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| Putnam Municipal Opportunities Trust |
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| The fund's portfolio |
| 7/31/15 (Unaudited) |
|
|
| Key to holding's abbreviations |
| ABAG — Association Of Bay Area Governments | | | |
| AGM — Assured Guaranty Municipal Corporation | | | |
| AGO — Assured Guaranty, Ltd. | | | |
| AMBAC — AMBAC Indemnity Corporation | | | |
| BAM — Build America Mutual | | | |
| COP — Certificates of Participation | | | |
| FGIC — Financial Guaranty Insurance Company | | | |
| FHLMC Coll. — Federal Home Loan Mortgage Corporation Collateralized | | | |
| FNMA Coll. — Federal National Mortgage Association Collateralized | | | |
| FRB — Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period | | | |
| G.O. Bonds — General Obligation Bonds | | | |
| IFB — Inverse Floating Rate Bonds, which are securities that pay interest rates that vary inversely to changes in the market interest rates. As interest rates rise, inverse floaters produce less current income. The rate shown is the current interest rate at the close of the reporting period. | | | |
| NATL — National Public Finance Guarantee Corp. | | | |
| SGI — Syncora Guarantee, Inc. | | | |
| 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 (141.9%)(a) |
|
| | | Rating(RAT) | | Principal amount | Value |
|
|
|
| Alabama (0.6%) |
|
| Jefferson Cnty., Swr. Rev. Bonds, Ser. D, 6 1/2s, 10/1/53 | | BBB- | | $2,000,000 | $2,299,440 |
|
| Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 5.8s, 5/1/34 | | Baa2 | | 750,000 | 855,248 |
|
|
| |
3,154,688 |
|
| Arizona (2.9%) |
|
| Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29 (escrow)(F) | | D/P | | 3,025,000 | 9,042 |
|
| Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32 | | A3 | | 1,500,000 | 1,640,175 |
|
| Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5 1/8s, 5/15/40 | | A- | | 2,125,000 | 2,350,420 |
|
| Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40 | | Baa1 | | 2,400,000 | 2,747,472 |
|
| Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5s, 7/1/40 | | A1 | | 1,000,000 | 1,070,770 |
|
| Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25 | | BBB | | 1,550,000 | 1,550,279 |
|
| Pinal Cnty., Elec. Rev. Bonds (Dist. No. 3), 5 1/4s, 7/1/36 | | A | | 500,000 | 561,320 |
|
| Salt Verde, Fin. Corp. Gas Rev. Bonds, 5 1/2s, 12/1/29 | | A- | | 1,350,000 | 1,599,966 |
|
| U. Med. Ctr. Corp. AZ Hosp. Rev. Bonds, U.S. Govt. Coll., 6 1/2s, 7/1/39 (Prerefunded 7/1/19) | | AAA/P | | 1,000,000 | 1,199,920 |
|
| Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds (Yuma Regl. Med. Ctr.), Ser. A, 5s, 8/1/32 | | A- | | 2,065,000 | 2,268,692 |
|
|
| |
14,998,056 |
|
| California (27.9%) |
|
| ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds (Episcopal Sr. Cmntys.), Ser. A, 5s, 7/1/32 | | BBB+/F | | 550,000 | 592,510 |
|
| ABC Unified School Dist. G.O. Bonds, Ser. B, FGIC, zero %, 8/1/20 | | Aa3 | | 1,500,000 | 1,364,280 |
|
| Bay Area Toll Auth. of CA Rev. Bonds | | | | | |
| (San Francisco Bay Area), Ser. F-1, U.S. Govt. Coll., 5s, 4/1/39 (Prerefunded 4/1/18) | | AA | | 2,500,000 | 2,773,225 |
| (Toll Bridge), Ser. S-4, 5s, 4/1/33 | | AA- | | 1,200,000 | 1,341,264 |
|
| Burbank, Unified School Dist. G.O. Bonds (Election of 1997), Ser. C, NATL, FGIC, zero %, 8/1/23 | | AA- | | 1,000,000 | 787,670 |
|
| CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.) | | | | | |
| Ser. E, 4.8s, 8/1/37 | | A | | 5,000,000 | 5,042,500 |
| Ser. K, 4 5/8s, 8/1/26 | | A | | 2,435,000 | 2,449,099 |
|
| CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37 (Prerefunded 2/1/17) | | A- | | 1,800,000 | 1,883,232 |
|
| CA Muni. Fin. Auth. Rev. Bonds | | | | | |
| (Biola U.), 5s, 10/1/42 | | Baa1 | | 500,000 | 530,900 |
| (Cmnty. Med. Ctrs.), Ser. A, 5s, 2/1/40 | | A- | | 650,000 | 700,902 |
|
| CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23 | | A- | | 850,000 | 867,587 |
|
| CA Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5 1/4s, 8/1/40 | | A | | 1,000,000 | 1,065,100 |
|
| CA State G.O. Bonds | | | | | |
| 6 1/2s, 4/1/33 | | Aa3 | | 12,000,000 | 14,258,273 |
| 5 1/2s, 3/1/40 | | Aa3 | | 7,450,000 | 8,622,630 |
| 5s, 4/1/42 | | Aa3 | | 4,000,000 | 4,463,920 |
| 5s, 10/1/29 | | Aa3 | | 3,000,000 | 3,417,510 |
|
| CA State Edl. Fac. Auth. Rev. Bonds (Loyola-Marymount U.), NATL, zero %, 10/1/21 | | A2 | | 1,300,000 | 1,137,578 |
|
| CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds (Caritas Affordable Hsg., Inc.), 5 1/4s, 8/15/39 | | BBB | | 400,000 | 436,936 |
|
| CA State Poll. Control Fin. Auth. Rev. Bonds | | | | | |
| (San Jose Wtr. Co.), 5.1s, 6/1/40 | | A | | 3,500,000 | 3,845,695 |
| (Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23 | | A3 | | 2,500,000 | 2,643,150 |
|
| CA State Pub. Wks. Board Rev. Bonds | | | | | |
| Ser. I-1, 6 1/8s, 11/1/29 | | A1 | | 1,000,000 | 1,187,870 |
| Ser. A-1, 6s, 3/1/35 | | A1 | | 1,600,000 | 1,897,520 |
| (Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32 | | A1 | | 1,575,000 | 1,709,348 |
| (Capital Projects), Ser. A, 5s, 4/1/29 | | A1 | | 2,000,000 | 2,273,220 |
|
| CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30 | | BBB+ | | 1,415,000 | 1,418,821 |
|
| CA Statewide Cmnty. Dev. Auth. Rev. Bonds | | | | | |
| (Irvine, LLC-UCI East Campus), 6s, 5/15/40 | | Baa2 | | 2,000,000 | 2,164,780 |
| (899 Charleston, LLC), Ser. A, 5 1/4s, 11/1/44 | | BB/P | | 450,000 | 450,288 |
| (Sutter Hlth.), Ser. A, 5s, 11/15/43 | | Aa3 | | 2,485,000 | 2,509,080 |
|
| Cathedral City, Impt. Board Act of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35 | | BB+/P | | 770,000 | 770,077 |
|
| Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas), Ser. B, 5s, 12/1/27 | | Aa2 | | 1,915,000 | 1,980,416 |
|
| Foothill-De Anza, Cmnty. College Dist. G.O. Bonds, Ser. C, 5s, 8/1/40 | | Aaa | | 2,250,000 | 2,509,358 |
|
| Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A | | | | | |
| 6s, 1/15/53 | | BBB- | | 1,500,000 | 1,738,785 |
| zero %, 1/1/28 (Escrowed to maturity) | | Aaa | | 10,000,000 | 7,022,200 |
|
| Golden State Tobacco Securitization Corp. Rev. Bonds | | | | | |
| Ser. A-2, 5.3s, 6/1/37 | | B3 | | 1,000,000 | 811,150 |
| Ser. A-1, 5 1/8s, 6/1/47 | | B3 | | 3,970,000 | 3,082,904 |
| Ser. A-1, 5s, 6/1/33 | | B3 | | 100,000 | 83,461 |
|
| Univ. of CA Rev. Bonds, Ser. AF, 5s, 5/15/36(T) | | AA | | 9,000,000 | 10,193,220 |
|
| Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.) | | | | | |
| Ser. D, 5s, 5/15/40 | | AA | | 3,500,000 | 3,936,975 |
| 5s, 5/15/30 | | AA | | 1,000,000 | 1,129,640 |
|
| Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27 | | A | | 600,000 | 634,146 |
|
| M-S-R Energy Auth. Rev. Bonds, Ser. B, 6 1/2s, 11/1/39 | | A- | | 3,000,000 | 3,927,600 |
|
| Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5 3/4s, 8/10/18 | | AAA | | 6,000,000 | 6,453,120 |
|
| North Natomas, Cmnty. Fac. Special Tax Bonds (Dist. No. 4), Ser. E, 5s, 9/1/30 | | BBB+ | | 1,250,000 | 1,370,700 |
|
| Oakland, Unified School Dist. Alameda Cnty., G.O. Bonds (Election of 2012), 6 5/8s, 8/1/38 | | BBB/P | | 500,000 | 605,695 |
|
| Orange Cnty., Trans. Auth Toll Road Rev. Bonds (91 Express Lanes), 5s, 8/15/30 | | AA- | | 635,000 | 718,712 |
|
| Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21 | | AA- | | 1,990,000 | 1,682,744 |
|
| Sacramento Cnty., Arpt. Syst. Rev. Bonds, 5s, 7/1/40 | | A | | 1,350,000 | 1,486,512 |
|
| Sacramento, Regl. Trans. Dist. Rev. Bonds (Farebox), 5s, 3/1/42 | | A | | 2,110,000 | 2,255,864 |
|
| San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, NATL, 6 1/2s, 8/1/17 | | AA- | | 1,670,000 | 1,754,753 |
|
| San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5s, 7/1/40 | | A2 | | 3,750,000 | 4,116,563 |
|
| San Diego, Unified School Dist. G.O. Bonds (Election of 2008), Ser. C | | | | | |
| zero %, 7/1/40 | | Aa3 | | 5,000,000 | 1,707,850 |
| zero %, 7/1/38 | | Aa3 | | 5,000,000 | 1,886,900 |
|
| San Juan, Unified School Dist. G.O. Bonds, AGM, zero %, 8/1/19 | | Aa2 | | 1,000,000 | 941,010 |
|
| Stockton, Pub. Wtr. Fin. Auth. Rev. Bonds (Delta Wtr. Supply), Ser. A, 6 1/4s, 10/1/40 | | A | | 875,000 | 1,047,821 |
|
| Sunnyvale, Cmnty. Fac. Dist. Special Tax Bonds, 7.65s, 8/1/21 | | B+/P | | 400,000 | 400,652 |
|
| Tuolumne Wind Project Auth. Rev. Bonds (Tuolumne Co.), Ser. A, 5 7/8s, 1/1/29 | | AA- | | 1,585,000 | 1,817,773 |
|
| Turlock, Irrigation Dist. Rev. Bonds, Ser. A, 5s, 1/1/40 | | AA- | | 4,000,000 | 4,327,720 |
|
|
| |
142,229,209 |
|
| Colorado (1.7%) |
|
| CO State Hlth. Fac. Auth. Rev. Bonds | | | | | |
| (Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26 | | BB-/P | | 325,000 | 331,523 |
| (Evangelical Lutheran Good Samaritan Society), 5 5/8s, 6/1/43 | | Baa1 | | 600,000 | 660,246 |
| (Evangelical Lutheran Good Samaritan Society), Ser. A, 5s, 6/1/40 | | Baa1 | | 1,750,000 | 1,861,633 |
| (Covenant Retirement Cmntys.), Ser. A, 5s, 12/1/35 | | BBB+/F | | 1,000,000 | 1,058,010 |
| (Evangelical Lutheran Good Samaritan Society), 5s, 12/1/33 | | Baa1 | | 1,650,000 | 1,741,526 |
| (Evangelical Lutheran), 5s, 6/1/29 (Prerefunded 6/1/16) | | Baa1 | | 850,000 | 874,557 |
|
| Denver City & Cnty., Arpt. Rev. Bonds (Sub. Syst.), Ser. A, 5 1/2s, 11/15/31 | | A2 | | 950,000 | 1,084,007 |
|
| E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1, NATL, 5 1/2s, 9/1/24 | | AA- | | 1,250,000 | 1,254,863 |
|
|
| |
8,866,365 |
|
| Delaware (0.2%) |
|
| DE State Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.), 5.4s, 2/1/31 | | Baa1 | | 1,100,000 | 1,224,707 |
|
|
| |
1,224,707 |
|
| District of Columbia (1.5%) |
|
| DC Rev. Bonds (Howard U.), Ser. A, 6 1/2s, 10/1/41 | | BBB | | 3,000,000 | 3,176,670 |
|
| DC U. Rev. Bonds (Gallaudet U.), 5 1/2s, 4/1/34 | | A+ | | 1,000,000 | 1,134,120 |
|
| Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds | | | | | |
| (First Sr. Lien), Ser. A, 5s, 10/1/39 | | A2 | | 2,000,000 | 2,147,020 |
| (Metrorail), Ser. A, zero %, 10/1/37 | | Baa1 | | 3,700,000 | 1,241,535 |
|
|
| |
7,699,345 |
|
| Florida (5.2%) |
|
| Brevard Cnty., Hlth. Care Fac. Auth. Rev. Bonds (Health First, Inc.), U.S. Govt. Coll., 7s, 4/1/39 (Prerefunded 4/1/19) | | A3 | | 3,000,000 | 3,625,223 |
|
| FL State Muni. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 10/1/31 | | A2 | | 1,700,000 | 1,868,317 |
|
| Jacksonville, Port Auth. Rev. Bonds, 5s, 11/1/38 | | A2 | | 600,000 | 635,034 |
|
| Lakeland, Hosp. Syst. Rev. Bonds (Lakeland Regl. Hlth.), 5s, 11/15/40 | | A2 | | 1,350,000 | 1,448,280 |
|
| Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43 | | BBB-/F | | 340,000 | 358,975 |
|
| Lee Cnty., Rev. Bonds, SGI, 5s, 10/1/25 (Prerefunded 10/1/16) | | Aa2 | | 2,500,000 | 2,633,325 |
|
| Marco Island, Util. Sys. Rev. Bonds, Ser. A, 5s, 10/1/40 | | Aa3 | | 1,500,000 | 1,655,070 |
|
| Miami-Dade Cnty., Aviation Rev. Bonds | | | | | |
| (Miami Intl. Arpt.), Ser. A-1, 5 3/8s, 10/1/41 | | A2 | | 3,000,000 | 3,304,710 |
| Ser. A, 5s, 10/1/38 | | A | | 2,000,000 | 2,181,180 |
| 5s, 10/1/28 | | A2 | | 500,000 | 561,630 |
|
| Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5s, 7/1/40 | | A3 | | 1,000,000 | 1,081,560 |
|
| Orange Cnty., Hlth. Fac. Auth. Rev. Bonds (Presbyterian Retirement Cmntys.), 5s, 8/1/34 | | A-/F | | 1,350,000 | 1,452,141 |
|
| Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds | | | | | |
| (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33 | | BBB+ | | 1,000,000 | 1,092,040 |
| (Lifespace Cmntys, Inc.), Ser. C, 5s, 5/15/38 | | A/F | | 2,000,000 | 2,148,680 |
|
| South Broward, Hosp. Dist. Rev. Bonds, NATL, 4 3/4s, 5/1/28 | | Aa3 | | 1,500,000 | 1,580,940 |
|
| Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5s, 3/1/30 | | BBB+ | | 360,000 | 388,854 |
|
| Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37 | | B-/P | | 385,000 | 385,227 |
|
|
| |
26,401,186 |
|
| Georgia (4.8%) |
|
| Atlanta, Arpt. Rev. Bonds (Hartsfield-Jackson Intl. Arpt.), Ser. A, 5s, 1/1/35 | | Aa3 | | 1,250,000 | 1,381,213 |
|
| Atlanta, Arpt. Passenger Fac. Charge Rev. Bonds | | | | | |
| 5s, 1/1/34 | | A1 | | 1,550,000 | 1,740,790 |
| 5s, 1/1/33 | | A1 | | 1,500,000 | 1,689,330 |
|
| Atlanta, Wtr. & Waste Wtr. Rev. Bonds | | | | | |
| Ser. A, 6 1/4s, 11/1/39 (Prerefunded 11/1/19) | | Aa3 | | 4,500,000 | 5,438,430 |
| 5s, 11/1/40 | | Aa3 | | 3,000,000 | 3,384,360 |
|
| Fulton Cnty., Dev. Auth. Rev. Bonds (GA Tech Athletic Assn.), Ser. A, 5s, 10/1/42 | | A2 | | 1,350,000 | 1,478,034 |
|
| Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds (Northeast GA Hlth. Care) | | | | | |
| Ser. S, 5 1/2s, 8/15/54 | | AA- | | 925,000 | 1,048,127 |
| Ser. B, 5 1/4s, 2/15/45 | | AA- | | 6,500,000 | 7,066,013 |
|
| Marietta, Dev. Auth. Rev. Bonds (U. Fac. - Life U., Inc.), 7s, 6/15/39 | | Ba3 | | 1,400,000 | 1,474,046 |
|
|
| |
24,700,343 |
|
| Illinois (12.8%) |
|
| Chicago, G.O. Bonds | | | | | |
| Ser. A, 5 1/2s, 1/1/39 | | BBB+ | | 500,000 | 483,375 |
| Ser. D-05, 5 1/2s, 1/1/37 | | BBB+ | | 750,000 | 727,035 |
| Ser. D-05, 5 1/2s, 1/1/34 | | BBB+ | | 1,000,000 | 980,670 |
| Ser. A, 5s, 1/1/36 | | BBB+ | | 3,000,000 | 2,751,840 |
| Ser. A, 5s, 1/1/34 | | BBB+ | | 1,250,000 | 1,155,013 |
|
| Chicago, Board of Ed. G.O. Bonds, Ser. C, 5 1/4s, 12/1/35 | | BBB | | 2,250,000 | 2,082,983 |
|
| Chicago, Motor Fuel Tax Rev. Bonds, 5s, 1/1/29 | | AA+ | | 500,000 | 514,845 |
|
| Chicago, O'Hare Intl. Arpt. Rev. Bonds | | | | | |
| Ser. A, 5 3/4s, 1/1/39 | | A2 | | 4,000,000 | 4,557,880 |
| Ser. C, 5 3/8s, 1/1/39 | | A2 | | 1,250,000 | 1,368,400 |
| Ser. C, 5 1/4s, 1/1/28 | | A2 | | 1,320,000 | 1,498,055 |
| Ser. C, 5 1/4s, 1/1/27 | | A2 | | 2,125,000 | 2,426,686 |
|
| Chicago, Sales Tax Rev. Bonds, 5s, 1/1/34 | | AAA | | 1,500,000 | 1,563,945 |
|
| Chicago, Trans. Auth. Sales Tax Rev. Bonds, 5 1/4s, 12/1/49 | | AA | | 3,000,000 | 3,193,080 |
|
| Chicago, Waste Wtr. Transmission Rev. Bonds | | | | | |
| (2nd Lien), 5s, 1/1/39 | | A- | | 1,835,000 | 1,884,325 |
| Ser. A, NATL, zero %, 1/1/24 | | AA- | | 1,600,000 | 1,104,320 |
|
| Chicago, Wtr. Wks Rev. Bonds | | | | | |
| 5s, 11/1/42 | | A- | | 645,000 | 659,093 |
| (2nd Lien), 5s, 11/1/39 | | A- | | 1,080,000 | 1,115,424 |
|
| Cicero, G.O. Bonds, Ser. A, AGM, 5s, 1/1/21 | | AA | | 2,000,000 | 2,269,700 |
|
| IL Fin. Auth. Rev. Bonds | | | | | |
| (Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44 (Prerefunded 8/15/19) | | AAA/P | | 2,500,000 | 3,058,525 |
| (IL Rush U. Med. Ctr.), Ser. C, U.S. Govt. Coll., 6 5/8s, 11/1/39 (Prerefunded 5/1/19) | | Aaa | | 1,425,000 | 1,706,210 |
| (IL Rush U. Med. Ctr.), Ser. D, U.S. Govt. Coll., 6 5/8s, 11/1/39 (Prerefunded 5/1/19) | | Aaa | | 1,490,000 | 1,784,037 |
| (Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37 | | Baa2 | | 3,000,000 | 3,216,750 |
| (Alexian), Ser. A, AGM, 5 1/4s, 1/1/22 | | A2 | | 3,775,000 | 4,138,608 |
|
| IL State G.O. Bonds | | | | | |
| 5 1/4s, 2/1/30 | | A3 | | 1,000,000 | 1,048,110 |
| 5s, 3/1/34 | | A3 | | 750,000 | 763,418 |
|
| IL State Fin. Auth. Rev. Bonds (Lifespace Cmntys, Inc.), Ser. A, 5s, 5/15/35 | | A/F | | 1,025,000 | 1,111,531 |
|
| IL State Sports Fac. Auth. Rev. Bonds, AGM, 5 1/4s, 6/15/32 | | AA | | 250,000 | 273,893 |
|
| Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds (No. 115 Yorkville), NATL, FGIC, zero %, 1/1/21 | | Aa3 | | 1,075,000 | 931,412 |
|
| Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds (No. 073 Hawthorn) | | | | | |
| NATL, FGIC, zero %, 12/1/21 | | AA+ | | 1,805,000 | 1,550,351 |
| U.S. Govt. Coll., NATL, zero %, 12/1/21 (Escrowed to maturity) | | AA+ | | 145,000 | 128,741 |
| NATL, FGIC, zero %, 12/1/20 | | AA+ | | 1,495,000 | 1,340,507 |
| U.S. Govt. Coll., NTAL, zero %, 12/1/20 (Escrowed to maturity) | | AA+ | | 155,000 | 142,171 |
|
| Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds (McCormick), Ser. A, NATL, zero %, 12/15/30 | | AAA | | 15,000,000 | 7,897,493 |
|
| Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28 | | A- | | 4,150,000 | 4,822,383 |
|
| Southern IL U. Rev. Bonds (Hsg. & Auxiliary), Ser. A, NATL, zero %, 4/1/25 | | AA- | | 1,870,000 | 1,263,727 |
|
|
| |
65,514,536 |
|
| Indiana (2.3%) |
|
| IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5 1/4s, 10/15/21 | | A3 | | 180,000 | 209,471 |
|
| IN State Fin. Auth. Rev. Bonds | | | | | |
| (U.S. Steel Corp.), 6s, 12/1/26 | | BB- | | 500,000 | 537,755 |
| (BHI Sr. Living), 5 3/4s, 11/15/41 | | BBB+/F | | 1,000,000 | 1,088,710 |
| (I-69 Dev. Partners, LLC), 5 1/4s, 9/1/40 | | BBB- | | 1,500,000 | 1,608,390 |
| (Duke Energy Ind.), Ser. C, 4.95s, 10/1/40 | | Aa3 | | 4,000,000 | 4,228,680 |
|
| Jasper Cnty., Indl. Poll. Control Rev. Bonds | | | | | |
| AMBAC, 5.7s, 7/1/17 | | Baa1 | | 1,375,000 | 1,489,029 |
| NATL, 5.6s, 11/1/16 | | AA- | | 1,550,000 | 1,637,343 |
|
| U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGO, 5 3/4s, 10/1/28 | | AA | | 1,000,000 | 1,171,460 |
|
|
| |
11,970,838 |
|
| Kentucky (0.6%) |
|
| KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6s, 7/1/53 | | Baa3 | | 1,000,000 | 1,128,590 |
|
| Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U., Inc.), Ser. A, 6s, 5/1/38 | | Baa3 | | 290,000 | 313,093 |
|
| Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A | | | | | |
| 5s, 7/1/32 | | A+ | | 1,030,000 | 1,152,323 |
| 5s, 7/1/31 | | A+ | | 385,000 | 432,293 |
|
|
| |
3,026,299 |
|
| Louisiana (0.1%) |
|
| LA State Pub. Fac. Auth. Rev. Bonds (Ochsner Clinic Foundation), 5s, 5/15/47(FWC) | | Baa1 | | 650,000 | 691,698 |
|
|
| |
691,698 |
|
| Maryland (0.7%) |
|
| MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22 | | A2 | | 650,000 | 756,607 |
|
| MD State Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (Peninsula Regl. Med. Ctr.), 5s, 7/1/39 | | A2 | | 1,990,000 | 2,167,349 |
|
| MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15 | | BBB+/F | | 500,000 | 503,295 |
|
|
| |
3,427,251 |
|
| Massachusetts (7.5%) |
|
| MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B, 5s, 1/1/37 | | A+ | | 2,500,000 | 2,746,000 |
|
| MA State Dev. Fin. Agcy. Rev. Bonds | | | | | |
| (Sabis Intl.), Ser. A, 8s, 4/15/39 | | BBB | | 575,000 | 664,901 |
| (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26 | | B-/P | | 960,369 | 946,540 |
| (Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5 3/4s, 7/15/43 | | Baa3 | | 500,000 | 553,660 |
| (Loomis Cmntys.), Ser. A, 5 3/4s, 1/1/28 | | BBB- | | 1,100,000 | 1,217,832 |
| (Carleton-Willard Village), 5 5/8s, 12/1/30 | | A- | | 750,000 | 844,448 |
| (Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46 | | B-/P | | 51,190 | 43,125 |
| (Berklee College of Music), 5 1/4s, 10/1/41 | | A2 | | 2,000,000 | 2,265,540 |
| (Emerson College), Ser. A, 5s, 1/1/40 | | Baa1 | | 4,000,000 | 4,194,560 |
| (Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56 | | B-/P | | 254,614 | 1,540 |
|
| MA State Dev. Fin. Agcy. Solid Waste Disp. FRB | | | | | |
| (Dominion Energy Brayton), Ser. 1, U.S. Govt. Coll., 5 3/4s, 12/1/42 (Prerefunded 5/1/19) | | BBB+ | | 1,500,000 | 1,754,175 |
| (Dominion Energy Brayton Point), U.S. Govt. Coll., 5s, 2/1/36 (Prerefunded 8/1/16) | | BBB+ | | 1,000,000 | 1,044,130 |
|
| MA State Edl. Fin. Auth. Rev. Bonds (Ed. Loan - Issue 1) | | | | | |
| 5s, 1/1/27 | | AA | | 800,000 | 881,280 |
| 4 3/8s, 1/1/32 | | AA | | 1,085,000 | 1,109,760 |
|
| MA State Hlth. & Edl. Fac. Auth. Rev. Bonds | | | | | |
| (Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33 | | B+ | | 1,500,000 | 1,505,145 |
| (Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON) | | D/P | | 407,632 | 41 |
| (Suffolk U.), Ser. A, U.S. Govt. Coll., 5 3/4s, 7/1/39 (Prerefunded 7/1/19) | | Baa2 | | 1,175,000 | 1,315,295 |
| (Springfield College), 5 5/8s, 10/15/40 | | Baa1 | | 550,000 | 596,310 |
| (Care Group), Ser. B-2, NATL, 5 3/8s, 2/1/26 | | AA- | | 700,000 | 774,228 |
| (Northeastern U.), Ser. A, 5s, 10/1/35 | | A2 | | 3,250,000 | 3,662,425 |
|
| MA State Hsg. Fin. Agcy. Rev. Bonds | | | | | |
| Ser. C, 5.35s, 12/1/42 | | Aa3 | | 1,500,000 | 1,573,170 |
| Ser. SF-169, 4s, 12/1/44 | | Aa2 | | 970,000 | 1,037,396 |
| Ser. 162, FNMA Coll, FHLMC Coll., 2 3/4s, 12/1/41 | | Aa2 | | 650,000 | 659,627 |
|
| MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41 | | A | | 2,855,000 | 3,061,131 |
|
| Metro. Boston, Trans. Pkg. Corp. Rev. Bonds | | | | | |
| (Systemwide Pkg.), 5 1/4s, 7/1/33 | | A1 | | 2,500,000 | 2,835,550 |
| 5s, 7/1/41 | | A1 | | 2,590,000 | 2,860,992 |
|
|
| |
38,148,801 |
|
| Michigan (5.9%) |
|
| Detroit, G.O. Bonds, AMBAC, 5 1/4s, 4/1/24 | | BB/P | | 222,425 | 218,326 |
|
| Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6s, 5/1/29 | | Aa1 | | 1,000,000 | 1,200,110 |
|
| Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36 | | AA | | 1,425,000 | 1,544,087 |
|
| Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 7 1/2s, 7/1/39 | | Ba1 | | 500,000 | 567,930 |
|
| Karegnondi, Wtr. Auth. Rev. Bonds (Wtr. Supply Syst.), Ser. A, 5 1/4s, 11/1/31 | | A2 | | 2,445,000 | 2,756,273 |
|
| MI State Fin. Auth. Rev. Bonds | | | | | |
| Ser. G-5A, AMBAC, 5 1/4s, 4/1/24 | | A- | | 1,212,575 | 1,215,546 |
| Ser. H-1, 5s, 10/1/39 | | AA- | | 1,575,000 | 1,740,438 |
| (MidMichigan Oblig. Group), 5s, 6/1/39 | | A1 | | 1,000,000 | 1,081,390 |
| (Local Govt. Program Detroit Wtr. & Swr.), Ser. D4, 5s, 7/1/34 | | BBB+ | | 100,000 | 104,903 |
| (Detroit Wtr. & Swr.), Ser. C-6, 5s, 7/1/33 | | BBB+ | | 850,000 | 894,251 |
|
| MI State Hosp. Fin. Auth. Rev. Bonds | | | | | |
| Ser. A, 6 1/8s, 6/1/39 (Prerefunded 6/1/19) | | AA+ | | 2,500,000 | 2,954,475 |
| (Henry Ford Hlth.), 5 3/4s, 11/15/39 | | A3 | | 2,000,000 | 2,261,200 |
| (Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46 | | A3 | | 4,500,000 | 4,614,930 |
| (Sparrow Hlth. Oblig. Group), 5s, 11/15/31 | | A1 | | 390,000 | 418,353 |
| (Sparrow Hlth. Oblig. Group), U.S. Govt Coll., 5s, 11/15/31 (Prerefunded 11/15/17) | | AAA/P | | 960,000 | 1,053,341 |
|
| MI State Hsg. Dev. Auth. Rev. Bonds (Rental Hsg.), Ser. D, 3.95s, 10/1/37 | | AA | | 1,050,000 | 1,051,481 |
|
| MI State Strategic Fund Ltd. Rev. Bonds (Worthington Armstrong Venture), 5 3/4s, 10/1/22 (Escrowed to maturity) | | AAA/P | | 1,650,000 | 1,981,337 |
|
| MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Evangelical Homes of MI) | | | | | |
| 5 1/2s, 6/1/47 | | BB+/F | | 675,000 | 689,168 |
| 5 1/4s, 6/1/32 | | BB+/F | | 320,000 | 333,370 |
|
| MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/34 | | B- | | 575,000 | 500,676 |
|
| Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp. Corp.), 5 3/8s, 6/1/26 | | AA- | | 750,000 | 775,590 |
|
| Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21 | | A2 | | 2,000,000 | 2,280,600 |
|
|
| |
30,237,775 |
|
| Minnesota (2.3%) |
|
| Minneapolis & St. Paul, Metro. Arpt. Comm. Rev. Bonds, Ser. A, 5s, 1/1/32 | | A | | 500,000 | 563,890 |
|
| North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39 | | BB/P | | 995,000 | 1,046,183 |
|
| St. Cloud, Hlth. Care Rev. Bonds (Centracare Hlth. Syst.), Ser. A, 5 1/8s, 5/1/30 | | A1 | | 2,550,000 | 2,853,348 |
|
| St. Paul, Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Bonds (HealthPartners Oblig. Group) | | | | | |
| U.S. Govt. Coll., 5 1/4s, 5/15/36 (Prerefunded 11/15/16) | | Aaa | | 3,500,000 | 3,715,180 |
| Ser. A, 5s, 7/1/33 | | A2 | | 2,000,000 | 2,240,340 |
|
| St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35 (Prerefunded 11/15/15) | | BBB- | | 1,150,000 | 1,168,642 |
|
|
| |
11,587,583 |
|
| Mississippi (2.3%) |
|
| MS Bus. Fin. Corp. Rev. Bonds (Syst. Energy Resources, Inc.), 5 7/8s, 4/1/22 | | BBB | | 1,950,000 | 1,963,104 |
|
| MS Bus. Fin. Corp. Gulf Opportunity Zone Rev. Bonds, Ser. A, 5s, 5/1/37 | | A3 | | 2,250,000 | 2,462,985 |
|
| MS State Bus. Fin. Commission Gulf Opportunity Zone VRDN (Chevron USA, Inc.), Ser. E, 0.01s, 12/1/30 | | VMIG1 | | 5,000,000 | 5,000,000 |
|
| Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32 | | Baa2 | | 2,000,000 | 2,264,280 |
|
|
| |
11,690,369 |
|
| Nebraska (1.0%) |
|
| Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18 | | A3 | | 3,000,000 | 3,303,660 |
|
| Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 5/8s, 1/1/40 | | AA/F | | 925,000 | 1,037,055 |
|
| NE Pub. Pwr. Dist. Rev. Bonds, Ser. A, 5s, 1/1/39 | | A1 | | 750,000 | 824,873 |
|
|
| |
5,165,588 |
|
| Nevada (6.9%) |
|
| Clark Cnty., Ltd. Tax Bonds, 5s, 6/1/33(T) | | AA | | 28,285,000 | 30,872,240 |
|
| Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5s, 7/1/33 | | A1 | | 1,565,000 | 1,749,592 |
|
| Clark Cnty., Impt. Dist. Special Assmt. Bonds (Summerlin No. 151), 5s, 8/1/25 | | BB/P | | 1,990,000 | 1,990,000 |
|
| Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-17), 5s, 9/1/25 | | BB+/P | | 570,000 | 587,294 |
|
|
| |
35,199,126 |
|
| New Jersey (6.4%) |
|
| NJ State Econ. Dev. Auth. Rev. Bonds | | | | | |
| (NYNJ Link Borrower, LLC), 5 3/8s, 1/1/43 | | BBB- | | 500,000 | 535,740 |
| 5s, 6/15/26 | | Baa1 | | 500,000 | 541,565 |
|
| NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.) | | | | | |
| Ser. A, 5.7s, 10/1/39 | | A1 | | 3,900,000 | 4,396,119 |
| Ser. B, 5.6s, 11/1/34 | | A1 | | 500,000 | 555,370 |
|
| NJ State Edl. Fac. Auth. Rev. Bonds (Georgian Court U.), Ser. D | | | | | |
| 5 1/4s, 7/1/37 | | Baa2 | | 1,000,000 | 1,048,740 |
| 5 1/4s, 7/1/27 | | Baa2 | | 500,000 | 528,005 |
|
| NJ State Higher Ed. Assistance Auth. Rev. Bonds (Student Loan), Ser. 1A, 5s, 12/1/22 | | Aa2 | | 2,500,000 | 2,821,150 |
|
| NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds | | | | | |
| (St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38 | | Baa3 | | 2,750,000 | 3,063,473 |
| (St. Peter's U. Hosp.), 5 3/4s, 7/1/37 | | Ba1 | | 1,500,000 | 1,555,020 |
| (Holy Name Hosp.), 5s, 7/1/36 | | Baa2 | | 5,000,000 | 5,099,800 |
|
| NJ State Trans. Trust Fund Auth. Rev. Bonds | | | | | |
| Ser. A, 5 1/4s, 12/15/22 | | A3 | | 1,500,000 | 1,639,455 |
| (Trans. Syst.), Ser. A, zero %, 12/15/30 | | A3 | | 10,000,000 | 4,586,000 |
|
| Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A | | | | | |
| 5s, 6/1/41 | | B3 | | 2,000,000 | 1,500,200 |
| 4 3/4s, 6/1/34 | | B3 | | 3,000,000 | 2,238,480 |
|
| Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31 | | AA+ | | 2,300,000 | 2,471,028 |
|
|
| |
32,580,145 |
|
| New Mexico (0.3%) |
|
| Sante Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Res.), 5s, 5/15/42 | | BBB- | | 1,460,000 | 1,460,715 |
|
|
| |
1,460,715 |
|
| New York (9.0%) |
|
| Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, U.S. Govt. Coll., 6 7/8s, 7/1/40 (Prerefunded 7/1/18) | | AAA/P | | 320,000 | 374,003 |
|
| Metro. Trans. Auth. Rev. Bonds, Ser. D, 5s, 11/15/36 | | AA- | | 2,000,000 | 2,224,820 |
|
| NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds | | | | | |
| (American Airlines - JFK Intl. Arpt.), 7 5/8s, 8/1/25 | | B+/P | | 2,000,000 | 2,140,120 |
| (British Airways PLC), 5 1/4s, 12/1/32 | | BB | | 700,000 | 703,493 |
|
| NY City, Muni. Wtr. & Swr. Fin. Auth. Rev Bonds, 5s, 6/15/31(T) | | AA+ | | 10,000,000 | 11,449,500 |
|
| NY City, Muni. Wtr. & Swr. Syst. Fin. Auth. Rev. Bonds, Ser. GG, 5s, 6/15/43 | | AA+ | | 2,000,000 | 2,207,800 |
|
| NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6s, 6/1/43 | | A3 | | 1,500,000 | 1,502,055 |
|
| NY State Dorm. Auth. Rev. Bonds, Ser. A, 5s, 3/15/43 | | AAA | | 4,000,000 | 4,485,680 |
|
| NY State Dorm. Auth. Lease Rev. Bonds (State U. Dorm Fac.), Ser. A, 5s, 7/1/35 | | Aa2 | | 1,000,000 | 1,123,010 |
|
| NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37 | | Ba1 | | 1,800,000 | 1,969,848 |
|
| NY State Dorm. Auth. Rev. Bonds, Ser. C, 5s, 3/15/31(T) | | AAA | | 5,000,000 | 5,709,042 |
|
| NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26 | | A2 | | 6,000,000 | 6,018,720 |
|
| Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term. - 6), NATL, 5.9s, 12/1/17 | | AA- | | 6,000,000 | 6,022,980 |
|
|
| |
45,931,071 |
|
| North Carolina (0.8%) |
|
| NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24 (Prerefunded 1/1/19) | | A- | | 1,000,000 | 1,189,810 |
|
| NC State Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds | | | | | |
| (Deerfield), Ser. A, 6s, 11/1/33 | | BBB+/F | | 805,000 | 871,461 |
| (First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22 | | BB/P | | 1,000,000 | 1,036,230 |
|
| NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba Elec.), Ser. A, 5s, 1/1/30 | | A2 | | 800,000 | 886,984 |
|
|
| |
3,984,485 |
|
| Ohio (7.1%) |
|
| American Muni. Pwr., Inc. Rev. Bonds (Prairie State Energy Campus) | | | | | |
| 5 1/4s, 2/15/43 | | A1 | | 60,000 | 64,337 |
| U.S. Govt. Coll., 5 1/4s, 2/15/43 (Prerefunded 2/15/18) | | AAA/P | | 940,000 | 1,042,460 |
|
| Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds | | | | | |
| Ser. A-3, 6 1/4s, 6/1/37 | | B- | | 2,225,000 | 1,873,940 |
| Ser. A-2, 5 7/8s, 6/1/30 | | B- | | 1,450,000 | 1,194,902 |
| Ser. A-2, 5 3/4s, 6/1/34 | | B- | | 5,325,000 | 4,225,388 |
|
| Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/15/46 | | A3 | | 2,500,000 | 2,521,850 |
|
| Franklin Cnty., Hlth. Care Fac. Rev. Bonds (OH Presbyterian Retirement Svcs. (OPRS) Cmntys. Oblig. Group), Ser. A, 6s, 7/1/35 | | BBB- | | 1,125,000 | 1,232,539 |
|
| Hickory Chase Cmnty. Auth. Rev. Bonds (Infrastructure Impt.), 7s, 12/1/38(F) | | CCC/P | | 644,000 | 77,216 |
|
| JobsOhio Beverage Syst. Rev. Bonds (Statewide Sr. Lien Liquor Profits), Ser. A, 5s, 1/1/38 | | AA | | 2,000,000 | 2,209,260 |
|
| Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 6s, 8/15/43 (Prerefunded 8/15/18) | | A3 | | 3,100,000 | 3,445,123 |
|
| OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.8s, 12/1/38 | | Baa1 | | 2,000,000 | 2,212,500 |
|
| OH State Higher Edl. Fac. Comm. Rev. Bonds (Kenyon College), 5s, 7/1/44 | | A1 | | 5,000,000 | 5,370,200 |
|
| OH State Private Activity Rev. Bonds (Portsmouth Bypass), AGM, 5s, 12/31/35 | | AA | | 1,125,000 | 1,228,714 |
|
| OH State Tpk. Comm. Rev. Bonds | | | | | |
| (Infrastructure), Ser. A-1, 5 1/4s, 2/15/33 | | A1 | | 225,000 | 256,606 |
| (Infrastructure), Ser. A-1, 5 1/4s, 2/15/32 | | A1 | | 950,000 | 1,086,192 |
| 5s, 2/15/48 | | A1 | | 1,250,000 | 1,362,763 |
|
| Scioto Cnty., Hosp. Rev. Bonds (Southern Med. Ctr.), 5 1/2s, 2/15/28 | | A2 | | 4,660,000 | 5,089,000 |
|
| Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds | | | | | |
| 5 3/4s, 12/1/32 | | BB/F | | 625,000 | 667,606 |
| (Memorial Hlth. Syst. Oblig. Group), 5 1/2s, 12/1/43 | | BB/F | | 120,000 | 124,872 |
|
| Warren Cnty., Hlth. Care Fac. Rev. Bonds (Otterbein Homes Oblig. Group) | | | | | |
| 5s, 7/1/33 | | A | | 500,000 | 542,595 |
| 5s, 7/1/32 | | A | | 250,000 | 272,083 |
|
|
| |
36,100,146 |
|
| Oregon (0.9%) |
|
| Keizer, Special Assmt. Bonds (Keizer Station), Ser. A, 5.2s, 6/1/31 | | A1 | | 1,970,000 | 2,160,302 |
|
| Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26 | | BBB/F | | 1,040,000 | 1,063,265 |
|
| OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5 3/4s, 7/1/39 | | AA- | | 1,250,000 | 1,445,625 |
|
|
| |
4,669,192 |
|
| Pennsylvania (5.1%) |
|
| Bucks Cnty., Indl. Dev. Auth. Rev. Bonds (US Steel Corp.), 6 3/4s, 6/1/26 | | BB- | | 1,000,000 | 1,154,020 |
|
| Cumberland Cnty., Muni. Auth. Rev. Bonds (Presbyterian Homes), Ser. A, 5s, 1/1/17 | | BBB+/F | | 565,000 | 578,600 |
|
| Delaware River Port Auth. PA & NJ Rev. Bonds | | | | | |
| Ser. D, 5s, 1/1/40 | | A | | 1,200,000 | 1,305,036 |
| 5s, 1/1/31 | | A | | 2,500,000 | 2,843,100 |
|
| Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst College), 5 1/2s, 3/15/38 | | BBB- | | 725,000 | 779,774 |
|
| Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5 3/8s, 7/1/42 | | A2 | | 1,000,000 | 1,086,160 |
|
| Lancaster, Higher Ed. Auth. College Rev. Bonds (Franklin & Marshall College), 5s, 4/15/29 | | AA- | | 1,000,000 | 1,089,290 |
|
| Northampton Cnty., Hosp. Auth. Rev. Bonds (St. Luke's Hosp. - Bethlehem), Ser. A, 5 1/2s, 8/15/40 | | A3 | | 1,250,000 | 1,367,488 |
|
| PA State Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Amtrak), Ser. A, 5s, 11/1/32 | | A1 | | 1,000,000 | 1,078,550 |
|
| PA State Higher Edl. Fac. Auth. Rev. Bonds | | | | | |
| (Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42 | | BBB | | 500,000 | 530,220 |
| (St. Joseph's U.), Ser. A, 5s, 11/1/40 | | A- | | 3,000,000 | 3,247,890 |
| (Philadelphia U.), 5s, 6/1/30 | | Baa2 | | 2,250,000 | 2,383,043 |
| (Philadelphia U.), 5s, 6/1/22 | | Baa2 | | 860,000 | 914,051 |
|
| PA State Pub. School Bldg. Auth. Rev. Bonds (Northampton Co. Area Cmnty. College), BAM, 5s, 6/15/32 | | AA | | 2,030,000 | 2,228,493 |
|
| PA State Tpk. Comm. Rev. Bonds | | | | | |
| Ser. C, 5s, 12/1/44 | | A1 | | 1,200,000 | 1,319,016 |
| Ser. A, 5s, 12/1/38 | | A1 | | 1,000,000 | 1,108,320 |
| zero %, 12/1/34 | | A2 | | 1,925,000 | 1,527,372 |
|
| Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Hosp.-Graduate Hlth. Sys.), Ser. A, 6 1/4s, 7/1/13 (In default)(NON)(DEF) | | D/P | | 1,402,141 | 14 |
|
| Pittsburgh & Allegheny Cnty., Sports & Exhib. Auth. Hotel Rev. Bonds, AGM, 5s, 2/1/35 | | AA | | 1,225,000 | 1,330,632 |
|
|
| |
25,871,069 |
|
| Puerto Rico (0.5%) |
|
| Cmnwlth. of PR, G.O. Bonds, Ser. A | | | | | |
| 5 1/2s, 7/1/39 | | Caa3 | | 1,000,000 | 627,500 |
| 5 1/8s, 7/1/37 | | Caa3 | | 1,000,000 | 620,000 |
|
| Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A | | | | | |
| 5 3/8s, 8/1/39 | | CCC- | | 1,500,000 | 585,000 |
| AMBAC, zero %, 8/1/47 | | Caa3 | | 8,500,000 | 933,130 |
|
|
| |
2,765,630 |
|
| Rhode Island (0.3%) |
|
| Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5s, 6/1/50 | | BBB+/F | | 1,750,000 | 1,749,878 |
|
|
| |
1,749,878 |
|
| South Carolina (2.2%) |
|
| SC State Pub. Svc. Auth. Rev. Bonds | | | | | |
| (Santee Cooper), Ser. A, 5 3/4s, 12/1/43 | | AA- | | 3,000,000 | 3,533,310 |
| Ser. A, 5 1/2s, 12/1/54 | | AA- | | 3,000,000 | 3,357,600 |
| Ser. A, 5s, 12/1/55 | | AA- | | 2,000,000 | 2,147,560 |
| Ser. A, 5s, 12/1/50 | | AA- | | 2,000,000 | 2,171,180 |
|
|
| |
11,209,650 |
|
| Tennessee (0.8%) |
|
| Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38 | | Baa1 | | 3,450,000 | 3,881,871 |
|
|
| |
3,881,871 |
|
| Texas (15.4%) |
|
| Alliance, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 4.85s, 4/1/21 | | Baa1 | | 3,250,000 | 3,299,465 |
|
| Brazos River Harbor Naval Dist. Env. Rev. Bonds (Dow Chemical Co.), Ser. A-4, 5.95s, 5/15/33 | | BBB | | 400,000 | 442,656 |
|
| Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38 | | BBB | | 2,850,000 | 3,081,221 |
|
| Central TX Regl. Mobility Auth. Rev. Bonds (Sr. Lien), Ser. A, 5s, 1/1/33 | | Baa2 | | 425,000 | 461,635 |
|
| Dallas Cnty., Util. & Reclamation Dist. G.O. Bonds, Ser. B, AMBAC, 5 3/8s, 2/15/29 | | A3 | | 4,000,000 | 4,247,640 |
|
| Dallas, Area Rapid Transit Rev. Bonds (Sr. Lien), 5s, 12/1/33(T) | | AA+ | | 26,000,000 | 28,768,409 |
|
| Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev. Bonds, Ser. A, 5 1/4s, 11/1/30 | | A+ | | 3,000,000 | 3,386,520 |
|
| Grand Parkway Trans. Corp. Rev. Bonds (Sub. Tier Toll Syst.), Ser. B, 5s, 4/1/53 | | AA+ | | 1,400,000 | 1,522,948 |
|
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (YMCA of Greater Houston), Ser. A, 5s, 6/1/33 | | Baa3 | | 800,000 | 849,368 |
|
| Houston, Util. Syst. Rev. Bonds, Ser. A, 5s, 11/15/33 | | AA | | 1,500,000 | 1,707,345 |
|
| Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40 | | Baa1 | | 1,750,000 | 1,892,730 |
|
| Love Field, Gen. Arpt. Modernization Corp. Rev. Bonds, 5s, 11/1/35(FWC) | | A1 | | 1,000,000 | 1,107,790 |
|
| Lower CO River Auth. Transmission Svcs. Contract Corp. Rev. Bonds, 5s, 5/15/40 | | A | | 500,000 | 553,760 |
|
| Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30 | | Baa1 | | 1,500,000 | 1,574,790 |
|
| New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds | | | | | |
| (Wesleyan Homes, Inc.), 5 1/2s, 1/1/43 | | BB-/P | | 500,000 | 502,525 |
| (Tarleton State U. Collegiate Student Hsg.), Ser. A, 5s, 4/1/47 | | Baa3 | | 1,000,000 | 1,026,920 |
| (Collegiate Hsg.-College Station I, LLC), AGM, 5s, 4/1/46 | | AA | | 2,100,000 | 2,252,250 |
|
| North TX, Thruway Auth. Rev. Bonds, Ser. B, zero %, 9/1/43 | | AA+ | | 2,000,000 | 454,020 |
|
| North TX, Tollway Auth. Rev. Bonds | | | | | |
| (1st Tier), Ser. I, 6 1/2s, 1/1/43 | | A2 | | 4,000,000 | 4,893,360 |
| (1st Tier), Ser. A, 6s, 1/1/25 | | A2 | | 160,000 | 177,429 |
| (1st Tier), Ser. A, FNMA Coll., U.S. Govt. Coll., 6s, 1/1/25 (Prerefunded 1/1/18) | | AAA/P | | 1,140,000 | 1,281,531 |
| (Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38 (Prerefunded 1/1/18) | | A3 | | 2,000,000 | 2,236,400 |
| Ser. D, AGO, zero %, 1/1/28 | | AA | | 7,800,000 | 4,877,808 |
|
| Red River, Hlth. Retirement Fac. Dev. Corp. Rev. Bonds (Sears Methodist Retirement Syst. Oblig. Group) | | | | | |
| Ser. B, 6.15s, 11/15/49 (In default)(NON) | | D/P | | 282,000 | 1,551 |
| Ser. A, 5.45s, 11/15/38 (In default)(NON) | | D/P | | 814,000 | 4,477 |
|
| Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (Trinity Terrace), Ser. A-1, 5s, 10/1/44 | | BBB+/F | | 1,300,000 | 1,349,244 |
|
| Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds (Buckner Retirement Svcs., Inc.), 5 1/4s, 11/15/37 | | A- | | 1,100,000 | 1,154,549 |
|
| TX State G.O. Bonds (Trans. Auth.), Ser. A, 5s, 10/1/44 | | Aaa | | 1,000,000 | 1,133,350 |
|
| TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5s, 12/15/28 | | A3 | | 1,500,000 | 1,636,695 |
|
| TX State Trans. Comm. Tpk. Syst. Rev. Bonds (1st Tier), Ser. A, 5s, 8/15/41 | | A3 | | 2,500,000 | 2,696,275 |
|
|
| |
78,574,661 |
|
| Utah (0.3%) |
|
| Salt Lake City, Hosp. Rev. Bonds, AMBAC, U.S. Govt. Coll., 6 3/4s, 5/15/20 (Escrowed to maturity) | | AAA/P | | 1,400,000 | 1,403,990 |
|
|
| |
1,403,990 |
|
| Virginia (0.5%) |
|
| Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Mountain States Hlth. Alliance), Ser. C, 7 3/4s, 7/1/38 | | Baa1 | | 2,100,000 | 2,424,240 |
|
|
| |
2,424,240 |
|
| Washington (2.1%) |
|
| WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T) | | AA+ | | 5,000,000 | 5,778,865 |
|
| Port of Seattle, Rev. Bonds, Ser. C, 5s, 4/1/40(FWC) | | A1 | | 875,000 | 951,256 |
|
| Tobacco Settlement Auth. of WA Rev. Bonds, 5 1/4s, 6/1/32 | | A- | | 2,125,000 | 2,343,960 |
|
| WA State Hlth. Care Fac. Auth. Rev. Bonds (Kadlec Med. Ctr.), 5 1/2s, 12/1/39 (Prerefunded 12/1/20) | | AAA/P | | 1,200,000 | 1,442,580 |
|
|
| |
10,516,661 |
|
| West Virginia (0.9%) |
|
| Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds (Allegheny Energy), Ser. D, 5 1/2s, 10/15/37 | | Baa2 | | 3,450,000 | 3,556,019 |
|
| WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43 | | B+/P | | 935,000 | 968,623 |
|
|
| |
4,524,642 |
|
| Wisconsin (1.2%) |
|
| Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5 1/4s, 7/1/28 | | BBB | | 350,000 | 380,779 |
|
| WI State Rev. Bonds, Ser. A, 6s, 5/1/27 | | Aa3 | | 2,500,000 | 2,909,475 |
|
| WI State Hlth. & Edl. Fac. Auth. Rev. Bonds | | | | | |
| (Prohealth Care, Inc.), 6 5/8s, 2/15/39 (Prerefunded 2/15/19) | | A1 | | 1,500,000 | 1,788,285 |
| (Prohealth Care, Inc.), 5s, 8/15/39 | | A1 | | 750,000 | 814,643 |
| (Three Pillars Sr. Living), 5s, 8/15/33 | | A-/F | | 430,000 | 462,327 |
|
|
| |
6,355,509 |
|
| Wyoming (0.9%) |
|
| Campbell Cnty., Solid Waste Fac. Rev. Bonds (Basin Elec. Pwr. Co-op), Ser. A, 5 3/4s, 7/15/39 | | A1 | | 2,000,000 | 2,311,880 |
|
| WY Muni. Pwr. Agcy. Pwr. Supply Rev. Bonds | | | | | |
| Ser. A, 5 1/2s, 1/1/33 | | A2 | | 950,000 | 1,037,780 |
| (Pwr. Supply), Ser. A, 5 1/2s, 1/1/28 | | A2 | | 1,000,000 | 1,094,140 |
|
|
| |
4,443,800 |
|
| TOTAL INVESTMENTS |
|
|
| Total investments (cost $664,810,740)(b) |
$724,381,118 |
|