a_municipalopps.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY



Investment Company Act file number: (811-07626)
Exact name of registrant as specified in charter: Putnam Municipal Opportunities Trust
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109
Name and address of agent for service: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109
Copy to:         Bryan Chegwidden, Esq.
Ropes & Gray LLP
1211 Avenue of the Americas
New York, New York 10036
Registrant's telephone number, including area code: (617) 292-1000
Date of fiscal year end: April 30, 2018
Date of reporting period: July 31, 2017



Item 1. Schedule of Investments:













Putnam Municipal Opportunities Trust

The fund's portfolio
7/31/17 (Unaudited)
Key to holding's abbreviations
ABAG — Association Of Bay Area Governments
AGC — Assured Guaranty Corp.
AGM — Assured Guaranty Municipal Corporation
AMBAC — AMBAC Indemnity Corporation
BAM — Build America Mutual
COP — Certificates of Participation
FGIC — Financial Guaranty Insurance Company
FRB — Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period
FRN — Floating Rate Notes: the rate shown is the current interest rate or yield at the close of the reporting period
G.O. Bonds — General Obligation Bonds
IFB — Inverse Floating Rate Bonds, which are securities that pay interest rates that vary inversely to changes in the market interest rates. As interest rates rise, inverse floaters produce less current income. The rate shown is the current interest rate at the close of the reporting period.
NATL — National Public Finance Guarantee Corp.
PSFG — Permanent School Fund Guaranteed
U.S. Govt. Coll. — U.S. Government Collateralized
VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period.
MUNICIPAL BONDS AND NOTES (142.0%)(a)
Rating(RAT) Principal amount Value
Alabama (2.0%)
Jefferson Cnty., Swr. Rev. Bonds, Ser. D, 6.50%, 10/1/53 BBB- $2,000,000 $2,405,560
Jefferson, Cnty. Rev. Bonds (Warrents)
     5.00%, 9/15/34 AA 2,075,000 2,415,611
     5.00%, 9/15/33 AA 275,000 321,393
Lower AL Gas Dist. Rev. Bonds (Gas Project), Ser. A, 5.00%, 9/1/46 A3 3,150,000 3,960,653
Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 5.80%, 5/1/34 Baa2 750,000 830,595
9,933,812
Arizona (3.1%)
Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7.625%, 12/1/29 (escrow)(F) D/P 3,025,000 9,042
Glendale, Excise Tax Rev. Bonds, 5.00%, 7/1/30(FWC) AA 1,700,000 2,008,924
Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5.125%, 5/15/40 A 2,125,000 2,303,840
Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds (Reid Traditional Schools Painted Rock Academy), 5.00%, 7/1/36 Baa3 350,000 379,285
Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7.25%, 2/1/40 Baa1 2,400,000 2,588,304
Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5.00%, 7/1/40 A1 1,000,000 1,099,920
Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds (Great Hearts Academies), 3.75%, 7/1/24 BBB- 645,000 679,508
Pinal Cnty., Elec. Rev. Bonds, 5.00%, 7/1/35 A 550,000 636,372
Salt Verde, Fin. Corp. Gas Rev. Bonds, 5.50%, 12/1/29 Baa1 1,350,000 1,662,633
U. Med. Ctr. Corp. Hosp. Rev. Bonds, U.S. Govt. Coll., 6.50%, 7/1/39 (Prerefunded 7/1/19) AAA/P 1,000,000 1,101,030
Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34 Baa1 500,000 556,220
Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds (Yuma Regl. Med. Ctr.), Ser. A, 5.00%, 8/1/32 A- 2,065,000 2,314,142
15,339,220
California (20.8%)
ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds (Episcopal Sr. Cmntys.), Ser. A, 5.00%, 7/1/32 BBB+/F 550,000 588,709
Bay Area Toll Auth. of CA Rev. Bonds (Toll Bridge), Ser. S-4, 5.00%, 4/1/33 AA- 1,200,000 1,374,456
Burbank, Unified School Dist. G.O. Bonds (Election of 1997), Ser. C, NATL, FGIC, zero %, 8/1/23 AA- 1,000,000 882,820
CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.), Ser. E, 4.80%, 8/1/37 AA- 970,000 970,000
CA Muni. Fin. Auth. Rev. Bonds
     (Biola U.), 5.00%, 10/1/42 Baa1 500,000 542,375
     (Eisenhower Med. Ctr.), Ser. A, 5.00%, 7/1/42 Baa2 200,000 224,402
     (Cmnty. Med. Ctrs.), Ser. A, 5.00%, 2/1/40 A- 650,000 722,839
CA State G.O. Bonds
     5.50%, 3/1/40 Aa3 7,450,000 8,238,583
     5.00%, 4/1/42 Aa3 4,000,000 4,560,120
CA State Edl. Fac. Auth. Rev. Bonds (Loyola-Marymount U.), NATL, zero %, 10/1/21 A2 1,300,000 1,189,318
CA State Hlth. Fac. Fin. Auth. Rev. Bonds (Children's Hosp. Los Angeles), Ser. A, 5.00%, 8/15/42 BBB+ 2,000,000 2,261,000
CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds (Caritas Affordable Hsg., Inc.), 5.25%, 8/15/39 BBB 400,000 445,412
CA State Poll. Control Fin. Auth. Rev. Bonds (San Jose Wtr. Co.)
     5.10%, 6/1/40 A 3,500,000 3,801,805
     4.75%, 11/1/46 A 750,000 810,533
CA State Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5.25%, 8/1/40 A 1,000,000 1,104,760
CA State Pub. Wks. Board Rev. Bonds
     Ser. I-1, 6.125%, 11/1/29 (Prerefunded 11/1/19) Aaa 1,000,000 1,115,580
     (Dept. of Forestry & Fire), Ser. E, 5.00%, 11/1/32 A1 1,575,000 1,589,254
     (Capital Projects), Ser. A, 5.00%, 4/1/29 A1 2,000,000 2,293,540
CA State U. Rev. Bonds (Systemwide), Ser. A
     5.00%, 11/1/41 Aa2 3,500,000 4,096,365
     5.00%, 11/1/36 Aa2 3,000,000 3,593,280
CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5.375%, 4/1/30 A- 1,415,000 1,417,080
CA Statewide Cmnty. Dev. Auth. Rev. Bonds (899 Charleston, LLC), Ser. A, 5.25%, 11/1/44 BB/P 450,000 466,691
Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A
     6.00%, 1/15/53 Baa3 1,500,000 1,736,370
     zero %, 1/1/28 (Escrowed to maturity) AA+ 10,000,000 7,954,700
Golden State Tobacco Securitization Corp. Rev. Bonds
     Ser. A-1, 5.75%, 6/1/47 B3 1,510,000 1,510,000
     Ser. A-2, 5.30%, 6/1/37 B 1,000,000 1,016,080
     Ser. A-1, 5.125%, 6/1/47 B3 3,970,000 3,970,079
     Ser. A-1, 5.00%, 6/1/33 B+ 100,000 100,000
     Ser. A-1, 5.00%, 6/1/29 BBB 1,000,000 1,175,620
Los Angeles, Dept. of Arpt Rev. Bonds (Los Angeles Intl. Arpt.), Ser. B, 5.00%, 5/15/41 AA- 1,000,000 1,150,050
Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.)
     Ser. D, 5.00%, 5/15/40 AA 3,500,000 3,837,680
     5.00%, 5/15/30 AA 1,000,000 1,151,240
Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4.50%, 1/1/27 A 600,000 661,422
M-S-R Energy Auth. Rev. Bonds
     Ser. A, 6.50%, 11/1/39 BBB+ 3,000,000 4,306,170
     Ser. B, 6.50%, 11/1/39 BBB+ 3,000,000 4,306,170
Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5.75%, 8/10/18 AAA 2,050,000 2,095,715
North Natomas, Cmnty. Fac. Special Tax Bonds (Dist. No. 4), Ser. E, 5.00%, 9/1/30 BBB+ 1,250,000 1,363,250
Oakland, Alameda Cnty. Unified School Dist. G.O. Bonds (Election of 2012), 6.625%, 8/1/38 (Prerefunded 8/1/21) Aa3 500,000 606,795
Orange Cnty., Trans. Auth Toll Road Rev. Bonds (91 Express Lanes), 5.00%, 8/15/30 AA- 635,000 738,448
Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21 A+ 1,990,000 1,833,586
Sacramento, Regl. Trans. Dist. Rev. Bonds (Farebox), 5.00%, 3/1/42 A3 1,320,000 1,435,144
San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, NATL, 6.50%, 8/1/17 860,000 860,000
San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 7/1/40 A2 3,750,000 4,124,700
San Diego, Unified School Dist. G.O. Bonds (Election of 2008), Ser. C
     zero %, 7/1/40 Aa2 5,000,000 2,082,350
     zero %, 7/1/38 Aa2 5,000,000 2,289,700
Stockton, Pub. Wtr. Fin. Auth. Rev. Bonds (Delta Wtr. Supply), Ser. A, 6.25%, 10/1/40 A 875,000 1,075,279
Sunnyvale, Cmnty. Fac. Dist. Special Tax Bonds, 7.65%, 8/1/21 B+/P 285,000 285,869
Univ. of CA Rev. Bonds, Ser. AF, 5.00%, 5/15/36(T) AA 9,000,000 10,448,431
104,403,770
Colorado (2.8%)
CO State Hlth. Fac. Auth. Rev. Bonds
     (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.625%, 6/1/43 BBB+ 600,000 656,400
     (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), Ser. A, 5.00%, 6/1/40 Baa1 1,750,000 1,895,880
     (Valley View Hosp. Assn.), 5.00%, 5/15/40 A- 1,000,000 1,117,260
     (Covenant Retirement Cmnty.), Ser. A, 5.00%, 12/1/35 BBB+/F 1,000,000 1,074,240
     (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.00%, 12/1/33 BBB+ 1,650,000 1,759,742
     (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.00%, 6/1/29 BBB+ 315,000 315,422
CO State Hlth. Fac. Auth. Hosp. Rev. Bonds (Christian Living Neighborhood), 5.00%, 1/1/37 BB/P 550,000 567,892
Denver City & Cnty., Arpt. Rev. Bonds (Sub. Syst.), Ser. A, 5.50%, 11/15/31 A2 950,000 1,122,606
E-470 CO Pub. Hwy. Auth.
     FRN Mandatory Put Bonds (9/1/21) (Sr. Libor Index) Ser. B, 1.876%, 9/1/39 A3 1,400,000 1,415,820
     FRN Mandatory Put Bonds (9/1/19) (Sr. Libor Index) Ser. A, 1.727%, 9/1/39 A3 500,000 502,300
Park Creek, Metro. Dist. Tax Allocation Bonds (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45 BBB/F 200,000 214,036
Pub. Auth. for CO Energy Rev. Bonds (Natural Gas Purchase), 6.50%, 11/15/38 Baa1 2,250,000 3,201,525
13,843,123
Delaware (0.6%)
DE State Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.), 5.40%, 2/1/31 Baa1 1,100,000 1,195,799
DE State Hlth. Fac. Auth. VRDN (Christiana Care), Ser. A, 0.75%, 10/1/38 VMIG1 1,650,000 1,650,000
2,845,799
District of Columbia (1.8%)
DC Rev. Bonds (Howard U.), Ser. A
     6.50%, 10/1/41 BBB 1,575,000 1,675,202
     U.S. Govt. Coll., 6.50%, 10/1/41 (Prerefunded 4/1/21) AAA/P 25,000 29,781
DC U. Rev. Bonds (Gallaudet U.), 5.50%, 4/1/34 A+ 1,000,000 1,132,780
DC, Wtr. & Swr. Auth. Pub. Util. Rev. Bonds, Ser. C, 5.00%, 10/1/39 AA+ 2,000,000 2,311,720
Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
     Ser. A, 5.00%, 10/1/39 A2 2,000,000 2,131,940
     (Metrorail), Ser. A, zero %, 10/1/37 Baa1 3,700,000 1,496,687
8,778,110
Florida (5.9%)
Brevard Cnty., Hlth. Care Fac. Auth. Rev. Bonds (Health First, Inc.), U.S. Govt. Coll., 7.00%, 4/1/39 (Prerefunded 4/1/19) A2 3,000,000 3,295,200
FL State Muni. Pwr. Agcy. Rev. Bonds (All Requirements Pwr. Supply), Ser. A, 5.00%, 10/1/31 A2 255,000 265,320
Greater Orlando Aviation Auth. Rev. Bonds (Arpt. Fac.), Ser. A, 5.00%, 10/1/46 Aa3 3,000,000 3,412,950
Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 A- 2,250,000 2,491,695
Jacksonville, Port Auth. Rev. Bonds, 5.00%, 11/1/38 A2 600,000 654,456
Lakeland, Hosp. Syst. Rev. Bonds (Lakeland Regl. Hlth.), 5.00%, 11/15/40 A2 1,350,000 1,507,626
Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6.375%, 1/1/43 BBB-/F 340,000 351,951
Martin Cnty., Rev. Bonds (Indiantown Cogeneration), 4.20%, 12/15/25 Baa2 1,400,000 1,437,632
Miami-Dade Cnty., Rev. Bonds (Tran. Syst. Sales Surtax), 5.00%, 7/1/42 AA 3,000,000 3,396,420
Miami-Dade Cnty., Aviation Rev. Bonds
     (Miami Intl. Arpt.), Ser. A-1, 5.375%, 10/1/41 A2 3,000,000 3,344,730
     Ser. A, 5.00%, 10/1/38 A 2,000,000 2,265,900
     5.00%, 10/1/28 A2 500,000 581,480
Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5.00%, 7/1/40 A2 1,000,000 1,089,160
Orange Cnty., Hlth. Fac. Auth. Rev. Bonds (Presbyterian Retirement Cmntys.), 5.00%, 8/1/34 A-/F 1,350,000 1,471,176
Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds
     (Acts Retirement-Life Cmnty.), 5.50%, 11/15/33 (Prerefunded 11/15/20) A-/F 1,000,000 1,139,400
     (Lifespace Cmntys, Inc.), Ser. C, 5.00%, 5/15/38 A/F 2,000,000 2,197,040
Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30 BBB+ 360,000 401,000
Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.40%, 5/1/37 B+/P 340,000 340,343
29,643,479
Georgia (6.5%)
Atlanta, Tax Allocation Bonds (Beltline), Ser. B, 5.00%, 1/1/30 A2 1,715,000 2,002,040
Atlanta, Arpt. Rev. Bonds (Hartsfield-Jackson Intl. Arpt.), Ser. A, 5.00%, 1/1/35 Aa3 1,250,000 1,353,825
Atlanta, Arpt. Passenger Fac. Charge Rev. Bonds
     5.00%, 1/1/34 Aa3 1,550,000 1,769,325
     5.00%, 1/1/33 Aa3 1,500,000 1,717,965
Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6.25%, 11/1/39 (Prerefunded 11/1/19) Aa2 4,500,000 5,021,910
Fulton Cnty., Dev. Auth. Rev. Bonds (GA Tech Athletic Assn.), Ser. A, 5.00%, 10/1/42 A2 1,350,000 1,535,544
Gainesville & Hall Cnty., Dev. Auth. Edl. Fac. Rev. Bonds (Riverside Military Academy)
     5.00%, 3/1/47 BBB-/F 1,050,000 1,099,571
     5.00%, 3/1/37 BBB-/F 1,100,000 1,175,229
Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds
     (Northeast GA Hlth. Care), Ser. S, 5.50%, 8/15/54 AA- 925,000 1,086,015
     (Northeast GA Hlth. Syst.), Ser. B, 5.25%, 2/15/45 AA- 1,535,000 1,630,600
     (Northeast GA Hlth. Syst.), Ser. B, U.S. Govt. Coll., 5.25%, 2/15/45 (Prerefunded 2/15/20) AAA/P 4,965,000 5,479,672
Marietta, Dev. Auth. Rev. Bonds (Fac. of Life U., Inc.), 7.00%, 6/15/39 (Prerefunded 6/15/18) Ba3 1,400,000 1,472,912
Muni. Election Auth. of GA Rev. Bonds (Plant Voltage Units 3 & 4), Ser. A, 5.50%, 7/1/60 A+ 3,500,000 3,946,460
Richmond Cnty., Hosp. Auth. Rev. Bonds (U. Hlth. Svcs., Inc.)
     5.00%, 1/1/31 A1 2,175,000 2,529,503
     5.00%, 1/1/30 A1 770,000 900,777
32,721,348
Hawaii (0.5%)
HI State G.O. Bonds, Ser. FK, 5.00%, 5/1/34 Aa1 2,000,000 2,393,640
2,393,640
Illinois (16.5%)
Chicago, G.O. Bonds
     Ser. A, 6.00%, 1/1/38 BBB+ 1,920,000 2,064,134
     Ser. A, 5.50%, 1/1/39 BBB+ 500,000 511,880
     Ser. D-05, 5.50%, 1/1/37 BBB+ 750,000 767,820
     Ser. G-07, 5.50%, 1/1/35 BBB+ 3,175,000 3,252,407
     Ser. D-05, 5.50%, 1/1/34 BBB+ 1,000,000 1,025,000
     Ser. A, 5.25%, 1/1/33 BBB+ 1,250,000 1,262,813
     Ser. C, 5.00%, 1/1/38 BBB+ 1,500,000 1,499,880
Chicago, Board of Ed. G.O. Bonds
     Ser. C, 5.25%, 12/1/39 B 2,250,000 1,963,800
     (School Reform), Ser. B-1, NATL, zero %, 12/1/21 A 3,500,000 3,014,550
Chicago, Motor Fuel Tax Rev. Bonds, 5.00%, 1/1/29 Ba1 500,000 509,030
Chicago, O'Hare Intl. Arpt. Rev. Bonds
     Ser. A, 5.75%, 1/1/39 A 640,000 722,586
     Ser. A, U.S. Govt. Coll., 5.75%, 1/1/39 (Prerefunded 1/1/21) AAA/P 3,360,000 3,873,072
     Ser. C, 5.375%, 1/1/39 A2 1,250,000 1,399,213
     Ser. C, 5.25%, 1/1/28 A2 1,320,000 1,501,183
     Ser. C, 5.25%, 1/1/27 A2 2,125,000 2,430,554
     Ser. D, 5.00%, 1/1/42 A 850,000 957,270
     Ser. G, 5.00%, 1/1/37 A 400,000 452,888
Chicago, Sales Tax Rev. Bonds, 5.00%, 1/1/34 AA 1,500,000 1,571,790
Chicago, Trans. Auth. Sales Tax Rev. Bonds, 5.25%, 12/1/49 AA 3,000,000 3,304,020
Chicago, Waste Wtr. Transmission Rev. Bonds
     Ser. C, 5.00%, 1/1/39 A 900,000 975,816
     (2nd Lien), 5.00%, 1/1/39 A 1,835,000 1,978,681
     Ser. A, NATL, zero %, 1/1/24 A+ 1,600,000 1,317,776
Chicago, Wtr. Wks Rev. Bonds
     5.00%, 11/1/42 A 645,000 678,946
     5.00%, 11/1/39 A 1,080,000 1,174,165
Cicero, G.O. Bonds, Ser. A, AGM, 5.00%, 1/1/21 AA 2,000,000 2,217,800
IL Fin. Auth. Rev. Bonds
     (Silver Cross Hosp. & Med. Ctr.), 7.00%, 8/15/44 (Prerefunded 8/15/19) AAA/P 2,500,000 2,795,775
     (IL Rush U. Med. Ctr.), Ser. D, U.S. Govt. Coll., 6.625%, 11/1/39 (Prerefunded 5/1/19) Aaa 1,490,000 1,634,009
     (Rush U. Med. Ctr.), Ser. C, U.S. Govt. Coll., 6.625%, 11/1/39 (Prerefunded 5/1/19) Aaa 1,425,000 1,562,726
     (Alexian), Ser. A, AGM, 5.25%, 1/1/22 (Prerefunded 4/14/18) A2 3,775,000 3,889,383
IL State G.O. Bonds
     5.00%, 11/1/41 Baa3 1,000,000 1,040,480
     5.00%, 1/1/41 Baa3 500,000 518,745
     5.00%, 2/1/39 Baa3 300,000 309,729
     5.00%, 11/1/36 Baa3 6,000,000 6,289,200
     5.00%, 11/1/34 Baa3 1,000,000 1,052,870
     5.00%, 1/1/32 Baa3 800,000 846,088
IL State Fin. Auth. Rev. Bonds
     (Three Crowns Park), 5.25%, 2/15/47 BB-/P 700,000 728,749
     (Three Crowns Park), 5.25%, 2/15/37 BB-/P 375,000 394,523
     (Presence Hlth. Network), Ser. C, 5.00%, 2/15/36 Baa3 400,000 431,112
     (Lifespace Cmntys, Inc.), Ser. A, 5.00%, 5/15/35 A/F 1,025,000 1,131,846
     (Riverside Hlth.Syst.), 4.00%, 11/15/34 A+ 500,000 508,130
Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds (No. 115 Yorkville), NATL, FGIC, zero %, 1/1/21 Aa3 1,075,000 1,018,810
Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds (No. 073 Hawthorn)
     NATL, FGIC, zero %, 12/1/21 AA+ 1,805,000 1,644,030
     U.S. Govt. Coll., NATL, zero %, 12/1/21 (Escrowed to maturity) AA+ 145,000 136,739
     NATL, FGIC, zero %, 12/1/20 AA+ 1,495,000 1,398,274
     U.S. Govt. Coll., NATL, zero %, 12/1/20 (Escrowed to maturity) AA+ 155,000 148,606
Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds (McCormick), Ser. A, NATL, zero %, 12/15/30 A 12,000,000 6,984,720
Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds (Green Bond), Ser. E, 5.00%, 12/1/30 AA+ 1,310,000 1,535,700
Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6.00%, 6/1/28 A- 4,150,000 4,714,276
Southern IL U. Rev. Bonds (Hsg. & Auxiliary), Ser. A, NATL, zero %, 4/1/25 A 1,870,000 1,421,686
82,563,280
Indiana (0.7%)
IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5.25%, 10/15/21 A3 180,000 203,837
IN State Fin. Auth. Rev. Bonds
     (BHI Sr. Living), 5.75%, 11/15/41 BBB+/F 1,000,000 1,094,130
     (Duke Energy Ind.), Ser. C, 4.95%, 10/1/40 Aa3 1,000,000 1,056,400
U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGC, 5.75%, 10/1/28 (Prerefunded 10/1/19) AA 1,000,000 1,101,060
3,455,427
Kentucky (1.2%)
KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53 Baa3 1,000,000 1,133,560
Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6.00%, 5/1/38 Baa3 290,000 295,220
Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds (Norton Healthcare, Inc.), Ser. A, 5.00%, 10/1/32 A- 2,750,000 3,204,355
Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A
     5.00%, 7/1/32 A+ 1,030,000 1,149,521
     5.00%, 7/1/31 A+ 385,000 431,200
6,213,856
Louisiana (0.1%)
LA State Pub. Fac. Auth. Rev. Bonds (Ochsner Clinic Foundation), 5.00%, 5/15/47 A3 650,000 719,160
719,160
Maryland (0.1%)
MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.20%, 9/1/22 A2 650,000 701,279
701,279
Massachusetts (6.6%)
MA State G.O. Bonds
     Ser. I, 5.00%, 12/1/35 Aa1 1,500,000 1,784,115
     Ser. G, 4.00%, 9/1/42 Aa1 3,400,000 3,582,580
MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B, 5.00%, 1/1/37 A+ 2,500,000 2,678,075
MA State Dev. Fin. Agcy. Rev. Bonds
     (Sabis Intl.), Ser. A, 8.00%, 4/15/39 (Prerefunded 10/15/19) BBB 575,000 660,169
     (Linden Ponds, Inc. Fac.), Ser. A-1, 6.25%, 11/15/26 B-/P 960,369 991,475
     (Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5.75%, 7/15/43 Baa3 500,000 556,540
     (Suffolk U.), Ser. A, 5.75%, 7/1/39 Baa2 395,000 424,329
     (Suffolk U.), Ser. A, U.S. Govt. Coll., 5.75%, 7/1/39 (Prerefunded 7/1/19) AAA/P 780,000 850,106
     (Loomis Cmntys.), Ser. A, 5.75%, 1/1/28 BBB- 1,100,000 1,227,325
     (Carleton-Willard Village), 5.625%, 12/1/30 A- 750,000 804,240
     (Linden Ponds, Inc.), Ser. A-2 , 5.50%, 11/15/46 B-/P 51,190 51,193
     (Berklee College of Music), 5.25%, 10/1/41 A2 2,000,000 2,271,080
     (Emerson College), Ser. A, 5.00%, 1/1/40 BBB+ 3,000,000 3,133,500
     (Dana-Farber Cancer Inst.), Ser. N, 5.00%, 12/1/36 A1 1,900,000 2,198,737
     (Suffolk U.), 5.00%, 7/1/34 Baa2 625,000 705,375
     (Intl. Charter School), 5.00%, 4/15/33 BBB 1,000,000 1,095,480
     (Linden Ponds, Inc.), Ser. B, zero %, 11/15/56 B-/P 254,614 6,429
MA State Edl. Fin. Auth. Rev. Bonds (Ed. Loan - Issue 1)
     5.00%, 1/1/27 AA 800,000 903,328
     4.375%, 1/1/32 AA 445,000 459,636
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
     (Care Group), Ser. B-2, NATL, 5.375%, 2/1/26 (Prerefunded 8/1/18) A 700,000 730,870
     (Northeastern U.), Ser. A, 5.00%, 10/1/35 A2 3,250,000 3,573,375
MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. C, 5.35%, 12/1/42 Aa2 1,010,000 1,061,924
MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5.125%, 7/1/41 A 2,855,000 3,161,741
32,911,622
Michigan (7.2%)
Detroit, G.O. Bonds, AMBAC, 5.25%, 4/1/24 A-/P 222,425 217,289
Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6.00%, 5/1/29 Aa1 1,000,000 1,240,100
Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B
     AGM, 6.25%, 7/1/36 AA 5,000 5,437
     AGM, U.S. Govt. Coll., 6.25%, 7/1/36 (Prerefunded 7/1/19) AA 1,420,000 1,561,034
Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 7.50%, 7/1/39 Ba1 500,000 556,635
Great Lakes, Wtr. Auth. Swr. Rev. Bonds (Brazos Presbyterian Homes, Inc.), Ser. C, 5.00%, 7/1/36 Baa1 910,000 1,015,906
Karegnondi, Wtr. Auth. Rev. Bonds (Wtr. Supply Syst.), Ser. A, 5.25%, 11/1/31 A2 2,445,000 2,790,405
Kentwood, Economic Dev. Rev. Bonds (Holland Home Oblig. Group), 5.00%, 11/15/37 BBB-/F 1,750,000 1,837,378
MI State Fin. Auth. Rev. Bonds
     (Henry Ford Hlth. Syst.), 5.00%, 11/15/41 A 1,800,000 2,006,298
     Ser. H-1, 5.00%, 10/1/39 AA- 1,575,000 1,763,654
     (MidMichigan Hlth.), 5.00%, 6/1/39 A1 1,000,000 1,115,420
     (Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/35 Baa1 1,100,000 1,199,627
     (Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/34 Baa1 1,900,000 2,078,923
     (Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. D-2, 5.00%, 7/1/34 Baa1 1,000,000 1,094,170
     (Local Govt. Program Detroit Wtr. & Swr.), Ser. D4, 5.00%, 7/1/34 A3 100,000 111,407
     (Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33 A3 850,000 948,634
     (Detroit), Ser. C-3, 5.00%, 4/1/27 A2 750,000 878,520
MI State Hosp. Fin. Auth. Rev. Bonds
     Ser. A, 6.125%, 6/1/39 (Prerefunded 6/1/19) AA+ 2,500,000 2,732,400
     (Henry Ford Hlth.), 5.75%, 11/15/39 (Prerefunded 11/15/19) A 2,000,000 2,213,420
     (Sparrow Hlth. Oblig. Group), 5.00%, 11/15/31 A1 390,000 394,013
MI State Hsg. Dev. Auth. Rev. Bonds (Rental Hsg.), Ser. D, 3.95%, 10/1/37 AA 1,050,000 1,082,666
MI State Strategic Fund Ltd. Rev. Bonds (Worthington Armstrong Venture), 5.75%, 10/1/22 (Escrowed to maturity) AAA/P 1,650,000 1,978,812
MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Evangelical Homes of MI)
     5.50%, 6/1/47 BB+/F 675,000 691,301
     5.25%, 6/1/32 BB+/F 320,000 330,429
MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6.00%, 6/1/34 B- 575,000 576,811
Wayne Cnty., Arpt. Auth. Rev. Bonds
     Ser. D, 5.00%, 12/1/40 A2 2,890,000 3,272,058
     Ser. A, 5.00%, 12/1/21 A2 2,000,000 2,275,100
35,967,847
Minnesota (0.6%)
Moorhead, Edl. Fac. Rev. Bonds (Concordia College Corp.), 5.00%, 12/1/40 Baa1 500,000 545,075
St. Cloud, Hlth. Care Rev. Bonds (CentraCare Hlth. Syst.), Ser. A, 5.125%, 5/1/30 A1 160,000 173,909
St. Paul, Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Bonds (HealthPartners Oblig. Group), Ser. A, 5.00%, 7/1/33 A2 2,000,000 2,270,740
2,989,724
Mississippi (0.7%)
MS Bus. Fin. Corp. Rev. Bonds (Syst. Energy Resources, Inc.), 5.875%, 4/1/22 BBB+ 1,445,000 1,449,364
Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6.50%, 9/1/32 Baa2 2,000,000 2,108,260
3,557,624
Nebraska (0.2%)
Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5.625%, 1/1/40 AA/F 925,000 996,493
996,493
Nevada (0.5%)
Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5.00%, 7/1/33 Aa3 1,565,000 1,781,001
Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-17), 5.00%, 9/1/25 BBB-/P 550,000 555,011
2,336,012
New Hampshire (0.7%)
NH State Hlth. & Ed. Fac. Auth. Rev. Bonds
     (Elliot Hosp.), 5.00%, 10/1/38 Baa1 500,000 554,600
     (Southern NH Med. Ctr.), 5.00%, 10/1/37 A- 2,500,000 2,779,200
3,333,800
New Jersey (8.5%)
Bayonne, G.O. Bonds (Qualified Gen. Impt.), BAM, 5.00%, 7/1/39 AA 1,300,000 1,461,902
NJ State Econ. Dev. Auth. Rev. Bonds
     (NYNJ Link Borrower, LLC), 5.375%, 1/1/43 BBB- 500,000 558,575
     Ser. WW, 5.25%, 6/15/32 Baa1 1,500,000 1,595,205
     Ser. AAA, 5.00%, 6/15/36 Baa1 750,000 778,365
     (Biomedical Research), Ser. A, 5.00%, 7/15/29 Baa1 400,000 418,792
     Ser. B, 5.00%, 11/1/26 Baa1 4,500,000 4,848,255
     5.00%, 6/15/26 Baa1 500,000 539,310
NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
     Ser. A, 5.70%, 10/1/39 A1 3,900,000 4,203,615
     Ser. B, 5.60%, 11/1/34 A1 500,000 544,320
NJ State Edl. Fac. Auth. Rev. Bonds (Georgian Court U.), Ser. D
     5.25%, 7/1/37 Baa3 1,000,000 1,001,390
     5.25%, 7/1/27 Baa3 500,000 501,060
NJ State Higher Ed. Assistance Auth. Rev. Bonds (Student Loan), Ser. 1A, 5.00%, 12/1/22 Aaa 2,500,000 2,832,550
NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds
     (St. Joseph Hlth. Care Syst.), 6.625%, 7/1/38 (Prerefunded 7/1/18) Baa3 2,750,000 2,891,213
     (St. Peter's U. Hosp.), 5.75%, 7/1/37 Ba1 1,500,000 1,541,265
     (Hackensack Meridian Hlth.), Ser. A, 5.00%, 7/1/37 A+ 1,000,000 1,151,820
     (Hackensack Meridian Hlth.), Ser. A, 5.00%, 7/1/35 A+ 700,000 809,494
NJ State Trans. Trust Fund Auth. Rev. Bonds
     (Federal Hwy. Reimbursement Notes), 5.00%, 6/15/30 A+ 1,900,000 2,036,173
     (Federal Hwy. Reimbursement Notes), 5.00%, 6/15/28 A+ 1,000,000 1,088,780
     (Trans. Syst.), Ser. A, zero %, 12/15/30 Baa1 10,000,000 5,290,700
South Jersey, Port Corp. Rev. Bonds (Marine Term.), Ser. S-1, 5.00%, 1/1/34 Baa1 1,000,000 1,020,600
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A
     5.00%, 6/1/41 B 2,000,000 1,911,380
     4.75%, 6/1/34 BB- 3,000,000 2,872,320
Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5.25%, 12/1/31 AA+ 2,300,000 2,524,135
42,421,219
New Mexico (0.3%)
Sante Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Res.), 5.00%, 5/15/42 BBB- 1,460,000 1,495,420
1,495,420
New York (7.9%)
Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, U.S. Govt. Coll., 6.875%, 7/1/40 (Prerefunded 7/1/18) AAA/P 320,000 337,248
Liberty, Dev. Corp. Rev. Bonds (Goldman Sachs Headquarters), 5.25%, 10/1/35 A3 2,000,000 2,513,780
Metro. Trans. Auth. Rev. Bonds, Ser. D-1, 5.00%, 11/15/39 AA- 2,000,000 2,300,800
Metro. Trans. Auth. Dedicated Tax Fund FRN Mandatory Put Bonds (6/1/22), Ser. A-2A, 1.27%, 11/1/26 AA 4,000,000 4,000,600
MTA Hudson Rail Yards Trust Oblig. Rev. Bonds, Ser. A, 5.00%, 11/15/46 A2 3,000,000 3,224,910
NY City, Muni. Wtr. & Swr. Fin. Auth. Rev Bonds, 5.00%, 6/15/31(T) AA+ 10,000,000 11,316,996
NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6.00%, 6/1/43 Aa3 120,000 120,194
NY State Dorm. Auth. Rev. Bonds, Ser. A, 5.00%, 3/15/43 AAA 4,000,000 4,584,080
NY State Dorm. Auth. Lease Rev. Bonds (State U. Dorm Fac.), Ser. A, 5.00%, 7/1/35 Aa2 1,000,000 1,123,130
NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6.25%, 12/1/37 (Prerefunded 12/1/18) Baa3 1,800,000 1,926,540
NY State Dorm. Auth. Rev. Bonds, Ser. C, 5.00%, 3/15/31(T) AAA 5,000,000 5,621,900
NY State Trans. Special Fac. Dev. Corp. Rev. Bonds (Laguardia Arpt. Term. B Redev. Program), Ser. A
     5.25%, 1/1/50 Baa3 1,500,000 1,648,260
     5.00%, 7/1/41 Baa3 1,000,000 1,090,380
39,808,818
North Carolina (0.9%)
NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6.75%, 1/1/24 (Prerefunded 1/1/19) AAA/F 1,000,000 1,081,240
NC State Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds (Deerfield), Ser. A, 6.00%, 11/1/33 (Prerefunded 11/1/18) A-/F 805,000 854,846
NC State Med. Care Comm. Hlth. Fac. Rev. Bonds (Presbyterian Homes), Ser. C, 5.00%, 10/1/36 A-/F 550,000 611,897
NC State Med. Care Comm. Retirement Fac. Rev. Bonds (Salemtowne), 5.25%, 10/1/37 BB/P 2,000,000 2,108,380
4,656,363
Ohio (6.6%)
American Muni. Pwr., Inc. Rev. Bonds (Meldahl Hydroelectric (Green Bond)), Ser. A, 5.00%, 2/15/30 A 1,250,000 1,456,413
Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
     Ser. A-2, 6.50%, 6/1/47 B3 1,160,000 1,144,816
     Ser. A-3, 6.25%, 6/1/37 B- 2,225,000 2,199,858
     Ser. A-2, 5.875%, 6/1/30 B- 1,450,000 1,366,988
     Ser. A-2, 5.75%, 6/1/34 B- 8,825,000 8,221,086
Franklin Cnty., Hlth. Care Fac. Rev. Bonds (OH Presbyterian Retirement Svcs. (OPRS) Cmntys. Oblig. Group), Ser. A, 6.00%, 7/1/35 BBB- 1,125,000 1,246,039
Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst., Inc.), Ser. C
     6.00%, 8/15/43 A3 495,000 516,132
     U.S. Govt. Coll., 6.00%, 8/15/43 (Prerefunded 8/15/18) AAA/P 2,605,000 2,739,652
OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.80%, 12/1/38 A2 2,000,000 2,151,100
OH State Higher Edl. Fac. Comm. Rev. Bonds (Kenyon College)
     5.00%, 7/1/44 A+ 3,265,000 3,540,599
     U.S. Govt. Coll., 5.00%, 7/1/44 (Prerefunded 7/1/20) AAA/P 1,735,000 1,926,214
OH State Hosp. Rev. Bonds (U. Hosp. Hlth. Syst.), Ser. A, 5.00%, 1/15/41 A2 700,000 781,102
OH State Private Activity Rev. Bonds (Portsmouth Bypass), AGM, 5.00%, 12/31/35 AA 1,125,000 1,256,310
OH State Tpk. Comm. Rev. Bonds (Infrastructure), Ser. A-1
     5.25%, 2/15/33 A1 225,000 263,122
     5.25%, 2/15/32 A1 950,000 1,114,768
Scioto Cnty., Hosp. Rev. Bonds (Southern OH Med. Ctr.)
     5.00%, 2/15/33 A2 605,000 691,092
     5.00%, 2/15/32 A2 745,000 854,627
Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds
     5.75%, 12/1/32 BB/F 625,000 689,900
     (Memorial Hlth. Syst. Oblig. Group), 5.50%, 12/1/43 BB/F 120,000 130,060
Warren Cnty., Hlth. Care Fac. Rev. Bonds (Otterbein Homes Oblig. Group)
     5.00%, 7/1/33 A 500,000 550,505
     5.00%, 7/1/32 A 250,000 276,390
33,116,773
Oregon (1.1%)
Keizer, Special Assmt. Bonds (Keizer Station), Ser. A, 5.20%, 6/1/31 Aa3 1,705,000 1,759,543
Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza, Inc.), 5.00%, 12/1/36 BBB/F 650,000 716,112
OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5.75%, 7/1/39 (Prerefunded 7/1/19) Aa3 1,250,000 1,362,350
Salem, Hosp. Fac. Auth. Rev. Bonds (Salem Hlth.), Ser. A, 5.00%, 5/15/33 A+ 1,500,000 1,710,180
5,548,185
Pennsylvania (5.6%)
Cumberland Cnty., Muni. Auth. Rev. Bonds (Diakon Lutheran Social Ministries)
     5.00%, 1/1/32 BBB+/F 200,000 223,698
     5.00%, 1/1/31 BBB+/F 1,000,000 1,124,730
Dauphin Cnty., Gen. Auth. Hlth. Syst. Rev. Bonds (Pinnacle Hlth. Syst.), Ser. A, 5.00%, 6/1/34 A 450,000 510,363
Delaware River Port Auth. PA & NJ Rev. Bonds
     Ser. D, 5.00%, 1/1/40 A 1,200,000 1,292,256
     5.00%, 1/1/31 A 2,500,000 2,890,500
Doylestown, Hosp. Auth. Rev. Bonds (Doylestown Hosp.), Ser. A, 5.00%, 7/1/41 Baa2 1,650,000 1,797,131
Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst College), 5.50%, 3/15/38 (Prerefunded 9/15/18) BBB- 725,000 761,381
Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5.375%, 7/1/42 A2 1,000,000 1,073,800
Geisinger, Auth. Rev. Bonds (Geisinger Hlth. Syst.), Ser. A-2, 5.00%, 2/15/39 Aa2 250,000 287,608
Northampton Cnty., Hosp. Auth. Rev. Bonds (St. Luke's Hosp. - Bethlehem), Ser. A, 5.50%, 8/15/40 (Prerefunded 8/15/18) A3 1,250,000 1,308,213
PA State Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Amtrak), Ser. A, 5.00%, 11/1/32 A1 1,000,000 1,116,910
PA State Higher Edl. Fac. Auth. Rev. Bonds
     (Gwynedd Mercy College), Ser. KK1, 5.375%, 5/1/42 BBB 500,000 524,345
     (St. Joseph's U.), Ser. A, 5.00%, 11/1/40 A- 3,000,000 3,280,290
     (Philadelphia U.), 5.00%, 6/1/30 BBB+ 2,250,000 2,256,165
     (Philadelphia U.), 5.00%, 6/1/22 BBB+ 860,000 862,468
PA State Hsg. Fin. Agcy. Rev. Bonds, Ser. 15-117A, 3.95%, 10/1/30 AA+ 900,000 936,720
PA State Pub. School Bldg. Auth. Rev. Bonds (Northampton Cnty. Area Cmnty. College Foundation), BAM, 5.00%, 6/15/32 AA 2,030,000 2,306,994
PA State Tpk. Comm. Rev. Bonds
     Ser. B-1, 5.00%, 6/1/42 A3 1,350,000 1,513,526
     Ser. A, 5.00%, 12/1/38 A1 1,000,000 1,127,840
Philadelphia, Gas Wks. Rev. Bonds, 5.00%, 8/1/32 A 1,000,000 1,145,050
Pittsburgh & Allegheny Cnty., Sports & Exhib. Auth. Hotel Rev. Bonds, AGM, 5.00%, 2/1/35 AA 1,225,000 1,336,524
Westmoreland Cnty., Muni. Auth. Rev. Bonds, BAM, 5.00%, 8/15/27 AA 450,000 537,557
28,214,069
Rhode Island (0.6%)
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50 BBB-/P 2,750,000 2,799,720
2,799,720
South Carolina (2.0%)
SC State Pub. Svc. Auth. Rev. Bonds
     (Santee Cooper), Ser. A, 5.75%, 12/1/43 AA- 3,000,000 3,401,850
     Ser. A, 5.50%, 12/1/54 AA- 3,000,000 3,398,430
     Ser. A, 5.00%, 12/1/55 AA- 2,000,000 2,183,720
SC State Pub. Svcs. Auth. Rev. Bonds, Ser. E, 5.25%, 12/1/55 AA- 1,000,000 1,114,720
10,098,720
Tennessee (0.7%)
Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6.00%, 7/1/38 Baa1 3,450,000 3,745,389
3,745,389
Texas (21.0%)
Arlington, Higher Ed. Fin. Corp. Rev. Bonds (Uplift Ed.), Ser. A
     5.00%, 12/1/36 BBB- 500,000 549,465
     PSFG, 5.00%, 12/1/36 AAA 915,000 1,075,692
     PSFG, 5.00%, 12/1/35 AAA 500,000 589,210
Brazos River Harbor Naval Dist. Env. Rev. Bonds (Dow Chemical Co.), Ser. A-4, 5.95%, 5/15/33 BBB 400,000 420,212
Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.90%, 5/1/38 BBB 2,850,000 2,929,031
Central TX Regl. Mobility Auth. Rev. Bonds
     Ser. A, 5.00%, 1/1/45 BBB+ 250,000 281,225
     Ser. A, 5.00%, 1/1/40 BBB+ 500,000 565,435
     (Sr. Lien), Ser. A, 5.00%, 1/1/33 BBB+ 425,000 473,216
Clifton, Higher Ed. Fin. Corp. Rev. Bonds (IDEA Pub. Schools), 5.00%, 8/15/28 BBB 300,000 340,878
Dallas, Area Rapid Transit Rev. Bonds (Sr. Lien), 5.00%, 12/1/33(T) AA+ 26,000,000 27,417,000
Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev. Bonds, Ser. A, 5.25%, 11/1/30 A+ 3,000,000 3,502,440
Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds
     (Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 BB+/F 1,000,000 1,042,660
     (YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33 Baa3 800,000 858,368
Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (The Methodist Hosp.), Ser. C-1, 0.75%, 12/1/24 A-1+ 5,500,000 5,500,000
Houston, Arpt. Syst. Rev. Bonds (United Airlines, Inc.), 4.75%, 7/1/24 Ba3 2,000,000 2,172,280
Houston, Util. Syst. Rev. Bonds, Ser. A, 5.00%, 11/15/33 AA 1,500,000 1,673,175
Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5.25%, 11/1/40 A3 1,750,000 1,934,153
Love Field, Gen. Arpt. Modernization Corp. Rev. Bonds
     5.00%, 11/1/36 A1 1,000,000 1,148,190
     5.00%, 11/1/35 A1 1,000,000 1,140,370
Lower CO River Auth. Transmission Svcs. Contract Corp. Rev. Bonds, 5.00%, 5/15/33 A 700,000 801,549
Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 A- 1,500,000 1,657,290
New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds
     (Wesleyan Homes, Inc.), 5.50%, 1/1/43 BB-/P 500,000 523,175
     (Collegiate Hsg.-College Station I, LLC), AGM, 5.00%, 4/1/46 AA 2,100,000 2,315,796
     (Collegiate Hsg.-Tarleton St.), 5.00%, 4/1/34 Baa3 1,000,000 1,074,990
North East TX, Regl. Mobility Auth. Rev. Bonds, 5.00%, 1/1/46 Baa2 2,500,000 2,769,200
North TX, Thruway Auth. Rev. Bonds, Ser. B, zero %, 9/1/43 AA+ 2,000,000 489,720
North TX, Tollway Auth. Rev. Bonds
     (1st Tier), Ser. I, 6.50%, 1/1/43 A1 4,000,000 5,094,840
     (1st Tier), Ser. A, 6.00%, 1/1/25 A1 160,000 163,312
     Ser. A, 5.00%, 1/1/39 A1 2,000,000 2,295,360
     Ser. D, AGC, zero %, 1/1/28 AA 7,800,000 5,803,590
Red River, Hlth. Retirement Fac. Dev. Corp. Rev. Bonds (Sears Methodist Retirement Syst. Oblig. Group)
     Ser. B, 6.15%, 11/15/49 (In default)(NON) D/P 282,000 6,063
     Ser. A, 5.45%, 11/15/38 (In default)(NON) D/P 814,000 17,501
Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (Trinity Terrace), Ser. A-1, 5.00%, 10/1/44 BBB+/F 1,300,000 1,378,520
Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds (Buckner Retirement Svcs., Inc.)
     5.25%, 11/15/37 A/F 615,000 618,426
     Ser. B, 5.00%, 11/15/46 A/F 2,000,000 2,242,680
Houston Independent School District (Harris County Texas) Ltd. Tax Bonds
     5.00%, 2/15/34(T) ? 5,000,000 5,971,630
     5.00%, 2/15/35(T) ? 5,000,000 5,963,354
     5.00%, 2/15/42(T) ? 5,000,000 5,915,766
TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5.00%, 12/15/28 A3 1,500,000 1,672,830
TX State Private Activity Bond Surface Trans. Corp. Rev. Bonds (Blueridge Trans. Group, LLC (SH 288 Toll Lane)), 5.00%, 12/31/55 Baa3 2,000,000 2,175,840
TX State Trans. Comm. Tpk. Syst. Rev. Bonds (1st Tier), Ser. A, 5.00%, 8/15/41 A3 2,500,000 2,795,100
105,359,532
Utah (0.9%)
Murray City, Hosp. VRDN (IHC Hlth. Svcs., Inc.), Ser. A, 0.72%, 5/15/37 VMIG1 3,500,000 3,500,000
Salt Lake City, Hosp. Rev. Bonds, AMBAC, U.S. Govt. Coll., 6.75%, 5/15/20 (Escrowed to maturity) AAA/P 1,000,000 1,016,090
4,516,090
Vermont (0.3%)
VT State Edl. & Hlth. Bldg. Fin. Agcy. Rev. Bonds (U. of VT Med. Ctr.), Ser. A, 5.00%, 12/1/36 A3 1,250,000 1,412,550
1,412,550
Virginia (0.5%)
Fairfax Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds (Goodwin House, Inc.), Ser. A, 5.00%, 10/1/36 BBB/F 425,000 472,545
Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Mountain States Hlth. Alliance), Ser. C, 7.75%, 7/1/38 Baa1 2,100,000 2,254,287
2,726,832
Washington (3.4%)
Port of Seattle, Rev. Bonds, Ser. C, 5.00%, 4/1/40 A1 875,000 986,983
Port Seattle, Port Indl. Dev. Corp. Rev. Bonds (Delta Airlines, Inc.), 5.00%, 4/1/30 BB+ 1,300,000 1,418,118
WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5.00%, 6/1/28(T) AA+ 5,000,000 5,693,341
Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32 A- 2,125,000 2,303,798
WA State G.O. Bonds, Ser. 17-A, 5.00%, 8/1/39 Aa1 3,000,000 3,521,580
WA State Hlth. Care Fac. Auth. Rev. Bonds (Kadlec Med. Ctr.), 5.50%, 12/1/39 (Prerefunded 12/1/20) AAA/P 1,200,000 1,369,080
WA State Hlth. Care Fac. Auth. FRN Mandatory Put Bonds (7/1/22) (Fred Hutchinson Cancer Research Ctr.), Ser. B, 1.93%, 1/1/42 A 1,500,000 1,506,660
WA State Hsg. Fin. Comm. 144A Rev. Bonds (Bayview Manor Homes), Ser. A, 5.00%, 7/1/36 BB+/P 375,000 385,849
17,185,409
West Virginia (0.9%)
Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds (Allegheny Energy), Ser. D, 5.50%, 10/15/37 Baa2 3,450,000 3,461,420
WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6.75%, 10/1/43 B+/P 935,000 958,141
4,419,561
Wisconsin (1.3%)
Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5.25%, 7/1/28 BBB 350,000 379,544
WI State Rev. Bonds, Ser. A
     6.00%, 5/1/27 Aa3 2,265,000 2,462,802
     U.S. Govt. Coll., 6.00%, 5/1/27 (Prerefunded 5/1/19) AAA/P 235,000 255,179
WI State Hlth. & Edl. Fac. Auth. Rev. Bonds
     (Prohealth Care, Inc.), 6.625%, 2/15/39 (Prerefunded 2/15/19) AAA/P 1,500,000 1,628,070
     (Prohealth Care, Inc.), 5.00%, 8/15/39 A1 750,000 835,913
     (Three Pillars Sr. Living), 5.00%, 8/15/33 A/F 430,000 470,923
WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds (Mary's Woods at Marylhurst), Ser. A
     5.25%, 5/15/42 BB/F 250,000 268,995
     5.25%, 5/15/37 BB/F 250,000 270,865
6,572,291
Wyoming (0.4%)
Campbell Cnty., Solid Waste Fac. Rev. Bonds (Basin Elec. Pwr. Co-op), Ser. A, 5.75%, 7/15/39 A 2,000,000 2,145,500
2,145,500
TOTAL INVESTMENTS
Total investments (cost $663,192,054)(b) $711,890,866













Notes to the fund's portfolio
Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1, 2017 through July 31, 2017 (the reporting period). Within the following notes to the portfolio, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $501,376,754.
(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.
(b) The aggregate identified cost on a tax basis is $663,027,462, resulting in gross unrealized appreciation and depreciation of $51,430,541 and $2,567,137, respectively, or net unrealized appreciation of $48,863,404.
(NON) This security is non-income-producing.
(FWC) Forward commitment, in part or in entirety.
(F) This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs.
(T) Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions.
At the close of the reporting period, the fund maintained liquid assets totaling $43,271,060 to cover tender option bonds.
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.
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 23.2%
Health care 20.2
Utilities 16.6
Prerefunded 15.2
State debt 14.5
Tax bonds 13.5
Local debt 11.1
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 $78,348,416 were held by the TOB trust and served as collateral for $35,077,358 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $71,276 for these investments based on an average interest rate of 0.66%.












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 $— $711,858,260 $32,606
Totals by level $— $711,858,260 $32,606


During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period. Transfers are accounted for using the end of period pricing valuation method.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.
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



Item 2. Controls and Procedures:
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

(b) Changes in internal control over financial reporting: Not applicable

Item 3. Exhibits:
Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Putnam Municipal Opportunities Trust
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: September 29, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):
/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: September 29, 2017

By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
Date: September 29, 2017