Putnam Massachusetts Tax Exempt Income Fund | ||||||
The fund's portfolio | ||||||
8/31/22 (Unaudited) | ||||||
Key to holding's abbreviations | ||||||
AGC — Assured Guaranty Corporation | ||||||
AGM — Assured Guaranty Municipal Corporation | ||||||
AMBAC — AMBAC Indemnity Corporation | ||||||
G.O. Bonds — General Obligation Bonds | ||||||
NATL — National Public Finance Guarantee Corporation | ||||||
SGI — Syncora Guarantee, Incorporated | ||||||
U.S. Govt. Coll. — U.S. Government Collateralized | ||||||
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 1.50% as of the close of the reporting period. |
MUNICIPAL BONDS AND NOTES (101.4%)(a) | ||||||
Rating(RAT) | Principal amount | Value | ||||
Alaska (1.1%) | ||||||
AK State Indl. Dev. & Export Auth. Rev. Bonds, (Tanana Chiefs Conference), Ser. A | ||||||
5.00%, 10/1/32 | A+/F | $1,000,000 | $1,075,616 | |||
5.00%, 10/1/31 | A+/F | 1,500,000 | 1,629,813 | |||
2,705,429 | ||||||
American Samoa (0.4%) | ||||||
American Samoa Econ. Dev. Auth. 144A Rev. Bonds, Ser. A, 5.00%, 9/1/38 | Ba3 | 1,000,000 | 1,056,234 | |||
1,056,234 | ||||||
Guam (3.2%) | ||||||
Territory of GU, Govt. G.O. Bonds, 5.00%, 11/15/31 | Ba1 | 1,020,000 | 1,041,330 | |||
Territory of GU, Govt. Bus. Privilege Tax Rev. Bonds, Ser. F, 4.00%, 1/1/42 | Ba1 | 3,000,000 | 2,660,736 | |||
Territory of GU, Govt. Hotel Occupancy Tax Rev. Bonds, Ser. A, 5.00%, 11/1/40 | Ba1 | 825,000 | 831,823 | |||
Territory of GU, Govt. Wtr. Wks. Auth. Wtr. & Waste Wtr. Syst. Rev. Bonds, Ser. A, 5.00%, 1/1/50 | A- | 1,500,000 | 1,561,668 | |||
Territory of GU, Port Auth. Rev. Bonds, Ser. B | ||||||
5.00%, 7/1/35 | A | 400,000 | 423,150 | |||
5.00%, 7/1/34 | A | 200,000 | 212,028 | |||
5.00%, 7/1/30 | A | 465,000 | 500,541 | |||
5.00%, 7/1/29 | A | 400,000 | 432,810 | |||
Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5.00%, 10/1/34 (Prerefunded 10/1/22) | Baa2 | 200,000 | 200,405 | |||
7,864,491 | ||||||
Illinois (1.1%) | ||||||
IL State G.O. Bonds | ||||||
5.50%, 7/1/38 | Baa1 | 1,325,000 | 1,351,034 | |||
Ser. B, 5.00%, 10/1/32 | Baa1 | 1,300,000 | 1,375,172 | |||
2,726,206 | ||||||
Indiana (1.4%) | ||||||
Whiting, Env. Fac. Mandatory Put Bonds (6/5/26), (BP Products North America, Inc.), Ser. A, 5.00%, 12/1/44 | A2 | 3,300,000 | 3,523,088 | |||
3,523,088 | ||||||
Louisiana (0.4%) | ||||||
St. Tammany Parish Hosp. Svcs. Dist. No. 1 Rev. Bonds, (St. Tammany Parish Hosp.), Ser. A, 5.00%, 7/1/33 | AA-/F | 1,000,000 | 1,078,449 | |||
1,078,449 | ||||||
Massachusetts (90.3%) | ||||||
Berkshire Wind Pwr. Cooperative Corp. Rev. Bonds, (Berkshire Wind (Green Bonds)), Ser. 2, 5.00%, 7/1/29 | A | 1,000,000 | 1,103,248 | |||
Brockton, G.O. Bonds | ||||||
5.00%, 8/1/40 | AA | 1,755,000 | 1,960,615 | |||
5.00%, 8/1/39 | AA | 3,245,000 | 3,642,393 | |||
Lowell, Collegiate Charter School Rev. Bonds, 5.00%, 6/15/54 | BB-/P | 1,620,000 | 1,569,752 | |||
MA Bay Trans. Auth. Sales Tax Rev. Bonds | ||||||
5.00%, 7/1/45 | AA | 2,000,000 | 2,163,604 | |||
Ser. A-2, 5.00%, 7/1/44 | AA | 2,400,000 | 2,583,341 | |||
Ser. A-2, 5.00%, 7/1/43 | AA | 4,960,000 | 5,345,513 | |||
MA Dev. Fin. Agcy. National Charter School Revolving Loan Fund Rev. Bonds, (Equitable School Revolving Fund, LLC), 4.00%, 11/1/46 | A | 1,500,000 | 1,391,279 | |||
MA State G.O. Bonds | ||||||
Ser. E, 5.00%, 11/1/50 | Aa1 | 2,500,000 | 2,726,459 | |||
Ser. D, 5.00%, 7/1/48 | Aa1 | 9,500,000 | 10,344,067 | |||
Ser. A, 5.00%, 3/1/41 | Aa1 | 1,000,000 | 1,026,930 | |||
Ser. I, 5.00%, 12/1/35 | Aa1 | 3,000,000 | 3,246,868 | |||
Ser. A, 5.00%, 1/1/35 | Aa1 | 1,285,000 | 1,400,663 | |||
Ser. E, 4.00%, 4/1/46 | Aa1 | 3,000,000 | 2,923,459 | |||
4.00%, 5/1/35 | Aa1 | 3,000,000 | 3,018,215 | |||
MA State College Bldg. Auth. Rev. Bonds, Ser. A | ||||||
4.00%, 5/1/52 | Aa2 | 500,000 | 472,382 | |||
4.00%, 5/1/47 | Aa2 | 250,000 | 238,973 | |||
4.00%, 5/1/42 | Aa2 | 250,000 | 242,871 | |||
4.00%, 5/1/41 | Aa2 | 250,000 | 245,297 | |||
4.00%, 5/1/40 | Aa2 | 400,000 | 396,839 | |||
4.00%, 5/1/39 | Aa2 | 385,000 | 386,560 | |||
4.00%, 5/1/38 | Aa2 | 365,000 | 370,829 | |||
4.00%, 5/1/37 | Aa2 | 250,000 | 256,124 | |||
4.00%, 5/1/36 | Aa2 | 250,000 | 259,208 | |||
MA State Dept. Trans. Metro. Hwy. Syst. Rev. Bonds, Ser. A | ||||||
5.00%, 1/1/37 | A+ | 1,000,000 | 1,099,442 | |||
5.00%, 1/1/35 | A+ | 2,000,000 | 2,210,591 | |||
5.00%, 1/1/34 | A+ | 2,000,000 | 2,217,456 | |||
MA State Dev. Fin. Agcy. Rev. Bonds | ||||||
(Loomis Communities), Ser. A, U.S. Govt. Coll., 6.00%, 1/1/33 (Prerefunded 7/1/23) | AAA/P | 150,000 | 154,459 | |||
(WGBH Edl. Foundation), Ser. A, AMBAC, 5.75%, 1/1/42 | AA- | 5,000,000 | 6,254,945 | |||
(Milford Regl. Med. Ctr.), Ser. F, 5.625%, 7/15/36 | BB | 500,000 | 506,831 | |||
(Simmons College), Ser. H, SGI, 5.25%, 10/1/33 | AA | 1,100,000 | 1,208,464 | |||
(Wheaton College), Ser. I, 5.00%, 1/1/53 | Baa2 | 3,000,000 | 3,064,742 | |||
(Orchard Cove, Inc.), 5.00%, 10/1/49 | BBB/F | 700,000 | 719,162 | |||
(Northeastern U.), 5.00%, 10/1/44 | A1 | 2,000,000 | 2,170,360 | |||
(Wellforce Oblig. Group), Ser. A, 5.00%, 7/1/44 | BBB+ | 500,000 | 519,576 | |||
(Franklin W. Olin College of Engineering), Ser. E, 5.00%, 11/1/43 | A2 | 2,500,000 | 2,526,671 | |||
(Carleton-Willard Homes, Inc.), 5.00%, 12/1/42 | A- | 525,000 | 539,631 | |||
(Partners Healthcare Syst.), Ser. Q, 5.00%, 7/1/41 | Aa3 | 2,000,000 | 2,103,318 | |||
(Dexter Southfield), 5.00%, 5/1/41 | BBB+ | 2,000,000 | 2,065,565 | |||
(Bentley U.), 5.00%, 7/1/40 | A2 | 1,250,000 | 1,312,911 | |||
(Emerson College), Ser. A, 5.00%, 1/1/40 | BBB+ | 1,570,000 | 1,630,795 | |||
(Orchard Cove, Inc.), 5.00%, 10/1/39 | BBB/F | 250,000 | 260,218 | |||
(Atrius Hlth. Oblig. Group), Ser. A, 5.00%, 6/1/39 (Prerefunded 6/1/29) | AAA/P | 2,500,000 | 2,877,432 | |||
(Franklin W. Olin College), Ser. E, 5.00%, 11/1/38 | A2 | 1,000,000 | 1,012,783 | |||
(Tufts U.), Ser. Q, 5.00%, 8/15/38 | Aa3 | 500,000 | 523,626 | |||
(Suffolk U.), 5.00%, 7/1/38 | Baa2 | 340,000 | 356,366 | |||
(UMass Memorial Hlth. Care Oblig. Group), Ser. K, 5.00%, 7/1/38 | BBB+ | 1,000,000 | 1,045,351 | |||
(Wentworth Inst.Tech.), 5.00%, 10/1/37 | Baa1 | 655,000 | 676,956 | |||
(Caregroup), Ser. I, 5.00%, 7/1/37 | A | 500,000 | 524,292 | |||
(Foxborough Regl. Charter), Ser. B, 5.00%, 7/1/37 | BBB- | 1,120,000 | 1,135,329 | |||
(Lowell Gen. Hosp.), Ser. G, 5.00%, 7/1/37 | BBB+ | 1,630,000 | 1,645,110 | |||
(MCPHS U.), Ser. H, 5.00%, 7/1/37 | AA | 450,000 | 474,248 | |||
(Suffolk U.), 5.00%, 7/1/37 | Baa2 | 605,000 | 635,698 | |||
(Broad Inst.), 5.00%, 4/1/37 | Aa3 | 1,000,000 | 1,078,474 | |||
(Fisher College), 5.00%, 4/1/37 | BBB+ | 835,000 | 865,408 | |||
(Dana-Farber Cancer Inst.), Ser. N, 5.00%, 12/1/36 | A1 | 1,100,000 | 1,172,663 | |||
(Brandeis U.), Ser. S-1, 5.00%, 10/1/36 | A1 | 765,000 | 834,648 | |||
(Caregroup), Ser. I, 5.00%, 7/1/36 | A | 935,000 | 981,986 | |||
(Suffolk U.), 5.00%, 7/1/36 | Baa2 | 600,000 | 624,937 | |||
(Suffolk U.), 5.00%, 7/1/36 | Baa2 | 450,000 | 474,633 | |||
Ser. O, 5.00%, 12/1/35 | A1 | 385,000 | 416,936 | |||
(Beth Israel Lahey Hlth. Oblig. Group), Ser. K, 5.00%, 7/1/35 | A | 500,000 | 538,883 | |||
(Suffolk U.), 5.00%, 7/1/35 | Baa2 | 470,000 | 496,665 | |||
Ser. O, 5.00%, 12/1/34 | A1 | 425,000 | 462,682 | |||
(Brandeis U.), Ser. S-1, 5.00%, 10/1/34 | A1 | 1,745,000 | 1,911,347 | |||
(Emmanuel College), Ser. A, 5.00%, 10/1/34 | Baa2 | 1,075,000 | 1,107,634 | |||
(Baystate Med. Oblig. Group), Ser. N, 5.00%, 7/1/34 | A+ | 1,000,000 | 1,030,489 | |||
(Beth Israel Lahey Hlth. Oblig. Group), Ser. K, 5.00%, 7/1/34 | A | 1,000,000 | 1,082,301 | |||
(Suffolk U.), 5.00%, 7/1/34 | Baa2 | 675,000 | 705,917 | |||
(Suffolk U.), 5.00%, 7/1/34 | Baa2 | 550,000 | 584,317 | |||
(Woods Hole Oceanographic Inst.), 5.00%, 6/1/34 | AA- | 1,000,000 | 1,095,278 | |||
Ser. O, 5.00%, 12/1/33 | A1 | 150,000 | 164,393 | |||
(Beth Israel Lahey Hlth. Oblig. Group), Ser. K, 5.00%, 7/1/33 | A | 665,000 | 723,423 | |||
(Suffolk U.), 5.00%, 7/1/33 | Baa2 | 800,000 | 855,750 | |||
(Woods Hole Oceanographic Inst.), 5.00%, 6/1/33 | AA- | 900,000 | 989,168 | |||
(Intl. Charter School), 5.00%, 4/15/33 | BBB- | 750,000 | 766,495 | |||
(CareGroup Oblig. Group), Ser. J2, 5.00%, 7/1/32 | A | 2,765,000 | 3,007,010 | |||
(MCPHS U.), Ser. H, 5.00%, 7/1/32 | AA | 300,000 | 318,799 | |||
(South Shore Hosp., Inc.), Ser. I, 5.00%, 7/1/32 | Baa2 | 1,600,000 | 1,677,371 | |||
(Woods Hole Oceanographic Inst.), 5.00%, 6/1/32 | AA- | 660,000 | 727,377 | |||
Ser. O, 5.00%, 12/1/31 | A1 | 250,000 | 278,118 | |||
(Northeastern U.), 5.00%, 10/1/31 (Prerefunded 10/1/22) | A1 | 500,000 | 501,099 | |||
(UMass Memorial Hlth. Care Oblig. Group), Ser. L, 5.00%, 7/1/31 | BBB+ | 1,345,000 | 1,444,193 | |||
(Broad Institute, Inc. (The)), 5.00%, 4/1/31 | Aa3 | 1,420,000 | 1,556,301 | |||
(Salem Cmnty. Corp.), 5.00%, 1/1/31 | BB+/P | 490,000 | 488,646 | |||
(Lesley U.), 5.00%, 7/1/30 | A- | 1,000,000 | 1,060,034 | |||
(Salem Cmnty. Corp.), 5.00%, 1/1/30 | BB+/P | 465,000 | 465,816 | |||
(Dexter Southfield), 5.00%, 5/1/26 | BBB+ | 740,000 | 781,624 | |||
(Springfield College), Ser. A, 4.00%, 6/1/56 | BBB | 2,000,000 | 1,717,978 | |||
(Suffolk U.), 4.00%, 7/1/51 | Baa2 | 750,000 | 672,660 | |||
(Loomis Oblig. Group), Ser. 21, 4.00%, 1/1/51 | BBB | 100,000 | 88,523 | |||
(Merrimack College), Ser. B, 4.00%, 7/1/50 | BBB- | 1,825,000 | 1,621,638 | |||
(Southcoast Hlth. Syst. Oblig. Group), Ser. G, 4.00%, 7/1/46 | Baa1 | 850,000 | 761,540 | |||
(Williams College), Ser. S, 4.00%, 7/1/46 | Aa1 | 4,550,000 | 4,393,069 | |||
(Wellforce Obligated Group), Ser. C, AGM, 4.00%, 10/1/45 | AA | 4,705,000 | 4,447,637 | |||
(Suffolk U.), Ser. A, 4.00%, 7/1/45 | Baa2 | 1,700,000 | 1,556,959 | |||
(Worcester Polytechnic Inst.), 4.00%, 9/1/44 | A2 | 3,250,000 | 2,929,978 | |||
(Carleton-Willard Homes, Inc.), 4.00%, 12/1/42 | A- | 485,000 | 450,999 | |||
(Merrimack College), Ser. B, 4.00%, 7/1/42 | BBB- | 450,000 | 417,187 | |||
(Bentley U.), Ser. A, 4.00%, 7/1/40 | A2 | 1,300,000 | 1,220,093 | |||
(Lasell U.), 4.00%, 7/1/40 | BB+ | 2,160,000 | 1,916,335 | |||
(Bentley U.), Ser. A, 4.00%, 7/1/38 | A2 | 700,000 | 664,138 | |||
(Bentley U.), Ser. A, 4.00%, 7/1/37 | A2 | 1,000,000 | 956,121 | |||
(Partners Healthcare Syst., Inc.), Ser. S-1, 4.00%, 7/1/36 | Aa3 | 2,500,000 | 2,465,144 | |||
(Loomis Oblig. Group), Ser. 21, 4.00%, 1/1/36 | BBB | 385,000 | 369,950 | |||
(Partners Healthcare Syst., Inc.), Ser. S, 4.00%, 7/1/35 | Aa3 | 1,025,000 | 1,011,757 | |||
(Wellesley College), Ser. L, 4.00%, 7/1/34 | Aa1 | 860,000 | 885,766 | |||
(WGBH Edl. Foundation), Ser. B, AGC, zero %, 1/1/29 | AA | 2,000,000 | 1,626,291 | |||
(WGBH Edl. Foundation), Ser. B, AGC, zero %, 1/1/28 | AA | 2,000,000 | 1,689,339 | |||
MA State Dev. Fin. Agcy. VRDN, (Boston U.), Ser. U-6E, 0.98%, 10/1/42 | VMIG 1 | 4,685,000 | 4,685,000 | |||
MA State Dev. Fin. Agcy. 144A Rev. Bonds | ||||||
(Milford Regl. Med. Ctr. Oblig. Group), 5.00%, 7/15/46 | BB | 1,000,000 | 971,328 | |||
(Linden Ponds, Inc. Fac.), 5.00%, 11/15/38 | A/F | 2,100,000 | 2,176,657 | |||
(NewBridge on the Charles, Inc.), 5.00%, 10/1/37 | BB+/F | 1,000,000 | 1,050,980 | |||
(Loomis Oblig. Group), 4.00%, 1/1/51(FWC) | BBB | 520,000 | 449,540 | |||
(Loomis Oblig. Group), 4.00%, 1/1/36(FWC) | BBB | 395,000 | 373,953 | |||
(Loomis Oblig. Group), 4.00%, 1/1/31(FWC) | BBB | 1,000,000 | 982,762 | |||
(Loomis Oblig. Group), 4.00%, 1/1/26(FWC) | BBB | 755,000 | 759,087 | |||
MA State Dev. Fin. Agcy. VRDN (Boston U.), Ser. U-6C, 0.98%, 10/1/42 | VMIG 1 | 1,500,000 | 1,500,000 | |||
MA State Edl. Fin. Auth. Rev. Bonds | ||||||
(Ed. Loan - Issue 1), 5.00%, 1/1/27 | AA | 2,750,000 | 2,845,158 | |||
5.00%, 1/1/24 | AA | 500,000 | 513,419 | |||
MA State Hlth. & Edl. Fac. Auth. VRDN (Baystate Total Home Care, Inc.), 0.98%, 7/1/39 | A-1+ | 3,900,000 | 3,900,000 | |||
MA State Hsg. Fin. Agcy. Rev. Bonds | ||||||
Ser. A, 5.10%, 12/1/30 | Aa2 | 720,000 | 726,135 | |||
Ser. 171, 4.00%, 12/1/44 | Aa1 | 25,000 | 25,067 | |||
Ser. SF-169, 4.00%, 12/1/44 | Aa1 | 120,000 | 120,356 | |||
(Single Fam.), Ser. 178, 3.50%, 6/1/42 | Aa1 | 280,000 | 279,604 | |||
Ser. C-1, 3.30%, 12/1/59 | Aa2 | 7,625,000 | 5,806,924 | |||
Ser. A, 3.25%, 12/1/27 | Aa2 | 1,870,000 | 1,868,323 | |||
MA State Port Auth. Rev. Bonds | ||||||
Ser. D, 5.00%, 7/1/51 | Aa2 | 2,000,000 | 2,195,358 | |||
Ser. A, 5.00%, 7/1/47 | Aa2 | 3,000,000 | 3,110,063 | |||
Ser. A, 5.00%, 7/1/42 | Aa2 | 1,275,000 | 1,332,581 | |||
Ser. A, 5.00%, 7/1/40 | Aa2 | 2,500,000 | 2,647,869 | |||
Ser. A, 5.00%, 7/1/35 | Aa2 | 1,500,000 | 1,612,223 | |||
Ser. A, 5.00%, 7/1/33 | Aa2 | 775,000 | 821,929 | |||
Ser. A, 5.00%, 7/1/32 | Aa2 | 755,000 | 802,310 | |||
Ser. C, 5.00%, 7/1/30 | Aa2 | 2,500,000 | 2,761,624 | |||
MA State Port Auth. Special Fac. Rev. Bonds, (Bosfuel Corp.), Ser. A | ||||||
5.00%, 7/1/28 | A1 | 210,000 | 228,832 | |||
5.00%, 7/1/26 | A1 | 115,000 | 122,726 | |||
4.00%, 7/1/44 | A1 | 3,500,000 | 3,283,068 | |||
MA State School Bldg. Auth. Dedicated Sales Tax Rev. Bonds, Ser. A | ||||||
5.00%, 2/15/44 | AA | 1,035,000 | 1,129,192 | |||
5.00%, 11/15/42 | AA+ | 2,000,000 | 2,116,029 | |||
MA State Tpk. Auth. Rev. Bonds, Ser. A, NATL | ||||||
zero %, 1/1/29 | A+ | 1,000,000 | 820,780 | |||
zero %, 1/1/28 | A+ | 1,320,000 | 1,123,777 | |||
MA State Trans. Fund Rev. Bonds, (Rail Enhancement & Accelerated Bridge Program) | ||||||
5.00%, 6/1/48 | Aa1 | 2,095,000 | 2,236,649 | |||
Ser. A, 5.00%, 6/1/38 | Aa1 | 3,000,000 | 3,184,583 | |||
MA State Wtr. Resource Auth. VRDN, Ser. A-3, 1.50%, 8/1/37 | VMIG 1 | 6,500,000 | 6,500,000 | |||
North Reading, G.O. Bonds, 5.00%, 5/15/35 | Aa2 | 3,750,000 | 3,756,714 | |||
U. of MA Bldg. Auth. Rev. Bonds, Ser. 1, 5.00%, 11/1/52 | Aa2 | 3,000,000 | 3,261,545 | |||
224,003,879 | ||||||
Nebraska (1.0%) | ||||||
Central Plains Energy Project Gas Supply Mandatory Put Bonds (8/1/25), 4.00%, 12/1/49 | Aa1 | 2,500,000 | 2,554,283 | |||
2,554,283 | ||||||
Ohio (1.4%) | ||||||
OH State Higher Edl. Fac. Comm. Rev. Bonds, (Otterbein Homes Oblig. Group) | ||||||
4.00%, 7/1/39(FWC) | A | 875,000 | 785,112 | |||
4.00%, 7/1/36(FWC) | A | 435,000 | 402,661 | |||
4.00%, 7/1/35(FWC) | A | 425,000 | 396,762 | |||
4.00%, 7/1/32(FWC) | A | 375,000 | 362,176 | |||
4.00%, 7/1/29(FWC) | A | 770,000 | 762,221 | |||
Warren Cnty., Hlth. Care Fac. Rev. Bonds, (Otterbein Homes Oblig. Group), 5.00%, 7/1/32 | A | 750,000 | 771,158 | |||
3,480,090 | ||||||
Texas (0.8%) | ||||||
Harris Cnty., Cultural Ed. Fac. Fin. Corp. Thermal Utility Rev. Bonds, (TECO) | ||||||
4.00%, 11/15/34 | AA | 700,000 | 717,262 | |||
4.00%, 11/15/32 | AA | 1,100,000 | 1,144,982 | |||
1,862,244 | ||||||
Virgin Islands (0.3%) | ||||||
Matching Fund Special Purpose Securitization Corp. Rev. Bonds, Ser. A, 5.00%, 10/1/30 | BB/P | 640,000 | 673,674 | |||
673,674 | ||||||
Total municipal bonds and notes (cost $264,726,893) | $251,528,067 |
SHORT-TERM INVESTMENTS (0.4%)(a) | ||||||
Principal amount/shares | Value | |||||
Putnam Short Term Investment Fund Class P 2.33%(AFF) | Shares | 909,503 | $909,503 | |||
U.S. Treasury Bills 2.120%, 9/15/22(SEG) | $100,000 | 99,917 | ||||
Total short-term investments (cost $1,009,422) | $1,009,420 | |||||
TOTAL INVESTMENTS | ||||||
Total investments (cost $265,736,315) | $252,537,487 |
FUTURES CONTRACTS OUTSTANDING at 8/31/22 (Unaudited) | ||||||
Number of contracts | Notional amount |
Value | Expiration date | Unrealized appreciation/ (depreciation) |
||
U.S. Treasury Bond Ultra 30 yr (Short) | 7 | $1,046,500 | $1,046,500 | Dec-22 | $9,797 | |
Unrealized appreciation | 9,797 | |||||
Unrealized (depreciation) | — | |||||
Total | $9,797 |
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 June 1, 2022 through August 31, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter. | ||||||
(a) | Percentages indicated are based on net assets of $247,935,456. | |||||
(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 5/31/22 |
Purchase cost |
Sale proceeds |
Investment income |
Shares
outstanding and fair value as of 8/31/22 |
|
Short-term investments | ||||||
Putnam Short Term Investment Fund* | $4,668,595 | $20,271,159 | $24,030,251 | $13,961 | $909,503 | |
Total Short-term investments | $4,668,595 | $20,271,159 | $24,030,251 | $13,961 | $909,503 | |
* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | ||||||
(SEG) | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $70,929. | |||||
(FWC) | Forward commitment, in part or in entirety. | |||||
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 1.50%, 2.55% and 3.10%, 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): | ||||||
Education | 24.8% | |||||
Health care | 19.9 | |||||
State debt | 13.1 | |||||
Transportation | 10.6 | |||||
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | ||||||
Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | ||||||
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | ||||||
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | ||||||
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | ||||||
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||||||
Futures contracts: The fund used futures contracts for hedging treasury term structure risk and for yield curve positioning. | ||||||
The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. | ||||||
Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”. | ||||||
For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. |
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 | $— | $251,528,067 | $— | |
Short-term investments | — | 1,009,420 | — | |
Totals by level | $— | $252,537,487 | $— | |
Valuation inputs | ||||
Other financial instruments: | Level 1 | Level 2 | Level 3 | |
Futures contracts | $9,797 | $— | $— | |
Totals by level | $9,797 | $— | $— | |
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) | 7 | |||
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 |