NPORT-EX 1 b_582nportex.htm PUTNAM MUNICIPAL OPPORTUNITIES TRUST

Putnam Municipal Opportunities Trust

The fund's portfolio

7/31/19 (Unaudited)

Key to holding's abbreviations

ABAG — Association Of Bay Area Governments

AGM — Assured Guaranty Municipal Corporation

AMBAC — AMBAC Indemnity Corporation

BAM — Build America Mutual

COP — Certificates of Participation

FGIC — Financial Guaranty Insurance Company

FRB — Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period.

FRN — Floating Rate Notes: the rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period.

G.O. Bonds — General Obligation Bonds

NATL — National Public Finance Guarantee Corp.

PSFG — Permanent School Fund Guaranteed

U.S. Govt. Coll. — U.S. Government Collateralized

VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index rate, which was 1.40% as  of the close of the reporting period.

	MUNICIPAL BONDS AND NOTES (137.1%)(a)
			Rating(RAT)		Principal amount	Value
	Alabama (1.7%)
	Black Belt Energy Gas Dist. Mandatory Put Bonds (12/1/23), Ser. A, 4.00%, 12/1/48		A3		$1,700,000	$1,844,092
	Jefferson Cnty., Swr. Rev. Bonds, Ser. D, 6.50%, 10/1/53		BBB		2,000,000	2,397,380
	Jefferson, Cnty. Rev. Bonds, (Warrants)
	5.00%, 9/15/34		AA		2,075,000	2,474,894
	5.00%, 9/15/33		AA		275,000	329,170
	Selma, Indl. Dev. Board Rev. Bonds, (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 5.80%, 5/1/34		Baa2		750,000	772,913
						7,818,449
	Arizona (3.7%)
	AZ Indl. Dev. Auth. Student Hsg. Rev. Bonds, (NCCU Properties, LLC Central U.), BAM, 5.00%, 6/1/49		AA		2,000,000	2,342,880
	AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.), Ser. D, 5.00%, 7/1/51		BB		510,000	544,644
	AZ State Lottery Rev. Bonds, 5.00%, 7/1/29(WIS)		AA+		3,000,000	3,859,530
	Casa Grande, Indl. Dev. Auth. Rev. Bonds, (Casa Grande Regl. Med. Ctr.), Ser. A, 7.625%, 12/1/29 (acquired 6/19/14, cost $9,042)(F)(RES)		D/P		3,025,000	9,042
	Chandler, Indl. Dev. Auth. Mandatory Put Bonds (6/3/24), (Intel Corp.), 5.00%, 6/1/49		A1		1,300,000	1,505,881
	Glendale, Indl. Dev. Auth. Rev. Bonds, (Midwestern U.), 5.125%, 5/15/40		A		2,125,000	2,181,206
	Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds
	(Reid Traditional Schools Painted Rock Academy), 5.00%, 7/1/36		Baa3		350,000	389,708
	(Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35		BB+		500,000	531,165
	Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies), 3.75%, 7/1/24		BBB-		480,000	497,035
	Pinal Cnty., Indl. Dev. Auth. Env. Fac. 144A Rev. Bonds, (Green Bond), 7.25%, 10/1/33		BB-/P		865,000	948,550
	Salt Verde, Fin. Corp. Gas Rev. Bonds, 5.50%, 12/1/29		A3		1,350,000	1,753,623
	Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds, (Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34		A2		500,000	588,610
	Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds, (Yuma Regl. Med. Ctr.), Ser. A, 5.00%, 8/1/32		A		2,065,000	2,359,324
						17,511,198
	California (3.9%)
	ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds, (Episcopal Sr. Cmntys.), Ser. A, 5.00%, 7/1/32		A-/F		550,000	592,334
	Burbank, Unified School Dist. G.O. Bonds, (Election of 1997), Ser. C, NATL, FGIC, zero %, 8/1/23		AA-		1,000,000	943,130
	CA Pub. Fin. Auth. VRDN, (Sharp Hlth. Care Oblig. Group), Ser. C, 1.42%, 8/1/52		VMIG 1		350,000	350,000
	CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds, (Caritas Affordable Hsg., Inc.), 5.25%, 8/15/39		BBB+		400,000	450,936
	CA State Poll. Control Fin. Auth. Rev. Bonds, (San Jose Wtr. Co.)
	5.10%, 6/1/40		A		3,500,000	3,618,335
	4.75%, 11/1/46		A		750,000	843,533
	CA State Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds, (American Wtr. Cap. Corp.), 5.25%, 8/1/40		A		1,000,000	1,042,170
	CA Statewide Cmnty. Dev. Auth. Rev. Bonds, (899 Charleston, LLC), Ser. A, 5.25%, 11/1/44		BB/P		450,000	494,897
	Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. A-2, 5.00%, 6/1/47		BB/P		2,500,000	2,526,300
	Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds, (Laxfuel Corp.), 4.50%, 1/1/27		A		600,000	638,040
	North Natomas, Cmnty. Fac. Special Tax Bonds, (Dist. No. 4), Ser. E, 5.00%, 9/1/30		BBB+		1,250,000	1,409,288
	Sacramento, Regl. Trans. Dist. Rev. Bonds, (Farebox), 5.00%, 3/1/42		A3		1,320,000	1,367,837
	San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 7/1/40		A2		3,750,000	3,872,475
	Sunnyvale, Cmnty. Fac. Dist. Special Tax Bonds, 7.65%, 8/1/21		B+/P		150,000	150,495
						18,299,770
	Colorado (2.5%)
	CO State Hlth. Fac. Auth. Rev. Bonds
	(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.625%, 6/1/43 (Prerefunded 6/1/23)		BBB+		600,000	694,698
	(Valley View Hosp. Assn.), 5.00%, 5/15/40		A-		1,000,000	1,121,400
	(Covenant Retirement Cmnty.), Ser. A, 5.00%, 12/1/35		A-/F		1,000,000	1,123,650
	(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.00%, 12/1/33 (Prerefunded 6/1/22)		BBB+		1,650,000	1,818,119
	CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (Christian Living Neighborhood), 5.00%, 1/1/37		BB/P		550,000	599,044
	Denver City & Cnty., Arpt. Rev. Bonds, (Sub. Syst.), Ser. A, 5.50%, 11/15/31		A2		950,000	1,096,519
	E-470 CO Pub. Hwy. Auth. FRN Mandatory Put Bonds (9/1/21), (Sr. Libor Index), Ser. B, 2.568%, 9/1/39		A2		1,400,000	1,413,412
	Park Creek, Metro. Dist. Tax Allocation Bonds, (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45		A/F		200,000	223,800
	Pub. Auth. for CO Energy Rev. Bonds, (Natural Gas Purchase), 6.50%, 11/15/38		A2		2,250,000	3,352,388
						11,443,030
	Connecticut (1.0%)
	CT State G.O. Bonds, Ser. A, 5.00%, 4/15/35		A1		3,025,000	3,700,936
	Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39		BB/P		1,000,000	1,116,900
						4,817,836
	Delaware (0.5%)
	DE State Econ. Dev. Auth. Rev. Bonds, (Delmarva Pwr.), 5.40%, 2/1/31		A-		1,100,000	1,139,105
	DE State Hlth. Fac. Auth. Rev. Bonds, (Bayhealth Med. Ctr.), Ser. A, 4.00%, 7/1/40		AA-		1,000,000	1,082,270
						2,221,375
	District of Columbia (1.4%)
	DC Rev. Bonds, (Howard U.), Ser. A, 6.50%, 10/1/41		BBB-		1,575,000	1,646,474
	DC U. Rev. Bonds, (Gallaudet U.), 5.50%, 4/1/34		A+		1,000,000	1,065,720
	Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
	Ser. A, 5.00%, 10/1/39		A2		2,000,000	2,012,760
	(Metrorail), Ser. A, zero %, 10/1/37		Baa1		3,700,000	1,945,164
						6,670,118
	Florida (3.7%)
	Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36		A-		2,250,000	2,547,338
	Jacksonville, Port Auth. Rev. Bonds, 5.00%, 11/1/38		A2		600,000	649,944
	Lakeland, Hosp. Syst. Rev. Bonds, (Lakeland Regl. Hlth.), 5.00%, 11/15/40		A2		1,350,000	1,510,286
	Martin Cnty., Rev. Bonds, (Indiantown Cogeneration), 4.20%, 12/15/25		BBB+		1,400,000	1,425,634
	Miami-Dade Cnty., Rev. Bonds, (Tran. Syst. Sales Surtax), 5.00%, 7/1/42		AA		3,000,000	3,260,610
	Miami-Dade Cnty., Aviation Rev. Bonds
	Ser. A, 5.00%, 10/1/32		A2		3,790,000	4,354,862
	5.00%, 10/1/28		A2		500,000	581,730
	Orange Cnty., Hlth. Fac. Auth. Rev. Bonds, (Presbyterian Retirement Cmntys.), 5.00%, 8/1/34		A-/F		1,350,000	1,496,340
	Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds, (Acts Retirement-Life Cmnty.), 5.50%, 11/15/33 (Prerefunded 11/15/20)		A-/F		1,000,000	1,055,220
	Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30		BBB+		360,000	404,615
						17,286,579
	Georgia (5.9%)
	Atlanta, Tax Alloc. Bonds, (Atlantic Station)
	5.00%, 12/1/22		A3		1,625,000	1,806,334
	5.00%, 12/1/21		A3		875,000	945,429
	Atlanta, Arpt. Rev. Bonds, (Hartsfield-Jackson Intl. Arpt.), Ser. A, 5.00%, 1/1/35		Aa3		1,250,000	1,268,913
	Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6.25%, 11/1/39 (Prerefunded 11/1/19)		Aa2		4,500,000	4,557,420
	Fulton Cnty., Dev. Auth. Rev. Bonds, (GA Tech Athletic Assn.), Ser. A, 5.00%, 10/1/42		A2		1,350,000	1,476,320
	Gainesville & Hall Cnty., Dev. Auth. Edl. Fac. Rev. Bonds, (Riverside Military Academy)
	5.00%, 3/1/47		BBB-/F		1,050,000	1,151,115
	5.00%, 3/1/37		BBB-/F		1,100,000	1,221,363
	Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds, (Northeast GA Hlth. Syst.), Ser. B
	5.25%, 2/15/45		AA-		1,535,000	1,562,615
	U.S. Govt. Coll., 5.25%, 2/15/45 (Prerefunded 2/15/20)		AAA/P		4,965,000	5,075,918
	Main Street Natural Gas, Inc. Mandatory Put Bonds (12/2/24), Ser. B, 4.00%, 8/1/49		Aa1		3,300,000	3,689,631
	Muni. Election Auth. of GA Rev. Bonds, (Plant Voltage Units 3 & 4), Ser. A, 5.50%, 7/1/60		A		3,500,000	3,837,995
	Richmond Cnty., Hosp. Auth. Rev. Bonds, (U. Hlth. Svcs., Inc.), 5.00%, 1/1/30		A1		770,000	924,008
						27,517,061
	Idaho (0.1%)
	ID State Hlth. Fac. Auth. Rev. Bonds, (St. Luke's Hlth. Sys. Oblig. Group), Ser. A, 5.00%, 3/1/37		A3		500,000	589,690
						589,690
	Illinois (20.2%)
	Chicago, G.O. Bonds
	Ser. A, 6.00%, 1/1/38		BBB+		1,920,000	2,250,413
	Ser. G-07, 5.50%, 1/1/35		BBB+		3,175,000	3,530,441
	Chicago, Board of Ed. G.O. Bonds
	Ser. C, 5.25%, 12/1/39		B+		2,250,000	2,420,573
	Ser. H, 5.00%, 12/1/36		B+		500,000	556,620
	(School Reform), Ser. B-1, NATL, zero %, 12/1/21		Baa2		3,500,000	3,312,015
	Chicago, Motor Fuel Tax Rev. Bonds, 5.00%, 1/1/29		Ba1		500,000	533,315
	Chicago, O'Hare Intl. Arpt. Rev. Bonds
	Ser. C, 5.375%, 1/1/39		A2		1,250,000	1,392,013
	Ser. C, 5.25%, 1/1/28		A2		1,320,000	1,482,703
	Ser. C, 5.25%, 1/1/27		A2		2,125,000	2,391,454
	Ser. A, 5.00%, 1/1/38		A		100,000	119,546
	Ser. A, 5.00%, 1/1/37		A		300,000	359,913
	Chicago, Trans. Auth. Sales Tax Rev. Bonds, 5.25%, 12/1/49		AA		3,000,000	3,353,280
	Chicago, Waste Wtr. Transmission Rev. Bonds
	Ser. C, 5.00%, 1/1/39		A		900,000	995,526
	(2nd Lien), 5.00%, 1/1/39		A		1,835,000	1,988,094
	Ser. A, NATL, zero %, 1/1/24		A+		1,600,000	1,461,472
	Chicago, Wtr. Wks Rev. Bonds
	5.00%, 11/1/42		A		645,000	690,853
	5.00%, 11/1/39		A		1,080,000	1,196,888
	Cicero, G.O. Bonds, Ser. A, AGM, 5.00%, 1/1/21		AA		2,000,000	2,091,220
	IL Fin. Auth. Rev. Bonds, (Silver Cross Hosp. & Med. Ctr.), 7.00%, 8/15/44 (Prerefunded 8/15/19)		AAA/P		2,500,000	2,505,225
	IL State G.O. Bonds
	5.00%, 11/1/41		Baa3		1,000,000	1,086,260
	5.00%, 1/1/41		Baa3		500,000	539,315
	5.00%, 2/1/39		Baa3		300,000	318,297
	Ser. A, 5.00%, 5/1/38		Baa3		1,500,000	1,665,345
	5.00%, 11/1/34		Baa3		1,000,000	1,103,240
	Ser. A, 5.00%, 12/1/31		Baa3		5,750,000	6,392,103
	Ser. C, 5.00%, 11/1/29		Baa3		3,275,000	3,680,576
	Ser. A, 5.00%, 12/1/28		Baa3		2,500,000	2,827,575
	Ser. D, 5.00%, 11/1/26		Baa3		3,250,000	3,661,093
	Ser. D, 5.00%, 11/1/23		Baa3		2,370,000	2,590,505
	IL State Fin. Auth. Mandatory Put Bonds (9/1/22), (Field Museum of Natural History), 2.134%, 11/1/34		A2		4,000,000	4,010,160
	IL State Fin. Auth. Rev. Bonds
	(Three Crowns Park), 5.25%, 2/15/47		BB-/P		700,000	753,200
	(Three Crowns Park), 5.25%, 2/15/37		BB-/P		375,000	405,135
	(Lifespace Cmntys, Inc.), Ser. A, 5.00%, 5/15/35		BBB/F		1,025,000	1,130,924
	(Windy City Portfolio), Ser. A-1, 4.375%, 12/1/42		BB-/P		1,000,000	799,410
	(Riverside Hlth.Syst.), 4.00%, 11/15/34		A+		500,000	535,765
	IL State Fin. Auth. Academic Fac. Rev. Bonds, (U. of Illinois at Urbana-Champaign), Ser. A
	5.00%, 10/1/51		A1		1,000,000	1,189,450
	5.00%, 10/1/44		A1		1,100,000	1,322,552
	5.00%, 10/1/36		A1		600,000	735,558
	5.00%, 10/1/34		A1		500,000	617,790
	IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds, (U. of IL-CHF-Chicago, LLC), Ser. A
	5.00%, 2/15/47		Baa3		2,000,000	2,233,780
	5.00%, 2/15/37		Baa3		1,000,000	1,135,750
	Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds, (No. 115 Yorkville), NATL, FGIC, zero %, 1/1/21		Aa3		1,075,000	1,049,673
	Lake Cnty., Cmnty. Cons. School Dist. No. 73 Hawthorn G.O. Bonds, NATL
	zero %, 12/1/21		AA+		1,300,000	1,256,281
	zero %, 12/1/21 (Escrowed to maturity)		Aa2		505,000	490,320
	zero %, 12/1/20		AA+		1,250,000	1,226,800
	zero %, 12/1/20 (Escrowed to maturity)		Aa2		245,000	241,036
	Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds, (No. 073 Hawthorn), U.S. Govt. Coll., NATL
	zero %, 12/1/21 (Escrowed to maturity)		AA+		145,000	140,785
	zero %, 12/1/20 (Escrowed to maturity)		AA+		155,000	152,391
	Metro. Pier & Exposition Auth. Rev. Bonds, (McCormick Place Expansion), Ser. B, stepped-coupon zero % (4.700%, 6/15/31), 12/15/37(STP)		BBB		1,000,000	657,960
	Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds, (McCormick), Ser. A, NATL, zero %, 12/15/30		Baa2		12,000,000	8,586,960
	Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, (Green Bond), Ser. E, 5.00%, 12/1/30		AA+		1,310,000	1,568,620
	Railsplitter Tobacco Settlement Auth. Rev. Bonds, 5.00%, 6/1/24		A		1,500,000	1,738,065
	Sales Tax Securitization Corp. Rev. Bonds, Ser. C, 5.50%, 1/1/36		AA-		3,500,000	4,251,450
	Southern IL U. Rev. Bonds, (Hsg. & Auxiliary), Ser. A, NATL, zero %, 4/1/25		A		1,870,000	1,607,602
						94,333,290
	Indiana (2.4%)
	Hammond, Multi-School Bldg. Corp. Rev. Bonds, 5.00%, 7/15/38		AA+		1,750,000	2,039,135
	IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5.25%, 10/15/21		A2		180,000	194,278
	IN State Fin. Auth. Rev. Bonds
	(BHI Sr. Living), 5.75%, 11/15/41		BBB/F		1,000,000	1,068,620
	(Duke Energy Ind.), Ser. C, 4.95%, 10/1/40		Aa3		1,000,000	1,005,200
	IN State Fin. Auth. Hosp. Mandatory Put Bonds (11/1/26), (Goshen Hlth. Obligated Group), Ser. B, 2.10%, 11/1/49		A-		2,700,000	2,730,105
	Whiting, Env. Fac. Mandatory Put Bonds (6/5/26), (BP Products North America, Inc.), Ser. A, 5.00%, 12/1/44		A1		3,450,000	4,145,003
						11,182,341
	Kentucky (2.9%)
	KY Pub. Trans. Infrastructure Auth. Rev. Bonds, (1st Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53		Baa3		1,000,000	1,122,950
	KY State Property & Bldg. Comm. Rev. Bonds, (No. 119), 5.00%, 5/1/36		A1		1,000,000	1,189,900
	KY State Pub. Energy Auth.
	Gas Supply Mandatory Put Bonds (6/1/25) Ser. C-1, 4.00%, 12/1/49		A3		5,500,000	6,092,625
	Gas Supply Mandatory Put Bonds (1/1/25) Ser. B, 4.00%, 1/1/49		A1		3,000,000	3,324,990
	Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A
	5.00%, 7/1/32		A+		1,030,000	1,171,491
	5.00%, 7/1/31		A+		385,000	438,854
						13,340,810
	Louisiana (0.8%)
	St. Tammany Parish Hosp. Svcs. Dist. No. 1 Rev. Bonds, (St. Tammany Parish Hosp.), Ser. A
	5.00%, 7/1/37		A+/F		1,400,000	1,668,142
	5.00%, 7/1/32		A+/F		1,600,000	1,947,008
						3,615,150
	Maryland (0.1%)
	Gaithersburg, Econ. Dev. Rev. Bonds, (Asbury, Oblig. Group), Ser. A, 5.00%, 1/1/36		BBB/F		450,000	509,441
						509,441
	Massachusetts (7.2%)
	MA State Dept. Trans. Rev. Bonds, (Metro Hwy. Syst.), Ser. B, 5.00%, 1/1/37		A+		2,500,000	2,537,500
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Sabis Intl.), Ser. A, 8.00%, 4/15/39 (Prerefunded 10/15/19)		BBB		575,000	582,987
	(Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5.75%, 7/15/43		BB+		500,000	545,360
	(Loomis Cmntys.), Ser. A, 5.75%, 1/1/28		BBB		1,100,000	1,236,532
	(Carleton-Willard Village), 5.625%, 12/1/30		A-		750,000	759,705
	(Emerson College), Ser. A, 5.00%, 1/1/40 (Prerefunded 1/1/20)		BBB+		270,000	274,412
	(Intl. Charter School), 5.00%, 4/15/33		BBB-		1,000,000	1,093,650
	(Atrius Hlth. Oblig. Group), Ser. A, 4.00%, 6/1/49		BBB		5,470,000	5,814,938
	(Partners Healthcare System, Inc.), Ser. S-1, 4.00%, 7/1/36		Aa3		4,340,000	4,869,697
	(Linden Ponds, Inc.), Ser. B, zero %, 11/15/56		B-/P		254,614	71,674
	MA State Dev. Fin. Agcy. VRDN (Boston U.), Ser. U-6C, 1.35%, 10/1/42		VMIG 1		300,000	300,000
	MA State Edl. Fin. Auth. Rev. Bonds, (Ed. Loan - Issue 1)
	5.00%, 1/1/27		AA		800,000	925,072
	4.375%, 1/1/32		AA		245,000	258,605
	MA State Hlth. & Edl. Fac. Auth. Rev. Bonds, (Northeastern U.), Ser. A, 5.00%, 10/1/35		A1		3,250,000	3,369,893
	MA State Hlth. & Edl. Fac. Auth. VRDN, (Baystate Med. Ctr.), Ser. J-2, 1.35%, 7/1/44		A-1		800,000	800,000
	MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. C, 5.35%, 12/1/42		Aa2		485,000	488,895
	MA State Port Auth. Special Fac. Rev. Bonds, (Conrac), Ser. A, 5.125%, 7/1/41		A		2,855,000	3,031,839
	MA State Trans. Fund Rev. Bonds, Ser. A, 5.00%, 6/1/41		Aa1		5,500,000	6,650,050
						33,610,809
	Michigan (8.7%)
	Detroit, G.O. Bonds, AMBAC, 5.25%, 4/1/24		A-/P		222,425	222,138
	Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6.00%, 5/1/29		Aa1		1,000,000	1,259,380
	Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6.25%, 7/1/36		AA		5,000	5,019
	Flint, Hosp. Bldg. Auth. Rev. Bonds, (Hurley Med. Ctr.), 7.50%, 7/1/39		Ba1		500,000	521,380
	Karegnondi, Wtr. Auth. Rev. Bonds, (Wtr. Supply Syst.), Ser. A, 5.25%, 11/1/31		A2		2,445,000	2,767,838
	Kentwood, Economic Dev. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/37		BBB-/F		1,750,000	1,966,458
	MI State Bldg. Auth. Rev. Bonds, Ser. I, 4.00%, 10/15/49		Aa2		4,630,000	5,128,234
	MI State Fin. Auth. Rev. Bonds
	Ser. H-1, 5.00%, 10/1/39 (Prerefunded 10/1/24)		AA-		1,575,000	1,795,232
	(MidMichigan Hlth.), 5.00%, 6/1/39		A1		1,000,000	1,117,210
	(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/35		A		1,100,000	1,268,960
	(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/34		A		1,900,000	2,197,578
	(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. D-2, 5.00%, 7/1/34		A+		1,000,000	1,160,230
	(Local Govt. Program Detroit Wtr. & Swr.), Ser. D4, 5.00%, 7/1/34		AA-		100,000	113,852
	(Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33		A+		850,000	966,238
	(Detroit), Ser. C-3, 5.00%, 4/1/27		Aa2		750,000	901,043
	MI State Hosp. Fin. Auth. Rev. Bonds
	(Trinity Hlth. Credit Group) , Ser. A, 5.00% 12/1/47(T)		Aa3		8,500,000	9,317,532
	(Henry Ford Hlth.), 5.75%, 11/15/39 (Prerefunded 11/15/19)		AAA/P		2,000,000	2,026,280
	MI State Hsg. Dev. Auth. Rev. Bonds, (Rental Hsg.), Ser. D, 3.95%, 10/1/37		AA		1,050,000	1,077,458
	MI State Strategic Fund Ltd. Rev. Bonds, (Worthington Armstrong Venture), 5.75%, 10/1/22 (Escrowed to maturity)		AAA/P		1,650,000	1,866,959
	MI State Strategic Fund Ltd. Oblig. Rev. Bonds, (Evangelical Homes of MI), 5.25%, 6/1/32		BB+/F		320,000	333,898
	MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6.00%, 6/1/34		B-		575,000	578,111
	Star Intl. Academy Rev. Bonds, (Pub. School Academy), 5.00%, 3/1/22		BBB		1,710,000	1,761,026
	Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 12/1/21		A2		2,000,000	2,163,860
						40,515,914
	Minnesota (0.4%)
	Minneapolis & St. Paul, Hsg. & Redev. Auth. Hlth. Care VRDN, (Allina Hlth. Syst.), Ser. B-1, 1.47%, 11/15/35		VMIG 1		475,000	475,000
	Minneapolis, Hlth. Care Syst. Rev. Bonds, (Fairview Hlth. Svcs. Oblig. Group), Ser. A, 4.00%, 11/15/38		A+		1,000,000	1,101,430
	St. Cloud, Hlth. Care Rev. Bonds, (CentraCare Hlth. Syst.), Ser. A, 5.125%, 5/1/30		A2		160,000	164,459
						1,740,889
	Mississippi (1.7%)
	MS State Bus. Fin. Commission Gulf Opportunity Zone VRDN, (Chevron USA, Inc.), Ser. C, 1.52%, 12/1/30		VMIG 1		1,750,000	1,750,000
	MS State Bus. Fin. Corp. Rev. Bonds, (System Energy Resources, Inc.), 2.50%, 4/1/22		BBB+		6,200,000	6,204,836
						7,954,836
	Missouri (1.3%)
	Kansas City, Indl. Dev. Auth. Arpt. Special Oblig. Rev. Bonds, (Kansas City Intl. Arpt. Terminal), Ser. B, 5.00%, 3/1/36		A2		5,000,000	6,085,250
						6,085,250
	Nebraska (1.5%)
	Central Plains, Energy Mandatory Put Bonds (1/1/24), (No. 4), 5.00%, 3/1/50		A3		5,250,000	5,911,658
	Lancaster Cnty., Hosp. Auth. Rev. Bonds, (Immanuel Oblig. Group), 5.625%, 1/1/40		AA/F		925,000	940,050
						6,851,708
	Nevada (1.2%)
	Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5.00%, 7/1/33		Aa3		1,565,000	1,799,734
	North Las Vegas, G.O. Bonds, AGM, 4.00%, 6/1/34		AA		3,600,000	3,992,472
						5,792,206
	New Hampshire (1.0%)
	NH State Hlth. & Ed. Fac. Auth. Rev. Bonds
	(Catholic Med. Ctr.), 5.00%, 7/1/44		A-		1,000,000	1,151,650
	(Elliot Hosp.), 5.00%, 10/1/38		A-		500,000	575,500
	(Southern NH Med. Ctr.), 5.00%, 10/1/37		A-		2,500,000	2,884,250
						4,611,400
	New Jersey (8.5%)
	Bayonne, G.O. Bonds, (Qualified Gen. Impt.), BAM, 5.00%, 7/1/39		AA		1,300,000	1,510,795
	NJ State Econ. Dev. Auth. Rev. Bonds
	(NYNJ Link Borrower, LLC), 5.375%, 1/1/43		BBB		500,000	559,490
	Ser. WW, 5.25%, 6/15/32		Baa1		1,500,000	1,706,010
	Ser. EEE, 5.00%, 6/15/48		Baa1		3,000,000	3,393,720
	Ser. AAA, 5.00%, 6/15/36		Baa1		750,000	850,725
	(Biomedical Research), Ser. A, 5.00%, 7/15/29		Baa1		400,000	462,708
	Ser. B, 5.00%, 11/1/26		Baa1		4,500,000	5,369,130
	5.00%, 6/15/26		Baa1		500,000	539,825
	NJ State Econ. Dev. Auth. Special Fac. Rev. Bonds, (Port Newark Container Term., LLC), 5.00%, 10/1/37		Ba1		2,000,000	2,276,580
	NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds, (NJ American Wtr. Co.)
	Ser. A, 5.70%, 10/1/39		A1		3,900,000	3,925,779
	Ser. B, 5.60%, 11/1/34		A1		500,000	513,525
	NJ State Higher Ed. Assistance Auth. Rev. Bonds, (Student Loan), Ser. 1A, 5.00%, 12/1/22		Aaa		2,500,000	2,773,800
	NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds, (St. Peter's U. Hosp.), 5.75%, 7/1/37		Ba1		1,500,000	1,504,890
	NJ State Trans. Trust Fund Auth. Rev. Bonds
	Ser. A, 5.00%, 12/15/35		Baa1		1,100,000	1,281,885
	Ser. A, 5.00%, 12/15/34		Baa1		4,225,000	4,949,292
	(Federal Hwy. Reimbursement Notes), 5.00%, 6/15/30		A+		1,900,000	2,229,251
	(Federal Hwy. Reimbursement Notes), 5.00%, 6/15/28		A+		1,000,000	1,190,840
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 5.00%, 6/1/34		A-		1,750,000	2,069,918
	Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds, (Covanta Union), Ser. A, 5.25%, 12/1/31		AA+		2,300,000	2,495,477
						39,603,640
	New Mexico (0.3%)
	Sante Fe, Retirement Fac. Rev. Bonds, (El Castillo Retirement Res.), 5.00%, 5/15/42		BBB-		1,460,000	1,509,333
						1,509,333
	New York (9.0%)
	Metro. Trans. Auth. Rev. Bonds, (Green Bonds), Ser. C-1, 4.00%, 11/15/32		A1		1,000,000	1,141,160
	Metro. Trans. Auth. Dedicated Tax Mandatory Put Bonds (6/1/22), Ser. A-2A, 1.85%, 11/1/26		AA		3,880,000	3,874,335
	NY Counties, Tobacco Trust III Rev. Bonds, (Tobacco Settlement Pass Through), 6.00%, 6/1/43		A3		80,000	80,142
	NY State Dorm. Auth. Rev. Bonds, Ser. A, Group C , 5.00% 3/15/42(T)		Aa1		10,845,000	12,942,685
	NY State Dorm. Auth. Rev. Bonds, Ser. A, 5.00% 3/15/44(T)		Aa1		10,400,000	11,769,737
	NY State Liberty Dev. Corp. 144A Rev. Bonds, (3 World Trade Ctr., LLC), Class 1-3, 5.00%, 11/15/44		BB-/P		2,000,000	2,198,200
	NY State Trans. Special Fac. Dev. Corp. Rev. Bonds, (Laguardia Arpt. Term. B Redev. Program), Ser. A, 5.00%, 7/1/41		Baa3		1,000,000	1,108,230
	Port Auth. of NY & NJ Rev. Bonds, Ser. 207, 5.00%, 9/15/31		Aa3		3,150,000	3,893,274
	Triborough Bridge & Tunnel Auth. Mandatory Put Bonds (10/1/20), Ser. D, 2.108%, 11/15/38		Aa3		5,000,000	5,009,800
						42,017,563
	North Carolina (0.4%)
	NC State Med. Care Comm. Hlth. Fac. Rev. Bonds, (Presbyterian Homes), Ser. C, 5.00%, 10/1/36		A-/F		550,000	629,288
	NC State Med. Care Comm. Retirement Fac. Rev. Bonds, (Salemtowne), 5.25%, 10/1/37		BB/P		1,000,000	1,099,710
						1,728,998
	Ohio (11.0%)
	American Muni. Pwr., Inc. Rev. Bonds, (Meldahl Hydroelectric (Green Bond)), Ser. A, 5.00%, 2/15/30		A2		1,250,000	1,492,113
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
	Ser. A-2, 6.50%, 6/1/47		B3		1,160,000	1,169,396
	Ser. A-3, 6.25%, 6/1/37		B-		3,225,000	3,248,704
	Ser. A-2, 6.00%, 6/1/42		B3		1,500,000	1,494,285
	Ser. A-2, 5.75%, 6/1/34		B-		6,825,000	6,661,132
	Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds, (Playhouse Square Foundation), 5.50%, 12/1/53		BB+		500,000	575,125
	Columbus, Swr. VRDN, Ser. B, 1.36%, 6/1/32		VMIG 1		100,000	100,000
	Franklin Cnty., Hlth. Care Fac. Rev. Bonds, (OH Presbyterian Retirement Svcs. (OPRS) Cmntys. Oblig. Group), Ser. A, 6.00%, 7/1/35		BBB/F		1,125,000	1,246,196
	Franklin Cnty., Hosp. Fac. Rev. Bonds, (Nationwide Children's Hosp.), Ser. A, 4.00%, 11/1/44		Aa2		2,050,000	2,225,234
	Lake Cnty., Hosp. Fac. Rev. Bonds, (Lake Hosp. Syst., Inc.), Ser. C, 6.00%, 8/15/43		Baa1		495,000	496,866
	Lancaster, Port Auth. Mandatory Put Bonds (2/1/25), Ser. A, 5.00%, 8/1/49		Aa2		5,000,000	5,845,100
	Northeast Ohio Regional Sewer District Rev. Bonds, 5.00%, 11/15/44(T)		Aa1		10,000,000	11,443,639
	OH State G.O. Bonds, (Infrastructure Impt.), Ser. A, 4.00%, 2/1/33		Aa1		2,000,000	2,125,340
	OH State Air Quality Dev. Auth. FRB, (Columbus Southern Pwr. Co.), Ser. B, 5.80%, 12/1/38		A2		2,000,000	2,024,300
	OH State Higher Edl. Fac. Comm. Rev. Bonds, (Kenyon College)
	5.00%, 7/1/44		A		3,265,000	3,364,974
	U.S. Govt. Coll., 5.00%, 7/1/44 (Prerefunded 7/1/20)		AAA/P		1,735,000	1,795,378
	OH State Hosp. Fac. Rev. Bonds, (Cleveland Clinic Hlth. Syst.), Ser. A, 4.00%, 1/1/34		Aa2		1,250,000	1,412,100
	OH State Private Activity Rev. Bonds, (Portsmouth Bypass), AGM, 5.00%, 12/31/35		AA		1,125,000	1,282,129
	Scioto Cnty., Hosp. Rev. Bonds, (Southern OH Med. Ctr.)
	5.00%, 2/15/33		A3		605,000	699,501
	5.00%, 2/15/32		A3		745,000	864,632
	Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds
	5.75%, 12/1/32		BB-/F		625,000	679,600
	(Memorial Hlth. Syst. Oblig. Group), 5.50%, 12/1/43		BB-/F		120,000	129,342
	Warren Cnty., Hlth. Care Fac. Rev. Bonds, (Otterbein Homes Oblig. Group)
	5.00%, 7/1/33		A		500,000	564,135
	5.00%, 7/1/32		A		250,000	283,360
						51,222,581
	Oregon (1.4%)
	Gilliam Cnty., Solid Waste Disp. Mandatory Put Bonds (5/2/22), (Waste Management, Inc.), Ser. A, 2.40%, 7/1/38		A-		2,250,000	2,297,588
	Keizer, Special Assmt. Bonds, (Keizer Station), Ser. A, 5.20%, 6/1/31		Aa3		1,500,000	1,504,635
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds, (Terwilliger Plaza, Inc.), 5.00%, 12/1/36		BBB/F		650,000	735,378
	Salem, Hosp. Fac. Auth. Rev. Bonds, (Salem Hlth.), Ser. A, 5.00%, 5/15/33		A+		1,500,000	1,760,925
						6,298,526
	Pennsylvania (6.4%)
	Cap. Region Wtr. Rev. Bonds, 5.00%, 7/15/32		A+		1,000,000	1,228,460
	Cmnwlth. Fin. Auth. Rev. Bonds, (Tobacco Master Settlement Payment), 5.00%, 6/1/35		A1		1,500,000	1,807,290
	Cumberland Cnty., Muni. Auth. Rev. Bonds, (Diakon Lutheran Social Ministries)
	5.00%, 1/1/32		BBB+/F		200,000	225,788
	5.00%, 1/1/31		BBB+/F		1,000,000	1,134,030
	Franklin Cnty., Indl. Dev. Auth. Rev. Bonds, (Chambersburg Hosp.), U.S. Govt. Coll., 5.375%, 7/1/42 (Prerefunded 7/1/20)		AA-/F		1,000,000	1,038,200
	Lancaster Cnty., Hosp. Auth. Hlth. Care Fac. Rev. Bonds, (Moravian Manors, Inc.), Ser. A, 5.00%, 6/15/44		BB+/F		1,000,000	1,110,570
	PA State COP, Ser. A, 5.00%, 7/1/31		A2		425,000	518,517
	PA State Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds, (Amtrak), Ser. A, 5.00%, 11/1/32		A1		1,000,000	1,084,950
	PA State Higher Edl. Fac. Auth. Rev. Bonds
	(Gwynedd Mercy College), Ser. KK1, 5.375%, 5/1/42		BBB		500,000	534,120
	(St. Joseph's U.), Ser. A, 5.00%, 11/1/40		A-		3,000,000	3,108,270
	PA State Hsg. Fin. Agcy. Rev. Bonds, Ser. 15-117A, 3.95%, 10/1/30		AA+		240,000	253,798
	PA State Pub. School Bldg. Auth. Rev. Bonds, (Northampton Cnty. Area Cmnty. College Foundation), BAM, 5.00%, 6/15/32		AA		2,030,000	2,217,917
	PA State Tpk. Comm. Rev. Bonds
	Ser. A, 5.00%, 12/1/44		A3		2,400,000	2,830,320
	Ser. B-1, 5.00%, 6/1/42		A3		1,350,000	1,560,789
	Ser. A, 5.00%, 12/1/38		A1		1,000,000	1,145,730
	Ser. 2nd, 5.00%, 12/1/37		A3		1,000,000	1,178,050
	zero %, 12/1/44		A2		4,385,000	4,473,182
	PA State Tpk. Comm. Oil Franchise Tax Rev. Bonds, Ser. B, 5.00%, 12/1/38		A2		1,250,000	1,501,025
	Philadelphia, Gas Wks. Rev. Bonds, 5.00%, 8/1/32		A		1,000,000	1,163,860
	Pittsburgh & Allegheny Cnty., Sports & Exhib. Auth. Hotel Rev. Bonds, AGM, 5.00%, 2/1/35		AA		1,225,000	1,263,281
	Westmoreland Cnty., Muni. Auth. Rev. Bonds, BAM, 5.00%, 8/15/27		AA		450,000	539,001
						29,917,148
	Rhode Island (0.6%)
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50		BBB-/P		2,750,000	2,907,135
						2,907,135
	South Carolina (2.5%)
	SC State Pub. Svcs. Auth. Rev. Bonds
	Ser. A, 5.50%, 12/1/54		A2		4,000,000	4,518,920
	Ser. E, 5.50%, 12/1/53		A2		1,025,000	1,145,417
	Ser. B, 5.00%, 12/1/56		A2		210,000	240,986
	Ser. A, 5.00%, 12/1/55		A2		2,000,000	2,249,740
	Ser. C, 5.00%, 12/1/46		A2		1,120,000	1,257,402
	Ser. A, 5.00%, 12/1/36		A2		2,000,000	2,335,240
						11,747,705
	Tennessee (3.3%)
	Greeneville, Hlth. & Edl. Facs. Board Hosp. Rev. Bonds, (Ballad Hlth. Oblig. Group), Ser. A, 4.00%, 7/1/40		A-		5,000,000	5,299,200
	Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds, (Mountain States Hlth. Alliance), 6.00%, 7/1/38 (Prerefunded 7/1/20)		A-		3,450,000	3,601,317
	Metro. Govt. Nashville & Davidson Cnty., Hlth. & Edl. Fac. Board Mandatory Put Bonds (7/1/21), (Vanderbilt U. Med. Ctr.), Ser. D, 4.888%, 7/1/46		A3		3,000,000	3,083,640
	Tennergy Corp., Gas Mandatory Put Bonds (10/1/24), Ser. A, 5.00%, 2/1/50		Aa2		3,000,000	3,478,560
						15,462,717
	Texas (11.7%)
	Arlington, Higher Ed. Fin. Corp. Rev. Bonds, (Uplift Ed.), Ser. A
	5.00%, 12/1/36		BBB-		500,000	565,345
	PSFG, 5.00%, 12/1/35		AAA		500,000	599,650
	Austin-Bergstrom Landhost Enterprises, Inc. Rev. Bonds
	5.00%, 10/1/35		A3		580,000	690,420
	5.00%, 10/1/34		A3		530,000	633,032
	Bexar Cnty., G.O. Bonds, 4.00%, 6/15/33		Aaa		1,250,000	1,398,000
	Central TX Regl. Mobility Auth. Rev. Bonds, (Sr. Lien), Ser. A, 5.00%, 1/1/33		A-		425,000	465,868
	Clifton, Higher Ed. Fin. Corp. Rev. Bonds
	(Intl. Leadership), Ser. D, 6.125%, 8/15/48		BB-/P		1,150,000	1,279,881
	(IDEA Pub. Schools), 5.00%, 8/15/28		BBB+		300,000	354,237
	Dallas-Fort Worth, Intl. Arpt. Rev. Bonds, Ser. A, 5.00%, 11/1/43		A1		3,050,000	3,174,684
	Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev. Bonds, Ser. A, 5.25%, 11/1/30		A+		3,000,000	3,440,190
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds
	(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37		BBB-/F		1,000,000	1,097,760
	(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33		Baa2		800,000	853,704
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN, (The Methodist Hosp.), Ser. C-1, 1.50%, 12/1/24		A-1+		100,000	100,000
	Houston, Util. Syst. Rev. Bonds, Ser. A, 5.00%, 11/15/33		AA		1,500,000	1,570,680
	Love Field, Gen. Arpt. Modernization Corp. Rev. Bonds, 5.00%, 11/1/35		A1		1,000,000	1,153,750
	Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30		A-		1,500,000	1,767,090
	Montgomery Cnty., Toll Road Auth. Rev. Bonds
	5.00%, 9/15/43		BBB-		1,295,000	1,433,733
	5.00%, 9/15/34		BBB-		205,000	231,859
	New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds
	(Wesleyan Homes, Inc.), 5.50%, 1/1/43		BB-/P		500,000	537,675
	(TX Woman's U. CHF-Collegiate Hsg. Dining), Ser. B-1, AGM, 4.125%, 7/1/53		AA		1,000,000	1,057,880
	(Woman's U.-Collegiate Hsg. Denton, LLC), Ser. A-1, AGM, 4.125%, 7/1/53		AA		1,000,000	1,054,310
	(Children's Hlth. Syst. of TX), Ser. A, 4.00%, 8/15/34		Aa2		600,000	665,586
	North TX, Tollway Auth. Rev. Bonds, (1st Tier), Ser. I, 6.50%, 1/1/43		A1		4,000,000	4,958,280
	Tarrant Cnty., Cultural Ed. Fin. Corp. Retirement Fac. Rev. Bonds, (Buckner Retirement Svcs.), Ser. B, 5.00%, 11/15/40		A/F		2,000,000	2,245,780
	TX Private Activity Surface Trans. Corp. Rev. Bonds, (Segment 3C), 5.00%, 6/30/58		BBB/F		3,000,000	3,485,170
	TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5.00%, 12/15/28		A3		1,500,000	1,650,585
	TX State Muni. Pwr. Agcy. Rev. Bonds, (Syst. Net/Transmission Converting Security), 5.00%, 9/1/42		A+		1,400,000	1,448,412
	TX State Private Activity Bond Surface Trans. Corp. Rev. Bonds, (Blueridge Trans. Group, LLC (SH 288 Toll Lane)), 5.00%, 12/31/55		Baa3		2,000,000	2,206,840
	TX State Trans. Comm. Tpk. Syst. Rev. Bonds, (1st Tier), Ser. A, 5.00%, 8/15/41		A3		2,500,000	2,694,575
	Uptown Dev. Auth. Tax Alloc. Bonds, Ser. A, 5.00%, 9/1/40		BBB		300,000	336,447
	TX State Transportation Commission G.O. Bonds, Ser. A, 5.00% 10/1/44(T)		Aaa		9,855,000	11,335,954
						54,487,377
	Utah (0.1%)
	Salt Lake City, Hosp. Rev. Bonds, AMBAC, U.S. Govt. Coll., 6.75%, 5/15/20 (Escrowed to maturity)		AAA/P		300,000	304,968
						304,968
	Virginia (3.9%)
	Fairfax Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds, (Goodwin House, Inc.), Ser. A, 5.00%, 10/1/36		BBB+/F		425,000	475,214
	Louisa, Indl. Dev. Auth. Poll. Control Mandatory Put Bonds (4/1/22), (Virginia Elec. & Pwr. Co.), Ser. C, 1.80%, 11/1/35		A2		2,000,000	2,016,140
	Small Bus. Fin. Auth. Private Activity Rev. Bonds, (Transform 66 P3), 5.00%, 12/31/49		Baa3		4,250,000	4,844,533
	VA Cmnwlth. Trans. Board Rev. Bonds, 4.00%, 5/15/33		Aa1		3,000,000	3,443,730
	VA State Small Bus. Fin. Auth. Rev. Bonds, (95 Express Lanes LLC), 5.00%, 1/1/44		BBB		2,000,000	2,124,120
	York Cnty., Econ. Dev. Auth. Poll. Control Mandatory Put Bonds (6/1/23), (Virginia Elec. & Pwr. Co.), Ser. A, 1.90%, 5/1/33		A2		5,150,000	5,212,521
						18,116,258
	Washington (2.8%)
	King Cnty., Public Hosp. Dist. No. 1 G.O. Bonds, (Valley Med. Ctr.), 5.00%, 12/1/38		A2		2,365,000	2,829,084
	Port of Seattle, Rev. Bonds, Ser. C, 5.00%, 4/1/40		A1		875,000	979,729
	Port Seattle, Port Indl. Dev. Corp. Rev. Bonds, (Delta Airlines, Inc.), 5.00%, 4/1/30		BBB-		1,300,000	1,419,639
	Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32		A-		2,125,000	2,244,106
	WA State Hlth. Care Fac. Auth. Mandatory Put Bonds (7/1/22), (Fred Hutchinson Cancer Research Ctr.), Ser. B, 2.618%, 1/1/42		A+		1,500,000	1,518,285
	WA State Hlth. Care Fac. Auth. Rev. Bonds
	(Kadlec Med. Ctr.), 5.50%, 12/1/39 (Prerefunded 12/1/20)		AAA/P		1,200,000	1,268,544
	(Overlake Hosp. Med. Ctr.), Ser. A, 5.00%, 7/1/35		A2		2,350,000	2,822,021
						13,081,408
	Wisconsin (1.4%)
	Pub. Fin. Auth. Arpt. Fac. Rev. Bonds, (Sr. Oblig. Group), 5.25%, 7/1/28		BBB+		350,000	381,483
	Pub. Fin. Auth. Higher Ed. Fac. Rev. Bonds, (Gannon U.), 5.00%, 5/1/42		BBB+		1,100,000	1,224,795
	WI State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Prohealth Care, Inc.), 5.00%, 8/15/39		A1		750,000	830,655
	(Three Pillars Sr. Living), 5.00%, 8/15/33		A/F		430,000	471,628
	(Advocate Aurora Hlth. Oblig. Group), Ser. A, 4.00%, 8/15/35		AA		3,000,000	3,346,440
	WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds, (Mary's Woods at Marylhurst), Ser. A, 5.25%, 5/15/37		BB/F		250,000	276,953
						6,531,954
	Total municipal bonds and notes (cost $602,858,696)					$639,256,461

	SHORT-TERM INVESTMENTS (0.2%)(a)
					Shares	Value
	State Street Institutional U.S. Government Money Market Fund, Premier Class 2.26%(P)				880,000	$880,000
	Total short-term investments (cost $880,000)					$880,000
	TOTAL INVESTMENTS
	Total investments (cost $603,738,696)					$640,136,461

	OTC INTEREST RATE SWAP CONTRACTS OUTSTANDING at 7/31/19 (Unaudited)
	Swap counterparty/ notional amount		Value		Upfront premium received (paid)		Termination date	Payments made by fund		Payments received by fund	Unrealized appreciation/ (depreciation)
	Citibank, N.A.
		$22,250,000	$28,347	(E)	$—		7/12/25	SIFMA Municipal Swap index — Quarterly		1.245% — Semiannually	$28,347
		6,700,000	60,930	(E)	—		7/12/40	1.737% — Semiannually		SIFMA Municipal Swap index — Quarterly	(60,930)
	Upfront premium received				—					Unrealized appreciation	28,347
	Upfront premium (paid)				—			Unrealized (depreciation)			(60,930)
		Total			$—					Total	$(32,583)
(E)	Extended effective date.

	OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 7/31/19 (Unaudited)
	Swap counterparty/ notional amount		Value		Upfront premium received (paid)		Termination date	Payments received (paid) by fund		Total return received by or paid by fund	Unrealized appreciation/ (depreciation)
	Citibank, N.A.
		$7,150,000	$19,949		$—		10/23/19	—		1.63% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity	$19,949
		2,225,000	48,839		—		9/5/19	—		1.78% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity	48,839
		4,450,000	107,468		—		9/4/19	—		1.79% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity	107,468
		18,000,000	796,680		—		8/13/19	—		2.20% minus Municipal Market Data Index AAA municipal yields 15 Year rate — At maturity	796,680
		737,500	58,491		—		8/6/19	—		2.64% minus Municipal Market Data Index AAA municipal yields 30 Year rate — At maturity	58,491
		737,500	58,410		—		8/7/19	—		2.64% minus Municipal Market Data Index AAA municipal yields 30 Year rate — At maturity	58,410
		1,115,000	51,034		—		6/2/20	—		2.7% minus Municipal Market Data Index AAA municipal yields 30 Year rate — At maturity	(51,034)
		2,225,000	101,082		—		6/4/20	—		2.71% minus Municipal Market Data Index AAA municipal yields 30 Year rate — At maturity	(101,082)
	Morgan Stanley & Co. International PLC
		1,850,000	11,803		—		10/22/19	—		2.345% minus Municipal Market Data Index AAA municipal yields 30 Year rate — At maturity	11,803
	Upfront premium received				—	Unrealized appreciation					1,101,640
	Upfront premium (paid)				—	Unrealized (depreciation)					(152,116)
		Total			$—					Total	$949,524

	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 May 1, 2019 through July 31, 2019 ((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 $466,312,536
(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.
(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.
(RES)	This security is restricted with regard to public resale. The total fair value of this security and any other restricted securities (excluding 144A securities), if any, held at the close of the reporting period was $9,042, or less than 0.1% of net assets.
(F)	This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs.
(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.
(WIS)	When issued securities (Note 1)
	At the close of the reporting period, the fund maintained liquid assets totaling $67,577,987 to cover tender option bonds and the settlement of certain securities.
	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 1.40%, 2.22% and 2.27%, 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):
	Transportation	22.1%
	Healthcare	21.6
	Utilities	17.7
	State debt	15.6
	Tax bonds	13.5
	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.
	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.
	Interest rate swap contracts: The fund entered into OTC and/or centrally cleared interest rate swap contracts, which are arrangements between two parties to exchange cash flows based on a notional principal amount, to for hedging term structure risk.
	An OTC and centrally cleared interest rate swap can be purchased or sold with an upfront premium. For OTC interest rate swap contracts, an upfront payment received by the fund is recorded as a liability on the fund's books. An upfront payment made by the fund is recorded as an asset on the fund's books. OTC and centrally cleared interest rate swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change is recorded as an unrealized gain or loss on OTC interest rate swaps. Daily fluctuations in the value of centrally cleared interest rate swaps are settled through a central clearing agent and are recorded as unrealized gain or loss. Payments, including upfront premiums, received or made are recorded as realized gains or losses at the reset date or the closing of the contract. Certain OTC and centrally cleared interest rate 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 if the counterparty defaults, in the case of OTC interest rate contracts, or the central clearing agency or a clearing member defaults, in the case of centrally cleared interest rate swap contracts, on its respective obligation to perform under the contract. 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 interest rate swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared interest rate swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared interest rate 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 interest rate swap 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, to hedge sector exposure, for gaining exposure to specific sectors and for hedging inflation.
	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 $56,809,547 were held by the TOB trust and served as collateral for $36,591,091 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $145,117 for these investments based on an average interest rate of 1.58%.

	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	$3,700,936	$635,546,483	$9,042
	Short-term investments	880,000	—	—
	Totals by level	$4,580,936	$635,546,483	$9,042
		Valuation inputs
	Other financial instruments:	Level 1	Level 2	Level 3
	Interest rate swap contracts	—	(32,583)	—
	Total return swap contracts	—	949,524	—
	Totals by level	$—	$916,941	$—
	At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.
	Fair Value of Derivative Instruments as  of the close of the reporting period
		Asset derivatives	Liability derivatives
	Derivatives not accounted for as hedging instruments under ASC 815	Fair value	Fair value
	Interest rate contracts	$1,129,987	$213,046
	Total	$1,129,987	$213,046
	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:
	OTC interest rate swap contracts (notional)	$21,700,000
	OTC total return swap contracts (notional)	$30,200,000
	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