UNITED STATES SECURITIES AND EXCHANGE COMMISSION |
Washington, D.C. 20549 |
FORM N-Q |
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY |
Investment Company Act file number: | (811-06258) |
Exact name of registrant as specified in charter: | Putnam Arizona Tax Exempt Income Fund |
Address of principal executive offices: | One Post Office Square, Boston, Massachusetts 02109 |
Name and address of agent for service: | Robert T. Burns, Vice President One Post Office Square Boston, Massachusetts 02109 |
Copy to: | Bryan Chegwidden, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, New York 10036 |
Registrant's telephone number, including area code: | (617) 292-1000 |
Date of fiscal year end: | May 31, 2016 |
Date of reporting period: | February 29, 2016 |
Item 1. Schedule of Investments: |
Putnam Arizona Tax Exempt Income Fund | |||||||||
The fund's portfolio | |||||||||
2/29/16 (Unaudited) | |||||||||
Key to holding's abbreviations | |||||||||
AGC — Assured Guaranty Corp. | |||||||||
AGM — Assured Guaranty Municipal Corporation | |||||||||
BAM — Build America Mutual | |||||||||
COP — Certificates of Participation | |||||||||
FGIC — Financial Guaranty Insurance Company | |||||||||
FHL Banks Coll. — Federal Home Loan Banks System Collateralized | |||||||||
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 | |||||||||
MAC — Municipal Assurance Corporation | |||||||||
NATL — National Public Finance Guarantee Corp. | |||||||||
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. | |||||||||
MUNICIPAL BONDS AND NOTES (98.9%)(a) | |||||||||
Rating(RAT) | Principal amount | Value | |||||||
Arizona (92.6%) | |||||||||
AZ Board of Regents Syst. VRDN (AZ State U.), Ser. B, 0.01s, 7/1/34 | VMIG1 | $500,000 | $500,000 | ||||||
AZ Game & Fish Dept. and Comm. Rev. Bonds (AGF Administration Bldg.), 5s, 7/1/21 | A2 | 500,000 | 506,920 | ||||||
AZ School Fac. Board COP, U.S. Govt. Coll., 5 3/4s, 9/1/22 (Prerefunded 9/1/18) | Aa3 | 1,000,000 | 1,124,920 | ||||||
AZ State COP, Ser. A, AGM, 5s, 10/1/29 | AA | 500,000 | 561,850 | ||||||
AZ State Hlth. Fac. Auth. Rev. Bonds | |||||||||
(Banner Hlth.), Ser. D, 5 1/2s, 1/1/38 | AA- | 1,500,000 | 1,606,335 | ||||||
(Scottsdale Hlth. Care), 5s, 12/1/28 | A2 | 500,000 | 599,355 | ||||||
AZ State Hlth. Fac. Auth. VRDN (Catholic West), Ser. B, 0.01s, 7/1/35 | VMIG1 | 500,000 | 500,000 | ||||||
AZ State Hlth. Fac. Auth. Hlth. Care Ed. Rev. Bonds (Kirksville College), 5 1/8s, 1/1/30 | A- | 750,000 | 833,190 | ||||||
AZ State School Facs. Board COP, Ser. A, 5s, 9/1/23 | Aa3 | 125,000 | 153,418 | ||||||
AZ State Sports & Tourism Auth. Rev. Bonds (Multi-Purpose Stadium Fac.), Ser. A, 5s, 7/1/30 | A1 | 500,000 | 551,465 | ||||||
AZ State Trans. Board Hwy. Rev. Bonds | |||||||||
5s, 7/1/32 | AAA | 885,000 | 1,059,203 | ||||||
Ser. B, U.S. Govt. Coll., 5s, 7/1/31 (Prerefunded 7/1/18) | AAA | 500,000 | 549,920 | ||||||
AZ State U. Nanotechnology Research, LLC Lease Rev. Bonds (AZ State U. Research Park Lease), Ser. A, AGC, 5s, 3/1/34 | AA | 500,000 | 547,510 | ||||||
AZ State Wtr. Infrastructure Fin. Auth. Rev. Bonds | |||||||||
(Wtr. Quality Revenue), Ser. A, 5s, 10/1/26 | Aaa | 500,000 | 625,740 | ||||||
Ser. A, 5s, 10/1/25 | Aaa | 500,000 | 610,970 | ||||||
Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), 7 1/4s, 12/1/19 (escrow)(F) | D/P | 150,000 | 448 | ||||||
Central AZ State Wtr. Conservation Dist. Rev. Bonds (Wtr. Delivery Operation & Maintenance (O&M)), 5s, 1/1/36 | AA+ | 640,000 | 761,427 | ||||||
Chandler, Excise Tax Rev. Bonds, 5s, 7/1/22 | AAA | 500,000 | 613,385 | ||||||
El Mirage G.O. Bonds, AGM, 5s, 7/1/42 | AA | 250,000 | 276,185 | ||||||
Flagstaff, G.O. Bonds, Ser. B, 5s, 7/1/21 | Aa2 | 200,000 | 239,336 | ||||||
Gilbert, Pub. Facs. Rev. Bonds | |||||||||
5s, 7/1/20 | Aa1 | 250,000 | 292,248 | ||||||
5s, 7/1/18 | Aa1 | 500,000 | 549,060 | ||||||
Glendale, Indl. Dev. Auth. Rev. Bonds | |||||||||
(Midwestern U.), 5 1/8s, 5/15/40 | A- | 1,000,000 | 1,111,180 | ||||||
(John C. Lincoln Hlth. Network), 5s, 12/1/42 (Prerefunded 12/1/17) | AAA/P | 500,000 | 536,845 | ||||||
Glendale, Wtr. & Swr. Rev. Bonds, 5s, 7/1/21 | AA | 500,000 | 598,340 | ||||||
Goodyear Cmnty., Fac. Utils. G.O. Bonds (Dist. No. 1), 4s, 7/15/21 | A1 | 150,000 | 167,214 | ||||||
Goodyear, Wtr. & Swr. Rev. Bonds, AGM, 5 1/2s, 7/1/41 | AA | 500,000 | 589,115 | ||||||
Lake Havasu City, Waste Wtr. Syst. Rev. Bonds, Ser. B, AGM, 5s, 7/1/43 | AA | 250,000 | 288,650 | ||||||
Maricopa Cnty. & Phoenix, Indl. Dev. Auth. Mtge. Rev. Bonds (Single Fam.), Ser. A-2, GNMA Coll., FNMA Coll., FHLMC Coll., 5.8s, 7/1/40 | Aaa | 35,000 | 36,821 | ||||||
Maricopa Cnty., G.O. Bonds | |||||||||
(No. 60 Higley School Impt.), Ser. C, U.S. Govt. Coll., 5s, 7/1/27 (Prerefunded 7/1/18) | A1 | 1,000,000 | 1,099,840 | ||||||
(Queen Creek Unified School Dist. No. 95), 5s, 7/1/25 | Aa3 | 200,000 | 249,662 | ||||||
(Unified School Dist. No. 89 Dysart), 5s, 7/1/25 | A+ | 500,000 | 608,960 | ||||||
Maricopa Cnty., Indl. Dev. Auth. Hlth. Fac. Rev. Bonds (Catholic Hlth. Care West), Ser. A, 6s, 7/1/39 | A | 750,000 | 855,983 | ||||||
Maricopa Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Samaritan Hlth. Svcs.), Ser. A, NATL, U.S. Govt. Coll., 7s, 12/1/16 (Escrowed to maturity) | AAA/P | 310,000 | 325,286 | ||||||
Maricopa Cnty., Indl. Dev. Auth. Solid Waste Disp. Mandatory Put Bonds (6/3/24) (Waste Mgt., Inc.), 3 3/8s, 12/1/31 | A- | 250,000 | 264,678 | ||||||
Maricopa Cnty., Kyrene Elementary School Dist. No. 28 G.O. Bonds (School Impt.), Ser. C-10, 5s, 7/1/34 | Aa1 | 250,000 | 294,865 | ||||||
Maricopa Cnty., Poll. Control Rev. Bonds | |||||||||
(El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40 | Baa1 | 1,050,000 | 1,216,761 | ||||||
(Southern CA Edl. Co.), Ser. A, 5s, 6/1/35 | Aa3 | 650,000 | 734,331 | ||||||
Maricopa Cnty., Regl. Pub. Trans. Auth. Fund Rev. Bonds (Trans. Excise Tax), 5 1/4s, 7/1/24 | AA+ | 435,000 | 555,595 | ||||||
McAllister, Academic Village Rev. Bonds (AZ State U. Hassayampa), 5 1/4s, 7/1/26 | AA- | 750,000 | 823,695 | ||||||
Mesa, St. & Hwy. Rev. Bonds, 5s, 7/1/21 | AA | 500,000 | 592,090 | ||||||
Mesa, Util. Syst. Rev. Bonds, 5s, 7/1/35 | Aa2 | 750,000 | 863,153 | ||||||
Navajo Cnty., Poll. Control Corp. Mandatory Put Bonds (6/1/16) (AZ Pub. Svc. Co. Cholla Pwr. Plant), Ser. E, 5 3/4s, 6/1/34 | A2 | 800,000 | 809,856 | ||||||
Northern AZ U. Rev. Bonds | |||||||||
5s, 6/1/36 | A1 | 450,000 | 507,078 | ||||||
5s, 6/1/34 | A1 | 250,000 | 286,860 | ||||||
Peoria, Dev. Auth. Inc. Rev. Bonds, 5s, 7/1/23 | AA+ | 500,000 | 606,940 | ||||||
Phoenix & Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Single Fam.), Ser. 4, GNMA Coll., FNMA Coll., FHLMC Coll., 5.8s, 12/1/39 | AAA/P | 15,000 | 15,199 | ||||||
Phoenix, G.O. Bonds, 4s, 7/1/24 | Aa1 | 500,000 | 586,395 | ||||||
Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5s, 7/1/40 | A1 | 500,000 | 553,335 | ||||||
Phoenix, Civic Impt. Corp. Dist. Rev. Bonds (Civic Plaza), Ser. B, FGIC, NATL, 5 1/2s, 7/1/43 | Aa2 | 1,000,000 | 1,349,980 | ||||||
Phoenix, Civic Impt. Corp. Waste Wtr. Syst. Rev. Bonds | |||||||||
5 1/2s, 7/1/24 | AAA | 500,000 | 554,575 | ||||||
5s, 7/1/29 | AA+ | 500,000 | 605,565 | ||||||
Phoenix, Civic Impt. Corp. Wtr. Syst. Rev. Bonds, Ser. A, 5s, 7/1/39 | AAA | 500,000 | 563,890 | ||||||
Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds | |||||||||
(Great Hearts Academies), 6s, 7/1/32 | BB/F | 250,000 | 270,275 | ||||||
(Great Hearts Academies), Ser. A, 5s, 7/1/36 | BBB- | 150,000 | 167,894 | ||||||
(BASIS School, Inc.), 5s, 7/1/35 | BB | 100,000 | 106,753 | ||||||
(Choice Academies, Inc.), 4 7/8s, 9/1/22 | BB+ | 200,000 | 216,576 | ||||||
(Great Hearts Academies), 3 3/4s, 7/1/24 | BBB- | 275,000 | 297,039 | ||||||
Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds (BASIS Schools, Inc.), Ser. A, 5s, 7/1/35 | BB | 150,000 | 160,130 | ||||||
Pima Cnty., G.O. Bonds | |||||||||
5s, 7/1/26 | AA- | 490,000 | 581,909 | ||||||
(Unified School Dist. No. 6), MAC, 4s, 7/1/28 | AA | 200,000 | 224,640 | ||||||
Pima Cnty., Indl. Dev. Auth. Rev. Bonds | |||||||||
(Horizon Cmnty. Learning Ctr.), 5 1/4s, 6/1/35 | BBB- | 200,000 | 200,196 | ||||||
(Providence Day School, Inc.), 5 1/8s, 12/1/40 | BBB+ | 500,000 | 532,505 | ||||||
(Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25 | BBB- | 125,000 | 125,115 | ||||||
Pima Cnty., Regl. Trans. Fund Excise Tax Rev. Bonds, 5s, 6/1/23 | AA+ | 195,000 | 240,928 | ||||||
Pima Cnty., Swr. Rev. Bonds, Ser. B, 5s, 7/1/26 | AA- | 500,000 | 593,785 | ||||||
Pinal Cnty., Elec. Rev. Bonds (Dist. No. 3), 5 1/4s, 7/1/36 | A | 350,000 | 405,286 | ||||||
Pinal Cnty., Elec. Syst. Rev. Bonds (Dist. No. 4), U.S. Govt. Coll., 6s, 12/1/38 (Prerefunded 12/1/18) | A- | 500,000 | 571,610 | ||||||
Rio Nuevo, Multi-Purpose Fac. Dist. Rev. Bonds, AGC, 6s, 7/15/19 | AA | 750,000 | 838,605 | ||||||
Salt River, Agricultural Impt. & Pwr. Dist. Elec. Syst. Rev. Bonds (Salt River), Ser. A, 5s, 1/1/27 | Aa1 | 1,000,000 | 1,076,430 | ||||||
Salt Verde, Fin. Corp. Gas Rev. Bonds | |||||||||
5 1/2s, 12/1/29 | Baa1 | 150,000 | 188,688 | ||||||
5s, 12/1/37 | Baa1 | 750,000 | 889,748 | ||||||
Scottsdale, Muni. Property Corp. Excise Tax Rev. Bonds, 5s, 7/1/24 | AAA | 1,000,000 | 1,234,966 | ||||||
Student & Academic Svcs., LLC Rev. Bonds (Northern AZ Cap. Fac. Fin. Corp.), BAM, 5s, 6/1/25 | AA | 200,000 | 239,838 | ||||||
Sundance Cmnty., Fac. Dist. G.O. Bonds, MAC, 4s, 7/15/24 | AA | 250,000 | 279,950 | ||||||
Tempe, Indl. Dev. Auth. Rev. Bonds (Friendship Village), Ser. A, 6 1/4s, 12/1/42 | BB-/P | 250,000 | 269,940 | ||||||
U. Med. Ctr. Corp. Rev. Bonds (Hosp.), FHL Banks Coll., FHLMC Coll., FNMA Coll., U.S. Govt. Coll., 5s, 7/1/20 (Escrowed to maturity) | AAA/P | 250,000 | 292,595 | ||||||
U. Med. Ctr. Corp. AZ Hosp. Rev. Bonds, U.S. Govt. Coll. | |||||||||
6 1/2s, 7/1/39 (Prerefunded 7/1/19) | AAA/P | 500,000 | 591,585 | ||||||
6 1/4s, 7/1/29 (Prerefunded 7/1/19) | AAA/P | 500,000 | 587,495 | ||||||
U. of AZ Board of Regents Syst. Rev. Bonds | |||||||||
(Green Bond), Ser. A, 5s, 7/1/41 | AA | 200,000 | 231,446 | ||||||
5s, 6/1/37(FWC) | Aa2 | 1,000,000 | 1,186,670 | ||||||
Ser. A, 5s, 6/1/35 (Prerefunded 6/1/19) | Aa2 | 500,000 | 558,580 | ||||||
Vistancia, Cmnty. Fac. Dist. G.O. Bonds | |||||||||
5s, 7/15/26 | A1 | 250,000 | 286,275 | ||||||
U.S. Govt. Coll., 4.4s, 7/15/21 (Prerefunded 7/15/16) | A1 | 500,000 | 507,430 | ||||||
Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Yavapai Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/1/33 | Baa1 | 100,000 | 111,196 | ||||||
Yavapai Cnty., Indl. Dev. Auth. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc.), Ser. A-1, 4.9s, 3/1/28 | A- | 500,000 | 513,910 | ||||||
Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds (Agribusiness & Equine Ctr.), 5s, 3/1/32 | BB+ | 265,000 | 272,690 | ||||||
Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds (Yuma Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/1/32 | A- | 400,000 | 462,912 | ||||||
46,631,212 | |||||||||
Guam (2.3%) | |||||||||
Territory of GU, Bus. Privilege Tax Rev. Bonds, Ser. A, 5s, 1/1/31 | A | 250,000 | 279,375 | ||||||
Territory of GU, Govt. Hotel Occupancy Tax Rev. Bonds, Ser. A, 6s, 11/1/26 | A- | 250,000 | 297,310 | ||||||
Territory of GU, Govt. Ltd. Oblig. Rev. Bonds (Section 30), Ser. A, 5 3/4s, 12/1/34 | BBB+ | 250,000 | 281,723 | ||||||
Territory of GU, Govt. Wtr. Wks. Auth. Wtr. & Waste Wtr. Syst. Rev. Bonds, 5 5/8s, 7/1/40 | A- | 150,000 | 166,125 | ||||||
Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5 1/2s, 10/1/40 | Baa2 | 100,000 | 110,859 | ||||||
1,135,392 | |||||||||
Mississippi (1.0%) | |||||||||
MS State Bus. Fin. Commission Gulf Opportunity Zone VRDN (Chevron USA, Inc.), Ser. B, 0.01s, 12/1/30 | VMIG1 | 500,000 | 500,000 | ||||||
500,000 | |||||||||
Puerto Rico (0.2%) | |||||||||
Children's Trust Fund Tobacco Settlement (The) Rev. Bonds, 5 1/2s, 5/15/39 | BBB- | 100,000 | 100,773 | ||||||
100,773 | |||||||||
Texas (1.0%) | |||||||||
Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (The Methodist Hosp.), Ser. C-1, 0.01s, 12/1/24 | A-1+ | 500,000 | 500,000 | ||||||
500,000 | |||||||||
Virgin Islands (1.8%) | |||||||||
VI Pub. Fin. Auth. Rev. Bonds | |||||||||
Ser. A, 6s, 10/1/39 | Baa3 | 150,000 | 165,852 | ||||||
Ser. A-1, 5s, 10/1/39 | Baa2 | 175,000 | 189,070 | ||||||
Ser. A, 5s, 10/1/25 | Baa2 | 200,000 | 222,262 | ||||||
VI Tobacco Settlement Fin. Corp. Rev. Bonds, 5s, 5/15/31 | A3 | 345,000 | 345,573 | ||||||
922,757 | |||||||||
TOTAL INVESTMENTS | |||||||||
Total investments (cost $45,416,390)(b) | $49,790,134 | ||||||||
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, 2015 through February 29, 2016 (the reporting period). Within the following notes to the portfolio, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to "OTC", if any, represent over-the-counter. | ||||||
(a) | Percentages indicated are based on net assets of $50,368,161. | |||||
(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 Putnam are indicated by "/P." Securities rated by Fitch are indicated by "/F." 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. | |||||
(b) | The aggregate identified cost on a tax basis is $45,404,863, resulting in gross unrealized appreciation and depreciation of $4,397,691 and $12,420, respectively, or net unrealized appreciation of $4,385,271. | |||||
(FWC) | Forward commitment, in part or in entirety. | |||||
(F) | This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs. | |||||
144A after the name of an issuer represents securities exempt from registration under Rule 144A under 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. | ||||||
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): | ||||||
Utilities | 22.2% | |||||
Education | 17.1 | |||||
Tax bonds | 17.0 | |||||
Prerefunded | 13.4 | |||||
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. | ||||||
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. |
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 | $— | $49,789,686 | $448 | |
|
|
|
||
Totals by level | $— | $49,789,686 | $448 | |
During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method. | ||||
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. | ||||
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 |
Item 2. Controls and Procedures: |
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms. |
(b) Changes in internal control over financial reporting: Not applicable |
Item 3. Exhibits: |
Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith. |
SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
Putnam Arizona Tax Exempt Income Fund |
By (Signature and Title): |
/s/ Janet C. Smith Janet C. Smith Principal Accounting Officer Date: April 28, 2016 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
By (Signature and Title): |
/s/ Jonathan S. Horwitz Jonathan S. Horwitz Principal Executive Officer Date: April 28, 2016 |
By (Signature and Title): |
/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: April 28, 2016 |
Certifications | |
I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that: | |
1. I have reviewed each report on Form N-Q of the funds listed on Attachment A: | |
2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report; | |
3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | |
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have: | |
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; | |
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and | |
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | |
5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions): | |
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and | |
b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. | |
/s/ Jonathan S. Horwitz | |
_____________________________ | |
Date: April 27, 2016 | |
Jonathan S. Horwitz | |
Principal Executive Officer | |
Certifications | |
I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that: | |
1. I have reviewed each report on Form N-Q of the funds listed on Attachment A: | |
2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report; | |
3. Based on my knowledge, the schedules of investments included in each report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; | |
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have: | |
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared; | |
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and | |
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | |
5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions): | |
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and | |
b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting. | |
/s/ Steven D. Krichmar | |
_______________________________ | |
Date: April 27, 2016 | |
Steven D. Krichmar | |
Principal Financial Officer | |
Attachment A | |
NQ | |
Period (s) ended February 29, 2016 | |
Putnam Arizona Tax Exempt Income Fund | |
Putnam Minnesota Tax Exempt Income Fund | |
Putnam Massachusetts Tax Exempt Income Fund | |
Putnam New York Tax Exempt Income Fund | |
Putnam High Yield Advantage Fund | |
Putnam Equity Income Fund | |
Putnam Pennsylvania Tax Exempt Income Fund | |
Putnam Ohio Tax Exempt Income Fund | |
Putnam New Jersey Tax Exempt Income Fund | |
Putnam Michigan Tax Exempt Income Fund | |
Putnam Dynamic Asset Allocation Equity Fund | |
Putnam Dynamic Risk Allocation Fund | |
Putnam Short Term Municipal Income Fund | |
Putnam Intermediate Term Municipal Income Fund | |
Putnam Emerging Markets Income Fund | |
Putnam Global Dividend Fund | |
Putnam Mortgage Opportunities Fund |