Putnam Intermediate-Term Municipal Income Fund | ||||||
The fund's portfolio | ||||||
8/31/22 (Unaudited) | ||||||
Key to holding's abbreviations | ||||||
AGM — Assured Guaranty Municipal Corporation | ||||||
AMBAC — AMBAC Indemnity Corporation | ||||||
BAM — Build America Mutual | ||||||
COP — Certificates of Participation | ||||||
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. | ||||||
FRN — Floating Rate Notes: The rate shown is the current interest rate or yield 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 | ||||||
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 1.50% as of the close of the reporting period. |
MUNICIPAL BONDS AND NOTES (91.2%)(a) | ||||||
Rating(RAT) | Principal amount | Value | ||||
Alabama (0.6%) | ||||||
Black Belt Energy Gas Dist. Mandatory Put Bonds (12/1/23), Ser. A, 4.00%, 12/1/48 | A2 | $100,000 | $101,024 | |||
Jefferson, Cnty. Rev. Bonds, (Warrents), 5.00%, 9/15/29 | AA | 100,000 | 109,900 | |||
210,924 | ||||||
Alaska (0.3%) | ||||||
AK State Indl. Dev. & Export Auth. Rev. Bonds, (Tanana Chiefs Conference), Ser. A, 5.00%, 10/1/30 | A+/F | 100,000 | 109,551 | |||
109,551 | ||||||
California (26.1%) | ||||||
Bay Area Toll Auth. VRDN (San Francisco Bay Area), Ser. C, 1.26%, 4/1/53 | VMIG 1 | 500,000 | 500,000 | |||
CA Cmnty. Choice Fin. Auth. Mandatory Put Bonds (8/1/28), (Green Bonds), Ser. A-1, 4.00%, 5/1/53 | A1 | 325,000 | 330,791 | |||
CA Hlth. Fac. Fin. Auth. Rev. Bonds, (Adventist Hlth. Syst./West), Ser. A, 4.00%, 3/1/33 | A | 105,000 | 105,059 | |||
CA State Hlth. Fac. Fin. Auth. Rev. Bonds, (Sutter Hlth.), Ser. A, 5.00%, 11/15/32 | A1 | 250,000 | 271,621 | |||
CA State Infrastructure & Econ. Dev. Bank Rev. Bonds, (Performing Arts Center of Los Angeles Cnty.), 5.00%, 12/1/27 | A | 545,000 | 605,413 | |||
CA State Muni. Fin. Auth. Rev. Bonds | ||||||
(Orange Cnty. Civic Ctr.), 5.00%, 6/1/42 | AA | 160,000 | 171,401 | |||
(Davis II, LLC Orchard Park), BAM, 5.00%, 5/15/31 | AA | 400,000 | 443,958 | |||
(HumanGood Oblig. Group), Ser. A, 4.00%, 10/1/35 | A-/F | 175,000 | 174,657 | |||
CA State Poll. Control Fin. Auth. Solid Waste Disp. Mandatory Put Bonds (6/3/24), (Waste Mgt., Inc.), Ser. C, 3.25%, 12/1/27 | A- | 150,000 | 150,325 | |||
CA State Tobacco Securitization Agcy. Rev. Bonds | ||||||
(Gold Country Settlement Funding Corp.), Ser. A, 5.00%, 6/1/28 | A | 645,000 | 702,154 | |||
(Sonoma Cnty. Securitization Corp.), 5.00%, 6/1/27 | A | 280,000 | 302,576 | |||
CA State U. Rev. Bonds, Ser. B, 3.422%, 11/1/25 | Aa2 | 100,000 | 98,494 | |||
CA State, Pub. Wks. Board Rev. Bonds, (Various Capital), Ser. B, 4.00%, 3/1/36 | Aa3 | 200,000 | 205,358 | |||
CA Statewide Cmnty. Dev. Auth. Rev. Bonds, (Adventist Hlth. Syst.), 5.00%, 3/1/35 | A | 225,000 | 234,830 | |||
Long Beach, Arpt. Syst. Rev. Bonds | ||||||
Ser. A, AGM, 5.00%, 6/1/40 | AA | 200,000 | 220,916 | |||
Ser. B, AGM, 5.00%, 6/1/33 | AA | 225,000 | 259,619 | |||
Los Angeles Cnty., Regl. Fin. Auth. Rev. Bonds, (Vermont Manchester Social), 5.00%, 12/1/34 | AA+ | 200,000 | 229,501 | |||
Los Angeles, Dept. of Arpt. Rev. Bonds, Ser. C, 5.00%, 5/15/27 | Aa3 | 285,000 | 308,087 | |||
Mount San Jacinto Cmnty. College Dist. G.O. Bonds, (Election of 2014), Ser. C, 3.00%, 8/1/35 | Aa1 | 105,000 | 98,374 | |||
Sacramento, City Unified School Dist. G.O. Bonds, Ser. G, AGM, 4.00%, 8/1/31 | AA | 200,000 | 210,956 | |||
San Bernardino Cnty., FRB, Ser. C, 2.603%, 8/1/23 | AA+ | 75,000 | 74,663 | |||
San Bernardino, City Unified School Dist. G.O. Bonds, (Election 2012), Ser. D, AGM, 3.00%, 8/1/35 | AA | 350,000 | 321,770 | |||
San Francisco, City & Cnty. COP, Ser. A, 5.00%, 4/1/30 | Aa1 | 260,000 | 297,373 | |||
San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 5.00%, 5/1/34 | A1 | 200,000 | 216,539 | |||
San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. VRDN, Ser. B, 1.20%, 5/1/58 | VMIG 1 | 1,500,000 | 1,500,000 | |||
San Francisco, Pub. Fac. Fin. Auth. Rev. Bonds | ||||||
5.00%, 6/1/31 | AA+ | 170,000 | 197,085 | |||
5.00%, 6/1/30 | AA+ | 195,000 | 227,332 | |||
San Jose Arpt. Rev. Bonds, (Norman Y Mineta San Jose Intl. Arpt.), Ser. A, 5.00%, 3/1/33 | A2 | 300,000 | 326,742 | |||
San Juan, Unified School Dist. G.O. Bonds, (2016 Election), 3.00%, 8/1/35 | Aa2 | 240,000 | 216,912 | |||
9,002,506 | ||||||
Colorado (0.6%) | ||||||
High Plains Co. Metro. Dist. G.O. Bonds, NATL, 5.00%, 12/1/29 | A2 | 100,000 | 109,904 | |||
Southlands, Metro. Dist. No. 1 G.O. Bonds, Ser. A-1, 3.50%, 12/1/27 | Ba1 | 100,000 | 95,055 | |||
204,959 | ||||||
Connecticut (6.1%) | ||||||
CT State Special Tax, 5.00%, 5/1/34 | AA- | 100,000 | 112,600 | |||
CT State Hlth. & Edl. Fac. Auth. VRDN, (Yale U.), Ser. V-2, 0.80%, 7/1/36 | VMIG 1 | 2,000,000 | 2,000,000 | |||
2,112,600 | ||||||
District of Columbia (0.9%) | ||||||
DC Rev. Bonds, (D.C. Intl. School), 5.00%, 7/1/26 | BBB | 165,000 | 170,536 | |||
Metro. DC Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 10/1/31 | Aa3 | 130,000 | 141,844 | |||
312,380 | ||||||
Florida (3.0%) | ||||||
FL State Dev. Fin. Corp. Ed. Fac. Rev. Bonds, (Nova Southeastern U., Inc.), 5.00%, 4/1/29 | A3 | 100,000 | 110,045 | |||
FL State Muni. Pwr. Agcy. Rev. Bonds, (St. Lucie), Ser. B, 5.00%, 10/1/27 | A2 | 250,000 | 276,495 | |||
Greater Orlando, Aviation Auth. Arpt. Fac. Rev. Bonds, Ser. A, 5.00%, 10/1/25 | Aa3 | 500,000 | 529,087 | |||
Miami-Dade Cnty., Aviation Rev. Bonds, 5.00%, 10/1/29 | A1 | 115,000 | 119,082 | |||
1,034,709 | ||||||
Georgia (1.3%) | ||||||
Burke Cnty., Dev. Auth. Poll. Control | ||||||
Mandatory Put Bonds (8/19/25), (GA Pwr. Co.), 2.875%, 12/1/49 | Baa1 | 250,000 | 247,951 | |||
Mandatory Put Bonds (2/3/25), (Oglethorpe Pwr. Corp.), 1.50%, 1/1/40 | Baa1 | 100,000 | 95,373 | |||
Cobb Cnty., Dev. Auth. Student Hsg. Rev. Bonds, (Kennesaw State U. Real Estate), 5.00%, 7/15/30 | Baa2 | 100,000 | 102,272 | |||
445,596 | ||||||
Illinois (3.1%) | ||||||
Chicago, G.O. Bonds, Ser. A, 4.00%, 1/1/24 | BBB+ | 75,000 | 75,762 | |||
Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. C, 5.00%, 1/1/23 | A+ | 100,000 | 100,782 | |||
Chicago, Waste Wtr. Transmission Rev. Bonds, Ser. C, 5.00%, 1/1/26 | A | 50,000 | 52,210 | |||
Chicago, Wtr. Wks Rev. Bonds, 5.00%, 11/1/30 | A | 100,000 | 105,467 | |||
IL State G.O. Bonds | ||||||
5.00%, 2/1/26 | Baa1 | 100,000 | 105,130 | |||
Ser. D, 5.00%, 11/1/25 | Baa1 | 125,000 | 131,022 | |||
5.00%, 7/1/23 | Baa1 | 50,000 | 50,804 | |||
4.00%, 1/1/31 | Baa1 | 100,000 | 100,758 | |||
IL State Fin. Auth. Rev. Bonds | ||||||
(Presbyterian Homes Oblig. Group), Ser. A, 5.00%, 11/1/31 | A-/F | 100,000 | 103,797 | |||
(Riverside Hlth. Syst.), 5.00%, 11/15/22 | A+ | 45,000 | 45,208 | |||
IL State Sales Tax Rev. Bonds, Ser. C, 4.00%, 6/15/30 | A- | 100,000 | 102,092 | |||
Northern IL U. Rev. Bonds, Ser. B, BAM, 5.00%, 4/1/25 | AA | 100,000 | 104,998 | |||
1,078,030 | ||||||
Indiana (1.2%) | ||||||
IN State. Fin. Auth. Rev. Bonds, (Rose-Hulman Inst. of Tech., Inc.), 5.00%, 6/1/28 | A2 | 100,000 | 109,861 | |||
Rockport, Poll. Control Rev. Bonds, (AEP Generating Co. ), 3.125%, 7/1/25 | A- | 200,000 | 198,600 | |||
Whiting, Env. Fac. Mandatory Put Bonds (11/1/22), (BP Products North America, Inc.), 5.00%, 11/1/45 | A2 | 100,000 | 100,346 | |||
408,807 | ||||||
Kentucky (1.2%) | ||||||
KY Bond Dev. Corp. Edl. Fac. Rev. Bonds, (Transylvania U.), Ser. A, 5.00%, 3/1/28 | A- | 195,000 | 213,388 | |||
KY State Pub. Energy Auth. Gas Supply Mandatory Put Bonds (1/1/25), Ser. B, 4.00%, 1/1/49 | A1 | 200,000 | 201,753 | |||
415,141 | ||||||
Louisiana (0.6%) | ||||||
St. Tammany Parish Hosp. Svcs. Dist. No. 1 Rev. Bonds, Ser. A, 5.00%, 7/1/48 | AA-/F | 200,000 | 208,473 | |||
208,473 | ||||||
Maryland (0.3%) | ||||||
MD State Hlth. & Higher Ed. Fac. Auth. Rev. Bonds, (Stevenson U.), 5.00%, 6/1/29 | BBB- | 100,000 | 106,650 | |||
106,650 | ||||||
Michigan (2.8%) | ||||||
Great Lakes, Wtr. Auth. Wtr. Supply Syst. Rev. Bonds, Ser. D, 5.00%, 7/1/28 | A+ | 665,000 | 721,647 | |||
MI State Fin. Auth. Rev. Bonds, (Local Govt. Loan Program-Pub. Ltg. Auth.), Ser. B, 5.00%, 7/1/29 | BBB- | 240,000 | 246,427 | |||
968,074 | ||||||
Minnesota (6.5%) | ||||||
Deephaven, Charter School Lease Rev. Bonds, (Eagle Ridge Academy), Ser. A, 4.40%, 7/1/25 | BB+ | 25,000 | 25,180 | |||
Duluth, Econ. Dev. Auth. Hlth. Care Fac. Rev. Bonds, (St. Luke's Hosp. of Duluth Oblig. Group), 5.00%, 6/15/27 | BBB- | 100,000 | 104,960 | |||
Minneapolis, Hlth. Care Syst. Rev. Bonds | ||||||
(Fairview Hlth. Svcs.), Ser. A, 5.00%, 11/15/36 | A | 265,000 | 282,160 | |||
(Allina Hlth. Oblig. Group), 4.00%, 11/15/37 | Aa3 | 250,000 | 246,661 | |||
Minneapolis, Hlth. Care Syst. VRDN (Fairview Hlth. Svcs. Oblig. Group), Ser. B, 1.60%, 11/15/48 | VMIG 1 | 500,000 | 500,000 | |||
Winona, Indpt. School Dist. No. 861 G.O. Bonds, Ser. A, 4.00%, 2/1/30 | AAA | 1,010,000 | 1,079,736 | |||
2,238,697 | ||||||
Missouri (0.5%) | ||||||
Kansas City, Indl. Dev. Auth. Arpt. Special Oblig. Rev. Bonds, 5.00%, 3/1/27 | A2 | 155,000 | 165,924 | |||
165,924 | ||||||
Nevada (0.6%) | ||||||
Clark Cnty., School Dist. G.O. Bonds, Ser. A, AGM, 4.00%, 6/15/36 | AA | 200,000 | 207,381 | |||
Las Vegas, Special Assmt. Bonds, (Dist. No. 607 Local Impt.), 5.00%, 6/1/24 | BBB-/P | 10,000 | 10,282 | |||
217,663 | ||||||
New Jersey (1.4%) | ||||||
NJ State Econ. Dev. Auth. Rev. Bonds | ||||||
Ser. B, 5.00%, 11/1/26 | A3 | 100,000 | 107,951 | |||
(NJ Transit Corp.), Ser. B, 5.00%, 11/1/24 | A3 | 270,000 | 281,807 | |||
NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds, 5.00%, 9/15/23 | A3 | 75,000 | 76,787 | |||
466,545 | ||||||
New York (9.2%) | ||||||
Albany, Cap. Resource Corp. Rev. Bonds, (Empire Commons Student Hsg., Inc.), 5.00%, 5/1/28 | A | 100,000 | 105,076 | |||
Long Island, Pwr. Auth. Elec. Syst. Mandatory Put Bonds (9/1/25), Ser. B, 0.85%, 9/1/50 | A2 | 325,000 | 295,433 | |||
Metro. Trans. Auth. Rev. Bonds, Ser. C-1, 4.00%, 11/15/34 | A3 | 100,000 | 99,202 | |||
NY City, G.O. Bonds, Ser. C-1, 5.00%, 8/1/27 | Aa2 | 250,000 | 278,541 | |||
NY City, Transitional Fin. Auth. Rev. Bonds, (Future Tax Secured Revenue) | ||||||
5.00%, 11/1/40 | AAA | 750,000 | 811,652 | |||
Ser. A-6, 5.00%, 8/1/29 | AAA | 275,000 | 314,646 | |||
Port Auth. of NY & NJ Rev. Bonds | ||||||
Ser. 197, 5.00%, 11/15/35 | Aa3 | 670,000 | 700,185 | |||
Ser. 193RD, 5.00%, 10/15/35 | Aa3 | 200,000 | 205,814 | |||
Ser. 221, 4.00%, 7/15/38 | Aa3 | 250,000 | 239,469 | |||
TSASC, Inc. Rev. Bonds, Ser. A, 5.00%, 6/1/26 | A | 100,000 | 106,851 | |||
3,156,869 | ||||||
Ohio (2.4%) | ||||||
Carlisle, Local School Dist. G.O. Bonds, (School Impt.), 4.00%, 12/1/31 | AA | 100,000 | 103,219 | |||
Hamilton Cnty., Sales Tax Rev. Bonds, Ser. B, AMBAC, zero %, 12/1/26 | Aa3 | 165,000 | 144,923 | |||
Lorain Cnty., Port Auth. Econ. Dev. Facs. Rev. Bonds, (Kendal at Oberlin), 5.00%, 11/15/23 (Escrowed to maturity) | AAA/P | 50,000 | 51,453 | |||
OH State Higher Edl. Fac. Comm. Rev. Bonds, (Cleveland Inst. of Music (The)), 5.00%, 12/1/27 | BBB- | 175,000 | 182,439 | |||
OH State Hosp. Rev. Bonds, (U. Hosp. Hlth. Syst.), Ser. A, 5.00%, 1/15/31 | A2 | 100,000 | 105,629 | |||
Ohio State Air Qlty. Dev. Auth. Mandatory Put Bonds (6/1/27), (Duke Energy Corp.), Ser. 22B, 4.00%, 9/1/30 | Baa2 | 250,000 | 254,717 | |||
842,380 | ||||||
Pennsylvania (4.4%) | ||||||
Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds, (Allegheny Hlth. Network Oblig. Group), Ser. A, 5.00%, 4/1/32 | A | 200,000 | 212,603 | |||
Cumberland Cnty., Muni. Auth. Rev. Bonds, (Diakon Lutheran Social Ministries), 5.00%, 1/1/32 | BBB+/F | 100,000 | 103,431 | |||
East Hempfield Twp., Indl. Dev. Auth. Rev. Bonds, (Millersville U. Student Hsg. & Svcs., Inc.), 5.00%, 7/1/30 (Prerefunded 7/1/23) | AAA/P | 40,000 | 40,816 | |||
Geisinger, Auth. Hlth. Syst. Mandatory Put Bonds (2/15/27), (Geisinger Hlth. Syst.), 5.00%, 4/1/43 | AA- | 150,000 | 161,942 | |||
Monroeville, Fin. Auth. Rev. Bonds, (U. of Pittsburgh Med. Ctr.), Ser. B, 5.00%, 2/15/38 | A2 | 200,000 | 218,050 | |||
PA State Tpk. Comm. Rev. Bonds, Ser. A, 5.00%, 12/1/30 | A3 | 285,000 | 317,320 | |||
Philadelphia, Arpt. Rev. Bonds, Ser. C, 5.00%, 7/1/24 | A2 | 250,000 | 259,743 | |||
Pittsburgh, Wtr. & Swr. Auth. Rev. Bonds, Ser. B, AGM, 4.00%, 9/1/34 | AA | 150,000 | 156,017 | |||
West Shore Area Auth. Rev. Bonds, (Messiah Village Lifeways Oblig. Group), Ser. A, 5.00%, 7/1/25 | BBB-/F | 50,000 | 50,905 | |||
1,520,827 | ||||||
Puerto Rico (0.6%) | ||||||
Cmnwlth. of PR, FRN, zero %, 11/1/51 | BB/P | 50,929 | 23,236 | |||
Cmnwlth. of PR, Elec. Pwr. Auth. Rev. Bonds, Ser. VV, NATL, 5.25%, 7/1/26 | Baa2 | 140,000 | 143,080 | |||
Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser. N, AMBAC, 5.50%, 7/1/29 | BB/P | 25,000 | 25,590 | |||
191,906 | ||||||
Tennessee (0.8%) | ||||||
Metro. Nashville, Arpt. Auth. Rev. Bonds, Ser. B, 5.00%, 7/1/33 | A2 | 250,000 | 270,495 | |||
270,495 | ||||||
Texas (14.1%) | ||||||
Arlington, Higher Ed. Fin. Corp. Rev. Bonds, (Uplift Ed.), Ser. A, PSFG | ||||||
4.00%, 12/1/31 | AAA | 200,000 | 205,984 | |||
4.00%, 12/1/31 | AAA | 165,000 | 169,984 | |||
Austin, Arpt. Syst. Rev. Bonds, 5.00%, 11/15/32 | A1 | 500,000 | 553,353 | |||
Central TX Regl. Mobility Auth. Rev. Bonds, 5.00%, 1/1/37 | A3 | 200,000 | 212,577 | |||
Clifton, Higher Ed. Fin. Corp. Rev. Bonds, (IDEA Pub. Schools), PSFG, 4.00%, 8/15/30 | AAA | 250,000 | 262,539 | |||
Dallas, Area Rapid Transit Rev. Bonds, 5.00%, 12/1/33 | AA+ | 100,000 | 113,010 | |||
Dallas, Hotel Occupancy Tax Rev. Bonds, 4.00%, 8/15/34 | A | 250,000 | 247,835 | |||
Dallas-Fort Worth, Intl. Arpt. Rev. Bonds, Ser. B, 4.50%, 11/1/45 (Prerefunded 11/1/22) | A+ | 200,000 | 200,672 | |||
Fort Bend, Indpt. School Dist. Mandatory Put Bonds (8/1/26), Ser. B, PSFG, 0.72%, 8/1/51 | AAA | 215,000 | 196,987 | |||
Houston, Indpt. School Dist. Mandatory Put Bonds (6/1/25), Ser. A-2, PSFG, 3.50%, 6/1/39 | Aaa | 250,000 | 253,897 | |||
Lake Houston Redev. Auth. Rev. Bonds, (City of Houston, Reinvestment Zone No. 10), 5.00%, 9/1/27 | BBB- | 125,000 | 130,174 | |||
Lower CO River Auth. Transmission Svcs. Contract Rev. Bonds, (LCRA Transmission Svcs. Corp.), 5.00%, 5/15/27 | A | 610,000 | 672,599 | |||
Nederland, Indpt. School Dist. G.O. Bonds, PSFG, 5.00%, 8/15/31 | Aaa | 675,000 | 773,990 | |||
Temple, Tax Increment Tax Alloc. Bonds, (Reinvestment Zone No. 1), Ser. A, BAM, 5.00%, 8/1/24 | AA | 135,000 | 140,924 | |||
TX State Wtr. Dev. Board Rev. Bonds | ||||||
(Revolving Fund), 5.00%, 8/1/29 | AAA | 400,000 | 459,843 | |||
(Wtr. Implementation Fund), 3.00%, 10/15/35 | AAA | 270,000 | 246,421 | |||
4,840,789 | ||||||
Utah (0.4%) | ||||||
UT Infrastructure Agcy. Rev. Bonds, Ser. A, 4.00%, 10/15/28 | BBB-/F | 140,000 | 137,893 | |||
137,893 | ||||||
Washington (2.2%) | ||||||
Port of Seattle Rev. Bonds | ||||||
Ser. B, 5.00%, 8/1/38 | AA- | 500,000 | 539,655 | |||
5.00%, 4/1/38 | AA- | 200,000 | 210,029 | |||
749,684 | ||||||
Total municipal bonds and notes (cost $31,858,796) | $31,418,072 |
SHORT-TERM INVESTMENTS (8.5%)(a) | ||||||
Shares | Value | |||||
Putnam Short Term Investment Fund Class P 2.33%(AFF) | 2,935,540 | $2,935,540 | ||||
Total short-term investments (cost $2,935,540) | $2,935,540 | |||||
TOTAL INVESTMENTS | ||||||
Total investments (cost $34,794,336) | $34,353,612 |
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 December 1, 2021 through August 31, 2022 (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 $34,446,576. | |||||
(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. | |||||
(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 11/30/21 | Purchase cost | Sale proceeds | Investment income | Shares outstanding and fair value as of 8/31/22 | |
Short-term investments | ||||||
Putnam Short Term Investment Fund* | $1,373,137 | $15,789,874 | $14,227,471 | $4,798 | $2,935,540 | |
Total Short-term investments | $1,373,137 | $15,789,874 | $14,227,471 | $4,798 | $2,935,540 | |
* 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. | ||||||
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 1.50%, 2.55% and 3.10%, 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 | 23.3% | |||||
Local debt | 15.3 | |||||
Education | 12.2 | |||||
Utilities | 11.8 | |||||
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. | ||||||
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. | ||||||
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. |
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 | $— | $31,418,072 | $— | |
Short-term investments | — | 2,935,540 | — | |
Totals by level | $— | $34,353,612 | $— | |
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 |