Putnam Managed Municipal Income Trust
The fund's portfolio
7/31/22 (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
PO — Principal Only
PSFG — Permanent School Fund Guaranteed
Q-SBLF — Qualified School Board Loan Fund








MUNICIPAL BONDS AND NOTES (134.8%)(a)
    Rating(RAT)   Principal amount Value
Alabama (2.1%)
Jefferson Cnty., Swr. Rev. Bonds
Ser. D, 6.50%, 10/1/53 BBB $500,000 $547,512
stepped-coupon zero % (7.750%, 10/1/23), 10/1/46(STP) BBB 3,950,000 4,032,936
Jefferson, Cnty. Rev. Bonds, (Refunding warrants)
5.00%, 9/15/34 AA 2,075,000 2,290,861
5.00%, 9/15/33 AA 275,000 304,281
7,175,590
Alaska (1.6%)
AK State Indl. Dev. & Export Auth. Rev. Bonds, (Tanana Chiefs Conference), Ser. A, 4.00%, 10/1/49 A+/F 5,000,000 4,800,265
Northern Tobacco Securitization Corp. Rev. Bonds, Ser. A, Class 1, 4.00%, 6/1/50 BBB+ 800,000 759,983
5,560,248
Arizona (4.1%)
AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds
(BASIS Schools, Inc.), Ser. G, 5.00%, 7/1/37 BB 500,000 507,369
(Somerset Academy of Las Vegas), 4.00%, 12/15/41 BB 500,000 447,565
La Paz Cnty., Indl. Dev. Auth. Ed. Fac. Rev. Bonds, (Harmony Pub. Schools), Ser. A
5.00%, 2/15/48 BBB 2,330,000 2,390,370
5.00%, 2/15/38 BBB 500,000 520,776
Maricopa Cnty. Indl. Dev. Auth. 144A Rev. Bonds, (Commercial Metals Co), 4.00%, 10/15/47 BB+ 700,000 651,518
Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds, (Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35 BB+ 750,000 760,384
Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds
(Choice Academies, Inc.), 5.625%, 9/1/42 (Prerefunded 9/1/22) BB 315,000 316,075
(Great Hearts Academies), 5.00%, 7/1/44 BBB- 1,700,000 1,722,246
(Choice Academies, Inc.), 4.875%, 9/1/22 (Escrowed to maturity) BB 145,000 145,408
Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.)
Ser. A, 5.00%, 7/1/46 BB 250,000 251,402
5.00%, 7/1/35 BB 900,000 911,145
Ser. A, 5.00%, 7/1/35 BB 600,000 607,430
Salt Verde, Fin. Corp. Gas Rev. Bonds
5.50%, 12/1/29 A3 2,000,000 2,267,601
5.00%, 12/1/32 A3 570,000 631,779
Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds
(Yavapai Regl. Med.), 5.00%, 8/1/36 A2 200,000 210,118
(Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34 A2 200,000 211,020
Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds, (Agribusiness & Equine Ctr.), 5.00%, 3/1/32 BB+ 1,000,000 1,000,383
Yavapai Cnty., Indl. Dev. Ed. Auth. 144A Rev. Bonds, Ser. A, 5.00%, 9/1/34 BB+ 500,000 505,038
14,057,627
Arkansas (0.8%)
AR Dev. Fin. Auth. Hlth. Care Rev. Bonds, (Baptist Health Oblig. Group)
5.00%, 12/1/47 A 600,000 632,546
4.00%, 12/1/44 A 610,000 608,316
4.00%, 12/1/39 A 585,000 592,549
4.00%, 12/1/37 A 805,000 819,368
2,652,779
California (11.4%)
CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds
(Aster Apt.), Ser. A-1, 4.00%, 2/1/56 BB+/P 475,000 440,299
(Fountains at Emerald Park), 4.00%, 8/1/46 BB-/P 2,460,000 2,028,563
CA Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35 BBB+ 1,691,665 1,637,861
CA Pub. State Fin. Auth. Sr. Living 144A Rev. Bonds, (Enso Village Project), Ser. A, 5.00%, 11/15/56 B-/P 750,000 728,393
CA School Fin. Auth. Rev. Bonds, (2023 Union, LLC), Ser. A, 6.00%, 7/1/33 BBB- 465,000 476,540
CA State Infrastructure & Econ. Dev. Bank 144A Rev. Bonds, (WFCS Holdings II, LLC), Ser. B, zero %, 1/1/61 B-/P 4,470,000 332,523
CA State Muni. Fin. Auth. Charter School Rev. Bonds, (Partnerships Uplift Cmnty.), Ser. A, 5.00%, 8/1/32 BB+ 665,000 664,988
CA State Poll. Control Fin. Auth. Rev. Bonds, (San Jose Wtr. Co.), 4.75%, 11/1/46 A 1,100,000 1,142,034
CA State Poll. Control Fin. Auth. 144A Rev. Bonds, (Wtr. Furnishing), 5.00%, 11/21/45 Baa3 1,000,000 1,002,972
CA State Tobacco Securitization Agcy. Rev. Bonds, (Gold Country Settlement Funding Corp.), Ser. B-2, zero %, 6/1/55 BB/P 5,570,000 1,223,645
CMFA Special Fin. Agcy. I 144A Rev. Bonds, (Social Bond), Ser. A-2, 4.00%, 4/1/56 BB/P 1,500,000 1,274,047
CSCDA Cmnty. Impt. Auth. Rev. Bonds, (Pasadena Portfolio), Ser. A-2, 3.00%, 12/1/56 BBB-/P 2,000,000 1,515,072
CSCDA Cmnty. Impt. Auth. 144A Rev. Bonds
(Pasadena Portfolio), 4.00%, 12/1/56 BB/P 1,000,000 810,142
(Anaheim), 4.00%, 8/1/56 BB/P 2,725,000 2,329,486
(Jefferson-Anaheim), 3.125%, 8/1/56 BB+/P 1,125,000 856,484
(Jefferson-Anaheim), 2.875%, 8/1/41 BB+/P 945,000 844,077
Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. B-2, zero %, 6/1/66 BB+/P 20,675,000 2,641,409
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 1,207,743
Palm Desert, Special Tax, (Cmnty. Fac. Dist. 2021-1), 4.00%, 9/1/41 B+/P 450,000 434,002
Rancho Cordova, Cmnty. Fac. Dist. Special Tax Bonds, (Sunridge Anatolia), Ser. 03-1, 5.00%, 9/1/37 (Prerefunded 9/1/22) BBB-/P 350,000 351,037
Regents of the U. of CA Med. Ctr. (The) Rev. Bonds, Ser. P, 5.00%, 5/15/41(T) Aa3 6,000,000 6,882,420
Sacramento, Special Tax, (Greenbriar Cmnty. Fac. Dist. No 2018-03), 4.00%, 9/1/46 BB/P 700,000 663,546
San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 4.00%, 5/1/52 A1 1,000,000 969,782
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 500,000 484,766
San Francisco, City & Cnty. Redev. Agcy. Cmnty. Successor Special Tax Bonds, (No. 6 Mission Bay Pub. Impts.), Ser. C
zero %, 8/1/43 BBB/P 2,000,000 587,801
zero %, 8/1/38 BBB/P 2,000,000 793,461
San Joaquin Hills, Trans. Corridor Agcy. Toll Road Rev. Bonds, Ser. A
4.00%, 1/15/45 A 400,000 399,881
4.00%, 1/15/44 A 100,000 100,166
4.00%, 1/15/42 A 500,000 503,504
4.00%, 1/15/41 A 500,000 504,933
Santa Clara Cnty., Fin. Auth. Rev. Bonds, Ser. Q, 3.00%, 5/15/34 AA+ 4,000,000 3,842,741
Sunnyvale, Special Tax Bonds, (Cmnty. Fac. Dist. No. 1), 7.75%, 8/1/32 B+/P 785,000 787,537
Tobacco Securitization Auth. of Northern CA Rev. Bonds, (Sacramento Cnty., Tobacco Securitization Corp.), Ser. B-2, zero %, 6/1/60 BB/P 2,720,000 479,672
38,941,527
Colorado (2.4%)
CO State Edl. & Cultural Auth. Rev. Bonds, (Aspen View Academy, Inc.)
4.00%, 5/1/61 Baa3 550,000 454,733
4.00%, 5/1/51 Baa3 350,000 300,953
4.00%, 5/1/41 Baa3 175,000 159,955
4.00%, 5/1/36 Baa3 150,000 142,498
CO State Educ. & Cultural Fac. Auth. Rev. Bonds, (Skyview Academy), 5.125%, 7/1/34 BB 755,000 765,466
CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (Christian Living Neighborhood)
5.00%, 1/1/37 BB/P 1,250,000 1,254,611
5.00%, 1/1/31 BB/P 500,000 505,131
Park Creek, Metro. Dist. Tax Alloc. Bonds, (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45 A/F 225,000 240,796
Plaza, Tax Alloc. Bonds, (Metro. Dist. No. 1), 5.00%, 12/1/40 BB-/P 1,650,000 1,650,807
RainDance Metro. Dist. No. 1 Rev. Bonds, (Non-Potable Wtr. Enterprise), 5.25%, 12/1/50 B+/P 875,000 840,322
Rampart Range Metro. Distr. Rev. Bonds, (Dist. No. 5), 4.00%, 12/1/41 BB-/P 1,000,000 872,432
Southlands, Metro. Dist. No. 1 G.O. Bonds, Ser. A-1, 5.00%, 12/1/37 Ba1 500,000 507,235
Sterling Ranch Cmnty. Auth. Board Rev. Bonds, (Metro. Dist. No. 2), Ser. A, 4.25%, 12/1/50 BB/P 450,000 393,589
8,088,528
Connecticut (1.1%)
CT State Hlth. & Edl. Fac. Auth. Rev. Bonds, (Stamford Hosp. Oblig. Group (The)), Ser. M, 4.00%, 7/1/42 BBB+ 2,130,000 2,075,535
Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39 BB/P 1,500,000 1,573,558
3,649,093
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 1,051,503
(ASPIRA Charter School), Ser. A, 5.00%, 6/1/36 BB 705,000 724,473
Millsboro Special Oblig. 144A Special Tax, (Plantation Lakes), 5.25%, 7/1/48 BB-/P 1,000,000 1,009,052
Millsboro Special Oblig. 144A Tax Alloc. Bonds, (Plantation Lakes Special Dev. Dist.), 5.125%, 7/1/38 BB-/P 490,000 497,842
3,282,870
District of Columbia (5.4%)
DC Rev. Bonds
(Plenary Infrastructure DC, LLC), 5.50%, 8/31/36 A3 1,365,000 1,539,361
(Plenary Infrastructure DC, LLC), 5.50%, 8/31/35 A3 1,140,000 1,286,703
(Intl. School), 5.00%, 7/1/54 BBB 1,275,000 1,295,943
(Ingleside at Rock Creek), Ser. A, 5.00%, 7/1/52 BB-/P 1,000,000 958,079
(Latin American Montessori Bilingual Pub. Charter School Oblig. Group), 5.00%, 6/1/40 BB+ 1,500,000 1,545,949
(KIPP DC), 4.00%, 7/1/44 BBB+ 750,000 714,302
DC 144A Rev. Bonds, (Rocketship DC Oblig. Group), Ser. 21-A, 5.00%, 6/1/61 BB/P 400,000 404,122
DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46 CCC/P 7,500,000 1,726,177
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 1,002,005
(Dulles Metrorail & Cap. Impt. Proj.), Ser. B, 4.00%, 10/1/44(T) A- 1,060,000 1,026,811
Metro. Washington DC, Arpt. Auth. Rev. Bonds Ser. A, 4.00%, 10/1/51(T) AA- 7,200,000 7,144,416
18,643,868
Florida (7.0%)
Cap. Trust Agcy. Rev. Bonds, (Wonderful Foundation Charter School Holdings, LLC), zero %, 1/1/60 B/P 6,000,000 462,283
Cap. Trust Agcy. 144A Rev. Bonds
(WFCS Holdings II, LLC), Ser. A-1, 5.00%, 1/1/56 BB/P 900,000 848,502
(Wonderful Foundation Charter School Holdings, LLC), 4.50%, 1/1/35 BB-/P 750,000 705,007
Celebration Pointe Cmnty. Dev. Dist. No. 1 144A Special Assessment Bonds, (Alachua Cnty.), 5.00%, 5/1/48 B/P 240,000 243,679
Charlotte Cnty., Indl. Dev. Auth. Util. Syst. 144A Rev. Bonds, (MSKP Town & Country Util., LLC), Ser. A, 4.00%, 10/1/51 B+/P 1,000,000 787,499
Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds, (Sr. Lien), Ser. A-1, 4.125%, 5/1/31 A 500,000 502,638
Fishhawk, CCD IV Special Assmt. Bonds, 7.25%, 5/1/43 B/P 370,000 379,037
FL State Dev. Fin Corp. Sr. Living Rev. Bonds, (Glenridge on Palmer Ranch Oblig. Group), 5.00%, 6/1/51 BB/P 700,000 632,915
FL State Higher Edl. Fac. Financial Auth. Rev. Bonds
(St. Leo U., Inc. Oblig. Group), 5.00%, 3/1/49 BB+ 365,000 367,017
(St. Leo U.), 5.00%, 3/1/44 BB+ 1,370,000 1,384,480
Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 A- 1,300,000 1,372,926
Lake Cnty., Retirement Fac. Rev. Bonds, (Waterman Cmnty., Inc.), 5.75%, 8/15/55 B/P 750,000 724,205
Lakewood Ranch, Stewardship Dist. Special Assessment Bonds, (Village of Lakewood Ranch South), 5.125%, 5/1/46 B+/P 845,000 854,234
Lakewood Ranch, Stewardship Dist. Special Assmt., (Azario), 4.00%, 5/1/40 B+/P 1,000,000 935,671
Lakewood Ranch, Stewardship Dist. 144A Special Assmt., 4.00%, 5/1/50 B/P 250,000 221,822
Miami-Dade Cnty., Indl. Dev. Auth. Rev. Bonds, (Pinecrest Academy, Inc.), 5.00%, 9/15/34 BBB 1,240,000 1,277,755
Midtown Miami Cmnty. Dev. Dist. Special Assmt. Bonds, (Garage), Ser. A, 5.00%, 5/1/29 BB-/P 570,000 574,581
Palm Beach Cnty., Rev. Bonds, (Lynn U. Hsg.), Ser. A, 5.00%, 6/1/57 B+/P 625,000 626,727
Palm Beach Cnty., 144A Rev. Bonds, (PBAU Hsg.), Ser. A, 5.00%, 4/1/39 Ba1 500,000 497,171
Pinellas Cnty., Indl. Dev. Auth. Rev. Bonds, (2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 AAA/P 1,690,000 1,741,691
Sarasota Cnty., Hlth. Fac. Auth. Rev. Bonds, (Village on the Isle), Ser. A, 5.00%, 1/1/37 BB+/F 1,000,000 1,012,587
Sarasota Cnty., Pub. Hosp. Dist. Rev. Bonds, (Sarasota Memorial Hosp.), 4.00%, 7/1/48 A1 1,500,000 1,479,412
Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30 BBB+ 480,000 495,362
St. John's Cnty., Indl. Dev. Auth. Rev. Bonds, (Life Care Ponte Vedra Oblig. Group), Ser. A
4.00%, 12/15/41 BB+/F 500,000 417,586
4.00%, 12/15/36 BB+/F 355,000 312,890
Tallahassee, Hlth. Fac. Rev. Bonds, (Tallahassee Memorial HealthCare, Inc.), Ser. A, 5.00%, 12/1/55 Baa1 1,000,000 1,024,626
Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds, (Cap. Impt.), 5.00%, 5/1/33 B+/P 490,000 491,775
Village Cmnty. Dev. Dist. No. 10 Special Assmt. Bonds, 5.75%, 5/1/31 BB/P 770,000 781,464
Village Cmnty. Dev. Dist. No. 12 144A Special Assessment Bonds, 4.00%, 5/1/33 BB-/P 695,000 699,707
Village, 144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 3.25%, 5/1/40 BB-/P 2,480,000 2,110,461
23,965,710
Georgia (4.3%)
Cobb Cnty., Dev. Auth. Student Hsg. Rev. Bonds
(Kennesaw State U. Real Estate Oblig. Group), Ser. C, 5.00%, 7/15/38 Baa2 765,000 779,047
(Kennesaw State U. Real Estate), 5.00%, 7/15/30 Baa2 700,000 721,267
GA State Private College & U. Auth. Rev. Bonds, (Mercer U.), Ser. C, 5.25%, 10/1/30 (Prerefunded 10/1/22) A3 750,000 754,718
Geo L Smith II GA Congress Ctr. 144A Rev. Bonds, (Signia Hotel Mgt., LLC.)
5.00%, 1/1/54 BB-/P 1,480,000 1,359,924
5.00%, 1/1/36 BB-/P 850,000 846,631
Main Street Natural Gas, Inc. Gas Supply Rev. Bonds, Ser. A, 5.00%, 5/15/34 A3 3,345,000 3,591,449
Muni. Election Auth. of GA Rev. Bonds, (Plant Vogtle Units 3 & 4)
Ser. A, 5.50%, 7/1/60 A 2,000,000 2,091,299
4.50%, 7/1/63 A 2,250,000 2,295,396
Ser. A, 4.00%, 1/1/59 A2 2,000,000 1,919,150
Ser. A, 4.00%, 1/1/49 A2 500,000 488,098
14,846,979
Guam (0.1%)
Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5.00%, 10/1/34 (Prerefunded 10/1/22) Baa2 200,000 201,110
201,110
Hawaii (0.1%)
HI State Dept. Budget & Fin. Rev. Bonds, (Kahala Nui), 5.125%, 11/15/32 A+/F 400,000 403,354
403,354
Idaho (0.6%)
ID State Hlth. Fac. Auth. Rev. Bonds, (St. Luke's Hlth. Sys. Oblig. Group), Ser. A, 4.00%, 3/1/38 A 2,000,000 2,023,458
2,023,458
Illinois (13.9%)
Chicago, G.O. Bonds
Ser. A, 5.50%, 1/1/49 BBB+ 1,000,000 1,071,232
Ser. A, 5.00%, 1/1/40 BBB+ 2,000,000 2,102,887
Ser. A, 5.00%, 1/1/30 BBB+ 1,800,000 1,957,760
Ser. B, 4.00%, 1/1/38 BBB+ 2,747,000 2,721,134
Chicago, Special Assmt.
3.38%, 12/1/31 BBB/P 367,000 340,262
3.04%, 12/1/28 BBB/P 270,000 254,783
Chicago, Board of Ed. G.O. Bonds
Ser. C, 5.25%, 12/1/39 BB 1,500,000 1,541,072
Ser. A, 5.00%, 12/1/47 BB 1,750,000 1,844,612
Ser. A, 5.00%, 12/1/38 BB 500,000 529,263
Ser. H, 5.00%, 12/1/36 BB 2,100,000 2,214,884
Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. A, 5.00%, 1/1/38 A 700,000 752,266
Cook Cnty., G.O. Bonds, 5.00%, 11/15/35 A+ 500,000 543,627
Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds, (Monarch Landing), 5.625%, 3/1/36 B/P 283,000 283,046
IL State G.O. Bonds
Ser. A, 5.00%, 5/1/38 Baa1 1,000,000 1,060,750
Ser. B, 5.00%, 10/1/31 Baa1 2,000,000 2,175,525
5.00%, 2/1/29 Baa1 2,075,000 2,240,557
Ser. A, 5.00%, 12/1/28 Baa1 1,760,000 1,927,479
Ser. D, 5.00%, 11/1/28 Baa1 1,730,000 1,893,775
IL State Fin. Auth. Rev. Bonds
(Plymouth Place), 5.25%, 5/15/50 (Prerefunded 5/15/25) BB+/F 1,000,000 1,090,242
(Plymouth Place Oblig. Group), 5.00%, 5/15/56 BB+/F 815,000 763,342
(Plymouth Place Oblig. Group), 5.00%, 5/15/51 BB+/F 1,000,000 947,406
(Plymouth Place Oblig. Group), 5.00%, 5/15/41 BB+/F 400,000 392,801
(Southern IL Healthcare Enterprises, Inc.), 5.00%, 3/1/33 A 700,000 747,908
(Riverside Hlth. Syst.), 4.00%, 11/15/35 A+ 500,000 509,517
IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds
(U. of IL Chicago), 5.00%, 2/15/50 Baa3 500,000 494,094
(U. of IL-CHF-Chicago, LLC), Ser. A, 5.00%, 2/15/37 Baa3 1,200,000 1,209,533
Metro. Pier & Exposition Auth. Rev. Bonds, (McCormick Place Expansion)
Ser. A, 5.00%, 6/15/50 A- 3,000,000 3,118,319
4.00%, 6/15/52 A- 1,000,000 941,749
Ser. B, stepped-coupon zero % (4.950%, 6/15/31), 12/15/47(STP) A- 1,500,000 905,345
Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, Ser. A, 5.00%, 12/1/31 AA 1,000,000 1,107,812
Northern IL U. Rev. Bonds, Ser. B, BAM
5.00%, 4/1/33 AA 625,000 707,234
5.00%, 4/1/31 AA 500,000 570,882
4.00%, 4/1/40 AA 610,000 611,524
4.00%, 4/1/39 AA 500,000 502,077
Sales Tax Securitization Corp. Rev. Bonds
Ser. C, 5.50%, 1/1/36 AA- 2,000,000 2,265,936
Ser. A, 5.00%, 1/1/36 AA- 1,600,000 1,789,760
Ser. A, 4.00%, 1/1/39 AA- 1,750,000 1,754,854
Ser. A, 4.00%, 1/1/38 AA- 1,750,000 1,758,682
47,643,931
Iowa (0.3%)
IA Tobacco Settlement Auth. Rev. Bonds, Ser. B-1, Class 2, 4.00%, 6/1/49 BBB 945,000 951,311
951,311
Kansas (0.3%)
Wichita, Hlth. Care Fac. Rev. Bonds, (Presbyterian Manors), Ser. I, 5.00%, 5/15/33 BB-/P 500,000 496,262
Wyandotte, Cnty./Kansas City, Unified Govt. 144A Rev. Bonds, (Legends Apt. Garage & West Lawn), 4.50%, 6/1/40 BB+/P 405,000 391,235
887,497
Kentucky (3.2%)
KY Econ. Dev. Fin. Auth. Rev. Bonds, (Masonic Home Indpt. Living), 5.00%, 5/15/46 BB/P 1,000,000 922,809
KY Pub. Trans. Infrastructure Auth. Rev. Bonds, (1st Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53 (Prerefunded 7/1/23) Baa2 1,100,000 1,141,547
KY State Econ. Dev. Fin. Auth. Rev. Bonds, (Owensboro Hlth.), Ser. A, 5.25%, 6/1/41 Baa2 125,000 130,598
KY State Econ. Dev. Fin. Auth. Hlth. Care Rev. Bonds, (Masonic Homes of KY), 5.375%, 11/15/42 BB-/P 900,000 847,489
KY State Pub. Energy Auth. Gas Supply Mandatory Put Bonds (6/1/25), Ser. C-1, 4.00%, 12/1/49 A1 4,635,000 4,764,216
Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds, (Norton Healthcare Oblig. Group), 5.50%, 10/1/33 A 3,000,000 3,100,594
10,907,253
Louisiana (1.8%)
LA Pub. Fac. Auth. Rev. Bonds, (U. of Tulane)
4.00%, 12/15/50 A+ 730,000 700,867
4.00%, 12/15/50 (Prerefunded 12/15/27) AAA/P 20,000 21,846
LA State Pub. Fac. Auth. Rev. Bonds, (LA State U. Greenhouse Phase III), Ser. A, 5.00%, 7/1/59 A3 1,500,000 1,577,918
LA State Pub. Fac. Solid Waste Disp. Auth. Rev. Bonds, (LA Pellets, Inc.), Ser. A, 8.375%, 7/1/39 (In default)(NON) D/P 500,000 5
St. John The Baptist Parish Mandatory Put Bonds (7/1/26), (Marathon Oil Corp.), Ser. A-3, 2.20%, 6/1/37 Baa3 3,500,000 3,334,874
St. Tammany, Public Trust Fin. Auth. Rev. Bonds, (Christwood), 5.25%, 11/15/37 BB/P 385,000 391,682
6,027,192
Maine (0.1%)
ME State Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (8/1/25), (Casella Waste Syst.), 5.125%, 8/1/35 B2 500,000 513,748
513,748
Maryland (1.9%)
Brunswick, Special Tax, 5.00%, 7/1/36 B+/P 549,000 574,100
Frederick Cnty., Special Tax Bonds, (Oakdale-Lake Linganore), 3.75%, 7/1/39 BB/P 1,410,000 1,272,139
Frederick Cnty., Edl. Fac. 144A Rev. Bonds, (Mount St. Mary's U.), Ser. A, 5.00%, 9/1/37 BB+ 500,000 511,449
MD State Econ. Dev. Corp. Tax Alloc. Bonds, (Port Covington)
4.00%, 9/1/50 B+/P 750,000 662,186
4.00%, 9/1/40 B+/P 755,000 704,880
Prince Georges Cnty., Special Oblig. 144A Tax Alloc. Bonds, (Westphalia Town Ctr.), 5.125%, 7/1/39 B/P 1,000,000 1,020,646
Westminster, Rev. Bonds
(Lutheran Village at Miller's Grant, Inc. (The)), Ser. A, 6.00%, 7/1/34 B-/P 250,000 258,368
(Carroll Lutheran Village, Inc.), 5.125%, 7/1/34 BB/P 1,500,000 1,519,145
6,522,913
Massachusetts (1.2%)
Lowell, Collegiate Charter School Rev. Bonds
5.00%, 6/15/54 BB-/P 1,250,000 1,250,361
5.00%, 6/15/39 BB-/P 1,000,000 1,010,094
MA State Dev. Fin. Agcy. 144A Rev. Bonds, (Linden Ponds, Inc. Fac.)
5.125%, 11/15/46 A/F 1,000,000 1,056,746
5.00%, 11/15/38 A/F 500,000 530,284
MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds, (Adventcare), Ser. A, 6.65%, 10/15/28 (In default)(NON) B/P 995,000 368,150
4,215,635
Michigan (6.0%)
Detroit, G.O. Bonds, 5.00%, 4/1/37 Ba2 750,000 789,619
Flint, Hosp. Bldg. Auth. Rev. Bonds, Ser. A, 5.25%, 7/1/39 Ba1 750,000 757,322
Great Lakes, Wtr. Auth. Swr. Rev. Bonds, (Brazos Presbyterian Homes, Inc.), Ser. C, 5.00%, 7/1/36 A+ 2,000,000 2,163,826
Kentwood, Economic Dev. Corp. Rev. Bonds, (Holland Home Obligated Group)
5.00%, 11/15/41 BBB-/F 1,000,000 1,014,559
5.00%, 11/15/32 BBB-/F 1,250,000 1,293,874
MI State Fin. Auth. Rev. Bonds
(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. D-2, 5.00%, 7/1/34 A+ 400,000 426,297
(Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33 AA- 600,000 627,272
(Trinity Health Corp. Oblig. Group), Ser. A, 4.00%, 12/1/49(T) AA- 2,125,000 2,097,396
MI State Fin. Auth. Ltd. Oblig. Rev. Bonds, (Lawrence Technological U.), 5.00%, 2/1/47 BBB- 2,150,000 2,187,740
MI State Fin. Auth. Ltd. Oblig. Higher Ed. Fac. Rev. Bonds, (Aquinas College), 5.00%, 5/1/46 BB/P 1,000,000 940,376
MI State Strategic Fund Ltd. Oblig. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/43 BBB-/F 500,000 508,512
Pontiac City, G.O. Bonds, (Pontiac School Dist.), Q-SBLF
4.00%, 5/1/45(T) Aa1 3,576,000 3,654,314
4.00%, 5/1/50(T) Aa1 4,023,000 4,099,920
20,561,027
Minnesota (1.7%)
Baytown Twp., Lease Rev. Bonds, Ser. A, 4.00%, 8/1/41 BB+ 380,000 337,314
Ham Lake, Charter School Lease Rev. Bonds, (DaVinci Academy of Arts & Science), Ser. A, 5.00%, 7/1/47 BB-/P 500,000 501,034
MN State Higher Ed. Fac. Auth. Rev. Bonds, (Augsburg U.), Ser. A, 5.00%, 5/1/46 Ba1 1,250,000 1,257,537
Rice Cnty., G.O. Bonds, Ser. A, 4.00%, 2/1/48(FWC) AAA 1,500,000 1,537,262
Sartell, Hlth. Care & Hsg. Facs. Rev. Bonds, (Country Manor Campus, LLC)
5.25%, 9/1/30 B-/P 500,000 500,019
5.25%, 9/1/27 B-/P 750,000 750,213
St. Paul, Port Auth. Lease Rev. Bonds, (Regions Hosp. Pkg. Ramp), Ser. 1, 5.00%, 8/1/36 A-/P 1,075,000 1,075,859
5,959,238
Missouri (1.6%)
Cape Girardeau Cnty., Indl. Dev. Auth. Rev. Bonds, (SoutheastHEALTH Oblig. Group), 4.00%, 3/1/41 BBB- 1,500,000 1,407,321
Saint Louis, Indl. Dev. Auth. Fin. Rev. Bonds, (Ballpark Village Dev.), Ser. A, 4.75%, 11/15/47 BB-/P 875,000 741,164
St. Louis Cnty., Indl. Dev. Auth. Sr. Living Fac. Rev. Bonds, (Friendship Village), 5.25%, 9/1/53 BB+/F 3,250,000 3,176,801
5,325,286
Montana (1.0%)
MT State Fac. Fin. Auth. Rev. Bonds, (Billings Clinic Oblig. Group), Ser. A
5.00%, 8/15/34 AA- 1,500,000 1,753,780
5.00%, 8/15/32 AA- 1,365,000 1,626,913
3,380,693
Nevada (1.1%)
Clark Cnty., Impt. Dist. No. 159 Special Assessment Bonds, (Summerlin Village 16A), 5.00%, 8/1/32 B+/P 415,000 426,851
Las Vegas, Special Assmt. Bonds
(Dist. No. 815), 5.00%, 12/1/49 B+/P 625,000 637,762
5.00%, 6/1/31 B+/P 335,000 342,432
5.00%, 6/1/30 B+/P 220,000 225,104
(Dist. No. 607 Local Impt.), 5.00%, 6/1/23 BBB-/P 225,000 228,945
(Special Impt. Dist. No. 816), 3.00%, 6/1/41 BB-/P 650,000 509,434
Las Vegas, Impt. Dist. No. 812 Special Assessment Bonds, (Summerlin Village 24), 5.00%, 12/1/35 B/P 225,000 231,134
Las Vegas, Special Impt. Dist. No. 814 Special Assmt., (Summerlin Village No. 21 and 24A)
4.00%, 6/1/44 BB-/P 640,000 596,535
4.00%, 6/1/39 BB-/P 440,000 423,795
3,621,992
New Hampshire (0.8%)
NH State Hlth. & Ed. Fac. Auth. Rev. Bonds
(Catholic Med. Ctr.), 5.00%, 7/1/44 BBB+ 1,000,000 1,043,337
(Elliot Hosp.), 5.00%, 10/1/38 A3 250,000 262,307
(Southern NH Med. Ctr.), 5.00%, 10/1/37 A- 1,000,000 1,050,917
NH State Hlth. & Ed. Fac. Auth. 144A Rev. Bonds, (Hillside Village), Ser. A, 6.25%, 7/1/42 (In default)(NON) B-/P 750,000 300,000
2,656,561
New Jersey (6.7%)
Atlantic City, G.O. Bonds, (Tax Appeal), Ser. B, AGM, 4.00%, 3/1/42 AA 1,250,000 1,270,932
NJ State Econ. Dev. Auth. Rev. Bonds
(Ashland School, Inc.), 6.00%, 10/1/33 BBB 965,000 997,104
(NYNJ Link Borrower, LLC), 5.375%, 1/1/43 BBB+ 1,000,000 1,021,341
Ser. EEE, 5.00%, 6/15/48 A3 3,000,000 3,193,184
(North Star Academy Charter School of Newark, Inc.), 5.00%, 7/15/47 BBB- 1,000,000 1,027,144
Ser. AAA, 5.00%, 6/15/36 A3 350,000 370,951
Ser. B, 5.00%, 11/1/26 A3 3,000,000 3,307,262
NJ State Econ. Dev. Auth. Fac. Rev. Bonds, (Continental Airlines, Inc.), 5.625%, 11/15/30 Ba3 1,500,000 1,549,926
NJ State Econ. Dev. Auth. Special Fac. Rev. Bonds, (Port Newark Container Term., LLC), 5.00%, 10/1/37 Baa2 1,500,000 1,580,008
NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds, (St. Peter's U. Hosp.), 6.25%, 7/1/35 Baa3 2,000,000 2,004,107
Ser. AA, 5.00%, 6/15/38 A3 1,800,000 1,941,024
Ser. AA, 5.00%, 6/15/37 A3 400,000 441,643
Ser. AA, 5.00%, 6/15/36 A3 475,000 526,273
Ser. A, 5.00%, 12/15/34 A3 2,600,000 2,835,532
Ser. A, 4.00%, 6/15/42 A3 1,000,000 1,006,016
23,072,447
New Mexico (1.1%)
NM State Hosp. Equip. Loan Council Hosp. Rev. Bonds, Ser. A, 4.00%, 8/1/48 AA 3,400,000 3,295,042
Sante Fe, Retirement Fac. Rev. Bonds, (El Castillo Retirement Residences), Ser. A, 5.00%, 5/15/39 BB+/F 500,000 488,854
3,783,896
New York (10.6%)
Metro. Trans. Auth. Rev. Bonds, Ser. C-1, 4.00%, 11/15/35 A3 3,000,000 3,010,631
NY City, Transitional Fin. Auth. Rev. Bonds
Ser. B-1, 4.00%, 11/1/41(T) Aa+ 5,000,000 5,579,150
Ser. C-1, 4.00%, 5/1/39 AAA 2,000,000 2,061,456
NY Counties, Tobacco Trust VI Rev. Bonds, (Tobacco Settlement Pass Through), Ser. A-2B, 5.00%, 6/1/51 BB+/P 1,700,000 1,714,081
NY State Dorm. Auth. Sales Tax Rev. Bonds, Ser. A, Group C, 5.00%, 3/15/42(T) AA+ 10,845,000 11,812,699
NY State Dorm. Auth. Personal Income Tax Rev. Bonds, Ser. A, 5.00%, 3/15/46(T) AA+ 4,500,000 5,042,835
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 B 225,000 216,029
NY State Liberty Dev. Corp. 144A Rev. Bonds, (World Trade Ctr.), Class 2, 5.375%, 11/15/40 BB-/P 750,000 765,686
NY State Trans. Special Fac. Dev. Corp. Rev. Bonds, (Delta Air Lines, Inc.), 5.00%, 10/1/40 Baa3 1,250,000 1,302,534
NY State, Liberty Dev. Corp. Rev. Bonds, (4 World Trade Ctr.), 3.00%, 11/15/51 A+ 6,075,000 4,737,899
36,243,000
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 2,063,656
NC State Med. Care Comm. Retirement Fac. Rev. Bonds
(Maryfield, Inc. Oblig. Group), 5.00%, 10/1/45 BB/P 500,000 495,227
(Twin Lakes Cmnty.), Ser. A, 5.00%, 1/1/38 BBB/F 1,750,000 1,841,002
(Southminister, Inc.), 5.00%, 10/1/37 BB/P 965,000 976,499
(United Church Homes & Svcs. Oblig. Group), Ser. A, 5.00%, 9/1/37 (Prerefunded 9/1/24) BB/P 500,000 532,554
5,908,938
Ohio (3.0%)
Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. B-2, Class 2, 5.00%, 6/1/55 BB/P 1,280,000 1,279,997
Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds, (Playhouse Square Foundation), 5.50%, 12/1/53 BB+ 1,500,000 1,568,287
OH State Air Quality Dev. Auth. Exempt Fac. 144A Rev. Bonds, (Pratt Paper, LLC), 4.50%, 1/15/48 BB+/P 1,200,000 1,208,051
OH State Higher Edl. Fac. Comm. Rev. Bonds, (John Carroll U.), 4.00%, 10/1/45 Baa1 3,400,000 3,293,921
OH State Private Activity Rev. Bonds, (Portsmouth Bypass), AGM, 5.00%, 12/31/35 AA 750,000 792,564
Port of Greater Cincinnati Dev. Auth. 144A Rev. Bonds, 4.25%, 12/1/50 BB/P 1,440,000 1,236,374
Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds
5.75%, 12/1/32 B+/F 900,000 905,902
(Memorial Hlth. Syst. Oblig. Group), 5.00%, 12/1/43 B+/F 150,000 150,946
10,436,042
Oregon (0.4%)
Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds, (Terwilliger Plaza, Inc.), 5.00%, 12/1/29 BB+/F 350,000 350,953
Warm Springs, Reservation Confederated Tribes 144A Rev. Bonds, (Pelton-Round Butte), Ser. B
5.00%, 11/1/36 A3 500,000 562,634
5.00%, 11/1/34 A3 200,000 225,827
Yamhill Cnty., Hosp. Auth. Rev. Bonds, (Friendsview Manor Oblig. Group), Ser. A, 5.00%, 11/15/56 BB-/P 400,000 351,491
1,490,905
Pennsylvania (2.8%)
Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds, (Allegheny Hlth. Network Oblig. Group), Ser. A, 5.00%, 4/1/35 A 1,200,000 1,286,272
Chester Cnty., Indl. Dev. Auth. Rev. Bonds
(Collegium Charter School), Ser. A, 5.125%, 10/15/37 BB 750,000 771,219
(Renaissance Academy Charter School), 5.00%, 10/1/34 BBB- 350,000 365,095
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 1,001,151
Cumberland Cnty., Muni. Auth. Rev. Bonds, (Asbury PA Obligated Group), 5.00%, 1/1/45 BB+/P 500,000 504,071
Dallas, Area Muni. Auth. U. Rev. Bonds, (Misericordia U.), 5.00%, 5/1/48 Baa3 1,500,000 1,504,469
Montgomery Cnty., Indl. Auth. Rev. Bonds, (Whitemarsh Continuing Care Retirement Cmnty.), Ser. A, 5.25%, 1/1/48 BB-/P 500,000 508,236
Moon, Indl. Dev. Auth. Rev. Bonds, (Baptist Homes Society Oblig. Group), 5.75%, 7/1/35 B+/P 650,000 636,642
PA State Tpk. Comm. Rev. Bonds, Ser. A, 5.00%, 12/1/44 A3 1,500,000 1,627,280
Philadelphia Auth. For Ind. Dev. 144A Rev. Bonds, (String Theory Charter School), 5.00%, 6/15/50 BB+ 700,000 700,018
West Shore Area Auth. Rev. Bonds, (Lifeways at Messiah Village), Ser. A, 5.00%, 7/1/35 BBB-/F 785,000 801,379
9,705,832
Puerto Rico (1.9%)
Cmnwlth. of PR, G.O. Bonds, Ser. A-1, 4.00%, 7/1/46 BB/P 2,000,000 1,808,134
Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A-1, 5.00%, 7/1/58 BB-/P 4,700,000 4,752,505
6,560,639
South Carolina (6.0%)
Berkeley Cnty., Assmt. Rev. Bonds, (Nexton Impt. Dist.), 4.375%, 11/1/49 BB-/P 1,000,000 1,001,481
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 1,052,264
(High Point Academy), Ser. A, 5.75%, 6/15/39 Ba1 500,000 531,642
(Greenville Renewable Energy Ed. Charter School), 4.00%, 6/1/46 BB/P 1,150,000 955,760
SC State Jobs-Econ. Dev. Auth. Rev. Bonds, (Bon Secours Mercy Hlth.), 4.00%, 12/1/44 A1 4,000,000 4,010,898
SC State Pub. Svcs. Auth. Rev. Bonds, Ser. A, 5.00%, 12/1/36 A2 1,000,000 1,051,739
SC State Public Svc Auth. Rev. Bonds Ser. B
4.00%, 12/1/51(T) A2 3,000,000 2,886,930
4.00%, 12/1/42(T) A2 5,250,000 5,220,548
4.00%, 12/1/41(T) A2 4,000,000 3,986,920
20,698,182
Tennessee (0.4%)
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 1,480,123
1,480,123
Texas (11.4%)
Arlington, Higher Ed. Fin. Corp. Rev. Bonds
(Uplift Ed.), Ser. A, PSFG, 4.00%, 12/1/42 AAA 1,000,000 1,013,315
(Wayside Schools), Ser. A, 4.00%, 8/15/41 BB 610,000 540,453
Clifton, Higher Ed. Fin. Corp. Rev. Bonds
(Intl. Leadership), Ser. D, 6.125%, 8/15/48 BB-/P 2,500,000 2,573,895
(IDEA Pub. Schools), 5.00%, 8/15/28 A- 200,000 217,516
Dallas, Area Rapid Transit Sales Tax Rev. Bonds, Ser. B, 5.00%, 12/1/47(T) AA+ 9,000,000 10,061,730
Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds
(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 BB+/F 250,000 250,185
(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33 Ba1 1,000,000 1,002,109
Houston, Arpt. Syst. Rev. Bonds
Ser. B-1, 5.00%, 7/15/35 B 2,500,000 2,541,847
(United Airlines, Inc.), 4.00%, 7/1/41 B-/F 1,250,000 1,138,184
La Vernia, Higher Ed. Fin. Corp. 144A Rev. Bonds, (Meridian World School, LLC), Ser. A, 5.25%, 8/15/35 (Prerefunded 8/15/24) AAA/P 1,000,000 1,061,618
Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 A- 1,250,000 1,336,523
New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds
(Wesleyan Homes, Inc.), 5.50%, 1/1/43 BB-/P 500,000 473,581
(Collegiate Hsg.-Tarleton St.), 5.00%, 4/1/39 (Prerefunded 4/1/24) AAA/P 500,000 526,960
(Woman's U.-Collegiate Hsg. Denton, LLC), Ser. A-1, AGM, 4.125%, 7/1/53 AA 1,000,000 1,004,695
Temple, Tax Increment 144A Tax Alloc. Bonds, (Reinvestment Zone No. 1), Ser. A, 5.00%, 8/1/38 Baa2 1,500,000 1,550,890
TX Private Activity Surface Trans. Corp. Rev. Bonds, (Segment 3C), 5.00%, 6/30/58 Baa3 2,500,000 2,571,946
TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5.00%, 12/15/32 A3 1,000,000 1,105,737
TX State Private Activity Bond Surface Trans. Corp. Rev. Bonds, (Blueridge Trans. Group, LLC (SH 288 Toll Lane)), 5.00%, 12/31/50 Baa2 1,250,000 1,265,463
TX State Trans. Comm. G.O. Bonds, 5.00% 10/1/44 (Prerefunded 10/1/24)(T) AAA 8,000,000 8,547,200
TX State Trans. Comm. Rev. Bonds, (State Hwy. 249 Sys.), Ser. A, zero %, 8/1/39 Baa3 700,000 318,972
39,102,819
Utah (1.2%)
Infrastructure Agcy. Telecomm. Rev. Bonds, 4.00%, 10/15/39 BBB-/F 1,500,000 1,380,972
MDA Mountain Village Pub. Infrastructure Dist. Special Assmt., Ser. A, 5.00%, 8/1/50 B/P 1,045,000 1,025,308
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 1,028,143
UT State Charter School Fin. Auth. Rev. Bonds, (Summit Academy, Inc.), Ser. A, 5.00%, 4/15/44 AA 625,000 684,515
4,118,938
Virginia (3.1%)
Cherry Hill Cmnty., Dev. Auth. 144A Special Assmt. Bonds, (Potomac Shores), 5.40%, 3/1/45 B/P 1,000,000 1,012,181
Farms of New Kent, Cmnty. Dev. Auth. 144A Special Assmt. Bonds, Ser. A, 3.75%, 3/1/36 B+/P 720,000 703,899
Front Royal & Warren Cnty., Indl. Dev. Auth. Rev. Bonds, (Valley Hlth. Oblig. Group), 4.00%, 1/1/50 A1 2,500,000 2,474,032
James City Cnty., Econ. Dev. Auth. Rev. Bonds
(Williamsburg Landing), Ser. A, 4.00%, 12/1/50 BB/P 1,235,000 1,008,614
(VA United Methodist Homes, Inc. Oblig. Group), Ser. A, 4.00%, 6/1/47 BB/P 1,000,000 816,774
Lexington, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds
(Lexington Retirement Cmnty.), 4.00%, 1/1/48(WIS) BBB-/F 1,310,000 1,121,575
(Lexington Retirement Cmnty.), 4.00%, 1/1/42(WIS) BBB-/F 1,000,000 893,236
(Kendal at Lexington), 4.00%, 1/1/31 BBB-/F 675,000 652,014
Lower Magnolia Green Cmnty., Dev. Auth. 144A Special Assmt. Bonds, 5.00%, 3/1/35 B/P 485,000 488,947
Small Bus. Fin. Auth. Private Activity Rev. Bonds, (Transform 66-P3), 5.00%, 12/31/52 Baa3 1,000,000 1,037,379
Suffolk, Econ. Dev. Auth. Retirement Fac. Rev. Bonds, (United Church Homes & Svcs. Oblig. Group), 5.00%, 9/1/31 BB/P 500,000 519,209
10,727,860
Washington (3.0%)
Bellevue, G.O. Bonds
4.00%, 12/1/38 Aaa 1,000,000 1,062,248
4.00%, 12/1/34 Aaa 1,420,000 1,540,456
Kalispel Tribe of Indians Priority Dist. Rev. Bonds, Ser. A, 5.25%, 1/1/38 BB+/P 750,000 814,838
Port of Seattle, Rev. Bonds, Ser. C, 5.00%, 4/1/40 AA- 625,000 653,473
Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32 A- 290,000 290,385
WA State Hsg. Fin. Comm. Rev. Bonds
(Wesley Homes Lea Hill), 5.00%, 7/1/41 B/P 500,000 486,856
(Wesley Homes Lea Hill), 5.00%, 7/1/36 B/P 580,000 575,385
(Social Certif.), Ser. A-1, 3.50%, 12/20/35 BBB+ 2,163,363 2,054,988
WA State Hsg. Fin. Comm. 144A Rev. Bonds, (Presbyterian Retirement Cmnty. Northwest), Ser. A, 5.00%, 1/1/36 BB/F 1,175,000 1,175,816
WA State Hsg. Fin. Comm. Nonprofit 144A Rev. Bonds, (Spokane Intl. Academy), Ser. A
5.00%, 7/1/56 Ba2 1,130,000 1,132,368
5.00%, 7/1/50 Ba2 500,000 503,555
10,290,368
Wisconsin (4.6%)
Pub. Fin. Auth. 144A Rev. Bonds
(WFCS Holdings, LLC), 5.00%, 1/1/55 BB-/P 1,700,000 1,593,918
(Roseman U. of Hlth. Sciences), 5.00%, 4/1/40 BB 1,150,000 1,189,869
Pub. Fin. Auth. Edl. Fac. Rev. Bonds, (Piedmont Cmnty. Charter School), 5.00%, 6/15/53 Baa3 1,150,000 1,178,261
Pub. Fin. Auth. Exempt Fac. Rev. Bonds, (Celanese U.S. Holdings, LLC), Ser. C, 4.30%, 11/1/30 BBB 300,000 308,346
Pub. Fin. Auth. Retirement Communities Rev. Bonds, (Evergreens Oblig. Group), Ser. A, 5.00%, 11/15/49 BBB/F 1,750,000 1,812,526
Pub. Fin. Auth. Retirement Fac. 144A Rev. Bonds, (Southminster, Inc.), 5.00%, 10/1/48 BB/F 800,000 759,675
Pub. Fin. Auth. Student Hsg. Fac. 144A Rev. Bonds, (UHF RISE Student Hsg., LLC), Ser. A-1, 4.00%, 7/1/61 Ba1 600,000 531,109
WI Pub. Fin. Auth. Hotel Rev. Bonds, (Grand Hyatt), 5.00%, 2/1/62 BBB- 2,300,000 2,404,713
WI Pub. Fin. Auth. Hotel 144A Rev. Bonds, (Grand Hyatt), 6.00%, 2/1/62 BB-/P 1,000,000 1,037,497
WI State Hlth. & Edl. Fac. Auth. Rev. Bonds
(Oakwood Lutheran Sr. Ministries Oblig. Group), 4.00%, 1/1/57 BB/P 650,000 537,287
(St. John's Communities, Inc.), 4.00%, 9/15/45(WIS) BBB-/F 650,000 589,851
(St. John's Communities, Inc.), 4.00%, 9/15/41(WIS) BBB-/F 770,000 722,113
WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds
(Rose Villa, Inc.), Ser. A, 5.75%, 11/15/44 BB-/P 1,800,000 1,831,391
(Mary's Woods at Marylhurst), Ser. A, 5.25%, 5/15/37 BB/F 380,000 379,581
WI State Pub. Fin. Auth. 144A Rev. Bonds, (Church Home of Hartford, Inc.), Ser. A, 5.00%, 9/1/30 BB/F 945,000 949,219
15,825,356
Total municipal bonds and notes (cost $480,208,809) $462,112,363








SHORT-TERM INVESTMENTS (9.6%)(a)
        Principal amount/
shares		 Value
Putnam Short Term Investment Fund Class P 1.93%(AFF) Shares 31,857,316 $31,857,316
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.88%(P) Shares 740,000 740,000
U.S. Treasury Bills 2.136%, 9/6/22(SEG) $100,000 99,791
U.S. Treasury Bills 1.132%, 8/4/22(SEG) 200,000 199,968
Total short-term investments (cost $32,897,087) $32,897,075
TOTAL INVESTMENTS
Total investments (cost $513,105,896) $495,009,438








FUTURES CONTRACTS OUTSTANDING at 7/31/22 (Unaudited)
    Number of contracts Notional
amount		 Value Expiration date Unrealized
appreciation/
(depreciation)
U.S. Treasury Bond Ultra 30 yr (Short) 27 $4,274,438 $4,274,438 Sep-22 $(4,701)
U.S. Treasury Note Ultra 10 yr (Short) 40 5,250,000 5,250,000 Sep-22 (60,715)
Unrealized appreciation —
Unrealized (depreciation) (65,416)
Total $(65,416)










OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 7/31/22 (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.
$4,000,000 $532,880 $— 9/13/22 — 3.63% minus Municipal Market Data Index AAA municipal yields 30 Year rate — At maturity $532,880
Morgan Stanley & Co. International PLC
5,000,000 310,835 — 8/3/22 — 2.88% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity 310,835
Upfront premium received — Unrealized appreciation 843,715
Upfront premium (paid) — Unrealized (depreciation) —
Total $— Total $843,715










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, 2021 through July 31, 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 $342,795,751.
(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. Transactions during the period with any company which is under common ownership or control were as follows:
Name of affiliate Fair value
as of
10/31/21		 Purchase
cost		 Sale
proceeds		 Investment
income		 Shares outstanding
and fair
value as of
7/31/22
Short-term investments
Putnam Short Term Investment Fund* $17,661,656 $101,164,532 $86,968,872 $111,099 $31,857,316
Total Short-term investments $17,661,656 $101,164,532 $86,968,872 $111,099 $31,857,316
* 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 $295,699.
(FWC) Forward commitment, in part or in entirety.
(WIS) When-issued security.
(P) This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
(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 $93,711,358 to cover 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 1.33%, 2.36% and 2.79%, 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 29.3%
Education 19.8
Tax bonds 15.8
Land 10.0
Utilities 10.0
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 and gaining exposure to term structure risk.
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 did not have a net liability position on open derivative contracts subject to the Master 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 $79,045,294 were held by the TOB trust and served as collateral for $49,596,395 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $163,988 for these investments based on an average interest rate of 0.57%.








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 $— $462,112,363 $—
Short-term investments 740,000 32,157,075 —
Totals by level $740,000 $494,269,438 $—
  Valuation inputs
Other financial instruments: Level 1 Level 2 Level 3
Futures contracts (65,416) — —
Total return swap contracts — 843,715 —
Totals by level $(65,416) $843,715 $—
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) $21,500,000
Centrally cleared total return swap contracts (notional) $6,900,000
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