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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-
05795
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Exact name of registrant as specified in charter:
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Putnam High Yield Municipal Trust
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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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Registrants telephone number, including area code:
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(617) 292-1000
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Date of fiscal year end:
March 31, 2008
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Date of reporting period: December 31, 2007
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Item 1. Schedule of Investments:
Putnam High Yield Municipal Trust
The fund's portfolio
12/31/07 (Unaudited)
Key to abbreviations
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
FRB -- Floating Rate Bonds
FSA -- Financial Security Assurance
GNMA Coll. -- Government National Mortgage Association Collateralized
G.O. Bonds -- General Obligation Bonds
MBIA -- MBIA Insurance Company
Radian Insd. -- Radian Group Insured
U.S. Govt. Coll. -- U.S. Government Collateralized
VRDN -- Variable Rate Demand Notes
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MUNICIPAL BONDS AND NOTES (130.3%)(a)
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Principal
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Rating(RAT)
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amount
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Value
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Alabama (0.5%)
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Butler, Indl. Dev. Board Solid Waste Disp. Rev. Bonds
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(GA. Pacific Corp.), 5 3/4s, 9/1/28
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B
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$550,000
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$484,138
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Sylacauga, Hlth. Care Auth. Rev. Bonds (Coosa Valley
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Med. Ctr.), Ser. A, 6s, 8/1/35
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B/P
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250,000
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236,185
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720,323
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Arizona (2.8%)
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Apache Cnty., Indl. Dev. Auth. Poll. Control Rev.
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Bonds (Tucson Elec. Pwr. Co.), Ser. A, 5.85s, 3/1/28
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Baa3
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250,000
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239,708
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AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds (John C.
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Lincoln Hlth. Network), 6 3/8s, 12/1/37 (Prerefunded)
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BBB
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500,000
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571,920
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Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande
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Regl. Med. Ctr.), Ser. A, 7 1/4s, 12/1/19
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B+/P
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1,000,000
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1,049,160
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Coconino Cnty., Poll. Control Rev. Bonds
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(Tuscon/Navajo Elec. Pwr.), Ser. A, 7 1/8s, 10/1/32
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Baa3
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750,000
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758,108
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Glendale, Indl. Dev. Auth. Rev. Bonds (John C. Lincoln
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Hlth.), Ser. B, 5 1/4s, 12/1/19
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BBB
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500,000
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498,660
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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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325,000
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302,533
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Tempe, Indl. Dev. Auth. Sr. Living Rev. Bonds
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(Friendship Village), Ser. A, 5 3/8s, 12/1/13
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BB-/P
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500,000
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497,540
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3,917,629
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Arkansas (0.5%)
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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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400,000
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396,608
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Washington Cnty., Hosp. Rev. Bonds (Regl. Med. Ctr.),
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Ser. B, 5s, 2/1/25
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Baa2
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285,000
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264,275
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660,883
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California (8.6%)
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CA Hlth. Fac. Fin. Auth. Rev. Bonds (CA-NV Methodist),
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5s, 7/1/26
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A+
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240,000
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241,814
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CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA),
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5 1/4s, 2/1/27
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Baa2
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750,000
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700,283
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CA Poll. Control Fin. Auth. Solid Waste Disp. Rev.
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Bonds (Waste Management, Inc.), Ser. A-2, 5.4s, 4/1/25
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BBB
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560,000
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551,925
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CA Statewide Cmnty., Dev. Auth. Rev. Bonds (Thomas
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Jefferson School of Law), Ser. A, 4 7/8s, 10/1/35
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(Prerefunded)
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BBB-
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200,000
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212,992
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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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645,000
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570,632
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Chula Vista, Cmnty. Fac. Dist. Special Tax Rev. Bonds
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(No. 06-1 Eastlake Woods Area), 6.1s, 9/1/21
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BB+/P
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1,000,000
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1,015,690
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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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425,000
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416,581
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Folsom, Special Tax Rev. Bonds (Cmnty. Facs. Dist. No.
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10), 5 7/8s, 9/1/28 (Prerefunded)
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AAA/P
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350,000
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372,925
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Foothill/Eastern Corridor Agcy. Rev. Bonds (CA Toll
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Roads), 5 3/4s, 1/15/40
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Baa3
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2,000,000
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2,010,640
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Gilroy, Rev. Bonds (Bonfante Gardens Park), 8s, 11/1/25
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B-/P
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385,000
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351,178
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Golden State Tobacco Securitization Corp. Rev. Bonds
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Ser. A-1, 5s, 6/1/33
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BBB
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750,000
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649,290
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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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60,483
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Irvine, Impt. Board Act of 1915 Special Assmt. Bonds
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(No. 00-18 Group 3), 5.55s, 9/2/26
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BBB-/P
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500,000
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491,975
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Orange Cnty., Cmnty. Fac. Dist. Rev. Bonds (Ladera
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Ranch - No. 1), 6s, 8/15/25 (Prerefunded)
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AAA
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1,000,000
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1,084,090
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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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250,000
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240,090
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Port Oakland, Rev. Bonds, Ser. L, FGIC, 5 3/8s, 11/1/27
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Aaa
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1,000,000
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1,026,160
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Santaluz, Cmnty. Facs. Dist. No. 2 Special Tax Rev.
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Bonds (Impt. Area No. 1), Ser. B, 6 3/8s, 9/1/30
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BBB/P
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715,000
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715,436
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Sunnyvale, Special Tax Rev. Bonds (Cmnty. Fac. Dist.
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No. 1), 7 3/4s, 8/1/32
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BB-/P
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835,000
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866,496
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Thousand Oaks, Cmnty. Fac. Dist. Special Tax Rev.
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Bonds (Marketplace 94-1), zero %, 9/1/14
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B/P
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935,000
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549,584
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12,128,264
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Colorado (0.4%)
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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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225,000
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209,504
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(Evangelical Lutheran), 5 1/4s, 6/1/21
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A3
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165,000
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170,889
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(Evangelical Lutheran), 5s, 6/1/29
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A3
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105,000
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102,833
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Denver, City & Cnty. Special Fac. Arpt. Rev. Bonds
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(United Airlines), Ser. A, 5 1/4s, 10/1/32
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B
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100,000
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84,278
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567,504
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Connecticut (0.5%)
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CT State Dev. Auth. 1st. Mtg. Gross Rev. Hlth. Care
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Rev. Bonds (Elim Street Park Baptist, Inc.), 5.85s,
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12/1/33
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BBB+
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750,000
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755,160
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Delaware (1.5%)
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DE State Rev. Bonds (Beebe Med. Ctr.), Ser. A, 5s,
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6/1/30
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Baa1
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1,000,000
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899,160
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GMAC Muni. Mtge. Trust 144A sub. notes, Ser. A1-2,
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4.9s, 10/31/39
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A3
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1,000,000
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1,019,690
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New Castle Cnty., Rev. Bonds (Newark Charter School,
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Inc.), 5s, 9/1/36
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BBB-
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100,000
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87,869
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Sussex Cnty., Rev. Bonds (First Mtge. - Cadbury
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Lewes), Ser. A, 5.9s, 1/1/26
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B/P
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150,000
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143,540
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2,150,259
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District of Columbia (0.8%)
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DC Tobacco Settlement Fin. Corp. Rev. Bonds
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6 1/4s, 5/15/24
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BBB
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895,000
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917,205
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Ser. A, zero %, 6/15/46
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BBB/F
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2,500,000
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184,175
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1,101,380
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Florida (10.2%)
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CFM Cmnty. Dev. Dist. Rev. Bonds, Ser. B, 5 7/8s,
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5/1/14
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BB-/P
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750,000
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679,583
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Double Branch Cmnty. Dev. Dist. Rev. Bonds, Ser. A,
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6.7s, 5/1/34
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BB/P
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970,000
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1,034,893
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Fishhawk, Cmnty. Dev. Dist. II Rev. Bonds, Ser. B,
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5 1/8s, 11/1/09
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BB/P
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80,000
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77,622
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Fleming Island, Plantation Cmnty. Dev. Dist. Special
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Assmt. Bonds, Ser. B, 7 3/8s, 5/1/31 (Prerefunded)
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AAA
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350,000
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385,886
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Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A
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5 1/4s, 6/1/21
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BBB+
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525,000
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523,971
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5 1/4s, 6/1/19
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BBB+
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655,000
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660,725
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Heritage Harbour Marketplace Cmnty., Dev. Dist.
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Special Assmt., 5.6s, 5/1/36
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BB-/P
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395,000
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328,889
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Heritage Isle at Viera, Cmnty. Dev. Dist. Special
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Assmt., Ser. B, 5s, 11/1/09
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BB/P
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100,000
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98,236
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Jacksonville, Econ. Dev. Comm. Indl. Dev. Rev. Bonds
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(Gerdau Ameristeel US, Inc.), 5.3s, 5/1/37
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Ba1
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300,000
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258,297
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Lee Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds
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(Cypress Cove Hlth. Pk.), Ser. A, 6 3/8s, 10/1/25
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BB-/P
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1,100,000
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1,106,061
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Lee Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds
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(Alliance Cmnty.), Ser. C, 5 1/2s, 11/15/29
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(Prerefunded)
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AAA
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1,075,000
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1,130,685
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(Shell Pt./Alliance Oblig. Group), 5 1/8s, 11/15/36
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BBB-
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100,000
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85,629
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(Shell Pt./Alliance Cmnty.), 5s, 11/15/22
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BBB-
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500,000
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455,370
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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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506,740
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Orange Cnty., Hlth. Fac. Auth. Rev. Bonds (Orlando
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Regl. Hlth. Care), U.S. Govt. Coll., 5 3/4s, 12/1/32
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(Prerefunded)
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A2
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500,000
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554,120
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Port St. Lucie, Special Assmt. Bonds (Southwest
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Annexation Dist. 1-B), MBIA, 5s, 7/1/27
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Aaa
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800,000
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810,256
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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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740,000
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666,074
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Six Mile Creek, Cmnty. Dev. Dist. Rev. Bonds, 5.65s,
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5/1/22
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BB-/P
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340,000
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279,341
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South Bay, Cmnty. Dev. Dist. Rev. Bonds, Ser. B-2,
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5 3/8s, 5/1/13
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BB-/P
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750,000
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663,803
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South Miami, Hlth. Fac. Hosp. Rev. Bonds (Baptist
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Hlth. South FL Group), 5s, 8/15/27
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Aa3
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1,000,000
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1,007,540
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South Village, Cmnty. Dev. Dist. Rev. Bonds, Ser. A,
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5.7s, 5/1/35
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BB-/P
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485,000
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412,764
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Split Pine, Cmnty. Dev. Dist. Special Assmt. Bonds,
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Ser. A, 5 1/4s, 5/1/39
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BB-/P
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700,000
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550,319
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Tampa Bay, Cmnty. Dev. Dist. Special Assmt. Bonds (New
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Port), Ser. A, 5 7/8s, 5/1/38
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BB-/P
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215,000
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141,775
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Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds
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6.55s, 5/1/27
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BB-/P
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200,000
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191,948
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5.4s, 5/1/37
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BB-/P
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125,000
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101,133
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Verandah, West Cmnty. Dev. Dist. Rev. Bonds (Cap.
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Impt.), Ser. A, 6 5/8s, 5/1/33
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BBB-/P
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475,000
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461,615
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Verano Ctr. Cmnty. Dev. Dist. Special Assmt. Bonds
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(Cmnty. Infrastructure)
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Ser. A, 5 3/8s, 5/1/37
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BB-/P
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300,000
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228,483
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Ser. B, 5s, 11/1/13
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BB-/P
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200,000
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178,728
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Wentworth Estates, Cmnty. Dev. Dist. Special Assmt.
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Bonds
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Ser. A, 5 5/8s, 5/1/37
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BB-/P
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275,000
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204,182
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Ser. B, 5 1/8s, 11/1/12
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BB-/P
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115,000
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101,670
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World Commerce Cmnty. Dev. Dist. Special Assmt., Ser.
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A-1
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6 1/2s, 5/1/36
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BB-/P
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300,000
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275,739
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6 1/4s, 5/1/22
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BB-/P
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195,000
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181,547
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14,343,624
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Georgia (3.7%)
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Forsyth Cnty., Hosp. Auth. Rev. Bonds (Baptist Hlth.
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Care Syst.), U.S. Govt. Coll., 6 1/4s, 10/1/18
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(Prerefunded)
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AAA
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2,000,000
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2,286,100
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Fulton Cnty., Res. Care Fac. Rev. Bonds (Canterbury
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Court), Class A, 6 1/8s, 2/15/34
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B+/P
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175,000
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169,997
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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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2,400,000
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2,406,504
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Med. Ctr. Hosp. Auth. Rev. Bonds (Spring Harbor Green
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|
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Island), 5 1/4s, 7/1/27
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B+/P
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200,000
|
178,676
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Rockdale Cnty., Dev. Auth. Rev. Bonds (Visy Paper),
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Ser. A, 6 1/8s, 1/1/34
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B+/P
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200,000
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190,648
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|
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5,231,925
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Idaho (0.9%)
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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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475,000
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477,332
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Madison Cnty., Hosp. COP
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5 1/8s, 9/1/14
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BBB-
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500,000
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497,045
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5 1/8s, 9/1/13
|
BBB-
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250,000
|
249,558
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|
|
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1,223,935
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Illinois (1.8%)
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Du Page Cnty., Special Svc. Area No. 31 Special Tax
|
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Bonds (Monarch Landing), 5 5/8s, 3/1/36
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BB-/P
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250,000
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222,760
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IL Dev. Fin. Auth. Hosp. Rev. Bonds (Adventist Hlth.
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|
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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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750,000
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791,993
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IL Fin. Auth. Rev. Bonds
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(Monarch Landing, Inc.), Ser. A, 7s, 12/1/27
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B/P
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450,000
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450,914
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(Landing At Plymouth Place), Ser. A, 6s, 5/15/25
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B+/P
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200,000
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193,292
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IL Fin. Auth. Solid Waste Disposal (Waste Mgmt.,
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Inc.), Ser. A, 5.05s, 8/1/29
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BBB
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250,000
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226,223
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IL Hlth. Fac. Auth. Rev. Bonds
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|
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(Cmnty. Rehab. Providers Fac.), Ser. A, 7 7/8s, 7/1/20
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CCC/P
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194,701
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173,138
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(Elmhurst Memorial Hlth. Care), 5 5/8s, 1/1/28
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A2
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500,000
|
516,770
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2,575,090
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Indiana (1.4%)
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|
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|
Anderson, Econ. Dev. Rev. Bonds (Anderson U.), 5s,
|
|
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10/1/28
|
BBB-/F
|
180,000
|
168,719
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IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5 1/4s,
|
|
|
|
10/15/21
|
Aa2
|
325,000
|
339,931
|
Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express
|
|
|
|
Corp.), 5.1s, 1/15/17
|
Baa2
|
1,000,000
|
1,013,710
|
Jasper Hosp. Auth. Rev. Bonds (Memorial Hosp.),
|
|
|
|
5 1/2s, 11/1/32
|
AA
|
500,000
|
510,560
|
|
|
|
2,032,920
|
|
|
Iowa (4.3%)
|
|
|
|
IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care
|
|
|
|
Initiatives)
|
|
|
|
9 1/4s, 7/1/25 (Prerefunded)
|
AAA
|
2,080,000
|
2,501,304
|
Ser. A, 5s, 7/1/19
|
BBB-
|
910,000
|
870,124
|
IA Fin. Auth. Retirement Cmnty. Rev. Bonds (Friendship
|
|
|
|
Haven), Ser. A, 6 1/8s, 11/15/32
|
BB/P
|
550,000
|
548,906
|
IA State Higher Ed. Loan Auth. Rev. Bonds, 5s, 10/1/22
|
BBB-/F
|
800,000
|
776,392
|
Tobacco Settlement Auth. of IA Rev. Bonds
|
|
|
|
Ser. B, 5.6s, 6/1/34
|
BBB
|
1,000,000
|
908,950
|
Ser. C, 5 3/8s, 6/1/38
|
BBB
|
500,000
|
444,450
|
|
|
|
6,050,126
|
|
|
Kentucky (0.2%)
|
|
|
|
KY Econ. Dev. Fin. Auth. Rev. Bonds (First Mtg.), Ser.
|
|
|
|
IA, 6 1/2s, 1/1/29
|
B+/P
|
305,000
|
336,491
|
|
|
Louisiana (1.2%)
|
|
|
|
Desoto Parish, Rev. Bonds (Intl. Paper Co. Project),
|
|
|
|
Ser. A, 5s, 10/1/12
|
BBB
|
250,000
|
252,820
|
LA Local Govt. Env. Fac. Cmnty. Dev. Auth. Rev. Bonds
|
|
|
|
(Hlth. Care - St. James Place), Ser. A, 7s, 11/1/26
|
|
|
|
(Prerefunded)
|
AAA/P
|
1,320,000
|
1,432,081
|
|
|
|
1,684,901
|
|
|
Maine (1.1%)
|
|
|
|
ME State Hsg. Auth. Rev. Bonds, Ser. D-2-AMT, 5s,
|
|
|
|
|
|
|
|
11/15/27
|
Aa1
|
600,000
|
603,954
|
Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade
|
|
|
|
Corp.), 6 7/8s, 10/1/26
|
Ba3
|
1,000,000
|
1,027,650
|
|
|
|
1,631,604
|
|
|
Maryland (3.1%)
|
|
|
|
MD State Hlth. & Higher Edl. Fac. Auth. Rev. Bonds
|
|
|
|
(Medstar Hlth.), 5 3/4s, 8/15/15
|
A3
|
500,000
|
545,230
|
(Edenwald), Ser. A, 5.2s, 1/1/24
|
BB/P
|
150,000
|
136,907
|
(King Farm Presbyterian Cmnty.), Ser. B, 4 3/4s, 1/1/13
|
B/P
|
700,000
|
685,398
|
MD State Indl. Dev. Fin. Auth. Econ. Dev. Rev. Bonds
|
|
|
|
(Our Lady of Good Counsel School), Ser. A, 6s, 5/1/35
|
B/P
|
200,000
|
199,234
|
Westminster, Econ. Dev. Rev. Bonds (Carroll Lutheran
|
|
|
|
Village), Ser. A
|
|
|
|
6 1/4s, 5/1/34
|
BB/P
|
600,000
|
596,868
|
5 7/8s, 5/1/21
|
BB/P
|
150,000
|
149,918
|
MuniMae Tax Exempt Bond Subsidiary, LLC 144A Ser. A-3,
|
|
|
|
4.95s, 12/31/49
|
A3
|
2,000,000
|
2,031,060
|
|
|
|
4,344,615
|
|
|
Massachusetts (7.1%)
|
|
|
|
Boston, Indl. Dev. Fin. Auth. Rev. Bonds (Springhouse,
|
|
|
|
Inc.), 6s, 7/1/28
|
BB-/P
|
1,000,000
|
983,790
|
MA State Dev. Fin. Agcy. Rev. Bonds
|
|
|
|
(Boston Biomedical Research), 5 3/4s, 2/1/29
|
Baa3
|
1,000,000
|
979,630
|
(Linden Ponds, Inc.), Ser. A, 5 1/2s, 11/15/27
|
BB/P
|
425,000
|
381,858
|
(Wheelock College), Ser. C, 5 1/4s, 10/1/29
|
BBB
|
550,000
|
540,854
|
MA State Dev. Fin. Agcy. Hlth. Care Fac. Rev. Bonds
|
|
|
|
(Adventcare), Ser. A, 6.65s, 10/15/28
|
B/P
|
400,000
|
380,540
|
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
|
|
|
|
(Civic Investments/HPHC), Ser. A, 9s, 12/15/15
|
|
|
|
(Prerefunded)
|
AAA/P
|
730,000
|
885,527
|
(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33
|
BB+
|
350,000
|
357,613
|
(UMass Memorial), Ser. C, 6 1/2s, 7/1/21
|
Baa2
|
1,575,000
|
1,631,480
|
(Hlth. Care Syst.-Covenant Hlth.), 6s, 7/1/31
|
AAA
|
1,065,000
|
1,120,529
|
(Baystate Med. Ctr.), Ser. F, 5.7s, 7/1/27
|
A1
|
1,000,000
|
1,030,680
|
(Caritas Christi Oblig. Group), Ser. A, 5 1/4s, 7/1/08
|
BBB
|
500,000
|
501,535
|
(Milford Regl. Med.), Ser. E, 5s, 7/15/22
|
Baa3
|
450,000
|
422,537
|
MA State Indl. Fin. Agcy. Rev. Bonds
|
|
|
|
(1st Mtge. Stone Institution & Newton), 7.9s, 1/1/24
|
BB-/P
|
250,000
|
251,183
|
(1st Mtge. Berkshire Retirement), Ser. A, 6 5/8s,
|
|
|
|
7/1/16
|
BBB-
|
600,000
|
603,570
|
|
|
|
10,071,326
|
|
|
Michigan (3.4%)
|
|
|
|
Garden City, Hosp. Fin. Auth. Rev. Bonds (Garden
|
|
|
|
City), Ser. A, 5 3/4s, 9/1/17
|
Ba1
|
265,000
|
258,847
|
Kentwood, Economic Dev. Rev. Bonds (Holland Home),
|
|
|
|
Ser. A, 5s, 11/15/22
|
BB-/P
|
200,000
|
181,594
|
MI State Hosp. Fin. Auth. Rev. Bonds
|
|
|
|
(Oakwood Hosp.), Ser. A, 5 3/4s, 4/1/32
|
A2
|
1,000,000
|
1,031,330
|
(Chelsea Cmnty. Hosp. Oblig.), 5s, 5/15/30
|
BBB
|
500,000
|
450,200
|
MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A, 3.9s,
|
|
|
|
6/1/30
|
AA+
|
920,000
|
918,234
|
MI State Strategic Fund, Ltd. Rev. Bonds (Worthington
|
|
|
|
Armstrong Venture), U.S. Govt. Coll., 5 3/4s, 10/1/22
|
|
|
|
(Prerefunded)
|
AAA/P
|
1,350,000
|
1,535,004
|
Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy
|
|
|
|
Memorial Hosp.), 5 1/2s, 6/1/20
|
Baa3
|
480,000
|
458,774
|
|
|
|
4,833,983
|
|
|
Minnesota (1.7%)
|
|
|
|
Duluth, Econ. Dev. Auth. Hlth. Care Fac. Rev. Bonds
|
|
|
|
(BSM Properties, Inc.), Ser. A, 5 7/8s, 12/1/28
|
B+/P
|
115,000
|
111,168
|
Inver Grove Heights, Nursing Home Rev. Bonds
|
|
|
|
(Presbyterian Homes Care), 5 3/8s, 10/1/26
|
B/P
|
200,000
|
187,522
|
MN State Higher Ed. Fac. Auth. Rev. Bonds (The College
|
|
|
|
of St. Catherine), Ser. 5-N1, 5s, 10/1/18
|
Baa1
|
1,000,000
|
1,022,350
|
North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes),
|
|
|
|
6 1/8s, 10/1/39
|
BB/P
|
315,000
|
305,755
|
St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds
|
|
|
|
(Healtheast)
|
|
|
|
6s, 11/15/35
|
Baa3
|
350,000
|
348,936
|
Ser. B, 5.85s, 11/1/17
|
Baa3
|
250,000
|
252,210
|
St. Paul, Port Auth. Lease Rev. Bonds (Regions Hosp.
|
|
|
|
Pkg. Ramp), Ser. 1, 5s, 8/1/36
|
BBB-/P
|
225,000
|
189,839
|
|
|
|
2,417,780
|
|
|
Mississippi (1.1%)
|
|
|
|
Lowndes Cnty., Solid Waste Disp. & Poll. Control Rev.
|
|
|
|
Bonds (Weyerhaeuser Co.), Ser. B, 6.7s, 4/1/22
|
Baa2
|
1,000,000
|
1,121,540
|
MS Home Corp. Rev. Bonds (Single Fam. Mtge.), Ser.
|
|
|
|
B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33
|
Aaa
|
380,000
|
403,522
|
|
|
|
1,525,062
|
|
|
Missouri (3.0%)
|
|
|
|
Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac.
|
|
|
|
Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5 1/2s,
|
|
|
|
6/1/16
|
A+
|
1,000,000
|
1,063,270
|
|
|
|
|
Kansas City, Indl. Dev. Auth. Hlth. Fac. Rev. Bonds
|
|
|
|
(First Mtge. Bishop Spencer), Ser. A, 6 1/2s, 1/1/35
|
BB-/P
|
500,000
|
510,675
|
MO State Hsg. Dev. Comm. Mtge. Rev. Bonds
|
|
|
|
(Single Fam. Homeowner Loan), Ser. A-1, GNMA Coll,
|
|
|
|
FNMA Coll, 7 1/2s, 3/1/31
|
AAA
|
320,000
|
336,141
|
(Single Fam. Homeowner Loan), Ser. B-1, GNMA Coll.,
|
|
|
|
FNMA Coll., 7.45s, 9/1/31
|
AAA
|
340,000
|
349,115
|
(Single Fam. Home Ownership Loan), Ser. A-1, GNMA
|
|
|
|
Coll., FNMA Coll., 6 3/4s, 3/1/34
|
AAA
|
475,000
|
491,188
|
(Single Fam. Homeowner Loan), Ser. A-2, GNMA Coll.,
|
|
|
|
6.3s, 3/1/30
|
AAA
|
320,000
|
322,234
|
(Single Fam. Home Ownership Loan), Ser. D, GNMA Coll.,
|
|
|
|
FNMA Coll., 5.55s, 9/1/34
|
Aaa
|
1,130,000
|
1,163,866
|
|
|
|
4,236,489
|
|
|
Montana (0.3%)
|
|
|
|
MT Fac. Fin. Auth. Rev. Bonds (Sr. Living St. Johns
|
|
|
|
Lutheran), Ser. A, 6s, 5/15/25
|
B+/P
|
150,000
|
147,921
|
MT State Board Inv. Exempt Fac. Rev. Bonds (Still
|
|
|
|
Water Mining Project), 8s, 7/1/20
|
B-
|
250,000
|
256,125
|
|
|
|
404,046
|
|
|
Nevada (2.8%)
|
|
|
|
Clark Cnty., G.O. Bonds (Pk. & Regl. Justice Ctr.),
|
|
|
|
FGIC, 5 5/8s, 11/1/19 (Prerefunded)
|
Aaa
|
2,000,000
|
2,092,840
|
Clark Cnty., Impt. Dist. Special Assmt. (Summerlin No.
|
|
|
|
151), 5s, 8/1/20
|
BB/P
|
425,000
|
380,205
|
Clark Cnty., Local Impt. Dist. Special Assmt. Bonds
|
|
|
|
(No. 142), 6.1s, 8/1/18
|
BB/P
|
250,000
|
252,143
|
Henderson, Local Impt. Dist. Special Assmt.
|
|
|
|
(No. T-17), 5s, 9/1/18
|
BB/P
|
100,000
|
89,223
|
(No. T-18), 5s, 9/1/16
|
BB-/P
|
500,000
|
456,775
|
Henderson, Local Impt. Dist. Special Assmt. Bonds (No.
|
|
|
|
T-16), 5 1/8s, 3/1/25
|
BB/P
|
195,000
|
153,217
|
Las Vegas, Local Impt. Board Special Assmt. (Dist. No.
|
|
|
|
607), 5.9s, 6/1/18
|
BB/P
|
315,000
|
299,474
|
Las Vegas, Special Impt. Dist. Rev. Bonds (No. 809 -
|
|
|
|
Summerlin Area), 5.65s, 6/1/23
|
BB/P
|
245,000
|
233,132
|
|
|
|
3,957,009
|
|
|
New Hampshire (1.8%)
|
|
|
|
NH Hlth. & Ed. Fac. Auth. Rev. Bonds
|
|
|
|
(Huntington at Nashua), Ser. A, 6 7/8s, 5/1/33
|
BB-/P
|
600,000
|
623,562
|
(Southern NH Med. Ctr.), Ser. A, 5 1/4s, 10/1/28
|
A-
|
1,425,000
|
1,408,912
|
(Kendal at Hanover), Ser. A, 5s, 10/1/18
|
BBB+
|
600,000
|
594,546
|
NH State Bus. Fin. Auth. Swr. & Solid Waste Rev. Bonds
|
|
|
|
(Crown Paper Co.), 7 7/8s, 7/1/26 (In default) (NON)
|
D/P
|
1,394,189
|
139
|
|
|
|
2,627,159
|
|
|
New Jersey (7.6%)
|
|
|
|
Burlington Cnty., Bridge Comm. Econ. Dev. Rev. Bonds
|
|
|
|
(The Evergreens), 5 5/8s, 1/1/38
|
BB+/P
|
350,000
|
321,409
|
NJ Econ. Dev. Auth. Rev. Bonds
|
|
|
|
(Newark Arpt. Marriot Hotel), 7s, 10/1/14
|
Ba1
|
1,500,000
|
1,507,425
|
(United Methodist Homes), Ser. A-1, 6 1/4s, 7/1/33
|
BB+
|
1,000,000
|
1,009,160
|
(First Mtge. Lions Gate), Ser. A, 5 7/8s, 1/1/37
|
B/P
|
200,000
|
185,000
|
(Cigarette Tax), 5 3/4s, 6/15/29
|
Baa2
|
1,000,000
|
990,240
|
(Cigarette Tax), 5 1/2s, 6/15/24
|
Baa2
|
1,000,000
|
981,930
|
(Seabrook Village), 5 1/4s, 11/15/26
|
BB-/P
|
160,000
|
143,384
|
NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds (St. Peters
|
|
|
|
U. Hosp.), 5 3/4s, 7/1/37
|
Baa2
|
750,000
|
731,295
|
Tobacco Settlement Fin. Corp. Rev. Bonds
|
|
|
|
6 3/8s, 6/1/32 (Prerefunded)
|
AAA
|
3,410,000
|
3,859,847
|
Ser. 1A, 5s, 6/1/29
|
BBB
|
1,100,000
|
964,711
|
|
|
|
10,694,401
|
|
|
New Mexico (0.9%)
|
|
|
|
Farmington, Poll. Control Rev. Bonds (San Juan), Ser.
|
|
|
|
B, 4 7/8s, 4/1/33
|
Baa2
|
600,000
|
536,790
|
Farmington, Poll. Control VRDN (AZ Pub. Service Co.),
|
|
|
|
Ser. B, 3.5s, 9/1/24
|
P-1
|
400,000
|
400,000
|
NM Mtge. Fin. Auth. Rev. Bonds (Single Fam. Mtge.),
|
|
|
|
Ser. D-2, GNMA Coll., FNMA Coll., FHLMC Coll., 5.64s,
|
|
|
|
9/1/33
|
AAA
|
290,000
|
295,017
|
|
|
|
1,231,807
|
|
|
New York (11.6%)
|
|
|
|
Huntington, Hsg. Auth. Sr. Hsg. Fac. Rev. Bonds
|
|
|
|
(Gurwin Jewish Sr. Residence), Ser. A, 6s, 5/1/29
|
B+/P
|
750,000
|
720,323
|
Livingston Cnty., Indl. Dev. Agcy. Civic Fac. Rev.
|
|
|
|
Bonds (Nicholas H. Noyes Memorial Hosp.), 5 3/4s,
|
|
|
|
7/1/15
|
BB
|
630,000
|
638,732
|
Nassau Cnty., Indl. Dev. Agcy. Rev. Bonds
|
|
|
|
(Keyspan-Glenwood), 5 1/4s, 6/1/27
|
A-
|
775,000
|
777,852
|
Niagara Cnty., Indl. Dev. Agcy. Mandatory Put Bonds,
|
|
|
|
Ser. C, 5 5/8s, 11/15/14
|
Baa2
|
400,000
|
403,536
|
NY City, Indl. Dev. Agcy. Rev. Bonds (Liberty-7 World
|
|
|
|
Trade Ctr.)
|
|
|
|
Ser. B, 6 3/4s, 3/1/15
|
B-/P
|
200,000
|
208,938
|
|
|
|
|
Ser. A, 6 1/4s, 3/1/15
|
B-/P
|
500,000
|
514,100
|
NY City, Indl. Dev. Agcy. Civic Fac. Rev. Bonds
|
|
|
|
(Staten Island U. Hosp.), Ser. A, 6 3/8s, 7/1/31
|
B2
|
805,000
|
812,012
|
(Brooklyn Polytech. U. Project J), 6 1/8s, 11/1/30
|
|
|
|
(Prerefunded)
|
AAA
|
200,000
|
218,352
|
NY City, Indl. Dev. Agcy. Special Arpt. Fac. Rev.
|
|
|
|
Bonds (Airis JFK I, LLC), Ser. A, 5 1/2s, 7/1/28
|
Baa3
|
1,300,000
|
1,240,109
|
NY City, Indl. Dev. Agcy. Special Fac. FRB (American
|
|
|
|
Airlines - JFK Intl. Arpt.), 7 5/8s, 8/1/25
|
B
|
250,000
|
272,100
|
NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds
|
|
|
|
(American Airlines - JFK Intl. Arpt.), 7 1/2s, 8/1/16
|
B
|
2,320,000
|
2,462,030
|
(British Airways PLC), 5 1/4s, 12/1/32
|
Ba1
|
1,000,000
|
842,400
|
(Jetblue Airways Corp.), 5s, 5/15/20
|
B
|
100,000
|
85,475
|
NY State Dorm. Auth. Rev. Bonds (NY U. Hosp. Ctr.),
|
|
|
|
Ser. A, 5s, 7/1/20
|
Ba2
|
500,000
|
478,930
|
NY State Energy Research & Dev. Auth. Gas Fac. Rev.
|
|
|
|
Bonds (Brooklyn Union Gas), 6.952s, 7/1/26
|
A+
|
1,400,000
|
1,424,794
|
Onondaga Cnty., Indl. Dev. Agcy. Rev. Bonds (Solvay
|
|
|
|
Paperboard, LLC), 7s, 11/1/30 (acquired 12/9/98, cost
|
|
|
|
$1,200,000) (RES)
|
BB/P
|
1,200,000
|
1,224,072
|
Port Auth. NY & NJ Rev. Bonds (Kennedy Intl. Arpt. -
|
|
|
|
4th Installment), 6 3/4s, 10/1/11
|
BB+/P
|
500,000
|
505,550
|
Suffolk Cnty., Indl. Dev. Agcy. Cont. Care Retirement
|
|
|
|
Rev. Bonds
|
|
|
|
(Peconic Landing), Ser. A, 8s, 10/1/30
|
BB-/P
|
1,000,000
|
1,056,590
|
(Jefferson's Ferry), Ser. A, 7 1/4s, 11/1/28
|
|
|
|
(Prerefunded)
|
AAA
|
1,000,000
|
1,094,940
|
(Jeffersons Ferry), 5s, 11/1/15
|
BBB-
|
525,000
|
528,003
|
Syracuse, Indl. Dev. Agcy. Rev. Bonds (1st Mtge. -
|
|
|
|
Jewish Home), Ser. A, 7 3/8s, 3/1/21
|
B+/P
|
800,000
|
817,544
|
|
|
|
16,326,382
|
|
|
North Carolina (4.6%)
|
|
|
|
NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C,
|
|
|
|
5.3s, 1/1/15
|
Baa1
|
1,500,000
|
1,571,535
|
NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
|
|
|
|
(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22
|
BB/P
|
1,110,000
|
1,099,322
|
(Deerfield), Ser. A, 5s, 11/1/23
|
A-/F
|
250,000
|
236,630
|
(First Mtge. - Pines at Davidson), Ser. A, 5s, 1/1/18
|
A-/F
|
835,000
|
834,349
|
NC Med. Care Comm. Retirement Fac. Rev. Bonds
|
|
|
|
(First Mtge. Givens Estates), Ser. A, 6 1/2s, 7/1/32
|
|
|
|
(Prerefunded)
|
BB-/P
|
750,000
|
866,505
|
(First Mtge.), Ser. A-05, 5 1/2s, 10/1/35
|
BB+/P
|
690,000
|
636,601
|
(First Mtge.), Ser. A-05, 5 1/4s, 10/1/25
|
BB+/P
|
100,000
|
93,108
|
(First Mtge. United Methodist), Ser. C, 5 1/4s, 10/1/24
|
BB+/P
|
150,000
|
141,530
|
NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba
|
|
|
|
Elec.), Ser. B, 6 1/2s, 1/1/20
|
A3
|
1,000,000
|
1,055,460
|
|
|
|
6,535,040
|
|
|
North Dakota (0.8%)
|
|
|
|
Grand Forks, Hlth. Care Syst. Rev. Bonds (Altru Hlth.
|
|
|
|
Syst. Oblig. Group), 7 1/8s, 8/15/24 (Prerefunded)
|
Baa2
|
1,000,000
|
1,108,160
|
|
|
Ohio (5.1%)
|
|
|
|
Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds,
|
|
|
|
Ser. A-2, 5 3/4s, 6/1/34
|
BBB
|
3,100,000
|
2,950,518
|
Coshocton Cnty., Env. 144A Rev. Bonds (Smurfit-Stone
|
|
|
|
Container Corp.), 5 1/8s, 8/1/13
|
CCC+
|
600,000
|
575,406
|
Cuyahoga Cnty., Rev. Bonds, Ser. A, 6s, 1/1/32
|
Aa3
|
1,000,000
|
1,062,770
|
Montgomery Cnty., Hosp. Rev. Bonds (Kettering Med.
|
|
|
|
Ctr.), 6 3/4s, 4/1/22 (Prerefunded)
|
A2
|
1,500,000
|
1,631,595
|
OH State Wtr. Dev. Auth. Solid Waste Disp. Rev. Bonds
|
|
|
|
(Allied Waste N.A. Inc.), Ser. A, 5.15s, 7/15/15
|
B+
|
400,000
|
376,856
|
Toledo-Lucas Cnty., Port Auth. Rev. Bonds (CSX Transn,
|
|
|
|
Inc.), 6.45s, 12/15/21
|
Baa3
|
500,000
|
542,260
|
|
|
|
7,139,405
|
|
|
Oklahoma (1.6%)
|
|
|
|
OK Hsg. Fin. Agcy. Single Fam. Rev. Bonds
|
|
|
|
(Homeowner Loan), Ser. D-2, GNMA Coll., FNMA Coll.,
|
|
|
|
7.1s, 9/1/26
|
Aaa
|
235,000
|
237,223
|
(Homeownership Loan), Ser. C-2, GNMA Coll., FNMA
|
|
|
|
Coll., 5.7s, 9/1/35
|
Aaa
|
225,000
|
237,159
|
OK State Indl. Dev. Auth. Rev. Bonds (Hlth. Syst.),
|
|
|
|
Ser. A, MBIA
|
|
|
|
5 3/4s, 8/15/29 (Prerefunded)
|
Aaa
|
580,000
|
610,549
|
5 3/4s, 8/15/29 (Prerefunded)
|
Aaa
|
420,000
|
441,643
|
Tulsa, Muni. Arpt. Trust Rev. Bonds, Ser. B, 5.65s,
|
|
|
|
12/1/35
|
B
|
750,000
|
743,445
|
|
|
|
2,270,019
|
|
|
Oregon (1.1%)
|
|
|
|
Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds
|
|
|
|
(Terwilliger Plaza), 6 1/2s, 12/1/29
|
BB-/P
|
1,000,000
|
1,008,820
|
OR State Hsg. & Cmnty. Svcs. Dept. Rev. Bonds (Single
|
|
|
|
Family Mtge.), Ser. K, 5 5/8s, 7/1/29
|
Aa2
|
600,000
|
608,538
|
|
|
|
1,617,358
|
|
|
Pennsylvania (4.6%)
|
|
|
|
|
|
|
|
Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds
|
|
|
|
(Hlth. Syst.), Ser. B, 9 1/4s, 11/15/22 (Prerefunded)
|
AAA
|
195,000
|
229,997
|
(Hlth. Syst.), Ser. B, 9 1/4s, 11/15/15 (Prerefunded)
|
AAA
|
560,000
|
647,959
|
(Hlth. Syst.-West PA), Ser. A, 5s, 11/15/28
|
Ba2
|
795,000
|
683,279
|
Allegheny Cnty., Indl. Dev. Auth. Rev. Bonds
|
|
|
|
(Env. Impt. - USX Corp.), 6s, 1/15/14
|
Baa1
|
750,000
|
759,248
|
(Env. Impt.), 5 1/2s, 11/1/16
|
Baa3
|
600,000
|
612,138
|
Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev.
|
|
|
|
Bonds (Ann's Choice, Inc.), Ser. A
|
|
|
|
6 1/8s, 1/1/25
|
BB/P
|
550,000
|
539,484
|
5.1s, 1/1/12
|
BB/P
|
400,000
|
396,024
|
Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther
|
|
|
|
Creek Partners), 6.65s, 5/1/10
|
BBB-
|
575,000
|
587,328
|
Lancaster Cnty., Hosp. Auth. Rev. Bonds
|
|
|
|
(Brethren Village), Ser. A, 6 3/8s, 7/1/30
|
BB-/P
|
225,000
|
223,272
|
(Gen. Hosp.), 5 1/2s, 3/15/26 (Prerefunded)
|
AA-
|
250,000
|
277,245
|
Montgomery Cnty., Indl. Auth. Resource Recvy. Rev.
|
|
|
|
Bonds (Whitemarsh Cont Care), 6 1/4s, 2/1/35
|
B-/P
|
400,000
|
387,808
|
PA State Higher Edl. Fac. Auth. Rev. Bonds
|
|
|
|
(Philadelphia U.), 5s, 6/1/30
|
Baa2
|
270,000
|
259,781
|
Scranton, G.O. Bonds, Ser. C, 7.1s, 9/1/31
|
|
|
|
(Prerefunded)
|
AAA/P
|
750,000
|
849,353
|
|
|
|
6,452,916
|
|
|
Puerto Rico (2.3%)
|
|
|
|
Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, 5s,
|
|
|
|
7/1/28
|
BBB
|
270,000
|
262,248
|
Cmnwlth. of PR, Pub. Bldg. Auth. Rev. Bonds (Govt.
|
|
|
|
Fac.), Ser. N, 5 1/2s, 7/1/21
|
Baa3
|
1,845,000
|
1,926,789
|
PR Indl. Tourist Edl. Med. & Env. Control Fac. Rev.
|
|
|
|
Bonds (Cogen. Fac.-AES), 6 5/8s, 6/1/26
|
Baa3
|
1,000,000
|
1,053,870
|
|
|
|
3,242,907
|
|
|
Rhode Island (1.4%)
|
|
|
|
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A,
|
|
|
|
6 1/8s, 6/1/32
|
BBB
|
2,025,000
|
2,026,802
|
|
|
South Carolina (2.3%)
|
|
|
|
Lexington Cnty. Hlth. Svcs. Dist. Inc. Hosp. Rev.
|
|
|
|
Bonds, 5 1/2s, 5/1/37 (Prerefunded)
|
A+
|
1,250,000
|
1,389,938
|
SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds
|
|
|
|
(Palmetto Hlth. Alliance), Ser. A, 7 3/8s, 12/15/21
|
|
|
|
(Prerefunded)
|
BBB+/F
|
600,000
|
680,832
|
(Palmetto Hlth.), Ser. C, 6s, 8/1/20 (Prerefunded)
|
Baa1
|
890,000
|
1,005,139
|
(Palmetto Hlth.), Ser. C, 6s, 8/1/20 (Prerefunded)
|
Baa1
|
110,000
|
124,231
|
|
|
|
3,200,140
|
|
|
South Dakota (1.2%)
|
|
|
|
SD Hsg. Dev. Auth. Rev. Bonds (Home Ownership Mtg.),
|
|
|
|
Ser. H, 5s, 5/1/28
|
AAA
|
570,000
|
574,549
|
SD State Hlth. & Edl. Fac. Auth. Rev. Bonds (Prairie
|
|
|
|
Lakes Hlth. Care), 5.65s, 4/1/22
|
A-
|
1,105,000
|
1,110,658
|
|
|
|
1,685,207
|
|
|
Tennessee (5.1%)
|
|
|
|
Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds
|
|
|
|
(First Mtge. Mountain States Hlth.), Ser. A, 7 1/2s,
|
|
|
|
7/1/33
|
Baa1
|
1,500,000
|
1,649,430
|
Johnson City, Hlth. & Edl. Facs. Board Retirement Fac.
|
|
|
|
Rev. Bonds (Appalachian Christian Village), Ser. A,
|
|
|
|
6 1/4s, 2/15/32
|
BB-/P
|
400,000
|
389,768
|
Shelby Cnty., Hlth. Edl. & Hsg. Fac. Hosp. Board Rev.
|
|
|
|
Bonds (Methodist Hlth. Care)
|
|
|
|
6 1/2s, 9/1/26 (Prerefunded)
|
AAA/P
|
625,000
|
710,381
|
6 1/2s, 9/1/26 (Prerefunded)
|
AAA
|
375,000
|
426,229
|
TN Energy Acquisition Corp. Gas Rev. Bonds
|
|
|
|
Ser. A, 5 1/4s, 9/1/22
|
Aa3
|
1,000,000
|
1,025,690
|
Ser. C, 5s, 2/1/22
|
Aa3
|
1,000,000
|
999,960
|
Ser. C, 5s, 2/1/20
|
Aa3
|
2,000,000
|
2,023,440
|
|
|
|
7,224,898
|
|
|
Texas (6.7%)
|
|
|
|
Abilene, Hlth. Fac. Dev. Corp. Rev. Bonds (Sears
|
|
|
|
Methodist Retirement), 5 7/8s, 11/15/18 (SEG)
|
BB-/P
|
1,000,000
|
1,003,690
|
Brazoria Cnty., Brazos River Harbor Naval Dist. (Dow
|
|
|
|
Chemical Co.), Ser. A-3, 5 1/8s, 5/15/33
|
A3
|
170,000
|
161,770
|
Fort Worth, Higher Ed. Fin. Corp. Rev. Bonds (Wesleyan
|
|
|
|
U.), Ser. A, 6s, 10/1/12
|
Ba2
|
400,000
|
400,600
|
Houston, Arpt. Syst. Rev. Bonds
|
|
|
|
(Continental Airlines, Inc.), Ser. E, 6 3/4s, 7/1/29
|
B3
|
1,450,000
|
1,467,850
|
(Special Fac. - Continental Airlines, Inc.), Ser. E,
|
|
|
|
6 3/4s, 7/1/21
|
B3
|
1,450,000
|
1,473,476
|
Sabine River Auth. Rev. Bonds (TXU Electric), Ser. C,
|
|
|
|
5.2s, 5/1/28
|
CCC
|
500,000
|
410,150
|
Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds
|
|
|
|
(Northwest Sr. Hsg. Edgemere), Ser. A, 5 3/4s, 11/15/16
|
BB-/P
|
125,000
|
124,305
|
Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement
|
|
|
|
Fac. Rev. Bonds (Air Force Village), 5 1/8s, 5/15/27
|
BBB-/P
|
1,325,000
|
1,249,594
|
Tomball, Hosp. Auth. Rev. Bonds (Tomball Regl. Hosp.),
|
|
|
|
|
|
|
|
6s, 7/1/29
|
Baa3
|
2,150,000
|
2,149,979
|
TX State Dept. of Hsg. & Cmnty. Affairs Rev. Bonds,
|
|
|
|
Ser. C, GNMA/FNMA Coll., 6.9s, 7/2/24 (SEG)
|
AAA
|
1,000,000
|
1,019,610
|
|
|
|
9,461,024
|
|
|
Utah (0.6%)
|
|
|
|
Carbon Cnty., Solid Waste Disp. Rev. Bonds (Laidlaw
|
|
|
|
Env.), Ser. A, 7 1/2s, 2/1/10
|
BB-
|
800,000
|
800,856
|
|
|
Vermont (0.9%)
|
|
|
|
VT Hsg. Fin. Agcy. Rev. Bonds, Ser. 19A, FSA, 4.62s,
|
|
|
|
5/1/29
|
Aaa
|
1,250,000
|
1,253,125
|
|
|
Virginia (2.3%)
|
|
|
|
Henrico Cnty., Econ. Dev. Auth. Rev. Bonds (United
|
|
|
|
Methodist), Ser. A, 6 1/2s, 6/1/22
|
BB+/P
|
600,000
|
615,156
|
Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev.
|
|
|
|
Bonds
|
|
|
|
(United Methodist), Ser. A, 6.7s, 6/1/27
|
BB+/P
|
295,000
|
301,729
|
(United Methodist), Ser. A, 6.7s, 6/1/27 (Prerefunded)
|
BB+/P
|
105,000
|
119,485
|
(Westminster-Canterbury), 5s, 10/1/22
|
BBB-
|
400,000
|
383,452
|
Hopewell, Indl. Dev. Auth. Env. Impt. Rev. Bonds
|
|
|
|
(Smurfit-Stone Container Corp.), 5 1/4s, 6/1/15
|
CCC+
|
200,000
|
189,862
|
James Cnty., Indl. Dev. Auth. Rev. Bonds
|
|
|
|
(Williamsburg), Ser. A, 6 1/8s, 3/1/32
|
BB-/P
|
500,000
|
489,770
|
Prince William Cnty., Indl. Dev. Auth. Hosp. Rev.
|
|
|
|
Bonds (Potomac Hosp. Corp.), 5.35s, 10/1/36
|
A3
|
1,000,000
|
1,018,940
|
Winchester, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds
|
|
|
|
(Westminster-Canterbury), Ser. A, 5.2s, 1/1/27
|
BB/P
|
200,000
|
180,124
|
|
|
|
3,298,518
|
|
|
Washington (0.9%)
|
|
|
|
Tobacco Settlement Auth. of WA Rev. Bonds, 6 1/2s,
|
|
|
|
6/1/26
|
BBB
|
945,000
|
984,151
|
WA State Hlth. Care Fac. Auth. Rev. Bonds, Ser. C,
|
|
|
|
Radian Insd., 5 3/8s, 8/15/28
|
AA
|
250,000
|
252,320
|
|
|
|
1,236,471
|
|
|
West Virginia (1.4%)
|
|
|
|
Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds
|
|
|
|
(Allegheny Energy), Ser. D, 5 1/2s, 10/15/37
|
Baa2
|
1,150,000
|
1,121,940
|
Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn.,
|
|
|
|
Inc.), 6.1s, 5/1/29
|
B2
|
825,000
|
804,755
|
|
|
|
1,926,695
|
|
|
Wisconsin (2.3%)
|
|
|
|
Badger, Tobacco Settlement Asset Securitization Corp.
|
|
|
|
Rev. Bonds, 6 3/8s, 6/1/32
|
BBB
|
1,500,000
|
1,544,155
|
WI State Hlth. & Edl. Fac. Auth. Rev. Bonds (Wheaton
|
|
|
|
Franciscan), 5 3/4s, 8/15/30 (Prerefunded)
|
A-
|
1,600,000
|
1,759,664
|
|
|
|
3,303,819
|
|
|
Wyoming (0.3%)
|
|
|
|
Sweetwater Cnty., Solid Waste Disp. Rev. Bonds (FMC
|
|
|
|
Corp.), 5.6s, 12/1/35
|
Baa2
|
450,000
|
425,736
|
|
|
|
Total municipal bonds and notes (cost $180,616,533)
|
|
|
$183,991,173
|
|
COMMON STOCKS (--%)(a) (cost $1,428,766)
|
|
|
|
|
|
Shares
|
Value
|
|
Tembec, Inc. (Canada) (NON)
|
|
29,974
|
$11,021
|
|
|
|
|
TOTAL INVESTMENTS
|
|
|
|
|
Total investments (cost $182,045,299) (b)
|
|
|
$184,002,194
|
|
|
|
|
|
|
FUTURES CONTRACTS OUTSTANDING at 12/31/07 (Unaudited)
|
|
|
|
|
|
|
Number of
|
|
|
Expiration
|
Unrealized
|
|
contracts
|
Value
|
|
date
|
(depreciation)
|
|
U.S. Treasury Note 5 yr (Short)
|
64
|
$7,058,000
|
|
Mar-08
|
$(38,333)
|
U.S. Treasury Note 10 yr (Short)
|
21
|
2,381,203
|
|
Mar-08
|
(14,149)
|
|
Total
|
|
|
|
|
$(52,482)
|
NOTES
(a) Percentages indicated are based on net assets of $141,236,647
.
(RAT) The Moody's or Standard & Poor's ratings indicated are believed to be the most recent ratings available at
December 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 December 31, 2007. Securities rated by Putnam are indicated by "/P." Securities rated by Fitch are indicated by "/F." Security ratings are defined in the Statement of Additional Information.
(b) The aggregate identified cost on a tax basis is $182,036,997, resulting in gross unrealized appreciation and depreciation of $7,408,506 and $5,443,309, respectively, or net unrealized appreciation of $1,965,197.
(NON) Non-income-producing security.
(RES) Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at December 31, 2007 was $1,224,072 or 0.9% of net assets.
(SEG) A portion of these securities were pledged and segregated with the custodian to cover margin requirements for futures contracts at December 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 VRDN, Mandatory Put Bonds and FRB are the current interest rates at December 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 December 31, 2007 (as a percentage of net assets):
|
|
Health care
|
59.6%
|
Tobacco
|
11.0
|
Land
|
10.8
|
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 and derivatives 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.
I
nvestments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets. If no sales are reported -- as in the case of some securities traded over-the-counter -- a security is valued at its last reported bid price. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value foreign equity securities taking into account multiple factors, including movements in the U.S. securities markets. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent.
Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. Certain investments, including certain restricted securities and derivatives, 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 funds 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 High Yield Municipal Trust
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: February 28, 2008
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: February 28, 2008
By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: February 28, 2008
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