Putnam Municipal Opportunities Trust | ||||||
The fund's portfolio | ||||||
1/31/21 (Unaudited) | ||||||
Key to holding's abbreviations | ||||||
ABAG — Association Of Bay Area Governments | ||||||
AGM — Assured Guaranty Municipal Corporation | ||||||
AMBAC — AMBAC Indemnity Corporation | ||||||
BAM — Build America Mutual | ||||||
FRB — Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period. | ||||||
G.O. Bonds — General Obligation Bonds | ||||||
NATL — National Public Finance Guarantee Corporation | ||||||
PSFG — Permanent School Fund Guaranteed | ||||||
Q-SBLF — Qualified School Board Loan Fund |
MUNICIPAL BONDS AND NOTES (134.4%)(a) | ||||||
Rating(RAT) | Principal amount | Value | ||||
Alabama (1.4%) | ||||||
Black Belt Energy Gas Dist. Mandatory Put Bonds (12/1/23), Ser. A, 4.00%, 12/1/48 | A2 | $1,700,000 | $1,862,385 | |||
Jefferson Cnty., Swr. Rev. Bonds, Ser. D, 6.50%, 10/1/53 | BBB | 2,000,000 | 2,384,460 | |||
Jefferson, Cnty. Rev. Bonds, (Refunding warrants) | ||||||
5.00%, 9/15/34 | AA | 2,075,000 | 2,537,995 | |||
5.00%, 9/15/33 | AA | 275,000 | 337,051 | |||
7,121,891 | ||||||
Alaska (1.4%) | ||||||
AK State Indl. Dev. & Export Auth. Rev. Bonds, (Tanana Chiefs Conference), Ser. A | ||||||
4.00%, 10/1/49 | A+/F | 1,500,000 | 1,713,090 | |||
4.00%, 10/1/44 | A+/F | 4,180,000 | 4,806,666 | |||
6,519,756 | ||||||
Arizona (2.9%) | ||||||
AZ Indl. Dev. Auth. Student Hsg. Rev. Bonds, (NCCU Properties, LLC Central U.), BAM, 5.00%, 6/1/49 | AA | 2,000,000 | 2,403,100 | |||
AZ State Indl. Dev. Auth. Rev. Bonds, (Equitable School Revolving Fund, LLC Oblig. Group), 4.00%, 11/1/50 | A | 2,855,000 | 3,327,845 | |||
AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.), Ser. D, 5.00%, 7/1/51 | BB | 510,000 | 572,261 | |||
Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds | ||||||
(Reid Traditional Schools Painted Rock Academy), 5.00%, 7/1/36 | Baa3 | 350,000 | 398,185 | |||
(Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35 | BB+ | 750,000 | 804,255 | |||
Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies), 3.75%, 7/1/24 | BBB- | 390,000 | 410,814 | |||
Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.), 5.00%, 7/1/35 | BB | 1,000,000 | 1,104,720 | |||
Salt Verde, Fin. Corp. Gas Rev. Bonds, 5.50%, 12/1/29 | A3 | 1,350,000 | 1,811,228 | |||
Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds, (Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34 | A2 | 500,000 | 590,200 | |||
Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds, (Yuma Regl. Med. Ctr.), Ser. A, 5.00%, 8/1/32 | A | 2,065,000 | 2,322,485 | |||
13,745,093 | ||||||
California (5.1%) | ||||||
ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds, (Episcopal Sr. Cmntys.), Ser. A, 5.00%, 7/1/32 | A-/F | 550,000 | 574,431 | |||
CA State G.O. Bonds 4.00%, 11/1/33(T) | Aa2 | 10,000,000 | 12,093,691 | |||
CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds, (Caritas Affordable Hsg., Inc.), 5.25%, 8/15/39 | A- | 400,000 | 446,408 | |||
CA State Poll. Control Fin. Auth. Rev. Bonds, (San Jose Wtr. Co.) | ||||||
5.10%, 6/1/40 | A | 3,500,000 | 3,511,130 | |||
4.75%, 11/1/46 | A | 750,000 | 857,100 | |||
CA Statewide Cmnty. Dev. Auth. Rev. Bonds, (899 Charleston, LLC), Ser. A, 5.25%, 11/1/44 | BB/P | 450,000 | 471,123 | |||
Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. A-2, 5.00%, 6/1/47 | BB/P | 2,500,000 | 2,602,625 | |||
Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds, (Laxfuel Corp.), 4.50%, 1/1/27 | A- | 600,000 | 621,630 | |||
North Natomas, Cmnty. Fac. Special Tax Bonds, (Dist. No. 4), Ser. E, 5.00%, 9/1/30 | BBB+ | 1,250,000 | 1,382,763 | |||
San Bernardino Cnty., FRB, Ser. C, 0.374%, 8/1/23 | AA+ | 1,675,000 | 1,661,684 | |||
Sunnyvale, Cmnty. Fac. Dist. Special Tax Bonds, 7.65%, 8/1/21 | B+/P | 80,000 | 80,354 | |||
24,302,939 | ||||||
Colorado (3.3%) | ||||||
CO State Hlth. Fac. Auth. Rev. Bonds | ||||||
(Valley View Hosp. Assn.), 5.00%, 5/15/40 | A- | 1,000,000 | 1,130,170 | |||
(Covenant Retirement Cmnty.), Ser. A, 5.00%, 12/1/35 | A-/F | 1,000,000 | 1,126,700 | |||
CO State Hlth. Fac. Auth. Hosp. Rev. Bonds | ||||||
(Christian Living Neighborhood), 5.00%, 1/1/37 | BB/P | 550,000 | 589,265 | |||
(Covenant Living Cmnty. and Svcs. Oblig. Group), 4.00%, 12/1/50 | A-/F | 2,700,000 | 3,027,996 | |||
Park Creek, Metro. Dist. Tax Allocation Bonds, (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45 | A/F | 200,000 | 229,386 | |||
Pub. Auth. for CO Energy Rev. Bonds, (Natural Gas Purchase), 6.50%, 11/15/38 | A2 | 2,250,000 | 3,603,668 | |||
Regl. Trans. Dist. Rev. Bonds, (Denver Transit Partners, LLC) | ||||||
4.00%, 7/15/38 | Baa2 | 800,000 | 960,384 | |||
4.00%, 7/15/35 | Baa2 | 1,000,000 | 1,215,050 | |||
3.00%, 7/15/37 | Baa2 | 850,000 | 909,262 | |||
Sterling Ranch Cmnty. Auth. Board Rev. Bonds, (Metro. Dist. No. 2), Ser. A, 4.25%, 12/1/50 | BB/P | 550,000 | 607,002 | |||
Vauxmont, Metro. Dist. G.O. Bonds, AGM | ||||||
5.00%, 12/1/33 | AA | 255,000 | 327,846 | |||
5.00%, 12/15/32 | AA | 160,000 | 185,914 | |||
5.00%, 12/15/31 | AA | 135,000 | 157,279 | |||
5.00%, 12/1/30 | AA | 215,000 | 280,399 | |||
5.00%, 12/1/29 | AA | 210,000 | 275,285 | |||
5.00%, 12/15/28 | AA | 130,000 | 152,776 | |||
5.00%, 12/1/28 | AA | 210,000 | 270,245 | |||
5.00%, 12/1/27 | AA | 200,000 | 251,864 | |||
5.00%, 12/15/26 | AA | 135,000 | 159,878 | |||
5.00%, 12/1/26 | AA | 190,000 | 233,628 | |||
15,693,997 | ||||||
Connecticut (1.5%) | ||||||
CT State Special Tax, 4.00%, 5/1/39 | A+ | 1,700,000 | 2,027,182 | |||
CT State Hsg. Fin. Auth. Rev. Bonds, Ser. B-2, 4.40%, 11/15/43 | Aaa | 4,000,000 | 4,024,280 | |||
Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39 | BB/P | 1,000,000 | 1,126,130 | |||
7,177,592 | ||||||
District of Columbia (2.6%) | ||||||
DC Rev. Bonds | ||||||
(Ingleside at Rock Creek), Ser. A, 5.00%, 7/1/52 | BB-/P | 500,000 | 507,375 | |||
(Two Rivers Pub. Charter School, Inc.), 5.00%, 6/1/50 | Baa3 | 1,500,000 | 1,771,560 | |||
(Latin American Montessori Bilingual Pub. Charter School Oblig. Group), 5.00%, 6/1/40 | BB+ | 2,000,000 | 2,353,640 | |||
(Two Rivers Pub. Charter School, Inc.), 5.00%, 6/1/40 | Baa3 | 1,500,000 | 1,803,450 | |||
DC U. Rev. Bonds, (Gallaudet U.), 5.50%, 4/1/34 | A+ | 1,000,000 | 1,005,470 | |||
Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds | ||||||
(Dulles Metrorail & Cap. Impt. Proj.), Ser. B, 4.00%, 10/1/53(T) | A- | 1,290,000 | 1,460,141 | |||
(Dulles Metrorail & Cap. Impt. Proj.), Ser. B, 4.00%, 10/1/44(T) | A- | 1,285,000 | 1,468,294 | |||
(Metrorail), Ser. A, zero %, 10/1/37 | A- | 3,700,000 | 2,219,075 | |||
12,589,005 | ||||||
Florida (4.5%) | ||||||
FL State Higher Edl. Fac. Financial Auth. Rev. Bonds, (Florida Inst. of Tech., Inc.), 4.00%, 10/1/39 | BBB- | 800,000 | 868,880 | |||
Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 | A- | 2,250,000 | 2,620,800 | |||
Lakeland, Hosp. Syst. Rev. Bonds, (Lakeland Regl. Hlth.), 5.00%, 11/15/40 | A2 | 1,350,000 | 1,536,813 | |||
Miami-Dade Cnty., Aviation Rev. Bonds, Ser. A | ||||||
5.00%, 10/1/36 | A2 | 5,000,000 | 5,689,950 | |||
5.00%, 10/1/32 | A2 | 3,790,000 | 4,337,958 | |||
Orange Cnty., Hlth. Fac. Auth. Rev. Bonds, (Presbyterian Retirement Cmntys.), 5.00%, 8/1/34 | A-/F | 1,350,000 | 1,491,305 | |||
Pinellas Cnty., Indl. Dev. Auth. Rev. Bonds, (2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | AAA/P | 500,000 | 602,730 | |||
Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30 | BBB+ | 360,000 | 400,428 | |||
Village, 144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 3.00%, 5/1/35 | BB-/P | 2,500,000 | 2,604,250 | |||
Volusia Cnty., Edl. Fac. Auth. Rev. Bonds, (Embry-Riddle Aeronautical University, Inc.), Ser. A | ||||||
4.00%, 10/15/39 | A3 | 600,000 | 695,418 | |||
4.00%, 10/15/36 | A3 | 500,000 | 584,045 | |||
21,432,577 | ||||||
Georgia (1.7%) | ||||||
Atlanta, Tax Alloc. Bonds, (Atlantic Station), 5.00%, 12/1/22 | A3 | 1,625,000 | 1,735,841 | |||
Gainesville & Hall Cnty., Dev. Auth. Edl. Fac. Rev. Bonds, (Riverside Military Academy), 5.00%, 3/1/37 | BB/F | 1,100,000 | 1,099,725 | |||
Muni. Election Auth. of GA Rev. Bonds, (Plant Vogtle Units 3 & 4), Ser. A | ||||||
5.50%, 7/1/60 | A | 3,500,000 | 4,078,550 | |||
5.00%, 1/1/56 | A2 | 1,000,000 | 1,209,210 | |||
8,123,326 | ||||||
Hawaii (0.5%) | ||||||
HI State Harbor Syst. Rev. Bonds | ||||||
Ser. C, 4.00%, 7/1/40 | Aa3 | 300,000 | 366,420 | |||
Ser. A, 4.00%, 7/1/35 | Aa3 | 1,700,000 | 2,057,459 | |||
2,423,879 | ||||||
Illinois (20.1%) | ||||||
Chicago, G.O. Bonds | ||||||
Ser. A, 6.00%, 1/1/38 | BBB+ | 1,920,000 | 2,339,136 | |||
Ser. G-07, 5.50%, 1/1/35 | BBB+ | 3,175,000 | 3,588,734 | |||
Ser. A, 5.00%, 1/1/27 | BBB+ | 1,850,000 | 2,227,881 | |||
Chicago, Board of Ed. G.O. Bonds | ||||||
Ser. C, 5.25%, 12/1/39 | BB- | 2,250,000 | 2,506,838 | |||
Ser. H, 5.00%, 12/1/36 | BB- | 500,000 | 595,660 | |||
(School Reform), Ser. B-1, NATL, zero %, 12/1/21 | Baa2 | 3,500,000 | 3,476,305 | |||
Chicago, Motor Fuel Tax Rev. Bonds, 5.00%, 1/1/29 | Ba1 | 500,000 | 523,185 | |||
Chicago, O'Hare Intl. Arpt. Rev. Bonds | ||||||
Ser. C, 5.375%, 1/1/39 | A2 | 1,250,000 | 1,349,525 | |||
Ser. C, 5.25%, 1/1/28 | A2 | 1,320,000 | 1,435,394 | |||
Ser. C, 5.25%, 1/1/27 | A2 | 2,125,000 | 2,314,614 | |||
Ser. A, 5.00%, 1/1/38 | A | 100,000 | 123,735 | |||
Ser. A, 5.00%, 1/1/37 | A | 300,000 | 372,132 | |||
Chicago, Trans. Auth. Sales Tax Rev. Bonds, 5.25%, 12/1/49 | AA | 3,000,000 | 3,491,640 | |||
Chicago, Waste Wtr. Transmission Rev. Bonds | ||||||
Ser. C, 5.00%, 1/1/39 | A | 900,000 | 1,034,784 | |||
(2nd Lien), 5.00%, 1/1/39 | A | 1,835,000 | 2,029,675 | |||
Ser. A, NATL, zero %, 1/1/24 | A+ | 1,600,000 | 1,556,464 | |||
IL State G.O. Bonds | ||||||
5.50%, 7/1/38 | Baa3 | 2,280,000 | 2,463,380 | |||
5.50%, 5/1/30 | Baa3 | 1,250,000 | 1,623,775 | |||
5.00%, 11/1/41 | Baa3 | 1,000,000 | 1,137,100 | |||
5.00%, 1/1/41 | Baa3 | 500,000 | 560,170 | |||
5.00%, 2/1/39 | Baa3 | 300,000 | 323,448 | |||
Ser. A, 5.00%, 5/1/38 | Baa3 | 1,500,000 | 1,763,085 | |||
5.00%, 1/1/35 | Baa3 | 1,000,000 | 1,132,950 | |||
Ser. A, 5.00%, 12/1/31 | Baa3 | 5,750,000 | 6,825,998 | |||
Ser. C, 5.00%, 11/1/29 | Baa3 | 1,850,000 | 2,195,173 | |||
5.00%, 2/1/29 | Baa3 | 1,425,000 | 1,690,022 | |||
Ser. A, 5.00%, 12/1/28 | Baa3 | 2,500,000 | 3,030,625 | |||
Ser. D, 5.00%, 11/1/28 | Baa3 | 2,250,000 | 2,686,950 | |||
Ser. D, 5.00%, 11/1/27 | Baa3 | 1,000,000 | 1,201,450 | |||
Ser. A, 5.00%, 12/1/24 | Baa3 | 2,370,000 | 2,712,133 | |||
IL State Fin. Auth. Mandatory Put Bonds (9/1/22), (Field Museum of Natural History), 0.598%, 11/1/34 | A2 | 3,915,000 | 3,897,852 | |||
IL State Fin. Auth. Rev. Bonds | ||||||
(Lifespace Cmntys, Inc.), Ser. A, 5.00%, 5/15/35 | BBB/F | 1,025,000 | 1,140,374 | |||
(Riverside Hlth.Syst.), 4.00%, 11/15/34 | A+ | 500,000 | 569,870 | |||
IL State Fin. Auth. Academic Fac. Rev. Bonds, (U. of Illinois at Urbana-Champaign), Ser. A | ||||||
5.00%, 10/1/44 | A1 | 1,100,000 | 1,303,742 | |||
5.00%, 10/1/36 | A1 | 600,000 | 729,546 | |||
5.00%, 10/1/34 | A1 | 500,000 | 613,075 | |||
IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds | ||||||
(U. of IL Chicago), 5.00%, 2/15/50 | Baa3 | 2,000,000 | 2,187,340 | |||
(U. of IL-CHF-Chicago, LLC), Ser. A, 5.00%, 2/15/37 | Baa3 | 1,000,000 | 1,101,060 | |||
Lake Cnty., Cmnty. Cons. School Dist. No. 73 Hawthorn G.O. Bonds, NATL | ||||||
zero %, 12/1/21 | AA+ | 1,300,000 | 1,294,722 | |||
zero %, 12/1/21 (Escrowed to maturity) | Aa2 | 505,000 | 503,995 | |||
Metro. Pier & Exposition Auth. Rev. Bonds, (McCormick Place Expansion), Ser. B, stepped-coupon zero % (4.700%, 6/15/31), 12/15/37(STP) | BBB | 1,000,000 | 824,960 | |||
Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds, (McCormick), Ser. A, NATL, zero %, 12/15/30 | Baa2 | 12,000,000 | 9,736,800 | |||
Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, (Green Bond), Ser. E, 5.00%, 12/1/30 | AA | 1,310,000 | 1,630,164 | |||
Railsplitter Tobacco Settlement Auth. Rev. Bonds, 5.00%, 6/1/24 | A | 1,500,000 | 1,718,790 | |||
Sales Tax Securitization Corp. Rev. Bonds | ||||||
Ser. C, 5.50%, 1/1/36 | AA- | 3,500,000 | 4,511,115 | |||
Ser. A, 5.00%, 1/1/36 | AA- | 1,400,000 | 1,787,408 | |||
Ser. A, 4.00%, 1/1/39 | AA- | 2,000,000 | 2,293,720 | |||
Ser. A, 4.00%, 1/1/38 | AA- | 500,000 | 575,005 | |||
Southern IL U. Rev. Bonds, (Hsg. & Auxiliary), Ser. A, NATL, zero %, 4/1/25 | Baa2 | 1,870,000 | 1,747,833 | |||
96,479,332 | ||||||
Indiana (1.3%) | ||||||
Hammond, Multi-School Bldg. Corp. Rev. Bonds, 5.00%, 7/15/38 | AA+ | 1,750,000 | 2,112,933 | |||
IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5.25%, 10/15/21 | A2 | 180,000 | 185,639 | |||
IN State Fin. Auth. Rev. Bonds, (BHI Sr. Living), 5.75%, 11/15/41 | BBB/F | 1,000,000 | 1,025,340 | |||
IN State Fin. Auth. Hosp. Mandatory Put Bonds (11/1/26), (Goshen Hlth. Oblig. Group), Ser. B, 2.10%, 11/1/49 | A- | 2,700,000 | 2,883,708 | |||
6,207,620 | ||||||
Kentucky (3.0%) | ||||||
KY Pub. Trans. Infrastructure Auth. Rev. Bonds, (1st Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53 | Baa3 | 1,000,000 | 1,109,300 | |||
KY State Property & Bldg. Comm. Rev. Bonds | ||||||
(No. 119), 5.00%, 5/1/36 | A1 | 1,000,000 | 1,225,290 | |||
(No. 122), Ser. A, 4.00%, 11/1/34 | A1 | 750,000 | 874,103 | |||
KY State Pub. Energy Auth. Gas Supply | ||||||
Mandatory Put Bonds (6/1/25) Ser. C-1, 4.00%, 12/1/49 | A1 | 5,500,000 | 6,283,255 | |||
Mandatory Put Bonds (1/1/25) Ser. B, 4.00%, 1/1/49 | A1 | 3,000,000 | 3,377,760 | |||
Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A | ||||||
5.00%, 7/1/32 | A | 1,030,000 | 1,162,932 | |||
5.00%, 7/1/31 | A | 385,000 | 435,797 | |||
14,468,437 | ||||||
Louisiana (1.0%) | ||||||
LA State Offshore Term. Auth. Deepwater Port Mandatory Put Bonds (12/1/23), (Loop, LLC), Ser. A, 1.65%, 9/1/33 | A3 | 1,600,000 | 1,626,384 | |||
St. John The Baptist Parish Mandatory Put Bonds (7/1/26), (Marathon Oil Corp.), Ser. A-3, 2.20%, 6/1/37 | Baa3 | 3,010,000 | 3,130,310 | |||
4,756,694 | ||||||
Maryland (1.5%) | ||||||
Baltimore Cnty., Rev. Bonds, (Oak Crest Village, Inc.) | ||||||
4.00%, 1/1/50 | A/F | 2,000,000 | 2,229,280 | |||
4.00%, 1/1/45 | A/F | 1,750,000 | 1,956,465 | |||
Gaithersburg, Econ. Dev. Rev. Bonds, (Asbury, Oblig. Group), Ser. A, 5.00%, 1/1/36 | BBB/F | 450,000 | 499,248 | |||
MD Econ. Dev. Corp. Rev. Bonds, (Morgan State U.), 4.25%, 7/1/50 | BBB- | 1,350,000 | 1,515,726 | |||
MD State Hlth. & Higher Ed. Fac. Auth. Rev. Bonds, (Stevenson U.), 4.00%, 6/1/46 | BBB- | 750,000 | 850,973 | |||
7,051,692 | ||||||
Massachusetts (4.2%) | ||||||
MA State Dev. Fin. Agcy. Rev. Bonds | ||||||
(Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5.75%, 7/15/43 | BB+ | 500,000 | 537,755 | |||
(Loomis Cmntys.), Ser. A, 5.75%, 1/1/28 | BBB | 1,100,000 | 1,195,359 | |||
(Intl. Charter School), 5.00%, 4/15/33 | BBB- | 1,000,000 | 1,107,680 | |||
(Atrius Hlth. Oblig. Group), Ser. A, 4.00%, 6/1/49 | BBB | 5,470,000 | 6,147,186 | |||
(Linden Ponds, Inc.), Ser. B, zero %, 11/15/56 | B-/P | 221,440 | 39,633 | |||
MA State Dev. Fin. Agcy. 144A Rev. Bonds, (Linden Ponds, Inc. Fac.), 5.00%, 11/15/38 | BB/F | 1,410,000 | 1,544,796 | |||
MA State Edl. Fin. Auth. Rev. Bonds, (Ed. Loan - Issue 1) | ||||||
5.00%, 1/1/27 | AA | 800,000 | 917,776 | |||
4.375%, 1/1/32 | AA | 100,000 | 105,314 | |||
MA State Trans. Fund Rev. Bonds, (Rail Enhancement & Accelerated Bridge Program), 5.00%, 6/1/48(T) | Aa1 | 7,000,000 | 8,769,651 | |||
20,365,150 | ||||||
Michigan (9.6%) | ||||||
Detroit, G.O. Bonds, AMBAC, 5.25%, 4/1/24 | A-/P | 222,425 | 222,687 | |||
Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6.00%, 5/1/29 | Aa1 | 1,000,000 | 1,266,220 | |||
Kentwood, Economic Dev. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/37 | BBB-/F | 1,750,000 | 1,953,280 | |||
MI State Bldg. Auth. Rev. Bonds, Ser. I, 4.00%, 10/15/49 | Aa2 | 4,630,000 | 5,434,277 | |||
MI State Fin. Auth. Rev. Bonds | ||||||
(Tobacco Settlement), Ser. B-1, Class 2, 5.00%, 6/1/49 | BBB- | 2,500,000 | 3,088,875 | |||
Ser. H-1, 5.00%, 10/1/39 (Prerefunded 10/1/24) | AA- | 1,575,000 | 1,812,211 | |||
(MidMichigan Hlth.), 5.00%, 6/1/39 (Prerefunded 6/1/24) | A+ | 1,000,000 | 1,153,110 | |||
(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/35 | A+ | 1,100,000 | 1,281,907 | |||
(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/34 | A+ | 1,900,000 | 2,221,366 | |||
(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. D-2, 5.00%, 7/1/34 | A+ | 1,000,000 | 1,177,180 | |||
(Local Govt. Program Detroit Wtr. & Swr.), Ser. D4, 5.00%, 7/1/34 | AA- | 100,000 | 114,244 | |||
(Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33 | AA- | 850,000 | 972,001 | |||
(Detroit), Ser. C-3, 5.00%, 4/1/27 | Aa2 | 750,000 | 935,228 | |||
MI State Hosp. Fin. Auth. Rev. Bonds | ||||||
(Trinity Health Corp. Oblig. Group), Ser. A1, 4.00%, 12/1/49(T) | Aa3 | 2,575,000 | 3,021,168 | |||
(Trinity Health Corp. Oblig. Group), Ser. A, U.S. Govt. Coll, 5.00%, 12/1/47(T) | Aa3 | 8,500,000 | 9,253,761 | |||
MI State Hsg. Dev. Auth. Rev. Bonds, (Rental Hsg.), Ser. D, 3.95%, 10/1/37 | AA | 1,050,000 | 1,080,503 | |||
Pontiac City, G.O. Bonds, (Pontiac School Dist.), Q-SBLF | ||||||
4.00%, 5/1/45(T) | Aa1 | 4,423,529 | 5,234,523 | |||
4.00%, 5/1/50(T) | Aa1 | 4,976,471 | 5,878,783 | |||
46,101,324 | ||||||
Missouri (3.3%) | ||||||
Kansas City, Indl. Dev. Auth. Arpt. Special Oblig. Rev. Bonds | ||||||
(Kansas City Intl. Arpt. Terminal), Ser. B, 5.00%, 3/1/36 | A2 | 5,000,000 | 6,233,700 | |||
AGM, 4.00%, 3/1/57 | AA | 6,000,000 | 6,908,220 | |||
St. Louis, Muni. Fin. Corp. Rev. Bonds, AGM, 5.00%, 10/1/45 | AA | 2,000,000 | 2,523,140 | |||
15,665,060 | ||||||
Nebraska (1.7%) | ||||||
Central Plains Energy Project Gas Supply Mandatory Put Bonds (8/1/25), 4.00%, 12/1/49 | Aa2 | 2,150,000 | 2,479,853 | |||
Central Plains, Energy Mandatory Put Bonds (1/1/24), (No. 4), 5.00%, 3/1/50 | A2 | 5,250,000 | 5,905,988 | |||
8,385,841 | ||||||
Nevada (1.2%) | ||||||
North Las Vegas, G.O. Bonds, AGM, 4.00%, 6/1/34 | AA | 3,600,000 | 4,115,592 | |||
Sparks, Tourism Impt. Dist. No. 1 144A Rev. Bonds, Ser. A | ||||||
2.75%, 6/15/28 | Ba2 | 1,200,000 | 1,228,140 | |||
2.50%, 6/15/24 | Ba2 | 430,000 | 434,141 | |||
5,777,873 | ||||||
New Hampshire (2.2%) | ||||||
National Fin. Auth. Rev. Bonds, (Caritas Acquisitions VII, LLC), Ser. A | ||||||
4.50%, 8/15/55 | BBB/P | 2,540,000 | 2,589,098 | |||
4.25%, 8/15/46 | BBB/P | 1,210,000 | 1,233,656 | |||
4.125%, 8/15/40 | BBB/P | 1,070,000 | 1,090,630 | |||
National Fin. Auth. 144A Mandatory Put Bonds (7/2/40), (Covanta Holding Corp.), Ser. B, 3.75%, 7/1/45 | B1 | 1,000,000 | 1,042,970 | |||
NH State Hlth. & Ed. Fac. Auth. Rev. Bonds | ||||||
(Catholic Med. Ctr.), 5.00%, 7/1/44 | BBB+ | 1,000,000 | 1,149,990 | |||
(Elliot Hosp.), 5.00%, 10/1/38 | A3 | 500,000 | 589,340 | |||
(Southern NH Med. Ctr.), 5.00%, 10/1/37 | A- | 2,500,000 | 2,912,325 | |||
10,608,009 | ||||||
New Jersey (8.8%) | ||||||
Bayonne, G.O. Bonds, (Qualified Gen. Impt.), BAM, 5.00%, 7/1/39 | AA | 1,300,000 | 1,556,386 | |||
NJ State Econ. Dev. Auth. Rev. Bonds | ||||||
(NYNJ Link Borrower, LLC), 5.375%, 1/1/43 | BBB | 500,000 | 555,030 | |||
Ser. WW, 5.25%, 6/15/32 | Baa1 | 1,500,000 | 1,754,610 | |||
Ser. EEE, 5.00%, 6/15/48 | Baa1 | 3,000,000 | 3,604,950 | |||
Ser. AAA, 5.00%, 6/15/36 | Baa1 | 750,000 | 893,535 | |||
(Biomedical Research), Ser. A, 5.00%, 7/15/29 | Baa1 | 400,000 | 481,492 | |||
Ser. B, 5.00%, 11/1/26 | Baa1 | 4,500,000 | 5,542,515 | |||
5.00%, 6/15/26 | Baa2 | 500,000 | 524,610 | |||
NJ State Econ. Dev. Auth. Special Fac. Rev. Bonds, (Port Newark Container Term., LLC), 5.00%, 10/1/37 | Baa3 | 2,000,000 | 2,341,240 | |||
NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds, (St. Peter's U. Hosp.), 5.75%, 7/1/37 | Ba1 | 1,500,000 | 1,505,160 | |||
NJ State Trans. Trust Fund Auth. Rev. Bonds | ||||||
Ser. A, 5.00%, 12/15/39 | Baa1 | 600,000 | 750,858 | |||
Ser. AA, 5.00%, 6/15/38 | Baa1 | 1,225,000 | 1,507,007 | |||
Ser. A, 5.00%, 12/15/36 | Baa1 | 1,000,000 | 1,234,840 | |||
Ser. A, 5.00%, 12/15/34 | Baa1 | 4,920,000 | 6,112,313 | |||
(Federal Hwy. Reimbursement Notes), 5.00%, 6/15/30 | A+ | 1,900,000 | 2,263,584 | |||
Ser. AA, 4.00%, 6/15/50 | Baa1 | 5,175,000 | 5,942,608 | |||
Ser. AA, 4.00%, 6/15/45 | Baa1 | 1,000,000 | 1,156,930 | |||
South Jersey, Trans. Auth. Syst. Rev. Bonds, Ser. A, 5.00%, 11/1/45 | BBB+ | 3,350,000 | 4,266,426 | |||
41,994,094 | ||||||
New Mexico (0.5%) | ||||||
Sante Fe, Retirement Fac. Rev. Bonds | ||||||
(El Castillo Retirement Residences), Ser. A, 5.00%, 5/15/44 | BB+/F | 975,000 | 1,069,322 | |||
(El Castillo Retirement Res.), 5.00%, 5/15/42 | BB+/F | 1,460,000 | 1,489,258 | |||
2,558,580 | ||||||
New York (11.6%) | ||||||
Metro. Trans. Auth. Rev. Bonds | ||||||
(Green Bond), Ser. C-1, 5.00%, 11/15/50 | A3 | 1,500,000 | 1,849,290 | |||
Ser. C-1, 4.00%, 11/15/35 | A3 | 1,000,000 | 1,120,540 | |||
Metro. Trans. Auth. Dedicated Tax Mandatory Put Bonds (6/1/22), Ser. A-2A, 0.49%, 11/1/26 | AA | 3,315,000 | 3,312,116 | |||
NY City, Transitional Fin. Auth. Rev. Bonds | ||||||
Ser. C-1, 5.00%, 5/1/41 | AAA | 1,000,000 | 1,314,590 | |||
(Future Tax), 4.00%, 5/1/40 | AAA | 500,000 | 603,060 | |||
(Future Tax), Ser. C-1, 4.00%, 5/1/40(T) | AAA | 11,825,000 | 14,266,043 | |||
Ser. C-1, 4.00%, 5/1/39 | AAA | 500,000 | 604,495 | |||
4.00%, 5/1/38 | AAA | 700,000 | 848,645 | |||
NY Counties, Tobacco Trust III Rev. Bonds, (Tobacco Settlement Pass Through), 6.00%, 6/1/43 | A3 | 60,000 | 60,107 | |||
NY State Dorm. Auth. Personal Income Tax Rev. Bonds, Ser. D | ||||||
4.00%, 2/15/47 | Aa2 | 4,750,000 | 5,564,578 | |||
4.00%, 2/15/40 | Aa2 | 1,500,000 | 1,789,380 | |||
4.00%, 2/15/39 | Aa2 | 1,200,000 | 1,434,444 | |||
NY State Dorm. Auth. Sales Tax Rev. Bonds, Ser. A, 5.00%, 3/15/42(T) | Aa2 | 10,845,000 | 13,223,672 | |||
NY State Liberty Dev. Corp. 144A Rev. Bonds, (3 World Trade Ctr., LLC), Class 1-3, 5.00%, 11/15/44 | BB-/P | 2,000,000 | 2,172,680 | |||
NY State Trans. Special Fac. Dev. Corp. Rev. Bonds | ||||||
(Laguardia Arpt. Term. B Redev. Program), Ser. A, 5.00%, 7/1/41 | Baa3 | 1,000,000 | 1,130,180 | |||
(Delta Air Lines, Inc.), 5.00%, 10/1/40 | Baa3 | 2,000,000 | 2,476,260 | |||
Port Auth. of NY & NJ Rev. Bonds, Ser. 207, 5.00%, 9/15/31 | Aa3 | 3,150,000 | 3,974,954 | |||
55,745,034 | ||||||
North Carolina (1.8%) | ||||||
NC State Med. Care Comm. Retirement Fac. Rev. Bonds, (Maryfield, Inc. Oblig. Group), 5.00%, 10/1/45 | BB/P | 500,000 | 558,025 | |||
NC State Tpk. Auth. Rev. Bonds | ||||||
(Triangle Expressway Auth.), AGM, 5.00%, 1/1/49 | AA | 2,800,000 | 3,483,536 | |||
(Monroe Expressway Syst.), 5.00%, 7/1/40(WIS) | Aa1 | 1,500,000 | 2,012,835 | |||
(Monroe Expressway Syst.), 5.00%, 7/1/34(WIS) | Aa1 | 2,000,000 | 2,746,120 | |||
8,800,516 | ||||||
Ohio (9.6%) | ||||||
Akron, Income Tax Rev. Bonds | ||||||
4.00%, 12/1/37 | AA- | 525,000 | 596,773 | |||
4.00%, 12/1/36 | AA- | 655,000 | 746,032 | |||
4.00%, 12/1/35 | AA- | 1,260,000 | 1,438,605 | |||
Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds | ||||||
Ser. B-2, Class 2, 5.00%, 6/1/55 | BB/P | 8,180,000 | 9,538,780 | |||
Ser. A-2, Class 1, 4.00%, 6/1/48 | BBB+ | 1,250,000 | 1,452,563 | |||
Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds, (Playhouse Square Foundation), 5.50%, 12/1/53 | BB+ | 500,000 | 546,100 | |||
Franklin Cnty., Hlth. Care Fac. Rev. Bonds, (Ohio Living) | ||||||
6.00%, 7/1/35 | BBB/F | 1,060,000 | 1,116,053 | |||
6.00%, 7/1/35 (Prerefunded 7/1/22) | AAA/P | 65,000 | 70,233 | |||
Franklin Cnty., Hosp. Fac. Rev. Bonds, (Nationwide Children's Hosp.), Ser. A, 4.00%, 11/1/44 | Aa2 | 2,050,000 | 2,330,871 | |||
Lake Cnty., Hosp. Fac. Rev. Bonds, (Lake Hosp. Syst., Inc.), Ser. C, 6.00%, 8/15/43 | Baa1 | 495,000 | 496,609 | |||
Lancaster, Port Auth. Mandatory Put Bonds (2/1/25), Ser. A, 5.00%, 8/1/49 | Aa2 | 2,850,000 | 3,354,051 | |||
Northeast Ohio Regl. Swr. Dist. Rev. Bonds, U.S. Govt. Coll., 5.00%, 11/15/44(T) | Aa1 | 10,000,000 | 11,814,153 | |||
OH State Higher Edl. Fac. Comm. Rev. Bonds | ||||||
(John Carroll U.), 4.00%, 10/1/50 | A3 | 3,500,000 | 3,900,645 | |||
(Kenyon College 2020), 4.00%, 7/1/44 | A2 | 3,555,000 | 4,113,491 | |||
OH State Private Activity Rev. Bonds, (Portsmouth Bypass), AGM, 5.00%, 12/31/35 | AA | 1,125,000 | 1,294,166 | |||
Scioto Cnty., Hosp. Rev. Bonds, (Southern OH Med. Ctr.) | ||||||
5.00%, 2/15/33 | A3 | 605,000 | 701,026 | |||
5.00%, 2/15/32 | A3 | 745,000 | 866,122 | |||
Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds | ||||||
5.75%, 12/1/32 | BB-/F | 625,000 | 654,981 | |||
(Memorial Hlth. Syst. Oblig. Group), 5.50%, 12/1/43 | BB-/F | 120,000 | 126,698 | |||
Warren Cnty., Hlth. Care Fac. Rev. Bonds, (Otterbein Homes Oblig. Group) | ||||||
5.00%, 7/1/33 | A | 500,000 | 553,835 | |||
5.00%, 7/1/32 | A | 250,000 | 277,753 | |||
45,989,540 | ||||||
Oregon (1.5%) | ||||||
Clackamas Cnty., Hosp. Fac. Auth. Rev. Bonds, (Rose Villa, Inc.), Ser. A, 5.25%, 11/15/50 | BB/P | 1,000,000 | 1,077,840 | |||
Gilliam Cnty., Solid Waste Disp. Mandatory Put Bonds (5/2/22), (Waste Management, Inc.), Ser. A, 2.40%, 7/1/38 | A- | 2,250,000 | 2,312,055 | |||
Keizer, Special Assmt. Bonds, (Keizer Station), Ser. A, 5.20%, 6/1/31 | Aa3 | 1,320,000 | 1,325,056 | |||
Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds, (Terwilliger Plaza, Inc.), 5.00%, 12/1/36 | BBB/F | 650,000 | 738,771 | |||
Salem, Hosp. Fac. Auth. Rev. Bonds, (Salem Hlth.), Ser. A, 5.00%, 5/15/33 | A+ | 1,500,000 | 1,796,100 | |||
7,249,822 | ||||||
Pennsylvania (5.1%) | ||||||
Cumberland Cnty., Muni. Auth. Rev. Bonds, (Diakon Lutheran Social Ministries) | ||||||
5.00%, 1/1/32 | BBB+/F | 200,000 | 229,662 | |||
5.00%, 1/1/31 | BBB+/F | 1,000,000 | 1,150,850 | |||
Lancaster Cnty., Hosp. & Hlth. Ctr. Auth. Rev. Bonds, (St. Anne's Retirement Cmnty.) | ||||||
5.00%, 3/1/50 | BB+/F | 500,000 | 539,105 | |||
5.00%, 3/1/40 | BB+/F | 500,000 | 545,385 | |||
Lancaster Cnty., Hosp. Auth. Hlth. Care Fac. Rev. Bonds, (Moravian Manors, Inc.), Ser. A, 5.00%, 6/15/44 | BB+/F | 1,000,000 | 1,072,690 | |||
PA State Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds, (Amtrak), Ser. A, 5.00%, 11/1/32 | A1 | 1,000,000 | 1,069,940 | |||
PA State Econ. Dev. Fin. Auth. Solid Waste Disp. Mandatory Put Bonds (8/1/24), (Waste Management, Inc.), Ser. A, 1.75%, 8/1/38 | A- | 5,000,000 | 5,229,150 | |||
PA State Higher Edl. Fac. Auth. Rev. Bonds, (Gwynedd Mercy College), Ser. KK1, 5.375%, 5/1/42 | BBB | 500,000 | 516,400 | |||
PA State Tpk. Comm. Rev. Bonds | ||||||
Ser. A, 5.00%, 12/1/44 | A3 | 2,400,000 | 2,974,584 | |||
Ser. A, 4.00%, 12/1/46 | A | 1,500,000 | 1,764,990 | |||
Ser. A, 4.00%, 12/1/45 | A | 500,000 | 589,205 | |||
zero %, 12/1/44 | A2 | 4,385,000 | 4,880,724 | |||
Philadelphia, Gas Wks. Rev. Bonds, 5.00%, 8/1/32 | A | 1,000,000 | 1,181,800 | |||
Philadelphia, School Dist. G.O. Bonds, Ser. A, 4.00%, 9/1/38 | A2 | 1,750,000 | 2,041,760 | |||
Westmoreland Cnty., Muni. Auth. Rev. Bonds, BAM, 5.00%, 8/15/27 | AA | 450,000 | 541,823 | |||
24,328,068 | ||||||
Rhode Island (0.6%) | ||||||
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50 | BBB-/P | 2,750,000 | 3,022,965 | |||
3,022,965 | ||||||
South Carolina (4.0%) | ||||||
SC State Jobs-Econ. Dev. Auth. Rev. Bonds, (Bon Secours Mercy Hlth.), 4.00%, 12/1/44 | A1 | 6,000,000 | 7,143,060 | |||
SC State Pub. Svcs. Auth. Rev. Bonds | ||||||
Ser. A, 5.50%, 12/1/54 | A2 | 4,000,000 | 4,593,240 | |||
Ser. E, 5.50%, 12/1/53 | A2 | 1,025,000 | 1,156,969 | |||
Ser. B, 5.00%, 12/1/56 | A2 | 210,000 | 255,261 | |||
Ser. A, 5.00%, 12/1/55 | A2 | 2,000,000 | 2,331,360 | |||
Ser. C, 5.00%, 12/1/46 | A2 | 1,120,000 | 1,289,747 | |||
Ser. A, 5.00%, 12/1/36 | A2 | 2,000,000 | 2,435,000 | |||
19,204,637 | ||||||
Tennessee (1.7%) | ||||||
Greeneville, Hlth. & Edl. Facs. Board Hosp. Rev. Bonds, (Ballad Hlth. Oblig. Group), Ser. A, 4.00%, 7/1/40 | A- | 5,000,000 | 5,600,650 | |||
Metro. Govt. Nashville & Davidson Cnty., Hlth. & Edl. Fac. Board Rev. Bonds, (Blakeford at Green Hills Oblig. Group), Ser. A, 4.00%, 11/1/45 | BBB-/F | 2,250,000 | 2,329,313 | |||
7,929,963 | ||||||
Texas (9.6%) | ||||||
Arlington, Higher Ed. Fin. Corp. Rev. Bonds, (Uplift Ed.), Ser. A | ||||||
5.00%, 12/1/36 | BBB- | 500,000 | 568,830 | |||
PSFG, 5.00%, 12/1/35 | AAA | 500,000 | 617,365 | |||
Austin-Bergstrom Landhost Enterprises, Inc. Rev. Bonds | ||||||
5.00%, 10/1/35 | A3 | 580,000 | 637,884 | |||
5.00%, 10/1/34 | A3 | 530,000 | 583,896 | |||
Central TX Regl. Mobility Auth. Rev. Bonds | ||||||
Ser. A, 5.00%, 1/1/49 | A- | 3,940,000 | 4,938,357 | |||
(Sr. Lien), Ser. A, 5.00%, 1/1/33 (Prerefunded 1/1/23) | A- | 425,000 | 464,291 | |||
Clifton, Higher Ed. Fin. Corp. Rev. Bonds | ||||||
(Intl. Leadership), Ser. D, 6.125%, 8/15/48 | BB-/P | 1,150,000 | 1,337,358 | |||
(IDEA Pub. Schools), 5.00%, 8/15/28 | A- | 300,000 | 358,437 | |||
Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds | ||||||
(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/38 | Baa2 | 1,500,000 | 1,551,225 | |||
(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 | BBB-/F | 1,000,000 | 1,100,500 | |||
(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33 | Baa2 | 800,000 | 832,424 | |||
Love Field, Gen. Arpt. Modernization Corp. Rev. Bonds, 5.00%, 11/1/35 | A1 | 1,000,000 | 1,149,040 | |||
Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 | A- | 1,500,000 | 1,884,420 | |||
New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds | ||||||
(Wesleyan Homes, Inc.), 5.50%, 1/1/43 | BB-/P | 500,000 | 523,400 | |||
(TX Woman's U. CHF-Collegiate Hsg. Dining), Ser. B-1, AGM, 4.125%, 7/1/53 | AA | 1,000,000 | 1,084,630 | |||
(Woman's U.-Collegiate Hsg. Denton, LLC), Ser. A-1, AGM, 4.125%, 7/1/53 | AA | 1,000,000 | 1,084,630 | |||
(Children's Hlth. Syst. of TX), Ser. A, 4.00%, 8/15/34 | Aa3 | 600,000 | 702,678 | |||
North TX, Tollway Auth. Rev. Bonds, (1st Tier), Ser. I, 6.50%, 1/1/43 | A1 | 4,000,000 | 4,831,760 | |||
Tarrant Cnty., Cultural Ed. Fin. Corp. Retirement Fac. Rev. Bonds, (Buckner Retirement Svcs.), Ser. B, 5.00%, 11/15/40 | A/F | 2,000,000 | 2,284,360 | |||
TX Private Activity Surface Trans. Corp. Rev. Bonds, (Segment 3C), 5.00%, 6/30/58 | Baa3 | 3,000,000 | 3,657,090 | |||
TX State G.O. Bonds, Ser. A, 5.00%, 10/1/44(T) | AAA | 9,855,000 | 11,588,233 | |||
TX State Muni. Pwr. Agcy. Rev. Bonds, (Syst. Net/Transmission Converting Security), 5.00%, 9/1/42 | A+ | 1,400,000 | 1,405,124 | |||
TX State Private Activity Bond Surface Trans. Corp. Rev. Bonds, (Blueridge Trans. Group, LLC (SH 288 Toll Lane)), 5.00%, 12/31/50 | Baa3 | 2,000,000 | 2,273,020 | |||
Uptown Dev. Auth. Tax Alloc. Bonds, Ser. A, 5.00%, 9/1/40 | BBB | 300,000 | 342,717 | |||
45,801,669 | ||||||
Virginia (1.9%) | ||||||
Fairfax Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds, (Goodwin House, Inc.), Ser. A, 5.00%, 10/1/42 | BBB+/F | 425,000 | 473,544 | |||
Small Bus. Fin. Auth. Private Activity Rev. Bonds, (Transform 66-P3), 5.00%, 12/31/52 | Baa3 | 4,250,000 | 5,013,513 | |||
VA State Small Bus. Fin. Auth. Rev. Bonds, (National Sr. Campuses, Inc. Oblig. Group), 4.00%, 1/1/40 | A/F | 3,000,000 | 3,406,320 | |||
8,893,377 | ||||||
Washington (1.6%) | ||||||
King Cnty., Public Hosp. Dist. No. 1 G.O. Bonds, (Valley Med. Ctr.), 5.00%, 12/1/38 | A2 | 2,365,000 | 2,900,814 | |||
Port of Seattle, Rev. Bonds, Ser. C, 5.00%, 4/1/40 | A1 | 875,000 | 978,014 | |||
Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32 | A- | 2,125,000 | 2,163,951 | |||
WA State Hlth. Care Fac. Auth. Mandatory Put Bonds (7/1/22), (Fred Hutchinson Cancer Research Ctr.), Ser. B, 1.182%, 1/1/42 | A+ | 1,500,000 | 1,507,725 | |||
7,550,504 | ||||||
Wisconsin (2.1%) | ||||||
Pub. Fin. Auth. Arpt. Fac. Rev. Bonds, (Sr. Oblig. Group), 5.25%, 7/1/28 | BBB+ | 350,000 | 368,011 | |||
Pub. Fin. Auth. Higher Ed. Fac. Rev. Bonds, (Gannon U.), 5.00%, 5/1/42 | BBB+ | 1,100,000 | 1,224,432 | |||
Pub. Fin. Auth. Student Hsg. Fac. Rev. Bonds, (Appalachian State U.), Ser. A, AGM | ||||||
4.00%, 7/1/50 | AA | 700,000 | 774,410 | |||
4.00%, 7/1/45 | AA | 600,000 | 667,326 | |||
4.00%, 7/1/40 | AA | 500,000 | 562,980 | |||
4.00%, 7/1/38 | AA | 435,000 | 491,776 | |||
4.00%, 7/1/36 | AA | 340,000 | 386,332 | |||
4.00%, 7/1/34 | AA | 300,000 | 342,699 | |||
WI State Hlth. & Edl. Fac. Auth. Rev. Bonds | ||||||
(Hmong American Peace Academy, Ltd.), 5.00%, 3/15/50 | BBB | 1,000,000 | 1,212,790 | |||
(Three Pillars Sr. Living), 5.00%, 8/15/33 | A/F | 430,000 | 461,037 | |||
(Advocate Aurora Hlth. Oblig. Group), Ser. A, 4.00%, 8/15/35 | AA | 3,000,000 | 3,508,770 | |||
WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds, (Mary's Woods at Marylhurst), Ser. A, 5.25%, 5/15/37 | BB/F | 250,000 | 270,424 | |||
10,270,987 | ||||||
Total municipal bonds and notes (cost $590,502,649) | $644,336,843 |
SHORT-TERM INVESTMENTS (7.0%)(a) | ||||||
Shares | Value | |||||
Putnam Short Term Investment Fund Class P 0.13%(AFF) | 33,380,824 | $33,380,824 | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(P) | 260,000 | 260,000 | ||||
Total short-term investments (cost $33,640,824) | $33,640,824 | |||||
TOTAL INVESTMENTS | ||||||
Total investments (cost $624,143,473) | $677,977,667 |
OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 1/31/21 (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 appreciation/ (depreciation) | |||||
Bank of America N.A. | |||||||||||
$12,000,000 | $28,104 | $— | 3/11/21 | — | 0.33% minus Municipal Market Data Index AAA municipal yields 5 Year rate — At maturity | $28,104 | |||||
Citibank, N.A. | |||||||||||
2,925,000 | 4,692 | — | 3/17/21 | — | 0.81% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity | 4,692 | |||||
12,000,000 | 235,380 | — | 2/17/21 | — | 0.955% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity | 235,380 | |||||
Morgan Stanley & Co. International PLC | |||||||||||
1,200,000 | 12,876 | — | 4/14/21 | — | 0.93% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity | (12,876) | |||||
2,250,000 | 24,143 | — | 4/14/21 | — | 0.93% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity | (24,143) | |||||
2,535,000 | 25,642 | — | 4/20/21 | — | 0.93% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity | (25,642) | |||||
5,070,000 | 20,447 | — | 4/20/21 | — | 0.40% minus Municipal Market Data Index AAA municipal yields 5 Year rate — At maturity | 20,447 | |||||
4,500,000 | 19,368 | — | 4/14/21 | — | 0.40% minus Municipal Market Data Index AAA municipal yields 5 Year rate — At maturity | 19,368 | |||||
2,400,000 | 10,330 | — | 4/14/21 | — | 0.40% minus Municipal Market Data Index AAA municipal yields 5 Year rate — At maturity | 10,330 | |||||
1,690,000 | 32,220 | — | 4/20/21 | — | 1.60% minus Municipal Market Data Index AAA municipal yields 30 Year rate — At maturity | 32,220 | |||||
Upfront premium received | — | Unrealized appreciation | 350,541 | ||||||||
Upfront premium (paid) | — | Unrealized (depreciation) | (62,661) | ||||||||
Total | $— | Total | $287,880 |
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 May 1, 2020 through January 31, 2021 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter. | ||||||
(a) | Percentages indicated are based on net assets of $479,438,098. | |||||
(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. | |||||
(STP) | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. | |||||
(AFF) | Affiliated company. For investments in Putnam Short Term Investment Fund the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | |||||
Name of affiliate | Fair value as of 4/30/20 | Purchase cost | Sale proceeds | Investment income | Shares outstanding and fair value as of 1/31/21 | |
Short-term investments | ||||||
Putnam Short Term Investment Fund* | $11,077,023 | $123,267,153 | $100,963,352 | $36,292 | $33,380,824 | |
Total Short-term investments | $11,077,023 | $123,267,153 | $100,963,352 | $36,292 | $33,380,824 | |
* 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. | ||||||
(P) | This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. | |||||
(T) | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | |||||
(WIS) | When-issued security (Note 1). | |||||
At the close of the reporting period, the fund maintained liquid assets totaling $127,998,110 to cover tender option bonds and the settlement of certain securities. | ||||||
Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | ||||||
144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||||||
On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index, 1 Month US LIBOR or 3 Month US LIBOR rates, which were 0.04%, 0.12% and 0.20%, 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): | ||||||
Healthcare | 22.8% | |||||
Transportation | 20.9 | |||||
Tax bonds | 18.0 | |||||
State debt | 17.6 | |||||
Utilities | 11.8 | |||||
Education | 10.5 | |||||
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | ||||||
Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | ||||||
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | ||||||
Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||||||
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 gaining exposure to specific sectors. | ||||||
To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. | ||||||
For the fund's average notional amount on total return swap contracts, see the appropriate table at the end of these footnotes. | ||||||
Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund’s portfolio. | ||||||
Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty. | ||||||
Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity. | ||||||
At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements. | ||||||
Tender option bond transactions: The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust’s assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund’s portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. | ||||||
At the close of the reporting period, the fund’s investments with a value of $98,072,113 were held by the TOB trust and served as collateral for $57,657,252 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $65,988 for these investments based on an average interest rate of 0.16%. |
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 | $— | $644,336,843 | $— | |
Short-term investments | 260,000 | 33,380,824 | — | |
Totals by level | $260,000 | $677,717,667 | $— | |
Valuation inputs | ||||
Other financial instruments: | Level 1 | Level 2 | Level 3 | |
Total return swap contracts | — | $287,880 | — | |
Totals by level | $— | $287,880 | $— | |
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio. | ||||
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) | 10 | |||
OTC interest rate swap contracts (notional) | $6,700,000 | |||
OTC total return swap contracts (notional) | $27,300,000 | |||
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 |