| Putnam Managed Municipal Income Trust | ||||||
| The fund's portfolio | ||||||
| 1/31/24 (Unaudited) | ||||||
| Key to holding's abbreviations | ||||||
| AGM — Assured Guaranty Municipal Corporation | ||||||
| AMBAC — AMBAC Indemnity Corporation | ||||||
| BAM — Build America Mutual | ||||||
| FCS — Farm Credit System | ||||||
| G.O. Bonds — General Obligation Bonds | ||||||
| PSFG — Permanent School Fund Guaranteed | ||||||
| Q-SBLF — Qualified School Board Loan Fund | ||||||
| TAN — Tax Anticipation Notes | ||||||
| MUNICIPAL BONDS AND NOTES (132.9%)(a) | ||||||
| Rating(RAT) | Principal amount | Value | ||||
| Alabama (0.8%) | ||||||
| Jefferson, Cnty. Rev. Bonds, (Refunding warrants) | ||||||
| 5.00%, 9/15/34 | AA+ | $2,075,000 | $2,209,145 | |||
| 5.00%, 9/15/33 | AA+ | 275,000 | 293,206 | |||
| 2,502,351 | ||||||
| Alaska (1.6%) | ||||||
| AK State Indl. Dev. & Export Auth. Rev. Bonds, (Dena' Nena' Henash), 4.00%, 10/1/44 | A+/F | 5,125,000 | 4,951,491 | |||
| 4,951,491 | ||||||
| Arizona (4.5%) | ||||||
| AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds | ||||||
| (BASIS Schools, Inc.), Ser. G, 5.00%, 7/1/37 | BB | 500,000 | 501,533 | |||
| (Somerset Academy of Las Vegas), 4.00%, 12/15/41 | BB | 500,000 | 419,355 | |||
| La Paz Cnty., Indl. Dev. Auth. Ed. Fac. Rev. Bonds, (Harmony Pub. Schools), Ser. A | ||||||
| 5.00%, 2/15/48 | BBB+ | 2,330,000 | 2,306,721 | |||
| 5.00%, 2/15/38 | BBB+ | 500,000 | 507,862 | |||
| Maricopa Cnty. Indl. Dev. Auth. 144A Rev. Bonds, (Commercial Metals Co), 4.00%, 10/15/47 | BB+ | 700,000 | 623,929 | |||
| Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds, (Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35 | BB+ | 750,000 | 753,010 | |||
| Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies), 5.00%, 7/1/44 | BBB | 1,700,000 | 1,679,520 | |||
| Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.) | ||||||
| Ser. A, 5.00%, 7/1/46 | BB | 250,000 | 237,674 | |||
| 5.00%, 7/1/35 | BB | 900,000 | 903,859 | |||
| Ser. A, 5.00%, 7/1/35 | BB | 600,000 | 602,573 | |||
| Pima Cnty., Indl. Dev. Auth. Sr. Living 144A Rev. Bonds, (La Posada at Park Centre, Inc.), 6.875%, 11/15/52 | BBB+/P | 1,500,000 | 1,541,042 | |||
| Salt Verde, Fin. Corp. Gas Rev. Bonds | ||||||
| 5.50%, 12/1/29 | A3 | 2,000,000 | 2,157,955 | |||
| 5.00%, 12/1/32 | A3 | 570,000 | 609,862 | |||
| Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds, (Agribusiness & Equine Ctr.), 5.00%, 3/1/32 | BB+ | 835,000 | 832,223 | |||
| Yavapai Cnty., Indl. Dev. Ed. Auth. 144A Rev. Bonds, Ser. A, 5.00%, 9/1/34 | BB+ | 500,000 | 493,118 | |||
| 14,170,236 | ||||||
| Arkansas (0.8%) | ||||||
| AR Dev. Fin. Auth. Hlth. Care Rev. Bonds, (Baptist Health Oblig. Group) | ||||||
| 5.00%, 12/1/47 | A | 600,000 | 628,465 | |||
| 4.00%, 12/1/44 | A | 610,000 | 596,010 | |||
| 4.00%, 12/1/39 | A | 585,000 | 584,185 | |||
| 4.00%, 12/1/37 | A | 805,000 | 812,243 | |||
| 2,620,903 | ||||||
| California (10.7%) | ||||||
| CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds, (Aster Apt.), Ser. A-1, 4.00%, 2/1/56 | BB+/P | 475,000 | 404,932 | |||
| CA Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35 | BBB+ | 1,651,777 | 1,557,506 | |||
| CA Pub. State Fin. Auth. Sr. Living 144A Rev. Bonds, (Enso Village Project), Ser. A, 5.00%, 11/15/56 | B-/P | 750,000 | 588,086 | |||
| CA School Fin. Auth. Rev. Bonds, (2023 Union, LLC), Ser. A, 6.00%, 7/1/33 | BBB- | 465,000 | 465,616 | |||
| CA State Infrastructure & Econ. Dev. Bank 144A Rev. Bonds, (WFCS Holdings II, LLC), Ser. B, zero %, 1/1/61 | B-/P | 4,405,000 | 224,377 | |||
| CA State Muni. Fin. Auth. Rev. Bonds, (Orchard Park Student Hsg.), BAM, 3.00%, 5/15/54 | AA | 2,410,000 | 1,777,875 | |||
| CA State Muni. Fin. Auth. 144A Rev. Bonds, (Catalyst Impact Fund 1, LLC), Class I, 6.00%, 1/1/39 | BB/P | 800,000 | 824,019 | |||
| CA State Tobacco Securitization Agcy. Rev. Bonds, (Gold Country Settlement Funding Corp.), Ser. B-2, zero %, 6/1/55 | BB/P | 5,570,000 | 1,205,853 | |||
| CMFA Special Fin. Agcy. I 144A Rev. Bonds, (Social Bond), Ser. A-2, 4.00%, 4/1/56 | BB/P | 2,500,000 | 1,786,569 | |||
| CSCDA Cmnty. Impt. Auth. Rev. Bonds, (Pasadena Portfolio), Ser. A-2, 3.00%, 12/1/56 | BBB-/P | 2,000,000 | 1,377,685 | |||
| CSCDA Cmnty. Impt. Auth. 144A Rev. Bonds | ||||||
| (Anaheim), 4.00%, 8/1/56 | BB/P | 2,720,000 | 2,065,295 | |||
| (Jefferson-Anaheim), 3.125%, 8/1/56 | BB+/P | 3,125,000 | 2,196,245 | |||
| (Jefferson-Anaheim), 2.875%, 8/1/41 | BB+/P | 905,000 | 796,590 | |||
| Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. B-2, zero %, 6/1/66 | BB+/P | 15,675,000 | 1,821,460 | |||
| Hastings Campus HFA Rev. Bonds, (U. of CA Hastings College of the Law), Ser. A, 5.00%, 7/1/61 | BB-/P | 1,200,000 | 1,029,705 | |||
| Palm Desert, Special Tax, (Cmnty. Fac. Dist. 2021-1), 4.00%, 9/1/41 | B+/P | 450,000 | 424,249 | |||
| Sacramento, Special Tax, (Greenbriar Cmnty. Fac. Dist. No 2018-03), 4.00%, 9/1/46 | BB/P | 700,000 | 639,778 | |||
| San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 4.00%, 5/1/49 | A1 | 7,500,000 | 7,105,281 | |||
| San Francisco, City & Cnty. Dev. 144A Special Tax, (Dist. No. 2020-1 Mission Rock Fac. & Svcs.), Ser. A, 4.00%, 9/1/41 | B+/P | 500,000 | 460,490 | |||
| San Francisco, City & Cnty. Redev. Agcy. Cmnty. Successor Special Tax Bonds, (No. 6 Mission Bay Pub. Impts.), Ser. C | ||||||
| zero %, 8/1/43 (Prerefunded 2/28/24) | BBB/P | 2,000,000 | 641,151 | |||
| zero %, 8/1/38 (Prerefunded 2/28/24) | BBB/P | 2,000,000 | 864,757 | |||
| San Joaquin Hills, Trans. Corridor Agcy. Toll Road Rev. Bonds, Ser. A | ||||||
| 4.00%, 1/15/45 | A | 400,000 | 403,705 | |||
| 4.00%, 1/15/44 | A | 100,000 | 101,050 | |||
| Santa Clara Cnty., Fin. Auth. Rev. Bonds, Ser. Q, 3.00%, 5/15/34 | AA+ | 4,000,000 | 3,832,739 | |||
| Sunnyvale, Special Tax Bonds, (Cmnty. Fac. Dist. No. 1), 7.75%, 8/1/32 | B+/P | 730,000 | 732,611 | |||
| 33,327,624 | ||||||
| Colorado (2.5%) | ||||||
| CO State Edl. & Cultural Auth. Rev. Bonds, (Aspen View Academy, Inc.) | ||||||
| 4.00%, 5/1/61 | Baa3 | 550,000 | 435,293 | |||
| 4.00%, 5/1/51 | Baa3 | 350,000 | 290,252 | |||
| 4.00%, 5/1/41 | Baa3 | 175,000 | 158,822 | |||
| 4.00%, 5/1/36 | Baa3 | 150,000 | 145,924 | |||
| CO State Educ. & Cultural Fac. Auth. Rev. Bonds, (Skyview Academy), 5.125%, 7/1/34 | BB | 755,000 | 756,116 | |||
| CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (Christian Living Neighborhood) | ||||||
| 5.00%, 1/1/37 | BB/P | 1,250,000 | 1,251,074 | |||
| 5.00%, 1/1/31 | BB/P | 500,000 | 503,058 | |||
| Plaza, Tax Alloc. Bonds, (Metro. Dist. No. 1), 5.00%, 12/1/40 | BB-/P | 1,650,000 | 1,609,447 | |||
| RainDance Metro. Dist. No. 1 Rev. Bonds, (Non-Potable Wtr. Enterprise), 5.25%, 12/1/50 | D/P | 875,000 | 861,132 | |||
| Rampart Range Metro. Distr. Rev. Bonds, (Dist. No. 5), 4.00%, 12/1/41 | BB-/P | 1,000,000 | 798,706 | |||
| Southlands, Metro. Dist. No. 1 G.O. Bonds, Ser. A-1, 5.00%, 12/1/37 | Ba1 | 500,000 | 501,078 | |||
| Sterling Ranch Cmnty. Auth. Board Rev. Bonds, (Metro. Dist. No. 2), Ser. A, 4.25%, 12/1/50 | BB/P | 450,000 | 393,113 | |||
| 7,704,015 | ||||||
| Connecticut (1.1%) | ||||||
| Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39 | BB/P | 3,500,000 | 3,544,325 | |||
| 3,544,325 | ||||||
| Delaware (1.0%) | ||||||
| DE State Econ. Dev. Auth. Rev. Bonds | ||||||
| (ASPIRA of Delaware Charter Operations, Inc.), Ser. A, 5.00%, 6/1/51 | BB | 1,035,000 | 918,204 | |||
| (ASPIRA Charter School), Ser. A, 5.00%, 6/1/36 | BB | 705,000 | 695,391 | |||
| Millsboro Special Oblig. 144A Special Tax, (Plantation Lakes), 5.25%, 7/1/48 | BB-/P | 998,000 | 989,015 | |||
| Millsboro Special Oblig. 144A Tax Alloc. Bonds, (Plantation Lakes Special Dev. Dist.), 5.125%, 7/1/38 | BB-/P | 490,000 | 490,955 | |||
| 3,093,565 | ||||||
| District of Columbia (6.2%) | ||||||
| DC G.O. Bonds, Ser. A, 5.00%, 1/1/45 | Aaa | 6,675,000 | 7,506,856 | |||
| DC Rev. Bonds | ||||||
| (Plenary Infrastructure DC, LLC), 5.50%, 8/31/36 | A3 | 1,365,000 | 1,609,121 | |||
| (Plenary Infrastructure DC, LLC), 5.50%, 8/31/35 | A3 | 1,140,000 | 1,344,543 | |||
| (Ingleside at Rock Creek), Ser. A, 5.00%, 7/1/52 | BB-/P | 1,000,000 | 845,224 | |||
| (DC Intl. School), 5.00%, 7/1/49 | BBB | 1,275,000 | 1,270,401 | |||
| (Latin American Montessori Bilingual Pub. Charter School Oblig. Group), 5.00%, 6/1/40 | BB+ | 2,500,000 | 2,437,193 | |||
| (DC Intl. School), 5.00%, 7/1/39 | BBB | 400,000 | 407,409 | |||
| (KIPP DC), 4.00%, 7/1/44 | BBB+ | 750,000 | 698,789 | |||
| DC 144A Rev. Bonds, (Rocketship DC Oblig. Group), Ser. 21-A, 5.00%, 6/1/61 | BB/P | 400,000 | 344,316 | |||
| DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46 | CCC/P | 7,500,000 | 1,832,512 | |||
| Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds, (Dulles Metrorail & Cap. Impt. Proj.) 4.00%, 10/1/53(T) | A- | 1,065,000 | 975,357 | |||
| 19,271,721 | ||||||
| Florida (7.8%) | ||||||
| Cap. Trust Agcy. Rev. Bonds, (Wonderful Foundation Charter School Holdings, LLC), zero %, 1/1/60 | B/P | 6,000,000 | 334,738 | |||
| Cap. Trust Agcy. 144A Rev. Bonds | ||||||
| (WFCS Holdings II, LLC), Ser. A-1, 5.00%, 1/1/56 | BB/P | 1,900,000 | 1,472,575 | |||
| (Wonderful Foundation Charter School Holdings, LLC), 4.50%, 1/1/35 | BB-/P | 750,000 | 691,932 | |||
| Charlotte Cnty., Indl. Dev. Auth. Util. Syst. 144A Rev. Bonds, (MSKP Town & Country Util., LLC), Ser. A, 4.00%, 10/1/41 | B+/P | 1,000,000 | 886,419 | |||
| FL State Dev. Fin Corp. Sr. Living Rev. Bonds, (Glenridge on Palmer Ranch Oblig. Group), 5.00%, 6/1/51 | BB/P | 700,000 | 578,076 | |||
| FL State Dev. Fin. Corp. Ed. Fac. 144A Rev. Bonds, (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 4.00%, 7/1/51 | BB/P | 500,000 | 418,604 | |||
| FL State Higher Edl. Fac. Financial Auth. Rev. Bonds, (St. Leo U.), 5.00%, 3/1/44 | BB | 1,370,000 | 1,062,100 | |||
| Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 | A- | 1,300,000 | 1,327,308 | |||
| Lake Cnty., Retirement Fac. Rev. Bonds, (Waterman Cmnty., Inc.), 5.75%, 8/15/55 | B/P | 750,000 | 681,440 | |||
| Lakewood Ranch, Stewardship Dist. Special Assessment Bonds, (Village of Lakewood Ranch South), 5.125%, 5/1/46 | B+/P | 745,000 | 738,583 | |||
| Lakewood Ranch, Stewardship Dist. Special Assmt., (Azario), 4.00%, 5/1/40 | B+/P | 1,000,000 | 891,950 | |||
| Lakewood Ranch, Stewardship Dist. Special Assmt. Bonds, (Taylor Ranch), 6.30%, 5/1/54 | BB-/P | 1,150,000 | 1,198,140 | |||
| Lakewood Ranch, Stewardship Dist. 144A Special Assmt., 4.00%, 5/1/50 | B/P | 250,000 | 204,811 | |||
| Miami-Dade Cnty., Indl. Dev. Auth. Rev. Bonds, (Pinecrest Academy, Inc.), 5.00%, 9/15/34 | BBB | 1,240,000 | 1,246,629 | |||
| Orange Cnty., Hlth. Fac. Auth. Rev. Bonds, (Orlando Hlth.), 4.00%, 10/1/52 | A+ | 2,570,000 | 2,497,197 | |||
| Palm Beach Cnty., Rev. Bonds, (Lynn U. Hsg.), Ser. A, 5.00%, 6/1/57 | B+/P | 625,000 | 549,076 | |||
| Palm Beach Cnty., 144A Rev. Bonds, (PBAU Hsg.), Ser. A, 5.00%, 4/1/39 | Ba1 | 1,600,000 | 1,602,054 | |||
| Pinellas Cnty., Indl. Dev. Auth. Rev. Bonds, (2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | BBB+/P | 1,690,000 | 1,701,073 | |||
| Sarasota Cnty., Hlth. Fac. Auth. Rev. Bonds, (Village on the Isle), Ser. A, 5.00%, 1/1/37 | BB+/F | 1,000,000 | 993,381 | |||
| Sarasota Cnty., Pub. Hosp. Dist. Rev. Bonds, (Sarasota Memorial Hosp.), 4.00%, 7/1/48 | A1 | 1,500,000 | 1,471,071 | |||
| St. John's Cnty., Indl. Dev. Auth. Rev. Bonds, (Life Care Ponte Vedra Oblig. Group), Ser. A | ||||||
| 4.00%, 12/15/41 | BB+/F | 500,000 | 401,138 | |||
| 4.00%, 12/15/36 | BB+/F | 355,000 | 309,606 | |||
| Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds, (Cap. Impt.), 5.00%, 5/1/33 | B+/P | 490,000 | 490,156 | |||
| Village Cmnty. Dev. Dist. No. 12 144A Special Assessment Bonds, 4.00%, 5/1/33 | BB-/P | 680,000 | 674,006 | |||
| Village, 144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 3.25%, 5/1/40 | BB-/P | 2,420,000 | 2,002,423 | |||
| 24,424,486 | ||||||
| Georgia (6.3%) | ||||||
| Cobb Cnty., Dev. Auth. Student Hsg. Rev. Bonds, (Kennesaw State U. Real Estate) | ||||||
| 5.00%, 7/15/38 | Baa2 | 740,000 | 742,619 | |||
| 5.00%, 7/15/38 (Prerefunded 7/15/25) | AAA/P | 25,000 | 25,728 | |||
| 5.00%, 7/15/30 | Baa2 | 685,000 | 693,271 | |||
| 5.00%, 7/15/30 (Prerefunded 7/15/25) | AAA/P | 15,000 | 15,437 | |||
| Cobb Cnty., Kennestone Hosp. Auth. Rev. Bonds, (WellStar Hlth. Syst.), 3.00%, 4/1/45 | A+ | 1,785,000 | 1,398,639 | |||
| Coweta Cnty., Dev. Auth. Rev. Bonds, (Piedmont Healthcare, Inc.), 5.00%, 7/1/44 | AA- | 4,000,000 | 4,160,180 | |||
| Gainesville and Hall Cnty., Hosp. Auth. Rev. Bonds, (Northeast GA Hlth. Syst.), 3.00%, 2/15/51 | A | 2,000,000 | 1,537,104 | |||
| Geo L Smith II GA Congress Ctr. 144A Rev. Bonds, (Signia Hotel Mgt., LLC.), 5.00%, 1/1/54 | BB-/P | 2,980,000 | 2,606,463 | |||
| Main Street Natural Gas, Inc. Gas Supply Rev. Bonds, Ser. A, 5.00%, 5/15/34 | A2 | 3,345,000 | 3,555,808 | |||
| Muni. Election Auth. of GA Rev. Bonds, (Plant Vogtle Units 3 & 4) | ||||||
| AGM, 5.00%, 7/1/48 | AA | 1,500,000 | 1,607,742 | |||
| AGM, 5.00%, 7/1/48 | AA | 1,000,000 | 1,071,828 | |||
| Ser. A, 4.00%, 1/1/59 | A2 | 2,000,000 | 1,869,260 | |||
| Ser. A, 4.00%, 1/1/49 | A2 | 500,000 | 476,086 | |||
| 19,760,165 | ||||||
| Illinois (15.3%) | ||||||
| Chicago, G.O. Bonds | ||||||
| Ser. A, 5.50%, 1/1/49 | BBB+ | 1,000,000 | 1,031,631 | |||
| Ser. A, 5.00%, 1/1/40 | BBB+ | 2,000,000 | 2,071,007 | |||
| Ser. A, 5.00%, 1/1/30 | BBB+ | 1,800,000 | 1,948,434 | |||
| Ser. B, 4.00%, 1/1/38 | BBB+ | 2,747,000 | 2,743,631 | |||
| Chicago, Special Assmt. | ||||||
| 3.38%, 12/1/31 | BBB/P | 341,000 | 322,878 | |||
| 3.04%, 12/1/28 | BBB/P | 241,000 | 228,551 | |||
| Chicago, Board of Ed. G.O. Bonds | ||||||
| Ser. C, 5.25%, 12/1/39 | BB+ | 1,500,000 | 1,494,620 | |||
| Ser. A, 5.00%, 12/1/47 | BB+ | 1,750,000 | 1,757,771 | |||
| Ser. A, 5.00%, 12/1/40 | BB+ | 500,000 | 513,272 | |||
| Ser. H, 5.00%, 12/1/36 | BB+ | 2,100,000 | 2,125,527 | |||
| Chicago, Midway Intl. Arpt. Rev. Bonds, Ser. C, 5.00%, 1/1/41 | A | 1,000,000 | 1,085,985 | |||
| Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. A | ||||||
| AGM, 5.50%, 1/1/53 | AA | 9,750,000 | 10,486,665 | |||
| 5.00%, 1/1/38 | A+ | 700,000 | 733,943 | |||
| Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds, (Monarch Landing), 5.625%, 3/1/36 | B/P | 262,000 | 262,368 | |||
| IL State G.O. Bonds | ||||||
| Ser. B, 5.25%, 5/1/41 | A3 | 1,000,000 | 1,105,138 | |||
| Ser. B, 5.25%, 5/1/40 | A3 | 2,100,000 | 2,330,636 | |||
| Ser. A, 5.00%, 5/1/38 | A3 | 1,000,000 | 1,048,916 | |||
| IL State Fin. Auth. Rev. Bonds | ||||||
| (Plymouth Place Oblig. Group), 5.00%, 5/15/56 | BB+/F | 815,000 | 645,225 | |||
| (Plymouth Place Oblig. Group), 5.00%, 5/15/51 | BB+/F | 1,000,000 | 809,420 | |||
| (Plymouth Place Oblig. Group), 5.00%, 5/15/41 | BB+/F | 400,000 | 347,572 | |||
| (Southern IL Healthcare Enterprises, Inc.), 5.00%, 3/1/33 | A- | 700,000 | 728,032 | |||
| IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds | ||||||
| (CHF-Chicago, LLC), 5.00%, 2/15/47 | Baa3 | 1,500,000 | 1,461,923 | |||
| (U. of IL-CHF-Chicago, LLC), Ser. A, 5.00%, 2/15/37 | Baa3 | 1,200,000 | 1,211,191 | |||
| Metro. Pier & Exposition Auth. Rev. Bonds | ||||||
| (McCormick Place Expansion), Ser. A, 5.00%, 6/15/50 | A | 3,000,000 | 3,097,853 | |||
| (McCormick Place Expansion), 4.00%, 6/15/52 | A | 1,000,000 | 917,313 | |||
| 4.00%, 12/15/47 | A | 2,100,000 | 1,998,223 | |||
| (McCormick Place Expansion), Ser. B, stepped-coupon zero % (4.95%, 6/15/31), 12/15/47(STP) | A | 1,500,000 | 1,092,236 | |||
| Northern IL U. Rev. Bonds, Ser. B, BAM | ||||||
| 5.00%, 4/1/33 | AA | 625,000 | 667,409 | |||
| 5.00%, 4/1/31 | AA | 500,000 | 539,362 | |||
| 4.00%, 4/1/40 | AA | 610,000 | 611,605 | |||
| 4.00%, 4/1/39 | AA | 500,000 | 504,053 | |||
| Sales Tax Securitization Corp. Rev. Bonds, Ser. A, 4.00%, 1/1/38 | AA- | 1,750,000 | 1,775,273 | |||
| 47,697,663 | ||||||
| Indiana (0.2%) | ||||||
| IN State Fin. Auth. Student Hsg. Rev. Bonds, (CHF - Tippecanoe, LLC), 5.125%, 6/1/58 | BBB- | 500,000 | 512,588 | |||
| 512,588 | ||||||
| Iowa (0.5%) | ||||||
| IA State Fin. Auth. Rev. Bonds, (Lifespace Cmnty., Inc.), Ser. B, 7.50%, 5/15/53 | BBB/F | 600,000 | 621,381 | |||
| IA Tobacco Settlement Auth. Rev. Bonds, Ser. B-1, Class 2, 4.00%, 6/1/49 | BBB+ | 815,000 | 822,932 | |||
| 1,444,313 | ||||||
| Kansas (0.3%) | ||||||
| Wichita, Hlth. Care Fac. Rev. Bonds, (Presbyterian Manors), Ser. I, 5.00%, 5/15/33 | BB-/P | 500,000 | 455,434 | |||
| Wyandotte, Cnty./Kansas City, Unified Govt. 144A Rev. Bonds, (Legends Apt. Garage & West Lawn), 4.50%, 6/1/40 | BB+/P | 355,000 | 337,537 | |||
| 792,971 | ||||||
| Kentucky (0.3%) | ||||||
| KY Econ. Dev. Fin. Auth. Rev. Bonds, (Masonic Home Indpt. Living), 5.00%, 5/15/46 | BB/P | 1,000,000 | 757,501 | |||
| KY State Econ. Dev. Fin. Auth. Rev. Bonds, (Owensboro Hlth.), Ser. A, 5.25%, 6/1/41 | Baa2 | 125,000 | 127,888 | |||
| 885,389 | ||||||
| Louisiana (0.1%) | ||||||
| LA Pub. Fac. Auth. Rev. Bonds, (U. of Tulane), 4.00%, 12/15/50 (Prerefunded 12/15/27) | AAA/P | 20,000 | 20,924 | |||
| St. Tammany, Public Trust Fin. Auth. Rev. Bonds, (Christwood), 5.25%, 11/15/37 | BB/P | 385,000 | 364,356 | |||
| 385,280 | ||||||
| Maine (0.2%) | ||||||
| ME State Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (8/1/25), (Casella Waste Syst.), 5.125%, 8/1/35 | B1 | 500,000 | 501,676 | |||
| 501,676 | ||||||
| Maryland (1.6%) | ||||||
| Brunswick, Special Tax, 5.00%, 7/1/36 | B+/P | 549,000 | 562,866 | |||
| Frederick Cnty., Special Tax Bonds, (Oakdale-Lake Linganore), 3.75%, 7/1/39 | BB/P | 1,410,000 | 1,269,170 | |||
| Frederick Cnty., Edl. Fac. 144A Rev. Bonds, (Mount St. Mary's U.), Ser. A, 5.00%, 9/1/37 | BB+ | 500,000 | 497,058 | |||
| MD State Econ. Dev. Corp. Tax Alloc. Bonds, (Port Covington) | ||||||
| 4.00%, 9/1/50 | B+/P | 750,000 | 639,752 | |||
| 4.00%, 9/1/40 | B+/P | 755,000 | 702,724 | |||
| Prince Georges Cnty., Special Oblig. 144A Tax Alloc. Bonds, (Westphalia Town Ctr.), 5.125%, 7/1/39 | B/P | 1,000,000 | 1,001,117 | |||
| Westminster, Rev. Bonds, (Lutheran Village at Miller's Grant, Inc. (The)), Ser. A, 6.00%, 7/1/34 | BB+/P | 250,000 | 250,589 | |||
| 4,923,276 | ||||||
| Massachusetts (0.7%) | ||||||
| Lowell, Collegiate Charter School Rev. Bonds | ||||||
| 5.00%, 6/15/54 | BB-/P | 1,250,000 | 1,166,870 | |||
| 5.00%, 6/15/39 | BB-/P | 1,000,000 | 989,374 | |||
| MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds, (Adventcare), Ser. A, 6.65%, 10/15/28 (In default)(NON) | D/P | 995,000 | 9,950 | |||
| 2,166,194 | ||||||
| Michigan (5.5%) | ||||||
| Detroit, G.O. Bonds | ||||||
| 5.00%, 4/1/37 | Ba1 | 750,000 | 773,863 | |||
| (Fin. Recvy.), Ser. B-1, 4.00%, 4/1/44 | BB/P | 2,900,000 | 2,194,706 | |||
| Flint, Hosp. Bldg. Auth. Rev. Bonds, Ser. A, 5.25%, 7/1/39 | Ba1 | 750,000 | 698,275 | |||
| Kentwood, Economic Dev. Corp. Rev. Bonds, (Holland Home Obligated Group) | ||||||
| 5.00%, 11/15/41 | BBB-/F | 1,000,000 | 936,099 | |||
| 5.00%, 11/15/32 | BBB-/F | 1,215,000 | 1,216,722 | |||
| MI State Fin. Auth. Ltd. Oblig. Rev. Bonds, (Lawrence Technological U.), 5.00%, 2/1/47 | BBB- | 2,150,000 | 2,032,804 | |||
| MI State Fin. Auth. Ltd. Oblig. Higher Ed. Fac. Rev. Bonds, (Aquinas College), 5.00%, 5/1/46 | BB/P | 1,000,000 | 791,129 | |||
| MI State Hsg. Dev. Auth. Rev. Bonds, Ser. A, 2.73%, 10/1/59 | AA+ | 1,000,000 | 657,405 | |||
| MI State Strategic Fund Ltd. Oblig. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/43 | BBB-/F | 500,000 | 459,861 | |||
| Pontiac City, G.O. Bonds, (Pontiac School Dist.), Q-SBLF | ||||||
| 4.00%, 5/1/50(T) | Aa1 | 4,023,000 | 3,934,034 | |||
| 4.00%, 5/1/45(T) | Aa1 | 3,576,000 | 3,568,500 | |||
| 17,263,398 | ||||||
| Minnesota (0.9%) | ||||||
| Baytown Twp., Lease Rev. Bonds, Ser. A, 4.00%, 8/1/41 | BB+ | 380,000 | 321,411 | |||
| Ham Lake, Charter School Lease Rev. Bonds, (DaVinci Academy of Arts & Science), Ser. A, 5.00%, 7/1/47 | BB-/P | 500,000 | 430,223 | |||
| MN State Higher Ed. Fac. Auth. Rev. Bonds, (Augsburg U.), Ser. A, 5.00%, 5/1/46 | Ba1 | 1,250,000 | 1,144,763 | |||
| St. Paul, Port Auth. Lease Rev. Bonds, (Regions Hosp. Pkg. Ramp), Ser. 1, 5.00%, 8/1/36 | A-/P | 1,020,000 | 1,020,839 | |||
| 2,917,236 | ||||||
| Missouri (4.8%) | ||||||
| Cape Girardeau Cnty., Indl. Dev. Auth. Rev. Bonds, (SoutheastHEALTH Oblig. Group), 4.00%, 3/1/41 | A1 | 1,500,000 | 1,496,788 | |||
| MI State Hlth. & Edl. Fac. Rev. Bonds | ||||||
| (U. of Hlth. Sciences & Pharmacy in St. Louis), 4.00%, 5/1/43 | BBB- | 2,270,000 | 1,898,910 | |||
| (U. of Hlth. Sciences & Pharmacy in St. Louis), 4.00%, 5/1/38 | BBB- | 900,000 | 803,369 | |||
| MI State Hlth. & Edl. Fac. 144A Rev. Bonds, (U. of Hlth. Sciences & Pharmacy in St. Louis), 4.00%, 5/1/45 | BBB- | 1,900,000 | 1,553,124 | |||
| MO State Hlth. & Edl. Fac. Auth. Hlth. Fac. Rev. Bonds, (Children's Mercy Hosp.), Ser. A, 4.00%, 5/15/48 | AA- | 5,600,000 | 5,445,387 | |||
| Saint Louis, Indl. Dev. Auth. Fin. Rev. Bonds, (Ballpark Village Dev.), Ser. A, 4.75%, 11/15/47 | BB-/P | 875,000 | 671,316 | |||
| St. Louis Cnty., Indl. Dev. Auth. Sr. Living Fac. Rev. Bonds, (Friendship Village), 5.25%, 9/1/53 | BB+/F | 3,250,000 | 3,002,746 | |||
| 14,871,640 | ||||||
| Nevada (1.4%) | ||||||
| Clark Cnty., Impt. Dist. No. 159 Special Assessment Bonds, (Summerlin Village 16A), 5.00%, 8/1/32 | B+/P | 395,000 | 399,747 | |||
| Las Vegas, Special Assmt. Bonds | ||||||
| (Dist. No. 815), 5.00%, 12/1/49 | B+/P | 615,000 | 590,125 | |||
| (Special Impt. Dist. No. 816), 3.00%, 6/1/41 | BB-/P | 650,000 | 477,486 | |||
| Las Vegas, Impt. Dist. No. 812 Special Assessment Bonds, (Summerlin Village 24), 5.00%, 12/1/35 | B/P | 210,000 | 211,589 | |||
| Las Vegas, Special Assmt. Dist. No. 817 Special Assmt. Bonds, (Summerlin Village 29) | ||||||
| 6.00%, 6/1/53 | BB-/P | 500,000 | 520,461 | |||
| 6.00%, 6/1/48 | BB-/P | 350,000 | 365,381 | |||
| 5.75%, 6/1/43 | BB-/P | 500,000 | 519,678 | |||
| 5.50%, 6/1/38 | BB-/P | 375,000 | 389,777 | |||
| Las Vegas, Special Impt. Dist. No. 814 Special Assmt., (Summerlin Village No. 21 and 24A) | ||||||
| 4.00%, 6/1/44 | BB-/P | 605,000 | 516,460 | |||
| 4.00%, 6/1/39 | BB-/P | 425,000 | 386,307 | |||
| 4,377,011 | ||||||
| New Hampshire (0.4%) | ||||||
| NH State Hlth. & Ed. Fac. Auth. Rev. Bonds | ||||||
| (Elliot Hosp.), 5.00%, 10/1/38 | A3 | 250,000 | 256,048 | |||
| (Southern NH Med. Ctr.), 5.00%, 10/1/37 | A- | 1,000,000 | 1,024,732 | |||
| NH State Hlth. & Ed. Fac. Auth. 144A Rev. Bonds, (Hillside Village), Ser. A, 6.25%, 7/1/42 (In default)(NON) | B-/P | 605,808 | 12,116 | |||
| 1,292,896 | ||||||
| New Jersey (0.6%) | ||||||
| NJ State Econ. Dev. Auth. Rev. Bonds, (Ashland School, Inc.), 6.00%, 10/1/33 | BBB | 930,000 | 931,619 | |||
| NJ State Econ. Dev. Auth. Fac. Rev. Bonds, (Continental Airlines, Inc.), 5.625%, 11/15/30 | Ba3 | 500,000 | 505,266 | |||
| Passaic Cnty., Impt. Auth. Rev. Bonds, (Paterson Arts & Science Charter School), 5.50%, 7/1/58 | BBB- | 450,000 | 465,849 | |||
| 1,902,734 | ||||||
| New Mexico (0.1%) | ||||||
| Sante Fe, Retirement Fac. Rev. Bonds, (El Castillo Retirement Residences), Ser. A, 5.00%, 5/15/39 | BB+/F | 500,000 | 458,819 | |||
| 458,819 | ||||||
| New York (7.4%) | ||||||
| Metro. Trans. Auth. Rev. Bonds, Ser. C-1, 4.00%, 11/15/35 | A3 | 3,000,000 | 3,041,789 | |||
| NY Counties, Tobacco Trust VI Rev. Bonds | ||||||
| (Tobacco Settlement Pass Through), Ser. A-2B, 5.00%, 6/1/51 | BB+/P | 700,000 | 657,334 | |||
| Ser. A-2B, 5.00%, 6/1/45 | BB+ | 3,000,000 | 2,885,609 | |||
| NY State Env. Fac. Corp. Solid Waste Disp. Mandatory Put Bonds (9/2/25), (Casella Waste Syst., Inc.), Ser. R-1, 2.75%, 9/1/50 | B1 | 225,000 | 217,744 | |||
| NY State Liberty Dev. Corp. Rev. Bonds | ||||||
| Ser. A, BAM, 3.00%, 11/15/51 | AA | 3,000,000 | 2,295,032 | |||
| (4 World Trade Ctr.), 3.00%, 11/15/51 | A+ | 4,215,000 | 3,157,659 | |||
| 2.875%, 11/15/46 | A+ | 1,860,000 | 1,432,138 | |||
| (Port Auth. of NY & NJ), Ser. 1WTC, 2.75%, 2/15/44 | AA- | 2,000,000 | 1,530,526 | |||
| NY State Liberty Dev. Corp. 144A Rev. Bonds, (World Trade Ctr.), Class 2, 5.375%, 11/15/40 | BB-/P | 750,000 | 750,706 | |||
| NY State Trans. Special Fac. Dev. Corp. Rev. Bonds, (Delta Air Lines, Inc.) | ||||||
| 5.625%, 4/1/40 | Baa3 | 1,000,000 | 1,085,198 | |||
| 5.00%, 10/1/40 | Baa3 | 1,250,000 | 1,279,579 | |||
| NY State Urban Dev. Corp. Rev. Bonds, (Bidding Group 4), Ser. A, 3.00%, 3/15/50 | AA+ | 2,000,000 | 1,596,034 | |||
| Port Auth. of NY & NJ Rev. Bonds, Ser. 218, 5.00%, 11/1/49(T) | Aa3 | 2,460,000 | 2,548,606 | |||
| Suffolk, Tobacco Asset Securitization Corp. Rev. Bonds, Ser. A-2, 4.00%, 6/1/50 | BBB+ | 800,000 | 738,611 | |||
| 23,216,565 | ||||||
| North Carolina (1.7%) | ||||||
| NC State Med. Care Comm. Hlth. Care Fac. Rev. Bonds, (Lutheran Svcs. for the Aging, Inc. Oblig. Group), Ser. C, 4.00%, 3/1/36 | BB/P | 2,320,000 | 2,080,214 | |||
| NC State Med. Care Comm. Retirement Fac. Rev. Bonds | ||||||
| (Maryfield, Inc. Oblig. Group), 5.00%, 10/1/45 | BB/P | 500,000 | 445,891 | |||
| (Twin Lakes Cmnty.), Ser. A, 5.00%, 1/1/38 | BBB/F | 1,750,000 | 1,763,563 | |||
| (Southminister, Inc.), 5.00%, 10/1/37 | BB/P | 965,000 | 906,635 | |||
| 5,196,303 | ||||||
| North Dakota (0.8%) | ||||||
| Grand Forks, Hlth. Care Syst. Rev. Bonds, (Altru Hlth. Syst.), Ser. A, AGM | ||||||
| 5.00%, 12/1/53 | AA | 2,000,000 | 2,114,849 | |||
| 5.00%, 12/1/48 | AA | 350,000 | 373,148 | |||
| 2,487,997 | ||||||
| Ohio (3.6%) | ||||||
| Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds | ||||||
| Ser. B-2, Class 2, 5.00%, 6/1/55 | BB/P | 470,000 | 444,417 | |||
| Ser. A-2, Class 1, 3.00%, 6/1/48 | BBB+ | 1,300,000 | 987,836 | |||
| Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds, (Playhouse Square Foundation), 5.50%, 12/1/53 | BB+ | 1,500,000 | 1,504,286 | |||
| Northeast Ohio Med. U. Rev. Bonds, Ser. A, 3.00%, 12/1/40 | Baa1 | 1,575,000 | 1,289,067 | |||
| OH State Air Quality Dev. Auth. Exempt Fac. 144A Rev. Bonds, (Pratt Paper, LLC), 4.50%, 1/15/48 | BB+/P | 1,200,000 | 1,144,123 | |||
| OH State Higher Edl. Fac. Comm. Rev. Bonds, (John Carroll U.), 4.00%, 10/1/45 | Baa1 | 3,400,000 | 3,151,280 | |||
| OH State Private Activity Rev. Bonds, (Portsmouth Bypass), AGM, 5.00%, 12/31/35 | AA | 750,000 | 754,422 | |||
| Port of Greater Cincinnati Dev. Auth. 144A Rev. Bonds, 4.25%, 12/1/50 | BB/P | 1,395,000 | 1,215,262 | |||
| Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, (Memorial Hlth. Syst. Oblig. Group), 5.00%, 12/1/43 | B+/F | 150,000 | 127,726 | |||
| Washington Cnty, Hosp. Rev. Bonds, (Marietta Area Hlth. Care, Inc.), 6.75%, 12/1/52 | B+/P | 500,000 | 531,527 | |||
| 11,149,946 | ||||||
| Oregon (0.3%) | ||||||
| Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds, (Terwilliger Plaza, Inc.), 5.00%, 12/1/29 | BB+/F | 305,000 | 304,985 | |||
| Warm Springs, Reservation Confederated Tribes 144A Rev. Bonds, (Pelton-Round Butte), Ser. B, 5.00%, 11/1/36 | A3 | 500,000 | 547,788 | |||
| 852,773 | ||||||
| Pennsylvania (3.3%) | ||||||
| Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds, (Allegheny Hlth. Network Oblig. Group), Ser. A, 5.00%, 4/1/35 | A | 1,200,000 | 1,276,151 | |||
| Chester Cnty., Indl. Dev. Auth. Rev. Bonds | ||||||
| (Collegium Charter School), Ser. A, 5.125%, 10/15/37 | BB | 750,000 | 729,552 | |||
| (Renaissance Academy Charter School), 5.00%, 10/1/34 | BBB- | 350,000 | 350,109 | |||
| Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds, (West Chester U. Student Hsg., LLC), Ser. A, 5.00%, 8/1/45 | Ba2 | 1,000,000 | 941,008 | |||
| Cumberland Cnty., Muni. Auth. Rev. Bonds, (Asbury PA Obligated Group), 5.00%, 1/1/45 | BB+/P | 500,000 | 443,018 | |||
| Dallas, Area Muni. Auth. U. Rev. Bonds, (Misericordia U.), 5.00%, 5/1/48 | Baa3 | 1,500,000 | 1,356,928 | |||
| Maxatawny Twp., Muni. Auth. Rev. Bonds, (Diakon Lutheran Social Ministries), Ser. A | ||||||
| 5.00%, 1/1/42 | BBB+/F | 1,450,000 | 1,429,690 | |||
| 5.00%, 1/1/41 | BBB+/F | 1,400,000 | 1,390,467 | |||
| PA State Econ. Dev. Fin. Auth. Rev. Bonds, (PennDOT Major Bridges), 6.00%, 6/30/61 | Baa2 | 1,000,000 | 1,131,020 | |||
| Philadelphia Auth. For Ind. Dev. 144A Rev. Bonds, (String Theory Charter School), 5.00%, 6/15/50 | BB+ | 700,000 | 679,011 | |||
| Philadelphia, Auth. for Indl. Dev. 144A Rev. Bonds, (U. of the Arts) | ||||||
| 5.00%, 3/15/45 | B+/F | 660,000 | 549,739 | |||
| 5.00%, 3/15/45 (Prerefunded 3/15/28) | AAA/P | 40,000 | 43,697 | |||
| 10,320,390 | ||||||
| Puerto Rico (4.2%) | ||||||
| Cmnwlth. of PR, G.O. Bonds, Ser. A-1 | ||||||
| 4.00%, 7/1/41 | BB/P | 3,388,447 | 3,100,844 | |||
| 4.00%, 7/1/37 | BB/P | 3,000,000 | 2,821,204 | |||
| 4.00%, 7/1/33 | BB/P | 1,920,000 | 1,867,037 | |||
| Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A-1, 4.75%, 7/1/53 | BBB-/P | 4,700,000 | 4,616,668 | |||
| PR, Elec. Pwr. Auth. Rev. Bonds, Ser. TT, 5.00%, 7/1/37 (In default)(NON) | D/P | 2,500,000 | 775,000 | |||
| 13,180,753 | ||||||
| South Carolina (6.4%) | ||||||
| Berkeley Cnty., Assmt. Rev. Bonds, (Nexton Impt. Dist.), 4.375%, 11/1/49 | BB-/P | 1,000,000 | 852,565 | |||
| SC State Jobs Econ. Dev. Auth. Edl. Fac. 144A Rev. Bonds | ||||||
| (High Point Academy), Ser. A, 5.75%, 6/15/49 | Ba1 | 1,000,000 | 1,010,173 | |||
| (High Point Academy), Ser. A, 5.75%, 6/15/39 | Ba1 | 500,000 | 508,273 | |||
| (Greenville Renewable Energy Ed. Charter School), 4.00%, 6/1/56 | BB/P | 1,020,000 | 674,233 | |||
| NY State Dorm. Auth. Personal Income Tax Rev. Bonds, Ser. A, 5.00%, 3/15/46(T) | AA+ | 4,500,000 | 4,957,508 | |||
| SC State Public Svc Auth. Rev. Bonds Ser. B | ||||||
| 4.00%, 12/1/51(T) | A3 | 3,000,000 | 2,838,201 | |||
| 4.00%, 12/1/42(T) | A3 | 5,250,000 | 5,202,314 | |||
| 4.00%, 12/1/41(T) | A3 | 4,000,000 | 3,988,047 | |||
| 20,031,314 | ||||||
| South Dakota (0.4%) | ||||||
| Lincoln Cnty., Econ. Dev. Rev. Bonds, (Augustana College Assn. (The)), 4.00%, 8/1/51 | BBB- | 1,500,000 | 1,284,102 | |||
| 1,284,102 | ||||||
| Tennessee (0.8%) | ||||||
| Metro. Govt. Nashville & Davidson Cnty., Hlth. & Edl. Fac. Board Rev. Bonds, (Blakeford at Green Hills), Ser. A, 4.00%, 11/1/55 | BBB-/F | 1,750,000 | 1,227,499 | |||
| Metro. Nashville, Arpt. Auth. Rev. Bonds, Ser. B, 5.50%, 7/1/39 | A1 | 1,000,000 | 1,128,424 | |||
| 2,355,923 | ||||||
| Texas (7.4%) | ||||||
| Arlington, Higher Ed. Fin. Corp. Rev. Bonds | ||||||
| (Uplift Ed.), Ser. A, PSFG, 4.00%, 12/1/42 | AAA | 1,000,000 | 975,207 | |||
| (Wayside Schools), Ser. A, 4.00%, 8/15/41 | BB | 610,000 | 509,689 | |||
| Arlington, Higher Ed. Fin. Corp. 144A Rev. Bonds, (Magellan School (The)), 6.375%, 6/1/62 | Ba2 | 1,100,000 | 1,127,344 | |||
| Clifton, Higher Ed. Fin. Corp. Ed. Rev. Bonds | ||||||
| (Intl. Leadership), Ser. D, 6.125%, 8/15/48 | Baa3 | 2,500,000 | 2,569,850 | |||
| (IDEA Pub. Schools), Ser. A, 4.00%, 8/15/51 | A- | 1,200,000 | 1,028,755 | |||
| Dallas, Area Rapid Transit Sales Tax Rev. Bonds, Ser. A, 5.00%, 12/1/45 | AA+ | 7,000,000 | 7,578,852 | |||
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds | ||||||
| (Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 | BB+/F | 250,000 | 231,984 | |||
| (YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33 | Ba1 | 1,000,000 | 959,583 | |||
| Houston, Arpt. Syst. Rev. Bonds | ||||||
| Ser. B-1, 5.00%, 7/15/35 | BB- | 2,500,000 | 2,503,401 | |||
| (United Airlines, Inc.), 4.00%, 7/1/41 | B-/F | 1,250,000 | 1,132,833 | |||
| Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 | A- | 1,250,000 | 1,276,525 | |||
| New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds, (Woman's U.-Collegiate Hsg. Denton, LLC), Ser. A-1, AGM, 4.125%, 7/1/53 | AA | 1,000,000 | 930,600 | |||
| TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5.00%, 12/15/30 | A2 | 1,000,000 | 1,059,044 | |||
| TX State Trans. Comm. Rev. Bonds, (State Hwy. 249 Sys.), Ser. A, zero %, 8/1/39 | Baa2 | 700,000 | 346,655 | |||
| Uptown Dev. Auth. Tax Alloc. Bonds, (City of Houston Reinvestment Zone No. 16), 3.00%, 9/1/37 | Baa2 | 900,000 | 759,269 | |||
| 22,989,591 | ||||||
| Utah (1.8%) | ||||||
| Infrastructure Agcy. Telecomm. Rev. Bonds | ||||||
| 6.00%, 10/15/47 | BBB-/F | 1,350,000 | 1,482,356 | |||
| 4.00%, 10/15/39 | BBB-/F | 1,500,000 | 1,389,165 | |||
| MDA Mountain Village Pub. Infrastructure Dist. Special Assmt., Ser. A, 5.00%, 8/1/50 | B/P | 1,045,000 | 958,552 | |||
| Mida Mountain Village Pub. Infrastructure Dist. 144A Special Assmt. Bonds, (Mountain Village Assmt. Area No. 2), 4.00%, 8/1/50 | B/P | 1,250,000 | 1,005,412 | |||
| UT State Charter School Fin. Auth. Rev. Bonds, (Summit Academy, Inc.), Ser. A, 5.00%, 4/15/44 | AA | 625,000 | 653,304 | |||
| 5,488,789 | ||||||
| Virginia (4.7%) | ||||||
| Cherry Hill Cmnty., Dev. Auth. 144A Special Assmt. Bonds, (Potomac Shores), 5.40%, 3/1/45 | B/P | 995,000 | 1,001,201 | |||
| Farms of New Kent, Cmnty. Dev. Auth. 144A Special Assmt. Bonds, Ser. A, 3.75%, 3/1/36 | B+/P | 550,000 | 528,374 | |||
| James City Cnty., Econ. Dev. Auth. Rev. Bonds | ||||||
| (Williamsburg Landing), Ser. A, 4.00%, 12/1/50 | BB/P | 1,235,000 | 941,177 | |||
| (VA United Methodist Homes, Inc. Oblig. Group), Ser. A, 4.00%, 6/1/47 | BB/P | 1,000,000 | 778,828 | |||
| Lexington, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds | ||||||
| (Lexington Retirement Cmnty.), 4.00%, 1/1/48 | BBB-/F | 1,310,000 | 1,121,846 | |||
| (Lexington Retirement Cmnty.), 4.00%, 1/1/42 | BBB-/F | 1,000,000 | 896,769 | |||
| (Kendal at Lexington), 4.00%, 1/1/31 | BBB-/F | 675,000 | 671,354 | |||
| Lower Magnolia Green Cmnty., Dev. Auth. 144A Special Assmt. Bonds, 5.00%, 3/1/35 | B/P | 460,000 | 461,505 | |||
| Suffolk, Econ. Dev. Auth. Retirement Fac. Rev. Bonds, (United Church Homes & Svcs. Oblig. Group), 5.00%, 9/1/31 | BB/P | 500,000 | 491,630 | |||
| VA State Small Bus. Fin. Auth. Hlth. Care Fac. Rev. Bonds, (Bon Secours Mercy Hlth., Inc.), 4.00%, 12/1/49 | A+ | 4,000,000 | 3,863,163 | |||
| Williamsburg, Econ. Dev. Auth. Student Hsg. Rev. Bonds, (Provident Group - Williamsburg Properties, LLC), AGM, 5.25%, 7/1/53 | AA | 3,500,000 | 3,875,716 | |||
| 14,631,563 | ||||||
| Washington (4.9%) | ||||||
| Grays Harbor Cnty., Pub. Hosp. Dist. No. 1 Rev. Bonds, 6.875%, 12/1/53 | BB+ | 3,000,000 | 3,138,609 | |||
| Kalispel Tribe of Indians Priority Dist. Rev. Bonds, Ser. A, 5.25%, 1/1/38 | BB+/P | 750,000 | 775,867 | |||
| Skagit Cnty., Pub. Hosp. Dist. No. 1 Rev. Bonds, 5.50%, 12/1/54 | Baa3 | 1,000,000 | 1,057,726 | |||
| WA State Hsg. Fin. Comm. Rev. Bonds | ||||||
| (Eastside Retirement Assn.), Ser. A, 5.00%, 7/1/48 | A-/F | 1,200,000 | 1,217,233 | |||
| (Wesley Homes Lea Hill), 5.00%, 7/1/41 | B/P | 500,000 | 426,178 | |||
| (Wesley Homes Lea Hill), 5.00%, 7/1/36 | B/P | 580,000 | 522,644 | |||
| (Social Certif.), Ser. A-1, 3.50%, 12/20/35 | BBB+ | 2,113,337 | 1,991,808 | |||
| Ser. 1, Class A, 3.375%, 4/20/37 | BBB | 3,195,207 | 2,834,709 | |||
| WA State Hsg. Fin. Comm. 144A Rev. Bonds, (Presbyterian Retirement Cmnty. Northwest), Ser. A, 5.00%, 1/1/36 | BB/F | 1,175,000 | 975,429 | |||
| WA State Hsg. Fin. Comm. Nonprofit 144A Rev. Bonds | ||||||
| (Seattle Academy of Arts & Sciences), 6.375%, 7/1/63 | BBB | 800,000 | 878,264 | |||
| (Spokane Intl. Academy), Ser. A, 5.00%, 7/1/56 | Ba2 | 1,130,000 | 1,009,047 | |||
| (Spokane Intl. Academy), Ser. A, 5.00%, 7/1/50 | Ba2 | 500,000 | 456,934 | |||
| 15,284,448 | ||||||
| West Virginia (1.9%) | ||||||
| WV State Hosp. Fin. Auth. Rev. Bonds, (Vandalia Hlth., Inc.), Ser. B, 6.00%, 9/1/48 | Baa1 | 5,250,000 | 6,086,698 | |||
| 6,086,698 | ||||||
| Wisconsin (7.3%) | ||||||
| Pub. Fin. Auth. 144A Rev. Bonds | ||||||
| (WFCS Holdings, LLC), 5.00%, 1/1/55 | BB-/P | 1,700,000 | 1,348,729 | |||
| (Roseman U. of Hlth. Sciences), 5.00%, 4/1/40 | BB | 1,085,000 | 1,055,613 | |||
| (Roseman U. of Hlth. Sciences), 5.00%, 4/1/40 (Prerefunded 4/1/30) | AAA/P | 65,000 | 73,787 | |||
| Pub. Fin. Auth. Conference Ctr. & Hotel Rev. Bonds, (U. of NC Charlotte Foundation), Ser. A, 4.00%, 9/1/51 | BB+/P | 2,000,000 | 1,535,688 | |||
| Pub. Fin. Auth. Ed. 144A Rev. Bonds, (North Carolina Leadership Academy), 5.00%, 6/15/54 | BB+/P | 910,000 | 806,531 | |||
| Pub. Fin. Auth. Edl. Fac. Rev. Bonds, (Piedmont Cmnty. Charter School), 5.00%, 6/15/53 | Baa3 | 1,150,000 | 1,086,174 | |||
| Pub. Fin. Auth. Exempt Fac. Rev. Bonds, (Celanese U.S. Holdings, LLC), Ser. C, 4.30%, 11/1/30 | Baa3 | 300,000 | 294,299 | |||
| Pub. Fin. Auth. Pooled Charter School Certif. Rev. Bonds, Ser. 23-1, Class A, 5.75%, 7/1/62 | Aa3 | 2,250,000 | 2,335,033 | |||
| Pub. Fin. Auth. Retirement Communities Rev. Bonds, (Evergreens Oblig. Group), Ser. A, 5.00%, 11/15/49 | A-/F | 1,750,000 | 1,782,417 | |||
| Pub. Fin. Auth. Retirement Fac. 144A Rev. Bonds, (Southminster, Inc.), 5.00%, 10/1/48 | BB/F | 800,000 | 682,122 | |||
| Pub. Fin. Auth. Student Hsg. Fac. 144A Rev. Bonds | ||||||
| (CHF-Manoa, LLC), Ser. A, 5.75%, 7/1/63 | BBB- | 1,000,000 | 1,053,694 | |||
| (UHF RISE Student Hsg., LLC), Ser. A-1, 4.00%, 7/1/61 | Ba1 | 600,000 | 471,179 | |||
| WI Pub. Fin. Auth. Hotel Rev. Bonds | ||||||
| (Grand Hyatt), 5.00%, 2/1/62 | BBB- | 800,000 | 802,803 | |||
| (Grand Hyatt Sanitary), 5.00%, 2/1/52 | BBB- | 1,500,000 | 1,518,245 | |||
| WI Pub. Fin. Auth. Hotel 144A Rev. Bonds, (Grand Hyatt), 6.00%, 2/1/62 | BB-/P | 1,000,000 | 1,031,583 | |||
| WI State Hlth. & Edl. Fac. Auth. Rev. Bonds | ||||||
| (Oakwood Lutheran Sr. Ministries Oblig. Group), 4.00%, 1/1/57 | BB/P | 650,000 | 377,089 | |||
| (St. John's Communities, Inc.), 4.00%, 9/15/45 | BBB/F | 1,150,000 | 923,393 | |||
| (St. John's Communities, Inc.), 4.00%, 9/15/41 | BBB/F | 270,000 | 230,386 | |||
| (Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/41 | AA | 4,000,000 | 3,981,219 | |||
| WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds, (Mary's Woods at Marylhurst), Ser. A, 5.25%, 5/15/37 | BB/F | 380,000 | 368,657 | |||
| WI State Pub. Fin. Auth. 144A Rev. Bonds, (Church Home of Hartford, Inc.), Ser. A, 5.00%, 9/1/30 | BB/F | 945,000 | 927,326 | |||
| 22,685,967 | ||||||
| Total municipal bonds and notes (cost $425,305,233) | $415,007,088 | |||||
| SHORT-TERM INVESTMENTS (2.7%)(a) | ||||||
| Principal amount/shares | Value | |||||
| Putnam Short Term Investment Fund Class P 5.47%(AFF) | Shares | 7,951,442 | $7,951,442 | |||
| U.S. Treasury Bills 5.391%, 3/21/24(SEG) | $222,000 | 220,408 | ||||
| U.S. Treasury Bills 5.353%, 4/25/24(SEG) | 200,000 | 197,571 | ||||
| Total short-term investments (cost $8,369,443) | $8,369,421 | |||||
| TOTAL INVESTMENTS | ||||||
| Total investments (cost $433,674,676) | $423,376,509 | |||||
| FUTURES CONTRACTS OUTSTANDING at 1/31/24 (Unaudited) | ||||||
| Number of contracts | Notional amount | Value | Expiration date | Unrealized appreciation/ (depreciation) |
||
| U.S. Treasury Bond Ultra 30 yr (Short) | 25 | $3,230,469 | $3,230,469 | Mar-24 | $(165,681) | |
| Unrealized appreciation | — | |||||
| Unrealized (depreciation) | (165,681) | |||||
| Total | $(165,681) | |||||
| Key to holding's abbreviations | ||||||
| AGM | Assured Guaranty Municipal Corporation | |||||
| AMBAC | AMBAC Indemnity Corporation | |||||
| BAM | Build America Mutual | |||||
| FCS | Farm Credit System | |||||
| G.O. Bonds | General Obligation Bonds | |||||
| PSFG | Permanent School Fund Guaranteed | |||||
| Q- SBLF | Qualified School Board Loan Fund | |||||
| TAN | Tax Anticipation Notes | |||||
| 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 November 1, 2023 through January 31, 2024 (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 Franklin Resources, Inc., 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 $312,210,450. | |||||
| (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. | |||||
| (NON) | This security is non-income-producing. | |||||
| (STP) | The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate. | |||||
| (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. | |||||
| Name of affiliate | Fair
value as of 10/31/23 |
Purchase cost |
Sale proceeds |
Investment income |
Shares
outstanding and fair value as of 1/31/24 |
|
| Short-term investments | ||||||
| Putnam Short Term Investment Fund Class P‡ | $3,978,234 | $22,405,227 | $18,432,019 | $60,222 | $7,951,442 | |
| Total Short-term investments | $3,978,234 | $22,405,227 | $18,432,019 | $60,222 | $7,951,442 | |
| ‡ 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 $187,106. | |||||
| (T) | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | |||||
| 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 Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, Intercontinental Exchange (ICE) London Interbank Offered Rate (LIBOR) USD 1 Month, ICE LIBOR USD 3 Month, US Secured Overnight Financing Rate (SOFR), Chicago Mercantile Exchange (CME) Term SOFR 3 Month or CME Term SOFR 6 Month rates, which were 3.74%, 5.44%, 5.58%, 5.32%, 5.32% and 5.17%, 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 (concentration)(concentrations) greater than 10% at the close of the reporting period (as a percentage of net assets): | ||||||
| Healthcare | 30.1% | |||||
| Education | 26.6% | |||||
| Transportation | 11.6% | |||||
| 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. | ||||||
| Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | ||||||
| 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. | ||||||
| To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved 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. | ||||||
| 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. 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. | ||||||
| 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 | $— | $415,007,088 | $— | |
| Short-term investments | — | 8,369,421 | — | |
| Totals by level | $— | $423,376,509 | $— | |
| Valuation inputs | ||||
| Other financial instruments: | Level 1 | Level 2 | Level 3 | |
| Futures contracts | $(165,681) | $— | $— | |
| Totals by level | $(165,681) | $— | $— | |
| 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) | 20 | |||
| 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 | ||||