Putnam Strategic Intermediate Municipal Fund | ||||||
The fund's portfolio | ||||||
4/30/24 (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 3.77% as of the close of the reporting period. |
MUNICIPAL BONDS AND NOTES (100.3%)(a) | ||||||
Rating(RAT) | Principal amount | Value | ||||
Alabama (2.2%) | ||||||
Black Belt Energy Gas Dist. | ||||||
Mandatory Put Bonds (2/1/29) Ser. D-1, 5.50%, 6/1/49 | A2 | $2,000,000 | $2,112,058 | |||
Mandatory Put Bonds (12/1/25) Ser. A-1, 4.00%, 12/1/49 | A1 | 2,475,000 | 2,477,114 | |||
Black Belt Energy Gas Dist., Gas Supply Mandatory Put Bonds (6/1/27), Ser. D-1, 4.00%, 7/1/52 | Aa1 | 1,000,000 | 1,003,066 | |||
Energy Southeast Cooperative Dist. Energy Supply | ||||||
Mandatory Put Bonds (11/1/31) Ser. B-1, 5.75%, 4/1/54 | A1 | 5,000,000 | 5,445,755 | |||
Mandatory Put Bonds (6/1/32) Ser. B, 5.25%, 7/1/54 | A1 | 8,000,000 | 8,466,120 | |||
Jefferson, Cnty. Rev. Bonds, (Refunding warrants), 5.00%, 9/15/34 | AA+ | 1,075,000 | 1,116,981 | |||
Southeast Energy Auth. Commodity Supply | ||||||
Mandatory Put Bonds (12/1/29), Ser. A-1, 5.50%, 1/1/53 | A1 | 1,350,000 | 1,429,920 | |||
Mandatory Put Bonds (8/1/28), Ser. B-1, 5.00%, 5/1/53 | A2 | 3,000,000 | 3,096,707 | |||
UAB Medicine Fin. Auth. Rev. Bonds, Ser. B, 5.00%, 9/1/34 | Aa3 | 5,430,000 | 5,575,319 | |||
30,723,040 | ||||||
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 | 2,362,715 | |||
4.00%, 10/1/38 | A+/F | 555,000 | 539,718 | |||
2,902,433 | ||||||
Arizona (1.9%) | ||||||
AZ State Indl. Dev. Auth. Rev. Bonds | ||||||
(Equitable School Revolving Fund, LLC), 5.00%, 11/1/41 | A | 850,000 | 902,647 | |||
(Equitable School Revolving Fund, LLC), 5.00%, 11/1/40 | A | 650,000 | 693,577 | |||
(Equitable School Revolving Fund, LLC), 5.00%, 11/1/39 | A | 780,000 | 837,565 | |||
(Equitable School Revolving Fund, LLC), 5.00%, 11/1/38 | A | 450,000 | 484,513 | |||
(Equitable School Revolving Fund, LLC), Ser. A, 5.00%, 11/1/38 | A | 2,740,000 | 2,871,336 | |||
(Equitable School Revolving Fund, LLC), 5.00%, 11/1/34 | A | 1,000,000 | 1,071,017 | |||
Ser. 19-2, Class A, 3.625%, 5/20/33 | BBB | 6,063,433 | 5,601,225 | |||
AZ State Indl. Dev. Auth. Multi-Fam. Hsg. Mandatory Put Bonds (9/1/26), (Unity At West Glendale), 5.00%, 3/1/45 | Aaa | 1,000,000 | 1,018,105 | |||
Glendale, Indl. Dev. Auth. Sr. Living Fac. Rev. Bonds, (Royal Oaks Life Care Cmnty.) | ||||||
4.00%, 5/15/31 | BB+/F | 1,000,000 | 944,115 | |||
4.00%, 5/15/29 | BB+/F | 1,000,000 | 956,374 | |||
Maricopa Cnty., Indl. Dev. Auth. Rev. Bonds, (Banner Hlth.), Ser. A, 4.00%, 1/1/44 | AA- | 2,360,000 | 2,248,736 | |||
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 | 2,921,634 | |||
Salt Verde, Fin. Corp. Gas Rev. Bonds | ||||||
5.50%, 12/1/29 | A3 | 1,000,000 | 1,060,644 | |||
5.25%, 12/1/25 | A3 | 5,000,000 | 5,083,719 | |||
26,695,207 | ||||||
California (9.5%) | ||||||
Anaheim, Union High School Dist. G.O. Bonds, 3.00%, 8/1/38 | Aa2 | 3,000,000 | 2,620,721 | |||
Antioch, Unified School Dist. G.O. Bonds, BAM, 3.00%, 8/1/34 | AA | 1,185,000 | 1,097,012 | |||
CA Cmnty. Choice Fin. Auth. Mandatory Put Bonds ( 4/1/32), Ser. A-1, 5.00%, 5/1/54 | A1 | 7,200,000 | 7,617,244 | |||
CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds, (Aster Apt.), Ser. A-1, 4.00%, 2/1/56 | BB+/P | 250,000 | 223,161 | |||
CA Hsg. Fin. Agcy. Rev. Bonds, Ser. 2, Class A, 4.00%, 3/20/33 | BBB+ | 1,088,617 | 1,082,577 | |||
CA Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35 | BBB+ | 882,033 | 815,547 | |||
CA Muni. Fin. Auth. 144A Rev. Bonds, (CA Baptist U.), Ser. A, 4.00%, 11/1/26 | BB/P | 1,470,000 | 1,452,137 | |||
CA State Charter School Fin. Auth. 144A Rev. Bonds, (Aspire Pub. Schools), 5.00%, 8/1/36 | BBB | 3,225,000 | 3,247,963 | |||
CA State Edl. Fac. Auth. Rev. Bonds | ||||||
(St. Mary's College of CA), 5.25%, 10/1/35 | BBB- | 1,015,000 | 1,097,024 | |||
(St. Mary's College of CA), 5.25%, 10/1/34 | BBB- | 1,000,000 | 1,087,728 | |||
(St. Mary's College of CA), 5.00%, 10/1/38 | BBB- | 500,000 | 519,263 | |||
(St. Mary's College of CA), 5.00%, 10/1/37 | BBB- | 700,000 | 733,457 | |||
(U. of the Pacific), 5.00%, 11/1/36 | A2 | 2,580,000 | 2,618,379 | |||
(St. Mary's College of CA), 5.00%, 10/1/36 | BBB- | 700,000 | 739,526 | |||
CA State Enterprise Dev. Auth. Student Hsg. Rev. Bonds, (Provident Group-SDSU Properties, LLC), Ser. A, 5.00%, 8/1/28 | Baa3 | 150,000 | 154,487 | |||
CA State Hlth. Fac. Fin. Auth. Rev. Bonds, (Lundquist Inst. For Biomedical Innovation at Harbor-UCLA Med) | ||||||
5.00%, 9/1/38 | Baa2 | 1,485,000 | 1,495,433 | |||
5.00%, 9/1/36 | Baa2 | 1,505,000 | 1,529,294 | |||
5.00%, 9/1/35 | Baa2 | 1,615,000 | 1,648,042 | |||
CA State Infrastructure & Econ. Dev. Bank Mandatory Put Bonds (6/1/26), (Museum Associates), 4.47%, 12/1/50 | A3 | 1,000,000 | 996,023 | |||
CA State Muni. Fin. Auth. Rev. Bonds | ||||||
(CHF-Davis I, LLC), BAM, 5.00%, 5/15/40 | AA | 5,690,000 | 5,916,827 | |||
(CHF-Riverside II, LLC), 5.00%, 5/15/34 | Baa3 | 915,000 | 971,894 | |||
(HumanGood Oblig. Group), Ser. A, 4.00%, 10/1/32 | A-/F | 1,000,000 | 1,001,705 | |||
CA State Muni. Fin. Auth. Multi-Fam. Hsg. Mandatory Put Bonds (8/1/27), (Terracina At Westpark Apt.), 3.20%, 9/1/45 | Aaa | 5,500,000 | 5,397,278 | |||
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 | 2,971,948 | |||
CA State Pub. Wks. Board Rev. Bonds, Ser. E, 5.00%, 9/1/34 | Aa3 | 900,000 | 903,292 | |||
CA State Statewide Communities Dev. Auth. Hosp. Rev. Bonds, (Methodist Hosp. of Southern CA), 5.00%, 1/1/48 | Aa2 | 4,500,000 | 4,646,989 | |||
CA State U. Mandatory Put Bonds (11/1/26), Ser. B-2, 0.55%, 11/1/49 | Aa2 | 1,000,000 | 897,850 | |||
CA Statewide Cmnty. Dev. Auth. Rev. Bonds | ||||||
(St. John's Partners), Ser. F, 4.50%, 8/15/30 | AA+ | 15,000,000 | 15,162,678 | |||
(Odd Fellows Home of CA), 4.00%, 4/1/43 | AA- | 1,900,000 | 1,902,210 | |||
CA Statewide Cmnty. Dev. Auth. 144A Rev. Bonds, (Lancer Edl. Student Hsg.), Ser. A, 3.00%, 6/1/29 | BB/P | 1,150,000 | 1,073,399 | |||
Chula Vista, Muni. Fin. Auth. Special Tax Bonds, 5.50%, 9/1/30 | AA- | 775,000 | 776,506 | |||
Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. B-1, 3.85%, 6/1/50 | BBB- | 2,675,000 | 2,441,527 | |||
Imperial Cnty., Local Trans. Auth. Sales Tax Rev. Bonds, Ser. E, AGM, 5.00%, 6/1/32 | AA | 8,030,000 | 8,450,143 | |||
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 | 2,469,362 | |||
Mandatory Put Bonds (7/1/26), (VA Building 402), 3.375%, 1/1/46 | Aaa | 3,250,000 | 3,194,363 | |||
Los Angeles, Dept. of Arpt. Rev. Bonds | ||||||
5.00%, 5/15/31 | Aa3 | 1,500,000 | 1,636,790 | |||
4.00%, 5/15/35 | Aa3 | 600,000 | 603,436 | |||
Los Angeles, Dept. of Arpts. Rev. Bonds, Ser. A, 5.00%, 5/15/34 | Aa2 | 5,700,000 | 5,759,762 | |||
Manteca, Unif. School Dist. G.O. Bonds, Ser. A, 3.00%, 8/1/41 | Aa2 | 1,000,000 | 829,442 | |||
Port of Oakland Rev. Bonds | ||||||
5.00%, 5/1/28 | A2 | 750,000 | 789,101 | |||
1.081%, 5/1/24 | WR | 620,000 | 620,000 | |||
San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds | ||||||
Ser. C, 5.50%, 5/1/39 | A1 | 8,850,000 | 9,902,793 | |||
Ser. A, 5.00%, 5/1/35 | A1 | 1,900,000 | 2,064,189 | |||
Ser. A, 5.00%, 5/1/32 | A1 | 4,900,000 | 5,343,024 | |||
Ser. A, 5.00%, 5/1/30 | A1 | 1,000,000 | 1,079,453 | |||
San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. VRDN, Ser. B, 3.15%, 5/1/58 | VMIG 1 | 5,500,000 | 5,500,000 | |||
Sierra View, Local Hlth. Care Dist. Rev. Bonds | ||||||
5.00%, 7/1/30 | A/F | 620,000 | 658,475 | |||
5.00%, 7/1/27 | A/F | 625,000 | 645,376 | |||
4.00%, 7/1/26 | A/F | 300,000 | 299,645 | |||
4.00%, 7/1/25 | A/F | 290,000 | 288,853 | |||
4.00%, 7/1/24 | A/F | 235,000 | 234,669 | |||
Tobacco Securitization Auth. of Southern CA Rev. Bonds, Ser. B-1, Class 2, 5.00%, 6/1/48 | BBB- | 7,745,000 | 7,815,967 | |||
133,023,964 | ||||||
Colorado (0.8%) | ||||||
CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (CommonSpirit Hlth.), Ser. A, 5.00%, 11/1/25 | A3 | 350,000 | 357,347 | |||
Denver City & Cnty., Arpt. Rev. Bonds, Ser. D, 5.75%, 11/15/36 | Aa3 | 3,000,000 | 3,608,158 | |||
E-470 Pub. Hwy. Auth. Mandatory Put Bonds (9/1/24), Ser. B, 3.914%, 9/1/39 | A1 | 4,000,000 | 3,993,944 | |||
Park Creek, Metro. Dist. Ltd. Property Tax Rev. Bonds, Ser. A, AGM, 5.00%, 12/1/43 | AA | 1,500,000 | 1,584,324 | |||
Regl. Trans. Dist. Rev. Bonds, (Denver Transit Partners, LLC), 3.00%, 7/15/37 | Baa1 | 850,000 | 736,340 | |||
Sterling Ranch Cmnty. Auth. Board, Special Assmt. Bonds, (Metro. Dist. No. 1), 5.625%, 12/1/43 | BB/P | 1,425,000 | 1,445,551 | |||
Vauxmont, Metro. Dist. G.O. Bonds, AGM, 5.00%, 12/15/30 | AA | 125,000 | 129,595 | |||
11,855,259 | ||||||
Connecticut (1.6%) | ||||||
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 | 1,009,479 | |||
CT State Hlth. & Edl. Fac. Auth. Rev. Bonds | ||||||
(Masonicare Issue), Ser. F, 5.00%, 7/1/34 | BBB+/F | 1,250,000 | 1,254,744 | |||
(Stamford Hosp. Oblig. Group (The)), Ser. M, 5.00%, 7/1/34 | BBB+ | 1,400,000 | 1,498,723 | |||
(Masonicare Issue), Ser. F, 5.00%, 7/1/33 | BBB+/F | 250,000 | 251,000 | |||
(U. of New Haven), 5.00%, 7/1/28 | BBB- | 550,000 | 558,693 | |||
CT State Hlth. & Edl. Fac. Auth. VRDN, (Yale U.), Ser. A-1, 3.70%, 7/1/42 | VMIG 1 | 8,450,000 | 8,450,000 | |||
CT State Hsg. Fin. Auth. Mtge. Program Rev. Bonds, Ser. A-1, 2.875%, 11/15/30 | Aaa | 2,250,000 | 2,064,387 | |||
Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39 | BB/P | 4,000,000 | 3,970,266 | |||
U. of CT Rev. Bonds, Ser. A, 5.50%, 11/15/53 | Aa3 | 3,000,000 | 3,345,643 | |||
22,402,935 | ||||||
Delaware (0.6%) | ||||||
DE State Econ. Dev. Auth. Rev. Bonds, (ASPIRA Charter School), Ser. A, 5.00%, 6/1/36 | BB | 1,000,000 | 989,254 | |||
DE State Hsg. Auth. Mulit-Fam. Hsg. (Luther Towers Preservation LP), FNMA Coll., 4.65%, 1/1/41 | Aaa | 7,350,000 | 7,430,241 | |||
8,419,495 | ||||||
District of Columbia (0.8%) | ||||||
DC Rev. Bonds | ||||||
(KIPP DC), Ser. A, 5.00%, 7/1/48 | BBB+ | 1,250,000 | 1,258,207 | |||
(Ingleside Presbyterian Retirement Cmnty.), Ser. A, 5.00%, 7/1/37 | BB/P | 1,200,000 | 1,191,920 | |||
(Latin American Montessori Bilingual Pub. Charter School Obli. Group), 4.00%, 6/1/30 | BB+ | 1,745,000 | 1,689,058 | |||
Metro. DC Arpt. Auth. Aviation Syst. Rev. Bonds, Ser. A, 5.00%, 10/1/35 | Aa3 | 3,000,000 | 3,155,977 | |||
Metro. DC Arpt. Auth. Rev. Bonds, Ser. A | ||||||
5.00%, 10/1/31 | Aa3 | 1,000,000 | 1,069,440 | |||
5.00%, 10/1/30 | Aa3 | 910,000 | 986,309 | |||
Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds | ||||||
(Dulles Metrorail & Cap. Impt. Proj.) 4.00%, 10/1/53(T) | A- | 660,000 | 594,281 | |||
(Dulles Metrorail & Cap. Impt. Proj.) Ser. B, 4.00%, 10/1/44(T) | A- | 665,000 | 630,896 | |||
10,576,088 | ||||||
Florida (4.7%) | ||||||
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 | 1,998,681 | |||
Mandatory Put Bonds (4/1/26), (St. Joseph Manor II, LLLP), 3.50%, 4/1/41 | Aaa | 4,000,000 | 3,950,152 | |||
Mandatory Put Bonds (3/1/26) (Palms of Deerfield Townhomes, LLC (The)), 3.40%, 3/1/57 | Aaa | 1,400,000 | 1,378,083 | |||
Cap. Projects Fin. Auth. Rev. Bonds, (CAPFA Cap. Corp. 2000F), Ser. A-1, 5.00%, 10/1/33 | Baa3 | 1,500,000 | 1,526,156 | |||
Cap. Projects Fin. Auth. Student Hsg. Rev. Bonds, (FL U.), Ser. A-1 | ||||||
5.00%, 10/1/35 | Baa3 | 500,000 | 504,584 | |||
5.00%, 10/1/32 | Baa3 | 1,000,000 | 1,020,064 | |||
5.00%, 10/1/31 | Baa3 | 1,500,000 | 1,533,182 | |||
Cap. Trust Agcy. 144A Rev. Bonds, (WFCS Holdings II, LLC), Ser. A-1, 3.30%, 1/1/31 | BB/P | 480,000 | 429,667 | |||
Collier Cnty., Indl. Dev. Auth. Rev. Bonds, (NCH Hlth. Care Syst., Inc.), Ser. A, AGM | ||||||
5.00%, 10/1/44 | AA | 1,120,000 | 1,190,952 | |||
5.00%, 10/1/43 | AA | 1,000,000 | 1,067,369 | |||
5.00%, 10/1/42 | AA | 800,000 | 858,336 | |||
5.00%, 10/1/41 | AA | 600,000 | 646,101 | |||
5.00%, 10/1/40 | AA | 500,000 | 541,928 | |||
Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. A-1, 4.25%, 5/1/34 | A | 360,000 | 360,009 | |||
FL State Dept. of Mgt. Svcs. COP, Ser. A, 3.00%, 11/1/35 | Aa1 | 1,000,000 | 928,200 | |||
FL State Dev. Fin. Corp. Ed. Fac. Rev. Bonds, (River City Ed.), 5.00%, 7/1/31 | Baa3 | 325,000 | 333,478 | |||
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 | 182,600 | |||
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 | 2,032,263 | |||
Mandatory Put Bonds (10/1/26) (Brownsville Village V, Ltd.), GNMA Coll., 3.35%, 10/1/27 | AA+ | 2,250,000 | 2,211,948 | |||
Greater Orlando, Aviation Auth. Arpt. Fac. Rev. Bonds, Ser. A, 5.00%, 10/1/35 | A1 | 7,500,000 | 7,777,760 | |||
Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 | A- | 1,375,000 | 1,390,922 | |||
Lakewood Ranch, Stewardship Dist. Special Assmt. Bonds, (Taylor Ranch) | ||||||
6.125%, 5/1/43 | BB-/P | 1,245,000 | 1,305,493 | |||
5.45%, 5/1/33 | BB-/P | 2,660,000 | 2,769,450 | |||
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 | 4,033,570 | |||
Mandatory Put Bonds (10/1/26) (St. Mary Towers Apt. LLLP), 3.40%, 4/1/41 | Aaa | 1,750,000 | 1,718,710 | |||
Miami-Dade Cnty., Hsg. Fin. Auth. Multi-Fam. Hsg. Rev. Bonds, (Cutler Vista Hsg.), 5.00%, 3/1/27 | AA+ | 3,000,000 | 3,030,595 | |||
Orange Cnty., Hlth. Fac. Auth. Rev. Bonds | ||||||
(Orlando Hlth.), 5.00%, 10/1/40 | A+ | 1,000,000 | 1,090,916 | |||
(Orlando Hlth.), 5.00%, 10/1/39 | A+ | 1,500,000 | 1,649,690 | |||
(Orlando Hlth.), 5.00%, 10/1/38 | A+ | 1,000,000 | 1,102,123 | |||
(Presbyterian Retirement Cmntys.), 5.00%, 8/1/34 | A-/F | 1,000,000 | 1,001,601 | |||
Palm Beach Cnty., Rev. Bonds, (Provident Group-PBAU Properties, LLC), 5.00%, 4/1/29 | Ba1 | 440,000 | 448,297 | |||
Palm Beach Cnty., 144A Rev. Bonds | ||||||
(PBAU Hsg.), Ser. A, 5.00%, 4/1/39 | Ba1 | 1,000,000 | 1,004,277 | |||
(Provident Group-LU Properties, LLC), 4.25%, 6/1/31 | BB-/P | 1,200,000 | 1,135,869 | |||
Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds, (Acts Retirement-Life Cmnty., Inc.), 5.00%, 11/15/32 | A-/F | 2,000,000 | 2,059,916 | |||
Palm Beach Cnty., School Board COP, Ser. C, 5.00%, 8/1/31 | Aa3 | 5,400,000 | 5,410,785 | |||
Pinellas Cnty., Indl. Dev. Auth. Rev. Bonds, (Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | BBB/P | 2,240,000 | 2,278,553 | |||
South Broward, Hosp. Dist. Rev. Bonds, 3.00%, 5/1/34 | AA | 1,190,000 | 1,086,766 | |||
Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30 | BBB+ | 240,000 | 240,156 | |||
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 | 185,050 | |||
4.00%, 12/15/30 | BB+/F | 195,000 | 182,546 | |||
4.00%, 12/15/29 | BB+/F | 215,000 | 203,560 | |||
Village Cmnty. Dev. Dist. No. 15 144A Special Assmt. Bonds | ||||||
4.85%, 5/1/38 | BB/P | 1,000,000 | 1,016,567 | |||
4.375%, 5/1/33 | BB/P | 1,000,000 | 1,016,627 | |||
Village, 144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 1.875%, 5/1/25 | BB-/P | 175,000 | 171,598 | |||
66,005,150 | ||||||
Georgia (7.1%) | ||||||
Atlanta, Arpt. Rev. Bonds, (Dept. of Aviation), Ser. B, 5.00%, 7/1/30 | Aa3 | 3,500,000 | 3,789,022 | |||
Atlanta, Wtr. & Waste Wtr. Rev. Bonds, 5.00%, 11/1/40 | Aa2 | 13,720,000 | 13,847,563 | |||
Burke Cnty., Dev. Auth. Poll. Control | ||||||
Mandatory Put Bonds (3/6/26), (GA Pwr. Co.), 3.875%, 10/1/32 | A | 2,250,000 | 2,254,399 | |||
Mandatory Put Bonds (3/12/27) (GA Pwr. Co.), 3.375%, 11/1/53 | A | 2,500,000 | 2,467,591 | |||
Mandatory Put Bonds (8/19/25), (GA Pwr. Co.), 2.875%, 12/1/49 | A | 4,250,000 | 4,151,470 | |||
Mandatory Put Bonds (2/3/25), (Oglethorpe Pwr. Corp.), 1.50%, 1/1/40 | Baa1 | 1,600,000 | 1,547,514 | |||
Coweta Cnty., Wtr. & Sewage Auth. Rev. Bonds | ||||||
5.00%, 6/1/54 | AA+ | 3,500,000 | 3,724,157 | |||
5.00%, 6/1/49 | AA+ | 1,500,000 | 1,615,267 | |||
DeKalb Cnty., Hsg. Auth. Mulit-Fam. Hsg. (Kensington Station), Ser. A, 4.00%, 12/1/33 | A+ | 4,500,000 | 4,424,014 | |||
DeKalb Cnty., Hsg. Auth. Mulit-Fam. Hsg. Rev. Bonds, (HADC Pk. at 500, LLC), 4.00%, 3/1/34 | A+ | 17,250,000 | 16,707,303 | |||
Geo L Smith Congress Ctr. Auth. Rev. Bonds, (Signia Hotel Mgt., LLC), Ser. B, 3.625%, 1/1/31 | BB-/P | 4,000,000 | 3,741,814 | |||
Main Street Natural Gas, Inc. Gas Supply | ||||||
Mandatory Put Bonds (3/1/32) Ser. B, 5.00%, 12/1/54 | Aa1 | 7,250,000 | 7,651,830 | |||
Mandatory Put Bonds (9/1/31), Ser. A, 5.00%, 5/1/54 | Aa1 | 2,500,000 | 2,648,701 | |||
Mandatory Put Bonds (6/1/31), Ser. E-1, 5.00%, 12/1/53 | Aa1 | 5,000,000 | 5,283,073 | |||
Mandatory Put Bonds (9/1/27) Ser. A, 4.00%, 7/1/52 | Aa1 | 10,000,000 | 9,986,428 | |||
Mandatory Put Bonds (12/1/28) Ser. C, 4.00%, 5/1/52 | A3 | 1,500,000 | 1,499,181 | |||
Mandatory Put Bonds (9/1/26), Ser. C, 4.00%, 3/1/50 | A3 | 820,000 | 820,663 | |||
Mandatory Put Bonds (12/2/24), Ser. B, 4.00%, 8/1/49 | Aa2 | 8,000,000 | 8,001,516 | |||
Monroe Cnty., Dev. Auth. Poll. Control Mandatory Put Bonds (3/6/26), (GA Pwr. Co.), 3.875%, 10/1/48 | A | 2,000,000 | 2,003,910 | |||
Muni. Election Auth. of GA Rev. Bonds | ||||||
(Plant Vogtle Units 3 & 4), AGM, 5.00%, 7/1/39 | AA | 1,000,000 | 1,080,293 | |||
Ser. A, 5.00%, 1/1/34 | A2 | 2,295,000 | 2,436,497 | |||
(Plant Vogtle Units 3 & 4), 4.00%, 1/1/46 | BBB+ | 330,000 | 296,195 | |||
99,978,401 | ||||||
Guam (0.1%) | ||||||
Territory of GU, Wtr. & Waste Wtr. Syst. Rev. Bonds, Ser. A | ||||||
5.00%, 7/1/26 | A- | 750,000 | 771,233 | |||
5.00%, 7/1/25 | A- | 700,000 | 709,833 | |||
1,481,066 | ||||||
Hawaii (0.4%) | ||||||
Honolulu City & Cnty., Mulit-Fam. Mandatory Put Bonds (6/1/26), (Komohale Mauakea Venture LP), 5.00%, 6/1/27 | Aaa | 5,000,000 | 5,098,742 | |||
5,098,742 | ||||||
Illinois (6.6%) | ||||||
Chicago, G.O. Bonds, Ser. A | ||||||
5.00%, 1/1/35 | BBB+ | 3,000,000 | 3,241,407 | |||
4.00%, 1/1/36 | BBB+ | 1,000,000 | 1,001,085 | |||
Chicago, Board of Ed. G.O. Bonds, Ser. A, 5.00%, 12/1/39 | BB+ | 1,000,000 | 1,021,373 | |||
Chicago, Midway Intl. Arpt. Rev. Bonds, Ser. A, BAM | ||||||
5.75%, 1/1/43 | AA | 1,250,000 | 1,393,066 | |||
5.75%, 1/1/42 | AA | 1,000,000 | 1,119,093 | |||
5.75%, 1/1/41 | AA | 500,000 | 561,624 | |||
Chicago, O'Hare Intl. Arpt. Rev. Bonds | ||||||
BAM, 5.25%, 1/1/40 | AA | 1,700,000 | 1,833,643 | |||
BAM, 5.25%, 1/1/39 | AA | 1,195,000 | 1,297,175 | |||
Ser. A, 5.00%, 1/1/34 | A+ | 5,600,000 | 5,625,692 | |||
Ser. A, 5.00%, 1/1/33 | A+ | 1,715,000 | 1,722,940 | |||
Ser. B, 5.00%, 1/1/32 | A+ | 5,840,000 | 5,886,803 | |||
Chicago, Park. Dist. G.O. Bonds, Ser. A, 5.00%, 1/1/47 | AA- | 1,500,000 | 1,568,372 | |||
Chicago, Waste Wtr. Transmission Rev. Bonds, Ser. C | ||||||
5.00%, 1/1/34 | A+ | 400,000 | 402,427 | |||
5.00%, 1/1/33 | A+ | 405,000 | 407,642 | |||
IL Fin. Auth. Lease Rev. Bonds, (U. of IL at Urbana-Champaign), 5.50%, 10/1/57 | Aa2 | 5,245,000 | 5,551,416 | |||
IL State G.O. Bonds | ||||||
Ser. B, 5.25%, 5/1/39 | A3 | 5,900,000 | 6,412,968 | |||
5.00%, 11/1/41 | A3 | 600,000 | 604,507 | |||
5.00%, 1/1/41 | A3 | 340,000 | 342,064 | |||
5.00%, 11/1/34 | A3 | 1,650,000 | 1,686,793 | |||
Ser. D, 5.00%, 11/1/27 | A3 | 920,000 | 962,586 | |||
4.125%, 11/1/31 | A3 | 830,000 | 833,807 | |||
4.00%, 1/1/31 | A3 | 695,000 | 695,740 | |||
IL State Fin. Auth. Rev. Bonds | ||||||
(Ascension Hlth. Credit Group), Ser. C, 5.00%, 2/15/34 | AA+ | 1,100,000 | 1,132,195 | |||
(Rosalind Franklin U. of Medicine and Science), Ser. A, 5.00%, 8/1/31 | BBB+ | 400,000 | 409,153 | |||
(Art Institute of Chicago (The)), 5.00%, 3/1/30 | AA | 1,500,000 | 1,534,442 | |||
IL State Fin. Auth. 144A Rev. Bonds, (Acero Charter Schools, Inc.) | ||||||
4.00%, 10/1/34 | BB+ | 445,000 | 413,998 | |||
4.00%, 10/1/33 | BB+ | 1,060,000 | 995,570 | |||
4.00%, 10/1/32 | BB+ | 685,000 | 648,317 | |||
IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds | ||||||
(U. of IL Chicago), 5.00%, 2/15/50 | Baa3 | 460,000 | 430,267 | |||
(CHF-Chicago, LLC), 5.00%, 2/15/47 | Baa3 | 500,000 | 473,294 | |||
IL State Fin. Auth. Wtr. Fac. Mandatory Put Bonds (9/1/28), 3.875%, 5/1/40 | A | 2,250,000 | 2,230,948 | |||
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 | 5,472,481 | |||
IL State Toll Hwy. Auth. Rev. Bonds | ||||||
Ser. A, 5.00%, 1/1/42 | Aa3 | 1,500,000 | 1,625,804 | |||
Ser. A, 5.00%, 1/1/40 | Aa3 | 12,850,000 | 12,990,245 | |||
Ser. B, 5.00%, 1/1/40 | Aa3 | 10,000,000 | 10,178,933 | |||
Metro. Pier & Exposition Auth. Rev. Bonds, (McCormick Place Expansion), Ser. B, 5.00%, 12/15/33 | A | 300,000 | 312,647 | |||
Romeoville, Rev. Bonds, (Lewis U.) | ||||||
5.00%, 10/1/29 | BBB | 975,000 | 975,874 | |||
5.00%, 10/1/27 | BBB | 860,000 | 859,921 | |||
5.00%, 10/1/26 | BBB | 500,000 | 498,710 | |||
St. Clair Cnty., Cmnty. Cahokia Unit School Dist. No. 187 G.O. Bonds | ||||||
Ser. A, AGM, 5.00%, 1/1/44 | AA | 260,000 | 274,622 | |||
Ser. A, AGM, 5.00%, 1/1/43 | AA | 500,000 | 529,762 | |||
Ser. B, AGM, 5.00%, 1/1/43 | AA | 1,350,000 | 1,403,200 | |||
Ser. A, AGM, 5.00%, 1/1/42 | AA | 475,000 | 505,605 | |||
Ser. B, AGM, 5.00%, 1/1/42 | AA | 225,000 | 234,406 | |||
Ser. A, AGM, 5.00%, 1/1/41 | AA | 400,000 | 427,532 | |||
Ser. B, AGM, 5.00%, 1/1/41 | AA | 210,000 | 219,679 | |||
Ser. A, AGM, 5.00%, 1/1/40 | AA | 325,000 | 348,954 | |||
Ser. B, AGM, 5.00%, 1/1/40 | AA | 210,000 | 220,677 | |||
U. of IL Rev. Bonds, (Hlth. Svcs. Fac. Syst.) | ||||||
5.50%, 10/1/41 | A2 | 1,660,000 | 1,832,996 | |||
5.50%, 10/1/40 | A2 | 605,000 | 668,675 | |||
5.50%, 10/1/39 | A2 | 380,000 | 421,928 | |||
92,443,058 | ||||||
Indiana (1.7%) | ||||||
IN State Fin. Auth. Waste Wtr. Util. Rev. Bonds, (CWA Auth., Inc.) | ||||||
5.00%, 10/1/42 | AA | 1,350,000 | 1,450,496 | |||
5.00%, 10/1/41 | AA | 1,000,000 | 1,079,097 | |||
5.00%, 10/1/40 | AA | 615,000 | 666,820 | |||
5.00%, 10/1/39 | AA | 600,000 | 657,481 | |||
5.00%, 10/1/38 | AA | 500,000 | 549,911 | |||
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 | 1,655,128 | |||
IN State. Fin. Auth. Rev. Bonds, (Rose-Hulman Inst. of Tech., Inc.) | ||||||
5.00%, 6/1/32 | A2 | 200,000 | 215,915 | |||
5.00%, 6/1/28 | A2 | 100,000 | 105,062 | |||
5.00%, 6/1/27 | A2 | 180,000 | 186,464 | |||
Indianapolis, Local Pub. Impt. Bond Bk. Rev. Bonds, Ser. A, 5.00%, 2/1/44 | Aa1 | 1,175,000 | 1,228,249 | |||
Rockport, Poll. Control Rev. Bonds, (AEP Generating Co. ), 3.125%, 7/1/25 | BBB+ | 4,150,000 | 4,073,389 | |||
Whiting, Env. Fac. Mandatory Put Bonds (6/5/26 ), (BP Products North America, Inc.), Ser. A, 5.00%, 12/1/44 | A1 | 12,035,000 | 12,242,305 | |||
24,110,317 | ||||||
Iowa (0.2%) | ||||||
IA State Fin. Auth. Rev. Bonds | ||||||
(Lifespace Cmnty., Inc.), Ser. B, 6.60%, 5/15/28 | BBB/F | 1,500,000 | 1,541,268 | |||
(Lifespace Cmnty., Inc. Oblig. Group), Ser. A, 4.00%, 5/15/46 | BBB/F | 1,150,000 | 861,670 | |||
2,402,938 | ||||||
Kentucky (2.5%) | ||||||
Columbia Edl. Dev. Rev. Bonds, (Lindsey Wilson College), 5.00%, 12/1/33 | BBB | 3,000,000 | 2,985,833 | |||
KY Econ. Dev. Fin. Auth. Rev. Bonds, (KY Wired Infrastructure Co., Inc.), 5.00%, 7/1/30 | Baa1 | 2,080,000 | 2,099,054 | |||
KY State Pub. Energy Auth. Gas Supply | ||||||
Mandatory Put Bonds (7/1/30) Ser. A, 5.00%, 5/1/55 | A2 | 5,750,000 | 5,981,017 | |||
Mandatory Put Bonds (6/1/25), Ser. C-1, 4.00%, 12/1/49 | A1 | 675,000 | 674,897 | |||
Mandatory Put Bonds (1/1/25), Ser. B, 4.00%, 1/1/49 | A1 | 3,335,000 | 3,333,944 | |||
Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds | ||||||
(Norton Hlth. Care), Ser. A, 5.00%, 10/1/41 | A | 4,700,000 | 5,000,696 | |||
(Norton Healthcare), Ser. A, 5.00%, 10/1/31 | A | 2,750,000 | 2,813,878 | |||
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 | 4,780,373 | |||
Rural Wtr. Fin. Agcy. Rev. Bonds, Ser. A, 3.90%, 11/1/25 | AAA/P | 3,000,000 | 2,972,594 | |||
Trimble Cnty., Env. Fac. Mandatory Put Bonds (6/1/27), (Louisville Gas and Elec. Co.), 4.70%, 6/1/54 | A1 | 5,000,000 | 5,005,953 | |||
35,648,239 | ||||||
Louisiana (0.1%) | ||||||
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 | 1,904,914 | |||
1,904,914 | ||||||
Maryland (0.4%) | ||||||
Frederick Cnty., Tax Alloc. Bonds, (Oakdale-Lake Linganore Dev. Dist.), 3.25%, 7/1/29 | BBB-/P | 890,000 | 827,524 | |||
Frederick Cnty., Edl. Fac. 144A Rev. Bonds, (Mount. St. Mary's U., Inc.), Ser. A, 5.00%, 9/1/27 | BB+ | 2,660,000 | 2,667,093 | |||
Gaithersburg, Econ. Dev. Rev. Bonds, (Asbury, Oblig. Group), Ser. A, 5.00%, 1/1/36 | BBB/F | 300,000 | 302,075 | |||
MD State Econ. Dev. Corp. Tax Alloc. Bonds, (Port Covington Dev. Dist.), 3.25%, 9/1/30 | BB/P | 1,500,000 | 1,380,925 | |||
MD State Hlth. & Higher Ed. Fac. Auth. Rev. Bonds, (Stevenson U.), 4.00%, 6/1/34 | BBB- | 250,000 | 244,575 | |||
5,422,192 | ||||||
Massachusetts (1.4%) | ||||||
MA State Dept. Trans. Metro. Hwy. Syst. VRDN, Ser. A-1, 3.59%, 1/1/37 | VMIG 1 | 7,500,000 | 7,500,000 | |||
MA State Dev. Fin. Agcy. VRDN, (Boston U.), Ser. U-6E, 3.75%, 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 | 320,000 | 318,510 | |||
MA State Dev. Fin. Agcy. VRDN (Boston U.), Ser. U-6C, 3.65%, 10/1/42 | VMIG 1 | 950,000 | 950,000 | |||
MA State Hlth. & Edl. Fac. Auth. VRDN (Baystate Total Home Care, Inc.), 3.75%, 7/1/39 | A-1+ | 5,500,000 | 5,500,000 | |||
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 | 971,558 | |||
MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. D, 3.10%, 6/1/30 | AA+ | 720,000 | 681,171 | |||
20,106,239 | ||||||
Michigan (2.3%) | ||||||
Detroit, Ser. B, 6.844%, 5/1/28 | Baa2 | 620,000 | 625,313 | |||
Detroit, G.O. Bonds | ||||||
5.50%, 4/1/34 | Baa2 | 660,000 | 713,677 | |||
(Fin. Recvy.), Ser. B-1, 4.00%, 4/1/44 | BB/P | 4,500,000 | 3,426,482 | |||
Kalamazoo, Pub. Schools G.O. Bonds, Ser. I, AGM | ||||||
5.00%, 5/1/48 | AA | 820,000 | 854,344 | |||
5.00%, 5/1/45 | AA | 885,000 | 932,350 | |||
Kentwood, Economic Dev. Corp. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/37 | BBB-/F | 1,000,000 | 970,317 | |||
MI State Bldg. Auth. Rev. Bonds, Ser. II, 5.00%, 10/15/41 | Aa2 | 1,000,000 | 1,099,674 | |||
MI State Fin. Auth. Rev. Bonds | ||||||
Ser. H-1, 5.00%, 10/1/39 (Prerefunded 10/1/24) | AA- | 525,000 | 525,764 | |||
(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/35 | A1 | 1,000,000 | 1,010,148 | |||
(Great Lakes Wtr. Auth. Wtr. Supply Syst.), 5.00%, 7/1/31 | Aa3 | 6,500,000 | 6,509,058 | |||
(Detroit, Regl. Convention Fac. Auth.), Ser. H-1, 5.00%, 10/1/28 | AA- | 1,955,000 | 1,963,693 | |||
(Tobacco Settlement), Ser. A-1, 2.326%, 6/1/30 | A | 251,214 | 244,931 | |||
MI State Fin. Auth. Act 38 Fac. Sr. Rev. Bonds, (Provident Group - HFH Energy, LLC) | ||||||
5.50%, 2/28/49 | A3 | 750,000 | 809,778 | |||
5.25%, 2/28/43 | A3 | 800,000 | 855,540 | |||
5.25%, 2/28/42 | A3 | 625,000 | 671,441 | |||
5.25%, 2/28/41 | A3 | 550,000 | 593,435 | |||
5.25%, 2/29/40 | A3 | 500,000 | 542,945 | |||
4.125%, 2/29/44 | A3 | 500,000 | 478,982 | |||
MI State Fin. Auth. Ltd. Oblig. Rev. Bonds | ||||||
(Lawrence Technological U.), 5.25%, 2/1/32 | BBB- | 1,145,000 | 1,154,538 | |||
(Lawrence Technological U.), 5.00%, 2/1/47 | BBB- | 2,000,000 | 1,786,619 | |||
(Lawrence Tech. U.), 4.00%, 2/1/32 | BBB- | 285,000 | 266,531 | |||
(Lawrence Tech. U.), 4.00%, 2/1/27 | BBB- | 140,000 | 135,511 | |||
MI State Strategic Fund Ltd. Oblig. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/34 | BBB-/F | 1,900,000 | 1,890,738 | |||
MI State U. Rev. Bonds, Ser. B, 5.00%, 2/15/44 | Aa2 | 3,000,000 | 3,152,771 | |||
Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. F, 5.00%, 12/1/30 | A1 | 1,840,000 | 1,869,645 | |||
33,084,225 | ||||||
Minnesota (2.7%) | ||||||
Duluth, COP, (Indpt. School Dist. No. 709), Ser. A, 4.00%, 3/1/32 (Prerefunded 3/1/27) | Baa1 | 2,715,000 | 2,759,079 | |||
Duluth, Econ. Dev. Auth. Rev. Bonds, (Benedictine Hlth. Syst. Oblig. Group), Ser. A, 4.00%, 7/1/31 | BB/P | 625,000 | 578,461 | |||
Duluth, Econ. Dev. Auth. Hlth. Care Fac. Rev. Bonds, (St. Luke's Hosp. of Duluth Oblig. Group) | ||||||
5.00%, 6/15/32 | AA- | 975,000 | 1,038,403 | |||
5.00%, 6/15/30 | AA- | 830,000 | 872,399 | |||
Hennepin Cnty., VRDN, Ser. B, 3.75%, 12/1/38 | A-1+ | 2,750,000 | 2,750,000 | |||
Minneapolis, Hlth. Care Syst. Rev. Bonds, (Fairview Hlth. Svcs.), Ser. A, 5.00%, 11/15/33 | Baa1 | 2,410,000 | 2,498,708 | |||
Minneapolis, Hlth. Care Syst. VRDN (Fairview Hlth. Svcs. Oblig. Group), Ser. B, 3.77%, 11/15/48 | VMIG 1 | 4,500,000 | 4,500,000 | |||
MN State Agriculture & Econ. Dev. Board Rev. Bonds, (HealthPartners), 5.00%, 1/1/40 | A2 | 1,800,000 | 1,974,906 | |||
MN State Higher Ed. Fac. Auth. Mandatory Put Bonds (10/1/27), (U. of St. Thomas), Ser. B-1, 5.00%, 10/1/53 | A2 | 3,000,000 | 3,110,225 | |||
MN State Higher Ed. Fac. Auth. Rev. Bonds, (Augsburg U.), Ser. A, 5.00%, 5/1/46 | Ba1 | 750,000 | 664,901 | |||
MN State Res. Hsg. Fin. Agcy. GNMA Coll.,FNMA Coll.,FHLMC Coll., 3.75%, 1/1/41 | VMIG 1 | 500,000 | 500,000 | |||
MN State Rural Wtr. Fin. Auth. Rev. Bonds, (Pub. Projects Construction), 4.375%, 4/1/25 | AAA/P | 2,000,000 | 2,000,133 | |||
Ramsey, Charter School Rev. Bonds, (PACT Charter School), Ser. A, 5.00%, 6/1/32 | BB+ | 1,400,000 | 1,405,548 | |||
Rochester, Hlth. Care Fac. VRDN, (Mayo Clinic) | ||||||
Ser. A, 3.64%, 11/15/38 | A-1+ | 6,000,000 | 6,000,000 | |||
Ser. B, 3.64%, 11/15/38 | A-1+ | 2,000,000 | 2,000,000 | |||
Ser. B, 3.64%, 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 | 3,038,310 | |||
St. Paul, Port Auth. Dist. Energy Rev. Bonds, Ser. 23-4, 5.25%, 10/1/42 | A- | 1,000,000 | 1,010,525 | |||
38,201,598 | ||||||
Missouri (2.6%) | ||||||
Kansas City, Indl. Dev. auth. Arpt. Rev. Bonds, 5.00%, 3/1/35 | A2 | 5,000,000 | 5,256,064 | |||
Kansas City, Indl. Dev. Auth. Arpt. Special Oblig. Rev. Bonds | ||||||
(Kansas City, Intl. Arpt.), 5.00%, 3/1/32 | A2 | 1,000,000 | 1,054,283 | |||
(Kansas City Intl. Arpt.), 5.00%, 3/1/30 | A2 | 1,540,000 | 1,642,737 | |||
MI State Hlth. & Edl. Fac. Rev. Bonds, (U. of Hlth. Sciences & Pharmacy in St. Louis) | ||||||
5.00%, 5/1/28 | BBB- | 1,775,000 | 1,772,566 | |||
4.00%, 5/1/43 | BBB- | 1,750,000 | 1,377,899 | |||
4.00%, 5/1/40 | BBB- | 615,000 | 503,447 | |||
4.00%, 5/1/39 | BBB- | 3,750,000 | 3,126,948 | |||
4.00%, 5/1/37 | BBB- | 2,600,000 | 2,248,334 | |||
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 | 982,050 | |||
MI State Hlth. & Edl. Fac. Auth. Rev. Bonds, (U. of Hlth. Sciences & Pharmacy in St. Louis) | ||||||
4.00%, 5/1/39 | BBB- | 1,250,000 | 1,042,316 | |||
4.00%, 5/1/38 | BBB- | 1,440,000 | 1,220,900 | |||
MO State Hlth. & Edl. Fac. Auth. Rev. Bonds | ||||||
(Mercy Hlth.), 5.50%, 12/1/41 | A1 | 2,100,000 | 2,350,400 | |||
(Mercy Hlth.), 5.50%, 12/1/40 | A1 | 1,100,000 | 1,235,823 | |||
(Children's Mercy Hosp. (The)), Ser. A, 4.00%, 5/15/42 | AA- | 3,195,000 | 3,085,453 | |||
MO State Hlth. & Edl. Fac. Auth. VRDN, (St. Louis U.), Ser. B-2, 3.95%, 10/1/35 | VMIG 1 | 1,155,000 | 1,155,000 | |||
MO State Hlth. & Edl. Fac. Auth. Hlth. Fac. Mandatory Put Bonds (5/1/26), (BJC Hlth. Care), Ser. B, 4.00%, 5/1/51 | Aa2 | 1,000,000 | 1,004,312 | |||
MO State Hlth. & Edl. Fac. Auth. Hlth. Fac. Rev. Bonds, (Mercy Health), BAM, 4.00%, 11/15/42 | AA | 1,555,000 | 1,491,582 | |||
Plaza at Noah's Ark Cmnty. Impt. Dist. Rev. Bonds | ||||||
3.00%, 5/1/26 | B+/P | 275,000 | 266,013 | |||
3.00%, 5/1/25 | B+/P | 225,000 | 221,035 | |||
3.00%, 5/1/24 | B+/P | 200,000 | 200,000 | |||
Poplar Bluff, Regl. Trans. Dist. Rev. Bonds, Ser. B | ||||||
4.00%, 12/1/37 | BBB | 2,300,000 | 2,205,629 | |||
3.375%, 12/1/31 | BBB | 1,500,000 | 1,425,761 | |||
St. Louis, Arpt. Rev. Bonds, 5.00%, 7/1/30 | A2 | 1,430,000 | 1,533,331 | |||
36,401,883 | ||||||
Montana (0.2%) | ||||||
Forsyth, Poll. Control Rev. Bonds, (NorthWestern Corp.), 3.875%, 7/1/28 | A3 | 2,200,000 | 2,212,621 | |||
2,212,621 | ||||||
Nebraska (1.0%) | ||||||
Central Plains, Energy (No. 3), Ser. A, 5.00%, 9/1/30 | BBB+ | 8,000,000 | 8,416,806 | |||
Omaha, Pub. Pwr. Dist. Rev. Bonds, Ser. A, 5.00%, 2/1/46 | Aa2 | 5,000,000 | 5,280,619 | |||
13,697,425 | ||||||
Nevada (1.2%) | ||||||
Clark Cnty., Poll. Control Mandatory Put Bonds (3/31/26), (NV Pwr. Co.), 3.75%, 1/1/36 | A2 | 2,250,000 | 2,224,610 | |||
Clark Cnty., School Dist. G.O. Bonds, Ser. B, BAM, 3.00%, 6/15/36 | AA | 1,000,000 | 902,459 | |||
Humboldt Cnty., Poll. Control (Sierra Pacific Pwr. Co,) | ||||||
3.55%, 10/1/29 | A | 2,000,000 | 1,994,724 | |||
3.55%, 10/1/29 | A | 2,000,000 | 1,994,724 | |||
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 | 1,295,473 | |||
5.00%, 7/1/42 | Aa3 | 1,200,000 | 1,295,842 | |||
5.00%, 7/1/41 | Aa3 | 1,000,000 | 1,084,158 | |||
5.00%, 7/1/40 | Aa3 | 1,550,000 | 1,687,813 | |||
5.00%, 7/1/39 | Aa3 | 760,000 | 833,168 | |||
Washoe Cnty., Gas & Wtr. Fac. Mandatory Put Bonds (10/1/29), (Sierra Pacific Pwr. Co,), 3.625%, 3/1/36 | A | 3,000,000 | 2,981,667 | |||
Washoe Cnty., Wtr. Fac. Mandatory Put Bonds (10/1/29), (Sierra Pacific Pwr. Co,), 3.625%, 3/1/36 | A | 1,000,000 | 993,889 | |||
17,288,527 | ||||||
New Hampshire (0.8%) | ||||||
National Fin. Auth. Rev. Bonds | ||||||
(NH Bus. Fin. Auth.), Ser. 24-1, Class A, 4.25%, 7/20/41 | A+ | 2,997,388 | 2,917,869 | |||
(NH Bus. Fin. Auth.), Ser. 23-2, 3.875%, 1/20/38 | BBB | 5,057,864 | 4,603,247 | |||
(Caritas Acquisitions VII, LLC), Ser. A, 3.75%, 8/15/30 | BBB/P | 1,050,000 | 990,724 | |||
NH State Hlth. & Ed. Fac. Auth. Rev. Bonds, (Southern NH Med. Ctr.), 5.00%, 10/1/37 | A- | 2,000,000 | 2,027,441 | |||
10,539,281 | ||||||
New Jersey (1.7%) | ||||||
Camden Cnty., Impt. Auth. Multi-Fam. Mandatory Put Bonds (3/1/26), 5.00%, 3/1/27 | Aaa | 4,000,000 | 4,066,519 | |||
NJ State Econ. Dev. Auth. | ||||||
Mandatory Put Bonds (6/1/28), (American Wtr. Co., Inc.), 3.75%, 11/1/34 | A1 | 3,000,000 | 2,963,243 | |||
Mandatory Put Bonds (12/3/29), (American Water Co., Inc.), 2.20%, 10/1/39 | A1 | 3,500,000 | 3,035,504 | |||
NJ State Econ. Dev. Auth. Rev. Bonds, Ser. SSS | ||||||
5.25%, 6/15/39 | A2 | 1,000,000 | 1,129,111 | |||
5.25%, 6/15/38 | A2 | 1,585,000 | 1,805,033 | |||
5.25%, 6/15/37 | A2 | 1,060,000 | 1,214,113 | |||
5.00%, 6/15/34 | A2 | 1,000,000 | 1,147,785 | |||
NJ State Trans. Trust Fund Auth. Rev. Bonds | ||||||
(Federal Hwy. Reimbursement Notes), 5.00%, 6/15/28 | A+ | 750,000 | 769,802 | |||
Ser. AA, 5.00%, 6/15/26 | A2 | 1,000,000 | 1,029,055 | |||
Ser. A, 4.25%, 6/15/40 | A2 | 2,000,000 | 2,018,129 | |||
Passaic Cnty., Impt. Auth. Rev. Bonds, (Paterson Arts & Science Charter School), 4.25%, 7/1/33 | BBB- | 620,000 | 622,216 | |||
South Jersey, Trans. Auth. Syst. Rev. Bonds, Ser. A | ||||||
5.00%, 11/1/40 | BBB+ | 2,500,000 | 2,630,877 | |||
5.00%, 11/1/38 | BBB+ | 1,140,000 | 1,214,710 | |||
23,646,097 | ||||||
New Mexico (0.6%) | ||||||
Farmington, Poll. Control Rev. Bonds, (Pub. Service Co. of NM), Ser. B, 2.15%, 4/1/33 | Baa2 | 2,000,000 | 1,602,981 | |||
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 | 1,007,253 | |||
Mandatory Put Bonds (6/1/25), (Santa Fe Apt.), 5.00%, 2/1/42 | Aaa | 4,750,000 | 4,761,889 | |||
Sante Fe, Retirement Fac. Rev. Bonds, (El Castillo Retirement Res.), 5.00%, 5/15/42 | BB+/F | 980,000 | 919,042 | |||
8,291,165 | ||||||
New York (12.1%) | ||||||
Albany, Cap. Resource Corp. Rev. Bonds, (Empire Commons Student Hsg., Inc.) | ||||||
5.00%, 5/1/26 | A | 400,000 | 405,275 | |||
Ser. A, 5.00%, 5/1/25 | A | 645,000 | 648,909 | |||
5.00%, 5/1/24 | A | 575,000 | 575,000 | |||
Build NY City Resource Corp. Rev. Bonds | ||||||
(Classical Charter School, Inc.), 4.00%, 6/15/33 | BBB- | 970,000 | 952,517 | |||
(Global Cmnty. Charter School), 4.00%, 6/15/32 | BB+ | 500,000 | 490,127 | |||
(Grand Concourse Academy Charter School), 3.40%, 7/1/27 | BBB- | 245,000 | 238,229 | |||
Build NY City Resource Corp. 144A Rev. Bonds | ||||||
(Unity Preparatory Charter School of Brooklyn), 5.00%, 6/15/33 | BB | 665,000 | 685,597 | |||
(East Harlem Scholars Academy Charter School), 5.00%, 6/1/32 | BB | 375,000 | 387,483 | |||
Dutchess Cnty., Local Dev. Corp. Rev. Bonds, (Culinary Inst. of America (The)), 5.00%, 7/1/34 | Baa2 | 500,000 | 517,055 | |||
Metro. Trans. Auth. VRDN | ||||||
Ser. E-1, 3.85%, 11/15/50 | VMIG 1 | 5,000,000 | 5,000,000 | |||
Ser. D-2, 3.75%, 11/1/35 | VMIG 1 | 2,000,000 | 2,000,000 | |||
Monroe Cnty., Indl. Dev. Agcy. Multi-Fam. Rev. Bonds, (Andrews Terrace Cmnty. Partners LP), 4.72%, 1/1/44 | Aaa | 5,000,000 | 4,948,671 | |||
NY City, VRDN | ||||||
Ser. I-2, 3.80%, 3/1/40 | VMIG 1 | 10,600,000 | 10,600,000 | |||
(Fiscal 2023), Ser. A-4, 3.75%, 9/1/49 | VMIG 1 | 1,500,000 | 1,500,000 | |||
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 | 12,498,537 | |||
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 | 9,967,856 | |||
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 | 4,291,210 | |||
NY City, Muni. Wtr. & Swr. Syst. Fin. Auth. Rev. Bonds | ||||||
Ser. EE, 5.00%, 6/15/45 | Aa1 | 2,730,000 | 2,935,722 | |||
Ser. A, 5.00%, 6/15/43 | Aa1 | 1,800,000 | 1,978,386 | |||
Ser. DD, 5.00%, 6/15/40 | Aa1 | 3,320,000 | 3,463,764 | |||
NY City, Muni. Wtr. & Swr. Syst. Fin. Auth. VRDN | ||||||
Ser. DD-1, 3.75%, 6/15/43 | VMIG 1 | 6,335,000 | 6,335,000 | |||
Ser. F-2, 3.75%, 6/15/35 | VMIG 1 | 1,130,000 | 1,130,000 | |||
NY City, Transitional Fin. Auth. Rev. Bonds, (Future Tax Secd.), Ser. B1, 5.00%, 11/1/32 | AAA | 9,000,000 | 9,004,268 | |||
NY City, Transitional Fin. Auth. VRDN, 3.80%, 2/1/45 | VMIG 1 | 16,500,000 | 16,500,000 | |||
NY State Dorm. Auth. (NY Inst. Of Tech.) | ||||||
5.00%, 7/1/42 | Baa2 | 870,000 | 924,686 | |||
5.00%, 7/1/41 | Baa2 | 685,000 | 731,186 | |||
5.00%, 7/1/39 | Baa2 | 1,000,000 | 1,082,070 | |||
5.00%, 7/1/38 | Baa2 | 650,000 | 708,715 | |||
5.00%, 7/1/37 | Baa2 | 345,000 | 378,816 | |||
NY State Dorm. Auth. Personal Income Tax Rev. Bonds | ||||||
Ser. A, 5.00%, 3/15/45 | Aa1 | 4,000,000 | 4,337,849 | |||
Ser. A, 5.00%, 3/15/44 | Aa1 | 4,000,000 | 4,377,152 | |||
Ser. A-3, 3.00%, 3/15/39 | Aa1 | 7,915,000 | 6,863,713 | |||
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 | 3,709,994 | |||
NY State Hsg. Fin. Agcy. Rev. Bonds, Ser. C, GNMA Coll., FNMA Coll., FHLMC Coll., 3.05%, 11/1/36 | Aa2 | 1,500,000 | 1,325,455 | |||
NY State Hsg. Fin. Agcy. VRDN (8 East 102nd St., LLC), Ser. A, 3.65%, 5/1/44 | VMIG 1 | 4,780,000 | 4,780,000 | |||
NY State Hsg. Fin. Agcy. Affordable Hsg. Rev. Bonds, (Sustainability Bonds), Ser. C-1, 4.50%, 11/1/43 | Aa2 | 1,000,000 | 979,352 | |||
NY State Liberty Dev. Corp. Rev. Bonds, (Port Auth. of NY & NJ), Ser. 1WTC, 2.75%, 2/15/44 | AA- | 7,750,000 | 5,646,251 | |||
NY State Mtge. Agcy. Rev. Bonds, Ser. 196, 2.60%, 4/1/25 | Aa1 | 750,000 | 738,676 | |||
NY State Trans. Special Fac. Dev. Corp. Rev. Bonds | ||||||
(Delta Air Lines, Inc.), 5.625%, 4/1/40 | Baa3 | 4,000,000 | 4,349,605 | |||
(JFK New Terminal One, LLC), AGM, 5.50%, 6/30/42 | AA | 1,750,000 | 1,906,051 | |||
(JFK New Terminal One, LLC), 5.50%, 6/30/40 | Baa3 | 875,000 | 955,452 | |||
(JFK New Terminal One, LLC), 5.50%, 6/30/39 | Baa3 | 1,000,000 | 1,097,878 | |||
(JFK New Terminal One, LLC), 5.50%, 6/30/38 | Baa3 | 2,000,000 | 2,204,241 | |||
(Delta Air Lines, Inc.), 5.00%, 10/1/35 | Baa3 | 500,000 | 528,487 | |||
(JFK Intl. Arpt. Term. 4, LLC), 5.00%, 12/1/29 | Baa1 | 500,000 | 531,283 | |||
(American Airlines, Inc.), 2.25%, 8/1/26 | BB-/F | 155,000 | 150,070 | |||
NY State Urban Dev. Corp. Sales Tax Rev. Bonds, Ser. A, 5.00%, 3/15/44 | Aa1 | 5,000,000 | 5,470,606 | |||
Port Auth. of NY & NJ Rev. Bonds | ||||||
Ser. 218, 5.00%, 11/1/49(T) | Aa3 | 1,535,000 | 1,556,190 | |||
Oneida Indian Nation 144A (Oneida Indian Nation of NY), Ser. B, 6.00%, 9/1/43 | BBB-/F | 1,700,000 | 1,798,105 | |||
Port Auth. of NY & NJ Rev. Bonds | ||||||
5.00%, 1/15/37 | Aa3 | 1,000,000 | 1,086,149 | |||
5.00%, 1/15/36 | Aa3 | 1,000,000 | 1,096,043 | |||
Ser. 197, 5.00%, 11/15/35 | Aa3 | 5,000,000 | 5,065,406 | |||
Ser. 227, 3.00%, 10/1/27 | Aa3 | 5,000,000 | 4,785,221 | |||
Triborough Bridge & Tunnel Auth. Sales Tax Ser. A-1, 5.00%, 5/15/49 | AA+ | 4,000,000 | 4,289,619 | |||
170,507,927 | ||||||
North Carolina (0.3%) | ||||||
NC Agriculture & Tech. State U. Rev. Bonds | ||||||
5.00%, 10/1/42 | Aa3 | 950,000 | 1,025,280 | |||
5.00%, 10/1/41 | Aa3 | 450,000 | 487,999 | |||
NC State Cap. Fac. Fin. Agcy. Edl. Fac. Rev. Bonds, (Campbell U.), Ser. A, 5.00%, 10/1/26 | Baa2 | 1,250,000 | 1,271,736 | |||
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 | 367,756 | |||
5.00%, 3/1/27 | BB/P | 460,000 | 463,224 | |||
5.00%, 3/1/26 | BB/P | 440,000 | 442,414 | |||
4.00%, 3/1/29 | BB/P | 755,000 | 728,246 | |||
4,786,655 | ||||||
North Dakota (0.6%) | ||||||
Cass Cnty., Joint Wtr. Resource Dist. G.O. Bonds, Ser. A, 3.45%, 4/1/27 | Aa3 | 8,000,000 | 7,988,668 | |||
7,988,668 | ||||||
Ohio (1.9%) | ||||||
Cleveland-Cuyahoga Cnty., Rev. Bonds, (Euclid Ave. Dev., Corp.), 5.00%, 8/1/39 | A3 | 3,000,000 | 3,001,480 | |||
Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds | ||||||
(Playhouse Sq. Foundation), 5.25%, 12/1/38 | BB+ | 500,000 | 506,468 | |||
(Playhouse Square Foundation), 5.00%, 12/1/33 | BB+ | 3,460,000 | 3,537,949 | |||
Columbus-Franklin Cnty., Fin. Auth. Multi-Fam. Hsg. Mandatory Put Bonds (2/1/27), (Dering Family Homes Owner, LLC), 5.00%, 7/1/45 | Aaa | 3,000,000 | 3,058,144 | |||
Cuyahoga Cnty., Econ. Dev. Rev. Bonds, 5.00%, 1/1/38 | A | 1,380,000 | 1,458,483 | |||
Franklin Cnty., Hlth. Care Fac. Rev. Bonds, (Friendship Village of Dublin Oblig. Group), 5.00%, 11/15/34 | BBB+/F | 700,000 | 701,232 | |||
Hamilton Cnty., Hlth. Care Rev. Bonds, (Life Enriching Cmnty.), 5.00%, 1/1/36 | BBB-/F | 3,055,000 | 3,057,688 | |||
Montgomery Cnty., Hosp. VRDN 3.78%, 11/15/45 | VMIG 1 | 500,000 | 500,000 | |||
OH State Higher Edl. Fac. Comm. Rev. Bonds | ||||||
(Cleveland Inst. of Art (The)), 5.00%, 12/1/33 | BB | 1,570,000 | 1,544,150 | |||
(Cleveland Inst. of Music (The)), 5.00%, 12/1/32 | BBB- | 600,000 | 613,182 | |||
(John Carroll U.), 5.00%, 10/1/30 | Baa1 | 455,000 | 483,486 | |||
(John Carroll U.), 5.00%, 10/1/29 | Baa1 | 810,000 | 853,744 | |||
(Cleveland Inst. of Art (The)), 5.00%, 12/1/28 | BB | 865,000 | 862,167 | |||
(John Carroll U.), 5.00%, 10/1/28 | Baa1 | 370,000 | 386,187 | |||
(John Carroll U.), 5.00%, 10/1/27 | Baa1 | 350,000 | 361,262 | |||
(John Carroll U.), 5.00%, 10/1/26 | Baa1 | 350,000 | 357,133 | |||
(John Carroll U.), 5.00%, 10/1/25 | Baa1 | 220,000 | 221,951 | |||
OH State Hosp. Rev. Bonds, (Premier Hlth. Partners Oblig. Group) | ||||||
5.00%, 11/15/27 | Baa1 | 240,000 | 246,357 | |||
5.00%, 11/15/26 | Baa1 | 285,000 | 289,865 | |||
5.00%, 11/15/24 | Baa1 | 135,000 | 135,350 | |||
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 | 3,243,061 | |||
Port of Greater Cincinnati Dev. Auth. 144A Rev. Bonds, 4.25%, 12/1/50 | BB/P | 730,000 | 629,741 | |||
Scioto Cnty., Hosp. Rev. Bonds, (Southern OH Med. Ctr.), 5.00%, 2/15/33 | Baa1 | 500,000 | 505,792 | |||
26,554,872 | ||||||
Oklahoma (0.1%) | ||||||
Tulsa, Indl. Auth. Rev. Bonds, (U. of Tulsa (The)), 5.00%, 10/1/25 | Baa3 | 1,000,000 | 996,406 | |||
996,406 | ||||||
Oregon (0.3%) | ||||||
Keizer, Special Assmt. Bonds, (Keizer Station), Ser. A, 5.20%, 6/1/31 | Aa3 | 175,000 | 175,873 | |||
Port of Portland, Arpt. Rev. Bonds | ||||||
(Portland Intl. Arpt.), 5.00%, 7/1/39 | AA- | 1,350,000 | 1,400,337 | |||
Ser. 24B, 5.00%, 7/1/33 | AA- | 2,000,000 | 2,060,665 | |||
3,636,875 | ||||||
Other (3.1%) | ||||||
Federal Home Loan Mortgage Corporation Multifamily ML certificates | ||||||
Ser. ML-15, Class A, 3.86%, 1/25/40 | AA+ | 9,920,599 | 9,161,087 | |||
Ser. Ser. 19-ML-05, Class Class A-US, 3.40%, 1/25/36 | AA+ | 6,171,802 | 5,513,911 | |||
Ser. ML-14, Class A, 3.65%, 11/25/38 | AA+ | 4,961,391 | 4,393,956 | |||
Ser. ML-13, Class A, 3.125%, 9/25/36 | AA+ | 9,762,355 | 8,533,035 | |||
Ser. ML-19, Class A, 3.959%, 12/25/36 | AA+ | 5,984,705 | 5,600,962 | |||
Federal Home Loan Mortgage Corporation Structured Pass-through certificates, Ser. ML-21, 4.618%, 8/25/41 | AA+ | 10,000,000 | 9,732,491 | |||
42,935,442 | ||||||
Pennsylvania (6.4%) | ||||||
Allegheny Cnty., Arpt. Auth. Rev. Bonds, Ser. A | ||||||
AGM, 5.50%, 1/1/43 | AA | 1,500,000 | 1,644,640 | |||
AGM, 5.50%, 1/1/42 | AA | 1,000,000 | 1,101,020 | |||
AGM, 5.50%, 1/1/41 | AA | 1,000,000 | 1,105,135 | |||
5.00%, 1/1/35 | AA | 8,155,000 | 8,744,343 | |||
5.00%, 1/1/34 | AA | 2,330,000 | 2,501,253 | |||
Allegheny Cnty., Higher Ed. Bldg. Auth. Rev. Bonds, (Duquesne U. of the Holy Spirit) | ||||||
5.00%, 3/1/43 | A2 | 2,025,000 | 2,198,067 | |||
5.00%, 3/1/42 | A2 | 1,635,000 | 1,781,562 | |||
Chester Cnty., Indl. Dev. Auth. (Avon Grove Charter School), 5.00%, 3/1/27 | BBB- | 3,600,000 | 3,635,834 | |||
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 | 701,500 | |||
Crawford Cnty., Indl. Dev. Auth. Rev. Bonds, (Allegheny College) | ||||||
5.00%, 5/1/31 | A- | 1,465,000 | 1,480,099 | |||
5.00%, 5/1/30 | A- | 1,510,000 | 1,527,459 | |||
5.00%, 5/1/29 | A- | 1,440,000 | 1,457,130 | |||
5.00%, 5/1/28 | A- | 1,370,000 | 1,387,163 | |||
Dallas, Area Muni. Auth. U. Rev. Bonds, (Misericordia U.), 5.00%, 5/1/29 | Baa3 | 300,000 | 297,111 | |||
Lancaster Cnty., Hosp. Auth. VRDN, (Masonic Homes), Ser. D, 3.95%, 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 | 531,570 | |||
Lehigh Cnty., Indl. Dev. Auth. Charter School Rev. Bonds, (Seven Generations Charter School), 4.00%, 5/1/41 | BB | 1,775,000 | 1,432,562 | |||
Monroeville, Fin. Auth. Rev. Bonds, (U. of Pittsburgh Med. Ctr.), Ser. B, 5.00%, 2/15/38 | A2 | 2,200,000 | 2,400,625 | |||
PA Rev. Bonds, (City of Philadelphia, Wtr. & Wastewater) | ||||||
4.00%, 1/1/32 | Baa2 | 540,000 | 526,102 | |||
4.00%, 1/1/31 | Baa2 | 165,000 | 161,345 | |||
4.00%, 1/1/30 | Baa2 | 115,000 | 112,694 | |||
4.00%, 1/1/29 | Baa2 | 725,000 | 710,654 | |||
PA State Econ. Dev. Fin. Auth. Rev. Bonds | ||||||
(PennDOT Major Bridges), 5.25%, 6/30/36 | Baa2 | 1,650,000 | 1,814,871 | |||
(PennDOT Major Bridges), 5.25%, 6/30/35 | Baa2 | 2,030,000 | 2,242,303 | |||
(PA Bridges Finco LP), 5.00%, 12/31/34 | BBB | 16,800,000 | 16,993,292 | |||
Philadelphia, Arpt. Rev. Bonds, Ser. C, 5.00%, 7/1/24 | A2 | 4,000,000 | 4,003,188 | |||
Philadelphia, Auth. for Indl. Dev. Rev. Bonds | ||||||
(St. Joseph's U.), 5.00%, 11/1/47 | A-/P | 3,000,000 | 3,006,291 | |||
(MaST Cmnty. Charter School II), 5.00%, 8/1/40 | BBB- | 935,000 | 901,739 | |||
Philadelphia, Auth. for Indl. Dev. 144A Rev. Bonds, (U. of the Arts), 4.50%, 3/15/29 | B+/F | 1,625,000 | 1,568,401 | |||
Philadelphia, Auth. for Indl. Dev. City Agreement Rev. Bonds, 5.00%, 12/1/27 | A1 | 3,000,000 | 3,065,109 | |||
Philadelphia, Energy Auth. Rev. Bonds | ||||||
5.00%, 11/1/41 | A1 | 1,000,000 | 1,077,120 | |||
5.00%, 11/1/40 | A1 | 1,695,000 | 1,831,463 | |||
5.00%, 11/1/39 | A1 | 1,575,000 | 1,712,189 | |||
Philadelphia, School Dist. G.O. Bonds, Ser. F | ||||||
5.00%, 9/1/29 | A1 | 6,620,000 | 6,765,966 | |||
BAM, 5.00%, 9/1/27 | AA | 6,860,000 | 7,074,501 | |||
Southeastern PA Trans. Auth. Rev. Bonds, (Asset Impt. Program), 5.25%, 6/1/40 | Aa3 | 1,250,000 | 1,393,908 | |||
89,388,209 | ||||||
Puerto Rico (0.5%) | ||||||
Cmnwlth. of PR, G.O. Bonds | ||||||
Ser. A1, 5.625%, 7/1/27 | BB/P | 1,683,000 | 1,750,726 | |||
Ser. A1, 5.375%, 7/1/25 | BB/P | 3,400,000 | 3,424,049 | |||
Ser. A-1, 4.00%, 7/1/33 | BB/P | 2,400,000 | 2,365,485 | |||
7,540,260 | ||||||
Rhode Island (0.1%) | ||||||
RI Hlth. & Edl. Bldg. Corp. Rev. Bonds, (Lifespan Oblig. Group-Hosp. Fin.) | ||||||
5.00%, 5/15/33 | BBB+ | 365,000 | 369,289 | |||
5.00%, 5/15/26 | BBB+ | 580,000 | 590,350 | |||
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50 | BBB-/P | 1,000,000 | 1,002,061 | |||
1,961,700 | ||||||
South Carolina (0.5%) | ||||||
SC State Pub. Svcs. Auth. Rev. Bonds | ||||||
Ser. A, 5.00%, 12/1/37 | A3 | 3,435,000 | 3,489,527 | |||
(Oblig.), Ser. B, 5.00%, 12/1/37 | A3 | 500,000 | 509,748 | |||
Ser. A, 5.00%, 12/1/36 | A3 | 1,500,000 | 1,527,554 | |||
SC State Trans. Infrastructure Bank Rev. Bonds, Ser. A, 3.00%, 10/1/36 | Aa3 | 1,740,000 | 1,571,929 | |||
7,098,758 | ||||||
Tennessee (2.1%) | ||||||
Knox Cnty., Hlth. Ed. & Hsg. Fac. Board Student Hsg. Rev. Bonds, (Provident Group - UTK Properties, LLC), Ser. A-1, BAM | ||||||
5.00%, 7/1/44 | AA | 625,000 | 657,692 | |||
5.00%, 7/1/43 | AA | 550,000 | 580,494 | |||
5.00%, 7/1/42 | AA | 1,100,000 | 1,166,138 | |||
5.00%, 7/1/41 | AA | 825,000 | 878,065 | |||
5.00%, 7/1/40 | AA | 425,000 | 454,313 | |||
5.00%, 7/1/39 | AA | 450,000 | 484,278 | |||
5.00%, 7/1/38 | AA | 425,000 | 459,566 | |||
5.00%, 7/1/36 | AA | 450,000 | 495,476 | |||
Knoxville, Cmnty. Dev. Corp. Multi-Fam. Mandatory Put Bonds (6/1/26), (DGA Grosvenor Square), 4.00%, 12/1/27 | AA+ | 2,000,000 | 1,998,380 | |||
Metro. Govt. Nashville & Davidson Cnty., Hlth. & Edl. Fac. Board Rev. Bonds | ||||||
(Trevecca Nazarene U.), 5.00%, 10/1/34 | BBB-/F | 450,000 | 458,609 | |||
(Vanderbilt U. Med. Ctr.), Ser. A, 5.00%, 7/1/28 | A | 5,000,000 | 5,304,530 | |||
Metro. Nashville, Arpt. Auth. Rev. Bonds, Ser. B | ||||||
5.50%, 7/1/37 | A1 | 875,000 | 982,026 | |||
5.50%, 7/1/36 | A1 | 650,000 | 736,183 | |||
5.00%, 7/1/33 | A2 | 1,000,000 | 1,074,433 | |||
Tennergy Corp. Gas Mandatory Put Bonds (9/1/28), Ser. A, 4.00%, 12/1/51 | A1 | 13,175,000 | 13,069,767 | |||
28,799,950 | ||||||
Texas (8.1%) | ||||||
Arlington, Higher Ed. Fin. Corp. Rev. Bonds, (Uplift Ed.), Ser. A, PSFG, 4.00%, 12/1/32 | AAA | 375,000 | 379,230 | |||
Arlington, Higher Ed. Fin. Corp. 144A Rev. Bonds, (Magellan School (The)), 5.50%, 6/1/32 | Ba3 | 1,245,000 | 1,290,095 | |||
Austin, Cmnty. College Dist. G.O. Bonds, (Maintenance Tax), 3.00%, 8/1/35 | Aa1 | 1,350,000 | 1,230,751 | |||
Austin-Bergstrom Landhost Enterprises, Inc. Rev. Bonds | ||||||
5.00%, 10/1/36 | A | 1,485,000 | 1,505,150 | |||
5.00%, 10/1/33 | A | 400,000 | 409,536 | |||
Clear Creek Ind. School Dist. Mandatory Put Bonds (8/15/24 ), PSFG, 0.28%, 2/15/38 | AAA | 2,920,000 | 2,886,095 | |||
Clifton, Higher Ed. Fin. Corp. Ed. (Intl. Leadership of TX, Inc.), PSFG | ||||||
5.00%, 8/15/39 | Aaa | 1,000,000 | 1,088,341 | |||
5.00%, 8/15/38 | Aaa | 900,000 | 988,725 | |||
5.00%, 8/15/37 | Aaa | 1,000,000 | 1,105,440 | |||
Clifton, Higher Ed. Fin. Corp. Ed. Rev. Bonds | ||||||
(Braination, Inc.), 5.25%, 8/15/49 | Aaa | 2,000,000 | 2,118,264 | |||
(Braination, Inc.), 5.25%, 8/15/44 | Aaa | 750,000 | 812,057 | |||
(Intl. Leadership of TX, Inc.), Ser. D, 5.25%, 8/15/27 | Baa3 | 3,890,000 | 3,947,315 | |||
(YES Prep Pub. Schools, Inc.), PSFG, 5.00%, 4/1/38 | Aaa | 265,000 | 285,803 | |||
(YES Prep Pub. Schools, Inc.), PSFG, 5.00%, 4/1/36 | Aaa | 560,000 | 611,931 | |||
(IDEA Pub. Schools), Ser. B, PSFG, 5.00%, 8/15/27 | A- | 350,000 | 357,957 | |||
(YES Prep Pub. Schools, Inc.), PSFG, 4.00%, 4/1/43 | Aaa | 1,650,000 | 1,614,265 | |||
(Intl. Leadership of TX, Inc.), PSFG, 3.00%, 8/15/39 | Aaa | 1,560,000 | 1,291,276 | |||
Corpus Christi, Util. Syst. Rev. Bonds, Ser. C, 5.00%, 7/15/40 | Aa3 | 3,050,000 | 3,083,799 | |||
Dickinson, Indpt. School Dist. Mandatory Put Bonds (8/1/25), PSFG, 3.50%, 8/1/37 | Aaa | 5,000,000 | 4,983,796 | |||
Fort Bend, Grand Parkway Toll Rd. Auth. Rev. Bonds | ||||||
3.00%, 3/1/39 | Aa1 | 1,245,000 | 1,054,721 | |||
3.00%, 3/1/38 | Aa1 | 1,205,000 | 1,037,770 | |||
Fort Bend, Indpt. School Dist. Mandatory Put Bonds (8/1/26), Ser. B, PSFG, 0.72%, 8/1/51 | AAA | 840,000 | 769,622 | |||
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 | 448,063 | |||
Harris Cnty., Indl. Dev. Corp. Mandatory Put Bonds (6/1/33), (Energy Transfer LP), 4.05%, 11/1/50 | BBB | 2,500,000 | 2,477,190 | |||
Houston, Arpt. Syst. Rev. Bonds, Ser. A, 4.00%, 7/1/35 | A1 | 1,500,000 | 1,484,235 | |||
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 | 3,051,795 | |||
Houston, Indpt. School Dist. Mandatory Put Bonds (6/1/25), Ser. A-2, PSFG, 3.50%, 6/1/39 | Aaa | 3,250,000 | 3,224,221 | |||
Hutto, Indpt. School Dist. G.O. Bonds, PSFG, 5.00%, 8/1/42 | Aaa | 1,000,000 | 1,092,617 | |||
Lake Houston Redev. Auth. Rev. Bonds, (City of Houston, Reinvestment Zone No. 10) | ||||||
5.00%, 9/1/31 | BBB- | 200,000 | 208,882 | |||
5.00%, 9/1/30 | BBB- | 200,000 | 207,928 | |||
5.00%, 9/1/29 | BBB- | 175,000 | 180,794 | |||
5.00%, 9/1/28 | BBB- | 150,000 | 153,826 | |||
5.00%, 9/1/26 | BBB- | 125,000 | 126,203 | |||
5.00%, 9/1/25 | BBB- | 100,000 | 100,147 | |||
5.00%, 9/1/24 | BBB- | 100,000 | 99,925 | |||
4.00%, 9/1/33 | BBB- | 150,000 | 144,097 | |||
4.00%, 9/1/32 | BBB- | 150,000 | 144,999 | |||
Lewisville, Indpt. School Dist. G.O. Bonds, PSFG, 3.00%, 8/15/39 | AAA | 1,000,000 | 853,627 | |||
Lower CO River Auth. Mandatory Put Bonds (5/15/28), Ser. B, 5.00%, 5/15/39 | A | 2,500,000 | 2,598,264 | |||
Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 | BBB+ | 3,680,000 | 3,709,170 | |||
New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds | ||||||
(TX Woman's U. CHF-Collegiate Hsg. Dining), Ser. B-1, AGM, 5.00%, 7/1/38 | AA | 860,000 | 876,469 | |||
(Collegiate Hsg. College Station I, LLC), 5.00%, 4/1/29 | Baa3 | 2,190,000 | 2,190,449 | |||
Princeton, Indpt. School Dist. G.O. Bonds, PSFG, 5.00%, 2/15/40 | Aaa | 1,000,000 | 1,095,863 | |||
Prosper, Indpt. School Dist. Mandatory Put Bonds (8/15/26), PSFG, 4.00%, 2/15/50 | Aaa | 2,000,000 | 2,004,046 | |||
Red Oak, Indpt. School Dist. G.O. Bonds, PSFG | ||||||
5.00%, 2/15/43 | Aaa | 1,980,000 | 2,154,310 | |||
5.00%, 2/15/42 | Aaa | 2,685,000 | 2,934,553 | |||
Royse City, Indpt. School Dist. G.O. Bonds, PSFG | ||||||
5.00%, 2/15/43 | Aaa | 1,000,000 | 1,084,216 | |||
5.00%, 2/15/42 | Aaa | 1,450,000 | 1,578,742 | |||
5.00%, 2/15/41 | Aaa | 1,000,000 | 1,093,063 | |||
SA Energy Acquisition Pub. Fac. Corp. Rev. Bonds, (Gas Supply), 5.50%, 8/1/25 | A2 | 1,000,000 | 1,014,409 | |||
Sinton, Indpt. School Dist. Mandatory Put Bonds (8/15/24), PSFG, 5.00%, 8/15/52 | Aaa | 11,540,000 | 11,565,406 | |||
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 | 2,360,042 | |||
5.00%, 11/15/37 | A/F | 1,980,000 | 1,980,015 | |||
Tarrant Cnty., Cultural Edl. Fac. Fin. Corp. Rev. Bonds, (TX Hlth. Resources), 5.00%, 2/15/41 | Aa2 | 7,445,000 | 7,575,291 | |||
TX State G.O. Bonds, 3.00%, 8/1/34 | Aaa | 2,255,000 | 2,053,630 | |||
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 | 2,132,467 | |||
Mandatory Put Bonds (7/1/26), (FC Juniper Creek Hsg.), 3.75%, 7/1/44 | Aaa | 2,550,000 | 2,520,919 | |||
TX State Dept. Housing & Comm. Rev. Bonds, (Oaks on Lamar), FNMA Coll., 3.55%, 9/1/34 | AA+ | 2,791,696 | 2,586,731 | |||
TX State Private Activity Trans. Corp. Rev. Bonds, (LBJ Infrastructure Group, LLC) | ||||||
4.00%, 12/31/36 | Baa2 | 5,500,000 | 5,570,361 | |||
4.00%, 6/30/36 | Baa2 | 4,125,000 | 4,177,949 | |||
TX State Pub. Fin. Auth. Rev. Bonds, (TX Southern U.), BAM | ||||||
5.25%, 5/1/39 | AA | 500,000 | 532,892 | |||
5.25%, 5/1/38 | AA | 300,000 | 321,758 | |||
5.25%, 5/1/37 | AA | 300,000 | 325,567 | |||
Uptown Dev. Auth. Tax Alloc. Bonds, (City of Houston Reinvestment Zone No. 16), 3.00%, 9/1/38 | Baa2 | 1,785,000 | 1,392,132 | |||
114,279,202 | ||||||
Utah (2.0%) | ||||||
Infrastructure Agcy. Telecomm. Rev. Bonds | ||||||
5.625%, 10/15/38 | BBB-/F | 1,000,000 | 1,063,934 | |||
5.25%, 10/15/35 | BBB-/F | 1,300,000 | 1,381,050 | |||
5.00%, 10/15/27 | BBB-/F | 1,000,000 | 1,016,235 | |||
5.00%, 10/15/27 | BBB-/F | 550,000 | 558,929 | |||
4.00%, 10/15/31 | BBB-/F | 460,000 | 449,055 | |||
4.00%, 10/15/29 | BBB-/F | 600,000 | 588,412 | |||
Salt Lake City, Arpt. Rev. Bonds, Ser. A | ||||||
5.25%, 7/1/40 | A+ | 8,160,000 | 8,890,426 | |||
5.00%, 7/1/34 | A+ | 2,000,000 | 2,208,749 | |||
5.00%, 7/1/32 | A+ | 2,000,000 | 2,188,766 | |||
5.00%, 7/1/28 | A+ | 750,000 | 785,879 | |||
5.00%, 7/1/27 | A+ | 950,000 | 984,409 | |||
UT Infrastructure Agcy. Rev. Bonds, Ser. A | ||||||
4.00%, 10/15/36 | BBB-/F | 400,000 | 374,877 | |||
4.00%, 10/15/28 | BBB-/F | 900,000 | 882,446 | |||
3.00%, 10/15/26 | BBB-/F | 500,000 | 481,007 | |||
UT Infrastructure Agcy. Telecomm. Rev. Bonds | ||||||
Ser. A, 5.00%, 10/15/34 | BBB-/F | 1,380,000 | 1,404,584 | |||
Ser. A, 5.00%, 10/15/32 | BBB-/F | 2,165,000 | 2,207,920 | |||
5.00%, 10/15/29 | BBB-/F | 1,300,000 | 1,339,207 | |||
UT State Charter School Fin. Auth. Rev. Bonds, (UT Charter Academies, Inc.), 5.00%, 10/15/30 | AA | 575,000 | 597,365 | |||
27,403,250 | ||||||
Vermont (0.2%) | ||||||
VT State Edl. & Hlth. Bldg. Fin. Agcy. Rev. Bonds, (Champlain College, Inc.), Ser. A | ||||||
5.00%, 10/15/30 | BBB- | 500,000 | 495,995 | |||
5.00%, 10/15/29 | BBB- | 900,000 | 893,970 | |||
5.00%, 10/15/28 | BBB- | 1,000,000 | 993,380 | |||
5.00%, 10/15/27 | BBB- | 760,000 | 754,369 | |||
3,137,714 | ||||||
Virgin Islands (—%) | ||||||
Matching Fund Special Purpose Securitization Corp. Rev. Bonds, Ser. A, 5.00%, 10/1/27 | BB/P | 515,000 | 534,332 | |||
534,332 | ||||||
Virginia (0.4%) | ||||||
Isle of Wright Cnty., Econ. Dev. Auth. Rev. Bonds, (Riverside Hlthcare. Assn.), AGM | ||||||
5.25%, 7/1/43 | AA | 2,000,000 | 2,183,606 | |||
5.00%, 7/1/38 | AA | 600,000 | 644,417 | |||
5.00%, 7/1/37 | AA | 500,000 | 540,024 | |||
James City Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds, (Williamsburg Landing, Inc.) | ||||||
Ser. A, 5.75%, 12/1/28 | BB+/P | 640,000 | 644,068 | |||
5.50%, 12/1/28 | BB+/P | 1,100,000 | 1,107,005 | |||
VA State Small Bus. Fin. Auth. Rev. Bonds, (National Sr. Campuses, Inc. Oblig. Group) | ||||||
5.00%, 1/1/29 | A/F | 590,000 | 612,210 | |||
5.00%, 1/1/27 | A/F | 320,000 | 325,559 | |||
6,056,889 | ||||||
Washington (2.5%) | ||||||
Grays Harbor Cnty., Pub. Hosp. Dist. No. 1 Rev. Bonds | ||||||
6.75%, 12/1/44 | BB+ | 6,420,000 | 6,637,835 | |||
5.75%, 12/1/27 | BB+ | 695,000 | 704,805 | |||
5.75%, 12/1/25 | BB+ | 625,000 | 627,656 | |||
Port of Seattle Rev. Bonds, Ser. B | ||||||
5.00%, 8/1/40 | AA- | 1,750,000 | 1,837,078 | |||
5.00%, 5/1/27 | AA- | 1,100,000 | 1,139,775 | |||
Seattle, Muni. Lt. & Pwr. Mandatory Put Bonds (5/1/26), Ser. B, 4.02%, 11/1/26 | Aa2 | 750,000 | 732,006 | |||
Skagit Cnty., Pub. Hosp. Dist. No. 1 Rev. Bonds | ||||||
5.50%, 12/1/42 | Baa3 | 875,000 | 930,413 | |||
5.50%, 12/1/41 | Baa3 | 775,000 | 826,151 | |||
5.50%, 12/1/40 | Baa3 | 1,000,000 | 1,069,924 | |||
5.50%, 12/1/38 | Baa3 | 885,000 | 955,655 | |||
WA State G.O. Bonds, Ser. C, 5.00%, 2/1/41 | Aaa | 3,860,000 | 4,170,456 | |||
WA State Hsg. Fin. Comm. Rev. Bonds | ||||||
(Eastside Retirement Assn.), Ser. A, 5.00%, 7/1/38 | A-/F | 1,580,000 | 1,659,821 | |||
(Social Certif.), Ser. A-1, 3.50%, 12/20/35 | BBB+ | 6,629,741 | 6,031,746 | |||
Ser. 1, Class A, 3.375%, 4/20/37 | BBB | 5,681,495 | 4,995,847 | |||
WA State Hsg. Fin. Comm. Nonprofit 144A Rev. Bonds, (Seattle Academy of Arts & Sciences) | ||||||
6.375%, 7/1/63 | BBB | 2,200,000 | 2,372,638 | |||
5.125%, 7/1/33 | BBB | 735,000 | 788,620 | |||
35,480,426 | ||||||
West Virginia (0.4%) | ||||||
WV State Hosp. Fin. Auth. Rev. Bonds, (Vandalia Hlth., Inc.), Ser. B | ||||||
5.75%, 9/1/43 | Baa1 | 3,000,000 | 3,350,300 | |||
5.75%, 9/1/41 | Baa1 | 2,000,000 | 2,245,626 | |||
5,595,926 | ||||||
Wisconsin (2.8%) | ||||||
Pub. Fin. Auth. Rev. Bonds, (Roseman U. of Hlth. Sciences), 5.00%, 4/1/25 | BB | 455,000 | 456,431 | |||
Pub. Fin. Auth. 144A Rev. Bonds, (Roseman U. of Hlth. Sciences), 5.00%, 4/1/30 | BB | 475,000 | 491,372 | |||
Pub. Fin. Auth. Multi-Fam Affordable Hsg. 144A Rev. Bonds, (Dominium Holdings I, LLC), Ser. 1, Class B-1, 6.81%, 4/28/36 | BBB-/P | 2,850,000 | 2,853,557 | |||
Pub. Fin. Auth. Poll. Control Mandatory Put Bonds (10/1/30), (Duke Energy Progress, LLC), 3.70%, 10/1/46 | Aa3 | 7,000,000 | 6,922,170 | |||
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 | 1,484,124 | |||
(Beyond Boone, LLC-Appalachian State U.), Ser. A, AGM, 5.00%, 7/1/44 | AA | 1,000,000 | 1,018,638 | |||
(NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/28 | BBB- | 655,000 | 664,313 | |||
(NC A&T Real Estate Foundation, LLC), 5.00%, 6/1/27 | BBB- | 880,000 | 887,367 | |||
Pub. Fin. Auth. Student Hsg. Fac. 144A Rev. Bonds, (CHF-Manoa, LLC), Ser. A | ||||||
5.50%, 7/1/43 | BBB- | 1,000,000 | 1,051,940 | |||
5.25%, 7/1/38 | BBB- | 1,000,000 | 1,054,704 | |||
WI Pub. Fin. Auth. Edl. Fac. 144A Rev. Bonds, (Methodist U. (The)), 4.00%, 3/1/29 | BB | 1,780,000 | 1,667,965 | |||
WI State Ser. 1 | ||||||
5.00%, 5/1/36 | Aa1 | 600,000 | 677,644 | |||
5.00%, 5/1/35 | Aa1 | 1,500,000 | 1,707,103 | |||
5.00%, 5/1/34 | Aa1 | 2,000,000 | 2,259,562 | |||
5.00%, 5/1/33 | Aa1 | 4,000,000 | 4,471,929 | |||
WI State Hlth. & Edl. Fac. Auth. Rev. Bonds | ||||||
(Milwaukee Reg. Med. Ctr. Util. & Infrastructure), 5.00%, 4/1/44 | AA | 7,890,000 | 8,062,116 | |||
(Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/37 | AA | 3,930,000 | 3,970,769 | |||
39,701,704 | ||||||
Total municipal bonds and notes (cost $1,410,627,618) | $1,408,947,664 |
SHORT-TERM INVESTMENTS (0.4%)(a) | ||||||
Principal amount/shares | Value | |||||
Putnam Short Term Investment Fund Class P 5.48%(AFF) | Shares | 3,822,834 | $3,822,834 | |||
U.S. Treasury Bills 5.377%, 7/23/24 | $1,300,000 | 1,284,250 | ||||
Total short-term investments (cost $5,107,175) | $5,107,084 | |||||
TOTAL INVESTMENTS | ||||||
Total investments (cost $1,415,734,793) | $1,414,054,748 |
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 April 30, 2024 (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 Franklin Resources, Inc., 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 $1,404,651,680. | |||||
(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 4/30/24 | |
Short-term investments | ||||||
Putnam Short Term Investment Fund Class P* | $134,294,615 | $513,856,239 | $644,328,020 | $1,148,109 | $3,822,834 | |
Total Short-term investments | $134,294,615 | $513,856,239 | $644,328,020 | $1,148,109 | $3,822,834 | |
* 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. | |||||
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 Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, Intercontinental Exchange (ICE) London Interbank Offered Rate (LIBOR) USD 1 Month, ICE LIBOR USD 3 Month, US Secured Overnight Financing Rate (SOFR), Chicago Mercantile Exchange (CME) Term SOFR 3 Month or CME Term SOFR 6 Month rates, which were 3.77%, 5.43%, 5.59%, 5.34%, 5.33%, and 5.31%, 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 | 16.8% | |||||
Housing | 16.2 | |||||
Education | 12.9 | |||||
Utilities | 12.5 | |||||
Healthcare | 11.0 | |||||
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. | ||||||
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 $2,781,367 were held by the TOB trust and served as collateral for $1,814,695 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $84,623 for these investments based on an average interest rate of 3.56%. |
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 | $— | $1,408,947,664 | $— | |
Short-term investments | — | 5,107,084 | — | |
Totals by level | $— | $1,414,054,748 | $— | |
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.putnam.com |