| Putnam Strategic Intermediate Municipal Fund | ||||||
| The fund's portfolio | ||||||
| 4/30/22 (Unaudited) | ||||||
| Key to holding's abbreviations | ||||||
| AGM — Assured Guaranty Municipal Corporation | ||||||
| BAM — Build America Mutual | ||||||
| G.O. Bonds — General Obligation Bonds | ||||||
| NATL — National Public Finance Guarantee Corporation | ||||||
| PSFG — Permanent School Fund Guaranteed | ||||||
| VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index rate, which was 0.44% as of the close of the reporting period. | ||||||
| MUNICIPAL BONDS AND NOTES (101.4%)(a) | ||||||
| Rating(RAT) | Principal amount | Value | ||||
| Alabama (0.4%) | ||||||
| Jefferson, Cnty. Rev. Bonds, (Refunding warrants) | ||||||
| 5.00%, 9/15/34 | AA | $1,075,000 | $1,173,457 | |||
| 5.00%, 9/15/33 | AA | 125,000 | 136,571 | |||
| 1,310,028 | ||||||
| Alaska (1.0%) | ||||||
| AK State Indl. Dev. & Export Auth. Rev. Bonds, (Tanana Chiefs Conference), Ser. A | ||||||
| 4.00%, 10/1/39 | A+/F | 2,445,000 | 2,457,389 | |||
| 4.00%, 10/1/38 | A+/F | 555,000 | 558,683 | |||
| 3,016,072 | ||||||
| Arizona (2.1%) | ||||||
| AZ State Indl. Dev. Auth. Rev. Bonds | ||||||
| (Equitable School Revolving Fund, LLC), 5.00%, 11/1/39 | A | 1,000,000 | 1,069,668 | |||
| (Equitable School Revolving Fund), Ser. A, 5.00%, 11/1/36 | A | 1,235,000 | 1,326,820 | |||
| (Equitable School Revolving Fund, LLC), 5.00%, 11/1/33 | A | 1,000,000 | 1,077,649 | |||
| Glendale, Indl. Dev. Auth. Sr. Living Fac. Rev. Bonds, (Royal Oaks Life Care Cmnty.) | ||||||
| 4.00%, 5/15/31 | BBB-/F | 1,000,000 | 1,002,575 | |||
| 4.00%, 5/15/29 | BBB-/F | 1,000,000 | 1,009,639 | |||
| Salt Verde, Fin. Corp. Gas Rev. Bonds, 5.50%, 12/1/29 | A3 | 1,000,000 | 1,117,822 | |||
| 6,604,173 | ||||||
| California (13.7%) | ||||||
| Bay Area Toll Auth. VRDN (San Francisco Bay Area), Ser. C, 0.34%, 4/1/53 | VMIG 1 | 10,000,000 | 10,000,000 | |||
| CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds, (Aster Apt.), Ser. A-1, 4.00%, 2/1/56 | BB+/P | 250,000 | 222,448 | |||
| CA Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35 | BBB+ | 910,556 | 911,296 | |||
| CA State Enterprise Dev. Auth. Student Hsg. Rev. Bonds, (Provident Group-SDSU Properties, LLC), Ser. A, 5.00%, 8/1/28 | Baa3 | 150,000 | 160,775 | |||
| CA State Infrastructure & Econ. Dev. Bank | ||||||
| Mandatory Put Bonds (6/1/26), (Museum Associates), 1.14%, 12/1/50 | A3 | 1,000,000 | 995,275 | |||
| Mandatory Put Bonds (8/1/24), (CA Academy of Sciences), 0.79%, 8/1/47 | A2 | 1,500,000 | 1,491,485 | |||
| CA State Muni. Fin. Auth. Rev. Bonds, (HumanGood Oblig. Group), Ser. A, 4.00%, 10/1/32 | A-/F | 1,000,000 | 1,035,673 | |||
| CA State Poll. Control Fin. Auth. Rev. Bonds, (San Jose Wtr. Co.), 4.75%, 11/1/46 | A | 1,000,000 | 1,028,444 | |||
| CA State Pub. Wks. Board Rev. Bonds, (Various Cap. Projects.), Ser. A, 5.00%, 8/1/32 | Aa3 | 1,000,000 | 1,152,343 | |||
| Chula Vista, Muni. Fin. Auth. Special Tax Bonds, 5.50%, 9/1/30 | AA- | 775,000 | 806,367 | |||
| Los Angeles Cnty., Regl. Fin. Auth. Rev. Bonds, (Vermont Manchester Social), 5.00%, 12/1/34 | AA+ | 500,000 | 572,464 | |||
| Los Angeles, Dept. of Arpt. Rev. Bonds | ||||||
| 5.00%, 5/15/32 | AA- | 1,000,000 | 1,116,520 | |||
| Ser. C, 5.00%, 5/15/29 | Aa2 | 2,000,000 | 2,215,598 | |||
| Ser. A, 4.00%, 5/15/39 | Aa3 | 1,500,000 | 1,488,972 | |||
| 4.00%, 5/15/35 | Aa3 | 600,000 | 606,069 | |||
| Pacifica, School Dist. G.O. Bonds, 4.00%, 8/1/45 | Aa3 | 850,000 | 838,195 | |||
| Port of Oakland Rev. Bonds | ||||||
| 5.00%, 5/1/28 | A2 | 750,000 | 818,531 | |||
| 1.081%, 5/1/24 | A1 | 620,000 | 594,999 | |||
| Regents of the U. of CA Med. Ctr. (The) Rev. Bonds, Ser. P, 5.00%, 5/15/38 | Aa3 | 9,000,000 | 10,070,829 | |||
| San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A | ||||||
| 5.00%, 5/1/30 | A1 | 1,000,000 | 1,101,943 | |||
| 5.00%, 5/1/29 | A1 | 2,000,000 | 2,195,191 | |||
| Sierra View, Local Hlth. Care Dist. Rev. Bonds | ||||||
| 5.00%, 7/1/30 | A/F | 620,000 | 703,674 | |||
| 5.00%, 7/1/27 | A/F | 625,000 | 686,547 | |||
| 4.00%, 7/1/26 | A/F | 300,000 | 313,197 | |||
| 4.00%, 7/1/25 | A/F | 290,000 | 300,308 | |||
| 4.00%, 7/1/24 | A/F | 235,000 | 241,125 | |||
| 4.00%, 7/1/23 | A/F | 260,000 | 264,645 | |||
| 4.00%, 7/1/22 | A/F | 230,000 | 230,882 | |||
| Yucaipa Special Tax Bonds, (Cmnty. Fac. Dist. No. 98-1 Chapman Heights), 5.375%, 9/1/30 | A | 375,000 | 376,583 | |||
| 42,540,378 | ||||||
| Colorado (2.6%) | ||||||
| CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (CommonSpirit Health Oblig. Group) | ||||||
| Ser. A-2, 4.00%, 8/1/49(T)A | A- | 1,500,000 | 1,422,855 | |||
| Ser. A-1, 4.00%, 8/1/44(T) | A- | 750,000 | 727,223 | |||
| Ser. A-1, 4.00%, 8/1/39(T) | A- | 225,000 | 217,467 | |||
| Ser. A-1, 4.00%, 8/1/38(T) | A- | 225,000 | 220,235 | |||
| Ser. A-1, 4.00%, 8/1/37(T) | A- | 150,000 | 148,438 | |||
| E-470 Pub. Hwy. Auth. Mandatory Put Bonds (9/1/24), Ser. B, 0.538%, 9/1/39 | A2 | 4,000,000 | 3,920,444 | |||
| Vauxmont, Metro. Dist. G.O. Bonds, AGM | ||||||
| 5.00%, 12/1/34 | AA | 285,000 | 322,992 | |||
| 5.00%, 12/1/32 | AA | 250,000 | 284,157 | |||
| 5.00%, 12/15/30 | AA | 125,000 | 135,792 | |||
| 5.00%, 12/15/29 | AA | 125,000 | 135,801 | |||
| 5.00%, 12/15/27 | AA | 125,000 | 135,860 | |||
| 5.00%, 12/15/25 | AA | 125,000 | 134,918 | |||
| 5.00%, 12/1/25 | AA | 175,000 | 188,552 | |||
| 7,994,734 | ||||||
| Connecticut (1.9%) | ||||||
| CT State Hlth. & Edl. Fac. Auth. Rev. Bonds | ||||||
| (Masonicare Issue), Ser. F, 5.00%, 7/1/34 | BBB+/F | 1,250,000 | 1,307,658 | |||
| (Masonicare Issue), Ser. F, 5.00%, 7/1/33 | BBB+/F | 250,000 | 261,826 | |||
| (Stamford Hosp. Oblig. Group (The)), Ser. M, 5.00%, 7/1/32 | BBB+ | 1,400,000 | 1,582,106 | |||
| (Stamford Hosp. Oblig. Group (The)), Ser. L-1, 4.00%, 7/1/26 | BBB+ | 700,000 | 723,008 | |||
| CT State Hsg. Fin. Auth. Mtge. Program Rev. Bonds | ||||||
| Ser. B-1, 4.15%, 11/15/44(T) | Aaa | 1,355,000 | 1,343,388 | |||
| Ser. B-1, 4.10%, 11/15/39(T) | Aaa | 565,000 | 566,565 | |||
| 5,784,551 | ||||||
| Delaware (0.7%) | ||||||
| DE River & Bay Auth. Rev. Bonds, 5.00%, 1/1/32(WIS) | A1 | 2,000,000 | 2,278,200 | |||
| 2,278,200 | ||||||
| District of Columbia (2.8%) | ||||||
| DC Rev. Bonds | ||||||
| (KIPP DC), Ser. A, 5.00%, 7/1/48 | BBB+ | 1,250,000 | 1,282,881 | |||
| (Latin American Montessori Bilingual Pub. Charter School Oblig. Group), 4.00%, 6/1/30 | BB+ | 1,000,000 | 1,000,419 | |||
| Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds, (Dulles Metrorail & Cap. Impt. Proj.) | ||||||
| 4.00%, 10/1/53(T) | A- | 660,000 | 645,526 | |||
| Ser. B, 4.00%, 10/1/44(T) | A- | 665,000 | 664,541 | |||
| Metro. DC Arpt. Auth. Rev. Bonds, Ser. A | ||||||
| 5.00%, 10/1/43 | Aa3 | 3,650,000 | 3,893,716 | |||
| 5.00%, 10/1/31 | Aa3 | 1,000,000 | 1,094,570 | |||
| 8,581,653 | ||||||
| Florida (4.7%) | ||||||
| Cap. Trust Agcy. 144A Rev. Bonds, (WFCS Holdings II, LLC), Ser. A-1, 3.30%, 1/1/31 | BB/P | 480,000 | 414,593 | |||
| Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. A-1, 4.25%, 5/1/34 | A | 360,000 | 363,716 | |||
| FL State Dev. Fin. Corp. Ed. Fac. Rev. Bonds, (River City Ed.), 5.00%, 7/1/31(WIS) | Baa3 | 325,000 | 332,406 | |||
| FL State Dev. Fin. Corp. Ed. Fac. 144A Rev. Bonds, (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 3.00%, 7/1/31 | BB/P | 200,000 | 181,612 | |||
| FL State Muni. Pwr. Agcy. Rev. Bonds, (St. Lucie), Ser. B | ||||||
| 5.00%, 10/1/30(WIS) | A2 | 1,000,000 | 1,111,894 | |||
| 5.00%, 10/1/29(WIS) | A2 | 1,000,000 | 1,113,927 | |||
| 5.00%, 10/1/28(WIS) | A2 | 1,000,000 | 1,117,784 | |||
| Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 | A- | 1,375,000 | 1,477,289 | |||
| Lakeland, Hosp. Syst. Rev. Bonds, (Lakeland Regl. Hlth.), 5.00%, 11/15/45 | A2 | 2,000,000 | 2,068,879 | |||
| Orange Cnty., Hlth. Fac. Auth. Rev. Bonds, (Presbyterian Retirement Cmntys.), 5.00%, 8/1/34 | A-/F | 1,000,000 | 1,040,578 | |||
| Orlando Cmnty. Redev. Agcy. Tax Alloc. Bonds, (Republic Drive/Universal), 5.00%, 4/1/23 | A+/F | 1,630,000 | 1,632,875 | |||
| Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds, (Acts Retirement-Life Cmnty., Inc.), 5.00%, 11/15/32 | A-/F | 2,000,000 | 2,157,781 | |||
| Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30 | BBB+ | 240,000 | 248,265 | |||
| St. John's Cnty., Indl. Dev. Auth. Rev. Bonds, (Life Care Ponte Vedra Oblig. Group), Ser. A | ||||||
| 4.00%, 12/15/31 | BB+/F | 200,000 | 192,861 | |||
| 4.00%, 12/15/30 | BB+/F | 195,000 | 189,449 | |||
| 4.00%, 12/15/29 | BB+/F | 215,000 | 209,885 | |||
| Village, 144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 1.875%, 5/1/25 | BB-/P | 680,000 | 650,711 | |||
| 14,504,505 | ||||||
| Georgia (1.8%) | ||||||
| Burke Cnty., Dev. Auth. Poll. Control Mandatory Put Bonds (2/3/25), (Oglethorpe Pwr. Corp.), 1.50%, 1/1/40 | Baa1 | 1,600,000 | 1,543,175 | |||
| Main Street Natural Gas, Inc. Gas Supply Mandatory Put Bonds (6/1/23), Ser. B, 1.055%, 4/1/48 | Aa1 | 2,200,000 | 2,187,975 | |||
| Muni. Election Auth. of GA Rev. Bonds, (Plant Vogtle Units 3 & 4) | ||||||
| Ser. A, 5.50%, 7/1/60 | A | 1,500,000 | 1,594,966 | |||
| 4.00%, 1/1/46 | BBB+ | 330,000 | 308,331 | |||
| 5,634,447 | ||||||
| Guam (0.1%) | ||||||
| Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, AGM, 5.00%, 10/1/30 (Prerefunded 10/1/22) | AA | 200,000 | 202,812 | |||
| 202,812 | ||||||
| Hawaii (0.1%) | ||||||
| HI State Dept. Budget & Fin. Rev. Bonds, (Kahala Nui), 5.25%, 11/15/37 | A+/F | 250,000 | 253,616 | |||
| 253,616 | ||||||
| Idaho (0.6%) | ||||||
| ID State Hlth. Fac. Auth. VRDN (St Luke's Hlth. Syst. Ltd. Oblig. Group), Ser. C, 0.36%, 3/1/48 | VMIG 1 | 1,900,000 | 1,900,000 | |||
| 1,900,000 | ||||||
| Illinois (8.7%) | ||||||
| Chicago, G.O. Bonds, Ser. A, 4.00%, 1/1/36 | BBB+ | 1,000,000 | 943,256 | |||
| Chicago, Board of Ed. G.O. Bonds, Ser. A, 5.00%, 12/1/39 | BB | 1,000,000 | 1,046,117 | |||
| Chicago, Waste Wtr. Transmission Rev. Bonds | ||||||
| 5.00%, 1/1/44 | A | 500,000 | 513,742 | |||
| Ser. C, 5.00%, 1/1/39 | A | 750,000 | 789,541 | |||
| (2nd Lien), 5.00%, 1/1/39 | A | 565,000 | 580,252 | |||
| Ser. C, 5.00%, 1/1/34 | A | 400,000 | 422,667 | |||
| Ser. C, 5.00%, 1/1/33 | A | 405,000 | 428,378 | |||
| Chicago, Wtr. Wks Rev. Bonds, 5.00%, 11/1/39 | A | 675,000 | 703,865 | |||
| IL State G.O. Bonds | ||||||
| 5.00%, 11/1/41 | Baa1 | 600,000 | 618,977 | |||
| 5.00%, 1/1/41 | Baa1 | 340,000 | 348,913 | |||
| 5.00%, 11/1/34 | Baa1 | 1,650,000 | 1,714,673 | |||
| Ser. C, 5.00%, 11/1/29 | Baa1 | 1,225,000 | 1,308,577 | |||
| Ser. D, 5.00%, 11/1/28 | Baa1 | 2,080,000 | 2,234,722 | |||
| Ser. D, 5.00%, 11/1/27 | Baa1 | 920,000 | 993,207 | |||
| 4.125%, 11/1/31 | Baa1 | 830,000 | 837,970 | |||
| 4.00%, 1/1/31 | Baa1 | 695,000 | 700,051 | |||
| IL State Fin. Auth. | ||||||
| Mandatory Put Bonds (11/15/26), (OSF Hlth. Care Syst. Oblig. Group), Ser. B-2, 5.00%, 5/15/50 | A | 1,000,000 | 1,081,234 | |||
| Mandatory Put Bonds (9/1/22), (Field Museum of Natural History), 0.809%, 11/1/34 | A2 | 2,415,000 | 2,413,118 | |||
| IL State Fin. Auth. Rev. Bonds | ||||||
| (Rosalind Franklin U. of Medicine and Science), Ser. A, 5.00%, 8/1/31 | BBB+ | 400,000 | 429,035 | |||
| (Art Institute of Chicago (The)), 5.00%, 3/1/30 | Aa3 | 1,500,000 | 1,622,683 | |||
| IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds, (U. of IL Chicago), 5.00%, 2/15/50 | Baa3 | 500,000 | 504,814 | |||
| Metro. Pier & Exposition Auth. Rev. Bonds, (McCormick Place Expansion), Ser. B, 5.00%, 12/15/33 | BBB+ | 300,000 | 317,074 | |||
| Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds, (McCormick), Ser. A, NATL, zero %, 12/15/22 | Baa2 | 5,500,000 | 5,412,001 | |||
| Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, Ser. A, 5.00%, 12/1/31 | AA | 1,000,000 | 1,087,479 | |||
| 27,052,346 | ||||||
| Indiana (1.2%) | ||||||
| IN State. Fin. Auth. Rev. Bonds, (Rose-Hulman Inst. of Tech., Inc.) | ||||||
| 5.00%, 6/1/32 | A2 | 200,000 | 222,479 | |||
| 5.00%, 6/1/31 | A2 | 200,000 | 222,907 | |||
| 5.00%, 6/1/30 | A2 | 200,000 | 224,387 | |||
| 5.00%, 6/1/29 | A2 | 175,000 | 194,758 | |||
| 5.00%, 6/1/28 | A2 | 100,000 | 110,150 | |||
| 5.00%, 6/1/27 | A2 | 180,000 | 196,369 | |||
| 4.00%, 6/1/34 | A2 | 235,000 | 237,932 | |||
| 4.00%, 6/1/33 | A2 | 210,000 | 213,075 | |||
| Indianapolis, Local Pub. Impt. Bond Bk. Rev. Bonds, (Courthouse and Jail), Ser. A, 5.00%, 2/1/54 | Aa1 | 1,250,000 | 1,362,483 | |||
| Silver Creek, School Bldg. Corp. Rev. Bonds | ||||||
| 3.00%, 1/15/36 | AA+ | 500,000 | 469,559 | |||
| 3.00%, 1/15/34 | AA+ | 375,000 | 356,131 | |||
| 3,810,230 | ||||||
| Iowa (0.9%) | ||||||
| IA State Fin. Auth. Rev. Bonds, (Lifespace Cmnty., Inc. Oblig. Group), Ser. A, 4.00%, 5/15/46 | BBB/F | 1,150,000 | 977,299 | |||
| IA State Fin. Auth. Solid Waste Fac. Mandatory Put Bonds (4/1/24), (Gevo NW Iowa RNG, LLC), 1.50%, 1/1/42 | Aa3 | 1,700,000 | 1,676,853 | |||
| 2,654,152 | ||||||
| Kentucky (4.0%) | ||||||
| KY Pub. Trans. Infrastructure Auth. Rev. Bonds, (1st Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53 (Prerefunded 7/1/23) | Baa2 | 500,000 | 521,835 | |||
| KY State Pub. Energy Auth. Gas Supply | ||||||
| Mandatory Put Bonds (6/1/25), Ser. C-1, 4.00%, 12/1/49 | A1 | 3,150,000 | 3,195,751 | |||
| Mandatory Put Bonds (1/1/25), Ser. B, 4.00%, 1/1/49 | A1 | 2,800,000 | 2,857,520 | |||
| KY State Tpk. Auth. Econ. Dev. Rev. Bonds | ||||||
| (Revitalization Projects), Ser. A-22, 5.00%, 7/1/32 | Aa3 | 1,350,000 | 1,552,046 | |||
| (Revitalization), Ser. A-22, 5.00%, 7/1/31 | Aa3 | 1,150,000 | 1,323,983 | |||
| Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds, (Norton Healthcare, Inc.), Ser. A, 5.00%, 10/1/30 | A | 2,750,000 | 2,996,508 | |||
| 12,447,643 | ||||||
| Louisiana (0.8%) | ||||||
| LA Stadium & Exposition Dist. Rev. Bonds, 4.00%, 7/3/23 | BBB+/F | 500,000 | 506,071 | |||
| St. John The Baptist Parish Mandatory Put Bonds (7/1/26), (Marathon Oil Corp.), Ser. A-3, 2.20%, 6/1/37 | Baa3 | 2,000,000 | 1,879,333 | |||
| 2,385,404 | ||||||
| Maryland (0.2%) | ||||||
| Gaithersburg, Econ. Dev. Rev. Bonds, (Asbury, Oblig. Group), Ser. A, 5.00%, 1/1/36 | BBB/F | 300,000 | 318,160 | |||
| MD State Hlth. & Higher Ed. Fac. Auth. Rev. Bonds, (Stevenson U.), 4.00%, 6/1/34 | BBB- | 250,000 | 248,368 | |||
| 566,528 | ||||||
| Massachusetts (0.9%) | ||||||
| MA State G.O. Bonds, Ser. A, 5.25%, 4/1/47 | Aa1 | 1,500,000 | 1,633,647 | |||
| MA State Dev. Fin. Agcy. 144A Rev. Bonds, (Loomis Oblig. Group), 4.00%, 1/1/26(WIS) | BBB | 500,000 | 506,457 | |||
| MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. D, 3.10%, 6/1/30 | Aa2 | 720,000 | 708,356 | |||
| 2,848,460 | ||||||
| Michigan (4.6%) | ||||||
| Detroit, G.O. Bonds, 5.50%, 4/1/34 | Ba2 | 660,000 | 728,654 | |||
| Detroit, Downtown Dev. Auth. Tax Alloc. Bonds, Ser. A, AGM, 5.00%, 7/1/43 | AA | 3,000,000 | 3,129,768 | |||
| Kentwood, Economic Dev. Corp. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/37 | BBB-/F | 1,000,000 | 1,045,713 | |||
| MI State Fin. Auth. Rev. Bonds | ||||||
| Ser. H-1, 5.00%, 10/1/39 (Prerefunded 10/1/24) | AA- | 525,000 | 551,529 | |||
| (Pub. Ltg. Auth.), Ser. B, 5.00%, 7/1/39 | BBB- | 2,000,000 | 2,037,995 | |||
| (Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33 | AA- | 140,000 | 145,667 | |||
| (Detroit), Ser. C-3, 5.00%, 4/1/28 | Aa2 | 700,000 | 769,763 | |||
| (Trinity Health Corp. Oblig. Group), Ser. A, 4.00%, 12/1/49(T) | AA- | 1,325,000 | 1,292,233 | |||
| (Tobacco Settlement), Ser. A-1, 2.326%, 6/1/30 | A | 764,071 | 731,922 | |||
| MI State Fin. Auth. Ltd. Oblig. Rev. Bonds | ||||||
| (Lawrence Technological U.), 5.25%, 2/1/32 | BBB- | 1,145,000 | 1,203,336 | |||
| (Lawrence Technological U.), 5.00%, 2/1/47 | BBB- | 2,000,000 | 2,048,963 | |||
| (Lawrence Tech. U.), 4.00%, 2/1/32 | BBB- | 285,000 | 286,758 | |||
| (Lawrence Tech. U.), 4.00%, 2/1/27 | BBB- | 185,000 | 188,989 | |||
| 14,161,290 | ||||||
| Minnesota (3.2%) | ||||||
| Duluth, Econ. Dev. Auth. Rev. Bonds, (Benedictine Hlth. Syst. Oblig. Group), Ser. A, 4.00%, 7/1/31 | BB/P | 625,000 | 604,913 | |||
| Duluth, Econ. Dev. Auth. Hlth. Care Fac. Rev. Bonds, (St. Luke's Hosp. of Duluth Oblig. Group) | ||||||
| 5.00%, 6/15/32 | BBB- | 975,000 | 1,072,629 | |||
| 5.00%, 6/15/30 | BBB- | 830,000 | 907,346 | |||
| Minneapolis & St. Paul, Hsg. & Redev. Auth. Hlth. Care VRDN, (Allina Hlth. Syst.), Ser. B-2, 0.32%, 11/15/35 | VMIG 1 | 2,600,000 | 2,600,000 | |||
| MN State Higher Ed. Fac. Auth. Rev. Bonds, (Augsburg U.), Ser. A, 5.00%, 5/1/46 | Ba1 | 750,000 | 751,880 | |||
| Rochester, Hlth. Care Fac. VRDN, (Mayo Clinic), Ser. B, 0.40%, 11/15/38 | VMIG 1 | 1,000,000 | 1,000,000 | |||
| St. Paul, Hsg. & Redev. Auth. Charter School Lease Rev. Bonds, (Hmong College Prep Academy), 5.50%, 9/1/36 | BB+ | 3,000,000 | 3,135,772 | |||
| 10,072,540 | ||||||
| Mississippi (1.1%) | ||||||
| MS Bus. Fin. Comm. VRDN (Chevron USA, Inc.), Ser. C, 0.33%, 12/1/30 | VMIG 1 | 2,930,000 | 2,930,000 | |||
| MS State Bus. Fin. Corp. Rev. Bonds, (System Energy Resources, Inc.), 2.375%, 6/1/44 | A | 770,000 | 550,042 | |||
| 3,480,042 | ||||||
| Missouri (0.2%) | ||||||
| Plaza at Noah's Ark Cmnty. Impt. Dist. Rev. Bonds | ||||||
| 3.00%, 5/1/26 | B+/P | 275,000 | 265,729 | |||
| 3.00%, 5/1/25 | B+/P | 225,000 | 219,597 | |||
| 3.00%, 5/1/24 | B+/P | 200,000 | 197,067 | |||
| 682,393 | ||||||
| Nebraska (1.2%) | ||||||
| Central Plains, Energy Mandatory Put Bonds (11/1/24), (No. 4), 5.00%, 3/1/50 | A2 | 2,500,000 | 2,565,764 | |||
| Central Plains, Energy Rev. Bonds, (NE Gas No. 3), 5.00%, 9/1/32 (Prerefunded 9/1/22) | A2 | 1,000,000 | 1,009,858 | |||
| 3,575,622 | ||||||
| New Hampshire (1.2%) | ||||||
| National Fin. Auth. Rev. Bonds, (Caritas Acquisitions VII, LLC), Ser. A, 3.75%, 8/15/30 | BBB/P | 1,050,000 | 995,992 | |||
| NH State Hlth. & Ed. Fac. Auth. Rev. Bonds | ||||||
| (Catholic Med. Ctr.), 5.00%, 7/1/44 | BBB+ | 500,000 | 531,637 | |||
| (Southern NH Med. Ctr.), 5.00%, 10/1/37 | A- | 2,000,000 | 2,144,077 | |||
| 3,671,706 | ||||||
| New Jersey (2.3%) | ||||||
| NJ State Econ. Dev. Auth. Rev. Bonds, Ser. AAA, 5.00%, 6/15/36 | A3 | 350,000 | 373,404 | |||
| NJ State Edl. Fac. Auth. Rev. Bonds, (William Paterson U. of NJ (The)), Ser. C, AGM | ||||||
| 5.00%, 7/1/27 | AA | 100,000 | 109,898 | |||
| 5.00%, 7/1/26 | AA | 100,000 | 108,417 | |||
| 5.00%, 7/1/25 | AA | 100,000 | 106,652 | |||
| 5.00%, 7/1/24 | AA | 100,000 | 104,797 | |||
| NJ State Hlth. Care Fac. Fin. Auth. VRDN | ||||||
| (AHS Hosp. Corp.), Ser. B, 0.44%, 7/1/36 | VMIG 1 | 1,500,000 | 1,500,000 | |||
| (Virtua Hlth.), Ser. C, 0.30%, 7/1/43 | A-1 | 1,665,000 | 1,665,000 | |||
| NJ State Trans. Trust Fund Auth. Rev. Bonds | ||||||
| Ser. AA, 5.00%, 6/15/36 | A3 | 775,000 | 834,529 | |||
| (Federal Hwy. Reimbursement Notes), 5.00%, 6/15/28 | A+ | 750,000 | 808,456 | |||
| Ser. A, 4.00%, 6/15/39 | A3 | 1,510,000 | 1,469,720 | |||
| 7,080,873 | ||||||
| New Mexico (0.8%) | ||||||
| Farmington, Poll. Control Rev. Bonds, (Pub. Service Co. of NM), Ser. B, 2.15%, 4/1/33 | Baa2 | 2,000,000 | 1,656,010 | |||
| Sante Fe, Retirement Fac. Rev. Bonds, (El Castillo Retirement Res.), 5.00%, 5/15/42 | BB+/F | 980,000 | 980,266 | |||
| 2,636,276 | ||||||
| New York (7.3%) | ||||||
| Albany, Cap. Resource Corp. Rev. Bonds, (Empire Commons Student Hsg., Inc.) | ||||||
| 5.00%, 5/1/26 | A | 400,000 | 435,406 | |||
| Ser. A, 5.00%, 5/1/25 | A | 645,000 | 690,665 | |||
| 5.00%, 5/1/24 | A | 575,000 | 604,174 | |||
| 5.00%, 5/1/23 | A | 795,000 | 816,776 | |||
| Hempstead, Union Free School Dist. G.O. Bonds, Ser. A, 1.00%, 6/30/22 | A+/P | 1,750,000 | 1,746,984 | |||
| Metro. Trans. Auth. Dedicated Tax Mandatory Put Bonds (6/1/22), Ser. A-2A, 0.89%, 11/1/26 | AA | 1,545,000 | 1,545,046 | |||
| NY City, G.O. Bonds, Ser. B-1, 5.00%, 8/1/32 | Aa2 | 1,500,000 | 1,742,421 | |||
| NY City, VRDN, Ser. I-2, 0.33%, 3/1/40 | VMIG 1 | 5,000,000 | 5,000,000 | |||
| NY City, Transitional Fin. Auth. Rev. Bonds, Ser. F-1, 5.00%, 2/1/47 | AAA | 2,950,000 | 3,266,102 | |||
| NY State Dorm. Auth. Personal Income Tax Rev. Bonds, Ser. A, 5.00%, 3/15/30 | AA+ | 4,700,000 | 5,379,516 | |||
| NY State Mtge. Agcy. Rev. Bonds, Ser. 196, 2.60%, 4/1/25 | Aa1 | 750,000 | 737,309 | |||
| NY State Trans. Special Fac. Dev. Corp. Rev. Bonds | ||||||
| (JFK Intl. Arpt. Term. 4, LLC), 5.00%, 12/1/29 | Baa1 | 500,000 | 531,985 | |||
| (American Airlines, Inc.), 2.25%, 8/1/26 | B/F | 250,000 | 233,859 | |||
| 22,730,243 | ||||||
| North Carolina (5.0%) | ||||||
| Charlotte-Mecklenburg, Hosp. Auth. Hlth. Care Syst. VRDN (Atrium Hlth. Oblig. Group), Ser. E, 0.33%, 1/15/42 | VMIG 1 | 13,640,000 | 13,640,000 | |||
| NC State Med. Care Comm. Hlth. Care Fac. Rev. Bonds, (Lutheran Svcs. for the Aging, Inc. Oblig. Group), Ser. C | ||||||
| 5.00%, 3/1/28 | BB/P | 365,000 | 371,060 | |||
| 5.00%, 3/1/27 | BB/P | 460,000 | 468,454 | |||
| 5.00%, 3/1/26 | BB/P | 440,000 | 448,870 | |||
| 4.00%, 3/1/29 | BB/P | 755,000 | 721,419 | |||
| 15,649,803 | ||||||
| Ohio (3.9%) | ||||||
| Cuyahoga Cnty., Econ. Dev. Rev. Bonds | ||||||
| 5.00%, 1/1/38 | A | 1,380,000 | 1,506,802 | |||
| 5.00%, 1/1/36 | A | 425,000 | 465,420 | |||
| Franklin Cnty., Hlth. Care Fac. Rev. Bonds, (Friendship Village of Dublin Oblig. Group), 5.00%, 11/15/34 | BBB+/F | 700,000 | 724,891 | |||
| OH State Higher Edl. Fac. Comm. Rev. Bonds | ||||||
| (Kenyon College), 5.00%, 7/1/36(WIS) | A2 | 1,250,000 | 1,322,275 | |||
| (Kenyon College), 5.00%, 7/1/35(WIS) | A2 | 1,700,000 | 1,800,623 | |||
| (John Carroll U.), 5.00%, 10/1/30 | Baa1 | 455,000 | 498,903 | |||
| (John Carroll U.), 5.00%, 10/1/29 | Baa1 | 810,000 | 885,218 | |||
| (John Carroll U.), 5.00%, 10/1/28 | Baa1 | 370,000 | 402,749 | |||
| (John Carroll U.), 5.00%, 10/1/27 | Baa1 | 350,000 | 378,719 | |||
| (John Carroll U.), 5.00%, 10/1/26 | Baa1 | 350,000 | 375,660 | |||
| (John Carroll U.), 5.00%, 10/1/25 | Baa1 | 220,000 | 233,599 | |||
| OH State Hosp. Rev. Bonds, (Premier Hlth. Partners Oblig. Group) | ||||||
| 5.00%, 11/15/27 | Baa1 | 240,000 | 263,406 | |||
| 5.00%, 11/15/26 | Baa1 | 285,000 | 308,981 | |||
| 5.00%, 11/15/24 | Baa1 | 135,000 | 142,161 | |||
| OH State Tpk. Comm. Rev. Bonds, 5.00%, 2/15/29(WIS) | Aa3 | 1,000,000 | 1,108,953 | |||
| Port of Greater Cincinnati Dev. Auth. 144A Rev. Bonds, 4.25%, 12/1/50 | BB/P | 750,000 | 596,575 | |||
| Scioto Cnty., Hosp. Rev. Bonds, (Southern OH Med. Ctr.), 5.00%, 2/15/33 | A3 | 500,000 | 535,079 | |||
| Warren Cnty., Hlth. Care Fac. Rev. Bonds, (Otterbein Homes Oblig. Group), Ser. A, 5.75%, 7/1/33 (Prerefunded 7/1/23) | A | 500,000 | 519,940 | |||
| 12,069,954 | ||||||
| Oregon (0.1%) | ||||||
| Keizer, Special Assmt. Bonds, (Keizer Station), Ser. A, 5.20%, 6/1/31 | Aa3 | 225,000 | 225,672 | |||
| 225,672 | ||||||
| Pennsylvania (4.7%) | ||||||
| Allegheny Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 4.00%, 1/1/40 | AA | 1,250,000 | 1,218,507 | |||
| Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds, (West Chester U. Student Hsg., LLC), Ser. A, 5.00%, 8/1/45 | Ba2 | 750,000 | 750,567 | |||
| Dallas, Area Muni. Auth. U. Rev. Bonds, (Misericordia U.), 5.00%, 5/1/29 | Baa3 | 300,000 | 307,606 | |||
| Lackawanna Cnty., Indl. Dev. Auth. Rev. Bonds, (Scranton U.), 4.00%, 11/1/40 | A- | 500,000 | 491,450 | |||
| Lancaster, Indl. Dev. Auth. Rev. Bonds, (Landis Homes Oblig. Group), 4.00%, 7/1/46 | BBB-/F | 675,000 | 601,778 | |||
| Monroeville, Fin. Auth. Rev. Bonds, (U. of Pittsburgh Med. Ctr.), Ser. B, 5.00%, 2/15/24(FWC) | A2 | 500,000 | 521,861 | |||
| PA Rev. Bonds, (City of Philadelphia, Wtr. & Wastewater) | ||||||
| 4.00%, 1/1/32 | Baa2 | 540,000 | 547,125 | |||
| 4.00%, 1/1/31 | Baa2 | 165,000 | 167,908 | |||
| 4.00%, 1/1/30 | Baa2 | 115,000 | 117,689 | |||
| 4.00%, 1/1/29 | Baa2 | 725,000 | 743,661 | |||
| PA State Tpk. Comm. Rev. Bonds, Ser. B-1, 5.00%, 6/1/42 | A3 | 675,000 | 728,470 | |||
| Pittsburgh Wtr. & Swr. Auth. Mandatory Put Bonds (12/1/23), Ser. C, AGM, 1.09%, 9/1/40 | AA | 1,875,000 | 1,876,736 | |||
| Scranton, School Dist. G.O. Bonds, Ser. 14-R, 1.394%, 4/1/31 | A1 | 5,275,000 | 5,286,754 | |||
| Westmoreland Cnty. Indl. Dev. Auth. Hlth. Syst. Rev. Bonds, (Excela Hlth. Oblig. Group), Ser. A | ||||||
| 5.00%, 7/1/28 | Baa1 | 275,000 | 306,935 | |||
| 5.00%, 7/1/27 | Baa1 | 375,000 | 413,819 | |||
| 4.00%, 7/1/26 | Baa1 | 300,000 | 314,639 | |||
| 4.00%, 7/1/24 | Baa1 | 200,000 | 205,849 | |||
| 14,601,354 | ||||||
| Puerto Rico (0.3%) | ||||||
| Cmnwlth. of PR, G.O. Bonds, Ser. A1, 5.625%, 7/1/27 | BB/P | 907,000 | 962,124 | |||
| 962,124 | ||||||
| Rhode Island (0.7%) | ||||||
| RI Hlth. & Edl. Bldg. Corp. Rev. Bonds, (Lifespan Oblig. Group-Hosp. Fin.) | ||||||
| 5.00%, 5/15/33 | BBB+ | 365,000 | 388,298 | |||
| 5.00%, 5/15/26 | BBB+ | 580,000 | 629,189 | |||
| Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50 | BBB-/P | 1,000,000 | 1,024,871 | |||
| 2,042,358 | ||||||
| South Carolina (0.9%) | ||||||
| Myrtle Beach, Tax Alloc. Bonds, (Myrtle Beach Air Force Base Redev.), 5.00%, 10/1/28 | A2 | 575,000 | 624,924 | |||
| SC State Pub. Svcs. Auth. Rev. Bonds | ||||||
| (Oblig.), Ser. B, 5.00%, 12/1/37 | A2 | 500,000 | 535,590 | |||
| Ser. A, 5.00%, 12/1/36 | A2 | 1,500,000 | 1,596,325 | |||
| 2,756,839 | ||||||
| Tennessee (0.3%) | ||||||
| Chattanooga, Hlth. Edl. & Hsg. Fac. Rev. Bonds, (CommonSpirit Health Oblig. Group) | ||||||
| Ser. A-2, 5.00%, 8/1/49(T) | A- | 250,000 | 265,728 | |||
| Ser. A-2, 5.00%, 8/1/44(T) | A- | 150,000 | 159,521 | |||
| Ser. A-1, 4.00%, 8/1/44(T) | A- | 275,000 | 266,525 | |||
| Ser. A-1, 4.00%, 8/1/38(T) | A- | 150,000 | 146,823 | |||
| Ser. A-1, 4.00%, 8/1/37(T) | A- | 150,000 | 147,551 | |||
| 986,148 | ||||||
| Texas (7.4%) | ||||||
| Arlington, Higher Ed. Fin. Corp. Rev. Bonds | ||||||
| (Harmony Pub. Schools), Ser. A, PSFG, 4.00%, 2/15/51 | Aaa | 2,000,000 | 2,021,657 | |||
| (Uplift Ed.), Ser. A, PSFG, 4.00%, 12/1/32 | AAA | 375,000 | 393,027 | |||
| Austin-Bergstrom Landhost Enterprises, Inc. Rev. Bonds | ||||||
| 5.00%, 10/1/36 | A | 1,485,000 | 1,558,773 | |||
| 5.00%, 10/1/33 | A | 400,000 | 421,173 | |||
| Clifton, Higher Ed. Fin. Corp. Rev. Bonds, (IDEA Pub. Schools) | ||||||
| Ser. B, PSFG, 5.00%, 8/15/27 | A- | 350,000 | 375,457 | |||
| Ser. T, PSFG, 4.00%, 8/15/38 | AAA | 1,400,000 | 1,479,105 | |||
| Ser. T, PSFG, 4.00%, 8/15/36 | AAA | 700,000 | 743,814 | |||
| Dallas, Hotel Occupancy Tax Rev. Bonds | ||||||
| 4.00%, 8/15/38 | A | 1,000,000 | 1,025,420 | |||
| 4.00%, 8/15/37 | A | 1,000,000 | 1,026,224 | |||
| 4.00%, 8/15/36 | A | 1,000,000 | 1,026,626 | |||
| 4.00%, 8/15/35 | A | 1,000,000 | 1,027,834 | |||
| 4.00%, 8/15/34 | A | 750,000 | 772,086 | |||
| Fort Bend, Indpt. School Dist. Mandatory Put Bonds (8/1/26), Ser. B, PSFG, 0.72%, 8/1/51 | AAA | 1,000,000 | 907,713 | |||
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds, (YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/38 | Baa2 | 500,000 | 487,578 | |||
| Lake Houston Redev. Auth. Rev. Bonds, (City of Houston, Reinvestment Zone No. 10) | ||||||
| 5.00%, 9/1/31 | BBB- | 200,000 | 220,586 | |||
| 5.00%, 9/1/30 | BBB- | 200,000 | 219,646 | |||
| 5.00%, 9/1/29 | BBB- | 175,000 | 191,025 | |||
| 5.00%, 9/1/28 | BBB- | 150,000 | 162,714 | |||
| 5.00%, 9/1/26 | BBB- | 125,000 | 133,399 | |||
| 5.00%, 9/1/25 | BBB- | 100,000 | 105,529 | |||
| 5.00%, 9/1/24 | BBB- | 100,000 | 104,116 | |||
| 4.00%, 9/1/33 | BBB- | 150,000 | 151,710 | |||
| 4.00%, 9/1/32 | BBB- | 150,000 | 152,040 | |||
| New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds | ||||||
| (CHF-Collegiate Hsg. Stephenville III, LLC), 5.00%, 4/1/47 (Prerefunded 4/1/25) | AAA/P | 365,000 | 389,579 | |||
| (TX Woman's U. CHF-Collegiate Hsg. Dining), Ser. B-1, AGM, 5.00%, 7/1/38 | AA | 860,000 | 925,202 | |||
| (Tarleton State U. Collegiate Student Hsg.), Ser. A, 5.00%, 4/1/35 (Prerefunded 4/1/25) | AAA/P | 800,000 | 853,873 | |||
| (Collegiate Hsg.-Tarleton St.), 5.00%, 4/1/29 (Prerefunded 4/1/24) | AAA/P | 1,225,000 | 1,284,323 | |||
| (Collegiate Housing Island Campus, LLC.), Ser. A, 5.00%, 4/1/25 (escrowed to maturity) | AAA/P | 500,000 | 534,396 | |||
| Newark, Higher Ed. Fin. Corp. Rev. Bonds, (Austin Achieve Pub. Schools, Inc.), 5.00%, 6/15/33 | BBB-/P | 200,000 | 200,449 | |||
| SA Energy Acquisition Pub. Fac. Corp. Rev. Bonds, (Gas Supply), 5.50%, 8/1/25 | A2 | 1,000,000 | 1,075,748 | |||
| Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds, (Buckner Retirement Svcs., Inc.), 5.00%, 11/15/37 | A/F | 1,250,000 | 1,345,464 | |||
| Temple, Tax Increment Tax Alloc. Bonds, (Reinvestment Zone No. 1), Ser. A, BAM | ||||||
| 5.00%, 8/1/30 | AA | 250,000 | 280,673 | |||
| 5.00%, 8/1/29 | AA | 200,000 | 223,332 | |||
| 5.00%, 8/1/28 | AA | 150,000 | 166,960 | |||
| 5.00%, 8/1/27 | AA | 125,000 | 137,258 | |||
| 5.00%, 8/1/26 | AA | 125,000 | 135,747 | |||
| 4.00%, 8/1/33 | AA | 200,000 | 207,957 | |||
| 4.00%, 8/1/32 | AA | 225,000 | 234,591 | |||
| 4.00%, 8/1/31 | AA | 200,000 | 209,246 | |||
| 22,912,050 | ||||||
| Utah (2.0%) | ||||||
| Infrastructure Agcy. Telecomm. Rev. Bonds | ||||||
| 5.00%, 10/15/27 | BBB-/F | 550,000 | 575,939 | |||
| 4.00%, 10/15/29 | BBB-/F | 600,000 | 588,805 | |||
| Murray City, Hosp. VRDN, (IHC Hlth. Svcs., Inc.), Ser. C, 0.28%, 5/15/36 | A-1+ | 4,000,000 | 4,000,000 | |||
| UT Infrastructure Agcy. Rev. Bonds, Ser. A | ||||||
| 4.00%, 10/15/30 | BBB-/F | 400,000 | 385,283 | |||
| 4.00%, 10/15/28 | BBB-/F | 200,000 | 198,415 | |||
| UT State Charter School Fin. Auth. Rev. Bonds, (UT Charter Academies, Inc.), 5.00%, 10/15/30 | AA | 575,000 | 624,190 | |||
| 6,372,632 | ||||||
| Virgin Islands (0.2%) | ||||||
| Matching Fund Special Purpose Securitization Corp. Rev. Bonds, Ser. A, 5.00%, 10/1/27 | BB/P | 515,000 | 535,266 | |||
| 535,266 | ||||||
| Virginia (0.4%) | ||||||
| Fairfax Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds, (Goodwin House, Inc.), Ser. A, 5.00%, 10/1/42 | BBB+/F | 350,000 | 367,049 | |||
| VA State Small Bus. Fin. Auth. Rev. Bonds, (National Sr. Campuses, Inc. Oblig. Group) | ||||||
| 5.00%, 1/1/29 | A/F | 590,000 | 642,815 | |||
| 5.00%, 1/1/27 | A/F | 320,000 | 342,919 | |||
| 1,352,783 | ||||||
| Washington (3.2%) | ||||||
| Seattle, Muni. Lt. & Pwr. Mandatory Put Bonds (11/1/26), Ser. B, 0.69%, 5/1/45 | Aa2 | 750,000 | 743,168 | |||
| WA State Hlth. Care Fac. Auth. Mandatory Put Bonds (7/3/23), (Fred Hutchinson Cancer Research Ctr.), 1.49%, 1/1/42 (Prerefunded (1/3/23)) | A+ | 8,000,000 | 8,026,214 | |||
| WA State Hsg. Fin. Comm. Rev. Bonds, (Social Certif.), Ser. A-1, 3.50%, 12/20/35 | BBB+ | 1,154,785 | 1,054,542 | |||
| 9,823,924 | ||||||
| Wisconsin (1.2%) | ||||||
| Pub. Fin. Auth. Student Hsg. Fac. Rev. Bonds, (Beyond Boone, LLC-Appalachian State U.), Ser. A, AGM | ||||||
| 5.00%, 7/1/54 | AA | 1,475,000 | 1,581,376 | |||
| 5.00%, 7/1/44 | AA | 1,000,000 | 1,081,116 | |||
| WI State Hlth. & Edl. Fac. Auth. Rev. Bonds, (Three Pillars Sr. Living), 5.00%, 8/15/33 (Prerefunded 8/15/23) | AAA/P | 1,000,000 | 1,036,190 | |||
| 3,698,682 | ||||||
| Total municipal bonds and notes (cost $325,071,619) | $314,450,506 | |||||
| SHORT-TERM INVESTMENTS (5.7%)(a) | ||||||
| Principal amount/shares | Value | |||||
| Putnam Short Term Investment Fund Class P 0.43%(AFF) | Shares | 16,965,511 | $16,965,511 | |||
| U.S. Treasury Bills 0.473%, 6/16/22 | $100,000 | 99,944 | ||||
| U.S. Treasury Bills 0.393%, 6/9/22(SEG)(SEGSEF) | 700,000 | 699,679 | ||||
| Total short-term investments (cost $17,765,157) | $17,765,134 | |||||
| TOTAL INVESTMENTS | ||||||
| Total investments (cost $342,836,776) | $332,215,640 | |||||
| FUTURES CONTRACTS OUTSTANDING at 4/30/22 (Unaudited) | ||||||
| Number of contracts | Notional amount |
Value | Expiration date | Unrealized appreciation/ (depreciation) |
||
| U.S. Treasury Bond Ultra 30 yr (Short) | 18 | $2,887,875 | $2,887,875 | Jun-22 | $28,085 | |
| Unrealized appreciation | 28,085 | |||||
| Unrealized (depreciation) | — | |||||
| Total | $28,085 | |||||
| OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 4/30/22 (Unaudited) | |||||||||||
| Swap
counterparty/ notional amount |
Value | Upfront premium received (paid) | Termi- nation date |
Payments received (paid) by fund | Total return received by or paid by fund | Unrealized appreciation/ (depreciation) |
|||||
| Citibank, N.A. | |||||||||||
| $20,000,000 | $1,672,180 | $— | 6/23/22 | — | 0.88% minus Municipal Market Data Index AAA municipal yields 5 Year rate — At maturity | $(1,672,180) | |||||
| 5,000,000 | 1,404,815 | — | 6/23/22 | — | 1.77% minus Municipal Market Data Index AAA municipal yields 30 Year rate — At maturity | 1,404,815 | |||||
| Morgan Stanley & Co. International PLC | |||||||||||
| 2,000,000 | 208,308 | — | 5/24/22 | — | 1.75% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity | (208,308) | |||||
| 2,000,000 | 209,014 | — | 5/26/22 | — | 1.75% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity | (209,014) | |||||
| 1,000,000 | 199,910 | — | 5/26/22 | — | 2.15% minus Municipal Market Data Index AAA municipal yields 30 Year rate — At maturity | 199,910 | |||||
| 1,000,000 | 199,440 | — | 5/24/22 | — | 2.15% minus Municipal Market Data Index AAA municipal yields 30 Year rate — At maturity | 199,440 | |||||
| Upfront premium received | — | Unrealized appreciation | 1,804,165 | ||||||||
| Upfront premium (paid) | — | Unrealized (depreciation) | (2,089,502) | ||||||||
| Total | $— | Total | $(285,337) | ||||||||
| Notes to the fund's portfolio | ||||||
| Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from August 1, 2021 through April 30, 2022 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter. | ||||||
| (a) | Percentages indicated are based on net assets of $310,113,754. | |||||
| (RAT) | The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. For further details regarding security ratings, please see the Statement of Additional Information. | |||||
| (AFF) | Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows: | |||||
| Name of affiliate | Fair
value as of 7/31/21 |
Purchase cost |
Sale proceeds |
Investment income |
Shares
outstanding and fair value as of 4/30/22 |
|
| Short-term investments | ||||||
| Putnam Short Term Investment Fund* | $27,436,292 | $101,124,797 | $111,595,578 | $27,996 | $16,965,511 | |
| Total Short-term investments | $27,436,292 | $101,124,797 | $111,595,578 | $27,996 | $16,965,511 | |
| * Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period. | ||||||
| (SEG) | This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $129,948. | |||||
| (SEGSF) | This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $240,904. | |||||
| (FWC) | Forward commitment, in part or in entirety. | |||||
| (WIS) | When-issued security. | |||||
| (T) | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | |||||
| At the close of the reporting period, the fund maintained liquid assets totaling $37,449,572 to cover certain derivative contracts, tender option bonds and the settlement of certain securities. | ||||||
| Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | ||||||
| 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||||||
| On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index, 1 Month US LIBOR or 3 Month US LIBOR rates, which were 0.44%, 0.80% and 1.29%, respectively, as of the close of the reporting period. | ||||||
| The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. | ||||||
| The dates shown on debt obligations are the original maturity dates. | ||||||
| The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets): | ||||||
| Healthcare | 27.10% | |||||
| Education | 12.5 | |||||
| Transportation | 12.4 | |||||
| Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee. | ||||||
| Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | ||||||
| Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | ||||||
| Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||||||
| Futures contracts: The fund used futures contracts for hedging treasury term structure risk and for yield curve positioning. | ||||||
| The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. | ||||||
| Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”. | ||||||
| For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. | ||||||
| Total return swap contracts: The fund entered into OTC and/or centrally cleared total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, both based on a notional principal amount, for hedging sector exposure and for gaining exposure to specific sectors. | ||||||
| To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. | ||||||
| For the fund's average notional amount on total return swap contracts, see the appropriate table at the end of these footnotes. | ||||||
| Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund’s portfolio. | ||||||
| Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty. | ||||||
| Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity. | ||||||
| At the close of the reporting period, the fund had a net liability position of $285,337 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $240,904 and may include amounts related to unsettled agreements. | ||||||
| Tender option bond transactions: The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust’s assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund’s portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund’s investments with a value of $8,234,618 were held by the TOB trust and served as collateral for $5,000,410 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $6,180 for these investments based on an average interest rate of 0.17%. | ||||||
| ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund's investments. The three levels are defined as follows: | ||||
| Level 1: Valuations based on quoted prices for identical securities in active markets. | ||||
| Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | ||||
| Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement. | ||||
| The following is a summary of the inputs used to value the fund's net assets as of the close of the reporting period: | ||||
| Valuation inputs | ||||
| Investments in securities: | Level 1 | Level 2 | Level 3 | |
| Municipal bonds and notes | $— | $314,450,506 | $— | |
| Short-term investments | — | 17,765,134 | — | |
| Totals by level | $— | $332,215,640 | $— | |
| Valuation inputs | ||||
| Other financial instruments: | Level 1 | Level 2 | Level 3 | |
| Futures contracts | $28,085 | $— | $— | |
| Total return swap contracts | — | (285,337) | — | |
| Totals by level | $28,085 | $(285,337) | $— | |
| The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period: | ||||
| Futures contracts (number of contracts) | 100 | |||
| OTC total return swap contracts (notional) | $26,000,000 | |||
| 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 | ||||