| | | | | | |
| MUNICIPAL BONDS AND NOTES (96.3%)(a) |
| | | Rating(RAT) | | Principal amount | Value |
| Alaska (1.0%) |
| AK State Indl. Dev. & Export Auth. Rev. Bonds, (Tanana Chiefs Conference), Ser. A | | | | | |
| 4.00%, 10/1/37 | | A+/F | | $4,635,000 | $5,254,514 |
| 4.00%, 10/1/35 | | A+/F | | 4,280,000 | 4,886,005 |
| | | | | |
|
| | | | | | 10,140,519 |
| Guam (0.1%) |
| Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5.00%, 10/1/34 | | Baa2 | | 700,000 | 729,071 |
| | | | | |
|
| | | | | | 729,071 |
| New York (95.2%) |
| Albany, Cap. Resource Corp. Rev. Bonds | | | | | |
| (Albany College of Pharmacy & Hlth. Sciences), Ser. A, 5.00%, 12/1/33 | | BBB+ | | 325,000 | 357,757 |
| (Albany College of Pharmacy & Hlth. Sciences), Ser. A, 5.00%, 12/1/32 | | BBB+ | | 495,000 | 546,361 |
| (Empire Commons Student Hsg., Inc.), Ser. A, 5.00%, 5/1/32 | | A | | 265,000 | 298,954 |
| (Albany College of Pharmacy & Hlth. Sciences), Ser. A, 5.00%, 12/1/31 | | BBB+ | | 115,000 | 127,252 |
| (Empire Commons Student Hsg., Inc.), Ser. A, 5.00%, 5/1/31 | | A | | 1,150,000 | 1,302,732 |
| (Albany College of Pharmacy & Hlth. Sciences), Ser. A, 5.00%, 12/1/30 | | BBB+ | | 250,000 | 277,590 |
| (Empire Commons Student Hsg., Inc.), Ser. A, 5.00%, 5/1/30 | | A | | 700,000 | 796,257 |
| (Empire Commons Student Hsg., Inc.), Ser. A, 5.00%, 5/1/29 | | A | | 590,000 | 673,615 |
| (Empire Commons Student Hsg., Inc.), 5.00%, 5/1/28 | | A | | 200,000 | 229,188 |
| (Empire Commons Student Hsg., Inc.), Ser. A, 5.00%, 5/1/25 | | A | | 580,000 | 658,868 |
| (Empire Commons Student Hsg., Inc), 5.00%, 5/1/22 | | A | | 215,000 | 222,000 |
| Brookhaven, Local Dev. Corp. Rev. Bonds | | | | | |
| (Jeffersons Ferry), 5.25%, 11/1/36 | | BBB/F | | 1,200,000 | 1,380,072 |
| (Brookhaven Memorial Hosp. Med. Ctr., Inc. Oblig. Group), 4.00%, 10/1/45 | | BBB- | | 2,000,000 | 2,176,500 |
| Broome Cnty., Local Dev. Corp. Rev. Bonds, (United Hlth. Svcs. Hosp. Oblig. Group), AGM | | | | | |
| 4.00%, 4/1/50 | | AA | | 1,300,000 | 1,440,439 |
| 4.00%, 4/1/40 | | AA | | 1,350,000 | 1,543,590 |
| 4.00%, 4/1/39 | | AA | | 1,295,000 | 1,484,174 |
| 4.00%, 4/1/38 | | AA | | 1,185,000 | 1,362,169 |
| 4.00%, 4/1/34 | | AA | | 1,000,000 | 1,166,210 |
| Buffalo & Erie Cnty., Indl. Land Dev. Corp. Rev. Bonds | | | | | |
| (Catholic Hlth. Syst. Oblig. Group), 5.25%, 7/1/35 | | Baa2 | | 1,000,000 | 1,140,440 |
| (Orchard Park), 5.00%, 11/15/37 | | BBB-/F | | 4,470,000 | 4,873,552 |
| (Charter School for Applied Tech.), Ser. A, 5.00%, 6/1/35 | | BBB | | 2,000,000 | 2,201,980 |
| (Orchard Park), 5.00%, 11/15/30 | | BBB-/F | | 500,000 | 554,180 |
| (D'Youville College), 4.00%, 11/1/50 | | BBB | | 2,535,000 | 2,716,329 |
| (D'Youville College), 4.00%, 11/1/45 | | BBB | | 4,000,000 | 4,302,800 |
| (D'Youville College), 4.00%, 11/1/40 | | BBB | | 1,000,000 | 1,090,480 |
| (D'Youville College), 4.00%, 11/1/35 | | BBB | | 1,025,000 | 1,137,125 |
| Buffalo & Fort Erie, Pub. Bridge Auth. Rev. Bonds | | | | | |
| 5.00%, 1/1/42 | | A+ | | 2,250,000 | 2,624,625 |
| (Toll Bridge Syst.), 5.00%, 1/1/25 | | A+ | | 400,000 | 465,660 |
| (Toll Bridge Syst.), 5.00%, 1/1/24 | | A+ | | 250,000 | 281,758 |
| Build NY City Resource Corp. Rev. Bonds | | | | | |
| (Manhattan College), 5.00%, 8/1/47 | | A- | | 1,000,000 | 1,147,820 |
| (YMCA of Greater NY), 5.00%, 8/1/40 | | Baa2 | | 2,575,000 | 2,824,492 |
| (Children's Aid Society (The)), 5.00%, 7/1/40 | | A+ | | 3,175,000 | 3,559,016 |
| (Q Student Residences, LLC), Ser. A, 5.00%, 6/1/38 | | Aa2 | | 2,850,000 | 3,220,358 |
| (South Bronx Charter School for Intl. Cultures & the Arts), Ser. A, 5.00%, 4/15/33 | | BB+ | | 2,000,000 | 2,076,880 |
| (Bronx Charter School for Excellence), Ser. A, 5.00%, 4/1/33 | | BBB- | | 620,000 | 653,096 |
| (YMCA of Greater NY), U.S. Govt. Coll., 5.00%, 8/1/32 (Prerefunded 8/1/22) | | Baa2 | | 1,740,000 | 1,858,633 |
| (Children's Aid Society (The)), 4.00%, 7/1/49 | | A+ | | 1,000,000 | 1,111,910 |
| (Children's Aid Society (The)), 4.00%, 7/1/44 | | A+ | | 450,000 | 505,188 |
| (Children's Aid Society (The)), 4.00%, 7/1/38 | | A+ | | 290,000 | 331,992 |
| (Children's Aid Society (The)), 4.00%, 7/1/36 | | A+ | | 125,000 | 143,999 |
| Build NY City Resource Corp. 144A Rev. Bonds, (Inwood Academy Leadership Charter School), Ser. A, 5.125%, 5/1/38 | | BB/P | | 1,100,000 | 1,231,571 |
| Build NY City Resource Corp. Solid Waste Disp. 144A Rev. Bonds, (Pratt Paper NY, Inc.), 5.00%, 1/1/35 | | B+/P | | 1,750,000 | 1,934,433 |
| Dutchess Cnty., Local Dev. Corp. Rev. Bonds | | | | | |
| (Anderson Ctr. Svcs., Inc.), 6.00%, 10/1/30 | | BB+ | | 2,780,000 | 2,784,809 |
| (Culinary Inst. of America (The)), 5.00%, 7/1/35 | | Baa2 | | 155,000 | 172,265 |
| (Culinary Inst. of America (The)), 5.00%, 7/1/32 | | Baa2 | | 1,065,000 | 1,190,872 |
| (Nuvance Health Oblig. Group), Ser. B, 4.00%, 7/1/49 | | A- | | 2,250,000 | 2,517,953 |
| Dutchess Cnty., Local Dev. Corp. 144A Rev. Bonds, (Bard College), Ser. A, 5.00%, 7/1/45 | | BB+ | | 3,000,000 | 3,500,970 |
| Erie Cnty., Fiscal Stability Auth. Rev. Bonds, (Sales Tax & State Aid), Ser. D | | | | | |
| 5.00%, 9/1/39 | | Aa1 | | 515,000 | 628,068 |
| 5.00%, 9/1/38 | | Aa1 | | 1,500,000 | 1,830,825 |
| 5.00%, 9/1/37 | | Aa1 | | 1,000,000 | 1,222,630 |
| 5.00%, 9/1/36 | | Aa1 | | 1,500,000 | 1,838,685 |
| 5.00%, 9/1/35 | | Aa1 | | 1,250,000 | 1,536,625 |
| Glen Cove, Local Econ. Assistance Corp. Rev. Bonds, (Garvies Point Pub. Impt.), Ser. C, stepped-coupon zero % (5.625%, 1/1/24), 1/1/55(STP) | | B/P | | 600,000 | 644,100 |
| Hempstead Town, Local Dev. Corp. Rev. Bonds | | | | | |
| (Molloy College), 5.00%, 7/1/48 | | BBB | | 1,000,000 | 1,151,380 |
| (Hofstra U.), 5.00%, 7/1/47 | | A2 | | 1,000,000 | 1,185,940 |
| (Molloy College), 5.00%, 7/1/44 | | BBB | | 2,300,000 | 2,479,607 |
| (Molloy College), 5.00%, 7/1/43 | | BBB | | 1,025,000 | 1,187,985 |
| (Hofstra U.), 5.00%, 7/1/42 | | A2 | | 1,200,000 | 1,433,388 |
| (Molloy College), 5.00%, 7/1/38 | | BBB | | 865,000 | 1,016,193 |
| (Molloy College), 5.00%, 7/1/38 | | BBB | | 480,000 | 553,296 |
| (Molloy College), 5.00%, 7/1/37 | | BBB | | 315,000 | 363,904 |
| (Adelphi U.), 5.00%, 2/1/34 | | A- | | 200,000 | 243,014 |
| (Adelphi U.), 5.00%, 2/1/33 | | A- | | 205,000 | 250,053 |
| (Adelphi U.), 5.00%, 2/1/32 | | A- | | 230,000 | 281,704 |
| (Adelphi U.), 5.00%, 2/1/31 | | A- | | 200,000 | 246,126 |
| (Adelphi U.), 5.00%, 2/1/30 | | A- | | 155,000 | 191,668 |
| (Hofstra U.), 5.00%, 7/1/28 | | A2 | | 650,000 | 658,255 |
| (Adelphi U.), 4.00%, 2/1/39 | | A- | | 1,000,000 | 1,113,200 |
| Hudson Yards Infrastructure Corp. Rev. Bonds, Ser. A, 5.75%, 2/15/47 | | Aa3 | | 1,160,000 | 1,164,628 |
| Liberty, Dev. Corp. Rev. Bonds, (Goldman Sachs Headquarters) | | | | | |
| 5.50%, 10/1/37 | | A2 | | 4,010,000 | 5,870,800 |
| 5.25%, 10/1/35 | | A2 | | 4,000,000 | 5,605,160 |
| Long Island, Pwr. Auth. Elec. Syst. Rev. Bonds | | | | | |
| Ser. B, 5.00%, 9/1/46 | | A2 | | 2,500,000 | 2,924,650 |
| Ser. B, 5.00%, 9/1/45 | | A2 | | 2,000,000 | 2,295,340 |
| Ser. A, 5.00%, 9/1/44 | | A2 | | 8,500,000 | 9,546,945 |
| 5.00%, 9/1/42 | | A2 | | 2,000,000 | 2,410,280 |
| Ser. B, 5.00%, 9/1/41 | | A2 | | 5,250,000 | 6,190,013 |
| Ser. A, 5.00%, 9/1/39 | | A2 | | 8,800,000 | 9,957,992 |
| 5.00%, 9/1/37 | | A2 | | 1,000,000 | 1,218,470 |
| 5.00%, 9/1/36 | | A2 | | 1,000,000 | 1,220,920 |
| Ser. B, 5.00%, 9/1/36 | | A2 | | 1,500,000 | 1,785,990 |
| 5.00%, 9/1/35 | | A2 | | 1,000,000 | 1,223,710 |
| 5.00%, 9/1/34 | | A2 | | 1,000,000 | 1,225,990 |
| 5.00%, 9/1/33 | | A2 | | 500,000 | 614,245 |
| Ser. A, 4.00%, 9/1/38 | | A2 | | 8,000,000 | 9,179,120 |
| AGM, zero %, 6/1/28 | | AA | | 2,510,000 | 2,227,474 |
| Metro. Trans. Auth. Rev. Bonds | | | | | |
| (Green Bonds), Ser. C, BAM, 5.00%, 11/15/42 | | AA | | 10,000,000 | 12,256,800 |
| Ser. C, 5.00%, 11/15/41 | | A3 | | 3,305,000 | 3,505,580 |
| Ser. D, 5.00%, 11/15/38 | | A3 | | 4,070,000 | 4,397,269 |
| Ser. B, 5.00%, 11/15/33 | | A3 | | 5,220,000 | 6,096,699 |
| Ser. D-1, 5.00%, 11/15/33 | | A3 | | 960,000 | 1,076,314 |
| 4.00%, 11/15/45 | | A3 | | 6,000,000 | 6,597,120 |
| Ser. D, 4.00%, 11/15/42 | | A3 | | 10,000,000 | 10,881,300 |
| Metro. Trans. Auth. Dedicated Tax Mandatory Put Bonds (6/1/22), Ser. A-2A, 0.48%, 11/1/26 | | AA | | 4,350,000 | 4,348,956 |
| Metro. Trans. Auth. Dedicated Tax Rev. Bonds | | | | | |
| Ser. A, 5.25%, 11/15/34 | | AA | | 5,600,000 | 6,768,328 |
| (Green Bonds), Ser. B-1, 5.00%, 11/15/36 | | AA | | 3,500,000 | 4,148,130 |
| (Green Bonds), Ser. B-1, 5.00%, 11/15/34 | | AA | | 3,500,000 | 4,164,965 |
| Metro. Trans. Auth. Hudson Rail Yards Trust Oblig. Rev. Bonds, Ser. A, 5.00%, 11/15/51 | | A3 | | 9,500,000 | 9,752,415 |
| Monroe Cnty., Indl. Dev. Corp. Rev. Bonds | | | | | |
| (Rochester Gen. Hosp.), 5.00%, 12/1/46 | | BBB+ | | 3,000,000 | 3,437,850 |
| (Rochester Gen. Hosp.), Ser. A, 5.00%, 12/1/37 | | BBB+ | | 2,000,000 | 2,112,280 |
| (Rochester Gen. Hosp.), 5.00%, 12/1/35 | | BBB+ | | 600,000 | 704,736 |
| (U. of Rochester), Ser. A, 5.00%, 7/1/33 | | Aa3 | | 1,000,000 | 1,158,990 |
| (Rochester Gen. Hosp.), Ser. A, 5.00%, 12/1/32 | | BBB+ | | 1,250,000 | 1,326,375 |
| (St. John Fisher College), Ser. A, 5.00%, 6/1/29 | | A- | | 800,000 | 888,256 |
| (U. of Rochester), 4.00%, 7/1/50 | | Aa3 | | 3,500,000 | 3,954,825 |
| (Rochester Regl. Hlth. Oblig. Group), 4.00%, 12/1/46 | | BBB+ | | 1,250,000 | 1,402,563 |
| (Highland Hosp.), 4.00%, 7/1/40 | | A2 | | 3,890,000 | 4,374,461 |
| (U. of Rochester), Ser. C, 4.00%, 7/1/37 | | Aa3 | | 2,700,000 | 3,035,583 |
| (U. of Rochester), Ser. C, 4.00%, 7/1/36 | | Aa3 | | 850,000 | 958,188 |
| (U. of Rochester), Ser. D, 4.00%, 7/1/36 | | Aa3 | | 750,000 | 845,460 |
| (U. of Rochester), Ser. C, 4.00%, 7/1/35 | | Aa3 | | 1,000,000 | 1,130,470 |
| (U. of Rochester), Ser. D, 4.00%, 7/1/34 | | Aa3 | | 1,000,000 | 1,133,050 |
| (U. of Rochester), Ser. C, 4.00%, 7/1/33 | | Aa3 | | 1,500,000 | 1,704,345 |
| (U. of Rochester), Ser. C, 4.00%, 7/1/32 | | Aa3 | | 1,600,000 | 1,824,096 |
| (U. of Rochester), Ser. D, 4.00%, 7/1/32 | | Aa3 | | 1,000,000 | 1,140,060 |
| Monroe Cnty., Indl. Dev. Corp. 144A Rev. Bonds, (True North Rochester Prep Charter School) | | | | | |
| 5.00%, 6/1/59 | | Baa3 | | 1,075,000 | 1,226,285 |
| 5.00%, 6/1/50 | | Baa3 | | 1,260,000 | 1,446,505 |
| Nassau Cnty., Local Econ. Assistance Corp. Rev. Bonds | | | | | |
| (South Nassau Communities Hosp.), 5.00%, 7/1/37 | | Baa2 | | 2,050,000 | 2,127,921 |
| (Catholic Hlth. Svcs. of Long Island Oblig. Group), 5.00%, 7/1/33 | | A- | | 1,355,000 | 1,500,595 |
| (Catholic Hlth. Svcs. of Long Island Oblig. Group), 5.00%, 7/1/32 | | A- | | 1,500,000 | 1,664,235 |
| (South Nassau Communities Hosp.), 5.00%, 7/1/27 | | Baa2 | | 1,255,000 | 1,313,935 |
| Nassau Cnty., Tobacco Settlement Corp. Rev. Bonds, Ser. A-2, 5.25%, 6/1/26 | | CCC+ | | 5,640,000 | 5,781,056 |
| New Rochelle, Corp. Local Dev. Rev. Bonds, (Iona College), Ser. A, 5.00%, 7/1/40 | | Baa2 | | 350,000 | 383,653 |
| Niagara Area Dev. Corp. Solid Waste Disp. Fac. 144A Rev. Bonds, (Covanta Holding Corp.), Ser. A, 4.75%, 11/1/42 | | B1 | | 5,000,000 | 5,235,600 |
| Niagara Falls, Rev. Bonds, Ser. A, BAM, 4.00%, 10/1/44 | | AA | | 500,000 | 532,070 |
| Niagara Frontier Trans. Auth. Rev. Bonds, (Buffalo Niagara Intl. Arpt.), Ser. A | | | | | |
| 5.00%, 4/1/39 | | A3 | | 1,040,000 | 1,223,737 |
| 5.00%, 4/1/37 | | A3 | | 1,000,000 | 1,182,990 |
| 5.00%, 4/1/35 | | A3 | | 200,000 | 238,202 |
| 5.00%, 4/1/28 | | A3 | | 2,560,000 | 2,853,632 |
| 5.00%, 4/1/27 | | A3 | | 875,000 | 976,780 |
| 5.00%, 4/1/24 | | A3 | | 2,000,000 | 2,237,160 |
| NY City, G.O. Bonds | | | | | |
| Ser. F-1, 5.00%, 4/1/43 | | Aa2 | | 9,440,000 | 11,188,099 |
| Ser. E-1, 5.00%, 3/1/39 | | Aa2 | | 5,000,000 | 5,984,800 |
| Ser. B-1, 5.00%, 12/1/35 | | Aa2 | | 2,000,000 | 2,405,260 |
| Ser. E, 5.00%, 8/1/34 | | Aa2 | | 6,360,000 | 7,606,178 |
| Ser. D-1, 4.00%, 3/1/50 | | Aa2 | | 5,170,000 | 5,754,882 |
| Ser. D-1, 4.00%, 3/1/44 | | Aa2 | | 2,330,000 | 2,615,169 |
| Ser. D-1, 4.00%, 3/1/42 | | Aa2 | | 3,000,000 | 3,383,430 |
| Ser. A, 4.00%, 8/1/40 | | Aa2 | | 10,000,000 | 11,262,200 |
| NY City, VRDN | | | | | |
| Ser. I-4, 0.02%, 4/1/36 | | VMIG 1 | | 5,500,000 | 5,500,000 |
| Ser. I-2, 0.01%, 3/1/40 | | VMIG 1 | | 5,650,000 | 5,650,000 |
| Ser. I-8, 0.01%, 4/1/36 | | VMIG 1 | | 6,655,000 | 6,655,000 |
| NY City, Hlth. & Hosp. Corp. Rev. Bonds, Ser. A | | | | | |
| 4.00%, 2/15/48 | | Aa3 | | 880,000 | 1,001,176 |
| 4.00%, 2/15/45 | | Aa3 | | 1,810,000 | 2,065,735 |
| NY City, Hsg. Dev. Corp. Rev. Bonds | | | | | |
| (Sustainable Neighborhoods), Ser. A-1, 4.15%, 11/1/38(T) | | Aa2 | | 25,000,000 | 27,510,268 |
| (Multi-Fam. Hsg.), Ser. H-2-A, 4.40%, 5/1/31 | | AA+ | | 4,000,000 | 4,017,360 |
| NY City, Indl. Dev. Agcy. Rev. Bonds | | | | | |
| (Queens Baseball Stadium), AMBAC, 5.00%, 1/1/24 (Prerefunded 3/15/21) | | Baa2 | | 3,500,000 | 3,506,055 |
| (Yankee Stadium, LLC), AGM, 4.00%, 3/1/45 | | AA | | 1,000,000 | 1,138,130 |
| NY City, Indl. Dev. Agcy. Arpt. Fac. Rev. Bonds, (Sr. Trips), Ser. A, 5.00%, 7/1/28 | | BBB+ | | 1,500,000 | 1,568,175 |
| NY City, Muni. Wtr. & Swr. Syst. Fin. Auth. Rev. Bonds | | | | | |
| Ser. EE, 5.00%, 6/15/47 | | Aa1 | | 5,365,000 | 5,873,548 |
| (2nd Gen. Resolution), 5.00%, 6/15/46 | | Aa1 | | 12,460,000 | 14,532,098 |
| (2nd Gen. Resolution), Ser. BB, 5.00%, 6/15/46 | | Aa1 | | 2,500,000 | 2,738,175 |
| NY City, Muni. Wtr. & Swr. Syst. Fin. Auth. VRDN | | | | | |
| 0.02%, 6/15/49 | | VMIG 1 | | 3,690,000 | 3,690,000 |
| Ser. DD-1, 0.02%, 6/15/43 | | VMIG 1 | | 15,400,000 | 15,400,000 |
| NY City, Transitional Fin. Auth. Rev. Bonds | | | | | |
| Ser. E-1, 5.00%, 2/1/41 | | AAA | | 5,200,000 | 5,922,332 |
| Ser. B-1, 5.00%, 8/1/40 | | AAA | | 6,575,000 | 7,829,116 |
| Ser. B-1, 5.00%, 8/1/39 | | AAA | | 3,660,000 | 4,156,808 |
| Ser. E-1, 5.00%, 2/1/39 | | AAA | | 9,000,000 | 10,595,700 |
| Ser. B-1, 5.00%, 8/1/38 | | AAA | | 5,000,000 | 5,965,250 |
| Ser. A-1, 5.00%, 5/1/37 | | AAA | | 1,000,000 | 1,187,190 |
| Ser. A-1, 5.00%, 5/1/36 | | AAA | | 3,585,000 | 4,265,971 |
| Ser. A-3, 4.00%, 5/1/43 | | AAA | | 5,000,000 | 5,626,300 |
| Ser. C-1, 4.00%, 5/1/39 | | AAA | | 2,250,000 | 2,586,533 |
| 4.00%, 11/1/38 | | AAA | | 10,000,000 | 11,354,500 |
| NY City, Transitional Fin. Auth. Bldg. Aid Rev. Bonds | | | | | |
| Ser. S-1, 5.00%, 7/15/43 | | AA | | 6,500,000 | 7,593,495 |
| Ser. S-1, 5.00%, 7/15/40 | | AA | | 4,550,000 | 5,220,579 |
| Ser. S-2, 5.00%, 7/15/40 | | AA | | 8,110,000 | 9,454,719 |
| Ser. S-2A, 5.00%, 7/15/36 | | AA | | 3,250,000 | 3,984,500 |
| Ser. S-3A, 5.00%, 7/15/34 | | AA | | 4,250,000 | 5,247,220 |
| NY City, Trust for Cultural Resources Rev. Bonds | | | | | |
| (Wildlife Conservation Society), Ser. A, 5.00%, 8/1/42 (Prerefunded 8/1/23) | | A1 | | 1,915,000 | 2,134,765 |
| (Lincoln Ctr. for the Performing Arts, Inc.), 5.00%, 12/1/31 | | A | | 3,800,000 | 4,952,882 |
| (Lincoln Ctr. for the Performing Arts, Inc.), 4.00%, 12/1/35 | | A | | 1,000,000 | 1,177,290 |
| (Lincoln Ctr. for the Performing Arts, Inc.), 4.00%, 12/1/34 | | A | | 1,000,000 | 1,183,730 |
| (Lincoln Ctr. for the Performing Arts, Inc.), 4.00%, 12/1/33 | | A | | 2,750,000 | 3,271,510 |
| NY Counties, Tobacco Trust II Rev. Bonds, (Tobacco Settlement Pass Through), 5.75%, 6/1/43 | | BBB | | 840,000 | 841,235 |
| NY Counties, Tobacco Trust III Rev. Bonds, (Tobacco Settlement Pass Through), 6.00%, 6/1/43 | | A3 | | 50,000 | 50,086 |
| NY Counties, Tobacco Trust IV Rev. Bonds, (Tobacco Settlement Pass Through), Ser. A, 5.00%, 6/1/38 | | B- | | 7,250,000 | 7,344,323 |
| NY Counties, Tobacco Trust VI Rev. Bonds, (Tobacco Settlement Pass Through) | | | | | |
| Ser. A-2B, 5.00%, 6/1/51 | | BB+/P | | 3,300,000 | 3,476,946 |
| Ser. B, 5.00%, 6/1/41 | | BBB+ | | 250,000 | 281,333 |
| Ser. B, 5.00%, 6/1/36 | | A- | | 265,000 | 301,432 |
| NY State Convention Ctr. Dev. Corp. Rev. Bonds, (Hotel Unit Fee) | | | | | |
| 5.00%, 11/15/45 | | A1 | | 3,000,000 | 3,357,810 |
| zero %, 11/15/50 | | A1 | | 7,000,000 | 2,358,650 |
| NY State Dorm. Auth. Rev. Bonds | | | | | |
| (NYU), Ser. 1, AMBAC, 5.50%, 7/1/40 | | Aa2 | | 6,000,000 | 8,749,080 |
| (NYU), Ser. 1, AMBAC, 5.50%, 7/1/31 | | Aa2 | | 6,170,000 | 8,035,808 |
| (St. Joseph's College), 5.00%, 7/1/51 | | BBB-/F | | 725,000 | 830,727 |
| (St. Joseph's College), 4.00%, 7/1/40 | | BBB-/F | | 200,000 | 212,558 |
| (St. Joseph's College), 4.00%, 7/1/35 | | BBB-/F | | 600,000 | 647,532 |
| (St. Joseph's College/Brooklyn NY), Ser. A, 4.00%, 7/1/34 | | BBB-/F | | 850,000 | 922,395 |
| NY State Dorm. Auth. Non-State Supported Debt Mandatory Put Bonds (5/1/26), (Northwell Hlth. Oblig. Group), Ser. B-3, 5.00%, 5/1/48 | | A3 | | 2,000,000 | 2,380,580 |
| NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds | | | | | |
| (Skidmore College), Ser. A, 5.50%, 7/1/41 (Prerefunded 7/1/21) | | A1 | | 3,000,000 | 3,052,920 |
| (Culinary Inst. of America), 5.50%, 7/1/33 | | Baa2 | | 1,180,000 | 1,285,704 |
| (School Dist. Fin. Program), Ser. C, AGC, 5.125%, 10/1/36 | | AA | | 40,000 | 40,141 |
| (North Shore Long Island Jewish Oblig. Group), Ser. A, 5.00%, 5/1/43 | | A3 | | 2,500,000 | 2,789,925 |
| (Teachers College), 5.00%, 7/1/42 | | A1 | | 3,000,000 | 3,164,130 |
| (Pratt Institute), 5.00%, 7/1/39 | | A2 | | 2,750,000 | 3,233,175 |
| (Pratt Institute), Ser. A, FCS, FHLMC Coll., 5.00%, 7/1/39 (Prerefunded 7/1/24) | | A2 | | 1,000,000 | 1,152,030 |
| (St. John's U.), Ser. A, 5.00%, 7/1/37 | | A3 | | 1,400,000 | 1,604,288 |
| (North Shore Long Island Jewish Oblig. Group), Ser. A, 5.00%, 5/1/37 | | A3 | | 3,000,000 | 3,388,620 |
| (NYU), Ser. A, 5.00%, 7/1/36 | | Aa2 | | 1,000,000 | 1,250,820 |
| (NYU), Ser. A, 5.00%, 7/1/35 | | Aa2 | | 2,000,000 | 2,358,860 |
| (Culinary Inst. of America), 5.00%, 7/1/34 | | Baa2 | | 350,000 | 362,401 |
| (Pratt Institute), Ser. A, FCS, FHLMC Coll., U.S. Govt. Coll., 5.00%, 7/1/34 (Prerefunded 7/1/24) | | A2 | | 1,000,000 | 1,152,030 |
| (Teachers College), 5.00%, 7/1/34 | | A1 | | 2,750,000 | 2,904,220 |
| (NYU), Ser. A, 5.00%, 7/1/33 | | Aa2 | | 1,000,000 | 1,262,740 |
| (NYU Hosp. Ctr.), 5.00%, 7/1/33 | | A | | 360,000 | 421,304 |
| (North Shore Long Island Jewish Oblig. Group), Ser. A, 5.00%, 5/1/33 | | A3 | | 5,000,000 | 5,708,150 |
| (School Dist. Fin. Program), Ser. C, AGC, 5.00%, 10/1/31 | | AA | | 20,000 | 20,068 |
| (New School (The)), 5.00%, 7/1/31 | | A3 | | 5,000,000 | 5,059,350 |
| (NYU Hosp. Ctr.), 5.00%, 7/1/30 | | A | | 1,000,000 | 1,181,240 |
| (Montefiore Oblig. Group), Ser. A, 4.00%, 9/1/50 | | BBB | | 2,350,000 | 2,609,417 |
| (Fordham University), 4.00%, 7/1/50 | | A2 | | 11,000,000 | 12,299,980 |
| (Montefiore Oblig. Group), Ser. A, 4.00%, 9/1/45 | | BBB | | 1,750,000 | 1,956,588 |
| (Rochester Inst. of Tech.), Ser. A, 4.00%, 7/1/44 | | A1 | | 5,770,000 | 6,477,633 |
| (NYU), Ser. A, 4.00%, 7/1/35 | | Aa2 | | 1,000,000 | 1,163,180 |
| (NYU), Ser. A, 4.00%, 7/1/34 | | Aa2 | | 1,195,000 | 1,395,413 |
| NY State Dorm. Auth. Non-State Supported Debt 144A Rev. Bonds, (Orange Regl. Med. Ctr.) | | | | | |
| 5.00%, 12/1/37 | | Baa3 | | 4,300,000 | 4,882,607 |
| 5.00%, 12/1/36 | | Baa3 | | 700,000 | 797,993 |
| NY State Dorm. Auth. Personal Income Tax Rev. Bonds | | | | | |
| Ser. B, 5.00%, 2/15/41 | | AA+ | | 9,910,000 | 11,994,866 |
| Ser. B, U.S. Govt. Coll., 5.00%, 2/15/41 (Prerefunded 8/15/27) | | AAA/P | | 10,000 | 12,658 |
| Ser. B-C, 5.00%, 2/15/41 | | AA+ | | 4,995,000 | 5,780,064 |
| Ser. B-C, U.S. Govt. Coll., 5.00%, 2/15/41 (Prerefunded 2/15/25) | | AAA/P | | 5,000 | 5,873 |
| Ser. B, 5.00%, 2/15/39 | | AA+ | | 2,995,000 | 3,631,018 |
| Ser. B, U.S. Govt. Coll., 5.00%, 2/15/39 (Prerefunded 8/15/27) | | AAA/P | | 5,000 | 6,329 |
| NY State Dorm. Auth. Sales Tax Rev. Bonds, Ser. A, 5.00%, 3/15/44 | | AA+ | | 5,500,000 | 6,143,940 |
| NY State Env. Fac. Corp. Solid Waste Disp. Mandatory Put Bonds (9/2/25), (Casella Waste Syst. Inc.), Ser. R-1, 2.75%, 9/1/50 | | B | | 550,000 | 566,737 |
| NY State Liberty Dev. Corp. Rev. Bonds | | | | | |
| (7 World Trade Ctr.), Class 3, 5.00%, 3/15/44 | | A2 | | 1,000,000 | 1,040,340 |
| (1 World Trade Ctr. Port Auth.), 5.00%, 12/15/41 | | Aa3 | | 7,500,000 | 7,741,425 |
| (7 World Trade Ctr.), Class 1, 5.00%, 9/15/40 | | Aaa | | 4,815,000 | 5,021,515 |
| (4 World Trade Ctr.), 5.00%, 11/15/31 | | A | | 2,500,000 | 2,574,125 |
| (One Bryant Park, LLC), Class 3, 2.80%, 9/15/69 | | Baa2 | | 5,500,000 | 5,321,800 |
| NY State Liberty Dev. Corp. 144A Rev. Bonds, (3 World Trade Ctr., LLC) | | | | | |
| Class 2, 5.15%, 11/15/34 | | BB/P | | 515,000 | 572,603 |
| Class 1-3, 5.00%, 11/15/44 | | BB-/P | | 15,975,000 | 17,378,404 |
| NY State Mtge. Agcy. Rev. Bonds, Ser. 189, 3.85%, 10/1/34 | | Aa1 | | 945,000 | 976,232 |
| NY State Pwr. Auth. Rev. Bonds, Ser. A, 4.00%, 11/15/60 | | Aa2 | | 10,000,000 | 11,360,400 |
| NY State Thruway Auth. Rev. Bonds | | | | | |
| Ser. A, 5.00%, 1/1/46 | | A2 | | 2,000,000 | 2,325,960 |
| Ser. B, 4.00%, 1/1/50 | | A2 | | 4,000,000 | 4,486,000 |
| Ser. B, 4.00%, 1/1/41 | | A2 | | 5,000,000 | 5,694,950 |
| NY State Trans. Special Fac. Dev. Corp. Rev. Bonds | | | | | |
| (Laguardia Arpt. Term. B Redev. Program), Ser. A, 5.00%, 7/1/46 | | Baa3 | | 2,000,000 | 2,226,640 |
| (Laguardia Arpt. Term. B Redev. Program), Ser. A, 5.00%, 7/1/41 | | Baa3 | | 2,500,000 | 2,799,775 |
| (Delta Air Lines, Inc.), 5.00%, 10/1/40 | | Baa3 | | 7,250,000 | 8,813,028 |
| (Delta Air Lines, Inc. - LaGuardia Arpt. Term. C&D), 5.00%, 1/1/36 | | Baa3 | | 5,000,000 | 5,874,150 |
| (Delta Air Lines, Inc.), 5.00%, 10/1/35 | | Baa3 | | 750,000 | 925,808 |
| (Delta Air Lines, Inc. - LaGuardia Arpt. Term. C&D), 5.00%, 1/1/34 | | Baa3 | | 2,000,000 | 2,361,100 |
| (Delta Air Lines, Inc. - LaGuardia Arpt. Term. C&D), 5.00%, 1/1/32 | | Baa3 | | 1,000,000 | 1,189,360 |
| (Terminal One Group Assn.), 5.00%, 1/1/23 | | Baa3 | | 1,500,000 | 1,617,345 |
| (JFK Intl. Arpt. Term. 4, LLC), 4.00%, 12/1/41 | | Baa1 | | 900,000 | 997,281 |
| (JFK Intl. Arpt. Term. 4, LLC), 4.00%, 12/1/38 | | Baa1 | | 600,000 | 676,698 |
| NY State Urban Dev. Corp. Rev. Bonds, 4.00%, 3/15/45 | | Aa2 | | 3,000,000 | 3,410,220 |
| NY State Urban Dev. Corp. Personal Income Tax Rev. Bonds, (Group C), Ser. A , 5.00%, 3/15/38 | | AA+ | | 6,515,000 | 7,661,770 |
| Oneida Cnty., Local Dev. Corp. Rev. Bonds, (Mohawk Valley Hlth. Syst.), Ser. A, AGM | | | | | |
| 4.00%, 12/1/49 | | AA | | 4,000,000 | 4,422,560 |
| 4.00%, 12/1/38 | | AA | | 1,250,000 | 1,412,938 |
| 4.00%, 12/1/37 | | AA | | 1,000,000 | 1,133,730 |
| 4.00%, 12/1/36 | | AA | | 1,250,000 | 1,421,688 |
| 4.00%, 12/1/35 | | AA | | 1,000,000 | 1,141,650 |
| Onondaga Cnty., Resource Recvy. Agcy. Rev. Bonds, Ser. A, AGM, 5.00%, 5/1/29 | | AA | | 3,120,000 | 3,580,699 |
| Onondaga, Civic Dev. Corp. Rev. Bonds, (Le Moyne College) | | | | | |
| 5.00%, 1/1/43 | | Baa2 | | 740,000 | 848,129 |
| Ser. B, 5.00%, 7/1/35 | | Baa2 | | 410,000 | 500,196 |
| 5.00%, 7/1/34 | | Baa2 | | 445,000 | 496,015 |
| Ser. B, 5.00%, 7/1/34 | | Baa2 | | 285,000 | 348,772 |
| Ser. B, 5.00%, 7/1/33 | | Baa2 | | 305,000 | 374,384 |
| 5.00%, 7/1/32 | | Baa2 | | 1,635,000 | 1,700,580 |
| Ser. B, 5.00%, 7/1/32 | | Baa2 | | 265,000 | 327,529 |
| Ser. B, 4.00%, 7/1/40 | | Baa2 | | 300,000 | 329,496 |
| Ser. B, 4.00%, 7/1/39 | | Baa2 | | 825,000 | 908,449 |
| Ser. B, 4.00%, 7/1/38 | | Baa2 | | 455,000 | 502,447 |
| Ser. B, 4.00%, 7/1/37 | | Baa2 | | 490,000 | 542,807 |
| Ser. B, 4.00%, 7/1/36 | | Baa2 | | 425,000 | 473,289 |
| Oyster Bay, G.O. Bonds, (Pub. Impt.), 4.00%, 2/15/26 | | Baa1 | | 3,000,000 | 3,368,670 |
| Port Auth. of NY & NJ Rev. Bonds | | | | | |
| Ser. 206, 5.00%, 11/15/42 | | Aa3 | | 5,000,000 | 5,925,000 |
| Ser. 194, 5.00%, 10/15/41 | | Aa3 | | 5,450,000 | 6,367,889 |
| Ser. 197, 5.00%, 11/15/34 | | Aa3 | | 2,500,000 | 3,012,725 |
| Ser. 185, 5.00%, 9/1/30 | | Aa3 | | 2,000,000 | 2,271,300 |
| Ser. 222, 4.00%, 7/15/40 | | Aa3 | | 500,000 | 578,255 |
| Ser. 217, 4.00%, 11/1/39 | | Aa3 | | 3,250,000 | 3,766,848 |
| Ser. 217, 4.00%, 11/1/38 | | Aa3 | | 4,600,000 | 5,344,510 |
| Ser. 217, 4.00%, 11/1/37 | | Aa3 | | 3,800,000 | 4,428,140 |
| Poughkeepsie City, G.O. Bonds | | | | | |
| 5.00%, 6/1/31 | | Ba1 | | 600,000 | 656,718 |
| 5.00%, 6/1/25 | | Ba1 | | 230,000 | 254,691 |
| 5.00%, 6/1/24 | | Ba1 | | 460,000 | 500,020 |
| 5.00%, 6/1/23 | | Ba1 | | 1,125,000 | 1,195,403 |
| 5.00%, 6/1/22 | | Ba1 | | 1,070,000 | 1,109,194 |
| Saratoga Cnty., Cap. Resource Rev. Bonds, (Skidmore College) | | | | | |
| Ser. A, 5.00%, 7/1/45 | | A1 | | 2,500,000 | 3,094,025 |
| Ser. 21A, 5.00%, 7/1/33(FWC) | | A1 | | 1,170,000 | 1,499,940 |
| Ser. A, 4.00%, 7/1/50 | | A1 | | 2,200,000 | 2,501,642 |
| Ser. 21A, 4.00%, 7/1/37(FWC) | | A1 | | 1,385,000 | 1,610,381 |
| Ser. 21A, 4.00%, 7/1/35(FWC) | | A1 | | 1,285,000 | 1,505,557 |
| Schenectady Cnty., Cap. Resource Corp. Rev. Bonds, (Union College), 5.00%, 7/1/32 | | A1 | | 3,430,000 | 3,584,727 |
| Southold, Local Dev. Corp. Rev. Bonds, (Peconic Landing at Southold, Inc.), 5.00%, 12/1/45 | | BBB-/F | | 2,250,000 | 2,390,198 |
| St. Lawrence Cnty., Indl. Dev. Agcy. Civic Dev. Corp. Rev. Bonds, (Clarkson U.), Ser. A | | | | | |
| 5.25%, 9/1/33 | | Baa1 | | 1,050,000 | 1,080,902 |
| 5.00%, 9/1/41 | | Baa1 | | 1,750,000 | 1,791,493 |
| Suffolk Cnty., G.O. Bonds, Ser. B, AGM, 5.00%, 10/15/26 | | AA | | 4,000,000 | 4,893,960 |
| Suffolk Cnty., Indl. Dev. Agcy. Rev. Bonds, (Nissequogue Cogen. Partners Fac.), 5.50%, 1/1/23 | | BBB-/P | | 620,000 | 625,462 |
| Tompkins Cnty., Dev. Corp. Rev. Bonds | | | | | |
| (Kendal at Ithaca, Inc.), 5.00%, 7/1/44 | | BBB+ | | 2,570,000 | 2,770,589 |
| (Ithaca College), 5.00%, 7/1/41 | | A2 | | 715,000 | 847,368 |
| (Ithaca College), 5.00%, 7/1/37 | | A2 | | 250,000 | 298,958 |
| (Ithaca College), 5.00%, 7/1/35 | | A2 | | 150,000 | 180,194 |
| (Ithaca College), 5.00%, 7/1/34 | | A2 | | 150,000 | 180,623 |
| Triborough Bridge & Tunnel Auth. Rev. Bonds | | | | | |
| (MTA Bridges & Tunnels), Ser. A, 5.00%, 11/15/49 | | Aa3 | | 6,000,000 | 7,526,880 |
| Ser. A, 5.00%, 11/15/44 | | Aa3 | | 2,340,000 | 2,624,638 |
| Ser. A, 5.00%, 11/15/41 | | Aa3 | | 3,750,000 | 4,371,638 |
| Ser. B, 5.00%, 11/15/38 | | Aa3 | | 1,000,000 | 1,201,220 |
| Ser. B, zero %, 11/15/32 | | Aa3 | | 3,900,000 | 3,124,836 |
| Ser. A, zero %, 11/15/30 | | A1 | | 7,000,000 | 5,738,180 |
| Triborough Bridge & Tunnel Auth. VRDN, Ser. F, 0.01%, 11/1/32 | | VMIG 1 | | 13,065,000 | 13,065,000 |
| Troy, Cap. Resource Corp. Rev. Bonds, (Rensselaer Polytechnic Inst.), Ser. A | | | | | |
| 5.00%, 9/1/39 | | A3 | | 1,250,000 | 1,545,213 |
| 5.00%, 9/1/38 | | A3 | | 1,300,000 | 1,611,337 |
| 5.00%, 9/1/37 | | A3 | | 1,375,000 | 1,709,634 |
| 5.00%, 9/1/36 | | A3 | | 1,500,000 | 1,871,670 |
| 5.00%, 9/1/35 | | A3 | | 1,000,000 | 1,252,690 |
| 5.00%, 9/1/34 | | A3 | | 2,250,000 | 2,827,958 |
| 5.00%, 9/1/32 | | A3 | | 1,625,000 | 2,059,249 |
| 5.00%, 9/1/31 | | A3 | | 1,500,000 | 1,910,655 |
| 5.00%, 9/1/30 | | A3 | | 1,000,000 | 1,280,710 |
| 4.00%, 9/1/40 | | A3 | | 1,375,000 | 1,558,123 |
| TSASC, Inc. Rev. Bonds, Ser. A, 5.00%, 6/1/41 | | BBB+ | | 15,490,000 | 17,881,036 |
| Westchester Cnty., Indl Dev. Agcy. Civic Fac. Rev. Bonds, (Pace U.), Ser. A, 5.50%, 5/1/42 | | BBB- | | 4,405,000 | 4,850,698 |
| Westchester Cnty., Local Dev. Corp. Rev. Bonds | | | | | |
| (Westchester Med. Ctr.), 5.00%, 11/1/46 | | Baa2 | | 3,500,000 | 3,825,640 |
| (Purchase Hsg. Corp. II), 5.00%, 6/1/42 | | BBB | | 1,235,000 | 1,362,860 |
| Westchester Tobacco Asset Securitization Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/41 | | BBB+ | | 1,250,000 | 1,472,763 |
| Western Nassau Cnty., Wtr. Auth. Rev. Bonds, Ser. A, 5.00%, 4/1/40 | | A1 | | 2,400,000 | 2,729,904 |
| Yonkers, G.O. Bonds, Ser. A, AGM, 5.00%, 11/15/31 | | AA | | 2,200,000 | 2,611,202 |
| Yonkers, Econ. Dev. Corp. Edl. Rev. Bonds, (Charter School of Edl. Excellence), Ser. A | | | | | |
| 5.00%, 10/15/54 | | BB/P | | 465,000 | 515,764 |
| 5.00%, 10/15/49 | | BB/P | | 640,000 | 712,384 |
| 5.00%, 10/15/39 | | BB/P | | 420,000 | 477,221 |
| | | | | |
|
| | | | | | 966,496,914 |
| Puerto Rico (—%) |
| Cmnwlth. of PR, Sales Tax Fin. Corp. (COFINA) Rev. Bonds, Class 2, zero %, 8/1/47 | | BBB/P | | 1,548,906 | 436,808 |
| | | | | |
|
| | | | | | 436,808 |
| | | | | |
|
| Total municipal bonds and notes (cost $926,042,491) | | $977,803,312 |
| | | | | | |
| 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, 2020 through February 28, 2021 (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 $1,015,364,832. |
| (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. |
| (NON) | This security is non-income-producing. |
| (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
11/30/20 | Purchase
cost | Sale
proceeds | Investment
income | Shares outstanding
and fair
value as of
2/28/21 |
| Short-term investments | | | | | |
| Putnam Short Term Investment Fund** | $13,962,972 | $84,200,409 | $51,507,513 | $6,372 | $46,655,868 |
| |
|
|
|
|
|
| Total Short-term investments | $13,962,972 | $84,200,409 | $51,507,513 | $6,372 | $46,655,868 |
| ** 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. |
| (SEG) | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $57,993. |
| (SEGSF) | This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $241,969. |
| (FWC) | Forward commitment, in part or in entirety. |
| (F) | This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities are classified as 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 $37,266,391 to cover certain derivative contracts, tender option bonds and the settlement of certain securities. |
| Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. |
| 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 0.03%, 0.12% and 0.19%, 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 | 18.3% | | | | |
| Education | 18.0 | | | | |
| Tax bonds | 12.9 | | | | |
| Utilities | 11.2 | | | | |
| 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 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. |
| Total return swap contracts: The fund entered into OTC and/or centrally cleared total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, both based on a notional principal amount, to hedge sector exposure and for gaining exposure to specific sectors. |
| To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. |
| For the fund's average notional amount on total return swap contracts, see the appropriate table at the end of these footnotes. |
| 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 had a net liability position of $314,848 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $241,969 and may include amounts related to unsettled 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 $27,510,268 were held by the TOB trust and served as collateral for $16,684,687 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $4,045 for these investments based on an average interest rate of 0.10%. |
