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UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM N-Q
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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
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INVESTMENT COMPANY
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Investment Company Act file number: (811-
07270
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Exact name of registrant as specified in charter:
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Putnam Municipal Bond Fund
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Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109
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Name and address of agent for service:
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Beth S. Mazor, Vice President
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One Post Office Square
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Boston, Massachusetts 02109
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Copy to:
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John W. Gerstmayr, Esq.
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Ropes & Gray LLP
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One International Place
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Boston, Massachusetts 02110
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Registrant’s telephone number, including area code:
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(617) 292-1000
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Date of fiscal year end:
April 30, 2008
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Date of reporting period: July 31, 2007
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Item 1. Schedule of Investments:
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Putnam Municipal Bond Fund
The fund's portfolio
7/31/07 (Unaudited)
Key to abbreviations
AMBAC -- AMBAC Indemnity Corporation
COP -- Certificate of Participation
FGIC -- Financial Guaranty Insurance Company
FHA Insd. -- Federal Housing Administration Insured
FHLMC Coll. -- Federal Home Loan Mortgage Corporation Collateralized
FNMA Coll. -- Federal National Mortgage Association Collateralized
FSA -- Financial Security Assurance
GNMA Coll. -- Government National Mortgage Association Collateralized
G.O. Bonds -- General Obligation Bonds
MBIA -- MBIA Insurance Company
PSFG -- Permanent School Fund Guaranteed
Radian Insd. -- Radian Group Insured
U.S. Govt. Coll. -- U.S. Government Collateralized
VRDN -- Variable Rate Demand Notes
XLCA -- XL Capital Assurance
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MUNICIPAL BONDS AND NOTES (166.8%)(a)
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Rating(RAT)
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Principal amount
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Value
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Alabama (1.7%)
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Birmingham, G.O. Bonds, Ser. B, AMBAC, 4 3/4s, 3/1/27
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(SEG)
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Aaa
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$3,000,000
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$3,048,390
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Sylacauga, Hlth. Care Auth. Rev. Bonds (Coosa Valley
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Med. Ctr.), Ser. A, 6s, 8/1/25
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B/P
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400,000
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411,232
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3,459,622
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Alaska (0.4%)
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Northern Tobacco Securitization Corp. Rev. Bonds,
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5 1/2s, 6/1/29 (Prerefunded)
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AAA
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750,000
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793,065
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Arizona (2.3%)
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Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande
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Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29
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B+/P
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1,175,000
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1,284,181
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Marana, Impt. Dist. Special Assmt. Bonds (Tangerine
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Farms Road), 4.6s, 1/1/26
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Baa1
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780,000
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754,556
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Maricopa Cnty., Poll. Control Rev. Bonds (Public
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Service Co. NM), Ser. A, 6.3s, 12/1/26
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Baa2
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2,000,000
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2,025,140
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Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon
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Cmnty. Learning Ctr.), 5.05s, 6/1/25
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BBB-
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525,000
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507,591
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4,571,468
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Arkansas (1.7%)
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Baxter Cnty., Hosp. Rev. Bonds, Ser. B, 5 5/8s, 9/1/28
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(Prerefunded)
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Baa2
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2,000,000
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2,072,200
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Independence Cnty., Poll. Control Rev. Bonds (Entergy
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AR, Inc.), 5s, 1/1/21
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A-
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600,000
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606,936
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Jefferson Cnty., Poll. Control Rev. Bonds (Entergy AR,
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Inc.), 4.6s, 10/1/17
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A-
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280,000
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279,983
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Springdale, Sales & Use Tax Rev. Bonds, FSA, 4.05s,
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7/1/26
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Aaa
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500,000
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496,660
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3,455,779
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California (14.7%)
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Anaheim, City School Dist. G.O. Bonds (Election
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of 2002), MBIA, zero %, 8/1/26
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Aaa
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2,250,000
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927,563
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Azusa, Cmnty. Fac. Dist. Special Tax Bonds (No. 05-1),
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Class 1, 5s, 9/1/27
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BB-/P
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455,000
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449,303
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CA Edl. Fac. Auth. Rev. Bonds
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(U. of the Pacific), 5s, 11/1/21
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A2
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525,000
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538,876
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(Loyola-Marymount U.), MBIA, zero %, 10/1/21
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Aaa
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1,300,000
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693,199
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CA Hlth. Fac. Fin. Auth. Rev. Bonds, AMBAC, 5.293s,
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7/1/17
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Aaa
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2,400,000
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2,402,520
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CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA),
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5 1/4s, 2/1/37
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Baa2
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1,500,000
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1,501,110
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CA State G.O. Bonds
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5 1/8s, 4/1/23
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A1
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750,000
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782,813
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5s, 5/1/23
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A1
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3,000,000
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3,104,910
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CA State Dept. of Wtr. Resources Rev. Bonds, Ser. A,
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5 1/2s, 5/1/11
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A1
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1,000,000
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1,059,470
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CA Statewide Cmntys., Dev. Auth. COP (The Internext
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Group), 5 3/8s, 4/1/30
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BBB
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1,750,000
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1,760,535
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Cathedral City, Impt. Board Act of 1915 Special Assmt.
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Bonds (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35
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BB+/P
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270,000
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266,398
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Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas),
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Ser. B, 5s, 12/1/27
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A1
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640,000
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651,328
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Duarte, Unified School Dist. G.O. Bonds (Election
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of 1998), Ser. E, FSA, zero %, 11/1/29
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Aaa
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1,305,000
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451,386
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Folsom, Pub. Fin. Wtr. Auth. Rev. Bonds, Ser. A, FSA,
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5s, 12/1/30
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Aaa
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3,185,000
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3,283,289
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Garvey, School Dist. G.O. Bonds (Election of 2004),
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FSA, zero %, 8/1/23
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Aaa
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1,330,000
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635,607
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Golden State Tobacco Securitization Corp. Rev. Bonds
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Ser. B, FHLMC Coll., 5 5/8s, 6/1/38 (Prerefunded)
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Aaa
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1,500,000
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1,632,825
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Ser. A-1, 5s, 6/1/33
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BBB
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1,000,000
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934,010
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Ser. 03 A-1, 5s, 6/1/21 (Prerefunded)
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AAA
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60,000
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60,627
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Ser. A-1, 4 1/2s, 6/1/27
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BBB
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785,000
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742,555
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Las Virgenes, Unified School Dist. G.O. Bonds, FSA,
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zero %, 11/1/23
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Aaa
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1,290,000
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614,272
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Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev. Bonds
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(Ladera Ranch No. 02-1), Ser. A, 5.55s, 8/15/33
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BBB/P
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450,000
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457,884
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Roseville, Cmnty. Fac. Special Tax Bonds
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(Dist. No. 1- Westpark), 5 1/4s, 9/1/18
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BB/P
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875,000
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894,023
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(Dist. No. 1 - Fiddyment Ranch), Ser. 1, 5s, 9/1/20
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BB/P
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255,000
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252,338
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Sacramento, Special Tax (North Natomas Cmnty. Fac.),
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Ser. 97-01, 5s, 9/1/20
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BB/P
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1,205,000
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1,212,796
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San Diego Cnty., Wtr. Auth. COP, FGIC, 5.681s, 4/23/08
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Aaa
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2,000,000
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2,029,280
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San Juan, Unified School Dist. G.O. Bonds, FSA, zero
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%, 8/1/19
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Aaa
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1,000,000
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590,530
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Silicon Valley, Tobacco Securitization Auth. Rev.
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Bonds (Santa Clara), Ser. A, zero %, 6/1/36
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BBB/F
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1,200,000
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243,516
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Vallejo, COP (Marine World Foundation), 7.2s, 2/1/26
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BBB-/P
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1,400,000
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1,402,856
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29,575,819
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Colorado (5.3%)
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CO Hlth. Fac. Auth. Rev. Bonds
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(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26
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BB-/P
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125,000
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128,124
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(Evangelical Lutheran), 5 1/4s, 6/1/21
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A3
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590,000
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611,458
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(Evangelical Lutheran), 5s, 6/1/29
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A3
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350,000
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351,712
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CO Pub. Hwy. Auth. Rev. Bonds (E-470 Pub. Hwy.), Ser.
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B, zero %, 9/1/35 (Prerefunded)
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Aaa
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27,000,000
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3,638,790
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CO Springs, Hosp. Rev. Bonds
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6 3/8s, 12/15/30
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A3
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1,765,000
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1,889,256
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6 3/8s, 12/15/30 (Prerefunded)
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A3
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1,735,000
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1,887,836
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Denver, City & Cnty. Arpt. Rev. Bonds, Ser. D, AMBAC,
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7 3/4s, 11/15/13
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Aaa
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2,000,000
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2,214,580
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10,721,756
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Delaware (0.9%)
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GMAC Muni. Mtge. Trust 144A sub. notes
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Ser. A1-3, 5.3s, 10/31/39
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A3
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500,000
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503,095
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Ser. A1-2, 4.9s, 10/31/39
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A3
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1,000,000
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995,110
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New Castle Cnty., Rev. Bonds (Newark Charter School,
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Inc.), 5s, 9/1/30
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BBB-
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250,000
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246,288
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1,744,493
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Florida (5.7%)
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Connerton West, Cmnty. Dev. Dist. Rev. Bonds, Ser. B,
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5 1/8s, 5/1/16
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BB-/P
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210,000
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207,696
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Escambia Cnty., Hlth. Fac. Auth. Rev. Bonds (Baptist
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Hosp. & Baptist Manor), 5 1/8s, 10/1/19
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Baa1
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1,500,000
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1,515,360
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Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount
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Sinai Med. Ctr.), Ser. A, 6.8s, 11/15/31
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Ba1
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500,000
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543,145
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Okeechobee Cnty., Solid Waste Mandatory Put Bonds
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(Waste Mgt./Landfill), Ser. A, 4.2s, 7/1/09
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BBB
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375,000
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372,071
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Orange Cnty., Hlth. Fac. Auth. Rev. Bonds (Hosp. Hlth.
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Care), Ser. E
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6s, 10/1/26
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A2
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2,940,000
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3,078,650
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6s, 10/1/26 (Prerefunded)
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A2
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60,000
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63,328
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Reunion West, Cmnty. Dev. Dist. Special Assmt. Bonds,
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6 1/4s, 5/1/36
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BB-/P
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840,000
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874,356
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South Bay, Cmnty. Dev. Dist. Rev. Bonds, Ser. B-1,
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5 1/8s, 11/1/09
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BB-/P
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715,000
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714,371
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South Broward, Hosp. Dist. Rev. Bonds (South Broward
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Hosp.), 4 3/4s, 5/1/28
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Aa3
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2,500,000
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2,454,525
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Split Pine, Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. A,
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5 1/4s, 5/1/39
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BB-/P
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500,000
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460,940
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Tampa, Hosp. Rev. Bonds (H. Lee Moffit Cancer &
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Research Inst.), Ser. A, 5 3/4s, 7/1/29
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A
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500,000
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512,655
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Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds,
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5.4s, 5/1/37
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BB-/P
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175,000
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171,932
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Wentworth Estates, Cmnty. Dev. Dist. Special Assmt.
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Bonds, Ser. B, 5 1/8s, 11/1/12
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BB-/P
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420,000
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415,993
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11,385,022
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Georgia (3.2%)
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Atlanta, Wtr. & Waste Wtr. VRDN, Ser. B, FSA, 3.63s,
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11/1/38
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VMIG1
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1,390,000
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1,390,000
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GA Med. Ctr. Hosp. Auth. Rev. Bonds, MBIA, 6.367s,
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8/1/10
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Aaa
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400,000
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400,516
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Henry Cnty., Wtr. & Swr. Auth. Rev. Bonds, FGIC,
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5 5/8s, 2/1/30 (Prerefunded)
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Aaa
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1,875,000
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1,974,150
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Paulding Cnty., School Dist. G.O. Bonds, 4 3/4s, 2/1/27
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AA+
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1,500,000
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1,525,230
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Rockdale Cnty., Dev. Auth. Solid Waste Disp. Rev.
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Bonds (Visay Paper, Inc.), 7.4s, 1/1/16
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B+/P
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1,070,000
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1,075,532
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6,365,428
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Idaho (0.5%)
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ID Hsg. & Fin. Assn. Rev. Bonds (Single Fam. Mtge.),
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Ser. C-2, FHA Insd., 5.15s, 7/1/29
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Aaa
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965,000
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968,744
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Illinois (6.1%)
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Chicago, Board of Ed. VRDN, Ser. D-2, CIFG, 3.74s,
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3/1/36
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VMIG1
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1,200,000
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1,200,000
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Chicago, Waste Wtr. Transmission Rev. Bonds, Ser. A,
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MBIA, zero %, 1/1/24
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Aaa
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1,600,000
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745,280
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Cook Cnty., G.O. Bonds, Ser. B, MBIA, 5s, 11/15/29
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Aaa
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2,750,000
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2,846,498
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IL Dev. Fin. Auth. Rev. Bonds (Midwestern U.), Ser. B,
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6s, 5/15/26 (Prerefunded)
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AAA
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1,600,000
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1,734,960
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IL Dev. Fin. Auth. Hosp. Rev. Bonds (Adventist Hlth.
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Syst./Sunbelt Obligation), 5.65s, 11/15/24
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(Prerefunded)
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A1
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1,500,000
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1,572,810
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IL State Toll Hwy. Auth. Rev. Bonds, Ser. A-1, FSA,
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5s, 1/1/23
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Aaa
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2,250,000
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2,358,698
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Kendall & Kane Cntys., Cmnty. United School Dist. G.O.
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Bonds (No. 115 Yorkville), FGIC, zero %, 1/1/21
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Aaa
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1,075,000
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585,682
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Lake Cnty., Cmnty. School Dist. G.O. Bonds (No. 073
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Hawthorn), Ser. 02, FGIC, zero %, 12/1/21
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Aaa
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1,000,000
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516,840
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Montgomery, Special Assmt. Bonds (Lakewood Creek),
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Radian Insd., 4.7s, 3/1/30
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AA
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700,000
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680,050
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12,240,818
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Indiana (3.5%)
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Anderson, Econ. Dev. Rev. Bonds (Anderson U.), 5s,
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10/1/24
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BBB/F
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135,000
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135,608
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Franklin, Cmnty. Multi-School Bldg. Corp. Rev. Bonds
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(First Mtge.), FGIC, 5s, 7/15/26
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Aaa
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4,215,000
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4,367,499
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Hamilton Cnty., Pub. Bldg. Corp. G.O. Bonds (First
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Mtge.), FSA, 5s, 2/1/26
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Aaa
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2,525,000
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2,616,885
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7,119,992
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Iowa (1.7%)
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IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care
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Initiatives), 9 1/4s, 7/1/25 (Prerefunded)
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AAA
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1,465,000
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1,759,626
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IA State Rev. Bonds (Honey Creek Premier Destination
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Pk.), FSA, 5s, 6/1/28
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Aaa
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1,545,000
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1,606,383
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3,366,009
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Kansas (0.1%)
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Lawrence, Hosp. Rev. Bonds (Lawrence Memorial Hosp.),
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5 1/4s, 7/1/21
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A3
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250,000
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260,645
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Kentucky (1.0%)
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KY Econ. Dev. Fin. Auth. Hlth. Syst. Rev. Bonds
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(Norton Hlth. Care), Ser. A
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6 5/8s, 10/1/28 (Prerefunded)
|
AAA/P
|
1,470,000
|
1,606,931
|
|
6 5/8s, 10/1/28
|
A-/F
|
405,000
|
431,487
|
|
|
|
|
2,038,418
|
|
|
|
|
Louisiana (0.2%)
|
|
|
|
|
LA Pub. Fac. Auth. Rev. Bonds (Pennington Med.
|
|
|
|
|
Foundation), 5s, 7/1/16
|
A3
|
400,000
|
411,180
|
|
|
|
|
Maine (0.7%)
|
|
|
|
|
Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade
|
|
|
|
|
Corp.), 6 7/8s, 10/1/26
|
Ba3
|
1,350,000
|
1,466,019
|
|
|
|
|
Maryland (0.2%)
|
|
|
|
|
Baltimore Cnty., Rev. Bonds (Oak Crest Village, Inc.
|
|
|
|
|
Fac.), Ser. A, 5s, 1/1/22
|
BBB+
|
475,000
|
479,598
|
|
|
|
|
Massachusetts (13.8%)
|
|
|
|
|
MA State Dev. Fin. Agcy. Rev. Bonds
|
|
|
|
|
(MA Biomedical Research), Ser. C, 6 1/4s, 8/1/20
|
Aa3
|
2,850,000
|
3,032,144
|
|
(Linden Ponds, Inc.), Ser. A, 5 1/2s, 11/15/22
|
BB/P
|
425,000
|
431,970
|
|
MA State Dev. Fin. Agcy. Higher Ed. Rev. Bonds
|
|
|
|
|
(Emerson College), Ser. A, 5s, 1/1/19
|
A-
|
310,000
|
323,708
|
|
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
|
|
|
|
|
(Civic Investments/HPHC), Ser. A, 9s, 12/15/15
|
|
|
|
|
(Prerefunded)
|
BBB-/P
|
1,215,000
|
1,446,640
|
|
(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33
|
BB+
|
750,000
|
806,865
|
|
(Med. Ctr. of Central MA), AMBAC, 6.55s, 6/23/22
|
Aaa
|
11,500,000
|
11,744,260
|
|
(Hlth. Care Syst. Covenant Hlth.), Ser. E, 6s, 7/1/31
|
A
|
3,000,000
|
3,195,300
|
|
(UMass Memorial), Ser. D, 5s, 7/1/33
|
Baa2
|
500,000
|
490,015
|
|
MA State Port Auth. Rev. Bonds, U.S. Govt. Coll., 13s,
|
|
|
|
|
7/1/13 (Prerefunded)
|
Aaa
|
2,690,000
|
3,494,875
|
|
MA State School Bldg. Auth. Dedicated Sales Tax Rev.
|
|
|
|
|
Bonds, Ser. A, AMBAC, 4 3/4s, 8/15/32
|
Aaa
|
2,750,000
|
2,778,408
|
|
|
|
|
27,744,185
|
|
|
|
|
Michigan (4.5%)
|
|
|
|
|
Detroit, G.O. Bonds, Ser. A-1, AMBAC, 5 1/4s, 4/1/24
|
Aaa
|
1,435,000
|
1,500,465
|
|
Detroit, City School Dist. G.O. Bonds, Ser. A, FSA,
|
|
|
|
|
6s, 5/1/29
|
Aaa
|
1,000,000
|
1,200,630
|
|
Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med.
|
|
|
|
|
Ctr.), 6s, 7/1/20
|
Ba1
|
75,000
|
77,438
|
|
MI Muni. Board Auth. Rev. Bonds (Clean Wtr. Revolving
|
|
|
|
|
Fund), 5s, 10/1/25
|
Aaa
|
1,000,000
|
1,050,940
|
|
MI State Hosp. Fin. Auth. Rev. Bonds
|
|
|
|
|
(Oakwood Hosp.), Ser. A, 5 3/4s, 4/1/32
|
A2
|
1,000,000
|
1,042,010
|
|
|
|
|
|
|
(Midmichigan Hlth. Oblig. Group), Ser. A, 5s, 4/15/26
|
A1
|
1,775,000
|
1,802,406
|
|
(Hosp. Sparrow), 5s, 11/15/24
|
A1
|
1,600,000
|
1,621,728
|
|
MI State Strategic Fund, Ltd. Mandatory Put Bonds (Dow
|
|
|
|
|
Chemical), 5 1/2s, 6/1/13
|
A3
|
500,000
|
525,085
|
|
MI State U. VRDN, Ser. A, 3.66s, 8/15/32
|
VMIG1
|
205,000
|
205,000
|
|
|
|
|
9,025,702
|
|
|
|
|
Minnesota (1.9%)
|
|
|
|
|
Cohasset, Poll. Control Rev. Bonds (Allete, Inc.),
|
|
|
|
|
4.95s, 7/1/22
|
A-
|
2,500,000
|
2,515,875
|
|
MN State Hsg. Fin. Agcy. Rev. Bonds (Res. Hsg.), Ser.
|
|
|
|
|
M, 5 3/4s, 1/1/37
|
Aa1
|
500,000
|
529,640
|
|
MN State Hsg. Fin. Agcy. Single Fam. Mtge. Rev. Bonds,
|
|
|
|
|
6.05s, 7/1/31
|
Aa1
|
430,000
|
433,986
|
|
St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds
|
|
|
|
|
(Healtheast), 6s, 11/15/25
|
Baa3
|
350,000
|
379,495
|
|
|
|
|
3,858,996
|
|
|
|
|
Mississippi (2.1%)
|
|
|
|
|
Lowndes Cnty., Solid Waste Disp. & Poll. Control Rev.
|
|
|
|
|
Bonds (Weyerhaeuser Co.)
|
|
|
|
|
Ser. A, 6.8s, 4/1/22
|
Baa2
|
500,000
|
590,395
|
|
Ser. B, 6.7s, 4/1/22
|
Baa2
|
530,000
|
620,370
|
|
MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst.
|
|
|
|
|
Energy Resources, Inc.), 5.9s, 5/1/22
|
BBB
|
2,000,000
|
2,003,640
|
|
MS Home Corp. Rev. Bonds (Single Fam. Mtge.)
|
|
|
|
|
Ser. B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33
|
Aaa
|
510,000
|
522,306
|
|
Ser. B, GNMA Coll., FNMA Coll., 5 1/2s, 6/1/36
|
Aaa
|
435,000
|
449,177
|
|
|
|
|
4,185,888
|
|
|
|
|
Missouri (3.2%)
|
|
|
|
|
Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac.
|
|
|
|
|
Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5 1/2s,
|
|
|
|
|
6/1/32
|
A+
|
1,500,000
|
1,564,335
|
|
MO Hsg. Dev. Comm. Rev. Bonds (Home Ownership), Ser.
|
|
|
|
|
B, GNMA Coll., FNMA Coll., 4.4s, 3/1/14
|
AAA
|
205,000
|
204,299
|
|
MO State Hlth. & Edl. Fac. Auth. Rev. Bonds (BJC Hlth.
|
|
|
|
|
Syst.)
|
|
|
|
|
5 1/4s, 5/15/32
|
Aa2
|
1,000,000
|
1,027,500
|
|
5 1/4s, 5/15/17
|
Aa2
|
2,000,000
|
2,093,120
|
|
MO State Hsg. Dev. Comm. Mtge. Rev. Bonds (Single Fam.
|
|
|
|
|
Homeowner Loan)
|
|
|
|
|
Ser. A, GNMA Coll., FNMA Coll., 7.2s, 9/1/26
|
AAA
|
140,000
|
142,157
|
|
Ser. A-2, GNMA Coll., 6.3s, 3/1/30
|
AAA
|
790,000
|
802,087
|
|
Ser. C, GNMA Coll., FNMA Coll., 5.6s, 9/1/35
|
AAA
|
635,000
|
663,423
|
|
|
|
|
6,496,921
|
|
|
|
|
Nevada (7.7%)
|
|
|
|
|
Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, FGIC, 5 1/8s,
|
|
|
|
|
7/1/26
|
Aaa
|
5,000,000
|
5,204,750
|
|
Clark Cnty., Impt. Dist. Special Assmt. Bonds
|
|
|
|
|
(Summerlin No. 151), 5s, 8/1/25
|
BB/P
|
700,000
|
704,172
|
|
Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas
|
|
|
|
|
Corp.), Ser. A, AMBAC, 6.1s, 12/1/38
|
Aaa
|
3,000,000
|
3,184,230
|
|
Henderson G.O. Bonds (Ltd. Tax -Swr.), FGIC, 5s, 6/1/29
|
Aaa
|
3,935,000
|
4,091,298
|
|
Henderson, Local Impt. Dist. Special Assmt. Bonds
|
|
|
|
|
(No. T-16), 5 1/8s, 3/1/25
|
BB/P
|
1,000,000
|
994,800
|
|
(No. T-17), 5s, 9/1/25
|
BB/P
|
225,000
|
218,475
|
|
(No. T-14), 4 3/4s, 3/1/10
|
BB/P
|
1,035,000
|
1,044,708
|
|
|
|
|
15,442,433
|
|
|
|
|
New Jersey (8.9%)
|
|
|
|
|
NJ Econ. Dev. Auth. Rev. Bonds
|
|
|
|
|
(Cedar Crest Village, Inc.), Ser. A, 7 1/4s, 11/15/31
|
|
|
|
|
(Prerefunded)
|
AAA/P
|
650,000
|
738,660
|
|
(First Mtge. Presbyterian Home), Ser. A, 6 3/8s,
|
|
|
|
|
11/1/31
|
BB/P
|
1,000,000
|
1,042,990
|
|
(Cigarette Tax), 5 3/4s, 6/15/29
|
Baa2
|
1,750,000
|
1,871,485
|
|
NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds
|
|
|
|
|
(Hunterdon Med. Ctr.), Ser. B, 5s, 7/1/26
|
A-
|
1,000,000
|
1,017,220
|
|
(South Jersey Hosp.), 5s, 7/1/26
|
Baa1
|
1,685,000
|
1,693,341
|
|
(South Jersey Hosp.), 5s, 7/1/25
|
Baa1
|
355,000
|
357,268
|
|
NJ State Rev. Bonds (Trans. Syst.), Ser. C, AMBAC,
|
|
|
|
|
zero %, 12/15/24
|
Aaa
|
4,800,000
|
2,156,784
|
|
NJ State Edl. Fac. Auth. Rev. Bonds (Fairleigh
|
|
|
|
|
Dickinson), Ser. C, 6s, 7/1/20
|
BBB-/F
|
750,000
|
819,413
|
|
Passaic Cnty., Impt. Auth. Lease Rev. Bonds (Preakness
|
|
|
|
|
Hlth. Care Ctr.), AMBAC, 5s, 5/1/27
|
Aaa
|
5,405,000
|
5,597,580
|
|
Tobacco Settlement Fin. Corp. Rev. Bonds
|
|
|
|
|
6 3/4s, 6/1/39 (Prerefunded)
|
AAA
|
1,100,000
|
1,261,326
|
|
Ser. 1A, 4 1/2s, 6/1/23
|
BBB
|
1,395,000
|
1,338,419
|
|
|
|
|
17,894,486
|
|
|
|
|
New Mexico (1.4%)
|
|
|
|
|
NM Fin. Auth. Rev. Bonds, Ser. A, MBIA, 5s, 6/15/22
|
Aaa
|
750,000
|
787,763
|
|
NM Mtge. Fin. Auth. Rev. Bonds (Single Fam. Mtge.)
|
|
|
|
|
Ser. D-2, GNMA Coll., FNMA Coll., FHLMC Coll., 5.64s,
|
|
|
|
|
9/1/33
|
AAA
|
330,000
|
336,468
|
|
Ser. F2, Class I, GNMA Coll., FNMA Coll., FHLMC Coll.,
|
|
|
|
|
|
|
|
|
|
5.6s, 7/1/38
|
AAA
|
1,715,000
|
1,811,434
|
|
|
|
|
2,935,665
|
|
|
|
|
New York (10.1%)
|
|
|
|
|
Metro. Trans. Auth. Dedicated Tax Rev. Bonds, Ser. B,
|
|
|
|
|
MBIA, 5s, 11/15/25
|
Aaa
|
3,200,000
|
3,372,256
|
|
Niagara Cnty., Indl. Dev. Agcy. Rev. Bonds, Ser. C,
|
|
|
|
|
5 5/8s, 11/15/24
|
Baa2
|
1,500,000
|
1,546,440
|
|
NY City, Hsg. Dev. Corp. Rev. Bonds, Ser. A, FGIC, 5s,
|
|
|
|
|
7/1/25
|
Aaa
|
500,000
|
521,880
|
|
NY City, Indl. Dev. Agcy. Rev. Bonds (Liberty-7 World
|
|
|
|
|
Trade Ctr.), Ser. A, 6 1/4s, 3/1/15
|
B-/P
|
500,000
|
525,415
|
|
NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds
|
|
|
|
|
(British Airways PLC), 5 1/4s, 12/1/32
|
BB+
|
250,000
|
244,500
|
|
NY State Dorm. Auth. Rev. Bonds
|
|
|
|
|
(State U. Edl. Fac.), Ser. A, 5 7/8s, 5/15/17
|
AA-
|
5,905,000
|
6,696,447
|
|
(New York Methodist Hosp.), 5 1/4s, 7/1/11
|
Baa2
|
1,140,000
|
1,171,954
|
|
NY State Energy Research & Dev. Auth. Gas Fac. Rev.
|
|
|
|
|
Bonds (Brooklyn Union Gas), 6.952s, 7/1/26
|
A+
|
2,000,000
|
2,043,780
|
|
Onondaga Cnty., Indl. Dev. Agcy. Rev. Bonds (Solvay
|
|
|
|
|
Paperboard, LLC), 7s, 11/1/30 (acquired 6/30/04, cost
|
|
|
|
|
$1,141,503) (RES)
|
BB/P
|
1,100,000
|
1,138,269
|
|
Port. Auth. NY & NJ Special Oblig. Rev. Bonds (JFK
|
|
|
|
|
Intl. Air Term. - 6), MBIA, 5.9s, 12/1/17
|
Aaa
|
2,250,000
|
2,309,018
|
|
Suffolk Cnty., Indl. Dev. Agcy. Cont. Care Retirement
|
|
|
|
|
Rev. Bonds (Peconic Landing), Ser. A, 8s, 10/1/30
|
BB-/P
|
650,000
|
702,709
|
|
|
|
|
20,272,668
|
|
|
|
|
North Carolina (6.2%)
|
|
|
|
|
NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds
|
|
|
|
|
Ser. A, 5 3/4s, 1/1/26
|
Baa2
|
2,000,000
|
2,074,920
|
|
Ser. B, 5.65s, 1/1/16
|
Baa2
|
1,000,000
|
1,039,890
|
|
NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds (First
|
|
|
|
|
Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22
|
BB/P
|
500,000
|
506,275
|
|
NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba
|
|
|
|
|
Elec.)
|
|
|
|
|
Ser. B, 6 1/2s, 1/1/20
|
A3
|
3,000,000
|
3,191,490
|
|
Ser. A, MBIA, 5 1/4s, 1/1/19
|
Aaa
|
5,400,000
|
5,687,712
|
|
|
|
|
12,500,287
|
|
|
|
|
North Dakota (1.5%)
|
|
|
|
|
Grand Forks, Hlth. Care Syst. Rev. Bonds (Altru Hlth.
|
|
|
|
|
Syst. Oblig. Group), 7 1/8s, 8/15/24
|
Baa2
|
2,000,000
|
2,154,120
|
|
ND State Board of Higher Ed. Rev. Bonds (U. of ND Hsg.
|
|
|
|
|
& Auxillary Fac.), FSA, 5s, 4/1/21
|
Aaa
|
935,000
|
977,730
|
|
|
|
|
3,131,850
|
|
|
|
|
Ohio (1.7%)
|
|
|
|
|
Coshocton Cnty., Env. 144A Rev. Bonds (Smurfit-Stone
|
|
|
|
|
Container Corp.), 5 1/8s, 8/1/13
|
CCC+
|
600,000
|
595,878
|
|
OH State Higher Ed. Fac. Comm. Rev. Bonds (John
|
|
|
|
|
Carroll U.), 5 1/4s, 11/15/33
|
A2
|
500,000
|
522,240
|
|
Rickenbacker, Port Auth. Rev. Bonds (OASBO Expanded
|
|
|
|
|
Asset Pooled), Ser. A, 5 3/8s, 1/1/32
|
A2
|
2,170,000
|
2,331,882
|
|
|
|
|
3,450,000
|
|
|
|
|
Oklahoma (3.6%)
|
|
|
|
|
Durant, Cmnty. Facs. Auth. G.O. Bonds, XLCA, 5 3/4s,
|
|
|
|
|
11/1/24
|
Aaa
|
1,730,000
|
1,903,813
|
|
OK Dev. Fin. Auth. Rev. Bonds (Hillcrest Hlth. Care
|
|
|
|
|
Syst.), Ser. A, U.S. Govt. Coll., 5 5/8s, 8/15/29
|
|
|
|
|
(Prerefunded)
|
Aaa
|
1,075,000
|
1,124,063
|
|
OK Hsg. Fin. Agcy. Single Fam. Rev. Bonds
|
|
|
|
|
(Homeownership Loan), Ser. C-2, GNMA Coll., FNMA
|
|
|
|
|
Coll., 5.7s, 9/1/35
|
Aaa
|
285,000
|
296,243
|
|
OK State Cap. Impt. State Facs. Auth. VRDN (Higher
|
|
|
|
|
Ed.), Ser. D-2, CIFG, 3.74s, 7/1/32
|
VMIG1
|
3,900,000
|
3,900,000
|
|
|
|
|
7,224,119
|
|
|
|
|
Oregon (0.6%)
|
|
|
|
|
Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds
|
|
|
|
|
(Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26
|
BB-/P
|
520,000
|
515,720
|
|
OR State Hsg. & Cmnty. Svcs. Dept. Rev. Bonds (Single
|
|
|
|
|
Family Mtge.), Ser. K, 5 5/8s, 7/1/29
|
Aa2
|
680,000
|
691,261
|
|
|
|
|
1,206,981
|
|
|
|
|
Pennsylvania (11.6%)
|
|
|
|
|
Bucks Cnty., Indl. Dev. Auth. Rev. Bonds (USX Corp.),
|
|
|
|
|
5.6s, 3/1/33
|
Baa1
|
2,025,000
|
2,080,242
|
|
Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev.
|
|
|
|
|
Bonds (Ann's Choice, Inc.), Ser. A, 5.4s, 1/1/15
|
BB/P
|
530,000
|
536,842
|
|
Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther
|
|
|
|
|
Creek Partners), 6.65s, 5/1/10
|
BBB-
|
580,000
|
594,349
|
|
Dauphin Cnty., Hosp. Auth. Rev. Bonds (Hapsco-Western
|
|
|
|
|
PA Hosp.), Ser. A, MBIA, 6 1/2s, 7/1/12
|
Aaa
|
5,000,000
|
5,006,000
|
|
Lancaster Cnty., Hosp. Auth. Rev. Bonds (Gen. Hosp.),
|
|
|
|
|
5 1/2s, 3/15/26 (Prerefunded)
|
AA-
|
1,500,000
|
1,630,275
|
|
Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds (Lehigh
|
|
|
|
|
|
|
|
|
|
Valley Hosp. Hlth. Network), Ser. A, 5 1/4s, 7/1/32
|
A1
|
1,000,000
|
1,013,510
|
|
PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev.
|
|
|
|
|
Bonds (Northampton Generating), Ser. A
|
|
|
|
|
6.6s, 1/1/19
|
B+
|
400,000
|
402,080
|
|
6 1/2s, 1/1/13
|
B+
|
1,000,000
|
1,004,690
|
|
PA State Higher Edl. Fac. Auth. Rev. Bonds
|
|
|
|
|
(Widener U.), 5 3/8s, 7/15/29
|
BBB+
|
750,000
|
776,385
|
|
(Philadelphia U.), 5s, 6/1/30
|
Baa2
|
780,000
|
782,956
|
|
(Philadelphia U.), 5s, 6/1/22
|
Baa2
|
300,000
|
303,465
|
|
Philadelphia, Gas Wks. Rev. Bonds, Ser. A-1, FSA, 5s,
|
|
|
|
|
9/1/25
|
Aaa
|
2,505,000
|
2,589,318
|
|
Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds
|
|
|
|
|
(Hosp.-Graduate Hlth. Sys.), Ser. A, 6 1/4s, 7/1/13
|
|
|
|
|
(In default) (NON)
|
D/P
|
1,466,136
|
2,932
|
|
(Children's Hosp. of Philadelphia), Ser. A, 4 1/2s,
|
|
|
|
|
7/1/33
|
Aa2
|
1,000,000
|
937,430
|
|
Sayre, Hlth. Care Fac. Auth. Rev. Bonds (Guthrie
|
|
|
|
|
Hlth.), Ser. A
|
|
|
|
|
5 7/8s, 12/1/31 (Prerefunded)
|
A
|
850,000
|
924,460
|
|
5 7/8s, 12/1/31
|
A
|
250,000
|
263,610
|
|
Scranton, G.O. Bonds, Ser. C, 7.1s, 9/1/31
|
|
|
|
|
(Prerefunded)
|
AAA/P
|
3,000,000
|
3,362,190
|
|
West Cornwall, Tpk. Muni. Auth. Rev. Bonds
|
|
|
|
|
(Elizabethtown College), 6s, 12/15/27 (Prerefunded)
|
BBB+
|
1,000,000
|
1,084,770
|
|
|
|
|
23,295,504
|
|
|
|
|
Puerto Rico (1.7%)
|
|
|
|
|
Cmnwlth. of PR, Govt. Dev. Bank Rev. Bonds, Ser. AA,
|
|
|
|
|
5s, 12/1/16
|
Baa3
|
250,000
|
262,728
|
|
Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser.
|
|
|
|
|
B, 6s, 7/1/39 (Prerefunded)
|
BBB+
|
3,000,000
|
3,209,610
|
|
|
|
|
3,472,338
|
|
|
|
|
South Carolina (4.3%)
|
|
|
|
|
Lexington Cnty., Hlth. Svcs. Dist. Hosp. Rev. Bonds,
|
|
|
|
|
5s, 11/1/23
|
A+
|
1,340,000
|
1,351,671
|
|
SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A, 6 1/2s,
|
|
|
|
|
8/15/32 (Prerefunded)
|
AAA
|
1,000,000
|
1,119,220
|
|
SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds
|
|
|
|
|
(Palmetto Hlth. Alliance), Ser. A, 7 3/8s, 12/15/21
|
|
|
|
|
(Prerefunded)
|
BBB+/F
|
700,000
|
788,536
|
|
(Palmetto Hlth.), Ser. C, 6s, 8/1/20 (Prerefunded)
|
Baa1
|
1,335,000
|
1,475,309
|
|
(Palmetto Hlth.), Ser. C, 6s, 8/1/20 (Prerefunded)
|
Baa1
|
165,000
|
182,342
|
|
SC Tobacco Settlement Rev. Mgmt. Auth. Rev. Bonds,
|
|
|
|
|
Ser. B, 6 3/8s, 5/15/30
|
BBB
|
2,000,000
|
2,236,720
|
|
SC Tobacco Settlement Rev. Mgmt. Auth. Rev. Bonds,
|
|
|
|
|
Ser. B, 6 3/8s, 5/15/28
|
BBB
|
1,500,000
|
1,584,720
|
|
|
|
|
8,738,518
|
|
|
|
|
South Dakota (0.4%)
|
|
|
|
|
SD State Hlth. & Edl. Fac. Auth. Rev. Bonds (Sanford
|
|
|
|
|
Hlth.)
|
|
|
|
|
5s, 11/1/21
|
AA-
|
250,000
|
255,988
|
|
5s, 11/1/20
|
AA-
|
500,000
|
513,945
|
|
|
|
|
769,933
|
|
|
|
|
Tennessee (2.2%)
|
|
|
|
|
Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds
|
|
|
|
|
(First Mtge. Mountain States Hlth.), Ser. A, 7 1/2s,
|
|
|
|
|
7/1/33
|
Baa1
|
2,425,000
|
2,769,399
|
|
Shelby Cnty., Hlth. Edl. & Hsg. Fac. Hosp. Board Rev.
|
|
|
|
|
Bonds (Methodist Hlth. Care)
|
|
|
|
|
6 1/2s, 9/1/26 (Prerefunded)
|
AAA
|
630,000
|
704,157
|
|
6 1/2s, 9/1/26 (Prerefunded)
|
AAA
|
370,000
|
413,553
|
|
Sullivan Cnty., Hlth. Edl. & Hsg. Hosp. Fac. Board
|
|
|
|
|
Rev. Bonds (Wellmont Hlth. Syst.), Ser. C, 5s, 9/1/22
|
BBB+
|
480,000
|
477,970
|
|
|
|
|
4,365,079
|
|
|
|
|
Texas (16.2%)
|
|
|
|
|
Alliance, Arpt. Auth. Rev. Bonds (Federal Express
|
|
|
|
|
Corp.), 4.85s, 4/1/21
|
Baa2
|
1,500,000
|
1,480,740
|
|
Brazoria Cnty., Brazos River Harbor Naval Dist. VRDN
|
|
|
|
|
(Dow Chemical Co.), Ser. A-3, 5 1/8s, 5/15/33
|
A3
|
170,000
|
168,188
|
|
Coppell, Indpt. School Dist. G.O. Bonds, PSFG, zero %,
|
|
|
|
|
8/15/21
|
Aaa
|
2,870,000
|
1,509,792
|
|
Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev.
|
|
|
|
|
Bonds, Ser. A, FGIC, 5 3/4s, 11/1/13
|
Aaa
|
5,000,000
|
5,318,050
|
|
Frisco Indpt. School Dist. G.O. Bonds (School Bldg.),
|
|
|
|
|
Ser. B, MBIA, 5s, 7/15/28
|
Aaa
|
2,515,000
|
2,589,268
|
|
Galena Pk., Indpt. School Dist. G.O. Bonds, PSFG, zero
|
|
|
|
|
%, 8/15/28
|
Aaa
|
5,270,000
|
1,943,260
|
|
Gulf Coast, Waste Disp. Auth. Rev. Bonds (Valero
|
|
|
|
|
Energy Corp.), 6.65s, 4/1/32
|
BBB
|
1,000,000
|
1,062,840
|
|
Humble, Indpt. School Dist. G.O. Bonds (School Bldg.),
|
|
|
|
|
Ser. A, FSA, 4 3/4s, 2/15/30
|
Aaa
|
1,900,000
|
1,902,850
|
|
New Caney, Indpt. School Dist. G.O. Bonds, FGIC, 5s,
|
|
|
|
|
2/15/29
|
Aaa
|
2,405,000
|
2,473,855
|
|
Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21
|
Baa2
|
1,500,000
|
1,567,380
|
|
San Antonio, Muni. Drain Util. Syst. Rev. Bonds, MBIA,
|
|
|
|
|
|
|
|
|
|
5 1/4s, 2/1/23
|
Aaa
|
2,945,000
|
3,116,811
|
|
TX State Dept. of Hsg. & Cmnty. Affairs Rev. Bonds
|
|
|
|
|
(Single Fam.), Ser. F, FHA Insd., 5 3/4s, 3/1/37
|
AAA
|
1,000,000
|
1,056,830
|
|
TX State Tpk. Auth. Rev. Bonds (Central Texas Tpk.
|
|
|
|
|
Syst.), Ser. A, AMBAC, 5 1/2s, 8/15/39
|
Aaa
|
8,000,000
|
8,482,160
|
|
|
|
|
32,672,024
|
|
|
|
|
Utah (0.4%)
|
|
|
|
|
UT Cnty., Env. Impt. Rev. Bonds (Marathon Oil), 5.05s,
|
|
|
|
|
11/1/17
|
Baa1
|
675,000
|
700,191
|
|
|
|
|
Vermont (0.1%)
|
|
|
|
|
VT Hsg. Fin. Agcy. Rev. Bonds (Single Fam.), Ser. 23,
|
|
|
|
|
FSA, 5s, 5/1/34
|
Aaa
|
260,000
|
264,399
|
|
|
|
|
Virginia (1.9%)
|
|
|
|
|
Prince William Cnty., Indl. Dev. Auth. Hosp. Rev.
|
|
|
|
|
Bonds (Potomac Hosp. Corp.), 5.35s, 10/1/36
|
A3
|
500,000
|
519,040
|
|
Richmond, Pub. Util. Rev. Bonds, FSA, 5s, 1/15/27
|
Aaa
|
2,000,000
|
2,084,500
|
|
Stafford Cnty., Econ. Dev. Auth. Hosp. Fac. Rev. Bonds
|
|
|
|
|
(Medicorp. Hlth. Syst.), 5 1/4s, 6/15/26
|
A3
|
1,250,000
|
1,292,900
|
|
|
|
|
3,896,440
|
|
|
|
|
Washington (5.7%)
|
|
|
|
|
Everett, Pub. Fac. Dist. Ltd. Sales Tax & Interlocal
|
|
|
|
|
Rev. Bonds, Ser. A, 5s, 12/1/21
|
A
|
940,000
|
976,058
|
|
Tobacco Settlement Auth. of WA Rev. Bonds
|
|
|
|
|
6 5/8s, 6/1/32
|
BBB
|
900,000
|
966,960
|
|
6 1/2s, 6/1/26
|
BBB
|
2,250,000
|
2,409,345
|
|
WA State G.O. Bonds, Ser. E, MBIA
|
|
|
|
|
5s, 1/1/28
|
Aaa
|
3,125,000
|
3,236,375
|
|
5s, 1/1/27
|
Aaa
|
3,680,000
|
3,815,866
|
|
|
|
|
11,404,604
|
|
|
|
|
West Virginia (1.3%)
|
|
|
|
|
West Virginia U. Rev. Bonds, Ser. C, FGIC, 5s, 10/1/28
|
Aaa
|
2,530,000
|
2,623,812
|
|
|
|
|
Wisconsin (3.9%)
|
|
|
|
|
Badger Tobacco Settlement Asset Securitization Corp.
|
|
|
|
|
Rev. Bonds, 6 3/8s, 6/1/32
|
BBB
|
2,600,000
|
2,815,098
|
|
Badger Tobacco Settlement Asset Securitization Corp.
|
|
|
|
|
Rev. Bonds, 7s, 6/1/28
|
BBB
|
2,600,000
|
2,842,476
|
|
WI State Hlth. & Edl. Fac. Auth. Rev. Bonds
|
|
|
|
|
(Wheaton Franciscan), 5 3/4s, 8/15/30 (Prerefunded)
|
A-
|
1,600,000
|
1,733,920
|
|
(Ascension Hlth. Credit), Ser. A, 5s, 11/15/31
|
Aa2
|
560,000
|
565,757
|
|
|
|
|
7,957,251
|
|
|
|
|
|
TOTAL INVESTMENTS
|
|
|
|
|
|
Total investments (cost $326,228,394) (b)
|
|
|
$335,954,149
|
FUTURES CONTRACTS OUTSTANDING at 7/31/07 (Unaudited)
|
|
|
|
|
|
|
|
|
Number of
|
|
|
Expiration
|
Unrealized
|
|
|
contracts
|
Value
|
|
date
|
depreciation
|
|
|
U.S. Treasury Note 5 yr (Short)
|
150
|
$15,820,313
|
|
Sep-07
|
$(251,069)
|
NOTES
(a) Percentages indicated are based on net assets of $201,453,319
.
(RAT) The Moody's or Standard & Poor's ratings indicated are believed to be the most recent ratings available at
July 31, 2007 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 July 31, 2007. Securities rated by Putnam are indicated by "/P." Securities rated by Fitch are indicated by "/F."
(NON)
Non-income producing security.
(b) The aggregate identified cost on a tax basis is $326,238,873, resulting in gross unrealized appreciation and depreciation of $13,006,538 and $3,291,262, respectively, or net unrealized appreciation of $9,715,276.
(RES) Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at July 31, 2007 was $1,138,269 or 0.6% of net assets.
(SEG) A portion of this security was pledged and segregated with the custodian to cover margin requirements for futures contracts at July 31, 2007.
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.
The rates shown on Variable Rate Demand Notes (VRDN) and Mandatory Put Bonds are the current interest rates at July 31, 2007.
The dates shown on Mandatory Put Bonds are the next mandatory put dates.
The dates shown on debt obligations other than Mandatory Put Bonds are the original maturity dates.
The fund had the following sector concentrations greater than 10% at July 31, 2007 (as a percentage of net assets):
|
|
|
|
Health care
|
45.8%
|
|
Utilities
|
23.9
|
|
Local Government
|
20.7
|
|
State Government
|
14.9
|
|
Transportation
|
11.3
|
|
Air Transportation
|
10.1
|
The fund had the following insurance concentrations greater than 10% at July 31, 2007 (as a percentage of net assets):
|
|
|
|
AMBAC
|
21.4%
|
|
MBIA
|
17.6
|
|
FGIC
|
14.7
|
|
FSA
|
11.4
|
Security valuation
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. Certain investments are also valued at fair value following procedures approved by the Trustees. 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 at a given point in time and does not reflect an actual market price, which may be different by a material amount.
Futures and options contracts
The fund may use futures and options contracts to hedge against changes in the values of securities the fund owns or expects to purchase, or for other investment purposes. The fund may also write options on swaps or securities it owns or in which it may invest to increase its current returns.
The potential risk to the fund is that the change in value of futures and options 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, or if the counterparty to the contract is unable to perform. Risks may exceed amounts recognized on the statement of assets and liabilities. 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. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.
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.” Exchange traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. Options traded over-the-counter are valued using prices supplied by dealers. Futures and written option contracts outstanding at period end, if any, are listed after 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 Municipal Bond Fund
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: September 28, 2007
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/ Charles E. Porter
Charles E. Porter
Principal Executive Officer
Date: September 28, 2007
By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: September 28, 2007
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