NPORT-EX 2 b_052nport013123.htm QUARTERLY PORTFOLIO HOLDINGS

Putnam Managed Municipal Income Trust

The fund's portfolio

1/31/23 (Unaudited)

Key to holding's abbreviations

AGM — Assured Guaranty Municipal Corporation

AMBAC — AMBAC Indemnity Corporation

BAM — Build America Mutual

FCS — Farm Credit System

G.O. Bonds — General Obligation Bonds

PO — Principal Only

PSFG — Permanent School Fund Guaranteed

Q-SBLF — Qualified School Board Loan Fund

	MUNICIPAL BONDS AND NOTES (134.6%)(a)
			Rating(RAT)		Principal amount	Value
	Alabama (2.2%)
	Jefferson Cnty., Swr. Rev. Bonds
	Ser. D, 6.50%, 10/1/53		BBB		$500,000	$534,614
	stepped-coupon zero %(7.750%, 10/1/23), 10/1/46(STP)		BBB		3,950,000	4,053,627
	Jefferson, Cnty. Rev. Bonds, (Refunding warrants)
	5.00%, 9/15/34		AA		2,075,000	2,246,415
	5.00%, 9/15/33		AA		275,000	299,467
						7,134,123
	Alaska (1.5%)
	AK State Indl. Dev. & Export Auth. Rev. Bonds, (Tanana Chiefs Conference), Ser. A, 4.00%, 10/1/49		A+/F		5,000,000	4,814,453
						4,814,453
	Arizona (4.5%)
	AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds
	(BASIS Schools, Inc.), Ser. G, 5.00%, 7/1/37		BB		500,000	501,155
	(Somerset Academy of Las Vegas), 4.00%, 12/15/41		BB		500,000	428,389
	La Paz Cnty., Indl. Dev. Auth. Ed. Fac. Rev. Bonds, (Harmony Pub. Schools), Ser. A
	5.00%, 2/15/48		BBB		2,330,000	2,351,834
	5.00%, 2/15/38		BBB		500,000	511,906
	Maricopa Cnty. Indl. Dev. Auth. 144A Rev. Bonds, (Commercial Metals Co), 4.00%, 10/15/47		BB+		700,000	594,238
	Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds, (Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35		BB+		750,000	747,346
	Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies), 5.00%, 7/1/44		BBB-		1,700,000	1,713,764
	Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.)
	Ser. A, 5.00%, 7/1/46		BB		250,000	238,064
	5.00%, 7/1/35		BB		900,000	904,689
	Ser. A, 5.00%, 7/1/35		BB		600,000	603,126
	Pima Cnty., Indl. Dev. Auth. Sr. Living 144A Rev. Bonds, (La Posada at Park Centre, Inc.), 6.875%, 11/15/52		BBB+/P		1,500,000	1,560,988
	Salt Verde, Fin. Corp. Gas Rev. Bonds
	5.50%, 12/1/29		A3		2,000,000	2,205,761
	5.00%, 12/1/32		A3		570,000	622,263
	Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds
	(Yavapai Regl. Med.), 5.00%, 8/1/36		A2		200,000	209,403
	(Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34		A2		200,000	211,603
	Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds, (Agribusiness & Equine Ctr.), 5.00%, 3/1/32		BB+		920,000	920,039
	Yavapai Cnty., Indl. Dev. Ed. Auth. 144A Rev. Bonds, Ser. A, 5.00%, 9/1/34		BB+		500,000	500,077
						14,824,645
	Arkansas (0.8%)
	AR Dev. Fin. Auth. Hlth. Care Rev. Bonds, (Baptist Health Oblig. Group)
	5.00%, 12/1/47		A		600,000	633,833
	4.00%, 12/1/44		A		610,000	605,559
	4.00%, 12/1/39		A		585,000	589,566
	4.00%, 12/1/37		A		805,000	816,220
						2,645,178
	California (11.9%)
	CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds
	(Aster Apt.), Ser. A-1, 4.00%, 2/1/56		BB+/P		475,000	419,529
	(Fountains at Emerald Park), 4.00%, 8/1/46		BB-/P		2,460,000	2,088,910
	CA Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35		BBB+		1,678,657	1,627,693
	CA Pub. State Fin. Auth. Sr. Living 144A Rev. Bonds, (Enso Village Project), Ser. A, 5.00%, 11/15/56		B-/P		750,000	652,549
	CA School Fin. Auth. Rev. Bonds, (2023 Union, LLC), Ser. A, 6.00%, 7/1/33		BBB-		465,000	469,400
	CA State Infrastructure & Econ. Dev. Bank 144A Rev. Bonds, (WFCS Holdings II, LLC), Ser. B, zero %, 1/1/61		B-/P		4,455,000	258,553
	CA State Muni. Fin. Auth. Rev. Bonds, (Orchard Park Student Hsg.), BAM, 3.00%, 5/15/54		AA		2,410,000	1,887,975
	CA State Muni. Fin. Auth. Charter School Rev. Bonds, (Partnerships Uplift Cmnty.), Ser. A, 5.00%, 8/1/32		BB+		665,000	650,261
	CA State Poll. Control Fin. Auth. Rev. Bonds, (San Jose Wtr. Co.), 4.75%, 11/1/46		A		1,100,000	1,125,974
	CA State Poll. Control Fin. Auth. 144A Rev. Bonds, (Wtr. Furnishing), 5.00%, 11/21/45		Baa3		1,000,000	1,001,953
	CA State Tobacco Securitization Agcy. Rev. Bonds, (Gold Country Settlement Funding Corp.), Ser. B-2, zero %, 6/1/55		BB/P		5,570,000	1,240,406
	CMFA Special Fin. Agcy. I 144A Rev. Bonds, (Social Bond), Ser. A-2, 4.00%, 4/1/56		BB/P		1,500,000	1,198,875
	CSCDA Cmnty. Impt. Auth. Rev. Bonds, (Pasadena Portfolio), Ser. A-2, 3.00%, 12/1/56		BBB-/P		2,000,000	1,426,772
	CSCDA Cmnty. Impt. Auth. 144A Rev. Bonds
	(Pasadena Portfolio), 4.00%, 12/1/56		BB/P		1,000,000	759,552
	(Anaheim), 4.00%, 8/1/56		BB/P		2,725,000	2,351,392
	(Jefferson-Anaheim), 3.125%, 8/1/56		BB+/P		1,125,000	835,160
	(Jefferson-Anaheim), 2.875%, 8/1/41		BB+/P		930,000	813,060
	Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. B-2, zero %, 6/1/66		BB+/P		20,675,000	2,614,128
	Hastings Campus HFA Rev. Bonds, (U. of CA Hastings College of the Law), Ser. A, 5.00%, 7/1/61		BB-/P		1,200,000	989,927
	Palm Desert, Special Tax, (Cmnty. Fac. Dist. 2021-1), 4.00%, 9/1/41		B+/P		450,000	427,987
	Regents of the U. of CA Med. Ctr. (The) Rev. Bonds, Ser. P, 5.00%, 5/15/41(T)		Aa3		6,000,000	6,873,098
	Sacramento, Special Tax, (Greenbriar Cmnty. Fac. Dist. No 2018-03), 4.00%, 9/1/46		BB/P		700,000	610,836
	San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 4.00%, 5/1/52		A1		1,000,000	961,367
	San Francisco, City & Cnty. Dev. 144A Special Tax, (Dist. No. 2020-1 Mission Rock Fac. & Svcs.), Ser. A, 4.00%, 9/1/41		B+/P		500,000	457,655
	San Francisco, City & Cnty. Redev. Agcy. Cmnty. Successor Special Tax Bonds, (No. 6 Mission Bay Pub. Impts.), Ser. C
	zero %, 8/1/43		BBB/P		2,000,000	605,478
	zero %, 8/1/38		BBB/P		2,000,000	817,119
	San Joaquin Hills, Trans. Corridor Agcy. Toll Road Rev. Bonds, Ser. A
	4.00%, 1/15/45		A		400,000	394,310
	4.00%, 1/15/44		A		100,000	98,875
	4.00%, 1/15/42		A		500,000	499,717
	4.00%, 1/15/41		A		500,000	500,832
	Santa Clara Cnty., Fin. Auth. Rev. Bonds, Ser. Q, 3.00%, 5/15/34		AA+		4,000,000	4,003,045
	Sunnyvale, Special Tax Bonds, (Cmnty. Fac. Dist. No. 1), 7.75%, 8/1/32		B+/P		785,000	787,938
						39,450,326
	Colorado (2.4%)
	CO State Edl. & Cultural Auth. Rev. Bonds, (Aspen View Academy, Inc.)
	4.00%, 5/1/61		Baa3		550,000	444,767
	4.00%, 5/1/51		Baa3		350,000	295,305
	4.00%, 5/1/41		Baa3		175,000	157,161
	4.00%, 5/1/36		Baa3		150,000	142,052
	CO State Educ. & Cultural Fac. Auth. Rev. Bonds, (Skyview Academy), 5.125%, 7/1/34		BB		755,000	758,693
	CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (Christian Living Neighborhood)
	5.00%, 1/1/37		BB/P		1,250,000	1,149,735
	5.00%, 1/1/31		BB/P		500,000	485,043
	Park Creek, Metro. Dist. Tax Alloc. Bonds, (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45		A/F		225,000	232,153
	Plaza, Tax Alloc. Bonds, (Metro. Dist. No. 1), 5.00%, 12/1/40		BB-/P		1,650,000	1,630,712
	RainDance Metro. Dist. No. 1 Rev. Bonds, (Non-Potable Wtr. Enterprise), 5.25%, 12/1/50		B+/P		875,000	806,823
	Rampart Range Metro. Distr. Rev. Bonds, (Dist. No. 5), 4.00%, 12/1/41		BB-/P		1,000,000	789,463
	Southlands, Metro. Dist. No. 1 G.O. Bonds, Ser. A-1, 5.00%, 12/1/37		Ba1		500,000	500,433
	Sterling Ranch Cmnty. Auth. Board Rev. Bonds, (Metro. Dist. No. 2), Ser. A, 4.25%, 12/1/50		BB/P		450,000	361,582
						7,753,922
	Connecticut (0.5%)
	Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39		BB/P		1,500,000	1,501,740
						1,501,740
	Delaware (1.0%)
	DE State Econ. Dev. Auth. Rev. Bonds
	(ASPIRA of Delaware Charter Operations, Inc.), Ser. A, 5.00%, 6/1/51		BB		1,035,000	999,952
	(ASPIRA Charter School), Ser. A, 5.00%, 6/1/36		BB		705,000	711,189
	Millsboro Special Oblig. 144A Special Tax, (Plantation Lakes), 5.25%, 7/1/48		BB-/P		999,000	982,491
	Millsboro Special Oblig. 144A Tax Alloc. Bonds, (Plantation Lakes Special Dev. Dist.), 5.125%, 7/1/38		BB-/P		490,000	490,391
						3,184,023
	District of Columbia (5.5%)
	DC Rev. Bonds
	(Plenary Infrastructure DC, LLC), 5.50%, 8/31/36		A3		1,365,000	1,513,420
	(Plenary Infrastructure DC, LLC), 5.50%, 8/31/35		A3		1,140,000	1,276,372
	(Ingleside at Rock Creek), Ser. A, 5.00%, 7/1/52		BB-/P		1,000,000	855,243
	(Intl. School), 5.00%, 7/1/49		BBB		1,275,000	1,292,871
	(Latin American Montessori Bilingual Pub. Charter School Oblig. Group), 5.00%, 6/1/40		BB+		1,500,000	1,487,881
	(KIPP DC), 4.00%, 7/1/44		BBB+		750,000	664,699
	DC 144A Rev. Bonds, (Rocketship DC Oblig. Group), Ser. 21-A, 5.00%, 6/1/61		BB/P		400,000	369,944
	DC Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, zero %, 6/15/46		CCC/P		7,500,000	1,780,061
	Metro. Washington DC, Arpt. Auth. Rev. Bonds Ser. A, 4.00%, 10/1/51(T)		AA-		7,200,000	6,910,717
	Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
	(Dulles Metrorail & Cap. Impt. Proj.) Ser. B, 4.00%, 10/1/44(T)		A-		1,060,000	1,035,856
	(Dulles Metrorail & Cap. Impt. Proj.) 4.00%, 10/1/53(T)		A-		1,065,000	998,847
						18,185,911
	Florida (8.3%)
	Cap. Trust Agcy. Rev. Bonds, (Wonderful Foundation Charter School Holdings, LLC), zero %, 1/1/60		B/P		6,000,000	363,682
	Cap. Trust Agcy. 144A Rev. Bonds
	(WFCS Holdings II, LLC), Ser. A-1, 5.00%, 1/1/56		BB/P		900,000	741,548
	(Wonderful Foundation Charter School Holdings, LLC), 5.00%, 1/1/55		BB-/P		1,700,000	1,415,714
	(Wonderful Foundation Charter School Holdings, LLC), 4.50%, 1/1/35		BB-/P		750,000	717,912
	Charlotte Cnty., Indl. Dev. Auth. Util. Syst. 144A Rev. Bonds, (MSKP Town & Country Util., LLC), Ser. A, 4.00%, 10/1/51		B+/P		1,000,000	772,502
	Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds, (Sr. Lien), Ser. A-1, 4.125%, 5/1/31		A		500,000	500,871
	Fishhawk, CCD IV Special Assmt. Bonds, 7.25%, 5/1/43		B/P		370,000	372,413
	FL State Dev. Fin Corp. Sr. Living Rev. Bonds, (Glenridge on Palmer Ranch Oblig. Group), 5.00%, 6/1/51		BB/P		700,000	582,013
	FL State Higher Edl. Fac. Financial Auth. Rev. Bonds
	(St. Leo U., Inc. Oblig. Group), 5.00%, 3/1/49		BB+		365,000	330,508
	(St. Leo U.), 5.00%, 3/1/44		BB+		1,370,000	1,267,373
	Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36		A-		1,300,000	1,353,950
	Lake Cnty., Retirement Fac. Rev. Bonds, (Waterman Cmnty., Inc.), 5.75%, 8/15/55		B/P		750,000	661,452
	Lakewood Ranch, Stewardship Dist. Special Assessment Bonds, (Village of Lakewood Ranch South), 5.125%, 5/1/46		B+/P		810,000	794,228
	Lakewood Ranch, Stewardship Dist. Special Assmt., (Azario), 4.00%, 5/1/40		B+/P		1,000,000	878,406
	Lakewood Ranch, Stewardship Dist. 144A Special Assmt., 4.00%, 5/1/50		B/P		250,000	201,036
	Miami-Dade Cnty., Indl. Dev. Auth. Rev. Bonds, (Pinecrest Academy, Inc.), 5.00%, 9/15/34		BBB		1,240,000	1,271,962
	Orange Cnty., Hlth. Fac. Auth. Rev. Bonds, (Orlando Hlth.), 5.00%, 10/1/53		A+		4,000,000	4,303,692
	Palm Beach Cnty., Rev. Bonds, (Lynn U. Hsg.), Ser. A, 5.00%, 6/1/57		B+/P		625,000	557,628
	Palm Beach Cnty., 144A Rev. Bonds, (PBAU Hsg.), Ser. A, 5.00%, 4/1/39		Ba1		500,000	488,587
	Pinellas Cnty., Indl. Dev. Auth. Rev. Bonds, (2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39		AAA/P		1,690,000	1,689,156
	Sarasota Cnty., Hlth. Fac. Auth. Rev. Bonds, (Village on the Isle), Ser. A, 5.00%, 1/1/37		BB+/F		1,000,000	947,119
	Sarasota Cnty., Pub. Hosp. Dist. Rev. Bonds, (Sarasota Memorial Hosp.), 4.00%, 7/1/48		A1		1,500,000	1,420,150
	St. John's Cnty., Indl. Dev. Auth. Rev. Bonds, (Life Care Ponte Vedra Oblig. Group), Ser. A
	4.00%, 12/15/41		BB+/F		500,000	404,483
	4.00%, 12/15/36		BB+/F		355,000	307,528
	Tallahassee, Hlth. Fac. Rev. Bonds, (Tallahassee Memorial HealthCare, Inc.), Ser. A, 5.00%, 12/1/55		Baa1		1,000,000	1,013,371
	Verandah, West Cmnty. Dev. Dist. Special Assmt. Bonds, (Cap. Impt.), 5.00%, 5/1/33		B+/P		490,000	490,334
	Village Cmnty. Dev. Dist. No. 10 Special Assmt. Bonds, 5.75%, 5/1/31		BB/P		760,000	762,802
	Village Cmnty. Dev. Dist. No. 12 144A Special Assessment Bonds, 4.00%, 5/1/33		BB-/P		690,000	675,658
	Village, 144A Special Assmt., (Village Cmnty. Dev. Dist. No. 13), 3.25%, 5/1/40		BB-/P		2,440,000	1,916,569
						27,202,647
	Georgia (6.3%)
	Cobb Cnty., Dev. Auth. Student Hsg. Rev. Bonds
	(Kennesaw State U. Real Estate Oblig. Group), Ser. C, 5.00%, 7/15/38		Baa2		765,000	771,121
	(Kennesaw State U. Real Estate), 5.00%, 7/15/30		Baa2		700,000	713,235
	Coweta Cnty., Dev. Auth. Rev. Bonds, (Piedmont Healthcare, Inc.), 5.00%, 7/1/44		AA-		4,000,000	4,212,565
	Geo L Smith II GA Congress Ctr. 144A Rev. Bonds, (Signia Hotel Mgt., LLC.)
	5.00%, 1/1/54		BB-/P		1,480,000	1,221,250
	5.00%, 1/1/36		BB-/P		850,000	795,403
	Main Street Natural Gas, Inc. Gas Supply Rev. Bonds, Ser. A, 5.00%, 5/15/34		A3		3,345,000	3,526,461
	Muni. Election Auth. of GA Rev. Bonds, (Plant Vogtle Units 3 & 4)
	Ser. A, 5.50%, 7/1/60		A		2,000,000	2,042,000
	AGM, 5.00%, 7/1/48		AA		1,500,000	1,600,458
	AGM, 5.00%, 7/1/48		AA		1,000,000	1,066,972
	4.50%, 7/1/63		A		2,250,000	2,260,333
	Ser. A, 4.00%, 1/1/59		A2		2,000,000	1,870,118
	Ser. A, 4.00%, 1/1/49		A2		500,000	476,442
						20,556,358
	Illinois (12.9%)
	Chicago, G.O. Bonds
	Ser. A, 5.50%, 1/1/49		BBB+		1,000,000	1,040,490
	Ser. A, 5.00%, 1/1/40		BBB+		2,000,000	2,028,513
	Ser. A, 5.00%, 1/1/30		BBB+		1,800,000	1,934,287
	Ser. B, 4.00%, 1/1/38		BBB+		2,747,000	2,583,404
	Chicago, Special Assmt.
	3.38%, 12/1/31		BBB/P		367,000	328,443
	3.04%, 12/1/28		BBB/P		270,000	246,972
	Chicago, Board of Ed. G.O. Bonds
	Ser. C, 5.25%, 12/1/39		BB		1,500,000	1,507,673
	Ser. A, 5.00%, 12/1/47		BB		1,750,000	1,762,501
	Ser. A, 5.00%, 12/1/40		BB		500,000	509,926
	Ser. H, 5.00%, 12/1/36		BB		2,100,000	2,143,762
	Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. A, 5.00%, 1/1/38		A+		700,000	746,907
	Cook Cnty., G.O. Bonds, 5.00%, 11/15/35		A+		500,000	525,842
	Du Page Cnty., Special Svc. Area No. 31 Special Tax Bonds, (Monarch Landing), 5.625%, 3/1/36		B/P		273,000	272,471
	IL State G.O. Bonds
	Ser. A, 5.00%, 5/1/38		Baa1		1,000,000	1,040,380
	Ser. B, 5.00%, 10/1/31		Baa1		2,000,000	2,145,130
	Ser. A, 5.00%, 12/1/28		Baa1		1,760,000	1,889,887
	IL State Fin. Auth. Rev. Bonds
	(Plymouth Place Oblig. Group), 5.00%, 5/15/56		BB+/F		815,000	663,283
	(Plymouth Place Oblig. Group), 5.00%, 5/15/51		BB+/F		1,000,000	832,682
	(Plymouth Place Oblig. Group), 5.00%, 5/15/41		BB+/F		400,000	355,914
	(Southern IL Healthcare Enterprises, Inc.), 5.00%, 3/1/33		A		700,000	747,249
	(Riverside Hlth. Syst.), 4.00%, 11/15/35		A+		500,000	509,171
	IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds
	(CHF-Chicago, LLC), 5.00%, 2/15/47		Baa3		1,500,000	1,502,983
	(U. of IL-CHF-Chicago, LLC), Ser. A, 5.00%, 2/15/37		Baa3		1,200,000	1,224,350
	Metro. Pier & Exposition Auth. Rev. Bonds, (McCormick Place Expansion)
	Ser. A, 5.00%, 6/15/50		A-		3,000,000	3,048,511
	4.00%, 6/15/52		A-		1,000,000	885,593
	Ser. B, stepped-coupon zero % (4.950%, 6/15/31), 12/15/47(STP)		A-		1,500,000	904,802
	Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, Ser. A, 5.00%, 12/1/31		AA+		1,000,000	1,088,935
	Northern IL U. Rev. Bonds, Ser. B, BAM
	5.00%, 4/1/33		AA		625,000	689,097
	5.00%, 4/1/31		AA		500,000	553,900
	4.00%, 4/1/40		AA		610,000	596,119
	4.00%, 4/1/39		AA		500,000	495,385
	Sales Tax Securitization Corp. Rev. Bonds
	Ser. C, 5.50%, 1/1/36		AA-		2,000,000	2,221,050
	Ser. A, 5.00%, 1/1/36		AA-		1,600,000	1,744,228
	Ser. A, 4.00%, 1/1/39		AA-		1,750,000	1,746,242
	Ser. A, 4.00%, 1/1/38		AA-		1,750,000	1,755,583
						42,271,665
	Iowa (0.3%)
	IA Tobacco Settlement Auth. Rev. Bonds, Ser. B-1, Class 2, 4.00%, 6/1/49		BBB+		945,000	945,622
						945,622
	Kansas (0.3%)
	Wichita, Hlth. Care Fac. Rev. Bonds, (Presbyterian Manors), Ser. I, 5.00%, 5/15/33		BB-/P		500,000	481,277
	Wyandotte, Cnty./Kansas City, Unified Govt. 144A Rev. Bonds, (Legends Apt. Garage & West Lawn), 4.50%, 6/1/40		BB+/P		390,000	359,880
						841,157
	Kentucky (2.9%)
	KY Econ. Dev. Fin. Auth. Rev. Bonds, (Masonic Home Indpt. Living), 5.00%, 5/15/46		BB/P		1,000,000	802,948
	KY State Econ. Dev. Fin. Auth. Rev. Bonds, (Owensboro Hlth.), Ser. A, 5.25%, 6/1/41		Baa2		125,000	129,302
	KY State Econ. Dev. Fin. Auth. Hlth. Care Rev. Bonds, (Masonic Homes of KY), 5.375%, 11/15/42		BB-/P		900,000	780,868
	KY State Pub. Energy Auth. Gas Supply Mandatory Put Bonds (6/1/25), Ser. C-1, 4.00%, 12/1/49		A1		4,635,000	4,648,802
	Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds, (Norton Healthcare Oblig. Group), 5.50%, 10/1/33		A		3,000,000	3,051,559
						9,413,479
	Louisiana (1.9%)
	LA Pub. Fac. Auth. Rev. Bonds
	(Tulane U.), Ser. A, 5.00%, 10/15/48		A1		1,000,000	1,095,892
	(U. of Tulane), 4.00%, 12/15/50 (Prerefunded 12/15/27)		AAA/P		20,000	21,544
	LA State Pub. Fac. Auth. Rev. Bonds, (LA State U. Greenhouse Phase III), Ser. A, 5.00%, 7/1/59		A3		1,500,000	1,548,975
	St. John The Baptist Parish Mandatory Put Bonds (7/1/26), (Marathon Oil Corp.), Ser. A-3, 2.20%, 6/1/37		Baa3		3,500,000	3,300,762
	St. Tammany, Public Trust Fin. Auth. Rev. Bonds, (Christwood), 5.25%, 11/15/37		BB/P		385,000	377,601
						6,344,774
	Maine (0.2%)
	ME State Fin. Auth. Solid Waste Disp. 144A Mandatory Put Bonds (8/1/25), (Casella Waste Syst.), 5.125%, 8/1/35		B1		500,000	504,132
						504,132
	Maryland (2.0%)
	Brunswick, Special Tax, 5.00%, 7/1/36		B+/P		549,000	560,540
	Frederick Cnty., Special Tax Bonds, (Oakdale-Lake Linganore), 3.75%, 7/1/39		BB/P		1,410,000	1,241,826
	Frederick Cnty., Edl. Fac. 144A Rev. Bonds, (Mount St. Mary's U.), Ser. A, 5.00%, 9/1/37		BB+		500,000	486,856
	MD State Econ. Dev. Corp. Tax Alloc. Bonds, (Port Covington)
	4.00%, 9/1/50		B+/P		750,000	629,518
	4.00%, 9/1/40		B+/P		755,000	677,983
	Prince Georges Cnty., Special Oblig. 144A Tax Alloc. Bonds, (Westphalia Town Ctr.), 5.125%, 7/1/39		B/P		1,000,000	1,002,530
	Westminster, Rev. Bonds
	(Lutheran Village at Miller's Grant, Inc. (The)), Ser. A, 6.00%, 7/1/34		B-/P		250,000	253,359
	(Carroll Lutheran Village, Inc.), 5.125%, 7/1/34 (Prerefunded 7/1/24)		BB/P		1,500,000	1,554,018
						6,406,630
	Massachusetts (3.9%)
	Lowell, Collegiate Charter School Rev. Bonds
	5.00%, 6/15/54		BB-/P		1,250,000	1,178,328
	5.00%, 6/15/39		BB-/P		1,000,000	999,941
	MA State G.O. Bonds, Ser. E, 5.00%, 11/1/47		Aa1		7,950,000	8,958,086
	MA State Dev. Fin. Agcy. 144A Rev. Bonds, (Linden Ponds, Inc. Fac.)
	5.125%, 11/15/46		A/F		1,000,000	1,033,603
	5.00%, 11/15/38		A/F		500,000	519,901
	MA State Dev. Fin. Agcy. Hlth. Care Fac. 144A Rev. Bonds, (Adventcare), Ser. A, 6.65%, 10/15/28 (In default)(NON)		D/P		995,000	99,500
						12,789,359
	Michigan (4.7%)
	Detroit, G.O. Bonds, 5.00%, 4/1/37		Ba2		750,000	766,243
	Flint, Hosp. Bldg. Auth. Rev. Bonds, Ser. A, 5.25%, 7/1/39		Ba1		750,000	752,229
	Kentwood, Economic Dev. Corp. Rev. Bonds, (Holland Home Obligated Group)
	5.00%, 11/15/41		BBB-/F		1,000,000	1,001,635
	5.00%, 11/15/32		BBB-/F		1,250,000	1,275,854
	MI State Fin. Auth. Rev. Bonds, (Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33		AA-		600,000	616,855
	MI State Fin. Auth. Ltd. Oblig. Rev. Bonds, (Lawrence Technological U.), 5.00%, 2/1/47		BBB-		2,150,000	2,058,498
	MI State Fin. Auth. Ltd. Oblig. Higher Ed. Fac. Rev. Bonds, (Aquinas College), 5.00%, 5/1/46		BB/P		1,000,000	870,895
	Pontiac City, G.O. Bonds, (Pontiac School Dist.), Q-SBLF
	4.00%, 5/1/50(T)		Aa1		4,023,000	4,040,882
	4.00%, 5/1/45(T)		Aa1		3,576,000	3,616,525
	MI State Strategic Fund Ltd. Oblig. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/43		BBB-/F		500,000	498,042
						15,497,658
	Minnesota (1.4%)
	Baytown Twp., Lease Rev. Bonds, Ser. A, 4.00%, 8/1/41		BB+		380,000	316,817
	Ham Lake, Charter School Lease Rev. Bonds, (DaVinci Academy of Arts & Science), Ser. A, 5.00%, 7/1/47		BB-/P		500,000	466,608
	MN State Higher Ed. Fac. Auth. Rev. Bonds, (Augsburg U.), Ser. A, 5.00%, 5/1/46		Ba1		1,250,000	1,180,973
	Rice Cnty., G.O. Bonds, Ser. A, 4.00%, 2/1/48		AAA		1,500,000	1,546,004
	St. Paul, Port Auth. Lease Rev. Bonds, (Regions Hosp. Pkg. Ramp), Ser. 1, 5.00%, 8/1/36		A-/P		1,075,000	1,075,469
						4,585,871
	Missouri (1.5%)
	Cape Girardeau Cnty., Indl. Dev. Auth. Rev. Bonds, (SoutheastHEALTH Oblig. Group), 4.00%, 3/1/41		BBB-		1,500,000	1,372,860
	Saint Louis, Indl. Dev. Auth. Fin. Rev. Bonds, (Ballpark Village Dev.), Ser. A, 4.75%, 11/15/47		BB-/P		875,000	672,333
	St. Louis Cnty., Indl. Dev. Auth. Sr. Living Fac. Rev. Bonds, (Friendship Village), 5.25%, 9/1/53		BB+/F		3,250,000	3,012,758
						5,057,951
	Montana (1.0%)
	MT State Fac. Fin. Auth. Rev. Bonds, (Billings Clinic Oblig. Group), Ser. A
	5.00%, 8/15/34		AA-		1,500,000	1,770,684
	5.00%, 8/15/32		AA-		1,365,000	1,632,787
						3,403,471
	Nevada (0.8%)
	Clark Cnty., Impt. Dist. No. 159 Special Assessment Bonds, (Summerlin Village 16A), 5.00%, 8/1/32		B+/P		410,000	416,244
	Las Vegas, Special Assmt. Bonds
	(Dist. No. 815), 5.00%, 12/1/49		B+/P		625,000	606,101
	(Special Impt. Dist. No. 816), 3.00%, 6/1/41		BB-/P		650,000	479,756
	Las Vegas, Impt. Dist. No. 812 Special Assessment Bonds, (Summerlin Village 24), 5.00%, 12/1/35		B/P		220,000	222,503
	Las Vegas, Special Impt. Dist. No. 814 Special Assmt., (Summerlin Village No. 21 and 24A)
	4.00%, 6/1/44		BB-/P		615,000	542,901
	4.00%, 6/1/39		BB-/P		435,000	400,084
						2,667,589
	New Hampshire (0.4%)
	NH State Hlth. & Ed. Fac. Auth. Rev. Bonds
	(Elliot Hosp.), 5.00%, 10/1/38		A3		250,000	256,487
	(Southern NH Med. Ctr.), 5.00%, 10/1/37		A-		1,000,000	1,029,061
	NH State Hlth. & Ed. Fac. Auth. 144A Rev. Bonds, (Hillside Village), Ser. A, 6.25%, 7/1/42 (In default)(NON)		D/P		626,090	137,740
						1,423,288
	New Jersey (4.6%)
	Atlantic City, G.O. Bonds, (Tax Appeal), Ser. B, AGM, 4.00%, 3/1/42		AA		1,250,000	1,256,374
	NJ State Econ. Dev. Auth. Rev. Bonds
	(Ashland School, Inc.), 6.00%, 10/1/33		BBB		950,000	969,150
	(NYNJ Link Borrower, LLC), 5.375%, 1/1/43		BBB+		1,000,000	1,011,724
	(North Star Academy Charter School of Newark, Inc.), 5.00%, 7/15/47		BBB-		1,000,000	1,016,483
	NJ State Econ. Dev. Auth. Fac. Rev. Bonds, (Continental Airlines, Inc.), 5.625%, 11/15/30		Ba3		1,500,000	1,536,041
	NJ State Econ. Dev. Auth. Special Fac. Rev. Bonds, (Port Newark Container Term., LLC), 5.00%, 10/1/37		Baa2		1,500,000	1,527,356
	NJ State Trans. Trust Fund Auth. Rev. Bonds
	Ser. AA, 5.00%, 6/15/38		A3		1,800,000	1,912,956
	Ser. AA, 5.00%, 6/15/37		A3		400,000	441,277
	Ser. AA, 5.00%, 6/15/36		A3		475,000	529,986
	Ser. A, 5.00%, 12/15/34		A3		2,600,000	2,843,770
	Ser. A, 4.00%, 6/15/42		A3		1,000,000	980,891
	South Jersey, Trans. Auth. Syst. Rev. Bonds, Ser. A, BAM, 5.25%, 11/1/52		AA		1,000,000	1,103,314
						15,129,322
	New Mexico (0.1%)
	Sante Fe, Retirement Fac. Rev. Bonds, (El Castillo Retirement Residences), Ser. A, 5.00%, 5/15/39		BB+/F		500,000	457,677
						457,677
	New York (12.5%)
	Metro. Trans. Auth. Rev. Bonds, Ser. C-1, 4.00%, 11/15/35		A3		3,000,000	2,980,602
	NY City, Transitional Fin. Auth. Rev. Bonds
	Ser. B-1, 4.00%, 11/1/41(T)		AA+		5,000,000	5,497,644
	Ser. C-1, 4.00%, 5/1/39		AAA		2,000,000	2,034,852
	NY Counties, Tobacco Trust VI Rev. Bonds, (Tobacco Settlement Pass Through), Ser. A-2B, 5.00%, 6/1/51		BB+/P		1,700,000	1,642,433
	NY State Dorm. Auth. Sales Tax Rev. Bonds, Ser. A, Group C, 5.00%, 3/15/42(T)		AA+		10,845,000	11,534,614
	NY State Dorm. Auth. Personal Income Tax Rev. Bonds, Ser. A, 5.00%, 3/15/46(T)		AA+		4,500,000	4,968,074
	NY State Env. Fac. Corp. Solid Waste Disp. Mandatory Put Bonds (9/2/25), (Casella Waste Syst., Inc.), Ser. R-1, 2.75%, 9/1/50		B+		225,000	214,070
	NY State Liberty Dev. Corp. Rev. Bonds, Ser. A, BAM, 3.00%, 11/15/51		AA		3,000,000	2,280,199
	NY State Liberty Dev. Corp. Rev. Bonds, (4 World Trade Ctr.), 3.00%, 11/15/51		A+		6,075,000	4,531,404
	NY State Liberty Dev. Corp. 144A Rev. Bonds, (World Trade Ctr.), Class 2, 5.375%, 11/15/40		BB-/P		750,000	750,882
	NY State Trans. Special Fac. Dev. Corp. Rev. Bonds, (Delta Air Lines, Inc.), 5.00%, 10/1/40		Baa3		1,250,000	1,279,476
	Port Auth. of NY & NJ Rev. Bonds, Ser. 218, 5.00%, 11/1/49(T)		Aa3		2,460,000	2,582,803
	Suffolk, Tobacco Asset Securitization Corp. Rev. Bonds, Ser. A-2, 4.00%, 6/1/50		BBB+		800,000	730,365
						41,027,418
	North Carolina (1.6%)
	NC State Med. Care Comm. Hlth. Care Fac. Rev. Bonds, (Lutheran Svcs. for the Aging, Inc. Oblig. Group), Ser. C, 4.00%, 3/1/36		BB/P		2,320,000	1,992,497
	NC State Med. Care Comm. Retirement Fac. Rev. Bonds
	(Maryfield, Inc. Oblig. Group), 5.00%, 10/1/45		BB/P		500,000	473,372
	(Twin Lakes Cmnty.), Ser. A, 5.00%, 1/1/38		BBB/F		1,750,000	1,769,558
	(Southminister, Inc.), 5.00%, 10/1/37		BB/P		965,000	930,907
						5,166,334
	Ohio (3.0%)
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
	Ser. B-2, Class 2, 5.00%, 6/1/55		BB/P		475,000	453,627
	Ser. A-2, Class 1, 3.00%, 6/1/48		BBB+		1,300,000	990,664
	Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds, (Playhouse Square Foundation), 5.50%, 12/1/53		BB+		1,500,000	1,536,654
	OH State Air Quality Dev. Auth. Exempt Fac. 144A Rev. Bonds, (Pratt Paper, LLC), 4.50%, 1/15/48		BB+/P		1,200,000	1,137,904
	OH State Higher Edl. Fac. Comm. Rev. Bonds, (John Carroll U.), 4.00%, 10/1/45		Baa1		3,400,000	3,048,779
	OH State Private Activity Rev. Bonds, (Portsmouth Bypass), AGM, 5.00%, 12/31/35		AA		750,000	770,969
	Port of Greater Cincinnati Dev. Auth. 144A Rev. Bonds, 4.25%, 12/1/50		BB/P		1,440,000	1,140,128
	Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, (Memorial Hlth. Syst. Oblig. Group), 5.00%, 12/1/43		B+/F		150,000	143,380
	Washington Cnty, Hosp. Rev. Bonds, (Marietta Area Hlth. Care, Inc.), 6.75%, 12/1/52		B+/P		500,000	508,148
						9,730,253
	Oregon (0.4%)
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds, (Terwilliger Plaza, Inc.), 5.00%, 12/1/29		BB+/F		350,000	350,010
	Warm Springs, Reservation Confederated Tribes 144A Rev. Bonds, (Pelton-Round Butte), Ser. B
	5.00%, 11/1/36		A3		500,000	554,133
	5.00%, 11/1/34		A3		200,000	224,976
	Yamhill Cnty., Hosp. Auth. Rev. Bonds, (Friendsview Manor Oblig. Group), Ser. A, 5.00%, 11/15/56		BB-/P		400,000	304,711
						1,433,830
	Pennsylvania (4.1%)
	Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds, (Allegheny Hlth. Network Oblig. Group), Ser. A, 5.00%, 4/1/35		A		1,200,000	1,297,328
	Chester Cnty., Indl. Dev. Auth. Rev. Bonds
	(Collegium Charter School), Ser. A, 5.125%, 10/15/37		BB		750,000	748,790
	(Renaissance Academy Charter School), 5.00%, 10/1/34		BBB-		350,000	353,063
	Chester Cnty., Indl. Dev. Auth. Student Hsg. Rev. Bonds, (West Chester U. Student Hsg., LLC), Ser. A, 5.00%, 8/1/45		Ba2		1,000,000	974,920
	Cumberland Cnty., Muni. Auth. Rev. Bonds, (Asbury PA Obligated Group), 5.00%, 1/1/45		BB+/P		500,000	451,858
	Dallas, Area Muni. Auth. U. Rev. Bonds, (Misericordia U.), 5.00%, 5/1/48		Baa3		1,500,000	1,477,056
	Maxatawny Twp., Muni. Auth. Rev. Bonds, (Diakon Lutheran Social Ministries), Ser. A
	5.00%, 1/1/42		BBB+/F		1,450,000	1,453,039
	5.00%, 1/1/41		BBB+/F		1,400,000	1,406,940
	Montgomery Cnty., Indl. Auth. Rev. Bonds, (Whitemarsh Continuing Care Retirement Cmnty.), Ser. A, 5.25%, 1/1/48		BB-/P		500,000	459,046
	Moon, Indl. Dev. Auth. Rev. Bonds, (Baptist Homes Society Oblig. Group), 5.75%, 7/1/35		B+/P		650,000	593,857
	PA State Econ. Dev. Fin. Auth. Rev. Bonds, (PennDOT Major Bridges), 6.00%, 6/30/61		Baa2		1,000,000	1,111,250
	PA State Tpk. Comm. Rev. Bonds, Ser. A, 5.00%, 12/1/44		A3		1,500,000	1,598,932
	Philadelphia Auth. For Ind. Dev. 144A Rev. Bonds, (String Theory Charter School), 5.00%, 6/15/50		BB+		700,000	673,710
	West Shore Area Auth. Rev. Bonds, (Lifeways at Messiah Village), Ser. A, 5.00%, 7/1/35		BBB-/F		785,000	786,025
						13,385,814
	Puerto Rico (1.9%)
	Cmnwlth. of PR, G.O. Bonds, Ser. A-1, 4.00%, 7/1/46		BB/P		2,000,000	1,674,745
	Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A-1, 5.00%, 7/1/58		BB-/P		4,700,000	4,642,419
						6,317,164
	South Carolina (5.8%)
	Berkeley Cnty., Assmt. Rev. Bonds, (Nexton Impt. Dist.), 4.375%, 11/1/49		BB-/P		1,000,000	834,739
	SC State Jobs Econ. Dev. Auth. Edl. Fac. 144A Rev. Bonds
	(High Point Academy), Ser. A, 5.75%, 6/15/49		Ba1		1,000,000	1,017,933
	(High Point Academy), Ser. A, 5.75%, 6/15/39		Ba1		500,000	513,542
	(Greenville Renewable Energy Ed. Charter School), 4.00%, 6/1/56		BB/P		1,020,000	738,627
	SC State Jobs-Econ. Dev. Auth. Rev. Bonds, (Bon Secours Mercy Hlth.), 4.00%, 12/1/44		A1		4,000,000	3,897,243
	SC State Public Svc Auth. Rev. Bonds Ser. B
	4.00%, 12/1/51(T)		A3		3,000,000	2,822,024
	4.00%, 12/1/42(T)		A3		5,250,000	5,155,068
	4.00%, 12/1/41(T)		A3		4,000,000	3,943,818
						18,922,994
	Tennessee (0.8%)
	Metro. Govt. Nashville & Davidson Cnty., Hlth. & Edl. Fac. Board Rev. Bonds, (Blakeford at Green Hills), Ser. A, 4.00%, 11/1/55		BBB-/F		1,750,000	1,364,322
	Metro. Nashville, Arpt. Auth. Rev. Bonds, Ser. B, 5.50%, 7/1/39		A1		1,000,000	1,138,703
						2,503,025
	Texas (9.0%)
	Arlington, Higher Ed. Fin. Corp. Rev. Bonds
	(Uplift Ed.), Ser. A, PSFG, 4.00%, 12/1/42		AAA		1,000,000	1,004,036
	(Wayside Schools), Ser. A, 4.00%, 8/15/41		BB		610,000	513,912
	Arlington, Higher Ed. Fin. Corp. 144A Rev. Bonds, (Magellan School (The)), 6.375%, 6/1/62		Ba2		1,100,000	1,106,403
	Clifton, Higher Ed. Fin. Corp. Rev. Bonds
	(Intl. Leadership), Ser. D, 6.125%, 8/15/48		BB-/P		2,500,000	2,560,776
	(IDEA Pub. Schools), 5.00%, 8/15/28		A-		200,000	213,904
	Dallas, Area Rapid Transit Rev. Bonds, Ser. B, 5.00%, 12/1/47		AA+		9,000,000	9,881,078
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds
	(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37		BB+/F		250,000	232,650
	(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33		Ba1		1,000,000	950,327
	Houston, Arpt. Syst. Rev. Bonds
	Ser. B-1, 5.00%, 7/15/35		B		2,500,000	2,507,000
	(United Airlines, Inc.), 4.00%, 7/1/41		B-/F		1,250,000	1,126,719
	Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30		A-		1,250,000	1,323,004
	New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds
	(Wesleyan Homes, Inc.), 5.50%, 1/1/43		BB-/P		500,000	441,363
	(Woman's U.-Collegiate Hsg. Denton, LLC), Ser. A-1, AGM, 4.125%, 7/1/53		AA		1,000,000	935,127
	Temple, Tax Increment 144A Tax Alloc. Bonds, (Reinvestment Zone No. 1), Ser. A, 5.00%, 8/1/38		Baa2		1,500,000	1,526,161
	TX Private Activity Surface Trans. Corp. Rev. Bonds, (Segment 3C), 5.00%, 6/30/58		Baa2		2,500,000	2,534,077
	TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5.00%, 12/15/32		A3		1,000,000	1,074,017
	TX State Private Activity Bond Surface Trans. Corp. Rev. Bonds, (Blueridge Trans. Group, LLC (SH 288 Toll Lane)), 5.00%, 12/31/50		Baa2		1,250,000	1,254,711
	TX State Trans. Comm. Rev. Bonds, (State Hwy. 249 Sys.), Ser. A, zero %, 8/1/39		Baa3		700,000	312,029
						29,497,294
	Utah (1.2%)
	Infrastructure Agcy. Telecomm. Rev. Bonds, 4.00%, 10/15/39		BBB-/F		1,500,000	1,296,346
	MDA Mountain Village Pub. Infrastructure Dist. Special Assmt., Ser. A, 5.00%, 8/1/50		B/P		1,045,000	954,992
	Mida Mountain Village Pub. Infrastructure Dist. 144A Special Assmt. Bonds, (Mountain Village Assmt. Area No. 2), 4.00%, 8/1/50		B/P		1,250,000	935,770
	UT State Charter School Fin. Auth. Rev. Bonds, (Summit Academy, Inc.), Ser. A, 5.00%, 4/15/44		AA		625,000	653,745
						3,840,853
	Virginia (2.4%)
	Cherry Hill Cmnty., Dev. Auth. 144A Special Assmt. Bonds, (Potomac Shores), 5.40%, 3/1/45		B/P		995,000	998,053
	Farms of New Kent, Cmnty. Dev. Auth. 144A Special Assmt. Bonds, Ser. A, 3.75%, 3/1/36		B+/P		640,000	610,355
	James City Cnty., Econ. Dev. Auth. Rev. Bonds
	(Williamsburg Landing), Ser. A, 4.00%, 12/1/50		BB/P		1,235,000	925,582
	(VA United Methodist Homes, Inc. Oblig. Group), Ser. A, 4.00%, 6/1/47		BB/P		1,000,000	744,641
	Lexington, Indl. Dev. Auth. Res. Care Fac. Rev. Bonds
	(Lexington Retirement Cmnty.), 4.00%, 1/1/48		BBB-/F		1,310,000	1,022,849
	(Lexington Retirement Cmnty.), 4.00%, 1/1/42		BBB-/F		1,000,000	823,941
	(Kendal at Lexington), 4.00%, 1/1/31		BBB-/F		675,000	640,195
	Lower Magnolia Green Cmnty., Dev. Auth. 144A Special Assmt. Bonds, 5.00%, 3/1/35		B/P		485,000	484,109
	Small Bus. Fin. Auth. Private Activity Rev. Bonds, (Transform 66-P3), 5.00%, 12/31/52		Baa3		1,000,000	1,001,515
	Suffolk, Econ. Dev. Auth. Retirement Fac. Rev. Bonds, (United Church Homes & Svcs. Oblig. Group), 5.00%, 9/1/31		BB/P		500,000	486,053
						7,737,293
	Washington (2.8%)
	Bellevue, G.O. Bonds
	4.00%, 12/1/38		Aaa		1,000,000	1,038,713
	4.00%, 12/1/34		Aaa		1,420,000	1,548,126
	Kalispel Tribe of Indians Priority Dist. Rev. Bonds, Ser. A, 5.25%, 1/1/38		BB+/P		750,000	783,851
	Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32		A		290,000	290,366
	WA State Hsg. Fin. Comm. Rev. Bonds
	(Wesley Homes Lea Hill), 5.00%, 7/1/41		B/P		500,000	451,928
	(Wesley Homes Lea Hill), 5.00%, 7/1/36		B/P		580,000	541,226
	(Social Certif.), Ser. A-1, 3.50%, 12/20/35		BBB+		2,147,046	2,024,934
	WA State Hsg. Fin. Comm. 144A Rev. Bonds, (Presbyterian Retirement Cmnty. Northwest), Ser. A, 5.00%, 1/1/36		BB/F		1,175,000	1,053,770
	WA State Hsg. Fin. Comm. Nonprofit 144A Rev. Bonds, (Spokane Intl. Academy), Ser. A
	5.00%, 7/1/56		Ba2		1,130,000	1,059,028
	5.00%, 7/1/50		Ba2		500,000	476,478
						9,268,420
	Wisconsin (5.3%)
	Pub. Fin. Auth. 144A Rev. Bonds, (Roseman U. of Hlth. Sciences), 5.00%, 4/1/40		BB		1,150,000	1,139,466
	Pub. Fin. Auth. Edl. Fac. Rev. Bonds, (Piedmont Cmnty. Charter School), 5.00%, 6/15/53		Baa3		1,150,000	1,159,332
	Pub. Fin. Auth. Exempt Fac. Rev. Bonds, (Celanese U.S. Holdings, LLC), Ser. C, 4.30%, 11/1/30		Baa3		300,000	293,789
	Pub. Fin. Auth. Retirement Communities Rev. Bonds, (Evergreens Oblig. Group), Ser. A, 5.00%, 11/15/49		BBB/F		1,750,000	1,716,936
	Pub. Fin. Auth. Retirement Fac. 144A Rev. Bonds, (Southminster, Inc.), 5.00%, 10/1/48		BB/F		800,000	693,032
	Pub. Fin. Auth. Student Hsg. Fac. 144A Rev. Bonds, (UHF RISE Student Hsg., LLC), Ser. A-1, 4.00%, 7/1/61		Ba1		600,000	452,109
	WI Pub. Fin. Auth. Hotel Rev. Bonds, (Grand Hyatt), 5.00%, 2/1/62		BBB-		2,300,000	2,208,916
	WI Pub. Fin. Auth. Hotel 144A Rev. Bonds, (Grand Hyatt), 6.00%, 2/1/62		BB-/P		1,000,000	992,642
	WI State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Oakwood Lutheran Sr. Ministries Oblig. Group), 4.00%, 1/1/57		BB/P		650,000	469,047
	(St. John's Communities, Inc.), 4.00%, 9/15/45		BBB-/F		650,000	534,154
	(St. John's Communities, Inc.), 4.00%, 9/15/41		BBB-/F		770,000	660,593
	(Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/41		AA		4,000,000	3,930,070
	WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds
	(Rose Villa, Inc.), Ser. A, 5.75%, 11/15/44 (Prerefunded 11/15/24)		BB-/P		1,800,000	1,890,599
	(Mary's Woods at Marylhurst), Ser. A, 5.25%, 5/15/37		BB/F		380,000	366,282
	WI State Pub. Fin. Auth. 144A Rev. Bonds, (Church Home of Hartford, Inc.), Ser. A, 5.00%, 9/1/30		BB/F		945,000	917,125
						17,424,092
	Total municipal bonds and notes (cost $466,466,448)					$441,247,755

	SHORT-TERM INVESTMENTS (7.8%)(a)
					Principal amount/shares	Value
	Putnam Short Term Investment Fund Class P 4.58%(AFF)			Shares	24,220,245	$24,220,245
	State Street Institutional U.S. Government Money Market Fund, Premier Class 4.18%(P)			Shares	610,000	610,000
	U.S. Treasury Bills 3.846%, 2/2/23(SEG)				$300,000	299,967
	U.S. Treasury Bills 4.480%, 3/9/23(SEG)				282,000	280,740
	U.S. Treasury Bills 4.491%, 3/16/23(SEG)				200,000	198,933
	Total short-term investments (cost $25,609,923)					$25,609,885
	TOTAL INVESTMENTS
	Total investments (cost $492,076,371)					$466,857,640

	FUTURES CONTRACTS OUTSTANDING at 1/31/23 (Unaudited)
		Number of contracts	Notional amount	Value	Expiration date	Unrealized appreciation/ (depreciation)
	U.S. Treasury Bond Ultra 30 yr (Short)	67	$9,497,250	$9,497,250	Mar-23	$(432,354)
	U.S. Treasury Note Ultra 10 yr (Short)	102	12,362,719	12,362,719	Mar-23	(220,331)
	Unrealized appreciation					—
	Unrealized (depreciation)					(652,685)
	Total					$(652,685)

	OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited)
	Swap counterparty/ notional amount		Value		Upfront premium received (paid)		Termi- nation date	Payments received (paid) by fund		Total return received by or paid by fund	Unrealized appreciation/ (depreciation)
	Citibank, N.A.
		$7,000,000	$298,081		$—		3/9/23	—		2.85% minus Municipal Market Data Index AAA municipal yields 10 Year rate — At maturity	$298,081
		3,500,000	252,403		—		3/23/23	—		3.48% minus Municipal Market Data Index AAA municipal yields 20 Year rate — At maturity	252,403
Upfront premium received					—	Unrealized appreciation					550,484
Upfront premium (paid)					—	Unrealized (depreciation)					—
		Total			$—					Total	$550,484

	Notes to the fund's portfolio
	Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from November 1, 2022 through January 31, 2023 (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 $327,743,852.
(RAT)	The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. For further details regarding security ratings, please see the Statement of Additional Information.
(NON)	This security is non-income-producing.
(STP)	The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.
(AFF)	Affiliated company. For investments in Putnam Short Term Investment Fund, the rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period. Transactions during the period with any company which is under common ownership or control were as follows:
	Name of affiliate	Fair value as of 10/31/22	Purchase cost	Sale proceeds	Investment income	Shares outstanding and fair value as of 1/31/23
	Short-term investments
	Putnam Short Term Investment Fund*	$26,377,910	$16,797,721	$18,955,386	$262,360	$24,220,245
	Total Short-term investments	$26,377,910	$16,797,721	$18,955,386	$262,360	$24,220,245
	* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.
(SEG)	This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $779,543.
(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.
	Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
	144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index, 1 Month US LIBOR or 3 Month US LIBOR rates, which were 1.66%, 4.57% and 4.81%, 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	28.5%
	Education	20.8%
	Tax bonds	16.2%
	Local debt	10.0%
	Utilities	10.0%
	Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
	Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.
	Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
	Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
	Futures contracts: The fund used futures contracts for hedging treasury term structure risk and for yield curve positioning.
	The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
	Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”.
	For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes.
	Total return swap contracts: The fund entered into OTC and/or centrally cleared total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, both based on a notional principal amount, for hedging and gaining exposure to term structure risk.
	To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default.
	For the fund's average notional amount on total return swap contracts, see the appropriate table at the end of these footnotes.
	Master agreements: The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund’s portfolio.
	Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.
	Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.
	At the close of the reporting period, the fund did not have a net liability position on open derivative contracts subject to the Master Agreements.
	Tender option bond transactions: The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust’s assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund’s portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund’s investments with a value of $59,979,970 were held by the TOB trust and served as collateral for $36,426,667 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $208,581 for these investments based on an average interest rate of 2.51%.

	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	$—	$441,247,755	$—
	Short-term investments	610,000	24,999,885	—
	Totals by level	$610,000	$466,247,640	$—
		Valuation inputs
	Other financial instruments:	Level 1	Level 2	Level 3
	Futures contracts	$(652,685)	$—	$—
	Total return swap contracts	—	550,484	—
	Totals by level	$(652,685)	$550,484	$—
	The volume of activity for the reporting period for any derivative type that was held at the close of the period is listed below and was based on an average of the holdings of that derivative at the end of each fiscal quarter in the reporting period:
	Futures contracts (number of contracts)	100
	OTC total return swap contracts (notional)	$9,600,000
	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