Putnam Strategic Intermediate Municipal Fund | ||||||
The fund's portfolio | ||||||
10/31/22 (Unaudited) | ||||||
Key to holding's abbreviations | ||||||
AGM — Assured Guaranty Municipal Corporation | ||||||
BAM — Build America Mutual | ||||||
COP — Certificates of Participation | ||||||
FHLMC Coll. — Federal Home Loan Mortgage Corporation Collateralized | ||||||
FNMA Coll. — Federal National Mortgage Association Collateralized | ||||||
G.O. Bonds — General Obligation Bonds | ||||||
GNMA Coll. — Government National Mortgage Association Collateralized | ||||||
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 2.24% as of the close of the reporting period. |
MUNICIPAL BONDS AND NOTES (98.3%)(a) | ||||||
Rating(RAT) | Principal amount | Value | ||||
Alabama (1.1%) | ||||||
Black Belt Energy Gas Dist., Gas Supply Mandatory Put Bonds (6/1/27), Ser. D-1, 4.00%, 7/1/52 Mandatory Put Bonds (3/1/27), 6/1/27 | Aa1 | $1,000,000 | $968,854 | |||
Jefferson, Cnty. Rev. Bonds, (Refunding warrants) | ||||||
5.00%, 9/15/34 | AA | 1,075,000 | 1,125,109 | |||
5.00%, 9/15/33 | AA | 125,000 | 131,094 | |||
Southeast Energy Auth. Commodity Supply Mandatory Put Bonds (12/1/29)(8/1/28) | ||||||
Mandatory Put Bonds (12/1/29), Ser. A-1, 5.50%, 1/1/53 | A1 | 1,350,000 | 1,365,378 | |||
Mandatory Put Bonds (8/1/28), Ser. B-1, 5.00%, 5/1/53 | A2 | 3,000,000 | 2,955,066 | |||
6,545,501 | ||||||
Alaska (0.5%) | ||||||
AK State Indl. Dev. & Export Auth. Rev. Bonds, (Tanana Chiefs Conference), Ser. A | ||||||
4.00%, 10/1/39 | A+/F | 2,445,000 | 2,117,108 | |||
4.00%, 10/1/38 | A+/F | 555,000 | 488,380 | |||
2,605,488 | ||||||
Arizona (1.6%) | ||||||
AZ State Indl. Dev. Auth. Rev. Bonds | ||||||
(Equitable School Revolving Fund), Ser. A, 5.00%, 11/1/38 | A | 2,740,000 | 2,776,945 | |||
(Equitable School Revolving Fund, LLC), 5.00%, 11/1/33 | A | 1,000,000 | 1,026,197 | |||
Glendale, Indl. Dev. Auth. Sr. Living Fac. Rev. Bonds, (Royal Oaks Life Care Cmnty.) | ||||||
4.00%, 5/15/31 | BBB-/F | 1,000,000 | 886,953 | |||
4.00%, 5/15/29 | BBB-/F | 1,000,000 | 914,947 | |||
Pima Cnty., Indl. Dev. Auth. Sr. Living 144A Rev. Bonds, (La Posada at Park Centre, Inc.), 6.25%, 11/15/35 | BBB+/P | 2,750,000 | 2,732,986 | |||
Salt Verde, Fin. Corp. Gas Rev. Bonds, 5.50%, 12/1/29 | A3 | 1,000,000 | 1,046,543 | |||
9,384,571 | ||||||
California (18.1%) | ||||||
Anaheim, Union High School Dist. G.O. Bonds, 3.00%, 8/1/38 | Aa2 | 3,000,000 | 2,359,706 | |||
Antioch, Unified School Dist. G.O. Bonds, BAM, 3.00%, 8/1/34 | AA | 1,185,000 | 1,006,296 | |||
CA Cmnty. Choice Fin. Auth. Mandatory Put Bonds (8/1/28), (Green Bonds), Ser. A-1, 4.00%, 5/1/53 | A1 | 9,675,000 | 9,297,145 | |||
CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds, (Aster Apt.), Ser. A-1, 4.00%, 2/1/56 | BB+/P | 250,000 | 187,525 | |||
CA Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35 | BBB+ | 903,656 | 773,160 | |||
CA Muni. Fin. Auth. VRDN (Chevron USA, Inc.), 1.10%, 11/1/35 | VMIG 1 | 3,900,000 | 3,900,000 | |||
CA Pub. Fin. Auth. VRDN, (Sharp Hlth. Care Oblig. Group), Ser. C, 1.00%, 8/1/52 | VMIG 1 | 2,475,000 | 2,475,000 | |||
CA State G.O. Bonds | ||||||
5.00%, 2/1/32 | Aa2 | 10,000,000 | 10,041,002 | |||
3.00%, 10/1/36 | Aa2 | 2,000,000 | 1,666,576 | |||
CA State Charter School Fin. Auth. 144A Rev. Bonds, (Aspire Pub. Schools), 5.00%, 8/1/36 | BBB | 3,225,000 | 3,227,791 | |||
CA State Enterprise Dev. Auth. Student Hsg. Rev. Bonds, (Provident Group-SDSU Properties, LLC), Ser. A, 5.00%, 8/1/28 | Baa3 | 150,000 | 151,856 | |||
CA State Infrastructure & Econ. Dev. Bank | ||||||
Mandatory Put Bonds (8/1/24), (Museum Associates), 2.94%, 12/1/50 | A3 | 1,000,000 | 974,703 | |||
Mandatory Put Bonds (8/1/24), (CA Academy of Sciences), 2.59%, 8/1/47 | A2 | 1,500,000 | 1,480,013 | |||
CA State Infrastructure & Econ. Dev. Bank Rev. Bonds, (Performing Arts Ctr. of Los Angeles Cnty.), 5.00%, 12/1/29 | A | 675,000 | 727,093 | |||
CA State Muni. Fin. Auth. Rev. Bonds, (HumanGood Oblig. Group), Ser. A, 4.00%, 10/1/32 | A-/F | 1,000,000 | 943,297 | |||
CA State Poll. Control Fin. Auth. Rev. Bonds, (San Jose Wtr. Co.), 4.75%, 11/1/46 | A | 1,000,000 | 952,331 | |||
CA State Pub. Wks. Board Rev. Bonds | ||||||
Ser. E, 5.00%, 9/1/34 | Aa3 | 900,000 | 923,070 | |||
(Various Cap. Projects.), Ser. A, 5.00%, 8/1/32 | Aa3 | 1,000,000 | 1,103,165 | |||
CA Statewide Cmnty. Dev. Auth. 144A Rev. Bonds, (Lancer Edl. Student Hsg.), Ser. A, 3.00%, 6/1/29 | BB/P | 1,450,000 | 1,263,024 | |||
Chula Vista, Muni. Fin. Auth. Special Tax Bonds, 5.50%, 9/1/30 | AA- | 775,000 | 787,911 | |||
Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. B-1, 3.85%, 6/1/50 | BBB- | 3,000,000 | 2,563,746 | |||
Indio, Pub. Fin. Auth. Rev. Bonds, Ser. A, BAM | ||||||
5.00%, 11/1/33 | AA | 425,000 | 452,284 | |||
5.00%, 11/1/32 | AA | 350,000 | 375,709 | |||
5.00%, 11/1/31 | AA | 375,000 | 402,771 | |||
5.00%, 11/1/30 | AA | 400,000 | 431,430 | |||
5.00%, 11/1/29 | AA | 310,000 | 332,970 | |||
5.00%, 11/1/28 | AA | 275,000 | 293,056 | |||
Long Beach, Arpt. Syst. Rev. Bonds | ||||||
Ser. B, AGM, 5.00%, 6/1/38 | AA | 300,000 | 315,398 | |||
Ser. B, AGM, 5.00%, 6/1/36 | AA | 250,000 | 266,479 | |||
Ser. A, AGM, 5.00%, 6/1/35 | AA | 300,000 | 321,934 | |||
Ser. B, AGM, 5.00%, 6/1/35 | AA | 300,000 | 321,934 | |||
Ser. A, AGM, 5.00%, 6/1/34 | AA | 400,000 | 432,588 | |||
Ser. B, AGM, 5.00%, 6/1/34 | AA | 200,000 | 216,294 | |||
Los Angeles Cnty., Regl. Fin. Auth. Rev. Bonds, (Vermont Manchester Social), 5.00%, 12/1/34 | AA+ | 500,000 | 545,871 | |||
Los Angeles, Dept. of Arpt. Rev. Bonds | ||||||
Ser. H, 5.50%, 5/15/36 | Aa2 | 3,000,000 | 3,159,815 | |||
5.00%, 5/15/31 | Aa3 | 1,500,000 | 1,549,623 | |||
Ser. A, 5.00%, 5/15/28 | Aa3 | 1,500,000 | 1,557,386 | |||
Ser. C, 5.00%, 5/15/28 | Aa3 | 2,175,000 | 2,258,210 | |||
Ser. A, 4.00%, 5/15/39 | Aa3 | 1,500,000 | 1,327,195 | |||
4.00%, 5/15/35 | Aa3 | 600,000 | 554,683 | |||
Los Angeles, Dept. of Wtr. & Pwr. Rev. Bonds | ||||||
Ser. A, 5.00%, 7/1/42 | Aa2 | 7,870,000 | 8,121,511 | |||
Ser. B, 5.00%, 7/1/40 | Aa2 | 2,800,000 | 2,957,865 | |||
Port of Oakland Rev. Bonds | ||||||
5.00%, 5/1/28 | A2 | 750,000 | 784,922 | |||
1.081%, 5/1/24 | A1 | 620,000 | 583,358 | |||
Regents of the U. of CA Med. Ctr. (The) Rev. Bonds, Ser. P, 5.00%, 5/15/38 | Aa3 | 9,000,000 | 9,417,404 | |||
San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A | ||||||
5.00%, 5/1/35 | A1 | 1,900,000 | 1,902,878 | |||
5.00%, 5/1/34 | A1 | 4,585,000 | 4,661,128 | |||
5.00%, 5/1/30 | A1 | 1,000,000 | 1,030,437 | |||
5.00%, 5/1/29 | A1 | 2,000,000 | 2,063,114 | |||
San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. VRDN, Ser. B, 1.90%, 5/1/58 | VMIG 1 | 4,000,000 | 4,000,000 | |||
San Francisco, Pub. Fac. Fin. Auth. Rev. Bonds | ||||||
5.00%, 6/1/39 | AA+ | 475,000 | 501,819 | |||
5.00%, 6/1/38 | AA+ | 400,000 | 423,533 | |||
5.00%, 6/1/37 | AA+ | 350,000 | 371,593 | |||
5.00%, 6/1/36 | AA+ | 325,000 | 346,097 | |||
5.00%, 6/1/35 | AA+ | 280,000 | 298,705 | |||
5.00%, 6/1/34 | AA+ | 250,000 | 267,737 | |||
5.00%, 6/1/33 | AA+ | 255,000 | 273,981 | |||
5.00%, 6/1/32 | AA+ | 180,000 | 197,286 | |||
Sierra View, Local Hlth. Care Dist. Rev. Bonds | ||||||
5.00%, 7/1/30 | A/F | 620,000 | 645,816 | |||
5.00%, 7/1/27 | A/F | 625,000 | 648,591 | |||
4.00%, 7/1/26 | A/F | 300,000 | 299,136 | |||
4.00%, 7/1/25 | A/F | 290,000 | 289,573 | |||
4.00%, 7/1/24 | A/F | 235,000 | 235,323 | |||
4.00%, 7/1/23 | A/F | 260,000 | 260,427 | |||
U. of CA VRDN, Ser. AL-4, 1.05%, 5/15/48 | VMIG 1 | 2,800,000 | 2,800,000 | |||
Yucaipa Special Tax Bonds, (Cmnty. Fac. Dist. No. 98-1 Chapman Heights), 5.375%, 9/1/30 | A | 375,000 | 376,094 | |||
105,678,368 | ||||||
Colorado (1.2%) | ||||||
CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (CommonSpirit Hlth.), Ser. A, 5.00%, 11/1/25 | A- | 350,000 | 360,067 | |||
Denver City & Cnty., Arpt. Rev. Bonds, Ser. B, 5.00%, 11/15/42 | Aa3 | 1,125,000 | 1,168,645 | |||
E-470 Pub. Hwy. Auth. Mandatory Put Bonds (9/1/24), Ser. B, 2.394%, 9/1/39 | A2 | 4,000,000 | 3,939,949 | |||
Vauxmont, Metro. Dist. G.O. Bonds, AGM | ||||||
5.00%, 12/1/34 | AA | 285,000 | 301,590 | |||
5.00%, 12/1/32 | AA | 250,000 | 268,096 | |||
5.00%, 12/15/30 | AA | 125,000 | 132,379 | |||
5.00%, 12/15/29 | AA | 125,000 | 132,506 | |||
5.00%, 12/15/27 | AA | 125,000 | 132,482 | |||
5.00%, 12/15/25 | AA | 125,000 | 130,347 | |||
5.00%, 12/1/25 | AA | 175,000 | 182,213 | |||
6,748,274 | ||||||
Connecticut (1.3%) | ||||||
CT State Hlth. & Edl. Fac. Auth. Rev. Bonds | ||||||
(Masonicare Issue), Ser. F, 5.00%, 7/1/34 | BBB+/F | 1,250,000 | 1,193,512 | |||
(Masonicare Issue), Ser. F, 5.00%, 7/1/33 | BBB+/F | 250,000 | 240,973 | |||
(Stamford Hosp. Oblig. Group (The)), Ser. M, 5.00%, 7/1/32 | BBB+ | 1,400,000 | 1,454,453 | |||
(U. of New Haven), 5.00%, 7/1/28 | BBB- | 550,000 | 543,298 | |||
(Stamford Hosp. Oblig. Group (The)), Ser. L-1, 4.00%, 7/1/26 | BBB+ | 700,000 | 683,502 | |||
CT State Hlth. & Edl. Fac. Auth. VRDN, (Yale U.), Ser. V-2, 1.00%, 7/1/36 | VMIG 1 | 2,000,000 | 2,000,000 | |||
CT State Hsg. Fin. Auth. Rev. Bonds, Ser. B-1 | ||||||
4.15%, 11/15/44 | Aaa | 1,355,000 | 1,166,134 | |||
4.10%, 11/15/39 | Aaa | 565,000 | 506,264 | |||
7,788,136 | ||||||
Delaware (0.4%) | ||||||
DE River & Bay Auth. Rev. Bonds, 5.00%, 1/1/32 | A1 | 2,000,000 | 2,201,952 | |||
2,201,952 | ||||||
District of Columbia (2.1%) | ||||||
DC Rev. Bonds | ||||||
(KIPP DC), Ser. A, 5.00%, 7/1/48 | BBB+ | 1,250,000 | 1,214,985 | |||
(Latin American Montessori Bilingual Pub. Charter School Oblig. Group), 4.00%, 6/1/30 | BB+ | 1,000,000 | 938,715 | |||
Metro. DC Arpt. Auth. Rev. Bonds, Ser. A | ||||||
5.00%, 10/1/43 | Aa3 | 3,650,000 | 3,593,355 | |||
5.00%, 10/1/31 | Aa3 | 1,000,000 | 1,023,104 | |||
5.00%, 10/1/30 | Aa3 | 4,410,000 | 4,544,813 | |||
Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds, (Dulles Metrorail & Cap. Impt. Proj.) | ||||||
Ser. B, 4.00%, 10/1/44(T) | A- | 665,000 | 555,060 | |||
4.00%, 10/1/53(T) | A- | 660,000 | 519,823 | |||
12,389,855 | ||||||
Florida (3.7%) | ||||||
Cap. Trust Agcy. 144A Rev. Bonds, (WFCS Holdings II, LLC), Ser. A-1, 3.30%, 1/1/31 | BB/P | 480,000 | 372,456 | |||
Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. A-1, 4.25%, 5/1/34 | A | 360,000 | 341,435 | |||
FL State Dept. of Mgt. Svcs. COP, Ser. A, 3.00%, 11/1/35 | Aa1 | 1,000,000 | 815,497 | |||
FL State Dev. Fin. Corp. Ed. Fac. Rev. Bonds, (River City Ed.), 5.00%, 7/1/31(WIS) | Baa3 | 325,000 | 322,565 | |||
FL State Dev. Fin. Corp. Ed. Fac. 144A Rev. Bonds, (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 3.00%, 7/1/31 | BB/P | 200,000 | 166,386 | |||
FL State Muni. Pwr. Agcy. Rev. Bonds, (St. Lucie), Ser. B | ||||||
5.00%, 10/1/30 | A2 | 1,000,000 | 1,052,957 | |||
5.00%, 10/1/29 | A2 | 1,000,000 | 1,060,648 | |||
5.00%, 10/1/28 | A2 | 1,000,000 | 1,064,902 | |||
Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 | A- | 1,375,000 | 1,378,140 | |||
Lakeland, Hosp. Syst. Rev. Bonds, (Lakeland Regl. Hlth.), 5.00%, 11/15/45 | A2 | 2,000,000 | 1,957,760 | |||
Orange Cnty., HFA Mandatory Put Bonds (9/1/23), (Dunwoodie Place Preservation, Ltd.), Ser. A, 0.20%, 9/1/24 | AA+ | 1,920,000 | 1,844,539 | |||
Orange Cnty., Hlth. Fac. Auth. Rev. Bonds, (Presbyterian Retirement Cmntys.), 5.00%, 8/1/34 | A-/F | 1,000,000 | 1,008,798 | |||
Orlando Cmnty. Redev. Agcy. Tax Alloc. Bonds, (Republic Drive/Universal), 5.00%, 4/1/23 | A+/F | 1,630,000 | 1,653,738 | |||
Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds, (Acts Retirement-Life Cmnty., Inc.), 5.00%, 11/15/32 | A-/F | 2,000,000 | 1,972,057 | |||
Palm Beach Cnty., School Board COP, Ser. C, 5.00%, 8/1/31 | Aa3 | 5,400,000 | 5,504,113 | |||
Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30 | BBB+ | 240,000 | 242,169 | |||
St. John's Cnty., Indl. Dev. Auth. Rev. Bonds, (Life Care Ponte Vedra Oblig. Group), Ser. A | ||||||
4.00%, 12/15/31 | BB+/F | 200,000 | 172,716 | |||
4.00%, 12/15/30 | BB+/F | 195,000 | 171,243 | |||
4.00%, 12/15/29 | BB+/F | 215,000 | 192,213 | |||
Village, 144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 1.875%, 5/1/25 | BB-/P | 515,000 | 475,378 | |||
21,769,710 | ||||||
Georgia (1.4%) | ||||||
Burke Cnty., Dev. Auth. Poll. Control Mandatory Put Bonds (8/19/25)(2/3/25), | ||||||
Mandatory Put Bonds (8/19/25), (GA Pwr. Co.), 2.875%, 12/1/49 | Baa1 | 4,250,000 | 4,121,294 | |||
Mandatory Put Bonds (2/3/25), (Oglethorpe Pwr. Corp.), 1.50%, 1/1/40 | Baa1 | 1,600,000 | 1,478,174 | |||
Main Street Natural Gas, Inc. Gas Supply Mandatory Put Bonds (9/1/23), Ser. B, 2.846%, 4/1/48 | Aa1 | 2,200,000 | 2,185,159 | |||
Muni. Election Auth. of GA Rev. Bonds, (Plant Vogtle Units 3 & 4), 4.00%, 1/1/46 | BBB+ | 330,000 | 263,608 | |||
8,048,235 | ||||||
Hawaii (—%) | ||||||
HI State Dept. Budget & Fin. Rev. Bonds, (Kahala Nui), 5.25%, 11/15/37 | A+/F | 250,000 | 250,006 | |||
250,006 | ||||||
Idaho (1.1%) | ||||||
ID State Hlth. Fac. Auth. VRDN (St Luke's Hlth. Syst. Ltd. Oblig. Group), Ser. C, 1.64%, 3/1/48 | VMIG 1 | 6,400,000 | 6,400,000 | |||
6,400,000 | ||||||
Illinois (5.1%) | ||||||
Chicago, G.O. Bonds, Ser. A, 4.00%, 1/1/36 | BBB+ | 1,000,000 | 841,712 | |||
Chicago, Board of Ed. G.O. Bonds, Ser. A, 5.00%, 12/1/39 | BB | 1,000,000 | 908,221 | |||
Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. B, 5.00%, 1/1/33 | A+ | 5,465,000 | 5,548,717 | |||
Chicago, Waste Wtr. Transmission Rev. Bonds | ||||||
5.00%, 1/1/44 | A | 500,000 | 469,996 | |||
Ser. C, 5.00%, 1/1/39 | A | 750,000 | 723,781 | |||
(2nd Lien), 5.00%, 1/1/39 | A | 565,000 | 545,248 | |||
Ser. C, 5.00%, 1/1/34 | A | 400,000 | 400,261 | |||
Ser. C, 5.00%, 1/1/33 | A | 405,000 | 405,476 | |||
Chicago, Wtr. Wks Rev. Bonds, 5.00%, 11/1/39 | A | 675,000 | 650,697 | |||
IL State G.O. Bonds | ||||||
5.00%, 11/1/41 | Baa1 | 600,000 | 556,820 | |||
5.00%, 1/1/41 | Baa1 | 340,000 | 315,959 | |||
5.00%, 11/1/34 | Baa1 | 1,650,000 | 1,608,230 | |||
Ser. C, 5.00%, 11/1/29 | Baa1 | 1,225,000 | 1,226,065 | |||
Ser. D, 5.00%, 11/1/28 | Baa1 | 2,080,000 | 2,083,639 | |||
Ser. D, 5.00%, 11/1/27 | Baa1 | 920,000 | 923,620 | |||
4.125%, 11/1/31 | Baa1 | 830,000 | 763,865 | |||
4.00%, 1/1/31 | Baa1 | 695,000 | 648,487 | |||
IL State Fin. Auth. Mandatory Put Bonds (11/15/26), (OSF Hlth. Care Syst. Oblig. Group), Ser. B-2, 5.00%, 5/15/50 | A | 1,000,000 | 1,034,925 | |||
IL State Fin. Auth. Rev. Bonds | ||||||
(Ascension Hlth. Credit Group), Ser. C, 5.00%, 2/15/34 | AA+ | 1,100,000 | 1,123,377 | |||
(Rosalind Franklin U. of Medicine and Science), Ser. A, 5.00%, 8/1/31 | BBB+ | 400,000 | 405,648 | |||
(Art Institute of Chicago (The)), 5.00%, 3/1/30 | Aa3 | 1,500,000 | 1,561,536 | |||
IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds, (U. of IL Chicago), 5.00%, 2/15/50 | Baa3 | 500,000 | 417,466 | |||
Metro. Pier & Exposition Auth. Rev. Bonds, (McCormick Place Expansion), Ser. B, 5.00%, 12/15/33 | A- | 300,000 | 293,071 | |||
Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds, (McCormick), Ser. A, NATL, zero %, 12/15/22 | Baa2 | 5,500,000 | 5,472,569 | |||
Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, Ser. A, 5.00%, 12/1/31 | AA+ | 1,000,000 | 1,042,962 | |||
29,972,348 | ||||||
Indiana (1.5%) | ||||||
IN State Fin. Auth. Waste Wtr. Util. Rev. Bonds, (CWA Authority, Inc.), 5.00%, 10/1/30 | AA | 650,000 | 713,320 | |||
IN State. Fin. Auth. Rev. Bonds, (Rose-Hulman Inst. of Tech., Inc.) | ||||||
5.00%, 6/1/32 | A2 | 200,000 | 209,973 | |||
5.00%, 6/1/31 | A2 | 200,000 | 210,804 | |||
5.00%, 6/1/30 | A2 | 200,000 | 212,282 | |||
5.00%, 6/1/29 | A2 | 175,000 | 184,958 | |||
5.00%, 6/1/28 | A2 | 100,000 | 105,013 | |||
5.00%, 6/1/27 | A2 | 180,000 | 187,844 | |||
4.00%, 6/1/34 | A2 | 235,000 | 218,196 | |||
4.00%, 6/1/33 | A2 | 210,000 | 198,399 | |||
Indianapolis, Local Pub. Impt. Bond Bk. Rev. Bonds, Ser. A, 5.25%, 2/1/54 | Aa1 | 1,500,000 | 1,547,864 | |||
Rockport, Poll. Control Rev. Bonds, (AEP Generating Co. ), 3.125%, 7/1/25 | A- | 4,150,000 | 4,033,717 | |||
Silver Creek, School Bldg. Corp. Rev. Bonds | ||||||
3.00%, 1/15/36 | AA+ | 500,000 | 420,020 | |||
3.00%, 1/15/34 | AA+ | 375,000 | 327,390 | |||
8,569,780 | ||||||
Iowa (0.4%) | ||||||
IA State Fin. Auth. Rev. Bonds, (Lifespace Cmnty., Inc. Oblig. Group), Ser. A, 4.00%, 5/15/46 | BBB/F | 1,150,000 | 804,747 | |||
IA State Fin. Auth. Solid Waste Fac. Mandatory Put Bonds (4/1/24), (Gevo NW Iowa RNG, LLC), 1.50%, 1/1/42 | Aa3 | 1,700,000 | 1,645,976 | |||
2,450,723 | ||||||
Kentucky (3.2%) | ||||||
KY Pub. Trans. Infrastructure Auth. Rev. Bonds, (1st Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53 (Prerefunded 7/1/23) | Baa2 | 500,000 | 507,078 | |||
KY State Hsg. Corp. Mandatory Put Bonds (10/1/23), (Winterwood II Rural Hsg.), 0.37%, 10/1/24 | Aaa | 1,295,000 | 1,242,139 | |||
KY State Property & Bldg. Comm. Rev. Bonds, (No. 127), Ser. A, 5.00%, 6/1/36 | A1 | 5,500,000 | 5,738,742 | |||
KY State Pub. Energy Auth. Gas Supply | ||||||
Mandatory Put Bonds (6/1/25), Ser. C-1, 4.00%, 12/1/49 | A1 | 3,150,000 | 3,069,522 | |||
Mandatory Put Bonds (1/1/25), Ser. B, 4.00%, 1/1/49 | A1 | 2,800,000 | 2,756,178 | |||
KY State Tpk. Auth. Econ. Dev. Rev. Bonds, (Revitalization Projects), Ser. A-22, 5.00%, 7/1/32 | Aa3 | 2,500,000 | 2,708,346 | |||
Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds, (Norton Healthcare, Inc.), Ser. A, 5.00%, 10/1/30 | A | 2,750,000 | 2,816,042 | |||
18,838,047 | ||||||
Louisiana (0.4%) | ||||||
LA Stadium & Exposition Dist. Rev. Bonds, 4.00%, 7/3/23 | BBB+/F | 500,000 | 499,743 | |||
St. John The Baptist Parish Mandatory Put Bonds (7/1/26), (Marathon Oil Corp.), Ser. A-3, 2.20%, 6/1/37 | Baa3 | 2,000,000 | 1,813,937 | |||
2,313,680 | ||||||
Maryland (0.1%) | ||||||
Gaithersburg, Econ. Dev. Rev. Bonds, (Asbury, Oblig. Group), Ser. A, 5.00%, 1/1/36 | BBB/F | 300,000 | 291,787 | |||
MD State Hlth. & Higher Ed. Fac. Auth. Rev. Bonds, (Stevenson U.), 4.00%, 6/1/34 | BBB- | 250,000 | 223,351 | |||
515,138 | ||||||
Massachusetts (4.6%) | ||||||
Lawrence, G.O. Bonds, 4.00%, 6/1/35 | AA | 1,165,000 | 1,096,874 | |||
MA State G.O. Bonds, Ser. A, 5.25%, 4/1/47 | Aa1 | 1,500,000 | 1,545,308 | |||
MA State Dev. Fin. Agcy. Rev. Bonds, (Northeastern U.) | ||||||
5.00%, 10/1/35 | A1 | 1,000,000 | 1,068,469 | |||
5.00%, 10/1/34 | A1 | 1,000,000 | 1,075,668 | |||
MA State Dev. Fin. Agcy. 144A Rev. Bonds, (Loomis Oblig. Group), 4.00%, 1/1/26 | BBB | 500,000 | 490,227 | |||
MA State Hlth. & Edl. Fac. Auth. VRDN (MA Inst. of Tech.), 2.10%, 7/1/31 | VMIG 1 | 5,000,000 | 5,000,000 | |||
MA State Hsg. Fin. Agcy. Mandatory Put Bonds (6/1/25), Ser. 216, FHLMC Coll., FNMA Coll., GNMA Coll., 1.85%, 12/1/50 | Aa1 | 1,000,000 | 939,912 | |||
MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. D, 3.10%, 6/1/30 | AA+ | 720,000 | 668,106 | |||
MA State Port Auth. Rev. Bonds, Ser. B, 5.00%, 7/1/39 | Aa2 | 4,935,000 | 4,941,328 | |||
MA State Wtr. Resource Auth. VRDN, Ser. A-3, 2.23%, 8/1/37 | VMIG 1 | 500,000 | 500,000 | |||
Merrimack Valley Regl. Transit Auth. Rev. Bonds, 3.25%, 6/23/23 | AA+/P | 9,320,000 | 9,289,494 | |||
26,615,386 | ||||||
Michigan (3.8%) | ||||||
Detroit, G.O. Bonds, 5.50%, 4/1/34 | Ba2 | 660,000 | 677,276 | |||
Detroit, Downtown Dev. Auth. Tax Alloc. Bonds, Ser. A, AGM, 5.00%, 7/1/43 | AA | 3,000,000 | 2,972,555 | |||
Kentwood, Economic Dev. Corp. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/37 | BBB-/F | 1,000,000 | 961,138 | |||
MI State Fin. Auth. Rev. Bonds | ||||||
(Detroit Pub. Ltg. Auth.), Ser. B, 5.00%, 7/1/44 | BBB- | 2,000,000 | 1,880,903 | |||
Ser. H-1, 5.00%, 10/1/39 (Prerefunded 10/1/24) | AA- | 525,000 | 530,101 | |||
(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/35 | A+ | 1,000,000 | 1,014,187 | |||
(Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33 | AA- | 140,000 | 141,816 | |||
(Great Lakes Wtr. Auth. Wtr. Supply Syst.), 5.00%, 7/1/31 | AA- | 6,500,000 | 6,597,923 | |||
(Detroit), Ser. C-3, 5.00%, 4/1/28 | Aa2 | 700,000 | 737,590 | |||
(Trinity Health Corp. Oblig. Group), Ser. A, 4.00%, 12/1/49(T) | AA- | 1,325,000 | 1,088,342 | |||
(Tobacco Settlement), Ser. A-1, 2.326%, 6/1/30 | A | 497,786 | 445,713 | |||
MI State Fin. Auth. Ltd. Oblig. Rev. Bonds | ||||||
(Lawrence Technological U.), 5.25%, 2/1/32 | BBB- | 1,145,000 | 1,111,836 | |||
(Lawrence Technological U.), 5.00%, 2/1/47 | BBB- | 2,000,000 | 1,697,021 | |||
(Lawrence Tech. U.), 4.00%, 2/1/32 | BBB- | 285,000 | 251,370 | |||
(Lawrence Tech. U.), 4.00%, 2/1/27 | BBB- | 185,000 | 174,843 | |||
Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. F, 5.00%, 12/1/30 | A1 | 1,840,000 | 1,858,470 | |||
22,141,084 | ||||||
Minnesota (2.2%) | ||||||
Duluth, COP, (Indpt. School Dist. No. 709), Ser. A, 4.20%, 3/1/34 | Baa3 | 750,000 | 667,376 | |||
Duluth, Econ. Dev. Auth. Rev. Bonds, (Benedictine Hlth. Syst. Oblig. Group), Ser. A, 4.00%, 7/1/31 | BB/P | 625,000 | 572,363 | |||
Duluth, Econ. Dev. Auth. Hlth. Care Fac. Rev. Bonds, (St. Luke's Hosp. of Duluth Oblig. Group) | ||||||
5.00%, 6/15/32 | BBB- | 975,000 | 970,813 | |||
5.00%, 6/15/30 | BBB- | 830,000 | 833,482 | |||
Minneapolis & St. Paul, Hsg. & Redev. Auth. Hlth. Care VRDN, (Allina Hlth. Syst.), Ser. B-1, 1.62%, 11/15/35 | VMIG 1 | 500,000 | 500,000 | |||
Minneapolis & St. Paul, Metro. Arpt. Comm. Rev. Bonds, Ser. A, 5.00%, 1/1/31 | AA- | 1,580,000 | 1,652,232 | |||
MN State Higher Ed. Fac. Auth. Rev. Bonds, (Augsburg U.), Ser. A, 5.00%, 5/1/46 | Ba1 | 750,000 | 648,547 | |||
Ramsey, Charter School Rev. Bonds, (PACT Charter School), Ser. A, 5.00%, 6/1/32 | BB+ | 1,400,000 | 1,333,315 | |||
Rochester, Hlth. Care Fac. VRDN, (Mayo Clinic) | ||||||
Ser. A, 2.32%, 11/15/38 | A-1+ | 2,165,000 | 2,165,000 | |||
Ser. B, 2.32%, 11/15/38 | VMIG 1 | 250,000 | 250,000 | |||
St. Paul, Hsg. & Redev. Auth. Charter School Lease Rev. Bonds, (Hmong College Prep Academy), 5.50%, 9/1/36 | BB+ | 3,000,000 | 2,912,463 | |||
12,505,591 | ||||||
Mississippi (0.6%) | ||||||
MS Bus. Fin. Comm. VRDN (Chevron USA, Inc.), Ser. C, 1.66%, 12/1/30 | VMIG 1 | 2,930,000 | 2,930,000 | |||
MS State Bus. Fin. Corp. Rev. Bonds, (System Energy Resources, Inc.), 2.375%, 6/1/44 | A | 770,000 | 460,366 | |||
3,390,366 | ||||||
Missouri (0.6%) | ||||||
Kansas City, Indl. Dev. Auth. Arpt. Special Oblig. Rev. Bonds, (Kansas City Intl. Arpt.), 5.00%, 3/1/30 | A2 | 1,540,000 | 1,576,956 | |||
Plaza at Noah's Ark Cmnty. Impt. Dist. Rev. Bonds | ||||||
3.00%, 5/1/26 | B+/P | 275,000 | 255,963 | |||
3.00%, 5/1/25 | B+/P | 225,000 | 213,814 | |||
3.00%, 5/1/24 | B+/P | 200,000 | 194,102 | |||
St. Louis, Arpt. Rev. Bonds, 5.00%, 7/1/30 | A2 | 1,430,000 | 1,464,253 | |||
3,705,088 | ||||||
Montana (0.4%) | ||||||
MT State Board of Regents Higher Ed. Mandatory Put Bonds (11/15/22), U. of MT, AGM, 5.25%, 11/15/52(T) | AA | 2,475,000 | 2,608,378 | |||
2,608,378 | ||||||
Nebraska (0.8%) | ||||||
Central Plains, Energy Mandatory Put Bonds (1/1/24), (No. 4), 5.00%, 3/1/50 | A2 | 2,500,000 | 2,501,621 | |||
Omaha, Pub. Pwr. Dist. Rev. Bonds, Ser. A | ||||||
5.00%, 2/1/39 | Aa2 | 1,000,000 | 1,074,638 | |||
5.00%, 2/1/38 | Aa2 | 1,000,000 | 1,078,285 | |||
4,654,544 | ||||||
Nevada (1.8%) | ||||||
Clark Cnty., School Dist. G.O. Bonds | ||||||
Ser. A, 5.00%, 6/15/37 | A1 | 5,000,000 | 5,278,651 | |||
Ser. C, 5.00%, 6/15/28 | A1 | 4,000,000 | 4,173,929 | |||
Ser. B, BAM, 3.00%, 6/15/36 | AA | 1,000,000 | 798,384 | |||
10,250,964 | ||||||
New Hampshire (0.5%) | ||||||
National Fin. Auth. Rev. Bonds, (Caritas Acquisitions VII, LLC), Ser. A, 3.75%, 8/15/30 | BBB/P | 1,050,000 | 937,898 | |||
NH State Hlth. & Ed. Fac. Auth. Rev. Bonds, (Southern NH Med. Ctr.), 5.00%, 10/1/37 | A- | 2,000,000 | 1,961,541 | |||
2,899,439 | ||||||
New Jersey (2.3%) | ||||||
NJ State Econ. Dev. Auth. Rev. Bonds, Ser. AAA, 5.00%, 6/15/36 | A3 | 350,000 | 350,116 | |||
NJ State Edl. Fac. Auth. Rev. Bonds, (William Paterson U. of NJ (The)), Ser. C, AGM | ||||||
5.00%, 7/1/27 | AA | 100,000 | 104,856 | |||
5.00%, 7/1/26 | AA | 100,000 | 103,945 | |||
5.00%, 7/1/25 | AA | 100,000 | 103,143 | |||
5.00%, 7/1/24 | AA | 100,000 | 102,137 | |||
NJ State Hlth. Care Fac. Fin. Auth. VRDN | ||||||
(AHS Hosp. Corp.), Ser. B, 2.23%, 7/1/36 | VMIG 1 | 3,000,000 | 3,000,000 | |||
(Virtua Hlth.), Ser. C, 1.02%, 7/1/43 | A-1 | 4,500,000 | 4,500,000 | |||
NJ State Trans. Trust Fund Auth. Rev. Bonds | ||||||
Ser. BB, 5.00%, 6/15/34 | A3 | 675,000 | 684,668 | |||
(Federal Hwy. Reimbursement Notes), 5.00%, 6/15/28 | A+ | 750,000 | 773,241 | |||
South Jersey, Trans. Auth. Syst. Rev. Bonds, Ser. A | ||||||
5.00%, 11/1/40 | BBB+ | 2,500,000 | 2,501,801 | |||
5.00%, 11/1/38 | BBB+ | 1,140,000 | 1,148,113 | |||
BAM, 5.00%, 11/1/37 | AA | 250,000 | 255,802 | |||
13,627,822 | ||||||
New Mexico (0.4%) | ||||||
Farmington, Poll. Control Rev. Bonds, (Pub. Service Co. of NM), Ser. B, 2.15%, 4/1/33 | Baa2 | 2,000,000 | 1,512,013 | |||
Sante Fe, Retirement Fac. Rev. Bonds, (El Castillo Retirement Res.), 5.00%, 5/15/42 | BB+/F | 980,000 | 803,629 | |||
2,315,642 | ||||||
New York (9.2%) | ||||||
Albany, Cap. Resource Corp. Rev. Bonds, (Empire Commons Student Hsg., Inc.) | ||||||
5.00%, 5/1/26 | A | 400,000 | 407,961 | |||
Ser. A, 5.00%, 5/1/25 | A | 645,000 | 656,653 | |||
5.00%, 5/1/24 | A | 575,000 | 582,607 | |||
5.00%, 5/1/23 | A | 795,000 | 799,341 | |||
Build NY City Resource Corp. Rev. Bonds | ||||||
(Global Cmnty. Charter School), 4.00%, 6/15/32 | BB+ | 500,000 | 457,498 | |||
(Grand Concourse Academy Charter School), 3.40%, 7/1/27 | BBB- | 300,000 | 286,350 | |||
NY City, G.O. Bonds, Ser. B-1 | ||||||
5.25%, 10/1/39 | Aa2 | 2,500,000 | 2,689,015 | |||
5.00%, 8/1/32 | Aa2 | 1,500,000 | 1,660,455 | |||
NY City, VRDN, Ser. I-4, 1.60%, 4/1/36 | VMIG 1 | 1,500,000 | 1,500,000 | |||
NY City, Muni. Wtr. & Swr. Syst. Fin. Auth. VRDN | ||||||
1.60%, 6/15/49 | VMIG 1 | 1,000,000 | 1,000,000 | |||
Ser. DD-1, 1.60%, 6/15/43 | VMIG 1 | 5,000,000 | 5,000,000 | |||
NY City, Transitional Fin. Auth. Rev. Bonds | ||||||
Ser. F-1, 5.00%, 2/1/51 | AAA | 2,950,000 | 2,996,803 | |||
(Future Tax Secured Revenue), 5.00%, 11/1/40 | AAA | 4,250,000 | 4,343,155 | |||
NY City, Transitional Fin. Auth. Future Tax Secd. Rev. Bonds, Ser. C, 5.00%, 11/1/27 | AAA | 3,500,000 | 3,639,425 | |||
NY State Dorm. Auth. Personal Income Tax Rev. Bonds, Ser. A | ||||||
5.00%, 3/15/40 | Aa1 | 655,000 | 677,299 | |||
3.00%, 3/15/42 | Aa1 | 7,915,000 | 5,728,613 | |||
NY State Mtge. Agcy. Rev. Bonds, Ser. 196, 2.60%, 4/1/25 | Aa1 | 750,000 | 724,997 | |||
NY State Thruway Auth. Rev. Bonds, (Green Bonds-Bidding Group 1), 5.00%, 3/15/55 | AA+ | 10,000,000 | 10,199,263 | |||
NY State Trans. Special Fac. Dev. Corp. Rev. Bonds | ||||||
(JFK Intl. Arpt. Term. 4, LLC), 5.00%, 12/1/29 | Baa1 | 500,000 | 498,848 | |||
(American Airlines, Inc.), 2.25%, 8/1/26 | B/F | 205,000 | 188,209 | |||
Port Auth. of NY & NJ Rev. Bonds | ||||||
Ser. 197, 5.00%, 11/15/35 | Aa3 | 5,000,000 | 5,039,738 | |||
Ser. 227, 3.00%, 10/1/27 | Aa3 | 5,000,000 | 4,652,718 | |||
53,728,948 | ||||||
North Carolina (0.3%) | ||||||
NC State Med. Care Comm. Hlth. Care Fac. Rev. Bonds, (Lutheran Svcs. for the Aging, Inc. Oblig. Group), Ser. C | ||||||
5.00%, 3/1/28 | BB/P | 365,000 | 357,132 | |||
5.00%, 3/1/27 | BB/P | 460,000 | 454,339 | |||
5.00%, 3/1/26 | BB/P | 440,000 | 438,371 | |||
4.00%, 3/1/29 | BB/P | 755,000 | 692,440 | |||
1,942,282 | ||||||
Ohio (3.1%) | ||||||
Cleveland-Cuyahoga Cnty., Rev. Bonds, (Euclid Ave. Dev., Corp.), 5.00%, 8/1/39 | A3 | 3,000,000 | 3,011,488 | |||
Cuyahoga Cnty., Econ. Dev. Rev. Bonds | ||||||
5.00%, 1/1/38 | A | 1,380,000 | 1,426,565 | |||
5.00%, 1/1/36 | A | 425,000 | 441,380 | |||
Franklin Cnty., Hlth. Care Fac. Rev. Bonds, (Friendship Village of Dublin Oblig. Group), 5.00%, 11/15/34 | BBB+/F | 700,000 | 702,402 | |||
OH State Higher Edl. Fac. Comm. Rev. Bonds | ||||||
(Kenyon College), 5.00%, 7/1/36(WIS) | A2 | 1,250,000 | 1,260,815 | |||
(Kenyon College), 5.00%, 7/1/35(WIS) | A2 | 1,700,000 | 1,718,514 | |||
(Cleveland Inst. of Music (The)), 5.00%, 12/1/32 | BBB- | 600,000 | 590,978 | |||
(John Carroll U.), 5.00%, 10/1/30 | Baa1 | 455,000 | 466,475 | |||
(John Carroll U.), 5.00%, 10/1/29 | Baa1 | 810,000 | 832,684 | |||
(John Carroll U.), 5.00%, 10/1/28 | Baa1 | 370,000 | 380,563 | |||
(John Carroll U.), 5.00%, 10/1/27 | Baa1 | 350,000 | 359,558 | |||
(John Carroll U.), 5.00%, 10/1/26 | Baa1 | 350,000 | 358,746 | |||
(John Carroll U.), 5.00%, 10/1/25 | Baa1 | 220,000 | 224,583 | |||
OH State Hosp. Rev. Bonds, (Premier Hlth. Partners Oblig. Group) | ||||||
5.00%, 11/15/27 | Baa1 | 240,000 | 247,665 | |||
5.00%, 11/15/26 | Baa1 | 285,000 | 293,800 | |||
5.00%, 11/15/24 | Baa1 | 135,000 | 137,330 | |||
OH State Tpk. Comm. Rev. Bonds, 5.00%, 2/15/29(WIS) | Aa3 | 1,000,000 | 1,084,488 | |||
Ohio State Air Qlty. Dev. Auth. Mandatory Put Bonds (6/1/27), (Duke Energy Corp.), Ser. 22B, 4.00%, 9/1/30 | Baa2 | 3,250,000 | 3,172,828 | |||
Port of Greater Cincinnati Dev. Auth. 144A Rev. Bonds, 4.25%, 12/1/50 | BB/P | 750,000 | 541,735 | |||
Scioto Cnty., Hosp. Rev. Bonds, (Southern OH Med. Ctr.), 5.00%, 2/15/33 | A3 | 500,000 | 505,733 | |||
Warren Cnty., Hlth. Care Fac. Rev. Bonds, (Otterbein Homes Oblig. Group), Ser. A, 5.75%, 7/1/33 (Prerefunded 7/1/23) | A | 500,000 | 508,149 | |||
18,266,479 | ||||||
Oregon (0.6%) | ||||||
Keizer, Special Assmt. Bonds, (Keizer Station), Ser. A, 5.20%, 6/1/31 | Aa3 | 215,000 | 218,843 | |||
Port of Portland, Arpt. Rev. Bonds | ||||||
Ser. 24B, 5.00%, 7/1/33 | AA- | 2,000,000 | 2,014,545 | |||
Ser. 28, 5.00%, 7/1/28 | AA- | 1,000,000 | 1,036,324 | |||
3,269,712 | ||||||
Pennsylvania (6.3%) | ||||||
Allegheny Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 4.00%, 1/1/40 | AA | 1,250,000 | 1,063,117 | |||
Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds, (West Chester U. Student Hsg., LLC), Ser. A, 5.00%, 8/1/45 | Ba2 | 750,000 | 651,628 | |||
Dallas, Area Muni. Auth. U. Rev. Bonds, (Misericordia U.), 5.00%, 5/1/29 | Baa3 | 300,000 | 291,967 | |||
Geisinger, Auth. Rev. Bonds, (Geisinger Hlth. Syst.), Ser. A-2, 5.00%, 2/15/39 | AA- | 3,275,000 | 3,284,199 | |||
Lackawanna Cnty., Indl. Dev. Auth. Rev. Bonds, (Scranton U.), 4.00%, 11/1/40 | A- | 500,000 | 415,639 | |||
Lancaster, Indl. Dev. Auth. Rev. Bonds, (Landis Homes Oblig. Group), 4.00%, 7/1/46 | BBB-/F | 675,000 | 506,886 | |||
Monroeville, Fin. Auth. Rev. Bonds, (U. of Pittsburgh Med. Ctr.), Ser. B | ||||||
5.00%, 2/15/38 | A2 | 2,200,000 | 2,240,913 | |||
5.00%, 2/15/24 | A2 | 500,000 | 509,489 | |||
PA Rev. Bonds, (City of Philadelphia, Wtr. & Wastewater) | ||||||
4.00%, 1/1/32 | Baa2 | 540,000 | 507,075 | |||
4.00%, 1/1/31 | Baa2 | 165,000 | 157,007 | |||
4.00%, 1/1/30 | Baa2 | 115,000 | 110,538 | |||
4.00%, 1/1/29 | Baa2 | 725,000 | 702,618 | |||
PA State Tpk. Comm. Rev. Bonds, Ser. B-1, 5.00%, 6/1/42 | A3 | 675,000 | 662,186 | |||
Philadelphia, Arpt. Rev. Bonds, Ser. C, 5.00%, 7/1/24 | A2 | 4,000,000 | 4,067,356 | |||
Philadelphia, Auth. for Indl. Dev. City Agreement Rev. Bonds, 5.00%, 12/1/27 | A2 | 3,000,000 | 3,117,437 | |||
Philadelphia, School Dist. G.O. Bonds, Ser. F, 5.00%, 9/1/29 | A1 | 6,620,000 | 6,910,692 | |||
Pittsburgh Wtr. & Swr. Auth. Mandatory Put Bonds (12/1/23), Ser. C, AGM, 2.89%, 9/1/40 | AA | 1,875,000 | 1,875,625 | |||
Scranton, School Dist. G.O. Bonds, Ser. 14-R, 2.977%, 4/1/31 | A1 | 5,275,000 | 5,259,557 | |||
Southeastern PA Trans. Auth. Rev. Bonds, (Asset Impt. Program) | ||||||
5.25%, 6/1/40 | Aa3 | 1,250,000 | 1,351,504 | |||
5.25%, 6/1/39 | Aa3 | 1,500,000 | 1,628,728 | |||
Westmoreland Cnty. Indl. Dev. Auth. Hlth. Syst. Rev. Bonds, (Excela Hlth. Oblig. Group), Ser. A | ||||||
5.00%, 7/1/28 | Baa1 | 275,000 | 282,759 | |||
5.00%, 7/1/27 | Baa1 | 375,000 | 384,511 | |||
4.00%, 7/1/26 | Baa1 | 300,000 | 295,607 | |||
4.00%, 7/1/24 | Baa1 | 200,000 | 198,990 | |||
36,476,028 | ||||||
Puerto Rico (0.2%) | ||||||
Cmnwlth. of PR, G.O. Bonds, Ser. A1, 5.625%, 7/1/27 | BB/P | 907,000 | 914,498 | |||
914,498 | ||||||
Rhode Island (0.3%) | ||||||
RI Hlth. & Edl. Bldg. Corp. Rev. Bonds, (Lifespan Oblig. Group-Hosp. Fin.) | ||||||
5.00%, 5/15/33 | BBB+ | 365,000 | 359,282 | |||
5.00%, 5/15/26 | BBB+ | 580,000 | 588,578 | |||
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50 | BBB-/P | 1,000,000 | 937,478 | |||
1,885,338 | ||||||
South Carolina (1.3%) | ||||||
Myrtle Beach, Tax Alloc. Bonds, (Myrtle Beach Air Force Base Redev.), 5.00%, 10/1/28 | A2 | 575,000 | 601,454 | |||
SC State Pub. Svcs. Auth. Rev. Bonds | ||||||
Ser. A, 5.00%, 12/1/37 | A3 | 3,435,000 | 3,403,894 | |||
(Oblig.), Ser. B, 5.00%, 12/1/37 | A3 | 500,000 | 495,472 | |||
Ser. A, 5.00%, 12/1/36 | A3 | 1,500,000 | 1,499,519 | |||
SC State Trans. Infrastructure Bank Rev. Bonds, Ser. A, 3.00%, 10/1/36 | Aa3 | 1,740,000 | 1,389,998 | |||
7,390,337 | ||||||
Tennessee (0.3%) | ||||||
Chattanooga, Hlth. Edl. & Hsg. Fac. Rev. Bonds, (CommonSpirit Health Oblig. Group) | ||||||
Ser. A-2, 5.00%, 8/1/49(T) | A- | 250,000 | 232,008 | |||
Ser. A-2, 5.00%, 8/1/44(T) | A- | 150,000 | 143,066 | |||
Ser. A-1, 4.00%, 8/1/44(T) | A- | 275,000 | 221,771 | |||
Ser. A-1, 4.00%, 8/1/38(T) | A- | 150,000 | 128,205 | |||
Ser. A-1, 4.00%, 8/1/37(T) | A- | 150,000 | 130,400 | |||
Metro. Nashville, Arpt. Auth. Rev. Bonds, Ser. B, 5.00%, 7/1/33 | A2 | 1,000,000 | 1,011,134 | |||
1,866,584 | ||||||
Texas (8.9%) | ||||||
Arlington, Higher Ed. Fin. Corp. Rev. Bonds | ||||||
(Harmony Pub. Schools), Ser. A, PSFG, 4.00%, 2/15/51 | Aaa | 2,000,000 | 1,684,814 | |||
(Uplift Ed.), Ser. A, PSFG, 4.00%, 12/1/32 | AAA | 375,000 | 367,979 | |||
Austin, Cmnty. College Dist. G.O. Bonds, (Maintenance Tax), 3.00%, 8/1/35 | Aa1 | 1,350,000 | 1,106,152 | |||
Austin-Bergstrom Landhost Enterprises, Inc. Rev. Bonds | ||||||
5.00%, 10/1/36 | A | 1,485,000 | 1,489,588 | |||
5.00%, 10/1/33 | A | 400,000 | 403,608 | |||
Clifton, Higher Ed. Fin. Corp. Rev. Bonds, (IDEA Pub. Schools) | ||||||
PSFG, 5.00%, 8/15/48 | AAA | 1,570,000 | 1,622,547 | |||
Ser. B, PSFG, 5.00%, 8/15/27 | A- | 350,000 | 362,246 | |||
Ser. T, PSFG, 4.00%, 8/15/38 | AAA | 1,400,000 | 1,290,204 | |||
Ser. T, PSFG, 4.00%, 8/15/36 | AAA | 700,000 | 657,551 | |||
Dallas, Hotel Occupancy Tax Rev. Bonds | ||||||
4.00%, 8/15/38 | A | 2,000,000 | 1,757,683 | |||
4.00%, 8/15/35 | A | 1,000,000 | 906,270 | |||
4.00%, 8/15/34 | A | 750,000 | 687,604 | |||
Fort Bend, Grand Parkway Toll Rd. Auth. Rev. Bonds | ||||||
3.00%, 3/1/39 | Aa1 | 1,245,000 | 974,778 | |||
3.00%, 3/1/38 | Aa1 | 1,205,000 | 961,024 | |||
Fort Bend, Indpt. School Dist. Mandatory Put Bonds (8/1/26), Ser. B, PSFG, 0.72%, 8/1/51 | AAA | 860,000 | 745,910 | |||
Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds, (YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/38 | Ba1 | 500,000 | 430,699 | |||
Houston, Indpt. School Dist. Mandatory Put Bonds (6/1/25), Ser. A-2, PSFG, 3.50%, 6/1/39 | Aaa | 3,250,000 | 3,163,407 | |||
Lake Houston Redev. Auth. Rev. Bonds, (City of Houston, Reinvestment Zone No. 10) | ||||||
5.00%, 9/1/31 | BBB- | 200,000 | 199,009 | |||
5.00%, 9/1/30 | BBB- | 200,000 | 199,965 | |||
5.00%, 9/1/29 | BBB- | 175,000 | 175,474 | |||
5.00%, 9/1/28 | BBB- | 150,000 | 150,642 | |||
5.00%, 9/1/26 | BBB- | 125,000 | 125,480 | |||
5.00%, 9/1/25 | BBB- | 100,000 | 100,570 | |||
5.00%, 9/1/24 | BBB- | 100,000 | 100,499 | |||
4.00%, 9/1/33 | BBB- | 150,000 | 134,939 | |||
4.00%, 9/1/32 | BBB- | 150,000 | 136,730 | |||
Midland Cnty., Pub. Fac. Corp. Multi-Fam. Mandatory Put Bonds (6/1/23), (Palladium West Francis, Ltd.), 0.35%, 6/1/24 | Aaa | 3,250,000 | 3,181,321 | |||
New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds | ||||||
(CHF-Collegiate Hsg. Stephenville III, LLC), 5.00%, 4/1/47 (Prerefunded 4/1/25) | AAA/P | 365,000 | 378,045 | |||
(TX Woman's U. CHF-Collegiate Hsg. Dining), Ser. B-1, AGM, 5.00%, 7/1/38 | AA | 860,000 | 873,552 | |||
(Tarleton State U. Collegiate Student Hsg.), Ser. A, 5.00%, 4/1/35 (Prerefunded 4/1/25) | AAA/P | 800,000 | 828,591 | |||
(Collegiate Hsg.-Tarleton St.), 5.00%, 4/1/29 (Prerefunded 4/1/24) | AAA/P | 1,225,000 | 1,251,632 | |||
(Collegiate Housing Island Campus, LLC.), Ser. A, 5.00%, 4/1/25 (Prerefunded) | AAA/P | 500,000 | 516,697 | |||
SA Energy Acquisition Pub. Fac. Corp. Rev. Bonds, (Gas Supply), 5.50%, 8/1/25 | A2 | 1,000,000 | 1,021,387 | |||
Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds, (Buckner Retirement Svcs., Inc.), 5.00%, 11/15/37 | A/F | 1,250,000 | 1,258,469 | |||
Temple, Tax Increment Tax Alloc. Bonds, (Reinvestment Zone No. 1), Ser. A, BAM | ||||||
5.00%, 8/1/30 | AA | 250,000 | 266,877 | |||
5.00%, 8/1/29 | AA | 200,000 | 213,050 | |||
5.00%, 8/1/28 | AA | 150,000 | 159,671 | |||
5.00%, 8/1/27 | AA | 125,000 | 131,660 | |||
5.00%, 8/1/26 | AA | 125,000 | 130,739 | |||
4.00%, 8/1/33 | AA | 200,000 | 196,932 | |||
4.00%, 8/1/32 | AA | 225,000 | 223,718 | |||
4.00%, 8/1/31 | AA | 200,000 | 200,960 | |||
Trinity River Pub. Fac. Corp. Multi-Fam. Mandatory Put Bonds (10/1/23), (Cowan Place Apt.), 0.28%, 10/1/24 | Aaa | 2,500,000 | 2,397,035 | |||
TX State G.O. Bonds | ||||||
Ser. B, 5.00%, 8/1/34 | Aaa | 6,040,000 | 6,439,678 | |||
Ser. B, 5.00%, 8/1/33 | Aaa | 5,755,000 | 6,160,223 | |||
3.00%, 8/1/34 | Aaa | 2,255,000 | 1,908,914 | |||
TX State A&M U. Rev. Bonds, 5.25%, 5/15/37 | Aaa | 1,500,000 | 1,644,140 | |||
TX Wtr. Dev. Board State Wtr. Implementation Rev. Bonds, 4.50%, 10/15/37 | AAA | 2,500,000 | 2,596,276 | |||
51,914,939 | ||||||
Utah (0.6%) | ||||||
Infrastructure Agcy. Telecomm. Rev. Bonds | ||||||
5.00%, 10/15/27 | BBB-/F | 1,000,000 | 998,839 | |||
5.00%, 10/15/27 | BBB-/F | 550,000 | 549,361 | |||
4.00%, 10/15/31 | BBB-/F | 460,000 | 414,799 | |||
4.00%, 10/15/29 | BBB-/F | 600,000 | 556,639 | |||
UT Infrastructure Agcy. Rev. Bonds, Ser. A, 4.00%, 10/15/28 | BBB-/F | 200,000 | 188,471 | |||
UT State Charter School Fin. Auth. Rev. Bonds, (UT Charter Academies, Inc.), 5.00%, 10/15/30 | AA | 575,000 | 599,119 | |||
3,307,228 | ||||||
Virgin Islands (0.1%) | ||||||
Matching Fund Special Purpose Securitization Corp. Rev. Bonds, Ser. A, 5.00%, 10/1/27 | BB/P | 515,000 | 525,878 | |||
525,878 | ||||||
Virginia (0.2%) | ||||||
Fairfax Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds, (Goodwin House, Inc.), Ser. A, 5.00%, 10/1/42 (Prerefunded 10/1/24) | AAA/P | 350,000 | 366,961 | |||
VA State Small Bus. Fin. Auth. Rev. Bonds, (National Sr. Campuses, Inc. Oblig. Group) | ||||||
5.00%, 1/1/29 | A/F | 590,000 | 612,457 | |||
5.00%, 1/1/27 | A/F | 320,000 | 329,142 | |||
1,308,560 | ||||||
Washington (3.4%) | ||||||
Port of Seattle Rev. Bonds, Ser. B | ||||||
5.00%, 8/1/40 | AA- | 1,750,000 | 1,711,453 | |||
5.00%, 8/1/38 | AA- | 8,585,000 | 8,529,754 | |||
Seattle, Muni. Lt. & Pwr. Mandatory Put Bonds (11/1/26), Ser. B, 2.49%, 5/1/45 | Aa2 | 750,000 | 731,387 | |||
WA State Hlth. Care Fac. Auth. Mandatory Put Bonds (7/3/23), (Fred Hutchinson Cancer Research Ctr.), 3.29%, 1/1/42 (Prerefunded (1/3/23)) | A2 | 8,000,000 | 8,005,938 | |||
WA State Hsg. Fin. Comm. Rev. Bonds, (Social Certif.), Ser. A-1, 3.50%, 12/20/35 | BBB+ | 1,146,200 | 969,290 | |||
19,947,822 | ||||||
Wisconsin (2.3%) | ||||||
Pub. Fin. Auth. Poll. Control Mandatory Put Bonds (10/1/30), (Duke Energy Progress, LLC), 3.70%, 10/1/46 | Aa3 | 7,000,000 | 6,690,958 | |||
Pub. Fin. Auth. Student Hsg. Fac. Rev. Bonds, (Beyond Boone, LLC-Appalachian State U.), Ser. A, AGM | ||||||
5.00%, 7/1/54 | AA | 1,475,000 | 1,397,800 | |||
5.00%, 7/1/44 | AA | 1,000,000 | 984,074 | |||
WI State Hlth. & Edl. Fac. Auth. Rev. Bonds | ||||||
(Three Pillars Sr. Living), 5.00%, 8/15/33 (Prerefunded 8/15/23) | AAA/P | 1,000,000 | 1,013,811 | |||
(Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/37 | AA | 3,930,000 | 3,560,415 | |||
13,647,058 | ||||||
Total municipal bonds and notes (cost $608,135,702) | $573,575,807 |
SHORT-TERM INVESTMENTS (2.4%)(a) | ||||||
Principal amount/shares | Value | |||||
Putnam Short Term Investment Fund Class P 3.21%(AFF) | Shares | 13,954,160 | $13,954,160 | |||
U.S. Treasury Bills 2.925%, 11/15/22 | $300,000 | 299,650 | ||||
Total short-term investments (cost $14,253,825) | $14,253,810 | |||||
TOTAL INVESTMENTS | ||||||
Total investments (cost $622,389,527) | $587,829,617 |
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 August 1, 2022 through October 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 $583,241,402. | |||||
(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 7/31/22 | Purchase cost | Sale proceeds | Investment income | Shares outstanding and fair value as of 10/31/22 | |
Short-term investments | ||||||
Putnam Short Term Investment Fund* | $4,064,439 | $99,538,236 | $89,648,515 | $108,293 | $13,954,160 | |
Total Short-term investments | $4,064,439 | $99,538,236 | $89,648,515 | $108,293 | $13,954,160 | |
* 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. | ||||||
(T) | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | |||||
(WIS) | When-issued security. | |||||
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | ||||||
Debt obligations are considered secured unless otherwise indicated. | ||||||
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 2.24%, 3.80% and 4.46%, 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 | 18.9% | |||||
Healthcare | 14.2 | |||||
Utilities | 12.1 | |||||
Education | 11.1 | |||||
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. | ||||||
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 $5,627,053 were held by the TOB trust and served as collateral for $3,661,839 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $17,883 for these investments based on an average interest rate of 1.94%. |
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 | $— | $573,575,807 | $— | |
Short-term investments | — | 14,253,810 | — | |
Totals by level | $— | $587,829,617 | $— | |
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 |