NPORT-EX 3 b_582nport013121.htm QUARTERLY PORTFOLIO HOLDINGS

Putnam Municipal Opportunities Trust

The fund's portfolio

1/31/21 (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

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.

G.O. Bonds — General Obligation Bonds

NATL — National Public Finance Guarantee Corporation

PSFG — Permanent School Fund Guaranteed

Q-SBLF — Qualified School Board Loan Fund

	MUNICIPAL BONDS AND NOTES (134.4%)(a)
			Rating(RAT)		Principal amount	Value
	Alabama (1.4%)
	Black Belt Energy Gas Dist. Mandatory Put Bonds (12/1/23), Ser. A, 4.00%, 12/1/48		A2		$1,700,000	$1,862,385
	Jefferson Cnty., Swr. Rev. Bonds, Ser. D, 6.50%, 10/1/53		BBB		2,000,000	2,384,460
	Jefferson, Cnty. Rev. Bonds, (Refunding warrants)
	5.00%, 9/15/34		AA		2,075,000	2,537,995
	5.00%, 9/15/33		AA		275,000	337,051
						7,121,891
	Alaska (1.4%)
	AK State Indl. Dev. & Export Auth. Rev. Bonds, (Tanana Chiefs Conference), Ser. A
	4.00%, 10/1/49		A+/F		1,500,000	1,713,090
	4.00%, 10/1/44		A+/F		4,180,000	4,806,666
						6,519,756
	Arizona (2.9%)
	AZ Indl. Dev. Auth. Student Hsg. Rev. Bonds, (NCCU Properties, LLC Central U.), BAM, 5.00%, 6/1/49		AA		2,000,000	2,403,100
	AZ State Indl. Dev. Auth. Rev. Bonds, (Equitable School Revolving Fund, LLC Oblig. Group), 4.00%, 11/1/50		A		2,855,000	3,327,845
	AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.), Ser. D, 5.00%, 7/1/51		BB		510,000	572,261
	Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds
	(Reid Traditional Schools Painted Rock Academy), 5.00%, 7/1/36		Baa3		350,000	398,185
	(Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35		BB+		750,000	804,255
	Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies), 3.75%, 7/1/24		BBB-		390,000	410,814
	Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.), 5.00%, 7/1/35		BB		1,000,000	1,104,720
	Salt Verde, Fin. Corp. Gas Rev. Bonds, 5.50%, 12/1/29		A3		1,350,000	1,811,228
	Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds, (Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34		A2		500,000	590,200
	Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds, (Yuma Regl. Med. Ctr.), Ser. A, 5.00%, 8/1/32		A		2,065,000	2,322,485
						13,745,093
	California (5.1%)
	ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds, (Episcopal Sr. Cmntys.), Ser. A, 5.00%, 7/1/32		A-/F		550,000	574,431
	CA State G.O. Bonds 4.00%, 11/1/33(T)		Aa2		10,000,000	12,093,691
	CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds, (Caritas Affordable Hsg., Inc.), 5.25%, 8/15/39		A-		400,000	446,408
	CA State Poll. Control Fin. Auth. Rev. Bonds, (San Jose Wtr. Co.)
	5.10%, 6/1/40		A		3,500,000	3,511,130
	4.75%, 11/1/46		A		750,000	857,100
	CA Statewide Cmnty. Dev. Auth. Rev. Bonds, (899 Charleston, LLC), Ser. A, 5.25%, 11/1/44		BB/P		450,000	471,123
	Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. A-2, 5.00%, 6/1/47		BB/P		2,500,000	2,602,625
	Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds, (Laxfuel Corp.), 4.50%, 1/1/27		A-		600,000	621,630
	North Natomas, Cmnty. Fac. Special Tax Bonds, (Dist. No. 4), Ser. E, 5.00%, 9/1/30		BBB+		1,250,000	1,382,763
	San Bernardino Cnty., FRB, Ser. C, 0.374%, 8/1/23		AA+		1,675,000	1,661,684
	Sunnyvale, Cmnty. Fac. Dist. Special Tax Bonds, 7.65%, 8/1/21		B+/P		80,000	80,354
						24,302,939
	Colorado (3.3%)
	CO State Hlth. Fac. Auth. Rev. Bonds
	(Valley View Hosp. Assn.), 5.00%, 5/15/40		A-		1,000,000	1,130,170
	(Covenant Retirement Cmnty.), Ser. A, 5.00%, 12/1/35		A-/F		1,000,000	1,126,700
	CO State Hlth. Fac. Auth. Hosp. Rev. Bonds
	(Christian Living Neighborhood), 5.00%, 1/1/37		BB/P		550,000	589,265
	(Covenant Living Cmnty. and Svcs. Oblig. Group), 4.00%, 12/1/50		A-/F		2,700,000	3,027,996
	Park Creek, Metro. Dist. Tax Allocation Bonds, (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45		A/F		200,000	229,386
	Pub. Auth. for CO Energy Rev. Bonds, (Natural Gas Purchase), 6.50%, 11/15/38		A2		2,250,000	3,603,668
	Regl. Trans. Dist. Rev. Bonds, (Denver Transit Partners, LLC)
	4.00%, 7/15/38		Baa2		800,000	960,384
	4.00%, 7/15/35		Baa2		1,000,000	1,215,050
	3.00%, 7/15/37		Baa2		850,000	909,262
	Sterling Ranch Cmnty. Auth. Board Rev. Bonds, (Metro. Dist. No. 2), Ser. A, 4.25%, 12/1/50		BB/P		550,000	607,002
	Vauxmont, Metro. Dist. G.O. Bonds, AGM
	5.00%, 12/1/33		AA		255,000	327,846
	5.00%, 12/15/32		AA		160,000	185,914
	5.00%, 12/15/31		AA		135,000	157,279
	5.00%, 12/1/30		AA		215,000	280,399
	5.00%, 12/1/29		AA		210,000	275,285
	5.00%, 12/15/28		AA		130,000	152,776
	5.00%, 12/1/28		AA		210,000	270,245
	5.00%, 12/1/27		AA		200,000	251,864
	5.00%, 12/15/26		AA		135,000	159,878
	5.00%, 12/1/26		AA		190,000	233,628
						15,693,997
	Connecticut (1.5%)
	CT State Special Tax, 4.00%, 5/1/39		A+		1,700,000	2,027,182
	CT State Hsg. Fin. Auth. Rev. Bonds, Ser. B-2, 4.40%, 11/15/43		Aaa		4,000,000	4,024,280
	Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39		BB/P		1,000,000	1,126,130
						7,177,592
	District of Columbia (2.6%)
	DC Rev. Bonds
	(Ingleside at Rock Creek), Ser. A, 5.00%, 7/1/52		BB-/P		500,000	507,375
	(Two Rivers Pub. Charter School, Inc.), 5.00%, 6/1/50		Baa3		1,500,000	1,771,560
	(Latin American Montessori Bilingual Pub. Charter School Oblig. Group), 5.00%, 6/1/40		BB+		2,000,000	2,353,640
	(Two Rivers Pub. Charter School, Inc.), 5.00%, 6/1/40		Baa3		1,500,000	1,803,450
	DC U. Rev. Bonds, (Gallaudet U.), 5.50%, 4/1/34		A+		1,000,000	1,005,470
	Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
	(Dulles Metrorail & Cap. Impt. Proj.), Ser. B, 4.00%, 10/1/53(T)		A-		1,290,000	1,460,141
	(Dulles Metrorail & Cap. Impt. Proj.), Ser. B, 4.00%, 10/1/44(T)		A-		1,285,000	1,468,294
	(Metrorail), Ser. A, zero %, 10/1/37		A-		3,700,000	2,219,075
						12,589,005
	Florida (4.5%)
	FL State Higher Edl. Fac. Financial Auth. Rev. Bonds, (Florida Inst. of Tech., Inc.), 4.00%, 10/1/39		BBB-		800,000	868,880
	Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36		A-		2,250,000	2,620,800
	Lakeland, Hosp. Syst. Rev. Bonds, (Lakeland Regl. Hlth.), 5.00%, 11/15/40		A2		1,350,000	1,536,813
	Miami-Dade Cnty., Aviation Rev. Bonds, Ser. A
	5.00%, 10/1/36		A2		5,000,000	5,689,950
	5.00%, 10/1/32		A2		3,790,000	4,337,958
	Orange Cnty., Hlth. Fac. Auth. Rev. Bonds, (Presbyterian Retirement Cmntys.), 5.00%, 8/1/34		A-/F		1,350,000	1,491,305
	Pinellas Cnty., Indl. Dev. Auth. Rev. Bonds, (2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39		AAA/P		500,000	602,730
	Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30		BBB+		360,000	400,428
	Village, 144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 3.00%, 5/1/35		BB-/P		2,500,000	2,604,250
	Volusia Cnty., Edl. Fac. Auth. Rev. Bonds, (Embry-Riddle Aeronautical University, Inc.), Ser. A
	4.00%, 10/15/39		A3		600,000	695,418
	4.00%, 10/15/36		A3		500,000	584,045
						21,432,577
	Georgia (1.7%)
	Atlanta, Tax Alloc. Bonds, (Atlantic Station), 5.00%, 12/1/22		A3		1,625,000	1,735,841
	Gainesville & Hall Cnty., Dev. Auth. Edl. Fac. Rev. Bonds, (Riverside Military Academy), 5.00%, 3/1/37		BB/F		1,100,000	1,099,725
	Muni. Election Auth. of GA Rev. Bonds, (Plant Vogtle Units 3 & 4), Ser. A
	5.50%, 7/1/60		A		3,500,000	4,078,550
	5.00%, 1/1/56		A2		1,000,000	1,209,210
						8,123,326
	Hawaii (0.5%)
	HI State Harbor Syst. Rev. Bonds
	Ser. C, 4.00%, 7/1/40		Aa3		300,000	366,420
	Ser. A, 4.00%, 7/1/35		Aa3		1,700,000	2,057,459
						2,423,879
	Illinois (20.1%)
	Chicago, G.O. Bonds
	Ser. A, 6.00%, 1/1/38		BBB+		1,920,000	2,339,136
	Ser. G-07, 5.50%, 1/1/35		BBB+		3,175,000	3,588,734
	Ser. A, 5.00%, 1/1/27		BBB+		1,850,000	2,227,881
	Chicago, Board of Ed. G.O. Bonds
	Ser. C, 5.25%, 12/1/39		BB-		2,250,000	2,506,838
	Ser. H, 5.00%, 12/1/36		BB-		500,000	595,660
	(School Reform), Ser. B-1, NATL, zero %, 12/1/21		Baa2		3,500,000	3,476,305
	Chicago, Motor Fuel Tax Rev. Bonds, 5.00%, 1/1/29		Ba1		500,000	523,185
	Chicago, O'Hare Intl. Arpt. Rev. Bonds
	Ser. C, 5.375%, 1/1/39		A2		1,250,000	1,349,525
	Ser. C, 5.25%, 1/1/28		A2		1,320,000	1,435,394
	Ser. C, 5.25%, 1/1/27		A2		2,125,000	2,314,614
	Ser. A, 5.00%, 1/1/38		A		100,000	123,735
	Ser. A, 5.00%, 1/1/37		A		300,000	372,132
	Chicago, Trans. Auth. Sales Tax Rev. Bonds, 5.25%, 12/1/49		AA		3,000,000	3,491,640
	Chicago, Waste Wtr. Transmission Rev. Bonds
	Ser. C, 5.00%, 1/1/39		A		900,000	1,034,784
	(2nd Lien), 5.00%, 1/1/39		A		1,835,000	2,029,675
	Ser. A, NATL, zero %, 1/1/24		A+		1,600,000	1,556,464
	IL State G.O. Bonds
	5.50%, 7/1/38		Baa3		2,280,000	2,463,380
	5.50%, 5/1/30		Baa3		1,250,000	1,623,775
	5.00%, 11/1/41		Baa3		1,000,000	1,137,100
	5.00%, 1/1/41		Baa3		500,000	560,170
	5.00%, 2/1/39		Baa3		300,000	323,448
	Ser. A, 5.00%, 5/1/38		Baa3		1,500,000	1,763,085
	5.00%, 1/1/35		Baa3		1,000,000	1,132,950
	Ser. A, 5.00%, 12/1/31		Baa3		5,750,000	6,825,998
	Ser. C, 5.00%, 11/1/29		Baa3		1,850,000	2,195,173
	5.00%, 2/1/29		Baa3		1,425,000	1,690,022
	Ser. A, 5.00%, 12/1/28		Baa3		2,500,000	3,030,625
	Ser. D, 5.00%, 11/1/28		Baa3		2,250,000	2,686,950
	Ser. D, 5.00%, 11/1/27		Baa3		1,000,000	1,201,450
	Ser. A, 5.00%, 12/1/24		Baa3		2,370,000	2,712,133
	IL State Fin. Auth. Mandatory Put Bonds (9/1/22), (Field Museum of Natural History), 0.598%, 11/1/34		A2		3,915,000	3,897,852
	IL State Fin. Auth. Rev. Bonds
	(Lifespace Cmntys, Inc.), Ser. A, 5.00%, 5/15/35		BBB/F		1,025,000	1,140,374
	(Riverside Hlth.Syst.), 4.00%, 11/15/34		A+		500,000	569,870
	IL State Fin. Auth. Academic Fac. Rev. Bonds, (U. of Illinois at Urbana-Champaign), Ser. A
	5.00%, 10/1/44		A1		1,100,000	1,303,742
	5.00%, 10/1/36		A1		600,000	729,546
	5.00%, 10/1/34		A1		500,000	613,075
	IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds
	(U. of IL Chicago), 5.00%, 2/15/50		Baa3		2,000,000	2,187,340
	(U. of IL-CHF-Chicago, LLC), Ser. A, 5.00%, 2/15/37		Baa3		1,000,000	1,101,060
	Lake Cnty., Cmnty. Cons. School Dist. No. 73 Hawthorn G.O. Bonds, NATL
	zero %, 12/1/21		AA+		1,300,000	1,294,722
	zero %, 12/1/21 (Escrowed to maturity)		Aa2		505,000	503,995
	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	824,960
	Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds, (McCormick), Ser. A, NATL, zero %, 12/15/30		Baa2		12,000,000	9,736,800
	Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, (Green Bond), Ser. E, 5.00%, 12/1/30		AA		1,310,000	1,630,164
	Railsplitter Tobacco Settlement Auth. Rev. Bonds, 5.00%, 6/1/24		A		1,500,000	1,718,790
	Sales Tax Securitization Corp. Rev. Bonds
	Ser. C, 5.50%, 1/1/36		AA-		3,500,000	4,511,115
	Ser. A, 5.00%, 1/1/36		AA-		1,400,000	1,787,408
	Ser. A, 4.00%, 1/1/39		AA-		2,000,000	2,293,720
	Ser. A, 4.00%, 1/1/38		AA-		500,000	575,005
	Southern IL U. Rev. Bonds, (Hsg. & Auxiliary), Ser. A, NATL, zero %, 4/1/25		Baa2		1,870,000	1,747,833
						96,479,332
	Indiana (1.3%)
	Hammond, Multi-School Bldg. Corp. Rev. Bonds, 5.00%, 7/15/38		AA+		1,750,000	2,112,933
	IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5.25%, 10/15/21		A2		180,000	185,639
	IN State Fin. Auth. Rev. Bonds, (BHI Sr. Living), 5.75%, 11/15/41		BBB/F		1,000,000	1,025,340
	IN State Fin. Auth. Hosp. Mandatory Put Bonds (11/1/26), (Goshen Hlth. Oblig. Group), Ser. B, 2.10%, 11/1/49		A-		2,700,000	2,883,708
						6,207,620
	Kentucky (3.0%)
	KY Pub. Trans. Infrastructure Auth. Rev. Bonds, (1st Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53		Baa3		1,000,000	1,109,300
	KY State Property & Bldg. Comm. Rev. Bonds
	(No. 119), 5.00%, 5/1/36		A1		1,000,000	1,225,290
	(No. 122), Ser. A, 4.00%, 11/1/34		A1		750,000	874,103
	KY State Pub. Energy Auth. Gas Supply
	Mandatory Put Bonds (6/1/25) Ser. C-1, 4.00%, 12/1/49		A1		5,500,000	6,283,255
	Mandatory Put Bonds (1/1/25) Ser. B, 4.00%, 1/1/49		A1		3,000,000	3,377,760
	Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A
	5.00%, 7/1/32		A		1,030,000	1,162,932
	5.00%, 7/1/31		A		385,000	435,797
						14,468,437
	Louisiana (1.0%)
	LA State Offshore Term. Auth. Deepwater Port Mandatory Put Bonds (12/1/23), (Loop, LLC), Ser. A, 1.65%, 9/1/33		A3		1,600,000	1,626,384
	St. John The Baptist Parish Mandatory Put Bonds (7/1/26), (Marathon Oil Corp.), Ser. A-3, 2.20%, 6/1/37		Baa3		3,010,000	3,130,310
						4,756,694
	Maryland (1.5%)
	Baltimore Cnty., Rev. Bonds, (Oak Crest Village, Inc.)
	4.00%, 1/1/50		A/F		2,000,000	2,229,280
	4.00%, 1/1/45		A/F		1,750,000	1,956,465
	Gaithersburg, Econ. Dev. Rev. Bonds, (Asbury, Oblig. Group), Ser. A, 5.00%, 1/1/36		BBB/F		450,000	499,248
	MD Econ. Dev. Corp. Rev. Bonds, (Morgan State U.), 4.25%, 7/1/50		BBB-		1,350,000	1,515,726
	MD State Hlth. & Higher Ed. Fac. Auth. Rev. Bonds, (Stevenson U.), 4.00%, 6/1/46		BBB-		750,000	850,973
						7,051,692
	Massachusetts (4.2%)
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5.75%, 7/15/43		BB+		500,000	537,755
	(Loomis Cmntys.), Ser. A, 5.75%, 1/1/28		BBB		1,100,000	1,195,359
	(Intl. Charter School), 5.00%, 4/15/33		BBB-		1,000,000	1,107,680
	(Atrius Hlth. Oblig. Group), Ser. A, 4.00%, 6/1/49		BBB		5,470,000	6,147,186
	(Linden Ponds, Inc.), Ser. B, zero %, 11/15/56		B-/P		221,440	39,633
	MA State Dev. Fin. Agcy. 144A Rev. Bonds, (Linden Ponds, Inc. Fac.), 5.00%, 11/15/38		BB/F		1,410,000	1,544,796
	MA State Edl. Fin. Auth. Rev. Bonds, (Ed. Loan - Issue 1)
	5.00%, 1/1/27		AA		800,000	917,776
	4.375%, 1/1/32		AA		100,000	105,314
	MA State Trans. Fund Rev. Bonds, (Rail Enhancement & Accelerated Bridge Program), 5.00%, 6/1/48(T)		Aa1		7,000,000	8,769,651
						20,365,150
	Michigan (9.6%)
	Detroit, G.O. Bonds, AMBAC, 5.25%, 4/1/24		A-/P		222,425	222,687
	Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6.00%, 5/1/29		Aa1		1,000,000	1,266,220
	Kentwood, Economic Dev. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/37		BBB-/F		1,750,000	1,953,280
	MI State Bldg. Auth. Rev. Bonds, Ser. I, 4.00%, 10/15/49		Aa2		4,630,000	5,434,277
	MI State Fin. Auth. Rev. Bonds
	(Tobacco Settlement), Ser. B-1, Class 2, 5.00%, 6/1/49		BBB-		2,500,000	3,088,875
	Ser. H-1, 5.00%, 10/1/39 (Prerefunded 10/1/24)		AA-		1,575,000	1,812,211
	(MidMichigan Hlth.), 5.00%, 6/1/39 (Prerefunded 6/1/24)		A+		1,000,000	1,153,110
	(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/35		A+		1,100,000	1,281,907
	(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/34		A+		1,900,000	2,221,366
	(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. D-2, 5.00%, 7/1/34		A+		1,000,000	1,177,180
	(Local Govt. Program Detroit Wtr. & Swr.), Ser. D4, 5.00%, 7/1/34		AA-		100,000	114,244
	(Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33		AA-		850,000	972,001
	(Detroit), Ser. C-3, 5.00%, 4/1/27		Aa2		750,000	935,228
	MI State Hosp. Fin. Auth. Rev. Bonds
	(Trinity Health Corp. Oblig. Group), Ser. A1, 4.00%, 12/1/49(T)		Aa3		2,575,000	3,021,168
	(Trinity Health Corp. Oblig. Group), Ser. A, U.S. Govt. Coll, 5.00%, 12/1/47(T)		Aa3		8,500,000	9,253,761
	MI State Hsg. Dev. Auth. Rev. Bonds, (Rental Hsg.), Ser. D, 3.95%, 10/1/37		AA		1,050,000	1,080,503
	Pontiac City, G.O. Bonds, (Pontiac School Dist.), Q-SBLF
	4.00%, 5/1/45(T)		Aa1		4,423,529	5,234,523
	4.00%, 5/1/50(T)		Aa1		4,976,471	5,878,783
						46,101,324
	Missouri (3.3%)
	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	6,233,700
	AGM, 4.00%, 3/1/57		AA		6,000,000	6,908,220
	St. Louis, Muni. Fin. Corp. Rev. Bonds, AGM, 5.00%, 10/1/45		AA		2,000,000	2,523,140
						15,665,060
	Nebraska (1.7%)
	Central Plains Energy Project Gas Supply Mandatory Put Bonds (8/1/25), 4.00%, 12/1/49		Aa2		2,150,000	2,479,853
	Central Plains, Energy Mandatory Put Bonds (1/1/24), (No. 4), 5.00%, 3/1/50		A2		5,250,000	5,905,988
						8,385,841
	Nevada (1.2%)
	North Las Vegas, G.O. Bonds, AGM, 4.00%, 6/1/34		AA		3,600,000	4,115,592
	Sparks, Tourism Impt. Dist. No. 1 144A Rev. Bonds, Ser. A
	2.75%, 6/15/28		Ba2		1,200,000	1,228,140
	2.50%, 6/15/24		Ba2		430,000	434,141
						5,777,873
	New Hampshire (2.2%)
	National Fin. Auth. Rev. Bonds, (Caritas Acquisitions VII, LLC), Ser. A
	4.50%, 8/15/55		BBB/P		2,540,000	2,589,098
	4.25%, 8/15/46		BBB/P		1,210,000	1,233,656
	4.125%, 8/15/40		BBB/P		1,070,000	1,090,630
	National Fin. Auth. 144A Mandatory Put Bonds (7/2/40), (Covanta Holding Corp.), Ser. B, 3.75%, 7/1/45		B1		1,000,000	1,042,970
	NH State Hlth. & Ed. Fac. Auth. Rev. Bonds
	(Catholic Med. Ctr.), 5.00%, 7/1/44		BBB+		1,000,000	1,149,990
	(Elliot Hosp.), 5.00%, 10/1/38		A3		500,000	589,340
	(Southern NH Med. Ctr.), 5.00%, 10/1/37		A-		2,500,000	2,912,325
						10,608,009
	New Jersey (8.8%)
	Bayonne, G.O. Bonds, (Qualified Gen. Impt.), BAM, 5.00%, 7/1/39		AA		1,300,000	1,556,386
	NJ State Econ. Dev. Auth. Rev. Bonds
	(NYNJ Link Borrower, LLC), 5.375%, 1/1/43		BBB		500,000	555,030
	Ser. WW, 5.25%, 6/15/32		Baa1		1,500,000	1,754,610
	Ser. EEE, 5.00%, 6/15/48		Baa1		3,000,000	3,604,950
	Ser. AAA, 5.00%, 6/15/36		Baa1		750,000	893,535
	(Biomedical Research), Ser. A, 5.00%, 7/15/29		Baa1		400,000	481,492
	Ser. B, 5.00%, 11/1/26		Baa1		4,500,000	5,542,515
	5.00%, 6/15/26		Baa2		500,000	524,610
	NJ State Econ. Dev. Auth. Special Fac. Rev. Bonds, (Port Newark Container Term., LLC), 5.00%, 10/1/37		Baa3		2,000,000	2,341,240
	NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds, (St. Peter's U. Hosp.), 5.75%, 7/1/37		Ba1		1,500,000	1,505,160
	NJ State Trans. Trust Fund Auth. Rev. Bonds
	Ser. A, 5.00%, 12/15/39		Baa1		600,000	750,858
	Ser. AA, 5.00%, 6/15/38		Baa1		1,225,000	1,507,007
	Ser. A, 5.00%, 12/15/36		Baa1		1,000,000	1,234,840
	Ser. A, 5.00%, 12/15/34		Baa1		4,920,000	6,112,313
	(Federal Hwy. Reimbursement Notes), 5.00%, 6/15/30		A+		1,900,000	2,263,584
	Ser. AA, 4.00%, 6/15/50		Baa1		5,175,000	5,942,608
	Ser. AA, 4.00%, 6/15/45		Baa1		1,000,000	1,156,930
	South Jersey, Trans. Auth. Syst. Rev. Bonds, Ser. A, 5.00%, 11/1/45		BBB+		3,350,000	4,266,426
						41,994,094
	New Mexico (0.5%)
	Sante Fe, Retirement Fac. Rev. Bonds
	(El Castillo Retirement Residences), Ser. A, 5.00%, 5/15/44		BB+/F		975,000	1,069,322
	(El Castillo Retirement Res.), 5.00%, 5/15/42		BB+/F		1,460,000	1,489,258
						2,558,580
	New York (11.6%)
	Metro. Trans. Auth. Rev. Bonds
	(Green Bond), Ser. C-1, 5.00%, 11/15/50		A3		1,500,000	1,849,290
	Ser. C-1, 4.00%, 11/15/35		A3		1,000,000	1,120,540
	Metro. Trans. Auth. Dedicated Tax Mandatory Put Bonds (6/1/22), Ser. A-2A, 0.49%, 11/1/26		AA		3,315,000	3,312,116
	NY City, Transitional Fin. Auth. Rev. Bonds
	Ser. C-1, 5.00%, 5/1/41		AAA		1,000,000	1,314,590
	(Future Tax), 4.00%, 5/1/40		AAA		500,000	603,060
	(Future Tax), Ser. C-1, 4.00%, 5/1/40(T)		AAA		11,825,000	14,266,043
	Ser. C-1, 4.00%, 5/1/39		AAA		500,000	604,495
	4.00%, 5/1/38		AAA		700,000	848,645
	NY Counties, Tobacco Trust III Rev. Bonds, (Tobacco Settlement Pass Through), 6.00%, 6/1/43		A3		60,000	60,107
	NY State Dorm. Auth. Personal Income Tax Rev. Bonds, Ser. D
	4.00%, 2/15/47		Aa2		4,750,000	5,564,578
	4.00%, 2/15/40		Aa2		1,500,000	1,789,380
	4.00%, 2/15/39		Aa2		1,200,000	1,434,444
	NY State Dorm. Auth. Sales Tax Rev. Bonds, Ser. A, 5.00%, 3/15/42(T)		Aa2		10,845,000	13,223,672
	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	2,172,680
	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	1,130,180
	(Delta Air Lines, Inc.), 5.00%, 10/1/40		Baa3		2,000,000	2,476,260
	Port Auth. of NY & NJ Rev. Bonds, Ser. 207, 5.00%, 9/15/31		Aa3		3,150,000	3,974,954
						55,745,034
	North Carolina (1.8%)
	NC State Med. Care Comm. Retirement Fac. Rev. Bonds, (Maryfield, Inc. Oblig. Group), 5.00%, 10/1/45		BB/P		500,000	558,025
	NC State Tpk. Auth. Rev. Bonds
	(Triangle Expressway Auth.), AGM, 5.00%, 1/1/49		AA		2,800,000	3,483,536
	(Monroe Expressway Syst.), 5.00%, 7/1/40(WIS)		Aa1		1,500,000	2,012,835
	(Monroe Expressway Syst.), 5.00%, 7/1/34(WIS)		Aa1		2,000,000	2,746,120
						8,800,516
	Ohio (9.6%)
	Akron, Income Tax Rev. Bonds
	4.00%, 12/1/37		AA-		525,000	596,773
	4.00%, 12/1/36		AA-		655,000	746,032
	4.00%, 12/1/35		AA-		1,260,000	1,438,605
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
	Ser. B-2, Class 2, 5.00%, 6/1/55		BB/P		8,180,000	9,538,780
	Ser. A-2, Class 1, 4.00%, 6/1/48		BBB+		1,250,000	1,452,563
	Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds, (Playhouse Square Foundation), 5.50%, 12/1/53		BB+		500,000	546,100
	Franklin Cnty., Hlth. Care Fac. Rev. Bonds, (Ohio Living)
	6.00%, 7/1/35		BBB/F		1,060,000	1,116,053
	6.00%, 7/1/35 (Prerefunded 7/1/22)		AAA/P		65,000	70,233
	Franklin Cnty., Hosp. Fac. Rev. Bonds, (Nationwide Children's Hosp.), Ser. A, 4.00%, 11/1/44		Aa2		2,050,000	2,330,871
	Lake Cnty., Hosp. Fac. Rev. Bonds, (Lake Hosp. Syst., Inc.), Ser. C, 6.00%, 8/15/43		Baa1		495,000	496,609
	Lancaster, Port Auth. Mandatory Put Bonds (2/1/25), Ser. A, 5.00%, 8/1/49		Aa2		2,850,000	3,354,051
	Northeast Ohio Regl. Swr. Dist. Rev. Bonds, U.S. Govt. Coll., 5.00%, 11/15/44(T)		Aa1		10,000,000	11,814,153
	OH State Higher Edl. Fac. Comm. Rev. Bonds
	(John Carroll U.), 4.00%, 10/1/50		A3		3,500,000	3,900,645
	(Kenyon College 2020), 4.00%, 7/1/44		A2		3,555,000	4,113,491
	OH State Private Activity Rev. Bonds, (Portsmouth Bypass), AGM, 5.00%, 12/31/35		AA		1,125,000	1,294,166
	Scioto Cnty., Hosp. Rev. Bonds, (Southern OH Med. Ctr.)
	5.00%, 2/15/33		A3		605,000	701,026
	5.00%, 2/15/32		A3		745,000	866,122
	Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds
	5.75%, 12/1/32		BB-/F		625,000	654,981
	(Memorial Hlth. Syst. Oblig. Group), 5.50%, 12/1/43		BB-/F		120,000	126,698
	Warren Cnty., Hlth. Care Fac. Rev. Bonds, (Otterbein Homes Oblig. Group)
	5.00%, 7/1/33		A		500,000	553,835
	5.00%, 7/1/32		A		250,000	277,753
						45,989,540
	Oregon (1.5%)
	Clackamas Cnty., Hosp. Fac. Auth. Rev. Bonds, (Rose Villa, Inc.), Ser. A, 5.25%, 11/15/50		BB/P		1,000,000	1,077,840
	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	2,312,055
	Keizer, Special Assmt. Bonds, (Keizer Station), Ser. A, 5.20%, 6/1/31		Aa3		1,320,000	1,325,056
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds, (Terwilliger Plaza, Inc.), 5.00%, 12/1/36		BBB/F		650,000	738,771
	Salem, Hosp. Fac. Auth. Rev. Bonds, (Salem Hlth.), Ser. A, 5.00%, 5/15/33		A+		1,500,000	1,796,100
						7,249,822
	Pennsylvania (5.1%)
	Cumberland Cnty., Muni. Auth. Rev. Bonds, (Diakon Lutheran Social Ministries)
	5.00%, 1/1/32		BBB+/F		200,000	229,662
	5.00%, 1/1/31		BBB+/F		1,000,000	1,150,850
	Lancaster Cnty., Hosp. & Hlth. Ctr. Auth. Rev. Bonds, (St. Anne's Retirement Cmnty.)
	5.00%, 3/1/50		BB+/F		500,000	539,105
	5.00%, 3/1/40		BB+/F		500,000	545,385
	Lancaster Cnty., Hosp. Auth. Hlth. Care Fac. Rev. Bonds, (Moravian Manors, Inc.), Ser. A, 5.00%, 6/15/44		BB+/F		1,000,000	1,072,690
	PA State Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds, (Amtrak), Ser. A, 5.00%, 11/1/32		A1		1,000,000	1,069,940
	PA State Econ. Dev. Fin. Auth. Solid Waste Disp. Mandatory Put Bonds (8/1/24), (Waste Management, Inc.), Ser. A, 1.75%, 8/1/38		A-		5,000,000	5,229,150
	PA State Higher Edl. Fac. Auth. Rev. Bonds, (Gwynedd Mercy College), Ser. KK1, 5.375%, 5/1/42		BBB		500,000	516,400
	PA State Tpk. Comm. Rev. Bonds
	Ser. A, 5.00%, 12/1/44		A3		2,400,000	2,974,584
	Ser. A, 4.00%, 12/1/46		A		1,500,000	1,764,990
	Ser. A, 4.00%, 12/1/45		A		500,000	589,205
	zero %, 12/1/44		A2		4,385,000	4,880,724
	Philadelphia, Gas Wks. Rev. Bonds, 5.00%, 8/1/32		A		1,000,000	1,181,800
	Philadelphia, School Dist. G.O. Bonds, Ser. A, 4.00%, 9/1/38		A2		1,750,000	2,041,760
	Westmoreland Cnty., Muni. Auth. Rev. Bonds, BAM, 5.00%, 8/15/27		AA		450,000	541,823
						24,328,068
	Rhode Island (0.6%)
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50		BBB-/P		2,750,000	3,022,965
						3,022,965
	South Carolina (4.0%)
	SC State Jobs-Econ. Dev. Auth. Rev. Bonds, (Bon Secours Mercy Hlth.), 4.00%, 12/1/44		A1		6,000,000	7,143,060
	SC State Pub. Svcs. Auth. Rev. Bonds
	Ser. A, 5.50%, 12/1/54		A2		4,000,000	4,593,240
	Ser. E, 5.50%, 12/1/53		A2		1,025,000	1,156,969
	Ser. B, 5.00%, 12/1/56		A2		210,000	255,261
	Ser. A, 5.00%, 12/1/55		A2		2,000,000	2,331,360
	Ser. C, 5.00%, 12/1/46		A2		1,120,000	1,289,747
	Ser. A, 5.00%, 12/1/36		A2		2,000,000	2,435,000
						19,204,637
	Tennessee (1.7%)
	Greeneville, Hlth. & Edl. Facs. Board Hosp. Rev. Bonds, (Ballad Hlth. Oblig. Group), Ser. A, 4.00%, 7/1/40		A-		5,000,000	5,600,650
	Metro. Govt. Nashville & Davidson Cnty., Hlth. & Edl. Fac. Board Rev. Bonds, (Blakeford at Green Hills Oblig. Group), Ser. A, 4.00%, 11/1/45		BBB-/F		2,250,000	2,329,313
						7,929,963
	Texas (9.6%)
	Arlington, Higher Ed. Fin. Corp. Rev. Bonds, (Uplift Ed.), Ser. A
	5.00%, 12/1/36		BBB-		500,000	568,830
	PSFG, 5.00%, 12/1/35		AAA		500,000	617,365
	Austin-Bergstrom Landhost Enterprises, Inc. Rev. Bonds
	5.00%, 10/1/35		A3		580,000	637,884
	5.00%, 10/1/34		A3		530,000	583,896
	Central TX Regl. Mobility Auth. Rev. Bonds
	Ser. A, 5.00%, 1/1/49		A-		3,940,000	4,938,357
	(Sr. Lien), Ser. A, 5.00%, 1/1/33 (Prerefunded 1/1/23)		A-		425,000	464,291
	Clifton, Higher Ed. Fin. Corp. Rev. Bonds
	(Intl. Leadership), Ser. D, 6.125%, 8/15/48		BB-/P		1,150,000	1,337,358
	(IDEA Pub. Schools), 5.00%, 8/15/28		A-		300,000	358,437
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds
	(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/38		Baa2		1,500,000	1,551,225
	(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37		BBB-/F		1,000,000	1,100,500
	(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33		Baa2		800,000	832,424
	Love Field, Gen. Arpt. Modernization Corp. Rev. Bonds, 5.00%, 11/1/35		A1		1,000,000	1,149,040
	Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30		A-		1,500,000	1,884,420
	New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds
	(Wesleyan Homes, Inc.), 5.50%, 1/1/43		BB-/P		500,000	523,400
	(TX Woman's U. CHF-Collegiate Hsg. Dining), Ser. B-1, AGM, 4.125%, 7/1/53		AA		1,000,000	1,084,630
	(Woman's U.-Collegiate Hsg. Denton, LLC), Ser. A-1, AGM, 4.125%, 7/1/53		AA		1,000,000	1,084,630
	(Children's Hlth. Syst. of TX), Ser. A, 4.00%, 8/15/34		Aa3		600,000	702,678
	North TX, Tollway Auth. Rev. Bonds, (1st Tier), Ser. I, 6.50%, 1/1/43		A1		4,000,000	4,831,760
	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	2,284,360
	TX Private Activity Surface Trans. Corp. Rev. Bonds, (Segment 3C), 5.00%, 6/30/58		Baa3		3,000,000	3,657,090
	TX State G.O. Bonds, Ser. A, 5.00%, 10/1/44(T)		AAA		9,855,000	11,588,233
	TX State Muni. Pwr. Agcy. Rev. Bonds, (Syst. Net/Transmission Converting Security), 5.00%, 9/1/42		A+		1,400,000	1,405,124
	TX State Private Activity Bond Surface Trans. Corp. Rev. Bonds, (Blueridge Trans. Group, LLC (SH 288 Toll Lane)), 5.00%, 12/31/50		Baa3		2,000,000	2,273,020
	Uptown Dev. Auth. Tax Alloc. Bonds, Ser. A, 5.00%, 9/1/40		BBB		300,000	342,717
						45,801,669
	Virginia (1.9%)
	Fairfax Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds, (Goodwin House, Inc.), Ser. A, 5.00%, 10/1/42		BBB+/F		425,000	473,544
	Small Bus. Fin. Auth. Private Activity Rev. Bonds, (Transform 66-P3), 5.00%, 12/31/52		Baa3		4,250,000	5,013,513
	VA State Small Bus. Fin. Auth. Rev. Bonds, (National Sr. Campuses, Inc. Oblig. Group), 4.00%, 1/1/40		A/F		3,000,000	3,406,320
						8,893,377
	Washington (1.6%)
	King Cnty., Public Hosp. Dist. No. 1 G.O. Bonds, (Valley Med. Ctr.), 5.00%, 12/1/38		A2		2,365,000	2,900,814
	Port of Seattle, Rev. Bonds, Ser. C, 5.00%, 4/1/40		A1		875,000	978,014
	Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32		A-		2,125,000	2,163,951
	WA State Hlth. Care Fac. Auth. Mandatory Put Bonds (7/1/22), (Fred Hutchinson Cancer Research Ctr.), Ser. B, 1.182%, 1/1/42		A+		1,500,000	1,507,725
						7,550,504
	Wisconsin (2.1%)
	Pub. Fin. Auth. Arpt. Fac. Rev. Bonds, (Sr. Oblig. Group), 5.25%, 7/1/28		BBB+		350,000	368,011
	Pub. Fin. Auth. Higher Ed. Fac. Rev. Bonds, (Gannon U.), 5.00%, 5/1/42		BBB+		1,100,000	1,224,432
	Pub. Fin. Auth. Student Hsg. Fac. Rev. Bonds, (Appalachian State U.), Ser. A, AGM
	4.00%, 7/1/50		AA		700,000	774,410
	4.00%, 7/1/45		AA		600,000	667,326
	4.00%, 7/1/40		AA		500,000	562,980
	4.00%, 7/1/38		AA		435,000	491,776
	4.00%, 7/1/36		AA		340,000	386,332
	4.00%, 7/1/34		AA		300,000	342,699
	WI State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Hmong American Peace Academy, Ltd.), 5.00%, 3/15/50		BBB		1,000,000	1,212,790
	(Three Pillars Sr. Living), 5.00%, 8/15/33		A/F		430,000	461,037
	(Advocate Aurora Hlth. Oblig. Group), Ser. A, 4.00%, 8/15/35		AA		3,000,000	3,508,770
	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	270,424
						10,270,987
	Total municipal bonds and notes (cost $590,502,649)					$644,336,843

	SHORT-TERM INVESTMENTS (7.0%)(a)
					Shares	Value
	Putnam Short Term Investment Fund Class P 0.13%(AFF)				33,380,824	$33,380,824
	State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(P)				260,000	260,000
	Total short-term investments (cost $33,640,824)					$33,640,824
	TOTAL INVESTMENTS
	Total investments (cost $624,143,473)					$677,977,667

	OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 1/31/21 (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)
	Bank of America N.A.
		$12,000,000	$28,104		$—		3/11/21	—		0.33% minus Municipal Market Data Index AAA municipal yields 5 Year rate — At maturity	$28,104
	Citibank, N.A.
		2,925,000	4,692		—		3/17/21	—		0.81% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity	4,692
		12,000,000	235,380		—		2/17/21	—		0.955% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity	235,380
	Morgan Stanley & Co. International PLC
		1,200,000	12,876		—		4/14/21	—		0.93% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity	(12,876)
		2,250,000	24,143		—		4/14/21	—		0.93% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity	(24,143)
		2,535,000	25,642		—		4/20/21	—		0.93% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity	(25,642)
		5,070,000	20,447		—		4/20/21	—		0.40% minus Municipal Market Data Index AAA municipal yields 5 Year rate — At maturity	20,447
		4,500,000	19,368		—		4/14/21	—		0.40% minus Municipal Market Data Index AAA municipal yields 5 Year rate — At maturity	19,368
		2,400,000	10,330		—		4/14/21	—		0.40% minus Municipal Market Data Index AAA municipal yields 5 Year rate — At maturity	10,330
		1,690,000	32,220		—		4/20/21	—		1.60% minus Municipal Market Data Index AAA municipal yields 30 Year rate — At maturity	32,220
Upfront premium received					—	Unrealized appreciation					350,541
		Upfront premium (paid)			—	Unrealized (depreciation)					(62,661)
		Total			$—					Total	$287,880

	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, 2020 through January 31, 2021 (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 $479,438,098.
(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.
(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 4/30/20	Purchase cost	Sale proceeds	Investment income	Shares outstanding and fair value as of 1/31/21
	Short-term investments
	Putnam Short Term Investment Fund*	$11,077,023	$123,267,153	$100,963,352	$36,292	$33,380,824
	Total Short-term investments	$11,077,023	$123,267,153	$100,963,352	$36,292	$33,380,824
	* 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.
(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 security (Note 1).
	At the close of the reporting period, the fund maintained liquid assets totaling $127,998,110 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 0.04%, 0.12% and 0.20%, 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	22.8%
	Transportation	20.9
	Tax bonds	18.0
	State debt	17.6
	Utilities	11.8
	Education	10.5
	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.
	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.
	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 gaining exposure to specific sectors.
	To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default.
	For the fund's average notional amount on total return swap contracts, see the appropriate table at the end of these footnotes.
	Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund’s portfolio.
	Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.
	Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.
	At the close of the reporting period, the fund 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 $98,072,113 were held by the TOB trust and served as collateral for $57,657,252 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $65,988 for these investments based on an average interest rate of 0.16%.

	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	$—	$644,336,843	$—
	Short-term investments	260,000	33,380,824	—
	Totals by level	$260,000	$677,717,667	$—
		Valuation inputs
	Other financial instruments:	Level 1	Level 2	Level 3
	Total return swap contracts	—	$287,880	—
	Totals by level	$—	$287,880	$—
	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.
	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)	10
	OTC interest rate swap contracts (notional)	$6,700,000
	OTC total return swap contracts (notional)	$27,300,000
	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