%, 6/15/28 | Ba1 | 1,165,000 | 1,087,023 | |||
2,376,451 | ||||||
New Hampshire (2.9%) | ||||||
National Fin. Auth. Rev. Bonds | ||||||
(Caritas Acquisitions VII, LLC), Ser. A, 4.50%, 8/15/55 | BBB/P | 2,540,000 | 2,071,254 | |||
(Caritas Acquisitions VII, LLC), Ser. A, 4.25%, 8/15/46 | BBB/P | 1,210,000 | 990,528 | |||
(Caritas Acquisitions VII, LLC), Ser. A, 4.125%, 8/15/40 | BBB/P | 1,070,000 | 904,411 | |||
(NH Bus. Fin. Auth.), Ser. 23-2, 3.875%, 1/20/38 | BBB | 1,800,000 | 1,678,290 | |||
National Fin. Auth. Hosp. Rev. Bonds, (St. Luke's Hosp. Oblig. Group) | ||||||
4.00%, 8/15/40 | A3 | 1,040,000 | 979,261 | |||
4.00%, 8/15/37 | A3 | 850,000 | 822,942 | |||
NH State Hlth. & Ed. Fac. Auth. Rev. Bonds | ||||||
(Elliot Hosp.), 5.00%, 10/1/38 | A3 | 500,000 | 501,050 | |||
(Southern NH Med. Ctr.), 5.00%, 10/1/37 | A- | 2,500,000 | 2,541,214 | |||
10,488,950 | ||||||
New Jersey (2.2%) | ||||||
NJ State Econ. Dev. Auth. Rev. Bonds | ||||||
(NYNJ Link Borrower, LLC), 5.375%, 1/1/43 | BBB+ | 500,000 | 501,199 | |||
Ser. AAA, 5.00%, 6/15/36 | A2 | 750,000 | 778,850 | |||
NJ State Econ. Dev. Auth. Special Fac. Rev. Bonds, (Port Newark Container Term., LLC), 5.00%, 10/1/37 | Baa2 | 2,000,000 | 2,056,564 | |||
NJ State Trans. Trust Fund Auth. Rev. Bonds | ||||||
Ser. AA, 5.00%, 6/15/38 | A2 | 1,225,000 | 1,292,376 | |||
Ser. AA, 5.00%, 6/15/37 | A2 | 600,000 | 657,777 | |||
Ser. A, 5.00%, 12/15/36 | A2 | 1,000,000 | 1,064,292 | |||
Passaic Cnty., Impt. Auth. Rev. Bonds, (Paterson Arts & Science Charter School), 5.50%, 7/1/58 | BBB- | 550,000 | 555,577 | |||
South Jersey, Trans. Auth. Syst. Rev. Bonds, Ser. A, 5.25%, 11/1/52 | BBB+ | 1,000,000 | 1,057,903 | |||
7,964,538 | ||||||
New Mexico (0.6%) | ||||||
Sante Fe, Retirement Fac. Rev. Bonds | ||||||
(El Castillo Retirement Residences), Ser. A, 5.00%, 5/15/44 | BB+/F | 975,000 | 833,157 | |||
(El Castillo Retirement Res.), 5.00%, 5/15/42 | BB+/F | 1,460,000 | 1,264,108 | |||
2,097,265 | ||||||
New York (15.3%) | ||||||
Metro. Trans. Auth. Rev. Bonds | ||||||
(Green Bond), Ser. C-1, 5.00%, 11/15/50 | A3 | 1,500,000 | 1,554,881 | |||
Ser. C-1, 4.00%, 11/15/35 | A3 | 1,000,000 | 994,182 | |||
NY City, Hsg. Dev. Corp. Multi-Fam. Hsg. Rev. Bonds, (Sustainability Bonds), Ser. I-1, FHA Insd., 2.55%, 11/1/45 | AA+ | 2,025,000 | 1,405,694 | |||
NY City, Transitional Fin. Auth. Rev. Bonds | ||||||
Ser. C-1, 5.00%, 5/1/41 | AAA | 1,000,000 | 1,093,758 | |||
Ser. F-1, 5.00%, 2/1/40 | AAA | 4,920,000 | 5,464,448 | |||
(Future Tax), Ser. C-1, 4.00%, 5/1/40 | AAA | 500,000 | 499,723 | |||
(Future Tax Secd.), 4.00%, 5/1/40 | AAA | 750,000 | 749,584 | |||
(Future Tax Secd.), Ser. E-1, 3.00%, 2/1/51 | AAA | 10,000,000 | 7,658,312 | |||
NY State Dorm. Auth. Personal Income Tax Rev. Bonds, Ser. A, 5.00%, 3/15/46(T) | AA+ | 5,500,000 | 6,006,567 | |||
NY State Liberty Dev. Corp. Rev. Bonds | ||||||
Ser. A, BAM, 3.00%, 11/15/51 | AA | 3,500,000 | 2,583,781 | |||
(Port Auth. of NY & NJ), Ser. 1WTC, 2.75%, 2/15/44 | AA- | 2,335,000 | 1,739,973 | |||
NY State Liberty Dev. Corp. 144A Rev. Bonds, (3 World Trade Ctr., LLC), Class 1-3, 5.00%, 11/15/44 | BB-/P | 2,000,000 | 1,966,405 | |||
NY State Thruway Auth. Personal Income Tax Rev. Bonds, Ser. C, 5.00%, 03/15/54(T) | AA+ | 5,500,000 | 5,990,977 | |||
NY State Trans. Special Fac. Dev. Corp. Rev. Bonds | ||||||
(Laguardia Arpt. Term. B Redev. Program), Ser. A, 5.00%, 7/1/46 | Baa2 | 500,000 | 493,961 | |||
(Delta Air Lines, Inc.), 5.00%, 10/1/40 | Baa3 | 2,000,000 | 2,056,911 | |||
NY State Urban Dev. Corp. Rev. Bonds, (Bidding Group 4), Ser. A, 3.00%, 3/15/50 | AA+ | 1,060,000 | 814,513 | |||
Port Auth. of NY & NJ Rev. Bonds | ||||||
Ser. 218, 5.00%, 11/1/49(T) | AA- | 2,980,000 | 3,075,407 | |||
5.00%, 1/15/47 | Aa3 | 4,200,000 | 4,438,138 | |||
Ser. 207, 5.00%, 9/15/32 | Aa3 | 2,925,000 | 3,096,723 | |||
Triborough Bridge & Tunnel Auth. Sales Tax Rev. Bonds, Ser. A, 5.25%, 5/15/58 | AA+ | 4,400,000 | 4,863,889 | |||
56,547,827 | ||||||
North Carolina (0.8%) | ||||||
NC State Cap. Fac. Fin. Agcy. Edl. Fac. Rev. Bonds, (High Point U.), 4.00%, 5/1/34 | A- | 900,000 | 924,292 | |||
NC State Med. Care Comm. Hlth. Care Fac. Rev. Bonds, (Lutheran Svcs. for the Aging, Inc. Oblig. Group), 4.00%, 3/1/51 | BB/P | 2,250,000 | 1,556,830 | |||
NC State Med. Care Comm. Retirement Fac. Rev. Bonds, (Maryfield, Inc. Oblig. Group), 5.00%, 10/1/45 | BB/P | 500,000 | 442,456 | |||
2,923,578 | ||||||
Ohio (5.0%) | ||||||
Akron, Income Tax Rev. Bonds, 4.00%, 12/1/37 | AA- | 525,000 | 527,970 | |||
Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds | ||||||
Ser. B-2, Class 2, 5.00%, 6/1/55 | BB/P | 5,275,000 | 4,910,195 | |||
Ser. A-2, Class 1, 3.00%, 6/1/48 | BBB+ | 3,560,000 | 2,731,483 | |||
Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds, (Playhouse Square Foundation), 5.50%, 12/1/53 | BB+ | 500,000 | 495,585 | |||
OH State Higher Edl. Fac. Comm. Rev. Bonds | ||||||
(Oberlin College), 5.25%, 10/1/53 | Aa3 | 1,000,000 | 1,109,640 | |||
(Ashtabula Cnty. Med. Ctr.), 5.25%, 1/1/52 | BBB+/F | 1,000,000 | 1,022,645 | |||
(Ashtabula Cnty. Med. Ctr.), 5.25%, 1/1/47 | BBB+/F | 1,750,000 | 1,808,243 | |||
(Kenyon College 2020), 4.00%, 7/1/44 | A2 | 3,555,000 | 3,346,247 | |||
OH State Private Activity Rev. Bonds, (Portsmouth Bypass), AGM, 5.00%, 12/31/35 | AA | 1,125,000 | 1,135,292 | |||
Scioto Cnty., Hosp. Rev. Bonds, (Southern OH Med. Ctr.) | ||||||
5.00%, 2/15/33 | A3 | 605,000 | 617,523 | |||
5.00%, 2/15/32 | A3 | 745,000 | 762,441 | |||
Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, (Memorial Hlth. Syst. Oblig. Group), 5.50%, 12/1/43 | B+/F | 120,000 | 109,035 | |||
18,576,299 | ||||||
Oregon (0.8%) | ||||||
Clackamas Cnty., Hosp. Fac. Auth. Rev. Bonds, (Rose Villa, Inc.), Ser. A, 5.25%, 11/15/50 | BB/P | 1,000,000 | 921,161 | |||
Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds, (Terwilliger Plaza, Inc.), 5.00%, 12/1/36 | BB+/F | 650,000 | 607,860 | |||
Salem, Hosp. Fac. Auth. Rev. Bonds, (Salem Hlth.), Ser. A, 5.00%, 5/15/33 | A+ | 1,500,000 | 1,566,331 | |||
3,095,352 | ||||||
Pennsylvania (4.7%) | ||||||
Allegheny Cnty., Arpt. Auth. Rev. Bonds, Ser. A | ||||||
5.00%, 1/1/51 | AA | 2,045,000 | 2,105,928 | |||
5.00%, 1/1/35 | AA | 3,000,000 | 3,259,243 | |||
AGM, 4.00%, 1/1/46 | AA | 750,000 | 717,863 | |||
Bucks Cnty., Wtr. & Swr. Auth. Rev. Bonds, Ser. A, AGM, 5.25%, 12/1/47 | AA | 2,175,000 | 2,414,447 | |||
Cumberland Cnty., Muni. Auth. Rev. Bonds, (Diakon Lutheran Social Ministries) | ||||||
5.00%, 1/1/32 | BBB+/F | 200,000 | 201,573 | |||
5.00%, 1/1/31 | BBB+/F | 1,000,000 | 1,009,000 | |||
Lancaster Cnty., Hosp. & Hlth. Ctr. Auth. Rev. Bonds, (St. Anne's Retirement Cmnty.) | ||||||
5.00%, 3/1/50 | BB+/F | 500,000 | 396,670 | |||
5.00%, 3/1/40 | BB+/F | 500,000 | 429,083 | |||
Lancaster Cnty., Hosp. Auth. Hlth. Care Fac. Rev. Bonds, (Moravian Manors, Inc.), Ser. A, 5.00%, 6/15/44 | BB+/F | 1,000,000 | 877,478 | |||
PA State Econ. Dev. Fin. Auth. Rev. Bonds, (PennDOT Major Bridges), AGM, 5.75%, 12/31/62 | AA | 1,350,000 | 1,507,933 | |||
PA State Tpk. Comm. Rev. Bonds, 4.90%, 12/1/44 | A1 | 4,385,000 | 4,505,338 | |||
17,424,556 | ||||||
Puerto Rico (1.5%) | ||||||
Cmnwlth. of PR G.O. Bonds, Ser. A-1 | ||||||
4.00%, 7/1/41 | BB/P | 5,000,000 | 4,305,977 | |||
4.00%, 7/1/37 | BB/P | 1,250,000 | 1,123,383 | |||
5,429,360 | ||||||
Rhode Island (0.7%) | ||||||
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50 | BBB-/P | 2,750,000 | 2,716,978 | |||
2,716,978 | ||||||
South Carolina (0.6%) | ||||||
SC State Pub. Svcs. Auth. Rev. Bonds, Ser. A, 5.00%, 12/1/36 | A3 | 2,000,000 | 2,046,797 | |||
2,046,797 | ||||||
South Dakota (0.9%) | ||||||
Lincoln Cnty., Econ. Dev. Rev. Bonds | ||||||
(Augustana College Assoc. (The)), 4.00%, 8/1/61 | BBB- | 2,355,000 | 1,818,748 | |||
(Augustana College Assn. (The)), 4.00%, 8/1/51 | BBB- | 2,000,000 | 1,617,384 | |||
3,436,132 | ||||||
Tennessee (0.8%) | ||||||
Metro. Govt. Nashville & Davidson Cnty., Hlth. & Edl. Fac. Board Rev. Bonds, (Blakeford at Green Hills), Ser. A, 4.00%, 11/1/55 | BBB-/F | 2,250,000 | 1,621,255 | |||
Metro. Nashville, Arpt. Auth. Rev. Bonds, Ser. B, 5.50%, 7/1/42 | A1 | 1,125,000 | 1,250,526 | |||
2,871,781 | ||||||
Texas (7.2%) | ||||||
Arlington, Higher Ed. Fin. Corp. Rev. Bonds, (Uplift Ed.), Ser. A, 5.00%, 12/1/36 | BBB- | 500,000 | 507,565 | |||
Austin-Bergstrom Landhost Enterprises, Inc. Rev. Bonds | ||||||
5.00%, 10/1/35 | A | 1,045,000 | 1,078,909 | |||
5.00%, 10/1/34 | A | 530,000 | 549,744 | |||
Clifton, Higher Ed. Fin. Corp. Ed. Rev. Bonds | ||||||
(Intl. Leadership), Ser. D, 6.125%, 8/15/48 | Baa3 | 1,150,000 | 1,157,704 | |||
(IDEA Pub. Schools), 5.00%, 8/15/28 | A- | 300,000 | 312,080 | |||
(YES Prep Pub. Schools, Inc.), PSFG, 4.25%, 4/1/48(FWC) | Aaa | 2,000,000 | 1,961,626 | |||
(IDEA Pub. Schools), Ser. T, PSFG, 4.00%, 8/15/41 | AAA | 1,400,000 | 1,383,154 | |||
(IDEA Pub. Schools), Ser. T, PSFG, 4.00%, 8/15/37 | AAA | 1,000,000 | 1,008,629 | |||
Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds | ||||||
(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/38 | Ba1 | 1,500,000 | 1,317,658 | |||
(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 | BB+/F | 1,000,000 | 885,881 | |||
(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33 | Ba1 | 800,000 | 755,355 | |||
Love Field, Gen. Arpt. Modernization Corp. Rev. Bonds, 5.00%, 11/1/35 | A1 | 1,000,000 | 1,019,850 | |||
Lower CO River Auth. Rev. Bonds, AGM, 5.00%, 5/15/39 | AA | 1,730,000 | 1,887,385 | |||
Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 | A- | 1,500,000 | 1,531,308 | |||
New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds | ||||||
(TX Woman's U. CHF-Collegiate Hsg. Dining), Ser. B-1, AGM, 4.125%, 7/1/53 | AA | 1,000,000 | 883,644 | |||
(Woman's U.-Collegiate Hsg. Denton, LLC), Ser. A-1, AGM, 4.125%, 7/1/53 | AA | 1,000,000 | 884,460 | |||
North TX, Tollway Auth. Rev. Bonds, (1st Tier), Ser. I, 6.50%, 1/1/43 (Prerefunded 1/1/25) | AA- | 2,000,000 | 2,086,286 | |||
Tarrant Cnty., Cultural Ed. Fin. Corp. Retirement Fac. Rev. Bonds, (Buckner Retirement Svcs.), Ser. B, 5.00%, 11/15/40 | A/F | 2,000,000 | 2,003,800 | |||
TX Private Activity Surface Trans. Corp. Rev. Bonds, (Segment 3C), 5.00%, 6/30/58 | Baa2 | 3,000,000 | 3,033,511 | |||
TX State Pub. Fin. Auth. Rev. Bonds, (TX Southern U.), BAM | ||||||
5.25%, 5/1/42 | AA | 400,000 | 432,318 | |||
5.25%, 5/1/41 | AA | 400,000 | 433,551 | |||
5.25%, 5/1/40 | AA | 400,000 | 435,149 | |||
Uptown Dev. Auth. Tax Alloc. Bonds, (City of Houston Reinvestment Zone No. 16) | ||||||
3.00%, 9/1/40 | Baa2 | 750,000 | 573,671 | |||
3.00%, 9/1/39 | Baa2 | 725,000 | 563,568 | |||
26,686,806 | ||||||
Utah (2.7%) | ||||||
Infrastructure Agcy. Telecomm. Rev. Bonds, 5.00%, 10/15/37 | BBB-/F | 1,200,000 | 1,214,673 | |||
Mida Mountain Village Pub. Infrastructure Dist. 144A Special Assmt. Bonds, (Mountain Village Assmt. Area No. 2), 4.00%, 8/1/50 | B/P | 1,625,000 | 1,230,751 | |||
U. of UT (The) Rev. Bonds, Ser. B, 5.25%, 8/1/48 | Aa1 | 3,850,000 | 4,338,826 | |||
UT State Bldg. Ownership Auth. Lease Rev. Bonds, (Master Lease), 5.00%, 5/15/40 | Aa1 | 2,815,000 | 3,133,176 | |||
9,917,426 | ||||||
Virginia (1.2%) | ||||||
VA State Small Bus. Fin. Auth. Rev. Bonds | ||||||
(95 Express Lanes, LLC), 4.00%, 1/1/48 | BBB | 3,000,000 | 2,685,692 | |||
(Elizabeth River Crossings OpCo, LLC), 4.00%, 1/1/40 | BBB | 750,000 | 701,469 | |||
(Elizabeth River Crossings OpCo, LLC), 4.00%, 1/1/36 | BBB | 630,000 | 621,645 | |||
Williamsburg, Econ. Dev. Auth. Student Hsg. Rev. Bonds, (Provident Group - Williamsburg Properties, LLC), AGM, 5.25%, 7/1/53 | AA | 500,000 | 552,859 | |||
4,561,665 | ||||||
Washington (3.3%) | ||||||
King Cnty., Public Hosp. Dist. No. 1 G.O. Bonds, (Valley Med. Ctr.), 5.00%, 12/1/38 | A2 | 2,365,000 | 2,474,481 | |||
Port of Seattle Rev. Bonds, Ser. B | ||||||
5.00%, 8/1/40 | AA- | 1,000,000 | 1,067,602 | |||
5.00%, 8/1/38 | AA- | 5,600,000 | 6,008,622 | |||
WA State Hsg. Fin. Comm. Rev. Bonds, (Social Certif.), Ser. A-1, 3.50%, 12/20/35 | BBB+ | 2,619,389 | 2,421,763 | |||
11,972,468 | ||||||
Wisconsin (4.9%) | ||||||
Pub. Fin. Auth. Arpt. Fac. Rev. Bonds, (Sr. Oblig. Group), 5.25%, 7/1/28 | BBB+ | 275,000 | 275,192 | |||
Pub. Fin. Auth. Conference Ctr. & Hotel Rev. Bonds, (U. of NC Charlotte Foundation), Ser. A | ||||||
4.00%, 9/1/56 | BB+/P | 1,000,000 | 736,390 | |||
4.00%, 9/1/51 | BB+/P | 750,000 | 570,567 | |||
Pub. Fin. Auth. Student Hsg. Fac. Rev. Bonds, (Appalachian State U.), Ser. A, AGM | ||||||
4.00%, 7/1/50 | AA | 700,000 | 644,474 | |||
4.00%, 7/1/45 | AA | 600,000 | 571,158 | |||
4.00%, 7/1/40 | AA | 500,000 | 485,357 | |||
4.00%, 7/1/38 | AA | 435,000 | 430,878 | |||
4.00%, 7/1/36 | AA | 340,000 | 340,622 | |||
4.00%, 7/1/34 | AA | 300,000 | 305,026 | |||
WI Pub. Fin. Auth. Hotel Rev. Bonds, (Grand Hyatt), 5.00%, 2/1/62 | BBB- | 1,700,000 | 1,668,535 | |||
WI State Hlth. & Edl. Fac. Auth. Rev. Bonds | ||||||
(Hmong American Peace Academy, Ltd.), 5.00%, 3/15/50 | BBB | 1,000,000 | 986,303 | |||
(Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/41 | AA | 4,865,000 | 4,719,453 | |||
(Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/37 | AA | 3,000,000 | 3,009,563 | |||
(Advocate Aurora Hlth. Oblig. Group), Ser. A, 4.00%, 8/15/35 | AA | 3,000,000 | 3,055,579 | |||
WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds, (Mary's Woods at Marylhurst), Ser. A, 5.25%, 5/15/37 | BB/F | 250,000 | 237,504 | |||
18,036,601 | ||||||
Total municipal bonds and notes (cost $533,972,834) | $517,471,482 |
SHORT-TERM INVESTMENTS (2.5%)(a) | ||||||
Shares | Value | |||||
Putnam Short Term Investment Fund Class P 5.39%(AFF) | 9,257,931 | $9,257,931 | ||||
Total short-term investments (cost $9,257,931) | $9,257,931 | |||||
TOTAL INVESTMENTS | ||||||
Total investments (cost $543,230,765) | $526,729,413 |
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 May 1, 2023 through July 31, 2023 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter. | ||||||
(a) | Percentages indicated are based on net assets of $368,648,016. | |||||
(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 Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. For further details regarding security ratings, please see the Statement of Additional Information. | |||||
(STP) | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. | |||||
(AFF) | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | |||||
Name of affiliate | Fair
value as of 4/30/23 |
Purchase cost |
Sale proceeds |
Investment income |
Shares
outstanding and fair value as of 7/31/2023 |
|
Short-term investments | ||||||
Putnam Short Term Investment Fund* | $15,912,988 | $57,029,335 | $63,684,392 | $94,167 | $9,257,931 | |
Total Short-term investments | $15,912,988 | $57,029,335 | $63,684,392 | $94,167 | $9,257,931 | |
* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | ||||||
(FWC) | Forward commitment, in part or in entirety. | |||||
(WIS) | When issued security. | |||||
(T) | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | |||||
144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||||||
On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index, 1 Month US LIBOR or 3 Month US LIBOR rates, which were 3.98%, 5.43% and 5.63%, respectively, as of the close of the reporting period. | ||||||
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): | ||||||
Transportation | 29.6% | |||||
Healthcare | 26.6 | |||||
Education | 22.0 | |||||
State debt | 15.0 | |||||
Tax bonds | 12.0 | |||||
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. | ||||||
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | ||||||
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | ||||||
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | ||||||
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||||||
Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund’s portfolio. | ||||||
Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty. | ||||||
Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity. | ||||||
At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements. | ||||||
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 $26,379,766 were held by the TOB trust and served as collateral for $16,749,149 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $161,851 for these investments based on an average interest rate of 3.35%. |
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 | |
Municipal bonds and notes | $— | $517,471,482 | $— | |
Short-term investments | — | 9,257,931 | — | |
Totals by level | $— | $526,729,413 | $— | |
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 |
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