Putnam Short-Term Municipal Income Fund | ||||||
The fund's portfolio | ||||||
8/31/22 (Unaudited) | ||||||
Key to holding's abbreviations | ||||||
AGM — Assured Guaranty Municipal Corporation | ||||||
COP — Certificates of Participation | ||||||
FHA Insd. — Federal Housing Administration Insured | ||||||
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. 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 | ||||||
GNMA Coll. — Government National Mortgage Association Collateralized | ||||||
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 (100.6%)(a) | ||||||
Rating(RAT) | Principal amount | Value | ||||
Alabama (1.0%) | ||||||
AL State Special Care Fac. Fin. Auth. Mandatory Put Bonds (11/1/22), (Ascension Health Credit Group), Ser. 06C-1, 1.85%, 11/15/46 | AA+ | $500,000 | $499,322 | |||
499,322 | ||||||
Arizona (—%) | ||||||
Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies), 3.75%, 7/1/24 | BBB- | 5,000 | 4,975 | |||
4,975 | ||||||
California (18.4%) | ||||||
Bay Area Toll Auth. VRDN (San Francisco Bay Area), Ser. C, 1.26%, 4/1/53 | VMIG 1 | 1,000,000 | 1,000,000 | |||
CA Hlth. Fac. Fin. Auth. Rev. Bonds, (Adventist Hlth. Syst./West Oblig. Group), Ser. A, 4.00%, 3/1/43 | A | 230,000 | 212,963 | |||
CA Muni. Fin. Auth. Rev. Bonds, (Channing House), Ser. A, 5.00%, 5/15/23 | AA- | 650,000 | 661,577 | |||
CA State Enterprise Dev. Auth. Student Hsg. Rev. Bonds, (Provident Group-SDSU Properties, LLC), Ser. A | ||||||
5.00%, 8/1/26 | Baa3 | 100,000 | 104,582 | |||
5.00%, 8/1/24 | Baa3 | 100,000 | 102,807 | |||
CA State Infrastructure & Econ. Dev. Bank Mandatory Put Bonds (8/1/24), (CA Academy of Sciences), 1.85%, 8/1/47 | A2 | 1,000,000 | 986,986 | |||
CA State Infrastructure & Econ. Dev. Bank Rev. Bonds, (Performing Arts Ctr. of Los Angeles Cnty.), 5.00%, 12/1/28 | A | 640,000 | 719,409 | |||
CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds, (Caritas Affordable Housing, Inc.), Ser. A, 5.00%, 8/15/23 | A- | 510,000 | 520,349 | |||
CA State Muni. Fin. Auth. Rev. Bonds, (HumanGood Oblig. Group), Ser. A, 4.00%, 10/1/30 | A-/F | 165,000 | 167,438 | |||
CA State Tobacco Securitization Agcy. Rev. Bonds, (Gold Country Settlement Funding Corp.), Ser. A, 5.00%, 6/1/23 | A | 1,025,000 | 1,046,574 | |||
Fontana, Special Tax Bonds, (Cmnty. Fac. Dist. No. 85), 3.00%, 9/1/23 | BB+/P | 250,000 | 248,858 | |||
Los Angeles Cnty., Regl. Fin. Auth. Rev. Bonds, (Vermont Manchester Social), 5.00%, 12/1/26 | AA+ | 400,000 | 440,921 | |||
Los Angeles, Dept. of Arpt. Rev. Bonds, 5.00%, 5/15/28 | Aa3 | 500,000 | 545,465 | |||
Port of Oakland Rev. Bonds, 1.181%, 5/1/25 | A1 | 600,000 | 557,309 | |||
San Bernardino Cnty., FRB, Ser. C, 2.603%, 8/1/23 | AA+ | 125,000 | 124,438 | |||
San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. VRDN, Ser. B, 1.20%, 5/1/58 | VMIG 1 | 1,500,000 | 1,500,000 | |||
Stockton, Unified School Dist. COP, 5.00%, 2/1/27 | A | 550,000 | 602,533 | |||
9,542,209 | ||||||
Colorado (2.4%) | ||||||
E-470 Pub. Hwy. Auth. Mandatory Put Bonds (9/1/24), Ser. B, 1.884%, 9/1/39 | A2 | 1,000,000 | 989,935 | |||
Regl. Trans. Dist. Rev. Bonds, (Denver Transit Partners, LLC) | ||||||
5.00%, 7/15/25 | Baa1 | 160,000 | 166,600 | |||
5.00%, 7/15/24 | Baa1 | 100,000 | 102,212 | |||
1,258,747 | ||||||
Connecticut (2.9%) | ||||||
CT State Hlth. & Edl. Fac. Auth. Rev. Bonds, (Stamford Hosp. Oblig. Group (The)) | ||||||
Ser. M, 5.00%, 7/1/27 | BBB+ | 250,000 | 268,542 | |||
Ser. M, 5.00%, 7/1/25 | BBB+ | 150,000 | 156,974 | |||
Ser. L-1, 4.00%, 7/1/24 | BBB+ | 500,000 | 505,183 | |||
CT State Hsg. Fin. Auth. Rev. Bonds, Ser. D2, 3.00%, 5/15/24 | Aaa | 600,000 | 599,360 | |||
1,530,059 | ||||||
District of Columbia (1.8%) | ||||||
DC Rev. Bonds | ||||||
(D.C. Intl. School), 5.00%, 7/1/27 | BBB | 300,000 | 312,050 | |||
(Plenary Infrastructure DC, LLC), 5.00%, 8/31/25 | A3 | 500,000 | 523,821 | |||
(KIPP DC), 5.00%, 7/1/23 | BBB+ | 100,000 | 101,410 | |||
937,281 | ||||||
Florida (10.6%) | ||||||
Alachua Cnty., Hlth. Fac. Auth. Rev. Bonds, (Oak Hammock U. of Florida), Ser. A, 8.00%, 10/1/42 (Prerefunded 10/1/22) | AAA/P | 995,000 | 1,019,218 | |||
FL State Dev. Fin. Corp. Ed. Fac. Rev. Bonds, (Nova Southeastern U., Inc.), 5.00%, 4/1/29 | A3 | 150,000 | 165,067 | |||
FL State Muni. Pwr. Agcy. Rev. Bonds, (St. Lucie), Ser. B, 5.00%, 10/1/27 | A2 | 1,050,000 | 1,161,280 | |||
Miami-Dade Cnty., Mandatory Put Bonds (7/1/24), (Waste Management, Inc.), Ser. B, 1.875%, 11/1/48 | A- | 1,000,000 | 971,983 | |||
Palm Beach Cnty., HFA Mandatory Put Bonds (2/1/24), (Christian Manor Restoration, LP), 1.25%, 2/15/25 | Aaa | 1,985,000 | 1,903,583 | |||
St. John's Cnty., Indl. Dev. Auth. Rev. Bonds, (Life Care Ponte Vedra Oblig. Group), Ser. A | ||||||
4.00%, 12/15/28 | BB+/F | 200,000 | 190,142 | |||
4.00%, 12/15/22 | BB+/F | 110,000 | 109,936 | |||
5,521,209 | ||||||
Georgia (2.5%) | ||||||
Burke Cnty., Dev. Auth. Poll. Control Mandatory Put Bonds (8/19/25), (GA Pwr. Co.), 2.875%, 12/1/49 | Baa1 | 500,000 | 495,902 | |||
Main Street Natural Gas, Inc. Gas Supply Mandatory Put Bonds (9/1/23), Ser. B, 2.34%, 4/1/48 | Aa1 | 800,000 | 794,910 | |||
1,290,812 | ||||||
Hawaii (0.5%) | ||||||
HI State Harbor Syst. Rev. Bonds, Ser. B, 0.90%, 7/1/23 | Aa3 | 250,000 | 244,407 | |||
244,407 | ||||||
Illinois (6.5%) | ||||||
Chicago, Special Assmt., 1.99%, 12/1/23 | BBB/P | 100,000 | 97,914 | |||
Chicago, Waste Wtr. Transmission Rev. Bonds, 5.00%, 1/1/23 | A | 200,000 | 200,344 | |||
Cook Cnty., Cmnty. College G.O. Bonds, (Dist. No. 508), 5.25%, 12/1/30 | BBB | 500,000 | 507,408 | |||
IL State G.O. Bonds | ||||||
Ser. A, 5.00%, 10/1/24 | Baa1 | 500,000 | 517,069 | |||
Ser. A, 5.00%, 3/1/24 | Baa1 | 800,000 | 820,966 | |||
4.00%, 8/1/25 | Baa1 | 225,000 | 225,239 | |||
IL State Fin. Auth. Mandatory Put Bonds (11/15/24), (OSF Hlth. Care Syst. Oblig. Group), Ser. B-1, 5.00%, 5/15/50 | A | 500,000 | 516,853 | |||
IL State Fin. Auth. Rev. Bonds | ||||||
(Presbyterian Homes Oblig. Group), Ser. A, 5.00%, 11/1/23 | A-/F | 75,000 | 76,494 | |||
(The Washington and Jane Smith Home), 4.00%, 10/15/24 | BBB-/F | 215,000 | 213,784 | |||
(The Washington and Jane Smith Home), 4.00%, 10/15/23 | BBB-/F | 205,000 | 204,704 | |||
3,380,775 | ||||||
Indiana (1.0%) | ||||||
Rockport, Poll. Control Rev. Bonds, (AEP Generating Co. ), 3.125%, 7/1/25 | A- | 500,000 | 496,501 | |||
496,501 | ||||||
Iowa (0.6%) | ||||||
IA State Fin. Auth. Solid Waste Fac. Mandatory Put Bonds (4/1/24), (Gevo NW Iowa RNG, LLC), 1.50%, 1/1/42 | Aa3 | 300,000 | 293,295 | |||
293,295 | ||||||
Kentucky (0.3%) | ||||||
KY Bond Dev. Corp. Edl. Fac. Rev. Bonds, (Transylvania U.), Ser. A, 5.00%, 3/1/27 | A- | 160,000 | 173,083 | |||
173,083 | ||||||
Louisiana (2.9%) | ||||||
LA Stadium & Exposition Dist. Rev. Bonds, 4.00%, 7/3/23 | BBB+/F | 1,000,000 | 1,006,205 | |||
LA State Offshore Term. Auth. Deepwater Port Mandatory Put Bonds (12/1/23), (Loop, LLC), Ser. A, 1.65%, 9/1/33 | A3 | 400,000 | 393,615 | |||
St. John The Baptist Parish Mandatory Put Bonds (7/1/24), (Marathon Oil Corp.), 2.125%, 6/1/37 | Baa3 | 100,000 | 98,679 | |||
1,498,499 | ||||||
Maryland (0.7%) | ||||||
Frederick Cnty., Special Tax Bonds, (Oakdale-Lake Linganore), 2.625%, 7/1/24 | BB/P | 140,000 | 136,885 | |||
MD State Hlth. & Higher Ed. Fac. Auth. Rev. Bonds, (Stevenson U.), 5.00%, 6/1/29 | BBB- | 200,000 | 213,301 | |||
350,186 | ||||||
Massachusetts (4.3%) | ||||||
Lowell, Collegiate Charter School Rev. Bonds, 4.00%, 6/15/24 | BB-/P | 35,000 | 34,903 | |||
MA State Dev. Fin. Agcy. VRDN (Boston U.), Ser. U-6C, 0.98%, 10/1/42 | VMIG 1 | 1,000,000 | 1,000,000 | |||
MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. SF-169, 4.00%, 12/1/44 | Aa1 | 15,000 | 15,044 | |||
MA State Wtr. Resource Auth. VRDN, Ser. A-3, 1.50%, 8/1/37 | VMIG 1 | 1,215,000 | 1,215,000 | |||
2,264,947 | ||||||
Michigan (4.8%) | ||||||
Detroit, G.O. Bonds, 5.00%, 4/1/25 | Ba2 | 600,000 | 624,374 | |||
Flint, Hosp. Bldg. Auth. Rev. Bonds, (Hurley Med. Ctr.), Ser. B, 4.75%, 7/1/28 (Prerefunded 7/1/23) | Ba1 | 560,000 | 565,812 | |||
Great Lakes, Wtr. Auth. Wtr. Supply Syst. Rev. Bonds, Ser. D, 5.00%, 7/1/28 | A+ | 1,000,000 | 1,085,183 | |||
MI State Fin. Auth. Rev. Bonds, (Tobacco Settlement), Ser. A-1, 2.326%, 6/1/30 | A | 248,893 | 228,757 | |||
2,504,126 | ||||||
Minnesota (1.5%) | ||||||
Duluth, Econ. Dev. Auth. Rev. Bonds, (Benedictine Hlth. Syst. Oblig. Group), Ser. A, 3.00%, 7/1/24 | BB/P | 200,000 | 197,573 | |||
Duluth, Econ. Dev. Auth. Hlth. Care Fac. Rev. Bonds, (St. Luke's Hosp. of Duluth Oblig. Group), 5.00%, 6/15/27 | BBB- | 535,000 | 561,537 | |||
MN State Res. Hsg. Fin. Agcy. Rev. Bonds, Ser. A, 4.00%, 7/1/38 | Aa1 | 35,000 | 35,167 | |||
794,277 | ||||||
Missouri (3.4%) | ||||||
Kansas City, Indl. Dev. Auth. Arpt. Special Oblig. Rev. Bonds | ||||||
5.00%, 3/1/27 | A2 | 1,000,000 | 1,070,475 | |||
5.00%, 3/1/26 | A2 | 500,000 | 529,702 | |||
Plaza at Noah's Ark Cmnty. Impt. Dist. Rev. Bonds, 3.00%, 5/1/23 | B+/P | 150,000 | 149,041 | |||
1,749,218 | ||||||
Montana (—%) | ||||||
MT State Board of Hsg. Rev. Bonds, Ser. A-2, FHA Insd., 3.00%, 12/1/43 | Aa1 | 15,000 | 14,910 | |||
14,910 | ||||||
Nevada (0.9%) | ||||||
Clark Cnty., School Dist. G.O. Bonds, Ser. C, 5.00%, 6/15/28 | A1 | 450,000 | 483,649 | |||
483,649 | ||||||
New Jersey (3.4%) | ||||||
NJ State Econ. Dev. Auth. Mandatory Put Bonds (6/1/23), (NJ-American Water Co., Inc.), 1.20%, 11/1/34 | A1 | 500,000 | 493,322 | |||
NJ State Econ. Dev. Auth. Rev. Bonds | ||||||
(NJ Transit Corp.), Ser. B, 5.00%, 11/1/24 | A3 | 500,000 | 521,864 | |||
(School Fac. Construction), 3.05%, 9/1/27 | A3 | 100,000 | 100,072 | |||
NJ State Trans. Trust Fund Auth. Rev. Bonds, Ser. AA, 5.25%, 6/15/30 | A3 | 650,000 | 661,147 | |||
1,776,405 | ||||||
New Mexico (0.8%) | ||||||
Farmington, Poll. Control Rev. Bonds, (Pub. Service Co. of NM), Ser. B, 2.15%, 4/1/33 | Baa2 | 250,000 | 201,507 | |||
NM State Hosp. Equip. Loan Council First Mtge. Rev. Bonds, (La Vida Expansion), Ser. C, 2.25%, 7/1/23 | BB+/F | 200,000 | 198,338 | |||
399,845 | ||||||
New York (4.3%) | ||||||
Long Island, Pwr. Auth. Elec. Syst. | ||||||
Mandatory Put Bonds (9/1/26), Ser. B, 1.50%, 9/1/51 | A2 | 200,000 | 183,400 | |||
Mandatory Put Bonds (9/1/25), Ser. B, 0.85%, 9/1/50 | A2 | 500,000 | 454,513 | |||
NY City, Hsg. Dev. Corp. Mandatory Put Bonds (7/3/23), Ser. B-2, 2.10%, 11/1/58 | AA+ | 125,000 | 124,535 | |||
NY State Dorm. Auth. Rev. Bonds, (St. Joseph's College) | ||||||
5.00%, 7/1/30 | BBB-/F | 75,000 | 81,271 | |||
5.00%, 7/1/29 | BBB-/F | 75,000 | 81,188 | |||
5.00%, 7/1/28 | BBB-/F | 75,000 | 80,654 | |||
5.00%, 7/1/26 | BBB-/F | 200,000 | 211,141 | |||
5.00%, 7/1/24 | BBB-/F | 175,000 | 180,112 | |||
5.00%, 7/1/23 | BBB-/F | 100,000 | 101,492 | |||
NY State Hsg. Fin. Agcy. Rev. Bonds, (Climate Bond Certified), FNMA Coll., 1.625%, 5/1/23 | Aa2 | 525,000 | 521,313 | |||
NY State Trans. Special Fac. Dev. Corp. Rev. Bonds, (JFK Intl. Arpt. Term. 4, LLC), 5.00%, 12/1/25 | Baa1 | 225,000 | 234,987 | |||
2,254,606 | ||||||
North Carolina (0.3%) | ||||||
NC State Med. Care Comm. Hlth. Care Fac. Rev. Bonds, (Lutheran Svcs. for the Aging, Inc. Oblig. Group), 3.00%, 3/1/23 | BB/P | 150,000 | 149,014 | |||
149,014 | ||||||
Ohio (3.8%) | ||||||
Akron Bath Coply Joint Twp. Hosp. Dist. Rev. Bonds, (Summa Hlth. Syst. Oblig. Group) | ||||||
5.00%, 11/15/27 | BBB+/F | 180,000 | 195,083 | |||
5.00%, 11/15/25 | BBB+/F | 255,000 | 268,865 | |||
OH State Higher Edl. Fac. Comm. Rev. Bonds | ||||||
(Cleveland Inst. of Music (The)), 5.00%, 12/1/27 | BBB- | 700,000 | 729,757 | |||
(Ashtabula Cnty. Med. Ctr.), 5.00%, 1/1/26 | BBB+/F | 100,000 | 104,353 | |||
(Ashtabula Cnty. Med. Ctr.), 5.00%, 1/1/25 | BBB+/F | 100,000 | 103,166 | |||
(Ashtabula Cnty. Med. Ctr.), 5.00%, 1/1/24 | BBB+/F | 90,000 | 91,753 | |||
Ohio State Air Qlty. Dev. Auth. Mandatory Put Bonds (6/1/27), (Duke Energy Corp.), Ser. 22B, 4.00%, 9/1/30 | Baa2 | 500,000 | 509,435 | |||
2,002,412 | ||||||
Pennsylvania (9.3%) | ||||||
Monroeville, Fin. Auth. Rev. Bonds, (U. of Pittsburgh Med. Ctr.), Ser. B, 5.00%, 2/15/24 | A2 | 715,000 | 738,663 | |||
Philadelphia, Arpt. Rev. Bonds, Ser. C, 5.00%, 7/1/24 | A2 | 750,000 | 779,229 | |||
Philadelphia, Auth. for Indl. Dev. City Agreement Rev. Bonds, 5.00%, 12/1/27 | A2 | 1,560,000 | 1,660,300 | |||
Pittsburgh Wtr. & Swr. Auth. Mandatory Put Bonds (12/1/23), Ser. C, AGM, 2.15%, 9/1/40 | AA | 625,000 | 625,312 | |||
Scranton, School Dist. G.O. Bonds, Ser. 14-R, 2.464%, 4/1/31 | A1 | 885,000 | 882,406 | |||
Westmoreland Cnty. Indl. Dev. Auth. Hlth. Syst. Rev. Bonds, (Excela Hlth. Oblig. Group), Ser. A, 4.00%, 7/1/23 | Baa1 | 150,000 | 150,897 | |||
4,836,807 | ||||||
Puerto Rico (0.4%) | ||||||
Cmnwlth. of PR, FRN, zero %, 11/1/51 | BB/P | 14,000 | 6,388 | |||
Cmnwlth. of PR, G.O. Bonds, Ser. A1, 5.25%, 7/1/23 | BB/P | 124,996 | 126,888 | |||
Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser. CC, AGM, 5.50%, 7/1/29 | AA | 55,000 | 57,301 | |||
190,577 | ||||||
Texas (4.7%) | ||||||
Dallas, Hotel Occupancy Tax Rev. Bonds, 4.00%, 8/15/33 | A | 1,000,000 | 1,003,497 | |||
Fort Bend, Indpt. School Dist. Mandatory Put Bonds (8/1/26), Ser. B, PSFG, 0.72%, 8/1/51 | AAA | 860,000 | 787,947 | |||
Houston, Indpt. School Dist. Mandatory Put Bonds (6/1/25), Ser. A-2, PSFG, 3.50%, 6/1/39 | Aaa | 500,000 | 507,794 | |||
SA Energy Acquisition Pub. Fac. Corp. Rev. Bonds, (Gas Supply), 5.50%, 8/1/25 | A2 | 75,000 | 78,893 | |||
TX State Affordable Hsg. Corp. Rev. Bonds, Ser. A, GNMA Coll., 5.25%, 9/1/28 | Aaa | 55,000 | 55,065 | |||
2,433,196 | ||||||
Utah (0.9%) | ||||||
UT Infrastructure Agcy. Rev. Bonds, Ser. A | ||||||
3.00%, 10/15/26 | BBB-/F | 250,000 | 239,603 | |||
3.00%, 10/15/23 | BBB-/F | 250,000 | 247,267 | |||
486,870 | ||||||
Virgin Islands (0.2%) | ||||||
Matching Fund Special Purpose Securitization Corp. Rev. Bonds, Ser. A, 5.00%, 10/1/25 | BB/P | 125,000 | 129,967 | |||
129,967 | ||||||
Virginia (0.8%) | ||||||
VA State College Bldg. Auth. Edl. Fac. Rev. Bonds, Ser. B, 5.00%, 9/1/22 | AA+/P | 160,000 | 160,000 | |||
VA State Small Bus. Fin. Auth. Rev. Bonds, (National Sr. Campuses, Inc. Oblig. Group), 5.00%, 1/1/25 | A/F | 250,000 | 260,132 | |||
420,132 | ||||||
Washington (4.7%) | ||||||
Seattle, Muni. Lt. & Pwr. Mandatory Put Bonds (11/1/26), Ser. B, 1.75%, 5/1/45 | Aa2 | 1,500,000 | 1,471,800 | |||
WA State Hlth. Care Fac. Auth. Mandatory Put Bonds (7/3/23), (Fred Hutchinson Cancer Research Ctr.), 2.55%, 1/1/42 (Prerefunded (1/3/23)) | A2 | 1,000,000 | 1,001,215 | |||
2,473,015 | ||||||
Total municipal bonds and notes (cost $53,510,771) | $52,385,333 |
SHORT-TERM INVESTMENTS (0.9%)(a) | ||||||
Shares | Value | |||||
Putnam Short Term Investment Fund Class P 2.33%(AFF) | 478,567 | $478,567 | ||||
Total short-term investments (cost $478,567) | $478,567 | |||||
TOTAL INVESTMENTS | ||||||
Total investments (cost $53,989,338) | $52,863,900 |
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 $52,096,835. | |||||
(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* | $1,898,846 | $30,338,738 | $31,759,017 | $4,247 | $478,567 | |
Total Short-term investments | $1,898,846 | $30,338,738 | $31,759,017 | $4,247 | $478,567 | |
* 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): | ||||||
Utilities | 17.4% | |||||
Transportation | 14.9 | |||||
Local debt | 12.5 | |||||
Healthcare | 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 | $— | $52,385,333 | $— | |
Short-term investments | — | 478,567 | — | |
Totals by level | $— | $52,863,900 | $— | |
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 |