| Putnam Strategic Intermediate Municipal Fund | ||||||
| The fund's portfolio | ||||||
| 10/31/23 (Unaudited) | ||||||
| Key to holding's abbreviations | ||||||
| AGM — Assured Guaranty Municipal Corporation | ||||||
| AMBAC — AMBAC Indemnity Corporation | ||||||
| BAM — Build America Mutual | ||||||
| COP — Certificates of Participation | ||||||
| FHA Insd. — Federal Housing Administration Insured | ||||||
| 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 | ||||||
| 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 4.09% as of the close of the reporting period. | ||||||
| MUNICIPAL BONDS AND NOTES (99.3%)(a) | ||||||
| Rating(RAT) | Principal amount | Value | ||||
| Alabama (1.6%) | ||||||
| AL Corrections Inst. Fin. Auth. Rev. Bonds, 5.00%, 7/1/26 | Aa2 | $1,000,000 | $1,023,465 | |||
| Black Belt Energy Gas Dist. | ||||||
| Mandatory Put Bonds (2/1/29), Ser. D-1, 5.50%, 6/1/49 | A2 | 2,000,000 | 2,025,292 | |||
| Mandatory Put Bonds (12/1/25), Ser. A-1, 4.00%, 12/1/49 | A1 | 2,475,000 | 2,419,460 | |||
| 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 | 964,715 | |||
| Energy Southeast Cooperative Dist. Energy Supply Mandatory Put Bonds (11/1/31), Ser. B-1, 5.75%, 4/1/54 | A1 | 5,000,000 | 5,175,205 | |||
| Jefferson, Cnty. Rev. Bonds, (Refunding warrants) | ||||||
| 5.00%, 9/15/34 | AA+ | 1,075,000 | 1,090,228 | |||
| 5.00%, 9/15/33 | AA+ | 125,000 | 126,774 | |||
| Southeast Energy Auth. Commodity Supply | ||||||
| Mandatory Put Bonds (12/1/29), Ser. A-1, 5.50%, 1/1/53 | A1 | 1,350,000 | 1,370,719 | |||
| Mandatory Put Bonds (8/1/28), Ser. B-1, 5.00%, 5/1/53 | A2 | 3,000,000 | 2,972,146 | |||
| 17,168,004 | ||||||
| Alaska (0.2%) | ||||||
| AK State Indl. Dev. & Export Auth. Rev. Bonds, (Tanana Chiefs Conference), Ser. A | ||||||
| 4.00%, 10/1/39 | A+/F | 2,445,000 | 2,103,053 | |||
| 4.00%, 10/1/38 | A+/F | 555,000 | 481,154 | |||
| 2,584,207 | ||||||
| Arizona (1.9%) | ||||||
| AZ State Indl. Dev. Auth. Rev. Bonds | ||||||
| (Equitable School Revolving Fund), Ser. A, 5.00%, 11/1/38 | A | 2,740,000 | 2,720,600 | |||
| (Equitable School Revolving Fund, LLC), 5.00%, 11/1/33 | A | 1,000,000 | 1,023,020 | |||
| Ser. 19-2, Class A, 3.625%, 5/20/33 | BBB | 5,061,717 | 4,407,610 | |||
| Glendale, Indl. Dev. Auth. Sr. Living Fac. Rev. Bonds, (Royal Oaks Life Care Cmnty.) | ||||||
| 4.00%, 5/15/31 | BB+/F | 1,000,000 | 861,487 | |||
| 4.00%, 5/15/29 | BB+/F | 1,000,000 | 896,468 | |||
| Maricopa Cnty., Indl. Dev. Auth. Rev. Bonds, (Banner Hlth.), Ser. A, 4.00%, 1/1/44 | AA- | 2,360,000 | 2,030,739 | |||
| 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 | 2,684,169 | |||
| Salt Verde, Fin. Corp. Gas Rev. Bonds | ||||||
| 5.50%, 12/1/29 | A3 | 1,000,000 | 1,022,964 | |||
| 5.25%, 12/1/25 | A3 | 5,000,000 | 5,034,212 | |||
| 20,681,269 | ||||||
| California (9.4%) | ||||||
| Anaheim, Union High School Dist. G.O. Bonds, 3.00%, 8/1/38 | Aa2 | 3,000,000 | 2,322,110 | |||
| Antioch, Unified School Dist. G.O. Bonds, BAM, 3.00%, 8/1/34 | AA | 1,185,000 | 994,363 | |||
| CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds, (Aster Apt.), Ser. A-1, 4.00%, 2/1/56 | BB+/P | 250,000 | 186,124 | |||
| CA Hsg. Fin. Agcy. Rev. Bonds, Ser. 2, Class A, 4.00%, 3/20/33 | BBB+ | 1,097,351 | 1,034,633 | |||
| CA Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35 | BBB+ | 889,398 | 770,302 | |||
| CA Muni. Fin. Auth. 144A Rev. Bonds, (CA Baptist U.), Ser. A, 4.00%, 11/1/26 | BB/P | 1,470,000 | 1,412,568 | |||
| CA State G.O. Bonds, 3.00%, 10/1/36 | Aa2 | 2,000,000 | 1,675,666 | |||
| CA State Charter School Fin. Auth. 144A Rev. Bonds, (Aspire Pub. Schools), 5.00%, 8/1/36 | BBB | 3,225,000 | 3,190,669 | |||
| CA State Enterprise Dev. Auth. Student Hsg. Rev. Bonds, (Provident Group-SDSU Properties, LLC), Ser. A, 5.00%, 8/1/28 | Baa3 | 150,000 | 153,421 | |||
| CA State Infrastructure & Econ. Dev. Bank | ||||||
| Mandatory Put Bonds (6/1/26), (Museum Associates), 4.79%, 12/1/50 | A3 | 1,000,000 | 972,961 | |||
| Mandatory Put Bonds (8/1/24), (CA Academy of Sciences), 4.44%, 8/1/47 | A2 | 1,500,000 | 1,487,305 | |||
| CA State Infrastructure & Econ. Dev. Bank Rev. Bonds, (Performing Arts Ctr. of Los Angeles Cnty.), 5.00%, 12/1/29 | A | 675,000 | 707,169 | |||
| CA State Muni. Fin. Auth. Rev. Bonds | ||||||
| (Bethany Home Society of San Joaquin Cnty.), 5.00%, 11/15/42 | AA- | 5,000,000 | 5,108,078 | |||
| (CHF-Riverside II, LLC), 5.00%, 5/15/34 | Baa3 | 915,000 | 939,905 | |||
| (HumanGood Oblig. Group), Ser. A, 4.00%, 10/1/32 | A-/F | 1,000,000 | 947,394 | |||
| CA State Poll Control Fin. Auth. Wtr. Fac. Mandatory Put Bonds (9/1/28), (American Wtr. Cap. Corp.), 3.70%, 8/1/40 | A | 3,000,000 | 2,899,946 | |||
| CA State Pub. Wks. Board Rev. Bonds, Ser. E, 5.00%, 9/1/34 | Aa3 | 900,000 | 904,639 | |||
| CA State U. Mandatory Put Bonds (11/1/26) | ||||||
| Ser. B-3, 3.125%, 11/1/51 | Aa2 | 7,000,000 | 6,810,838 | |||
| Ser. B-2, 0.55%, 11/1/49 | Aa2 | 1,000,000 | 866,627 | |||
| CA Statewide Cmnty. Dev. Auth. Rev. Bonds, (Odd Fellows Home of CA) | ||||||
| 5.00%, 4/1/38 | AA- | 400,000 | 408,180 | |||
| 5.00%, 4/1/37 | AA- | 350,000 | 359,776 | |||
| 5.00%, 4/1/36 | AA- | 500,000 | 519,330 | |||
| 4.00%, 4/1/43 | AA- | 1,900,000 | 1,670,099 | |||
| CA Statewide Cmnty. Dev. Auth. 144A Rev. Bonds, (Lancer Edl. Student Hsg.), Ser. A, 3.00%, 6/1/29 | BB/P | 1,300,000 | 1,129,651 | |||
| Chula Vista, Muni. Fin. Auth. Special Tax Bonds, 5.50%, 9/1/30 | AA- | 775,000 | 776,042 | |||
| Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. B-1, 3.85%, 6/1/50 | BBB- | 2,710,000 | 2,465,169 | |||
| Imperial Cnty., Local Trans. Auth. Sales Tax Rev. Bonds, Ser. E, AGM, 5.00%, 6/1/32 | AA | 8,030,000 | 8,265,531 | |||
| Indio, Pub. Fin. Auth. Rev. Bonds, Ser. A, BAM | ||||||
| 5.00%, 11/1/33 | AA | 425,000 | 460,836 | |||
| 5.00%, 11/1/32 | AA | 350,000 | 380,090 | |||
| 5.00%, 11/1/31 | AA | 375,000 | 404,234 | |||
| 5.00%, 11/1/28 | AA | 275,000 | 289,651 | |||
| Los Angeles Cnty., Dev. Auth. Multi-Fam. Hsg. | ||||||
| Mandatory Put Bonds (12/1/26), (West Los Angeles, Veteran Administration Bldg. 1), 3.75%, 12/1/46 | Aaa | 2,500,000 | 2,420,918 | |||
| Mandatory Put Bonds (7/1/26), (VA Building 402), 3.375%, 1/1/46 | Aaa | 3,250,000 | 3,130,357 | |||
| Los Angeles, Dept. of Arpt. Rev. Bonds | ||||||
| 5.00%, 5/15/31 | Aa3 | 1,500,000 | 1,546,076 | |||
| 4.00%, 5/15/35 | Aa3 | 600,000 | 562,761 | |||
| Los Angeles, Dept. of Arpts. Rev. Bonds, Ser. A, 5.00%, 5/15/34 | Aa2 | 5,700,000 | 5,688,318 | |||
| Port of Oakland Rev. Bonds | ||||||
| 5.00%, 5/1/28 | A2 | 750,000 | 771,702 | |||
| 1.081%, 5/1/24 | A1 | 620,000 | 606,154 | |||
| San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds | ||||||
| Ser. C, 5.50%, 5/1/39(FWC) | A1 | 8,850,000 | 9,181,835 | |||
| Ser. A, 5.00%, 5/1/35 | A1 | 1,900,000 | 1,933,319 | |||
| Ser. A, 5.00%, 5/1/32 | A1 | 4,900,000 | 5,017,223 | |||
| Ser. A, 5.00%, 5/1/30 | A1 | 1,000,000 | 1,023,500 | |||
| Ser. A, 5.00%, 5/1/29 | A1 | 2,000,000 | 2,050,954 | |||
| San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. VRDN, Ser. B, 2.50%, 5/1/58 | VMIG 1 | 3,500,000 | 3,500,000 | |||
| San Francisco, Pub. Fac. Fin. Auth. Rev. Bonds | ||||||
| 5.00%, 6/1/39 | AA+ | 475,000 | 489,620 | |||
| 5.00%, 6/1/38 | AA+ | 400,000 | 413,530 | |||
| 5.00%, 6/1/37 | AA+ | 350,000 | 364,955 | |||
| Sierra View, Local Hlth. Care Dist. Rev. Bonds | ||||||
| 5.00%, 7/1/30 | A/F | 620,000 | 634,466 | |||
| 5.00%, 7/1/27 | A/F | 625,000 | 636,768 | |||
| 4.00%, 7/1/26 | A/F | 300,000 | 294,474 | |||
| 4.00%, 7/1/25 | A/F | 290,000 | 286,158 | |||
| 4.00%, 7/1/24 | A/F | 235,000 | 233,891 | |||
| Tobacco Securitization Auth. of Southern CA Rev. Bonds, Ser. B-1, Class 2, 5.00%, 6/1/48 | BBB- | 7,910,000 | 7,639,314 | |||
| Yucaipa Special Tax Bonds, (Cmnty. Fac. Dist. No. 98-1 Chapman Heights), 5.375%, 9/1/30 (Prerefunded 11/17/23) | A+ | 375,000 | 375,229 | |||
| 99,314,829 | ||||||
| Colorado (1.0%) | ||||||
| CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (CommonSpirit Hlth.), Ser. A, 5.00%, 11/1/25 | A- | 350,000 | 352,942 | |||
| Denver City & Cnty., Arpt. Rev. Bonds | ||||||
| Ser. D, 5.75%, 11/15/36 | Aa3 | 3,000,000 | 3,253,579 | |||
| Ser. B, 5.00%, 11/15/42 | Aa3 | 1,125,000 | 1,150,222 | |||
| E-470 Pub. Hwy. Auth. Mandatory Put Bonds (9/1/24), Ser. B, 3.908%, 9/1/39 | A1 | 4,000,000 | 3,982,046 | |||
| Regl. Trans. Dist. Rev. Bonds, (Denver Transit Partners, LLC), 3.00%, 7/15/37 | Baa1 | 850,000 | 654,231 | |||
| Vauxmont, Metro. Dist. G.O. Bonds, AGM | ||||||
| 5.00%, 12/1/34 | AA | 285,000 | 296,741 | |||
| 5.00%, 12/1/32 | AA | 250,000 | 261,673 | |||
| 5.00%, 12/15/30 | AA | 125,000 | 130,106 | |||
| 5.00%, 12/15/29 | AA | 125,000 | 130,092 | |||
| 5.00%, 12/15/27 | AA | 125,000 | 130,120 | |||
| 5.00%, 12/15/25 | AA | 125,000 | 127,455 | |||
| 5.00%, 12/1/25 | AA | 175,000 | 178,077 | |||
| 10,647,284 | ||||||
| Connecticut (2.2%) | ||||||
| CT State Hlth. & Edl. Fac. Auth. Mandatory Put Bonds (7/1/26), (Yale U.), Ser. A-2, 2.00%, 7/1/42 | Aaa | 1,050,000 | 979,023 | |||
| CT State Hlth. & Edl. Fac. Auth. Rev. Bonds | ||||||
| (Masonicare Issue), Ser. F, 5.00%, 7/1/34 | BBB+/F | 1,250,000 | 1,208,790 | |||
| (Stamford Hosp. Oblig. Group (The)), Ser. M, 5.00%, 7/1/34 | BBB+ | 1,400,000 | 1,425,456 | |||
| (Masonicare Issue), Ser. F, 5.00%, 7/1/33 | BBB+/F | 250,000 | 243,262 | |||
| (U. of New Haven), 5.00%, 7/1/28 | BBB- | 550,000 | 545,681 | |||
| (Stamford Hosp. Oblig. Group (The)), Ser. L-1, 4.00%, 7/1/26 | BBB+ | 700,000 | 684,379 | |||
| (Yale U.), Ser. A-1, 2.85%, 7/1/42 | A-1+ | 8,950,000 | 8,950,000 | |||
| CT State Hsg. Fin. Auth. Mtge. Program Rev. Bonds, Ser. A-1, 2.875%, 11/15/30 | Aaa | 2,250,000 | 2,003,815 | |||
| Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39 | BB/P | 4,000,000 | 3,789,755 | |||
| U. of CT Rev. Bonds, Ser. A, 5.50%, 11/15/53(FWC) | Aa3 | 3,000,000 | 3,121,181 | |||
| 22,951,342 | ||||||
| District of Columbia (1.7%) | ||||||
| DC Rev. Bonds | ||||||
| (KIPP DC), Ser. A, 5.00%, 7/1/48 | BBB+ | 1,250,000 | 1,148,715 | |||
| (Ingleside Presbyterian Retirement Cmnty.), Ser. A, 5.00%, 7/1/37 | BB/P | 1,200,000 | 1,041,470 | |||
| (Latin American Montessori Bilingual Pub. Charter School Oblig. Group), 4.00%, 6/1/30 | BB+ | 2,000,000 | 1,842,394 | |||
| DC Metro Area Transit Auth. Rev. Bonds, Ser. A | ||||||
| 5.00%, 7/15/40 | AA | 2,000,000 | 2,074,112 | |||
| 5.00%, 7/15/39 | AA | 2,000,000 | 2,081,385 | |||
| Metro. DC Arpt. Auth. Rev. Bonds, Ser. A | ||||||
| 5.00%, 10/1/31 | Aa3 | 1,000,000 | 1,016,987 | |||
| 5.00%, 10/1/30 | Aa3 | 4,410,000 | 4,518,594 | |||
| Metro. DC Arpt. Auth. Aviation Syst. Rev. Bonds, Ser. A, 5.00%, 10/1/35 | Aa3 | 3,000,000 | 3,005,573 | |||
| Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds | ||||||
| (Dulles Metrorail & Cap. Impt. Proj.) 4.00%, 10/1/53(T) | A- | 660,000 | 504,301 | |||
| (Dulles Metrorail & Cap. Impt. Proj.) Ser. B, 4.00%, 10/1/44(T) | A- | 665,000 | 544,072 | |||
| 17,777,603 | ||||||
| Florida (4.9%) | ||||||
| Broward Cnty., Hsg. Fin. Auth. Multi-Fam. Hsg. | ||||||
| Mandatory Put Bonds (3/1/26), (Pinnacle 441 Phase 2, LLC), 4.05%, 9/1/56 | Aaa | 2,000,000 | 1,976,405 | |||
| Mandatory Put Bonds (4/1/26), (St. Joseph Manor II, LLLP), 3.50%, 4/1/41 | Aaa | 4,000,000 | 3,897,427 | |||
| Cap. Projects Fin. Auth. Rev. Bonds, (CAPFA Cap. Corp. 2000F), Ser. A-1, 5.00%, 10/1/33 | Baa3 | 1,500,000 | 1,494,140 | |||
| Cap. Projects Fin. Auth. Student Hsg. Rev. Bonds, (FL U.), Ser. A-1 | ||||||
| 5.00%, 10/1/35 | Baa3 | 500,000 | 489,442 | |||
| 5.00%, 10/1/32 | Baa3 | 1,000,000 | 999,244 | |||
| 5.00%, 10/1/31 | Baa3 | 1,500,000 | 1,501,671 | |||
| Cap. Trust Agcy. 144A Rev. Bonds, (WFCS Holdings II, LLC), Ser. A-1, 3.30%, 1/1/31 | BB/P | 480,000 | 397,724 | |||
| Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. A-1, 4.25%, 5/1/34 | A | 360,000 | 340,317 | |||
| FL State Dept. of Mgt. Svcs. COP, Ser. A, 3.00%, 11/1/35 | Aa1 | 1,000,000 | 835,291 | |||
| FL State Dev. Fin. Corp. Ed. Fac. Rev. Bonds, (River City Ed.), 5.00%, 7/1/31 | Baa3 | 325,000 | 323,440 | |||
| 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 | 174,202 | |||
| FL State Hsg. Fin. Corp. Mandatory Put Bonds (2/1/26), (Northside Property III, Ltd.), GNMA Coll., 5.00%, 2/1/27 | AA+ | 2,000,000 | 2,017,856 | |||
| Greater Orlando, Aviation Auth. Arpt. Fac. Rev. Bonds, Ser. A, 5.00%, 10/1/35 | A1 | 7,500,000 | 7,396,514 | |||
| Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 | A- | 1,375,000 | 1,326,279 | |||
| Lakewood Ranch, Stewardship Dist. Special Assmt. Bonds, (Taylor Ranch) | ||||||
| 6.125%, 5/1/43 | BB-/P | 1,250,000 | 1,223,578 | |||
| 5.45%, 5/1/33 | BB-/P | 2,685,000 | 2,647,877 | |||
| Miami-Dade Cnty., Hsg. Fin. Auth. Multi-Fam. Hsg. Mandatory Put Bonds (9/1/25), (Quail Roost Transit Village, Ltd.), 5.00%, 9/1/26 | AA+ | 4,000,000 | 4,015,803 | |||
| Miami-Dade Cnty., Hsg. Fin. Auth. Multi-Fam. Hsg. Rev. Bonds, (Cutler Vista Hsg.), 5.00%, 3/1/27 | AA+ | 3,000,000 | 3,022,835 | |||
| Orange Cnty., Hlth. Fac. Auth. Rev. Bonds | ||||||
| (Orlando Hlth.), 5.00%, 10/1/40 | A+ | 1,000,000 | 996,815 | |||
| (Orlando Hlth.), 5.00%, 10/1/39 | A+ | 1,500,000 | 1,512,146 | |||
| (Orlando Hlth.), 5.00%, 10/1/38 | A+ | 1,000,000 | 1,015,715 | |||
| (Presbyterian Retirement Cmntys.), 5.00%, 8/1/34 | A-/F | 1,000,000 | 972,825 | |||
| Palm Beach Cnty., Rev. Bonds, (Provident Group-PBAU Properties, LLC), 5.00%, 4/1/29 | Ba1 | 500,000 | 499,275 | |||
| Palm Beach Cnty., 144A Rev. Bonds | ||||||
| (PBAU Hsg.), Ser. A, 5.00%, 4/1/39 | Ba1 | 1,000,000 | 927,225 | |||
| (Provident Group-LU Properties, LLC), 4.25%, 6/1/31 | BB-/P | 1,200,000 | 1,075,564 | |||
| Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds, (Acts Retirement-Life Cmnty., Inc.), 5.00%, 11/15/32 | A-/F | 2,000,000 | 1,981,343 | |||
| Palm Beach Cnty., School Board COP, Ser. C, 5.00%, 8/1/31 | Aa3 | 5,400,000 | 5,432,101 | |||
| South Broward, Hosp. Dist. Rev. Bonds, 3.00%, 5/1/34 | AA | 1,190,000 | 1,016,010 | |||
| Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30 | BBB+ | 240,000 | 240,056 | |||
| 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 | 175,634 | |||
| 4.00%, 12/15/30 | BB+/F | 195,000 | 173,598 | |||
| 4.00%, 12/15/29 | BB+/F | 215,000 | 194,362 | |||
| Village Cmnty. Dev. Dist. No. 15 144A Special Assmt. Bonds, 4.375%, 5/1/33 | BB/P | 1,000,000 | 956,116 | |||
| Village, 144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 1.875%, 5/1/25 | BB-/P | 350,000 | 334,845 | |||
| 51,583,675 | ||||||
| Georgia (2.5%) | ||||||
| Burke Cnty., Dev. Auth. Poll. Control | ||||||
| Mandatory Put Bonds (3/6/26), (GA Pwr. Co.), 3.875%, 10/1/32 | Baa1 | 2,250,000 | 2,191,833 | |||
| Mandatory Put Bonds (8/19/25), (GA Pwr. Co.), 2.875%, 12/1/49 | Baa1 | 4,250,000 | 4,064,909 | |||
| Mandatory Put Bonds (2/3/25), (Oglethorpe Pwr. Corp.), 1.50%, 1/1/40 | Baa1 | 1,600,000 | 1,514,667 | |||
| Main Street Natural Gas, Inc. Gas Supply | ||||||
| Mandatory Put Bonds (6/1/31), Ser. E-1, 5.00%, 12/1/53 | Aa1 | 5,000,000 | 4,965,137 | |||
| Mandatory Put Bonds (9/1/26), Ser. C, 4.00%, 3/1/50 | A3 | 820,000 | 796,785 | |||
| Mandatory Put Bonds (12/2/24), Ser. B, 4.00%, 8/1/49 | Aa2 | 8,000,000 | 7,923,875 | |||
| Monroe Cnty., Dev. Auth. Poll. Control Mandatory Put Bonds (3/6/26), (GA Pwr. Co.), 3.875%, 10/1/48 | Baa1 | 2,000,000 | 1,948,296 | |||
| Muni. Election Auth. of GA Rev. Bonds | ||||||
| (Plant Vogtle Units 3 & 4), AGM, 5.00%, 7/1/39 | AA | 1,000,000 | 1,015,552 | |||
| Ser. A, 5.00%, 1/1/34 | A2 | 2,295,000 | 2,339,987 | |||
| (Plant Vogtle Units 3 & 4), 4.00%, 1/1/46 | BBB+ | 330,000 | 263,494 | |||
| 27,024,535 | ||||||
| Hawaii (0.5%) | ||||||
| Honolulu City & Cnty., Mulit-Fam. Mandatory Put Bonds (6/1/26), (Komohale Mauakea Venture LP), 5.00%, 6/1/27 | Aaa | 5,000,000 | 5,066,593 | |||
| 5,066,593 | ||||||
| Illinois (6.2%) | ||||||
| Chicago, G.O. Bonds, Ser. A | ||||||
| 5.00%, 1/1/35 | BBB+ | 3,000,000 | 3,043,401 | |||
| 4.00%, 1/1/36 | BBB+ | 1,000,000 | 876,689 | |||
| Chicago, Board of Ed. G.O. Bonds, Ser. A, 5.00%, 12/1/39 | BB+ | 1,000,000 | 918,984 | |||
| Chicago, Midway Intl. Arpt. Rev. Bonds, Ser. A, BAM | ||||||
| 5.75%, 1/1/43(FWC) | AA | 1,250,000 | 1,306,649 | |||
| 5.75%, 1/1/42(FWC) | AA | 1,000,000 | 1,048,267 | |||
| 5.75%, 1/1/41(FWC) | AA | 500,000 | 525,081 | |||
| Chicago, O'Hare Intl. Arpt. Rev. Bonds | ||||||
| BAM, 5.25%, 1/1/40 | AA | 1,700,000 | 1,739,218 | |||
| BAM, 5.25%, 1/1/39 | AA | 1,195,000 | 1,227,500 | |||
| Ser. A, 5.00%, 1/1/34 | A+ | 5,600,000 | 5,521,505 | |||
| Ser. A, 5.00%, 1/1/33 | A+ | 1,715,000 | 1,697,304 | |||
| Ser. B, 5.00%, 1/1/33 | A+ | 5,465,000 | 5,428,303 | |||
| Chicago, Waste Wtr. Transmission Rev. Bonds, Ser. C | ||||||
| 5.00%, 1/1/34 | A+ | 400,000 | 400,600 | |||
| 5.00%, 1/1/33 | A+ | 405,000 | 406,084 | |||
| Chicago, Wtr. Wks Rev. Bonds, 5.00%, 11/1/39 | A+ | 675,000 | 635,838 | |||
| IL State G.O. Bonds | ||||||
| Ser. B, 5.25%, 5/1/39 | A3 | 5,900,000 | 5,935,398 | |||
| 5.00%, 11/1/41 | A3 | 600,000 | 566,050 | |||
| 5.00%, 1/1/41 | A3 | 340,000 | 321,540 | |||
| 5.00%, 11/1/34 | A3 | 1,650,000 | 1,654,198 | |||
| Ser. D, 5.00%, 11/1/27 | A3 | 920,000 | 942,922 | |||
| 4.125%, 11/1/31 | A3 | 830,000 | 797,095 | |||
| 4.00%, 1/1/31 | A3 | 695,000 | 665,668 | |||
| IL State Fin. Auth. Mandatory Put Bonds (8/15/25), (U. of Chicago Med. Ctr.), Ser. B-1, 5.00%, 8/15/52 | AA+ | 2,350,000 | 2,375,063 | |||
| 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 | 1,013,035 | |||
| IL State Fin. Auth. Rev. Bonds | ||||||
| (Ascension Hlth. Credit Group), Ser. C, 5.00%, 2/15/34 | AA+ | 1,100,000 | 1,125,427 | |||
| (Rosalind Franklin U. of Medicine and Science), Ser. A, 5.00%, 8/1/31 | BBB+ | 400,000 | 403,149 | |||
| (Art Institute of Chicago (The)), 5.00%, 3/1/30 | AA | 1,500,000 | 1,528,608 | |||
| IL State Fin. Auth. 144A Rev. Bonds, (Acero Charter Schools, Inc.) | ||||||
| 4.00%, 10/1/34 | BB+ | 445,000 | 378,935 | |||
| 4.00%, 10/1/33 | BB+ | 1,060,000 | 919,800 | |||
| 4.00%, 10/1/32 | BB+ | 685,000 | 603,587 | |||
| IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds | ||||||
| (U. of IL Chicago), 5.00%, 2/15/50 | Baa3 | 460,000 | 396,787 | |||
| (CHF-Chicago, LLC), 5.00%, 2/15/47 | Baa3 | 500,000 | 437,655 | |||
| IL State Fin. Auth. Wtr. Fac. Mandatory Put Bonds (9/1/28), 3.875%, 5/1/40 | A | 2,250,000 | 2,168,324 | |||
| IL State Hsg. Dev. Auth. Multi-Fam. Hsg. Mandatory Put Bonds (6/1/25), (South Shore Preservation LP), FHA Insd., 4.00%, 6/1/26 | Aaa | 5,500,000 | 5,417,066 | |||
| IL State Toll Hwy. Auth. Rev. Bonds, Ser. A | ||||||
| 5.00%, 1/1/42 | Aa3 | 1,500,000 | 1,523,757 | |||
| 5.00%, 1/1/41 | Aa3 | 1,250,000 | 1,265,493 | |||
| Metro. Pier & Exposition Auth. Rev. Bonds, (McCormick Place Expansion), Ser. B, 5.00%, 12/15/33 | A | 300,000 | 305,723 | |||
| Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, Ser. A, 5.00%, 12/1/31 | AA+ | 1,000,000 | 1,019,657 | |||
| Romeoville, Rev. Bonds, (Lewis U.) | ||||||
| 5.00%, 10/1/29 | BBB | 975,000 | 974,309 | |||
| 5.00%, 10/1/27 | BBB | 860,000 | 860,561 | |||
| 5.00%, 10/1/26 | BBB | 500,000 | 500,121 | |||
| Sales Tax Securitization Corp. Rev. Bonds, (Second Lien), Ser. C, 5.00%, 1/1/34 | AA- | 4,000,000 | 4,185,338 | |||
| U. of IL Rev. Bonds, (Hlth. Svcs. Fac. Syst.) | ||||||
| 5.50%, 10/1/41 | A2 | 1,660,000 | 1,716,062 | |||
| 5.50%, 10/1/40 | A2 | 605,000 | 626,106 | |||
| 5.50%, 10/1/39 | A2 | 380,000 | 394,660 | |||
| 65,797,517 | ||||||
| Indiana (1.3%) | ||||||
| IN State Fin. Auth. Waste Wtr. Util. Rev. Bonds, (CWA Auth., Inc.) | ||||||
| 5.00%, 10/1/42(FWC) | AA | 1,350,000 | 1,314,835 | |||
| 5.00%, 10/1/41(FWC) | AA | 1,000,000 | 978,769 | |||
| 5.00%, 10/1/40(FWC) | AA | 615,000 | 606,006 | |||
| 5.00%, 10/1/39(FWC) | AA | 600,000 | 595,689 | |||
| Ser. A, 5.00%, 10/1/39 | AA | 875,000 | 909,116 | |||
| 5.00%, 10/1/38(FWC) | AA | 500,000 | 499,560 | |||
| Ser. A, 5.00%, 10/1/38 | AA | 675,000 | 705,136 | |||
| IN State Fin. Auth. Wtr. Util. Rev. Bonds, (Board of Directors for Dept. of Pub. Util. of Indianapolis), Ser. 23-A, 5.00%, 10/1/40 | AA | 1,500,000 | 1,549,320 | |||
| IN State. Fin. Auth. Rev. Bonds, (Rose-Hulman Inst. of Tech., Inc.) | ||||||
| 5.00%, 6/1/32 | A2 | 200,000 | 207,471 | |||
| 5.00%, 6/1/31 | A2 | 200,000 | 207,221 | |||
| 5.00%, 6/1/30 | A2 | 200,000 | 208,081 | |||
| 5.00%, 6/1/29 | A2 | 175,000 | 181,328 | |||
| 5.00%, 6/1/28 | A2 | 100,000 | 103,035 | |||
| 5.00%, 6/1/27 | A2 | 180,000 | 184,185 | |||
| Indianapolis, Local Pub. Impt. Bond Bk. Rev. Bonds, Ser. A, 5.00%, 2/1/44 | Aa1 | 1,175,000 | 1,181,957 | |||
| Rockport, Poll. Control Rev. Bonds, (AEP Generating Co. ), 3.125%, 7/1/25 | A- | 4,150,000 | 4,025,031 | |||
| Silver Creek, School Bldg. Corp. Rev. Bonds | ||||||
| 3.00%, 1/15/36 | AA+ | 500,000 | 417,327 | |||
| 3.00%, 1/15/34 | AA+ | 375,000 | 326,214 | |||
| 14,200,281 | ||||||
| Iowa (0.2%) | ||||||
| IA State Fin. Auth. Rev. Bonds, (Lifespace Cmnty., Inc. Oblig. Group), Ser. A, 4.00%, 5/15/46 | BBB/F | 1,150,000 | 725,239 | |||
| 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 | 1,673,734 | |||
| 2,398,973 | ||||||
| Kentucky (2.4%) | ||||||
| Columbia Edl. Dev. Rev. Bonds, (Lindsey Wilson College), 5.00%, 12/1/33 | BBB | 3,000,000 | 2,817,619 | |||
| KY Econ. Dev. Fin. Auth. Rev. Bonds | ||||||
| (KentuckyWired Infrastructure Co., Inc.), 5.00%, 7/1/40 | Baa1 | 2,145,000 | 2,012,090 | |||
| (KY Wired Infrastructure Co., Inc.), 5.00%, 7/1/30 | Baa1 | 2,080,000 | 2,081,994 | |||
| KY State Pub. Energy Auth. Gas Supply Mandatory Put Bonds (6/1/25)(1/1/25), | ||||||
| Mandatory Put Bonds (6/1/25), Ser. C-1, 4.00%, 12/1/49 | A1 | 675,000 | 663,343 | |||
| Mandatory Put Bonds (1/1/25), Ser. B, 4.00%, 1/1/49 | A1 | 3,335,000 | 3,293,517 | |||
| Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds | ||||||
| (Norton Hlth. Care), Ser. A, 5.00%, 10/1/41 | A | 4,700,000 | 4,595,418 | |||
| (Norton Healthcare, Inc.), Ser. A, 5.00%, 10/1/30 | A | 2,750,000 | 2,767,903 | |||
| Louisville and Jefferson Cnty., Metro. Govt. Poll. Control Mandatory Put Bonds (7/1/26), (Louisville Gas and Elec. Co.), 1.75%, 2/1/35 | A1 | 5,000,000 | 4,638,404 | |||
| Rural Wtr. Fin. Agcy. Rev. Bonds, Ser. A, 3.90%, 11/1/25 | AAA/P | 3,000,000 | 2,931,604 | |||
| 25,801,892 | ||||||
| Louisiana (0.2%) | ||||||
| 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 | 1,869,452 | |||
| 1,869,452 | ||||||
| Maryland (0.5%) | ||||||
| Frederick Cnty., Tax Alloc. Bonds, (Oakdale-Lake Linganore Dev. Dist.), 3.25%, 7/1/29 | BBB-/P | 890,000 | 794,370 | |||
| Frederick Cnty., Edl. Fac. 144A Rev. Bonds, (Mount. St. Mary's U., Inc.), Ser. A, 5.00%, 9/1/27 | BB+ | 2,660,000 | 2,611,724 | |||
| Gaithersburg, Econ. Dev. Rev. Bonds, (Asbury, Oblig. Group), Ser. A, 5.00%, 1/1/36 | BBB/F | 300,000 | 278,743 | |||
| MD State Econ. Dev. Corp. Tax Alloc. Bonds, (Port Covington Dev. Dist.), 3.25%, 9/1/30 | BB/P | 1,500,000 | 1,346,384 | |||
| MD State Hlth. & Higher Ed. Fac. Auth. Rev. Bonds, (Stevenson U.), 4.00%, 6/1/34 | BBB- | 250,000 | 235,395 | |||
| 5,266,616 | ||||||
| Massachusetts (2.6%) | ||||||
| MA State G.O. Bonds | ||||||
| Ser. A, 5.25%, 4/1/47 | Aa1 | 1,500,000 | 1,515,020 | |||
| Ser. B, 5.00%, 5/1/43 | Aa1 | 2,000,000 | 2,059,121 | |||
| (Cons. Loan of 2023), Ser. A, 5.00%, 5/1/43 | Aa1 | 1,650,000 | 1,698,775 | |||
| MA State Dept. Trans. Metro. Hwy. Syst. VRDN, Ser. A-1, 3.87%, 1/1/37 | VMIG 1 | 6,500,000 | 6,500,000 | |||
| MA State Dev. Fin. Agcy. Rev. Bonds, (Simmons U.), Ser. N | ||||||
| 5.25%, 10/1/39 | Baa2 | 580,000 | 553,632 | |||
| 5.25%, 10/1/38 | Baa2 | 550,000 | 529,178 | |||
| 5.25%, 10/1/37 | Baa2 | 545,000 | 529,827 | |||
| 5.25%, 10/1/36 | Baa2 | 500,000 | 493,139 | |||
| MA State Dev. Fin. Agcy. VRDN, (Boston U.), Ser. U-6E, 3.85%, 10/1/42 | VMIG 1 | 4,185,000 | 4,185,000 | |||
| MA State Dev. Fin. Agcy. 144A Rev. Bonds, (Loomis Oblig. Group), 4.00%, 1/1/26 | BBB | 470,000 | 458,945 | |||
| MA State Dev. Fin. Agcy. VRDN (Boston U.), Ser. U-6C, 3.80%, 10/1/42 | VMIG 1 | 950,000 | 950,000 | |||
| MA State Hlth. & Edl. Fac. Auth. VRDN (Baystate Total Home Care, Inc.), 3.85%, 7/1/39 | A-1+ | 1,500,000 | 1,500,000 | |||
| 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 | 954,234 | |||
| MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. D, 3.10%, 6/1/30 | AA+ | 720,000 | 660,605 | |||
| MA State Port Auth. Rev. Bonds, Ser. B, 4.00%, 7/1/46 | Aa2 | 6,045,000 | 4,974,248 | |||
| 27,561,724 | ||||||
| Michigan (3.0%) | ||||||
| Detroit, G.O. Bonds | ||||||
| 5.50%, 4/1/34 | Ba1 | 660,000 | 680,095 | |||
| (Fin. Recvy.), Ser. B-1, 4.00%, 4/1/44 | BB/P | 4,500,000 | 3,067,668 | |||
| Kalamazoo, Pub. Schools G.O. Bonds, Ser. I, AGM | ||||||
| 5.00%, 5/1/48 | AA | 820,000 | 806,352 | |||
| 5.00%, 5/1/45 | AA | 885,000 | 885,285 | |||
| Kentwood, Economic Dev. Corp. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/37 | BBB-/F | 1,000,000 | 880,020 | |||
| MI State Bldg. Auth. Rev. Bonds, Ser. II | ||||||
| 5.00%, 10/15/42 | Aa2 | 1,350,000 | 1,393,525 | |||
| 5.00%, 10/15/41 | Aa2 | 1,000,000 | 1,035,103 | |||
| 5.00%, 10/15/40 | Aa2 | 750,000 | 782,673 | |||
| 5.00%, 10/15/39 | Aa2 | 650,000 | 681,815 | |||
| 5.00%, 10/15/38 | Aa2 | 450,000 | 474,608 | |||
| MI State Fin. Auth. Rev. Bonds | ||||||
| Ser. H-1, 5.00%, 10/1/39 (Prerefunded 10/1/24) | AA- | 525,000 | 513,045 | |||
| (Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/35 | A1 | 1,000,000 | 1,008,320 | |||
| (Great Lakes Wtr. Auth. Wtr. Supply Syst.), 5.00%, 7/1/31 | Aa3 | 6,500,000 | 6,531,019 | |||
| (Detroit, Regl. Convention Fac. Auth.), Ser. H-1, 5.00%, 10/1/28 | AA- | 1,955,000 | 1,968,200 | |||
| (Detroit), Ser. C-3, 5.00%, 4/1/28 | Aa2 | 700,000 | 715,846 | |||
| (Tobacco Settlement), Ser. A-1, 2.326%, 6/1/30 | A | 251,214 | 234,230 | |||
| MI State Fin. Auth. Ltd. Oblig. Rev. Bonds | ||||||
| (Lawrence Technological U.), 5.25%, 2/1/32 | BBB- | 1,145,000 | 1,114,421 | |||
| (Lawrence Technological U.), 5.00%, 2/1/47 | BBB- | 2,000,000 | 1,631,012 | |||
| (Lawrence Tech. U.), 4.00%, 2/1/32 | BBB- | 285,000 | 252,444 | |||
| (Lawrence Tech. U.), 4.00%, 2/1/27 | BBB- | 185,000 | 175,391 | |||
| MI State Strategic Fund Ltd. Oblig. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/34 | BBB-/F | 1,900,000 | 1,745,320 | |||
| MI State U. Rev. Bonds, Ser. B, 5.00%, 2/15/44 | Aa2 | 3,000,000 | 3,026,063 | |||
| Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. F, 5.00%, 12/1/30 | A1 | 1,840,000 | 1,830,091 | |||
| 31,432,546 | ||||||
| Minnesota (2.1%) | ||||||
| Duluth, COP, (Indpt. School Dist. No. 709), Ser. A | ||||||
| 4.20%, 3/1/34 | Baa1 | 750,000 | 690,591 | |||
| 4.00%, 3/1/32 | Baa1 | 2,715,000 | 2,512,455 | |||
| Duluth, Econ. Dev. Auth. Rev. Bonds, (Benedictine Hlth. Syst. Oblig. Group), Ser. A, 4.00%, 7/1/31 | BB/P | 625,000 | 536,912 | |||
| Duluth, Econ. Dev. Auth. Hlth. Care Fac. Rev. Bonds, (St. Luke's Hosp. of Duluth Oblig. Group) | ||||||
| 5.00%, 6/15/32 | BB+ | 975,000 | 964,261 | |||
| 5.00%, 6/15/30 | BB+ | 830,000 | 823,119 | |||
| Hennepin Cnty., VRDN, Ser. B, 4.05%, 12/1/38 | A-1+ | 2,695,000 | 2,695,000 | |||
| Minneapolis, Hlth. Care Syst. VRDN (Fairview Hlth. Svcs. Oblig. Group), Ser. B, 4.10%, 11/15/48 | VMIG 1 | 1,500,000 | 1,500,000 | |||
| MN State Higher Ed. Fac. Auth. Rev. Bonds, (Augsburg U.), Ser. A, 5.00%, 5/1/46 | Ba1 | 750,000 | 618,734 | |||
| MN State Rural Wtr. Fin. Auth. Rev. Bonds, (Pub. Projects Construction), 4.375%, 4/1/25 | AAA/P | 2,000,000 | 1,999,077 | |||
| Ramsey, Charter School Rev. Bonds, (PACT Charter School), Ser. A, 5.00%, 6/1/32 | BB+ | 1,400,000 | 1,334,152 | |||
| Rochester, Hlth. Care Fac. VRDN, (Mayo Clinic) | ||||||
| Ser. A, 3.95%, 11/15/38 | A-1+ | 3,000,000 | 3,000,000 | |||
| Ser. B, 3.95%, 11/15/38 | VMIG 1 | 1,500,000 | 1,500,000 | |||
| St. Paul, Hsg. & Redev. Auth. Charter School Lease Rev. Bonds, (Hmong College Prep Academy), 5.50%, 9/1/36 | BB+ | 3,000,000 | 2,913,795 | |||
| St. Paul, Port Auth. Dist. Energy Rev. Bonds, Ser. 23-4, 5.25%, 10/1/42 | A- | 1,000,000 | 903,722 | |||
| 21,991,818 | ||||||
| Missouri (2.2%) | ||||||
| Kansas City, Indl. Dev. Auth. Arpt. Special Oblig. Rev. Bonds | ||||||
| (Kansas City, Intl. Arpt.), 5.00%, 3/1/32 | A2 | 1,000,000 | 1,010,719 | |||
| (Kansas City Intl. Arpt.), 5.00%, 3/1/30 | A2 | 1,540,000 | 1,568,583 | |||
| MI State Hlth. & Edl. Fac. Rev. Bonds | ||||||
| (U. of Hlth. Sciences & Pharmacy in St. Louis), 5.00%, 5/1/28 | BBB- | 1,775,000 | 1,761,926 | |||
| (U. of Hlth. Sciences & Pharmacy in St. Louis), 4.00%, 5/1/43 | BBB- | 1,750,000 | 1,306,214 | |||
| (U. of Hlth. Sciences & Pharmacy in St. Louis), 4.00%, 5/1/40 | BBB- | 615,000 | 480,599 | |||
| (U. of Hlth. Sciences & Pharmacy in St. Louis), 4.00%, 5/1/39 | BBB- | 3,750,000 | 2,978,218 | |||
| (U. of Hlth. Sciences & Pharmacy in St. Louis), 4.00%, 5/1/37 | BBB- | 2,600,000 | 2,153,053 | |||
| MI State Hlth. & Edl. Fac. 144A Rev. Bonds, (U. of Hlth. Sciences & Pharmacy in St. Louis), 4.00%, 5/1/45 | BBB- | 1,280,000 | 930,374 | |||
| MO State Hlth. & Edl. Fac. Auth. Rev. Bonds | ||||||
| (Mercy Hlth.), 5.50%, 12/1/41 | A1 | 2,100,000 | 2,198,741 | |||
| (Mercy Hlth.), 5.50%, 12/1/40 | A1 | 1,100,000 | 1,156,557 | |||
| (Children's Mercy Hosp. (The)), Ser. A, 4.00%, 5/15/42 | AA- | 3,195,000 | 2,712,489 | |||
| Plaza at Noah's Ark Cmnty. Impt. Dist. Rev. Bonds | ||||||
| 3.00%, 5/1/26 | B+/P | 275,000 | 259,099 | |||
| 3.00%, 5/1/25 | B+/P | 225,000 | 217,190 | |||
| 3.00%, 5/1/24 | B+/P | 200,000 | 197,685 | |||
| Poplar Bluff, Regl. Trans. Dist. Rev. Bonds, Ser. B | ||||||
| 4.00%, 12/1/37 | BBB | 2,300,000 | 1,976,478 | |||
| 3.375%, 12/1/31 | BBB | 1,500,000 | 1,325,975 | |||
| St. Louis, Arpt. Rev. Bonds, 5.00%, 7/1/30 | A2 | 1,430,000 | 1,457,607 | |||
| 23,691,507 | ||||||
| Montana (0.4%) | ||||||
| Forsyth, Poll. Control Rev. Bonds, (NorthWestern Corp.), 3.875%, 7/1/28 | A3 | 2,200,000 | 2,103,316 | |||
| MT State Board of Regents Higher Ed. Mandatory Put Bonds (11/15/32), U. of MT, AGM, 5.25%, 11/15/52(T) | AA | 2,475,000 | 2,517,710 | |||
| 4,621,026 | ||||||
| Nebraska (0.9%) | ||||||
| Central Plains, Energy Mandatory Put Bonds (12/28/23), (No. 4), 5.00%, 3/1/50 (Prerefunded (12/28/23)) | A3 | 2,500,000 | 2,507,677 | |||
| Omaha, Pub. Pwr. Dist. Rev. Bonds, Ser. A | ||||||
| 5.00%, 2/1/46 | Aa2 | 5,000,000 | 5,087,047 | |||
| 5.00%, 2/1/39 | Aa2 | 1,000,000 | 1,043,481 | |||
| 5.00%, 2/1/38 | Aa2 | 1,000,000 | 1,051,475 | |||
| 9,689,680 | ||||||
| Nevada (1.7%) | ||||||
| Clark Cnty., Poll. Control Mandatory Put Bonds (3/31/26), (NV Pwr. Co.), 3.75%, 1/1/36 | A+ | 2,250,000 | 2,209,828 | |||
| Clark Cnty., School Dist. G.O. Bonds | ||||||
| Ser. A, 5.00%, 6/15/37 | AA- | 5,000,000 | 5,224,629 | |||
| Ser. C, 5.00%, 6/15/28 | AA- | 4,000,000 | 4,077,920 | |||
| Ser. B, BAM, 3.00%, 6/15/36 | AA | 1,000,000 | 806,675 | |||
| Las Vegas, Convention and Visitors Auth. Convention Ctr. Expansion Rev. Bonds, (Cnty. of Clark & City of Las Vegas Combined Room Tax), Ser. A | ||||||
| 5.00%, 7/1/43 | Aa3 | 1,205,000 | 1,214,840 | |||
| 5.00%, 7/1/42 | Aa3 | 1,200,000 | 1,212,527 | |||
| 5.00%, 7/1/41 | Aa3 | 1,000,000 | 1,015,483 | |||
| 5.00%, 7/1/40 | Aa3 | 1,550,000 | 1,580,486 | |||
| 5.00%, 7/1/39 | Aa3 | 760,000 | 778,241 | |||
| 18,120,629 | ||||||
| New Hampshire (0.7%) | ||||||
| National Fin. Auth. Rev. Bonds | ||||||
| (NH Bus. Fin. Auth.), Ser. 23-2, 3.875%, 1/20/38 | BBB | 5,086,216 | 4,292,102 | |||
| (Caritas Acquisitions VII, LLC), Ser. A, 3.75%, 8/15/30 | BBB/P | 1,050,000 | 927,876 | |||
| NH State Hlth. & Ed. Fac. Auth. Rev. Bonds, (Southern NH Med. Ctr.), 5.00%, 10/1/37 | A- | 2,000,000 | 1,891,558 | |||
| 7,111,536 | ||||||
| New Jersey (2.4%) | ||||||
| NJ State G.O. Bonds, (Covid-19 Emergency Bonds), Ser. A, 3.00%, 6/1/32 | A1 | 4,000,000 | 3,457,630 | |||
| NJ State Econ. Dev. Auth. Mandatory Put Bonds (6/1/28), (American Wtr. Co., Inc.), 3.75%, 11/1/34 | A1 | 3,000,000 | 2,820,601 | |||
| NJ State Econ. Dev. Auth. Mandatory Put Bonds (12/3/29), (American Water Co., Inc.), 2.20%, 10/1/39 | A1 | 3,500,000 | 2,849,887 | |||
| NJ State Econ. Dev. Auth. Rev. Bonds | ||||||
| Ser. SSS, 5.25%, 6/15/39(FWC) | A2 | 1,000,000 | 1,008,740 | |||
| Ser. SSS, 5.25%, 6/15/38(FWC) | A2 | 1,585,000 | 1,606,298 | |||
| Ser. SSS, 5.25%, 6/15/37(FWC) | A2 | 1,060,000 | 1,085,195 | |||
| Ser. AAA, 5.00%, 6/15/36 | A2 | 350,000 | 351,660 | |||
| Ser. SSS, 5.00%, 6/15/34(FWC) | A2 | 1,000,000 | 1,031,342 | |||
| NJ State Edl. Fac. Auth. Rev. Bonds, (William Paterson U. of NJ (The)), Ser. C, AGM | ||||||
| 5.00%, 7/1/27 | AA | 100,000 | 102,734 | |||
| 5.00%, 7/1/26 | AA | 100,000 | 101,840 | |||
| 5.00%, 7/1/25 | AA | 100,000 | 101,184 | |||
| 5.00%, 7/1/24 | AA | 100,000 | 100,497 | |||
| NJ State Hlth. Care Fac. Fin. Auth. VRDN, (AHS Hosp. Corp.), Ser. B, 4.05%, 7/1/36 | VMIG 1 | 2,000,000 | 2,000,000 | |||
| NJ State Trans. Trust Fund Auth. Rev. Bonds | ||||||
| Ser. BB, 5.00%, 6/15/34 | A2 | 675,000 | 705,692 | |||
| (Federal Hwy. Reimbursement Notes), 5.00%, 6/15/28 | A+ | 750,000 | 762,873 | |||
| Ser. AA, 5.00%, 6/15/26 | A2 | 1,000,000 | 1,023,016 | |||
| Ser. A, 4.25%, 6/15/40 | A2 | 2,000,000 | 1,824,524 | |||
| Passaic Cnty., Impt. Auth. Rev. Bonds, (Paterson Arts & Science Charter School), 4.25%, 7/1/33 | BBB- | 620,000 | 587,083 | |||
| South Jersey, Trans. Auth. Syst. Rev. Bonds, Ser. A | ||||||
| 5.00%, 11/1/40 | BBB+ | 2,500,000 | 2,445,933 | |||
| 5.00%, 11/1/38 | BBB+ | 1,140,000 | 1,128,389 | |||
| BAM, 5.00%, 11/1/37 | AA | 250,000 | 253,973 | |||
| 25,349,091 | ||||||
| New Mexico (0.8%) | ||||||
| Farmington, Poll. Control Rev. Bonds, (Pub. Service Co. of NM), Ser. B, 2.15%, 4/1/33 | Baa2 | 2,000,000 | 1,458,821 | |||
| NM State Mtge. Fin. Auth. Multi-Fam. Hsg. | ||||||
| Mandatory Put Bonds (9/1/25), (Mountain View II & III Apt.), 5.00%, 2/1/42 | Aaa | 1,000,000 | 1,006,101 | |||
| Mandatory Put Bonds (6/1/25), (Santa Fe Apt.), 5.00%, 2/1/42 | Aaa | 4,750,000 | 4,768,773 | |||
| Sante Fe, Retirement Fac. Rev. Bonds, (El Castillo Retirement Res.), 5.00%, 5/15/42 | BB+/F | 980,000 | 784,244 | |||
| 8,017,939 | ||||||
| New York (13.2%) | ||||||
| Albany, Cap. Resource Corp. Rev. Bonds, (Empire Commons Student Hsg., Inc.) | ||||||
| 5.00%, 5/1/26 | A | 400,000 | 405,428 | |||
| Ser. A, 5.00%, 5/1/25 | A | 645,000 | 649,990 | |||
| 5.00%, 5/1/24 | A | 575,000 | 576,593 | |||
| Build NY City Resource Corp. Rev. Bonds | ||||||
| (Classical Charter School, Inc.), 4.00%, 6/15/33 | BBB- | 970,000 | 891,252 | |||
| (Global Cmnty. Charter School), 4.00%, 6/15/32 | BB+ | 500,000 | 458,720 | |||
| (Grand Concourse Academy Charter School), 3.40%, 7/1/27 | BBB- | 245,000 | 232,912 | |||
| Build NY City Resource Corp. 144A Rev. Bonds | ||||||
| (Unity Preparatory Charter School of Brooklyn), 5.00%, 6/15/33 | BB | 665,000 | 647,635 | |||
| (East Harlem Scholars Academy Charter School), 5.00%, 6/1/32 | BB+ | 375,000 | 366,550 | |||
| Dutchess Cnty., Local Dev. Corp. Rev. Bonds, (Culinary Inst. of America (The)), 5.00%, 7/1/34 | Baa2 | 500,000 | 500,981 | |||
| Metro. Trans. Auth. VRDN, Ser. E-1, 4.00%, 11/15/50 | VMIG 1 | 3,000,000 | 3,000,000 | |||
| NY City, G.O. Bonds | ||||||
| Ser. B-1, 5.25%, 10/1/39 | Aa2 | 2,500,000 | 2,638,688 | |||
| Ser. D-1, 5.00%, 3/1/38 | Aa2 | 6,150,000 | 6,331,741 | |||
| NY City, VRDN, Ser. I-2, 3.95%, 3/1/40 | VMIG 1 | 11,100,000 | 11,100,000 | |||
| NY City, Hsg. Dev. Corp. Mandatory Put Bonds (12/22/26), (Sustainable Dev.), Ser. F-2-B, FHA Insd., 3.40%, 11/1/62 | AA+ | 12,750,000 | 12,353,248 | |||
| NY City, Hsg. Dev. Corp. Multi-Fam. Hsg. Mandatory Put Bonds (12/30/27), (Sustainable Dev.), Ser. A-2, 3.70%, 5/1/63 | AA+ | 10,000,000 | 9,702,548 | |||
| NY City, Hsg. Dev. Corp. Multi-Fam. Hsg. Rev. Bonds, (Sustainability Bonds), Ser. I-1, FHA Insd., 2.55%, 11/1/45 | AA+ | 6,255,000 | 3,882,977 | |||
| NY City, Muni. Wtr. & Swr. Syst. Fin. Auth. Rev. Bonds | ||||||
| Ser. EE, 5.00%, 6/15/45 | Aa1 | 2,730,000 | 2,768,858 | |||
| Ser. A, 5.00%, 6/15/43 | Aa1 | 1,800,000 | 1,845,612 | |||
| Ser. DD, 5.00%, 6/15/40 | Aa1 | 3,320,000 | 3,367,524 | |||
| NY City, Muni. Wtr. & Swr. Syst. Fin. Auth. VRDN | ||||||
| Ser. DD-1, 3.95%, 6/15/43 | VMIG 1 | 4,835,000 | 4,835,000 | |||
| Ser. F-2, 4.03%, 6/15/35 | VMIG 1 | 1,130,000 | 1,130,000 | |||
| NY City, Transitional Fin. Auth. Rev. Bonds | ||||||
| Ser. E-1, 5.00%, 11/1/40 | AAA | 4,000,000 | 4,124,142 | |||
| (Future Tax Secured Revenue), 5.00%, 11/1/40 | AAA | 4,250,000 | 4,286,632 | |||
| (Future Tax Secd.), Ser. B1, 5.00%, 11/1/32 | AAA | 9,000,000 | 9,002,809 | |||
| NY City, Transitional Fin. Auth. VRDN, 3.95%, 2/1/45 | VMIG 1 | 1,000,000 | 1,000,000 | |||
| NY City, Transitional Fin. Auth. Future Tax Secd. Rev. Bonds, Ser. C, 5.00%, 11/1/27 | AAA | 3,500,000 | 3,545,804 | |||
| NY State Dorm. Auth. Personal Income Tax Rev. Bonds | ||||||
| Ser. A, 5.00%, 3/15/40 | Aa1 | 655,000 | 662,549 | |||
| Ser. A-3, 3.00%, 3/15/39 | Aa1 | 7,915,000 | 6,108,391 | |||
| NY State Dorm. Auth. Sales Tax Rev. Bonds, Ser. A, 5.00%, 3/15/35 | Aa1 | 5,000,000 | 5,094,987 | |||
| NY State Energy Research & Dev. Auth. Poll. Control Rev. Bonds, (NY State Elec. & Gas Corp.), Ser. C, 4.00%, 4/1/34 | A- | 3,700,000 | 3,451,007 | |||
| NY State Hsg. Fin. Agcy. Rev. Bonds, Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll., 3.05%, 11/1/36 | Aa2 | 1,500,000 | 1,195,626 | |||
| NY State Hsg. Fin. Agcy. VRDN (8 East 102nd St., LLC), Ser. A, 3.90%, 5/1/44 | VMIG 1 | 3,780,000 | 3,780,000 | |||
| NY State Hsg. Fin. Agcy. Affordable Hsg. Rev. Bonds, (Sustainability Bonds), Ser. C-1, 4.50%, 11/1/43 | Aa2 | 1,000,000 | 879,379 | |||
| NY State Liberty Dev. Corp. Rev. Bonds, (Port Auth. of NY & NJ), Ser. 1WTC, 2.75%, 2/15/44 | AA- | 7,750,000 | 5,151,041 | |||
| NY State Mtge. Agcy. Rev. Bonds, Ser. 196, 2.60%, 4/1/25 | Aa1 | 750,000 | 729,910 | |||
| NY State Trans. Special Fac. Dev. Corp. Rev. Bonds | ||||||
| (Delta Air Lines, Inc.), 5.625%, 4/1/40 | Baa3 | 4,000,000 | 3,984,938 | |||
| (JFK Intl. Arpt. Term. 4, LLC), 5.00%, 12/1/29 | Baa1 | 500,000 | 507,156 | |||
| (American Airlines, Inc.), 2.25%, 8/1/26 | BB-/F | 155,000 | 144,821 | |||
| NY State Urban Dev. Corp. Sales Tax Rev. Bonds, Ser. A, 5.00%, 3/15/44 | Aa1 | 5,000,000 | 5,094,790 | |||
| Orange Cnty., Funding Corp. Rev. Bonds, (Mount St. Mary College), 5.00%, 7/1/29 | BBB+/F | 1,170,000 | 1,166,130 | |||
| Port Auth. of NY & NJ Rev. Bonds | ||||||
| Ser. 218, 5.00%, 11/1/49(T) | Aa3 | 1,535,000 | 1,464,289 | |||
| 5.00%, 1/15/37 | Aa3 | 1,000,000 | 1,013,950 | |||
| 5.00%, 1/15/36 | Aa3 | 1,000,000 | 1,026,356 | |||
| Ser. 197, 5.00%, 11/15/35 | Aa3 | 5,000,000 | 5,045,925 | |||
| Ser. 227, 3.00%, 10/1/27 | Aa3 | 5,000,000 | 4,606,446 | |||
| 140,753,335 | ||||||
| North Carolina (0.3%) | ||||||
| NC State Cap. Fac. Fin. Agcy. Edl. Fac. Rev. Bonds, (Campbell U.), Ser. A, 5.00%, 10/1/26 | Baa2 | 1,250,000 | 1,259,751 | |||
| 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 | 351,364 | |||
| 5.00%, 3/1/27 | BB/P | 460,000 | 447,068 | |||
| 5.00%, 3/1/26 | BB/P | 440,000 | 431,552 | |||
| 4.00%, 3/1/29 | BB/P | 755,000 | 685,637 | |||
| 3,175,372 | ||||||
| Ohio (2.2%) | ||||||
| Cleveland-Cuyahoga Cnty., Rev. Bonds, (Euclid Ave. Dev., Corp.), 5.00%, 8/1/39 | A3 | 3,000,000 | 2,892,824 | |||
| Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds | ||||||
| (Playhouse Sq. Foundation), 5.25%, 12/1/38 | BB+ | 500,000 | 471,142 | |||
| (Playhouse Square Foundation), 5.00%, 12/1/33 | BB+ | 1,000,000 | 959,415 | |||
| Cuyahoga Cnty., Econ. Dev. Rev. Bonds | ||||||
| 5.00%, 1/1/38 | A | 1,380,000 | 1,399,131 | |||
| 5.00%, 1/1/36 | A | 425,000 | 439,509 | |||
| Franklin Cnty., Mandatory Put Bonds (11/1/23), (Trinity Hlth. Corp.), 4.30%, 12/1/46 | Aa3 | 6,000,000 | 6,000,000 | |||
| Franklin Cnty., Hlth. Care Fac. Rev. Bonds, (Friendship Village of Dublin Oblig. Group), 5.00%, 11/15/34 | BBB+/F | 700,000 | 675,240 | |||
| Montgomery Cnty., Hosp. VRDN 4.08%, 11/15/45 | VMIG 1 | 500,000 | 500,000 | |||
| OH State Higher Edl. Fac. Comm. Rev. Bonds | ||||||
| (Kenyon College), 5.00%, 7/1/35 | A2 | 1,700,000 | 1,796,751 | |||
| (Cleveland Inst. of Art (The)), 5.00%, 12/1/33 | BB | 270,000 | 252,694 | |||
| (Cleveland Inst. of Music (The)), 5.00%, 12/1/32 | BBB- | 600,000 | 580,803 | |||
| (John Carroll U.), 5.00%, 10/1/30 | Baa1 | 455,000 | 462,429 | |||
| (John Carroll U.), 5.00%, 10/1/29 | Baa1 | 810,000 | 823,092 | |||
| (Cleveland Inst. of Art (The)), 5.00%, 12/1/28 | BB | 500,000 | 486,010 | |||
| (John Carroll U.), 5.00%, 10/1/28 | Baa1 | 370,000 | 376,079 | |||
| (John Carroll U.), 5.00%, 10/1/27 | Baa1 | 350,000 | 354,468 | |||
| (John Carroll U.), 5.00%, 10/1/26 | Baa1 | 350,000 | 353,109 | |||
| (John Carroll U.), 5.00%, 10/1/25 | Baa1 | 220,000 | 221,119 | |||
| OH State Hosp. Rev. Bonds, (Premier Hlth. Partners Oblig. Group) | ||||||
| 5.00%, 11/15/27 | Baa1 | 240,000 | 242,164 | |||
| 5.00%, 11/15/26 | Baa1 | 285,000 | 286,834 | |||
| 5.00%, 11/15/24 | Baa1 | 135,000 | 135,492 | |||
| 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 | 3,172,429 | |||
| Port of Greater Cincinnati Dev. Auth. 144A Rev. Bonds, 4.25%, 12/1/50 | BB/P | 730,000 | 534,452 | |||
| Scioto Cnty., Hosp. Rev. Bonds, (Southern OH Med. Ctr.), 5.00%, 2/15/33 | A3 | 500,000 | 490,543 | |||
| 23,905,729 | ||||||
| Oklahoma (0.1%) | ||||||
| Tulsa, Indl. Auth. Rev. Bonds, (U. of Tulsa (The)), 5.00%, 10/1/25 | Baa3 | 1,000,000 | 988,552 | |||
| 988,552 | ||||||
| Oregon (0.3%) | ||||||
| Keizer, Special Assmt. Bonds, (Keizer Station), Ser. A, 5.20%, 6/1/31 | Aa3 | 185,000 | 185,297 | |||
| Port of Portland, Arpt. Rev. Bonds | ||||||
| Ser. 24B, 5.00%, 7/1/33 | AA- | 2,000,000 | 2,004,094 | |||
| Ser. 28, 5.00%, 7/1/28 | AA- | 1,000,000 | 1,020,764 | |||
| 3,210,155 | ||||||
| Pennsylvania (6.6%) | ||||||
| Allegheny Cnty., Arpt. Auth. Rev. Bonds, Ser. A | ||||||
| AGM, 5.50%, 1/1/43 | AA | 1,500,000 | 1,535,425 | |||
| AGM, 5.50%, 1/1/42 | AA | 1,000,000 | 1,025,790 | |||
| AGM, 5.50%, 1/1/41 | AA | 1,000,000 | 1,030,610 | |||
| 5.00%, 1/1/34 | AA | 10,485,000 | 10,649,432 | |||
| 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 | 647,232 | |||
| Crawford Cnty., Indl. Dev. Auth. Rev. Bonds, (Allegheny College) | ||||||
| 5.00%, 5/1/31 | A- | 1,465,000 | 1,430,659 | |||
| 5.00%, 5/1/30 | A- | 1,510,000 | 1,485,545 | |||
| 5.00%, 5/1/29 | A- | 1,440,000 | 1,425,891 | |||
| 5.00%, 5/1/28 | A- | 1,370,000 | 1,365,866 | |||
| Dallas, Area Muni. Auth. U. Rev. Bonds, (Misericordia U.), 5.00%, 5/1/29 | Baa3 | 300,000 | 292,383 | |||
| Lancaster Cnty., Hosp. Auth. VRDN, (Masonic Homes), Ser. D, 4.05%, 7/1/34 | A-1 | 500,000 | 500,000 | |||
| Lancaster, Indl. Dev. Auth. Rev. Bonds, (Landis Homes Oblig. Group), 4.00%, 7/1/46 | BBB-/F | 675,000 | 468,250 | |||
| Monroeville, Fin. Auth. Rev. Bonds, (U. of Pittsburgh Med. Ctr.), Ser. B | ||||||
| 5.00%, 2/15/38 | A2 | 2,200,000 | 2,220,126 | |||
| 5.00%, 2/15/24 | A2 | 500,000 | 501,106 | |||
| PA Rev. Bonds, (City of Philadelphia, Wtr. & Wastewater) | ||||||
| 4.00%, 1/1/32 | Baa2 | 540,000 | 499,747 | |||
| 4.00%, 1/1/31 | Baa2 | 165,000 | 154,105 | |||
| 4.00%, 1/1/30 | Baa2 | 115,000 | 108,339 | |||
| 4.00%, 1/1/29 | Baa2 | 725,000 | 689,050 | |||
| PA State Econ. Dev. Fin. Auth. Rev. Bonds, (PennDOT Major Bridges) | ||||||
| 5.25%, 6/30/36 | Baa2 | 1,650,000 | 1,681,127 | |||
| 5.25%, 6/30/35 | Baa2 | 2,030,000 | 2,086,338 | |||
| PA State Tpk. Comm. Rev. Bonds, Ser. B-1, 5.00%, 6/1/42 | A2 | 675,000 | 672,110 | |||
| Philadelphia, Arpt. Rev. Bonds, Ser. C, 5.00%, 7/1/24 | A2 | 4,000,000 | 4,009,980 | |||
| Philadelphia, Auth. for Indl. Dev. Rev. Bonds | ||||||
| (St. Joseph's U.), 5.00%, 11/1/47 | A-/P | 3,000,000 | 2,754,236 | |||
| (MaST Cmnty. Charter School II), 5.00%, 8/1/40 | BBB- | 935,000 | 843,103 | |||
| (LaSalle U.), 5.00%, 5/1/25 | BB- | 1,815,000 | 1,777,749 | |||
| Philadelphia, Auth. for Indl. Dev. 144A Rev. Bonds, (U. of the Arts) | ||||||
| 4.50%, 3/15/29 | BB-/F | 1,925,000 | 1,809,978 | |||
| 4.50%, 3/15/29 (Prerefunded 3/15/28) | AAA/P | 75,000 | 77,424 | |||
| Philadelphia, Auth. for Indl. Dev. City Agreement Rev. Bonds, 5.00%, 12/1/27 | A1 | 3,000,000 | 3,056,689 | |||
| Philadelphia, Energy Auth. Rev. Bonds | ||||||
| 5.00%, 11/1/43 | A1 | 700,000 | 698,054 | |||
| 5.00%, 11/1/42 | A1 | 1,000,000 | 998,473 | |||
| 5.00%, 11/1/41 | A1 | 1,000,000 | 1,003,337 | |||
| 5.00%, 11/1/40 | A1 | 1,695,000 | 1,706,503 | |||
| 5.00%, 11/1/39 | A1 | 1,575,000 | 1,595,077 | |||
| 5.00%, 11/1/38 | A1 | 700,000 | 715,019 | |||
| 5.00%, 11/1/37 | A1 | 700,000 | 722,200 | |||
| Philadelphia, School Dist. G.O. Bonds, Ser. F | ||||||
| 5.00%, 9/1/29 | A1 | 6,620,000 | 6,758,235 | |||
| BAM, 5.00%, 9/1/27 | AA | 6,860,000 | 7,026,871 | |||
| Southeastern PA Trans. Auth. Rev. Bonds, (Asset Impt. Program) | ||||||
| 5.25%, 6/1/40 | Aa3 | 1,250,000 | 1,310,097 | |||
| 5.25%, 6/1/39 | Aa3 | 1,500,000 | 1,584,900 | |||
| Westmoreland Cnty. Indl. Dev. Auth. Hlth. Syst. Rev. Bonds, (Excela Hlth. Oblig. Group), Ser. A | ||||||
| 5.00%, 7/1/28 | Baa2 | 275,000 | 276,230 | |||
| 5.00%, 7/1/27 | Baa2 | 375,000 | 377,021 | |||
| 4.00%, 7/1/26 | Baa2 | 300,000 | 293,979 | |||
| 4.00%, 7/1/24 | Baa2 | 200,000 | 198,317 | |||
| 70,062,603 | ||||||
| Puerto Rico (0.7%) | ||||||
| Cmnwlth. of PR, G.O. Bonds | ||||||
| Ser. A1, 5.625%, 7/1/27 | BB/P | 1,683,000 | 1,713,466 | |||
| Ser. A1, 5.375%, 7/1/25 | BB/P | 3,400,000 | 3,419,867 | |||
| Ser. A-1, 4.00%, 7/1/33 | BB/P | 2,400,000 | 2,091,752 | |||
| 7,225,085 | ||||||
| Rhode Island (0.2%) | ||||||
| RI Hlth. & Edl. Bldg. Corp. Rev. Bonds, (Lifespan Oblig. Group-Hosp. Fin.) | ||||||
| 5.00%, 5/15/33 | BBB+ | 365,000 | 353,016 | |||
| 5.00%, 5/15/26 | BBB+ | 580,000 | 581,218 | |||
| Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50 | BBB-/P | 1,000,000 | 905,550 | |||
| 1,839,784 | ||||||
| South Carolina (0.7%) | ||||||
| Myrtle Beach, Tax Alloc. Bonds, (Myrtle Beach Air Force Base Redev.), 5.00%, 10/1/28 | A2 | 575,000 | 586,658 | |||
| SC State Pub. Svcs. Auth. Rev. Bonds | ||||||
| Ser. A, 5.00%, 12/1/37 | A3 | 3,435,000 | 3,367,847 | |||
| (Oblig.), Ser. B, 5.00%, 12/1/37 | A3 | 500,000 | 490,225 | |||
| Ser. A, 5.00%, 12/1/36 | A3 | 1,500,000 | 1,482,600 | |||
| SC State Trans. Infrastructure Bank Rev. Bonds, Ser. A, 3.00%, 10/1/36 | Aa3 | 1,740,000 | 1,410,072 | |||
| 7,337,402 | ||||||
| Tennessee (1.7%) | ||||||
| Chattanooga, Hlth. Edl. & Hsg. Fac. Rev. Bonds, (CommonSpirit Health Oblig. Group) | ||||||
| Ser. A-1, 4.00%, 8/1/37(T) | A- | 150,000 | 132,693 | |||
| Ser. A-1, 4.00%, 8/1/38(T) | A- | 150,000 | 130,505 | |||
| Ser. A-1, 4.00%, 8/1/44(T) | A- | 275,000 | 221,663 | |||
| Ser. A-2, 5.00%, 8/1/44(T) | A- | 150,000 | 141,828 | |||
| Ser. A-2, 5.00%, 8/1/49(T) | A- | 250,000 | 229,826 | |||
| Metro. Govt. Nashville & Davidson Cnty., Hlth. & Edl. Fac. Board Rev. Bonds | ||||||
| (Trevecca Nazarene U.), 5.00%, 10/1/34 | BBB-/F | 450,000 | 446,175 | |||
| (Vanderbilt U. Med. Ctr.), Ser. A, 5.00%, 7/1/28 | A | 5,000,000 | 5,175,556 | |||
| Metro. Nashville, Arpt. Auth. Rev. Bonds, Ser. B | ||||||
| 5.50%, 7/1/37 | A1 | 875,000 | 915,156 | |||
| 5.50%, 7/1/36 | A1 | 650,000 | 686,540 | |||
| 5.00%, 7/1/33 | A2 | 1,000,000 | 1,015,385 | |||
| Tennergy Corp. Gas Mandatory Put Bonds (9/1/28), Ser. A, 4.00%, 12/1/51 | A1 | 9,675,000 | 9,125,631 | |||
| 18,220,958 | ||||||
| Texas (12.0%) | ||||||
| Arlington, Higher Ed. Fin. Corp. Rev. Bonds | ||||||
| (Trinity Basin Preparatory, Inc.), PSFG, 5.00%, 8/15/32 | AAA | 245,000 | 260,237 | |||
| (Trinity Basin Preparatory, Inc.), PSFG, 5.00%, 8/15/31 | AAA | 240,000 | 253,338 | |||
| (Uplift Ed.), Ser. A, PSFG, 4.00%, 12/1/32 | AAA | 375,000 | 354,715 | |||
| Arlington, Higher Ed. Fin. Corp. 144A Rev. Bonds, (Magellan School (The)), 5.50%, 6/1/32 | Ba2 | 1,245,000 | 1,223,259 | |||
| Austin, Cmnty. College Dist. G.O. Bonds, (Maintenance Tax), 3.00%, 8/1/35 | Aa1 | 1,350,000 | 1,119,915 | |||
| Austin-Bergstrom Landhost Enterprises, Inc. Rev. Bonds | ||||||
| 5.00%, 10/1/36 | A | 1,485,000 | 1,393,604 | |||
| 5.00%, 10/1/33 | A | 400,000 | 391,733 | |||
| Clear Creek Ind. School Dist. Mandatory Put Bonds (8/15/24), PSFG, 0.28%, 2/15/38 | AAA | 2,920,000 | 2,827,884 | |||
| Clifton, Higher Ed. Fin. Corp. Ed. Rev. Bonds | ||||||
| (Intl. Leadership of TX, Inc.), Ser. A, 6.00%, 3/1/29 | Baa3 | 3,500,000 | 3,505,188 | |||
| (Intl. Leadership of TX, Inc.), Ser. D, 5.25%, 8/15/27 | Baa3 | 3,890,000 | 3,849,361 | |||
| (YES Prep Pub. Schools, Inc.), PSFG, 5.00%, 4/1/38 | Aaa | 265,000 | 269,537 | |||
| (YES Prep Pub. Schools, Inc.), PSFG, 5.00%, 4/1/36 | Aaa | 560,000 | 579,436 | |||
| (IDEA Pub. Schools), Ser. B, PSFG, 5.00%, 8/15/27 | A- | 350,000 | 353,624 | |||
| (YES Prep Pub. Schools, Inc.), PSFG, 4.00%, 4/1/43 | Aaa | 1,650,000 | 1,380,368 | |||
| (IDEA Pub. Schools), Ser. T, PSFG, 4.00%, 8/15/38 | AAA | 1,400,000 | 1,265,515 | |||
| (IDEA Pub. Schools), Ser. T, PSFG, 4.00%, 8/15/36 | AAA | 700,000 | 656,441 | |||
| (Intl. Leadership of TX, Inc.), PSFG, 3.00%, 8/15/39 | Aaa | 1,560,000 | 1,141,350 | |||
| Corpus Christi, Util. Syst. Rev. Bonds | ||||||
| 5.00%, 7/15/39 | Aa3 | 750,000 | 772,774 | |||
| 5.00%, 7/15/38 | Aa3 | 250,000 | 259,565 | |||
| 5.00%, 7/15/37 | Aa3 | 500,000 | 523,867 | |||
| Dickinson, Indpt. School Dist. Mandatory Put Bonds (8/1/25), PSFG, 0.25%, 8/1/37 | Aaa | 5,000,000 | 4,938,923 | |||
| Fort Bend, Grand Parkway Toll Rd. Auth. Rev. Bonds | ||||||
| 3.00%, 3/1/39 | Aa1 | 1,245,000 | 946,063 | |||
| 3.00%, 3/1/38 | Aa1 | 1,205,000 | 930,293 | |||
| Fort Bend, Indpt. School Dist. Mandatory Put Bonds (8/1/26), Ser. B, PSFG, 0.72%, 8/1/51 | AAA | 840,000 | 729,972 | |||
| Frisco, Indpt. School Dist. G.O. Bonds, PSFG, 4.00%, 8/15/44 | Aaa | 5,000,000 | 4,318,289 | |||
| 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 | 410,296 | |||
| Harris Cnty., Indl. Dev. Corp. Mandatory Put Bonds (6/1/33), (Energy Transfer LP), 4.05%, 11/1/50 | BBB | 2,500,000 | 2,338,188 | |||
| Houston, Arpt. Syst. Rev. Bonds, Ser. A, 4.00%, 7/1/35 | A1 | 1,500,000 | 1,398,261 | |||
| Houston, Hsg. Fin. Corp. Multi-Fam. Hsg. Mandatory Put Bonds (8/1/26), (Summerdale Apt., LP), 5.00%, 8/1/41 | Aaa | 3,000,000 | 3,020,025 | |||
| Houston, Indpt. School Dist. Mandatory Put Bonds (6/1/25), Ser. A-2, PSFG, 3.50%, 6/1/39 | Aaa | 3,250,000 | 3,210,927 | |||
| Hutto, Indpt. School Dist. G.O. Bonds, PSFG | ||||||
| 5.00%, 8/1/43 | Aaa | 500,000 | 515,055 | |||
| 5.00%, 8/1/42 | Aaa | 1,000,000 | 1,031,664 | |||
| Irving, Indpt. School Dist. G.O. Bonds, PSFG, 5.00%, 2/15/43 | Aaa | 4,675,000 | 4,777,622 | |||
| Lake Houston Redev. Auth. Rev. Bonds, (City of Houston, Reinvestment Zone No. 10) | ||||||
| 5.00%, 9/1/31 | BBB- | 200,000 | 194,105 | |||
| 5.00%, 9/1/30 | BBB- | 200,000 | 194,805 | |||
| 5.00%, 9/1/29 | BBB- | 175,000 | 171,176 | |||
| 5.00%, 9/1/28 | BBB- | 150,000 | 147,753 | |||
| 5.00%, 9/1/26 | BBB- | 125,000 | 123,708 | |||
| 5.00%, 9/1/25 | BBB- | 100,000 | 99,273 | |||
| 5.00%, 9/1/24 | BBB- | 100,000 | 99,669 | |||
| 4.00%, 9/1/33 | BBB- | 150,000 | 133,408 | |||
| 4.00%, 9/1/32 | BBB- | 150,000 | 134,813 | |||
| Lewisville, Indpt. School Dist. G.O. Bonds, PSFG, 3.00%, 8/15/39 | AAA | 1,000,000 | 764,925 | |||
| Lower CO River Auth. Mandatory Put Bonds (5/15/28), Ser. B, 5.00%, 5/15/39 | A | 2,500,000 | 2,555,330 | |||
| Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 | A- | 3,680,000 | 3,517,913 | |||
| 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 | 369,122 | |||
| (TX Woman's U. CHF-Collegiate Hsg. Dining), Ser. B-1, AGM, 5.00%, 7/1/38 | AA | 860,000 | 844,259 | |||
| (Tarleton State U. Collegiate Student Hsg.), Ser. A, 5.00%, 4/1/35 (Prerefunded 4/1/25) | AAA/P | 800,000 | 809,035 | |||
| (Collegiate Hsg. College Station I, LLC), 5.00%, 4/1/29 | Baa3 | 2,190,000 | 2,121,313 | |||
| (Collegiate Hsg.-Tarleton St.), 5.00%, 4/1/29 (Prerefunded 4/1/24) | AAA/P | 1,225,000 | 1,229,358 | |||
| (Collegiate Housing Island Campus, LLC.), Ser. A, 5.00%, 4/1/25 (Escrowed to maturity) | AAA/P | 500,000 | 507,364 | |||
| Princeton, Indpt. School Dist. G.O. Bonds, PSFG | ||||||
| 5.00%, 2/15/42 | Aaa | 500,000 | 510,524 | |||
| 5.00%, 2/15/40 | Aaa | 1,000,000 | 1,030,348 | |||
| Prosper, Indpt. School Dist. Mandatory Put Bonds (8/15/26), PSFG, 4.00%, 2/15/50 | Aaa | 2,000,000 | 1,980,715 | |||
| Red Oak, Indpt. School Dist. G.O. Bonds, PSFG | ||||||
| 5.00%, 2/15/43 | Aaa | 1,980,000 | 2,027,266 | |||
| 5.00%, 2/15/42 | Aaa | 2,685,000 | 2,755,377 | |||
| Royse City, Indpt. School Dist. G.O. Bonds, PSFG | ||||||
| 5.00%, 2/15/43 | Aaa | 1,000,000 | 1,022,955 | |||
| 5.00%, 2/15/42 | Aaa | 1,450,000 | 1,486,002 | |||
| 5.00%, 2/15/41 | Aaa | 1,000,000 | 1,029,951 | |||
| SA Energy Acquisition Pub. Fac. Corp. Rev. Bonds, (Gas Supply), 5.50%, 8/1/25 | A2 | 1,000,000 | 1,007,518 | |||
| Sinton, Indpt. School Dist. Mandatory Put Bonds (8/15/24), PSFG, 5.00%, 8/15/52 | Aaa | 11,540,000 | 11,587,154 | |||
| Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds, (Buckner Retirement Svcs., Inc.) | ||||||
| 5.00%, 11/15/37 | A/F | 2,360,000 | 2,164,635 | |||
| 5.00%, 11/15/37 | A/F | 1,980,000 | 1,816,092 | |||
| Temple, Tax Increment Tax Alloc. Bonds, (Reinvestment Zone No. 1), Ser. A, BAM | ||||||
| 5.00%, 8/1/30 | AA | 250,000 | 261,495 | |||
| 5.00%, 8/1/29 | AA | 200,000 | 208,614 | |||
| 5.00%, 8/1/28 | AA | 150,000 | 156,371 | |||
| 5.00%, 8/1/27 | AA | 125,000 | 128,907 | |||
| 5.00%, 8/1/26 | AA | 125,000 | 127,911 | |||
| 4.00%, 8/1/33 | AA | 200,000 | 195,908 | |||
| 4.00%, 8/1/32 | AA | 225,000 | 221,691 | |||
| 4.00%, 8/1/31 | AA | 200,000 | 198,071 | |||
| TX State G.O. Bonds | ||||||
| Ser. B, 5.00%, 8/1/34 | Aaa | 6,040,000 | 6,297,588 | |||
| Ser. B, 5.00%, 8/1/33 | Aaa | 5,755,000 | 6,012,960 | |||
| 3.00%, 8/1/34 | Aaa | 2,255,000 | 1,870,635 | |||
| TX State A&M U. Rev. Bonds, 5.25%, 5/15/37 | Aaa | 1,500,000 | 1,609,557 | |||
| TX State Affordable Hsg. Corp. Multi-Fam. Hsg. | ||||||
| Mandatory Put Bonds (4/1/26), (Eden Court Apt.), 5.00%, 4/1/43 | Aaa | 2,100,000 | 2,119,165 | |||
| Mandatory Put Bonds (7/1/26), (FC Juniper Creek Hsg.), 3.75%, 7/1/44 | Aaa | 2,550,000 | 2,486,175 | |||
| TX State Dept. Housing & Comm. Rev. Bonds, (Oaks on Lamar), FNMA Coll., 3.55%, 9/1/34 | AA+ | 2,809,409 | 2,482,622 | |||
| TX State Pub. Fin. Auth. Rev. Bonds, (TX Southern U.), BAM | ||||||
| 5.25%, 5/1/39 | AA | 500,000 | 505,309 | |||
| 5.25%, 5/1/38 | AA | 300,000 | 304,076 | |||
| 5.25%, 5/1/37 | AA | 300,000 | 307,194 | |||
| TX Wtr. Dev. Board State Wtr. Implementation Rev. Bonds | ||||||
| Ser. A, 5.00%, 10/15/37 | AAA | 1,500,000 | 1,584,925 | |||
| Ser. A, 4.75%, 10/15/43 | AAA | 3,000,000 | 2,934,796 | |||
| 4.50%, 10/15/37 | AAA | 2,500,000 | 2,488,714 | |||
| Uptown Dev. Auth. Tax Alloc. Bonds, (City of Houston Reinvestment Zone No. 16), 3.00%, 9/1/38 | Baa2 | 1,785,000 | 1,261,295 | |||
| 127,147,134 | ||||||
| Utah (2.1%) | ||||||
| Infrastructure Agcy. Telecomm. Rev. Bonds | ||||||
| 5.625%, 10/15/38 | BBB-/F | 1,000,000 | 998,670 | |||
| 5.25%, 10/15/35 | BBB-/F | 1,300,000 | 1,294,313 | |||
| 5.00%, 10/15/27 | BBB-/F | 1,000,000 | 1,003,683 | |||
| 5.00%, 10/15/27 | BBB-/F | 550,000 | 552,026 | |||
| 4.00%, 10/15/31 | BBB-/F | 460,000 | 428,747 | |||
| 4.00%, 10/15/29 | BBB-/F | 600,000 | 570,189 | |||
| Salt Lake City, Arpt. Rev. Bonds, Ser. A | ||||||
| 5.25%, 7/1/40 | A+ | 8,160,000 | 8,200,500 | |||
| 5.00%, 7/1/34 | A+ | 2,000,000 | 2,038,148 | |||
| 5.00%, 7/1/32 | A+ | 2,000,000 | 2,046,582 | |||
| 5.00%, 7/1/28 | A+ | 750,000 | 763,993 | |||
| 5.00%, 7/1/27 | A+ | 950,000 | 965,959 | |||
| U. of UT (The) Rev. Bonds, Ser. B | ||||||
| 5.00%, 8/1/40 | Aa1 | 750,000 | 782,099 | |||
| 5.00%, 8/1/39 | Aa1 | 450,000 | 471,276 | |||
| UT Infrastructure Agcy. Rev. Bonds, Ser. A | ||||||
| 4.00%, 10/15/36 | BBB-/F | 400,000 | 342,775 | |||
| 4.00%, 10/15/28 | BBB-/F | 900,000 | 864,351 | |||
| 3.00%, 10/15/26 | BBB-/F | 500,000 | 473,044 | |||
| UT State Charter School Fin. Auth. Rev. Bonds, (UT Charter Academies, Inc.), 5.00%, 10/15/30 | AA | 575,000 | 583,214 | |||
| 22,379,569 | ||||||
| Vermont (0.3%) | ||||||
| VT State Edl. & Hlth. Bldg. Fin. Agcy. Rev. Bonds, (Champlain College, Inc.), Ser. A | ||||||
| 5.00%, 10/15/30 | BBB- | 500,000 | 481,234 | |||
| 5.00%, 10/15/29 | BBB- | 900,000 | 870,122 | |||
| 5.00%, 10/15/28 | BBB- | 1,000,000 | 971,380 | |||
| 5.00%, 10/15/27 | BBB- | 760,000 | 741,760 | |||
| 3,064,496 | ||||||
| Virgin Islands (—%) | ||||||
| Matching Fund Special Purpose Securitization Corp. Rev. Bonds, Ser. A, 5.00%, 10/1/27 | BB/P | 515,000 | 513,712 | |||
| 513,712 | ||||||
| Virginia (0.1%) | ||||||
| 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 | 359,594 | |||
| VA State Small Bus. Fin. Auth. Rev. Bonds, (National Sr. Campuses, Inc. Oblig. Group) | ||||||
| 5.00%, 1/1/29 | A/F | 590,000 | 593,607 | |||
| 5.00%, 1/1/27 | A/F | 320,000 | 320,995 | |||
| 1,274,196 | ||||||
| Washington (3.2%) | ||||||
| Port of Seattle Rev. Bonds, Ser. B | ||||||
| 5.00%, 8/1/40 | AA- | 1,750,000 | 1,730,922 | |||
| 5.00%, 5/1/27 | AA- | 1,100,000 | 1,120,916 | |||
| Seattle, Muni. Lt. & Pwr. Mandatory Put Bonds (11/1/26), Ser. B, 4.34%, 5/1/45 | Aa2 | 750,000 | 728,612 | |||
| Seattle, Muni. Lt. & Pwr. Rev. Bonds, Ser. A, 4.00%, 5/1/45 | Aa2 | 9,605,000 | 8,159,083 | |||
| WA State G.O. Bonds | ||||||
| Ser. C, 5.00%, 2/1/41 | Aaa | 3,860,000 | 3,966,733 | |||
| Ser. B, 5.00%, 2/1/36 | Aaa | 3,500,000 | 3,533,354 | |||
| WA State Hsg. Fin. Comm. Rev. Bonds | ||||||
| (Eastside Retirement Assn.), Ser. A, 5.00%, 7/1/38 | A-/F | 1,580,000 | 1,544,576 | |||
| (Social Certif.), Ser. A-1, 3.50%, 12/20/35 | BBB+ | 6,683,985 | 5,679,050 | |||
| Ser. 1, Class A, 3.375%, 4/20/37 | BBB | 5,697,878 | 4,489,264 | |||
| WA State Hsg. Fin. Comm. Nonprofit 144A Rev. Bonds, (Seattle Academy of Arts & Sciences) | ||||||
| 6.375%, 7/1/63 | BBB | 2,200,000 | 2,182,024 | |||
| 5.125%, 7/1/33 | BBB | 735,000 | 741,194 | |||
| 33,875,728 | ||||||
| West Virginia (0.5%) | ||||||
| WV State Hosp. Fin. Auth. Rev. Bonds, (Vandalia Hlth., Inc.), Ser. B | ||||||
| 5.75%, 9/1/43 | Baa1 | 3,000,000 | 3,051,077 | |||
| 5.75%, 9/1/41 | Baa1 | 2,000,000 | 2,050,067 | |||
| 5,101,144 | ||||||
| Wisconsin (1.6%) | ||||||
| Pub. Fin. Auth. Rev. Bonds, (Roseman U. of Hlth. Sciences), 5.00%, 4/1/25 | BB | 870,000 | 863,536 | |||
| Pub. Fin. Auth. 144A Rev. Bonds, (Roseman U. of Hlth. Sciences) | ||||||
| 5.00%, 4/1/30 | BB | 475,000 | 467,568 | |||
| 5.00%, 4/1/30 (Escrowed to maturity) | AAA/P | 25,000 | 26,140 | |||
| Pub. Fin. Auth. Poll. Control Mandatory Put Bonds (10/1/30), (Duke Energy Progress, LLC), 3.70%, 10/1/46 | Aa3 | 7,000,000 | 6,678,319 | |||
| 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 | 1,380,384 | |||
| (Beyond Boone, LLC-Appalachian State U.), Ser. A, AGM, 5.00%, 7/1/44 | AA | 1,000,000 | 966,182 | |||
| (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/28 | BBB- | 655,000 | 652,855 | |||
| (NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/27 | BBB- | 880,000 | 876,831 | |||
| Pub. Fin. Auth. Student Hsg. Fac. 144A Rev. Bonds, (CHF-Manoa, LLC), Ser. A | ||||||
| 5.50%, 7/1/43 | BBB- | 1,000,000 | 954,838 | |||
| 5.25%, 7/1/38 | BBB- | 1,000,000 | 956,555 | |||
| WI State Hlth. & Edl. Fac. Auth. Rev. Bonds, (Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/37 | AA | 3,930,000 | 3,484,317 | |||
| 17,307,525 | ||||||
| Total municipal bonds and notes (cost $1,104,273,022) | $1,055,104,047 | |||||
| SHORT-TERM INVESTMENTS (3.0%)(a) | ||||||
| Principal amount/shares | Value | |||||
| Putnam Short Term Investment Fund Class P 5.59%(AFF) | Shares | 30,406,047 | $30,406,047 | |||
| U.S. Treasury Bills 5.505%, 1/23/24 | $100,000 | 98,774 | ||||
| U.S. Treasury Bills 5.437%, 12/7/23(SEG)(SEGSF) | 1,000,000 | 994,721 | ||||
| U.S. Treasury Bills 5.324%, 11/16/23(SEG) | 400,000 | 399,122 | ||||
| U.S. Treasury Bills 5.119%, 11/9/23 | 100,000 | 99,882 | ||||
| Total short-term investments (cost $31,998,586) | $31,998,546 | |||||
| TOTAL INVESTMENTS | ||||||
| Total investments (cost $1,136,271,608) | $1,087,102,593 | |||||
| FUTURES CONTRACTS OUTSTANDING at 10/31/23 (Unaudited) | ||||||
| Number of contracts | Notional amount | Value | Expiration date | Unrealized appreciation | ||
| U.S. Treasury Note 5 yr (Short) | 373 | $38,969,758 | $38,969,758 | Dec-23 | $657,739 | |
| Unrealized appreciation | 657,739 | |||||
| Unrealized (depreciation) | — | |||||
| Total | $657,739 | |||||
| OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 10/31/23 (Unaudited) | |||||||||||
| Swap counterparty/ notional amount | Value | Upfront premium received (paid) | Termi- nation date | Payments received (paid) by fund | Total return received by or paid by fund | Unrealized depreciation | |||||
| Citibank, N.A. | |||||||||||
| $10,000,000 | $258,260 | $— | 12/12/23 | — | 3.03% minus Municipal Market Data Index AAA municipal yields 5 Year rate — At maturity | $(258,260) | |||||
| Upfront premium received | — | Unrealized appreciation | — | ||||||||
| Upfront premium (paid) | — | Unrealized (depreciation) | (258,260) | ||||||||
| Total | $— | Total | $(258,260) | ||||||||
| 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, 2023 through October 31, 2023 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter. | ||||||
| (a) | Percentages indicated are based on net assets of $1,062,492,185. | |||||
| (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 7/31/23 | Purchase cost | Sale proceeds | Investment income | Shares outstanding and fair value as of 10/31/23 | |
| Short-term investments | ||||||
| Putnam Short Term Investment Fund* | $134,294,615 | $135,224,100 | $239,112,668 | $396,340 | $30,406,047 | |
| Total Short-term investments | $134,294,615 | $135,224,100 | $239,112,668 | $396,340 | $30,406,047 | |
| * 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 $525,478. | |||||
| (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 $245,642. | |||||
| (FWC) | Forward commitment, in part or in entirety (Note 1). | |||||
| (T) | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | |||||
| 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, 3 Month US LIBOR, US SOFR, CME Term SOFR 3 Month, or CME Term SOFR 6 Month, which were 4.09%, 5.43%, 5.64%, 5.35%, 5.38% and 5.44%, 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 | 16.1% | |||||
| Education | 14.1 | |||||
| Local debt | 13.3 | |||||
| Utilities | 12.7 | |||||
| Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | ||||||
| Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | ||||||
| Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | ||||||
| Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | ||||||
| To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | ||||||
| To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||||||
| Futures contracts: The fund used futures contracts for hedging treasury term structure risk and for yield curve positioning. | ||||||
| The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. | ||||||
| Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”. | ||||||
| For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. | ||||||
| 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, for hedging inflation, for gaining exposure to inflation and for hedging and gaining exposure to interest rate and term structure risk. | ||||||
| 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 $258,260 on open derivative contracts subject to the Master Agreements. Collateral pledged by the fund at period end for these agreements totaled $245,642 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 $5,886,887 were held by the TOB trust and served as collateral for $4,159,561 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $39,012 for these investments based on an average interest rate of 3.72%. | ||||||
| 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 | $— | $1,055,104,047 | $— | |
| Short-term investments | — | 31,998,546 | — | |
| Totals by level | $— | $1,087,102,593 | $— | |
| Valuation inputs | ||||
| Other financial instruments: | Level 1 | Level 2 | Level 3 | |
| Futures contracts | $657,739 | $— | $— | |
| Total return swap contracts | — | (258,260) | — | |
| Totals by level | $657,739 | $(258,260) | $— | |
| The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: | ||||
| Futures contracts (number of contracts) | 500 | |||
| OTC total return swap contracts (notional) | $10,900,000 | |||
| 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 | ||||