| Putnam Tax Exempt Income Fund | ||||||
| The fund's portfolio | ||||||
| 6/30/24 (Unaudited) | ||||||
| Key to holding's abbreviations | ||||||
| AGM — Assured Guaranty Municipal Corporation | ||||||
| AMBAC — AMBAC Indemnity Corporation | ||||||
| BAM — Build America Mutual | ||||||
| FGIC — Financial Guaranty Insurance Company | ||||||
| FHA Insd. — Federal Housing Administration Insured | ||||||
| G.O. Bonds — General Obligation Bonds | ||||||
| NATL — National Public Finance Guarantee Corporation | ||||||
| PSFG — Permanent School Fund Guaranteed | ||||||
| Q-SBLF — Qualified School Board Loan Fund | ||||||
| U.S. Govt. Coll. — U.S. Government Collateralized | ||||||
| VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index rate, which was 3.88% as of the close of the reporting period. | ||||||
| MUNICIPAL BONDS AND NOTES (100.1%)(a) | ||||||
| Rating(RAT) | Principal amount | Value | ||||
| Alabama (1.2%) | ||||||
| Black Belt Energy Gas Dist. Mandatory Put Bonds (12/1/25), Ser. A-1, 4.00%, 12/1/49 | A1 | $7,690,000 | $7,695,225 | |||
| 7,695,225 | ||||||
| Alaska (1.5%) | ||||||
| AK State Indl. Dev. & Export Auth. Rev. Bonds | ||||||
| (Dena' Nena' Henash), 4.00%, 10/1/44 | A+/F | 6,930,000 | 6,601,713 | |||
| (Tanana Chiefs Conference), Ser. A, 4.00%, 10/1/39 | A+/F | 2,575,000 | 2,504,440 | |||
| 9,106,153 | ||||||
| Arizona (3.0%) | ||||||
| AZ State Indl. Dev. Auth. Charter School Rev. Bonds, (Equitable School Revolving Fund, LLC), 4.00%, 11/1/51 | A | 2,200,000 | 2,030,067 | |||
| AZ State Indl. Dev. Auth. Ed. Rev. Bonds, (KIPP New York, Inc., Jerome Fac.), Ser. B | ||||||
| 4.00%, 7/1/61 | BBB- | 2,120,000 | 1,832,269 | |||
| 4.00%, 7/1/51 | BBB- | 2,000,000 | 1,788,996 | |||
| AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds, (Somerset Academy of Las Vegas), 4.00%, 12/15/51 | BB | 700,000 | 563,085 | |||
| AZ State Indl. Dev. Auth. National Charter School Revolving Loan Fund Rev. Bonds, (Equitable School Revolving Fund, LLC), 4.00%, 11/1/37 | A | 1,100,000 | 1,106,626 | |||
| Glendale, Indl. Dev. Auth. Sr. Living Fac. Rev. Bonds, (Royal Oaks Life Care Cmnty.), 5.00%, 5/15/39 | BB+/F | 3,500,000 | 3,470,812 | |||
| Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds | ||||||
| (Great Hearts Academies), Ser. C, 5.00%, 7/1/48 | AA- | 600,000 | 606,342 | |||
| (Reid Traditional Schools Painted Rock Academy), 5.00%, 7/1/36 | Baa3 | 250,000 | 252,946 | |||
| (Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35 | BB+ | 350,000 | 353,912 | |||
| Phoenix, Civic Impt. Corp. Dist. Rev. Bonds, (Civic Plaza), Ser. B, FGIC, NATL, 5.50%, 7/1/43 | Aa2 | 1,000,000 | 1,223,323 | |||
| Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies) | ||||||
| 5.00%, 7/1/44 | BBB | 1,000,000 | 1,000,140 | |||
| Ser. A, 5.00%, 7/1/36 | BBB | 1,010,000 | 1,017,653 | |||
| 3.75%, 7/1/24 | BBB | 40,000 | 40,000 | |||
| Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.) | ||||||
| 5.00%, 7/1/35 | BB | 100,000 | 100,659 | |||
| Ser. A, 5.00%, 7/1/35 | BB | 150,000 | 150,988 | |||
| Salt Verde, Fin. Corp. Gas Rev. Bonds | ||||||
| 5.50%, 12/1/29 | A3 | 1,900,000 | 2,028,224 | |||
| 5.00%, 12/1/37 | A3 | 500,000 | 545,102 | |||
| Yavapai Cnty., Indl. Dev. Ed. Auth. Rev. Bonds, (Agribusiness & Equine Ctr.), 5.00%, 3/1/32 | BB+ | 225,000 | 225,046 | |||
| 18,336,190 | ||||||
| California (7.2%) | ||||||
| CA Cmnty. Hsg. Agcy. Essential Hsg. 144A Rev. Bonds | ||||||
| (Aster Apt.), Ser. A-1, 4.00%, 2/1/56 | BB+/P | 850,000 | 753,075 | |||
| (Fountains at Emerald Park), 3.00%, 8/1/56 | BBB/P | 5,975,000 | 4,436,713 | |||
| CA Hsg. Fin. Agcy. Muni. Certif. Rev. Bonds, Ser. 21-1, Class A, 3.50%, 11/20/35 | BBB+ | 3,042,740 | 2,910,720 | |||
| CA Muni. Fin. Auth. Multi-Fam. Rev. Bonds, (Terry Manor Sr. Hsg.), FNMA Coll., 4.20%, 8/1/40 | Aaa | 3,600,000 | 3,633,723 | |||
| CA State Poll. Control Fin. Auth. 144A Rev. Bonds, (Wtr. Furnishing), 5.00%, 11/21/45 | Baa3 | 3,500,000 | 3,508,386 | |||
| CSCDA Cmnty. Impt. Auth. Rev. Bonds, (Pasadena Portfolio), Ser. A-2, 3.00%, 12/1/56 | BBB-/P | 3,250,000 | 2,365,227 | |||
| CSCDA Cmnty. Impt. Auth. 144A Rev. Bonds | ||||||
| (City of Orange Portfolio), 3.00%, 3/1/57 | BBB-/P | 1,250,000 | 888,810 | |||
| (Essential Hsg.), Ser. A-2, 3.00%, 2/1/57 | BBB-/P | 4,300,000 | 3,109,589 | |||
| Los Angeles, Cmnty. Fac. Dist. No. 11 Special Tax Bonds, 4.00%, 9/1/46 | BB/P | 1,460,000 | 1,320,920 | |||
| Los Angeles, Dept. of Arpt. Rev. Bonds | ||||||
| 5.00%, 5/15/46 (Prerefunded 11/15/31) | AAA/P | 5,000 | 5,462 | |||
| 4.00%, 5/15/48 | Aa3 | 10,000,000 | 9,513,471 | |||
| 4.00%, 5/15/35 | Aa3 | 1,500,000 | 1,520,832 | |||
| M-S-R Energy Auth. Rev. Bonds, Ser. A, 6.50%, 11/1/39 | BBB+ | 2,250,000 | 2,854,196 | |||
| Menifee, Union School Dist. Cmnty. Fac. Special Tax Bonds, (Dist. No. 2011-1) | ||||||
| 4.00%, 9/1/45 | BB+/P | 860,000 | 794,388 | |||
| 4.00%, 9/1/41 | BB+/P | 800,000 | 759,879 | |||
| San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, Ser. A, 5.00%, 5/1/35 | A1 | 3,000,000 | 3,244,102 | |||
| San Francisco, City & Cnty. Arpt. Comm. Intl. Arpt. VRDN, Ser. B, 3.10%, 5/1/58 | VMIG 1 | 1,000,000 | 1,000,000 | |||
| San Francisco, City & Cnty. Cmnty. Fac. Dist. No. 2016 144A Special Tax Bonds, (Impt. Area No. 2), Ser. A, 4.00%, 9/1/42 | BB-/P | 2,000,000 | 1,859,440 | |||
| 44,478,933 | ||||||
| Colorado (3.7%) | ||||||
| CO State Hlth. Fac. Auth. Rev. Bonds | ||||||
| (Valley View Hosp. Assn.), 5.00%, 5/15/45 | A | 1,000,000 | 1,004,740 | |||
| (Covenant Retirement Cmnty.), Ser. A, 5.00%, 12/1/35 | A-/F | 1,000,000 | 1,001,525 | |||
| CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (Covenant Living Cmnty. and Svcs. Oblig. Group), 4.00%, 12/1/50 | A-/F | 4,100,000 | 3,619,443 | |||
| Denver City & Cnty., Arpt. Rev. Bonds, Ser. A | ||||||
| Ser. A, 5.50%, 11/15/38 | Aa3 | 2,100,000 | 2,369,931 | |||
| Ser. A, 5.50%, 11/15/35 | Aa3 | 2,000,000 | 2,284,685 | |||
| Ser. A, 5.00%, 11/15/37 | Aa3 | 1,450,000 | 1,565,680 | |||
| Ser. D, 5.75%, 11/15/37(T) | Aa3 | 2,500,000 | 2,883,625 | |||
| Ser. D, 5.75%, 11/15/38(T) | Aa3 | 3,175,000 | 3,588,068 | |||
| E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. A, NATL, zero %, 9/1/34 | A1 | 5,000,000 | 3,370,854 | |||
| Vauxmont, Metro. Dist. G.O. Bonds, AGM, 3.25%, 12/15/50 | AA | 1,605,000 | 1,339,516 | |||
| 23,028,067 | ||||||
| Connecticut (1.1%) | ||||||
| CT State Hlth. & Edl. Fac. Auth. Mandatory Put Bonds (7/12/24), (Yale U.), Ser. A, 0.375%, 7/1/35 | Aaa | 2,850,000 | 2,845,879 | |||
| CT State Hlth. & Edl. Fac. Auth. Rev. Bonds | ||||||
| (Masonicare Issue), Ser. F, 5.00%, 7/1/34 | A-/F | 1,500,000 | 1,514,478 | |||
| (Stamford Hosp. Oblig. Group (The)), Ser. M, 5.00%, 7/1/34 | BBB+ | 600,000 | 640,137 | |||
| CT State Hsg. Fin. Auth. Rev. Bonds, Ser. B-1, 4.10%, 11/15/39 | Aaa | 1,685,000 | 1,685,001 | |||
| 6,685,495 | ||||||
| Delaware (0.1%) | ||||||
| DE State Econ. Dev. Auth. Charter School Rev. Bonds, (ASPIRA of Delaware Charter Operations, Inc.), 4.00%, 6/1/42 | BB | 730,000 | 649,812 | |||
| 649,812 | ||||||
| District of Columbia (5.2%) | ||||||
| DC G.O. Bonds, Ser. A, 5.00%, 1/1/45 | Aaa | 5,000,000 | 5,474,908 | |||
| DC Rev. Bonds | ||||||
| (DC Intl. School), 5.00%, 7/1/49 | BBB | 1,670,000 | 1,688,520 | |||
| (KIPP DC), Ser. A, 5.00%, 7/1/48 | BBB+ | 1,250,000 | 1,263,232 | |||
| (DC Intl. School), 5.00%, 7/1/39 | BBB | 2,000,000 | 2,062,417 | |||
| (KIPP DC), Ser. A, 5.00%, 7/1/37 | BBB+ | 2,500,000 | 2,576,489 | |||
| DC, Income Tax Rev. Bonds, Ser. A, 5.00%, 7/1/47 | AAA | 1,500,000 | 1,625,127 | |||
| Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds | ||||||
| (Dulles Metrorail & Cap. Impt. Proj.) 4.00%, 10/1/53(T) | A- | 2,050,000 | 1,855,250 | |||
| (Dulles Metrorail & Cap. Impt. Proj.) Ser. B, 4.00%, 10/1/44(T) | A- | 2,050,000 | 1,996,413 | |||
| Metro. DC Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 10/1/31 | Aa3 | 2,500,000 | 2,691,299 | |||
| Metro. Washington DC, Arpt. Auth. Dulles Toll Rd. Rev. Bonds | ||||||
| 4.00%, 10/1/37 | A- | 3,140,000 | 3,176,331 | |||
| 4.00%, 10/1/36 | A- | 1,490,000 | 1,511,122 | |||
| (Metrorail), Ser. A, zero %, 10/1/37 | A- | 11,000,000 | 5,854,720 | |||
| 31,775,828 | ||||||
| Florida (6.3%) | ||||||
| Double Branch Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. A-1, 4.25%, 5/1/34 | A | 890,000 | 889,993 | |||
| FL Insurance Assistance Interlocal Agcy., Inc. VRDN Ser. A-2, 4.67%, 9/1/32 | VMIG 1 | 3,500,000 | 3,500,000 | |||
| FL State Dev. Fin Corp. Sr. Living Rev. Bonds, (Glenridge on Palmer Ranch Oblig. Group), 5.00%, 6/1/51 | BB/P | 1,300,000 | 1,165,606 | |||
| FL State Dev. Fin. Corp. Ed. Fac. Rev. Bonds, (River City Ed. Oblig. Group) | ||||||
| 4.00%, 7/1/55 | Baa3 | 750,000 | 634,927 | |||
| 4.00%, 7/1/45 | Baa3 | 600,000 | 542,416 | |||
| FL State Dev. Fin. Corp. Hlth. Care Fac. Rev. Bonds, (Shands Jacksonville Med. Ctr., Inc.), 4.00%, 2/1/52 | Ba1 | 2,250,000 | 1,708,426 | |||
| Miami-Dade Cnty., Aviation Rev. Bonds, Ser. A, 5.00%, 10/1/38 | A+ | 1,750,000 | 1,760,783 | |||
| Miami-Dade Cnty., Hsg. Fin. Auth. Multi-Fam. Hsg. Mandatory Put Bonds (1/1/26), (Fairfield Running Brook II LP), 3.55%, 1/1/27 | Aaa | 6,525,000 | 6,445,637 | |||
| Orange Cnty., Hlth. Fac. Auth. Rev. Bonds | ||||||
| (Orlando Hlth.), 5.00%, 10/1/42 | A+ | 1,250,000 | 1,355,699 | |||
| (Orlando Hlth.), 5.00%, 10/1/41 | A+ | 2,000,000 | 2,187,094 | |||
| (Presbyterian Retirement Cmntys.), 5.00%, 8/1/34 | A-/F | 1,800,000 | 1,801,623 | |||
| (Orlando Hlth.), 4.00%, 10/1/52 | A+ | 7,265,000 | 6,953,608 | |||
| Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds, (Acts Retirement-Life Cmnty., Inc.), 5.00%, 11/15/32 | A-/F | 5,000,000 | 5,138,094 | |||
| Seminole Cnty., 144A Rev. Bonds, (Galileo School Foundation, Inc. (The)) | ||||||
| 4.00%, 6/15/56 | Ba1 | 805,000 | 657,383 | |||
| 4.00%, 6/15/51 | Ba1 | 830,000 | 693,829 | |||
| 4.00%, 6/15/41 | Ba1 | 425,000 | 381,283 | |||
| 4.00%, 6/15/36 | Ba1 | 315,000 | 299,713 | |||
| Tampa, Cap. Impt. Cigarette Tax Rev. Bonds, (Cap. Appn.), Ser. A | ||||||
| zero %, 9/1/49 | A1 | 2,250,000 | 654,339 | |||
| zero %, 9/1/42 | A1 | 830,000 | 359,236 | |||
| Volusia Cnty., Edl. Fac. Auth. Rev. Bonds, (Embry-Riddle Aeronautical U., Inc.), Ser. A | ||||||
| 4.00%, 10/15/39 | A1 | 500,000 | 497,264 | |||
| 4.00%, 10/15/37 | A1 | 725,000 | 728,730 | |||
| 4.00%, 10/15/35 | A1 | 325,000 | 328,901 | |||
| 38,684,584 | ||||||
| Georgia (1.7%) | ||||||
| DeKalb Cnty., Hsg. Auth. Multi-Fam. Hsg. Rev. Bonds, (HADC 1086 on Montreal, LLC), 4.00%, 3/1/34 | A+ | 5,000,000 | 4,928,035 | |||
| Main Street Natural Gas, Inc. Gas Supply Mandatory Put Bonds (3/1/32), Ser. B, 5.00%, 12/1/54 | Aa1 | 3,300,000 | 3,498,816 | |||
| Muni. Election Auth. of GA Rev. Bonds, (Plant Vogtle Units 3 & 4), 5.00%, 1/1/63 | BBB+ | 2,000,000 | 2,025,284 | |||
| 10,452,135 | ||||||
| Hawaii (0.1%) | ||||||
| HI State Harbor Syst. Rev. Bonds, Ser. A | ||||||
| 4.00%, 7/1/36 | Aa3 | 375,000 | 376,022 | |||
| 4.00%, 7/1/31 | Aa3 | 250,000 | 253,568 | |||
| 629,590 | ||||||
| Illinois (6.5%) | ||||||
| Chicago, G.O. Bonds, Ser. A, 4.00%, 1/1/36 | BBB+ | 3,850,000 | 3,853,698 | |||
| Chicago, Board of Ed. G.O. Bonds | ||||||
| Ser. C, 5.25%, 12/1/39 | BB+ | 1,500,000 | 1,500,349 | |||
| Ser. A, 5.00%, 12/1/40 | BB+ | 1,800,000 | 1,843,946 | |||
| Ser. A, 5.00%, 12/1/35 | BB+ | 1,910,000 | 1,995,479 | |||
| Chicago, Hsg. Auth. Rev. Bonds, Ser. A, 5.00%, 1/1/31 | AA- | 4,540,000 | 4,731,781 | |||
| Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. A | ||||||
| 5.50%, 1/1/55 | A+ | 3,825,000 | 4,099,840 | |||
| 5.00%, 1/1/38 | A+ | 200,000 | 207,123 | |||
| IL Fin. Auth. Rev. Bonds, (U. of IL) | ||||||
| 5.25%, 10/1/53 | Aa2 | 2,500,000 | 2,678,095 | |||
| 5.00%, 10/1/48 | Aa2 | 2,500,000 | 2,638,359 | |||
| IL State G.O. Bonds | ||||||
| Ser. B, 5.25%, 5/1/41 | A3 | 1,250,000 | 1,369,165 | |||
| Ser. B, 5.25%, 5/1/40 | A3 | 2,650,000 | 2,915,778 | |||
| Ser. B, 5.25%, 5/1/39 | A3 | 1,100,000 | 1,215,785 | |||
| Ser. A, 5.00%, 12/1/31 | A3 | 2,870,000 | 2,986,685 | |||
| IL State Fin. Auth. Rev. Bonds | ||||||
| (Lawndale Edl & Regl. Network Charter School Oblig. Group), 4.00%, 11/1/51 | BBB | 1,500,000 | 1,297,903 | |||
| (Lawndale Edl & Regl. Network Charter School Oblig. Group), 4.00%, 11/1/41 | BBB | 725,000 | 668,968 | |||
| (Riverside Hlth. Syst. Oblig. Group), 4.00%, 11/15/31 | A+ | 500,000 | 504,158 | |||
| IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds, (CHF-Chicago, LLC), 5.00%, 2/15/47 | Baa3 | 500,000 | 497,290 | |||
| Metro. Pier & Exposition Auth. Rev. Bonds, 4.00%, 12/15/47 | A | 2,900,000 | 2,755,122 | |||
| St. Clair Cnty., Cmnty. Cahokia Unit School Dist. No. 187 G.O. Bonds, Ser. A, AGM | ||||||
| 5.00%, 1/1/54 | AA | 1,000,000 | 1,056,823 | |||
| 5.00%, 1/1/49 | AA | 1,000,000 | 1,060,673 | |||
| 39,877,020 | ||||||
| Indiana (1.8%) | ||||||
| IN State Fin. Auth. Waste Wtr. Util. Rev. Bonds, (CWA Auth., Inc.) | ||||||
| 5.00%, 10/1/45(FWC) | AA | 1,000,000 | 1,098,703 | |||
| 5.00%, 10/1/44(FWC) | AA | 1,275,000 | 1,406,044 | |||
| 5.00%, 10/1/43(FWC) | AA | 1,550,000 | 1,715,661 | |||
| Indianapolis, Local Pub. Impt. Bond Bk. Rev. Bonds | ||||||
| Ser. A, 5.25%, 2/1/54 | Aa1 | 3,500,000 | 3,672,975 | |||
| (Circle City Forward Phase II), 4.125%, 2/1/52 | Aa1 | 3,185,000 | 3,106,725 | |||
| 11,000,108 | ||||||
| Iowa (0.5%) | ||||||
| IA State Fin. Auth. Rev. Bonds, (Lifespace Cmnty., Inc. Oblig. Group), Ser. A, 4.00%, 5/15/46 | BBB/F | 3,850,000 | 3,132,974 | |||
| 3,132,974 | ||||||
| Kentucky (2.2%) | ||||||
| KY State Property & Bldg. Comm. Rev. Bonds, (No. 127), Ser. A, 5.25%, 6/1/38 | A1 | 3,290,000 | 3,707,046 | |||
| KY State Pub. Energy Auth. Gas Supply | ||||||
| Mandatory Put Bonds (6/1/26), Ser. A, 4.00%, 16/1/26 | A1 | 5,000,000 | 5,022,213 | |||
| Mandatory Put Bonds (6/1/25), Ser. C-1, 4.00%, 6/1/25 | A1 | 2,060,000 | 2,061,079 | |||
| Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds, (Norton Healthcare), Ser. A, 5.00%, 10/1/31 | A | 1,135,000 | 1,155,011 | |||
| Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A | ||||||
| 5.00%, 7/1/31 | A+ | 415,000 | 415,185 | |||
| 5.00%, 7/1/30 | A+ | 1,000,000 | 1,000,439 | |||
| 13,360,973 | ||||||
| Louisiana (0.6%) | ||||||
| St. John The Baptist Parish Mandatory Put Bonds (7/1/26), (Marathon Oil Corp.), Ser. A-3, 2.20%, 6/1/37 | Baa3 | 4,000,000 | 3,861,432 | |||
| 3,861,432 | ||||||
| Maryland (0.3%) | ||||||
| Gaithersburg, Econ. Dev. Rev. Bonds, (Asbury, Oblig. Group), Ser. A, 5.00%, 1/1/36 | BBB/F | 750,000 | 761,777 | |||
| MD State Hlth. & Higher Ed. Fac. Auth. Rev. Bonds, (Adventist Hlth. Care Oblig. Group) | ||||||
| 5.00%, 1/1/30 | Baa3 | 285,000 | 295,314 | |||
| 5.00%, 1/1/29 | Baa3 | 290,000 | 298,592 | |||
| 5.00%, 1/1/28 | Baa3 | 300,000 | 306,851 | |||
| 5.00%, 1/1/27 | Baa3 | 430,000 | 436,815 | |||
| 2,099,349 | ||||||
| Massachusetts (0.7%) | ||||||
| MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. A, 5.10%, 12/1/30 | AA+ | 680,000 | 680,464 | |||
| MA State Port Auth. Rev. Bonds, Ser. B, 4.00%, 7/1/46 | Aa2 | 3,500,000 | 3,344,025 | |||
| 4,024,489 | ||||||
| Michigan (2.5%) | ||||||
| Chippewa, Valley School G.O. Bonds, Ser. A, Q-SBLF, 5.00%, 5/1/34 | Aa1 | 250,000 | 253,289 | |||
| Detroit, G.O. Bonds | ||||||
| Ser. C, 6.00%, 5/1/43 | BBB | 500,000 | 571,999 | |||
| (Fin. Recvy.), Ser. B-1, 4.00%, 4/1/44 | BB/P | 2,150,000 | 1,694,000 | |||
| Detroit, Downtown Dev. Auth. Tax Alloc. Bonds, Ser. A, AGM, 5.00%, 7/1/38 (Prerefunded 9/25/24) | AA | 1,000,000 | 1,003,075 | |||
| Karegnondi, Wtr. Auth. Rev. Bonds | ||||||
| (Wtr. Supply Syst.), Ser. A, 5.25%, 11/1/31 | A1 | 250,000 | 250,821 | |||
| 5.00%, 11/1/36 | A+ | 1,285,000 | 1,331,432 | |||
| Kentwood, Econ. Dev. Corp. Rev. Bonds, (Holland Home Oblig. Group) | ||||||
| 4.00%, 11/15/45 | BBB-/F | 1,125,000 | 932,915 | |||
| 4.00%, 11/15/43 | BBB-/F | 695,000 | 590,127 | |||
| 4.00%, 11/15/31 | BBB-/F | 480,000 | 463,018 | |||
| MI State Fin. Auth. Rev. Bonds | ||||||
| Ser. H-1, 5.00%, 10/1/39 (Prerefunded 10/1/24) | A+ | 5,250,000 | 5,256,752 | |||
| (Tobacco Settlement), Ser. A-1, 2.326%, 6/1/30 | A | 119,750 | 117,733 | |||
| MI State Fin. Auth. Ltd. Oblig. Rev. Bonds | ||||||
| (Lawrence Technological U.), 5.25%, 2/1/32 | BBB- | 1,855,000 | 1,876,188 | |||
| (College for Creative Studies), 5.00%, 12/1/45 | BBB+ | 250,000 | 245,615 | |||
| MI State Hsg. Dev. Auth. Rev. Bonds, (Rental Hsg.), Ser. A, 4.45%, 10/1/34 | AA+ | 100,000 | 100,018 | |||
| Warren, Cons. School Dist. G.O. Bonds, Ser. A, Q-SBLF, 5.00%, 5/1/35 | AA | 350,000 | 357,816 | |||
| 15,044,798 | ||||||
| Minnesota (0.3%) | ||||||
| Duluth, Econ. Dev. Auth. Rev. Bonds, (Benedictine Hlth. Syst. Oblig. Group), Ser. A | ||||||
| 4.00%, 7/1/36 | BB/P | 1,250,000 | 1,115,270 | |||
| 4.00%, 7/1/31 | BB/P | 1,000,000 | 942,675 | |||
| 2,057,945 | ||||||
| Missouri (2.8%) | ||||||
| Kansas City, Indl. Dev. Auth. Arpt. Special Oblig. Rev. Bonds | ||||||
| 5.00%, 3/1/46 | A2 | 2,700,000 | 2,755,436 | |||
| 4.00%, 3/1/39 | A2 | 5,215,000 | 5,140,920 | |||
| MI State Hlth. & Edl. Fac. Rev. Bonds, (U. of Hlth. Sciences & Pharmacy in St. Louis) | ||||||
| 4.00%, 5/1/43 | BB+ | 1,400,000 | 1,128,055 | |||
| 4.00%, 5/1/40 | BB+ | 2,300,000 | 1,923,051 | |||
| 4.00%, 5/1/34 | BB+ | 2,000,000 | 1,810,556 | |||
| MI State Hlth. & Edl. Fac. 144A Rev. Bonds, (U. of Hlth. Sciences & Pharmacy in St. Louis), 4.00%, 5/1/45 | BB+ | 1,750,000 | 1,374,382 | |||
| St. Louis, Muni. Fin. Corp. Rev. Bonds, AGM | ||||||
| 5.00%, 10/1/45 | AA | 2,250,000 | 2,349,987 | |||
| 5.00%, 10/1/40 | AA | 1,000,000 | 1,066,952 | |||
| 17,549,339 | ||||||
| Nebraska (0.4%) | ||||||
| Omaha, Pub. Pwr. Dist. Elec. Rev. Bonds, Ser. A, 5.25%, 2/1/48 | Aa2 | 2,500,000 | 2,747,258 | |||
| 2,747,258 | ||||||
| Nevada (0.2%) | ||||||
| Sparks, Tourism Impt. Dist. No. 1 144A Rev. Bonds, Ser. A, 2.75%, 6/15/28 | Baa2 | 1,090,000 | 1,042,526 | |||
| 1,042,526 | ||||||
| New Hampshire (2.7%) | ||||||
| National Fin. Auth. Rev. Bonds, (NH Bus. Fin. Auth.) | ||||||
| Ser. 24-1, Class A, 4.25%, 7/20/41 | A+ | 1,994,690 | 1,953,407 | |||
| Ser. 23-2, 3.875%, 1/20/38 | BBB | 3,068,550 | 2,893,224 | |||
| Ser. 2, 3.625%, 8/20/39 | A3 | 3,398,359 | 3,163,490 | |||
| National Fin. Auth. Hosp. Rev. Bonds, (St. Luke's Hosp. Oblig. Group) | ||||||
| 4.00%, 8/15/41 | A3 | 1,000,000 | 952,897 | |||
| 4.00%, 8/15/39 | A3 | 1,100,000 | 1,072,019 | |||
| 4.00%, 8/15/38 | A3 | 1,000,000 | 975,169 | |||
| 4.00%, 8/15/36 | A3 | 600,000 | 594,419 | |||
| NH State Hlth. & Ed. Fac. Auth. Rev. Bonds | ||||||
| (Kendel at Hanover), 5.00%, 10/1/46 | A-/F | 625,000 | 631,307 | |||
| (Southern NH Med. Ctr.), 5.00%, 10/1/37 | A- | 4,500,000 | 4,554,398 | |||
| 16,790,330 | ||||||
| New Jersey (1.9%) | ||||||
| NJ State Econ. Dev. Auth. Rev. Bonds, (Provident Group-Montclair State U. Student Hsg. & Properties), 5.00%, 6/1/37 | AA | 1,250,000 | 1,293,468 | |||
| NJ State Econ. Dev. Auth. Special Fac. Rev. Bonds, (Port Newark Container Term., LLC), 5.00%, 10/1/37 | Baa2 | 3,000,000 | 3,095,015 | |||
| NJ State Hlth. Care Fac. Fin. Auth. VRDN, (AHS Hosp. Corp.), Ser. B, 3.93%, 7/1/36 | VMIG 1 | 2,000,000 | 2,000,000 | |||
| Passaic Cnty., Impt. Auth. Rev. Bonds, (Paterson Arts & Science Charter School), 5.375%, 7/1/53 | BBB- | 1,000,000 | 1,027,433 | |||
| Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 5.00%, 6/1/36 | A- | 4,000,000 | 4,198,278 | |||
| 11,614,194 | ||||||
| New Mexico (0.6%) | ||||||
| Farmington, Poll. Control Rev. Bonds, (Pub. Service Co. of NM), Ser. B, 2.15%, 4/1/33 | Baa2 | 2,000,000 | 1,602,889 | |||
| Sante Fe, Retirement Fac. Rev. Bonds, (El Castillo Retirement Res.), 5.00%, 5/15/32 | BB+/F | 2,155,000 | 2,155,216 | |||
| 3,758,105 | ||||||
| New York (10.2%) | ||||||
| Brookhaven, Local Dev. Corp. Rev. Bonds, (Brookhaven Memorial Hosp. Med. Ctr., Inc. Oblig. Group), 4.50%, 10/1/25 | A | 1,185,000 | 1,171,093 | |||
| NY City, VRDN, Ser. I-2, 4.70%, 3/1/40 | VMIG 1 | 3,000,000 | 3,000,000 | |||
| NY City, Hsg. Dev. Corp. Multi-Fam. Hsg. Rev. Bonds | ||||||
| (Sustainable Dev.), Ser. J, 3.35%, 11/1/65 | AA+ | 5,670,000 | 4,311,298 | |||
| (Sustainability Bonds), Ser. I-1, FHA Insd., 2.55%, 11/1/45 | AA+ | 3,075,000 | 2,222,918 | |||
| Ser. D-1B, FHA Insd., 2.40%, 11/1/50 | AA+ | 4,000,000 | 2,556,628 | |||
| NY State Hsg. Fin. Agcy. VRDN (8 East 102nd St., LLC), Ser. A, 3.90%, 5/1/44 | VMIG 1 | 2,000,000 | 2,000,000 | |||
| NY State Liberty Dev. Corp. Rev. Bonds | ||||||
| Ser. A, BAM, 3.00%, 11/15/51 | AA | 3,500,000 | 2,614,582 | |||
| (Port Auth. of NY & NJ), Ser. 1WTC, 2.75%, 2/15/44 | AA- | 5,250,000 | 3,940,772 | |||
| NY State Thruway Auth. Personal Income Tax Rev. Bonds Ser. C, 5.00%, 03/15/54(T) | AA+ | 7,200,000 | 7,708,248 | |||
| NY State Trans. Dev. Corp. Exempt Fac. Rev. Bonds, (Empire State Thruway Partners, LLC) | ||||||
| 4.00%, 4/30/53 | BBB-/F | 3,000,000 | 2,497,463 | |||
| 4.00%, 10/31/46 | BBB-/F | 2,000,000 | 1,728,832 | |||
| NY State Trans. Special Fac. Dev. Corp. Rev. Bonds, (Laguardia Arpt. Term. B Redev. Program), Ser. A, 5.00%, 7/1/46 | Baa2 | 2,000,000 | 1,999,902 | |||
| NY State Urban Dev. Corp. Sales Tax Rev. Bonds, Ser. A, 5.00%, 3/15/44 | Aa1 | 10,000,000 | 11,101,377 | |||
| Oneida Indian Nation 144A (Oneida Indian Nation of NY), Ser. B, 6.00%, 9/1/43 | BBB-/F | 825,000 | 905,092 | |||
| Port Auth. of NY & NJ Rev. Bonds, Ser. 207 | ||||||
| 5.00%, 9/15/31 | Aa3 | 300,000 | 311,429 | |||
| 5.00%, 9/15/29 | Aa3 | 3,525,000 | 3,660,207 | |||
| Port Auth. of NY & NJ Rev. Bonds | ||||||
| Ser. 218, 5.00%, 11/1/49(T) | Aa3 | 4,745,000 | 4,914,397 | |||
| Triborough Bridge & Tunnel Auth. Sales Tax Rev. Bonds, 5.25%, 5/15/57 | AA+ | 5,600,000 | 6,103,492 | |||
| 62,747,730 | ||||||
| North Carolina (0.8%) | ||||||
| NC State Med. Care Comm. Hlth. Care Fac. Rev. Bonds, (Lutheran Svcs. for the Aging, Inc. Oblig. Group) | ||||||
| 4.00%, 3/1/51 | BB/P | 2,000,000 | 1,616,249 | |||
| 4.00%, 3/1/41 | BB/P | 1,050,000 | 935,432 | |||
| 4.00%, 3/1/36 | BB/P | 900,000 | 848,509 | |||
| NC State Med. Care Comm. Retirement Fac. (United Methodist Retirement Homes, Inc. (The)) | ||||||
| 5.125%, 10/1/54 | BBB/F | 1,500,000 | 1,547,976 | |||
| 5.00%, 10/1/39 | BBB/F | 250,000 | 265,908 | |||
| 5,214,074 | ||||||
| North Dakota (0.3%) | ||||||
| Grand Forks, Hlth. Care Syst. Rev. Bonds, (Altru Hlth. Syst. Oblig. Group), AGM, 3.00%, 12/1/46 | AA | 2,000,000 | 1,582,576 | |||
| 1,582,576 | ||||||
| Ohio (2.1%) | ||||||
| Cleveland-Cuyahoga Cnty., Port Auth. Cultural Fac. Rev. Bonds | ||||||
| (Playhouse Square Foundation), 5.50%, 12/1/53 | BB+ | 2,500,000 | 2,530,561 | |||
| (Cleveland Museum of Natural History (The)), 4.00%, 7/1/46 | A3 | 950,000 | 914,173 | |||
| (Cleveland Museum of Natural History (The)), 4.00%, 7/1/41 | A3 | 230,000 | 228,603 | |||
| (Cleveland Museum of Natural History (The)), 4.00%, 7/1/40 | A3 | 250,000 | 249,967 | |||
| (Cleveland Museum of Natural History (The)), 4.00%, 7/1/39 | A3 | 200,000 | 201,456 | |||
| (Cleveland Museum of Natural History (The)), 4.00%, 7/1/38 | A3 | 250,000 | 252,652 | |||
| (Cleveland Museum of Natural History (The)), 4.00%, 7/1/37 | A3 | 200,000 | 203,997 | |||
| Columbus, Swr. VRDN, Ser. B, 3.83%, 6/1/32 | VMIG 1 | 430,000 | 430,000 | |||
| Confluence Cmnty. Auth. Rev. Bonds, (Stadium & Sports), 4.00%, 5/1/39 | AA+ | 750,000 | 739,275 | |||
| Hamilton Cnty., Hlth. Care Rev. Bonds, (Life Enriching Cmntys.), 5.00%, 1/1/32 | BBB-/F | 835,000 | 835,441 | |||
| OH State Hosp. Rev. Bonds, (Premier Hlth. Partners Oblig. Group), 4.00%, 11/15/41 | Baa1 | 455,000 | 416,460 | |||
| OH State Hosp. Fac. Rev. Bonds, (Cleveland Clinic Hlth. Syst.), Ser. A, U.S. Govt. Coll., 4.00%, 1/1/43 (Prerefunded 1/1/28) | AAA/P | 15,000 | 15,394 | |||
| OH State Private Activity Rev. Bonds, (Portsmouth Bypass), AGM, 5.00%, 12/31/35 | AA | 1,750,000 | 1,760,909 | |||
| Port of Greater Cincinnati Dev. Auth. Rev. Bonds, (Duke Energy), 5.00%, 12/1/58 | AA | 2,740,000 | 2,912,494 | |||
| Scioto Cnty., Hosp. Rev. Bonds, (Southern OH Med. Ctr.) | ||||||
| 5.00%, 2/15/34 | Baa1 | 645,000 | 652,460 | |||
| 5.00%, 2/15/33 | Baa1 | 355,000 | 358,845 | |||
| Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, (Memorial Hlth. Syst. Oblig. Group), 5.50%, 12/1/43 | B+/F | 145,000 | 136,676 | |||
| 12,839,363 | ||||||
| Other (3.3%) | ||||||
| Federal Home Loan Mortgage Corporation Multifamily VRD certificates, Ser. M-053, Class A, 2.55%, 6/15/35 | AA+ | 6,995,000 | 5,925,728 | |||
| Federal Home Loan Mortgage Corporation Multifamily ML certificates, Ser. ML-19, Class A, 4.033%, 12/25/36 | AA+ | 3,372,504 | 3,308,591 | |||
| Federal Home Loan Mortgage Corporation Multifamily ML certificates, Ser. 19-ML-05, Class A-US, 3.40%, 1/25/36 | AA+ | 3,030,739 | 2,858,423 | |||
| Federal Home Loan Mortgage Corporation Structured Pass-through certificates, Ser. ML-21, 4.521%, 8/25/41 | AA+ | 4,997,776 | 5,116,143 | |||
| Federal Home Loan Mortgage Corporation Structured Pass-through certificates, Ser. 24-ML22, Class A-US, 4.683%, 10/25/40 | AA+ | 2,748,645 | 2,835,371 | |||
| 20,044,256 | ||||||
| Pennsylvania (3.5%) | ||||||
| Allegheny Cnty., Arpt. Auth. Rev. Bonds, Ser. A, AGM, 4.00%, 1/1/46 | AA | 3,500,000 | 3,365,176 | |||
| Chester Cnty., Indl. Dev. Auth. Rev. Bonds, (University Student Hsg, LLC), 5.00%, 8/1/30 | Ba2 | 845,000 | 845,238 | |||
| Indiana Cnty., Indl. Dev. Auth. Rev. Bonds, (Foundation for Indiana U. of Pennsylvania (The)), BAM, 4.00%, 5/1/54 | AA | 1,000,000 | 955,264 | |||
| Lancaster Cnty., Hosp. Auth. VRDN, (Masonic Homes), Ser. D, 4.75%, 7/1/34 | A-1 | 620,000 | 620,000 | |||
| PA State Econ. Dev. Fin. Auth. Rev. Bonds, (PennDOT Major Bridges), AGM, 5.75%, 12/31/62 | AA | 2,250,000 | 2,458,927 | |||
| PA State Tpk. Comm. Rev. Bonds | ||||||
| 4.90%, 12/1/44 | A1 | 5,000,000 | 5,095,977 | |||
| Ser. A, 4.00%, 12/1/49 | A2 | 2,160,000 | 2,040,663 | |||
| Ser. B, 3.00%, 12/1/51 | A+ | 2,000,000 | 1,576,899 | |||
| Philadelphia, Auth. for Indl. Dev. Rev. Bonds | ||||||
| (St. Joseph's U.), 5.00%, 11/1/47 | A-/P | 2,350,000 | 2,365,156 | |||
| (Independence Charter School-West), 5.00%, 6/15/39 | BB/P | 500,000 | 491,720 | |||
| (Independence Charter School-West), 4.00%, 6/15/29 | BB/P | 260,000 | 251,697 | |||
| Philadelphia, Auth. for Indl. Dev. VRDN Ser. B-2, 3.90%, 10/1/30 | VMIG 1 | 840,000 | 840,000 | |||
| Pittsburgh, School Dist. G.O. Bonds, 3.00%, 9/1/38 | A1 | 1,000,000 | 881,512 | |||
| 21,788,229 | ||||||
| Puerto Rico (0.7%) | ||||||
| Cmnwlth. of PR, G.O. Bonds, Ser. A-1, 4.00%, 7/1/37 | BB/P | 1,550,000 | 1,496,564 | |||
| Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A-1, 4.75%, 7/1/53 | BBB-/P | 2,900,000 | 2,871,150 | |||
| 4,367,714 | ||||||
| Rhode Island (0.5%) | ||||||
| Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50 | BBB-/P | 3,250,000 | 3,255,317 | |||
| 3,255,317 | ||||||
| South Carolina (2.0%) | ||||||
| Lexington Cnty., Hlth. Svcs. Dist. Rev. Bonds, (LexMed Oblig. Group) | ||||||
| 4.00%, 11/1/32 | A1 | 750,000 | 756,840 | |||
| 4.00%, 11/1/31 | A1 | 750,000 | 758,067 | |||
| SC State Jobs Econ. Dev. Auth. Hlth. Fac. Rev. Bonds, (Novant Hlth.), 5.50%, 11/1/50 | A1 | 5,000,000 | 5,584,603 | |||
| SC State Jobs-Econ. Dev. Auth. Rev. Bonds, (Bon Secours Mercy Hlth.), 4.00%, 12/1/44 | A+ | 1,300,000 | 1,266,883 | |||
| SC State Pub. Svcs. Auth. Rev. Bonds, Ser. A, 5.00%, 12/1/36 | A3 | 4,000,000 | 4,054,007 | |||
| 12,420,400 | ||||||
| South Dakota (0.4%) | ||||||
| Lincoln Cnty., Econ. Dev. Rev. Bonds, (Augustana College Assn. (The)) | ||||||
| 4.00%, 8/1/56 | BBB- | 1,000,000 | 823,575 | |||
| 4.00%, 8/1/51 | BBB- | 250,000 | 210,720 | |||
| 4.00%, 8/1/41 | BBB- | 1,400,000 | 1,275,042 | |||
| 2,309,337 | ||||||
| Tennessee (2.6%) | ||||||
| Johnson City, Hlth. & Edl. Fac. Board Multi-Fam. Mandatory Put Bonds (12/1/26), (Roan Hill LP), 3.60%, 12/1/27 | AA+ | 3,000,000 | 2,947,472 | |||
| Knox Cnty., Hlth. Ed. & Hsg. Fac. Board Student Hsg. Rev. Bonds, (Provident Group - UTK Properties, LLC), Ser. A-1, BAM | ||||||
| 5.50%, 7/1/59 | AA | 1,750,000 | 1,896,364 | |||
| 5.50%, 7/1/54 | AA | 1,000,000 | 1,088,294 | |||
| 5.25%, 7/1/49 | AA | 1,250,000 | 1,339,951 | |||
| Memphis-Shelby Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 7/1/45 | A2 | 2,000,000 | 2,080,711 | |||
| Williamson Cnty., Indl. Dev. Board Multi-Fam. Hsg. Mandatory Put Bonds (5/1/27), (ECG Wood Duck LP), 5.00%, 5/1/42 | Aaa | 6,625,000 | 6,761,299 | |||
| 16,114,091 | ||||||
| Texas (8.4%) | ||||||
| Arlington, Higher Ed. Fin. Corp. Rev. Bonds, (Riverwalk Education Foundation, Inc.), PSFG, 4.00%, 8/15/44 | AAA | 3,600,000 | 3,548,599 | |||
| Clifton, Higher Ed. Fin. Corp. Ed. Rev. Bonds | ||||||
| (IDEA Pub. Schools), Ser. B, PSFG, 5.00%, 8/15/27 | A- | 375,000 | 384,269 | |||
| (Braination, Inc.), 4.50%, 8/15/54 | Aaa | 2,280,000 | 2,295,817 | |||
| (YES Prep Pub. Schools, Inc.), PSFG, 4.25%, 4/1/48 | Aaa | 2,525,000 | 2,510,021 | |||
| (IDEA Pub. Schools), Ser. T, PSFG, 4.00%, 8/15/47 | AAA | 1,410,000 | 1,359,089 | |||
| (IDEA Pub. Schools), Ser. T, PSFG, 4.00%, 8/15/40 | AAA | 1,500,000 | 1,521,537 | |||
| (IDEA Pub. Schools), Ser. T, PSFG, 4.00%, 8/15/39 | AAA | 1,500,000 | 1,533,067 | |||
| Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds, (YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/28 | Ba1 | 1,075,000 | 1,074,576 | |||
| Irving, Hotel Occupancy Tax Rev. Bonds | ||||||
| 5.00%, 8/15/39 | BBB+ | 600,000 | 606,182 | |||
| 5.00%, 8/15/36 | BBB+ | 430,000 | 439,839 | |||
| 5.00%, 8/15/34 | BBB+ | 300,000 | 307,946 | |||
| 5.00%, 8/15/33 | BBB+ | 240,000 | 245,461 | |||
| 5.00%, 8/15/31 | BBB+ | 100,000 | 102,387 | |||
| Lake Houston Redev. Auth. Rev. Bonds, (City of Houston, Reinvestment Zone No. 10) | ||||||
| 3.00%, 9/1/47 | BBB- | 600,000 | 428,452 | |||
| 3.00%, 9/1/44 | BBB- | 500,000 | 371,251 | |||
| 3.00%, 9/1/40 | BBB- | 225,000 | 175,692 | |||
| 3.00%, 9/1/39 | BBB- | 250,000 | 199,347 | |||
| 3.00%, 9/1/38 | BBB- | 200,000 | 162,458 | |||
| 3.00%, 9/1/37 | BBB- | 220,000 | 181,913 | |||
| 3.00%, 9/1/34 | BBB- | 150,000 | 131,395 | |||
| Lower CO River Auth. Transmission Svcs. Contract Corp. Rev. Bonds, Ser. A, 6.00%, 5/15/52 | A | 3,250,000 | 3,650,019 | |||
| Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 | BBB+ | 2,250,000 | 2,278,031 | |||
| New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds | ||||||
| (Westminster Manor), 4.00%, 11/1/55 | BBB/F | 1,250,000 | 1,086,909 | |||
| (TX Woman's U. CHF-Collegiate Hsg. Dining), Ser. B-1, AGM, 4.00%, 7/1/48 | AA | 1,705,000 | 1,548,739 | |||
| North TX, Tollway Auth. Rev. Bonds, (1st Tier), Ser. I, 6.50%, 1/1/43 (Prerefunded 1/1/25) | Aa3 | 9,700,000 | 9,846,016 | |||
| Port of Houston Auth. of Harris Cnty. Rev. Bonds, 5.00%, 10/1/48 | AA+ | 5,745,000 | 6,204,267 | |||
| SA Energy Acquisition Pub. Fac. Corp. Rev. Bonds, (Gas Supply), 5.50%, 8/1/25 | A2 | 250,000 | 253,668 | |||
| Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds, (Buckner Retirement Svcs., Inc.), 5.00%, 11/15/37 | A/F | 2,750,000 | 2,770,660 | |||
| TX State Affordable Hsg. Corp. Multi-Fam. Hsg. Mandatory Put Bonds (1/1/27), (AHFC-FC Norman Hsg. LP), 3.625%, 1/1/45 | Aaa | 3,000,000 | 2,959,713 | |||
| TX State Trans. Comm. Rev. Bonds, (Central TX Tpk. Syst.), Ser. A, 3.00%, 8/15/40 | A2 | 3,550,000 | 3,069,099 | |||
| 51,246,419 | ||||||
| Utah (2.7%) | ||||||
| UT Cnty., Hosp. Rev. Bonds, (Intermountain Hlth.), Ser. A, 5.00%, 5/15/41 | Aa1 | 7,170,000 | 7,310,109 | |||
| UT Infrastructure Agcy. Rev. Bonds, Ser. A | ||||||
| 4.00%, 10/15/41 | BBB-/F | 500,000 | 467,327 | |||
| 4.00%, 10/15/38 | BBB-/F | 500,000 | 480,750 | |||
| 4.00%, 10/15/36 | BBB-/F | 300,000 | 291,986 | |||
| 4.00%, 10/15/34 | BBB-/F | 800,000 | 786,881 | |||
| 4.00%, 10/15/32 | BBB-/F | 500,000 | 493,219 | |||
| 3.00%, 10/15/45 | BBB-/F | 1,000,000 | 733,811 | |||
| UT Infrastructure Agcy. Telecomm. Rev. Bonds, 4.00%, 10/15/33 | BBB-/F | 1,225,000 | 1,206,617 | |||
| UT State Bldg. Ownership Auth. Lease Rev. Bonds, (Master Lease), 5.00%, 5/15/41 | Aa1 | 2,960,000 | 3,243,338 | |||
| UT State Charter School Fin. Auth. Rev. Bonds, (UT Charter Academies, Inc.) | ||||||
| 5.00%, 10/15/38 | AA | 720,000 | 738,045 | |||
| 5.00%, 10/15/33 | AA | 420,000 | 433,503 | |||
| 5.00%, 10/15/31 | AA | 530,000 | 548,257 | |||
| 16,733,843 | ||||||
| Virginia (1.1%) | ||||||
| Henrico Cnty., Indl. Dev. Auth. Rev. Bonds, AGM, 5.929%, 8/23/27 (Escrowed to maturity) | A1 | 6,650,000 | 6,917,134 | |||
| 6,917,134 | ||||||
| Washington (2.9%) | ||||||
| Grays Harbor Cnty., Pub. Hosp. Dist. No. 1 Rev. Bonds, 6.875%, 12/1/49 | BB+ | 3,325,000 | 3,452,259 | |||
| Port of Seattle Rev. Bonds, Ser. B | ||||||
| 5.00%, 8/1/47 | AA- | 1,000,000 | 1,037,998 | |||
| 5.00%, 8/1/41 | AA- | 2,000,000 | 2,114,910 | |||
| 5.00%, 8/1/38 | AA- | 3,000,000 | 3,213,877 | |||
| 5.00%, 8/1/37 | AA- | 1,500,000 | 1,622,007 | |||
| WA State Hsg. Fin. Comm. Rev. Bonds | ||||||
| (Social Certif.), Ser. A-1, 3.50%, 12/20/35 | BBB+ | 3,906,735 | 3,554,643 | |||
| Ser. 1, Class A, 3.375%, 4/20/37 | BBB | 3,284,407 | 2,943,986 | |||
| 17,939,680 | ||||||
| Wisconsin (3.5%) | ||||||
| Pub. Fin. Auth. 144A Rev. Bonds, (Roseman U. of Hlth. Sciences) | ||||||
| 4.00%, 4/1/42 | BB | 830,000 | 775,730 | |||
| 4.00%, 4/1/42 (Prerefunded 4/1/32) | AAA/P | 20,000 | 21,326 | |||
| Pub. Fin. Auth. Arpt. Fac. Rev. Bonds, (Sr. Oblig. Group), 5.25%, 7/1/28 | BBB+ | 575,000 | 575,230 | |||
| Pub. Fin. Auth. Conference Ctr. & Hotel Rev. Bonds, (U. of NC Charlotte Foundation), Ser. A, 4.00%, 9/1/56 | BB+/P | 2,000,000 | 1,455,885 | |||
| Pub. Fin. Auth. Multi-Fam Affordable Hsg. 144A Rev. Bonds, (Dominium Holdings I, LLC), Ser. 1, Class B-1, 6.81%, 4/28/36 | BBB-/P | 1,600,000 | 1,629,548 | |||
| Pub. Fin. Auth. Pooled Charter School Certif. Rev. Bonds, Ser. 23-1, Class A, 5.75%, 7/1/62 | Aa3 | 1,500,000 | 1,639,260 | |||
| Pub. Fin. Auth. Student Hsg. Fac. 144A Rev. Bonds, (CHF-Manoa, LLC), Ser. A, 5.75%, 7/1/53 | BBB- | 2,000,000 | 2,162,251 | |||
| WI Pub. Fin. Auth. Hotel Rev. Bonds, (Grand Hyatt), 5.00%, 2/1/62 | BBB- | 2,000,000 | 2,035,754 | |||
| WI State Hlth. & Edl. Fac. Auth. 5.50%, 2/15/54 | BBB | 1,500,000 | 1,595,961 | |||
| WI State Hlth. & Edl. Fac. Auth. Rev. Bonds | ||||||
| (Hmong American Peace Academy, Ltd.), 5.00%, 3/15/50 | BBB | 1,375,000 | 1,382,610 | |||
| (Froedtert Health, Inc.), Ser. A, 4.00%, 4/1/36 | AA | 7,825,000 | 7,919,173 | |||
| (Hmong American Peace Academy, Ltd.), 4.00%, 3/15/30 | BBB | 400,000 | 394,768 | |||
| 21,587,496 | ||||||
| Total municipal bonds and notes (cost $621,568,170) | $616,590,511 | |||||
| SHORT-TERM INVESTMENTS (2.4%)(a) | ||||||
| Principal amount/shares | Value | |||||
| Putnam Short Term Investment Fund Class P 5.48%(AFF) | Shares | 14,055,747 | $14,055,747 | |||
| U.S. Treasury Bills 5.382%, 7/23/24(SEG) | $500,000 | 498,396 | ||||
| U.S. Treasury Bills 5.373%, 10/24/24(SEG) | 200,000 | 196,684 | ||||
| Total short-term investments (cost $14,750,825) | $14,750,827 | |||||
| TOTAL INVESTMENTS | ||||||
| Total investments (cost $636,318,995) | $631,341,338 | |||||
| FUTURES CONTRACTS OUTSTANDING at 6/30/24 (Unaudited) | ||||||
| Number of contracts | Notional amount | Value | Expiration date | Unrealized appreciation/ (depreciation) | ||
| U.S. Treasury Bond Ultra 30 yr (Short) | 107 | $13,411,781 | $13,411,781 | Sep-24 | $(109,101) | |
| Unrealized appreciation | — | |||||
| Unrealized (depreciation) | (109,101) | |||||
| Total | $(109,101) | |||||
| 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 October 1, 2023 through June 30, 2024. Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Franklin Resources, Inc., references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter. | ||||||
| (a) | Percentages indicated are based on net assets of $616,103,521. | |||||
| (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. | |||||
| (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 9/30/23 | Purchase cost | Sale proceeds | Investment income | Shares outstanding and fair value as of 6/30/24 | |
| Short-term investments | ||||||
| Putnam Short Term Investment Fund Class P‡ | $6,964,147 | $148,071,388 | $140,979,788 | $299,445 | $14,055,747 | |
| Total Short-term investments | $6,964,147 | $148,071,388 | $140,979,788 | $299,445 | $14,055,747 | |
| ‡ 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 $646,603. | |||||
| (FWC) | Forward commitment, in part or in entirety (Note 1). | |||||
| (T) | Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions. | |||||
| Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity. | ||||||
| 144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | ||||||
| On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, Intercontinental Exchange (ICE) London Interbank Offered Rate (LIBOR) USD 1 Month, ICE LIBOR USD 3 Month, US Secured Overnight Financing Rate (SOFR), Chicago Mercantile Exchange (CME) Term SOFR 3 Month or CME Term SOFR 6 Month rates, which were 3.88%, 5.45%, 5.59%, 5.33%, 5.32%, and 5.25%, respectively, as of the close of the reporting period. | ||||||
| The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates. | ||||||
| The dates shown on debt obligations are the original maturity dates. | ||||||
| The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets): | ||||||
| Transportation | 19.8% | |||||
| Healthcare | 17.5 | |||||
| Housing | 15.7 | |||||
| Education | 12.9 | |||||
| Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees (Trustees). The Trustees have formed a Pricing Committee to oversee the implementation of these procedures. Under compliance policies and procedures approved by the Trustees, the Trustees have designated the fund’s investment manager as the valuation designee and has responsibility for oversight of valuation. The investment manager is assisted by the fund’s administrator in performing this responsibility, including leading the cross-functional Valuation Committee (VC). The VC is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Trustees. | ||||||
| Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2. | ||||||
| Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate. | ||||||
| Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares. | ||||||
| To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security's fair value, the security will be valued at fair value by Putnam Management, which has been designated as valuation designee pursuant to Rule 2a-5 under the Investment Company Act of 1940, in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. | ||||||
| To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount. | ||||||
| Futures contracts: The fund used futures contracts for hedging treasury term structure risk and for yield curve positioning. | ||||||
| The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. | ||||||
| Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin”. | ||||||
| For the fund's average number of futures contracts, see the appropriate table at the end of these footnotes. | ||||||
| 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 $22,946,000 were held by the TOB trust and served as collateral for $15,135,678 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $480,885 for these investments based on an average interest rate of 3.62%. | ||||||
| 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 | $— | $616,590,511 | $— | |
| Short-term investments | — | 14,750,827 | — | |
| Totals by level | $— | $631,341,338 | $— | |
| Valuation inputs | ||||
| Other financial instruments: | Level 1 | Level 2 | Level 3 | |
| Futures contracts | $(109,101) | $— | $— | |
| Totals by level | $(109,101) | $— | $— | |
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) | 90 | |||
| 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.putnam.com | ||||
