a_muniopps.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: January 31, 2018



Item 1. Schedule of Investments:













Putnam Municipal Opportunities Trust

The fund's portfolio
1/31/18 (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
FGIC — Financial Guaranty Insurance Company
FHL Banks Coll. — Federal Home Loan Banks System Collateralized
FRB — Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period.
FRN — Floating Rate Notes: the rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period.
G.O. Bonds — General Obligation Bonds
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. Rates may be subject to a cap or floor.
NATL — National Public Finance Guarantee Corp.
PSFG — Permanent School Fund Guaranteed
U.S. Govt. Coll. — U.S. Government Collateralized
VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period. Rates are set by remarketing agents and may take into consideration market supply and demand, credit quality and the current SIFMA Municipal Swap Index rate, which was 1.08% as of the close of the reporting period.
MUNICIPAL BONDS AND NOTES (136.7%)(a)
Rating(RAT) Principal amount Value
Alabama (1.2%)
Jefferson Cnty., Swr. Rev. Bonds, Ser. D, 6.50%, 10/1/53 BBB- $2,000,000 $2,374,080
Jefferson, Cnty. Rev. Bonds (Warrants)
5.00%, 9/15/34 AA 2,075,000 2,352,511
5.00%, 9/15/33 AA 275,000 312,708
Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 5.80%, 5/1/34 Baa2 750,000 816,803
5,856,102
Arizona (3.5%)
AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds (BASIS Schools, Inc.), Ser. D, 5.00%, 7/1/51 BB 510,000 527,396
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 AA 1,700,000 1,998,350
Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5.125%, 5/15/40 A 2,125,000 2,258,854
Maricopa Cnty., Indl. Dev. Auth. Rev. Bonds (Banner Hlth.), Ser. A, 4.00%, 1/1/41 AA- 2,380,000 2,464,752
Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds (Reid Traditional Schools Painted Rock Academy), 5.00%, 7/1/36 Baa3 350,000 375,820
Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7.25%, 2/1/40 Baa1 2,400,000 2,526,000
Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5.00%, 7/1/40 (Prerefunded 7/1/20) A1 1,000,000 1,079,930
Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds (Great Hearts Academies), 3.75%, 7/1/24 BBB- 645,000 674,554
Salt Verde, Fin. Corp. Gas Rev. Bonds, 5.50%, 12/1/29 Baa1 1,350,000 1,637,415
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 1,068,510
Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34 Baa1 500,000 548,170
Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds (Yuma Regl. Med. Ctr.), Ser. A, 5.00%, 8/1/32 A- 2,065,000 2,337,105
17,505,898
California (15.8%)
ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds (Episcopal Sr. Cmntys.), Ser. A, 5.00%, 7/1/32 A-/F 550,000 596,569
Burbank, Unified School Dist. G.O. Bonds (Election of 1997), Ser. C, NATL, FGIC, zero %, 8/1/23 AA- 1,000,000 878,040
CA Muni. Fin. Auth. Rev. Bonds (Biola U.), 5.00%, 10/1/42 Baa1 500,000 547,070
CA State Edl. Fac. Auth. Rev. Bonds (Loyola-Marymount U.), NATL, zero %, 10/1/21 A2 1,300,000 1,207,713
CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds (Caritas Affordable Hsg., Inc.), 5.25%, 8/15/39 BBB+ 400,000 437,832
CA State Poll. Control Fin. Auth. Rev. Bonds (San Jose Wtr. Co.)
5.10%, 6/1/40 A 3,500,000 3,728,445
4.75%, 11/1/46 A 750,000 814,778
CA State Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5.25%, 8/1/40 A 1,000,000 1,073,970
CA State Pub. Wks. Board Rev. Bonds
Ser. I-1, 6.125%, 11/1/29 (Prerefunded 11/1/19) Aaa 1,000,000 1,081,790
(Dept. of Forestry & Fire), Ser. E, 5.00%, 11/1/32 A1 1,575,000 1,579,851
CA Statewide Cmnty. Dev. Auth. Rev. Bonds (899 Charleston, LLC), Ser. A, 5.25%, 11/1/44 BB/P 450,000 479,115
Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A, 6.00%, 1/15/53 Baa3 1,500,000 1,764,180
Golden State Tobacco Securitization Corp. Rev. Bonds
Ser. A-1, 5.75%, 6/1/47 B3 1,510,000 1,524,405
Ser. A-2, 5.30%, 6/1/37 B 1,000,000 1,011,310
Ser. A-1, 5.125%, 6/1/47 B3 3,970,000 3,969,960
Ser. A-1, 5.00%, 6/1/33 B+ 100,000 100,402
Ser. A-1, 5.00%, 6/1/29 BBB 1,000,000 1,154,640
Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.)
Ser. D, 5.00%, 5/15/40 AA 3,500,000 3,753,715
5.00%, 5/15/30 AA 1,000,000 1,120,930
Los Angeles, CA Dept. Wtr. & Pwr. Rev. Bonds, Ser. C., 5%, 7/1/42(T) AA 12,501,500 14,615,870
Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4.50%, 1/1/27 A 600,000 637,320
M-S-R Energy Auth. Rev. Bonds
Ser. A, 6.50%, 11/1/39 BBB+ 3,000,000 4,191,270
Ser. B, 6.50%, 11/1/39 BBB+ 3,000,000 4,191,270
Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5.75%, 8/10/18 AAA 2,050,000 2,097,478
North Natomas, Cmnty. Fac. Special Tax Bonds (Dist. No. 4), Ser. E, 5.00%, 9/1/30 BBB+ 1,250,000 1,401,425
Oakland, Alameda Cnty. Unified School Dist. G.O. Bonds (Election of 2012), 6.625%, 8/1/38 (Prerefunded 8/1/21) Aa3 500,000 586,055
Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21 A+ 1,990,000 1,858,143
Sacramento, Regl. Trans. Dist. Rev. Bonds (Farebox), 5.00%, 3/1/42 A3 1,320,000 1,407,067
San Bernardino, Cmnty. College Dist. G.O. Bonds, Ser. A, 4.00%, 8/1/33 Aa2 1,500,000 1,610,325
San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 7/1/40 A2 3,750,000 4,008,263
San Diego, Unified School Dist. G.O. Bonds (Election of 2008), Ser. C, zero %, 7/1/38 Aa2 5,000,000 2,365,600
San Mateo, Union High School Dist. G.O. Bonds (Election 2010), stepped-coupon zero % (6.700%, 9/1/28), 9/1/41(STP) Aaa 1,850,000 1,586,727
Stockton, Pub. Wtr. Fin. Auth. Rev. Bonds (Delta Wtr. Supply), Ser. A, 6.25%, 10/1/40 A 875,000 1,043,175
Sunnyvale, Cmnty. Fac. Dist. Special Tax Bonds, 7.65%, 8/1/21 B+/P 285,000 285,864
Univ. of CA Rev. Bonds, Ser. AF, 5%, 5/15/36(T) AA 9,000,000 10,224,860
78,935,427
Colorado (2.7%)
CO State Hlth. Fac. Auth. Rev. Bonds
(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.625%, 6/1/43 Baa2 600,000 677,028
(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), Ser. A, 5.00%, 6/1/40 Baa1 1,750,000 1,915,988
(Valley View Hosp. Assn.), 5.00%, 5/15/40 A- 1,000,000 1,102,440
(Covenant Retirement Cmnty.), Ser. A, 5.00%, 12/1/35 BBB+/F 1,000,000 1,096,200
(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.00%, 12/1/33 Baa2 1,650,000 1,783,007
CO State Hlth. Fac. Auth. Hosp. Rev. Bonds (Christian Living Neighborhood), 5.00%, 1/1/37 BB/P 550,000 580,102
Denver City & Cnty., Arpt. Rev. Bonds (Sub. Syst.), Ser. A, 5.50%, 11/15/31 A2 950,000 1,083,912
E-470 CO Pub. Hwy. Auth. FRN Mandatory Put Bonds (Sr. Libor Index)
FRN Mandatory Put Bonds (9/1/21) (Sr. Libor Index) Ser. B, 2.096%, 9/1/39 A3 1,400,000 1,423,044
FRN Mandatory Put Bonds (9/1/19) (Sr. Libor Index) Ser. A, 1.95%, 9/1/39 A3 500,000 501,360
Park Creek, Metro. Dist. Tax Allocation Bonds (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45 A/F 200,000 223,284
Pub. Auth. for CO Energy Rev. Bonds (Natural Gas Purchase), 6.50%, 11/15/38 A3 2,250,000 3,113,460
13,499,825
Connecticut (0.2%)
Harbor Point Infrastructure Impt. Dist. 144A Tax Alloc. Bonds (Harbor Point Ltd.), 5.00%, 4/1/39 BB/P 1,000,000 1,092,070
1,092,070
Delaware (1.2%)
DE State Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.), 5.40%, 2/1/31 Baa1 1,100,000 1,181,741
DE State Hlth. Fac. Auth. Rev. Bonds (Bayhealth Med. Ctr.), Ser. A, 4.00%, 7/1/40 AA- 1,000,000 1,035,720
DE State Hlth. Fac. Auth. VRDN (Christiana Care), Ser. A, 1.00%, 10/1/38 VMIG1 3,500,000 3,500,000
5,717,461
District of Columbia (2.3%)
DC Rev. Bonds
(Howard U.), Ser. A, 6.50%, 10/1/41 BBB 1,575,000 1,692,275
(Howard U.), Ser. A, U.S. Govt. Coll., 6.50%, 10/1/41 (Prerefunded 4/1/21) AAA/P 25,000 28,697
(Kipp DC), Ser. B, 5.00%, 7/1/37 BBB+ 2,500,000 2,811,775
DC U. Rev. Bonds (Gallaudet U.), 5.50%, 4/1/34 A+ 1,000,000 1,100,940
DC, Wtr. & Swr. Auth. Pub. Util. Rev. Bonds, Ser. C, 5.00%, 10/1/39 AA+ 2,000,000 2,259,220
Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
Ser. A, 5.00%, 10/1/39 A2 2,000,000 2,093,620
(Metrorail), Ser. A, zero %, 10/1/37 Baa1 3,700,000 1,587,448
11,573,975
Florida (4.7%)
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 3,189,570
FL State Muni. Pwr. Agcy. Rev. Bonds (All Requirements Pwr. Supply), Ser. A, 5.00%, 10/1/31 A2 255,000 260,475
Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 A- 2,250,000 2,474,865
Jacksonville, Port Auth. Rev. Bonds, 5.00%, 11/1/38 A2 600,000 651,594
Lakeland, Hosp. Syst. Rev. Bonds (Lakeland Regl. Hlth.), 5.00%, 11/15/40 A2 1,350,000 1,481,571
Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6.375%, 1/1/43 BBB-/F 340,000 347,868
Martin Cnty., Rev. Bonds (Indiantown Cogeneration), 4.20%, 12/15/25 Baa2 1,400,000 1,430,688
Miami-Dade Cnty., Rev. Bonds (Tran. Syst. Sales Surtax), 5.00%, 7/1/42 AA 3,000,000 3,300,990
Miami-Dade Cnty., Aviation Rev. Bonds
(Miami Intl. Arpt.), Ser. A-1, 5.375%, 10/1/41 A2 3,000,000 3,259,680
5.00%, 10/1/28 A2 500,000 570,015
Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5.00%, 7/1/40 A+ 1,000,000 1,064,000
Orange Cnty., Hlth. Fac. Auth. Rev. Bonds (Presbyterian Retirement Cmntys.), 5.00%, 8/1/34 A-/F 1,350,000 1,474,970
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 1,103,520
(Lifespace Cmntys, Inc.), Ser. C, 5.00%, 5/15/38 A/F 2,000,000 2,198,120
Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30 BBB+ 360,000 398,812
Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.40%, 5/1/37 B+/P 325,000 325,374
23,532,112
Georgia (6.1%)
Atlanta, Tax Alloc. Bonds (Atlantic Station)
5.00%, 12/1/22 A3 1,625,000 1,823,673
5.00%, 12/1/21 A3 875,000 966,543
Atlanta, Tax Allocation Bonds (Beltline), Ser. B, 5.00%, 1/1/30 A2 1,715,000 1,961,291
Atlanta, Arpt. Rev. Bonds (Hartsfield-Jackson Intl. Arpt.), Ser. A, 5.00%, 1/1/35 Aa3 1,250,000 1,322,475
Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6.25%, 11/1/39 (Prerefunded 11/1/19) Aa2 4,500,000 4,869,585
Fulton Cnty., Dev. Auth. Rev. Bonds (GA Tech Athletic Assn.), Ser. A, 5.00%, 10/1/42 A2 1,350,000 1,489,523
Gainesville & Hall Cnty., Dev. Auth. Edl. Fac. Rev. Bonds (Riverside Military Academy)
5.00%, 3/1/47 BBB-/F 1,050,000 1,098,311
5.00%, 3/1/37 BBB-/F 1,100,000 1,169,245
Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds (Northeast GA Hlth. Syst.), Ser. B
5.25%, 2/15/45 AA- 1,535,000 1,614,697
U.S. Govt. Coll., 5.25%, 2/15/45 (Prerefunded 2/15/20) AAA/P 4,965,000 5,321,388
Marietta, Dev. Auth. Rev. Bonds (Fac. of Life U., Inc.), 7.00%, 6/15/39 (Prerefunded 6/15/18) AAA/P 1,400,000 1,429,274
Muni. Election Auth. of GA Rev. Bonds (Plant Voltage Units 3 & 4), Ser. A, 5.50%, 7/1/60 A+ 3,500,000 3,921,960
Richmond Cnty., Hosp. Auth. Rev. Bonds (U. Hlth. Svcs., Inc.)
5.00%, 1/1/31 A1 2,175,000 2,472,518
5.00%, 1/1/30 A1 770,000 879,617
30,340,100
Illinois (17.0%)
Chicago, G.O. Bonds
Ser. A, 6.00%, 1/1/38 BBB+ 1,920,000 2,197,728
Ser. A, 5.50%, 1/1/39 BBB+ 500,000 538,325
Ser. D-05, 5.50%, 1/1/37 BBB+ 750,000 808,418
Ser. G-07, 5.50%, 1/1/35 BBB+ 3,175,000 3,422,301
Ser. D-05, 5.50%, 1/1/34 BBB+ 1,000,000 1,079,140
Ser. A, 5.25%, 1/1/33 BBB+ 1,250,000 1,328,138
Ser. C, 5.00%, 1/1/38 BBB+ 1,500,000 1,575,915
Chicago, Board of Ed. G.O. Bonds
Ser. C, 5.25%, 12/1/39 B 2,250,000 2,334,758
Ser. H, 5.00%, 12/1/36 B 500,000 514,050
(School Reform), Ser. B-1, NATL, zero %, 12/1/21 A 3,500,000 3,073,665
Chicago, Motor Fuel Tax Rev. Bonds, 5.00%, 1/1/29 Ba1 500,000 529,595
Chicago, O'Hare Intl. Arpt. Rev. Bonds
Ser. A, 5.75%, 1/1/39 A 640,000 705,491
Ser. C, 5.375%, 1/1/39 A2 1,250,000 1,378,663
Ser. C, 5.25%, 1/1/28 A2 1,320,000 1,475,826
Ser. C, 5.25%, 1/1/27 A2 2,125,000 2,382,104
Ser. G, 5.00%, 1/1/37 A 400,000 450,816
Chicago, Sales Tax Rev. Bonds, 5.00%, 1/1/34 (Prerefunded 1/1/25) AA 1,500,000 1,776,435
Chicago, Trans. Auth. Sales Tax Rev. Bonds, 5.25%, 12/1/49 AA 3,000,000 3,341,430
Chicago, Waste Wtr. Transmission Rev. Bonds
Ser. C, 5.00%, 1/1/39 A 900,000 974,772
(2nd Lien), 5.00%, 1/1/39 A 1,835,000 1,980,827
Ser. A, NATL, zero %, 1/1/24 A+ 1,600,000 1,316,896
Chicago, Wtr. Wks Rev. Bonds
5.00%, 11/1/42 A 645,000 693,078
5.00%, 11/1/39 A 1,080,000 1,179,943
Cicero, G.O. Bonds, Ser. A, AGM, 5.00%, 1/1/21 AA 2,000,000 2,139,040
IL Fin. Auth. Rev. Bonds
(Silver Cross Hosp. & Med. Ctr.), 7.00%, 8/15/44 (Prerefunded 8/15/19) AAA/P 2,500,000 2,708,400
(IL Rush U. Med. Ctr.), Ser. D, U.S. Govt. Coll., 6.625%, 11/1/39 (Prerefunded 5/1/19) Aaa 1,490,000 1,583,959
(Rush U. Med. Ctr.), Ser. C, U.S. Govt. Coll., 6.625%, 11/1/39 (Prerefunded 5/1/19) Aaa 1,425,000 1,514,861
(Alexian), Ser. A, AGM, 5.25%, 1/1/22 (Prerefunded 4/14/18) AAA/P 3,775,000 3,805,276
IL State G.O. Bonds
5.00%, 11/1/41 Baa3 1,000,000 1,051,260
5.00%, 1/1/41 Baa3 500,000 523,590
5.00%, 2/1/39 Baa3 300,000 310,998
5.00%, 11/1/36 Baa3 6,000,000 6,325,500
5.00%, 11/1/34 Baa3 1,000,000 1,055,750
IL State Fin. Auth. Rev. Bonds
(Three Crowns Park), 5.25%, 2/15/47 BB-/P 700,000 739,676
(Three Crowns Park), 5.25%, 2/15/37 BB-/P 375,000 401,145
(Presence Hlth. Network), Ser. C, 5.00%, 2/15/36 Baa3 400,000 443,840
(Lifespace Cmntys, Inc.), Ser. A, 5.00%, 5/15/35 A/F 1,025,000 1,132,092
(Windy City Portfolio), Ser. A-1, 4.375%, 12/1/42 A- 1,000,000 963,970
(Riverside Hlth.Syst.), 4.00%, 11/15/34 A+ 500,000 503,305
IL State Fin. Auth. Student Hsg. & Academic Fac. Rev. Bonds (U. of IL-CHF-Chicago, LLC), Ser. A
5.00%, 2/15/47 Baa3 2,000,000 2,180,420
5.00%, 2/15/37 Baa3 1,000,000 1,086,890
Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds (No. 115 Yorkville), NATL, FGIC, zero %, 1/1/21 Aa3 1,075,000 999,643
Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds (No. 073 Hawthorn)
NATL, FGIC, zero %, 12/1/21 AA+ 1,805,000 1,665,564
U.S. Govt. Coll., NATL, zero %, 12/1/21 (Escrowed to maturity) AA+ 145,000 135,278
NATL, FGIC, zero %, 12/1/20 AA+ 1,495,000 1,413,911
U.S. Govt. Coll., NATL, zero %, 12/1/20 (Escrowed to maturity) AA+ 155,000 147,665
Metro. Pier & Exposition Auth. Rev. Bonds (McCormick Place Expansion), Ser. B, stepped-coupon zero % (4.700%, 6/15/31), 12/15/37(STP) BB+ 1,000,000 547,050
Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds (McCormick), Ser. A, NATL, zero %, 12/15/30 A 12,000,000 6,940,529
Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds (Green Bond), Ser. E, 5.00%, 12/1/30 AA+ 1,310,000 1,514,072
Railsplitter Tobacco Settlement Auth. Rev. Bonds, 5.00%, 6/1/24 A 1,500,000 1,712,595
Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6.00%, 6/1/28 (Prerefunded 6/1/21) AAA/P 4,150,000 4,726,767
Southern IL U. Rev. Bonds (Hsg. & Auxiliary), Ser. A, NATL, zero %, 4/1/25 A 1,870,000 1,451,270
84,782,630
Indiana (0.7%)
IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5.25%, 10/15/21 A3 180,000 200,363
IN State Fin. Auth. Rev. Bonds
(BHI Sr. Living), 5.75%, 11/15/41 BBB+/F 1,000,000 1,090,190
(Duke Energy Ind.), Ser. C, 4.95%, 10/1/40 Aa3 1,000,000 1,045,830
U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGC, 5.75%, 10/1/28 (Prerefunded 10/1/19) AA 1,000,000 1,069,390
3,405,773
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 1,123,340
Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6.00%, 5/1/38 (Prerefunded 5/1/18) Baa3 290,000 293,315
Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds (Norton Healthcare, Inc.), Ser. A, 5.00%, 10/1/32 A- 2,750,000 3,126,888
Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A
5.00%, 7/1/32 A+ 1,030,000 1,139,850
5.00%, 7/1/31 A+ 385,000 427,007
6,110,400
Louisiana (0.1%)
LA State Pub. Fac. Auth. Rev. Bonds (Ochsner Clinic Foundation), 5.00%, 5/15/47 A3 650,000 710,879
710,879
Maryland (1.0%)
MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.20%, 9/1/22 A2 650,000 683,118
MD State Hlth. & Higher Edl. Fac. Auth. FRN Mandatory Put Bonds (5/15/18) (Johns Hopkins Hlth. Syst.), Ser. A, 1.648%, 5/15/46 Aa3 4,100,000 4,101,025
4,784,143
Massachusetts (5.0%)
MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B, 5.00%, 1/1/37 A+ 2,500,000 2,630,925
MA State Dev. Fin. Agcy. Rev. Bonds
(Sabis Intl.), Ser. A, 8.00%, 4/15/39 (Prerefunded 10/15/19) BBB 575,000 636,450
(Linden Ponds, Inc. Fac.), Ser. A-1, 6.25%, 11/15/26 B-/P 960,369 999,398
(Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5.75%, 7/15/43 BBB- 500,000 545,545
(Suffolk U.), Ser. A, 5.75%, 7/1/39 Baa2 395,000 412,210
(Suffolk U.), Ser. A, U.S. Govt. Coll., 5.75%, 7/1/39 (Prerefunded 7/1/19) AAA/P 780,000 826,418
(Loomis Cmntys.), Ser. A, 5.75%, 1/1/28 BBB- 1,100,000 1,247,433
(Carleton-Willard Village), 5.625%, 12/1/30 A- 750,000 793,035
(Linden Ponds, Inc.), Ser. A-2 , 5.50%, 11/15/46 B-/P 51,190 51,204
(Berklee College of Music), 5.25%, 10/1/41 A2 2,000,000 2,212,800
(Emerson College), Ser. A, 5.00%, 1/1/40 BBB+ 270,000 278,794
(Emerson College), Ser. A, U.S. Govt. Coll., 5.00%, 1/1/40 (Prerefunded 1/1/20) BBB+ 2,730,000 2,907,423
(Suffolk U.), 5.00%, 7/1/34 Baa2 625,000 704,969
(Intl. Charter School), 5.00%, 4/15/33 BBB- 1,000,000 1,078,860
(Linden Ponds, Inc.), Ser. B, zero %, 11/15/56 B-/P 254,614 16,020
MA State Edl. Fin. Auth. Rev. Bonds (Ed. Loan - Issue 1)
5.00%, 1/1/27 AA 800,000 889,712
4.375%, 1/1/32 AA 445,000 461,514
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
(Care Group), Ser. B-2, NATL, 5.375%, 2/1/26 (Prerefunded 8/1/18) A 700,000 713,916
(Northeastern U.), Ser. A, 5.00%, 10/1/35 A2 3,250,000 3,471,910
MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. C, 5.35%, 12/1/42 Aa2 830,000 853,207
MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5.125%, 7/1/41 A 2,855,000 3,095,791
24,827,534
Michigan (8.3%)
Detroit, G.O. Bonds, AMBAC, 5.25%, 4/1/24 A-/P 222,425 217,045
Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6.00%, 5/1/29 Aa1 1,000,000 1,200,850
Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B
AGM, 6.25%, 7/1/36 AA 5,000 5,304
AGM, U.S. Govt. Coll., 6.25%, 7/1/36 (Prerefunded 7/1/19) AA 1,420,000 1,513,365
Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 7.50%, 7/1/39 Ba1 500,000 545,400
Great Lakes, Wtr. Auth. Swr. Rev. Bonds (Brazos Presbyterian Homes, Inc.), Ser. C, 5.00%, 7/1/36 Baa1 910,000 1,005,923
Karegnondi, Wtr. Auth. Rev. Bonds (Wtr. Supply Syst.), Ser. A, 5.25%, 11/1/31 A2 2,445,000 2,765,002
Kentwood, Economic Dev. Rev. Bonds (Holland Home Oblig. Group), 5.00%, 11/15/37 BBB-/F 1,750,000 1,873,113
MI State Fin. Auth. Rev. Bonds
(Henry Ford Hlth. Syst.), 5.00%, 11/15/41 A 1,800,000 2,015,622
Ser. H-1, 5.00%, 10/1/39 AA- 1,575,000 1,715,238
(MidMichigan Hlth.), 5.00%, 6/1/39 A1 1,000,000 1,111,060
(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/35 Baa1 1,100,000 1,211,419
(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/34 Baa1 1,900,000 2,096,384
(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. D-2, 5.00%, 7/1/34 Baa1 1,000,000 1,103,360
(Local Govt. Program Detroit Wtr. & Swr.), Ser. D4, 5.00%, 7/1/34 A3 100,000 110,604
(Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33 A3 850,000 942,217
(Detroit), Ser. C-3, 5.00%, 4/1/27 Aa2 750,000 849,593
MI State Hosp. Fin. Auth. Rev. Bonds
    MI State Hosp. Fin. Auth. Rev. Bonds (Trinity Hlth. Credit Group), Ser. A, 5%, 12/1/47(T) AA- 8,500,000 9,231,710
Ser. A, 6.125%, 6/1/39 (Prerefunded 6/1/19) AA+ 2,500,000 2,654,425
(Henry Ford Hlth.), 5.75%, 11/15/39 (Prerefunded 11/15/19) A3 2,000,000 2,146,620
MI State Hsg. Dev. Auth. Rev. Bonds (Rental Hsg.), Ser. D, 3.95%, 10/1/37 AA 1,050,000 1,089,155
MI State Strategic Fund Ltd. Rev. Bonds (Worthington Armstrong Venture), 5.75%, 10/1/22 (Escrowed to maturity) AAA/P 1,650,000 1,907,450
MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Evangelical Homes of MI)
5.50%, 6/1/47 BB+/F 675,000 703,404
5.25%, 6/1/32 BB+/F 320,000 333,933
MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6.00%, 6/1/34 B- 575,000 574,155
Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 12/1/21 A2 2,000,000 2,213,900
41,136,251
Minnesota (0.6%)
Moorhead, Edl. Fac. Rev. Bonds (Concordia College Corp.), 5.00%, 12/1/40 Baa1 500,000 558,945
St. Cloud, Hlth. Care Rev. Bonds (CentraCare Hlth. Syst.), Ser. A, 5.125%, 5/1/30 A1 160,000 170,530
St. Paul, Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Bonds (HealthPartners Oblig. Group), Ser. A, 5.00%, 7/1/33 A+ 2,000,000 2,248,520
2,977,995
Mississippi (0.9%)
MS Bus. Fin. Corp. Rev. Bonds (Syst. Energy Resources, Inc.), 5.875%, 4/1/22 BBB+ 1,445,000 1,449,581
MS State Bus. Fin. Commission Gulf Opportunity Zone VRDN (Chevron USA, Inc.), Ser. B, 0.99%, 12/1/30 VMIG1 775,000 775,000
Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6.50%, 9/1/32 Baa2 2,000,000 2,058,860
4,283,441
Nebraska (0.2%)
Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5.625%, 1/1/40 AA/F 925,000 981,888
981,888
Nevada (0.8%)
Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5.00%, 7/1/33 Aa3 1,565,000 1,779,593
Reno, Sales Tax VRDN (Reno Trans. Rail Access Corridor (ReTRAC)), 1.13%, 6/1/42 VMIG1 1,935,000 1,935,000
3,714,593
New Hampshire (0.9%)
NH State Hlth. & Ed. Fac. Auth. Rev. Bonds
(Catholic Med. Ctr.), 5.00%, 7/1/44 A- 1,000,000 1,119,390
(Elliot Hosp.), 5.00%, 10/1/38 Baa1 500,000 546,225
(Southern NH Med. Ctr.), 5.00%, 10/1/37 A- 2,500,000 2,754,900
4,420,515
New Jersey (9.1%)
Bayonne, G.O. Bonds (Qualified Gen. Impt.), BAM, 5.00%, 7/1/39 AA 1,300,000 1,447,030
NJ State Econ. Dev. Auth. Rev. Bonds
(NYNJ Link Borrower, LLC), 5.375%, 1/1/43 BBB- 500,000 555,315
Ser. WW, 5.25%, 6/15/32 Baa1 1,500,000 1,642,620
Ser. AAA, 5.00%, 6/15/36 Baa1 750,000 807,825
(Biomedical Research), Ser. A, 5.00%, 7/15/29 Baa1 400,000 436,532
Ser. B, 5.00%, 11/1/26 Baa1 4,500,000 5,004,585
5.00%, 6/15/26 Baa1 500,000 543,000
NJ State Econ. Dev. Auth. Special Fac. Rev. Bonds (Port Newark Container Term., LLC), 5.00%, 10/1/37 Ba1 2,000,000 2,180,660
NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
Ser. A, 5.70%, 10/1/39 A1 3,900,000 4,120,350
Ser. B, 5.60%, 11/1/34 A1 500,000 533,080
NJ State Edl. Fac. Auth. Rev. Bonds (Georgian Court U.), Ser. D
5.25%, 7/1/37 (Prerefunded 3/5/18) Baa3 1,000,000 1,008,910
5.25%, 7/1/27 (Prerefunded 3/5/18) Baa3 500,000 504,455
NJ State Higher Ed. Assistance Auth. Rev. Bonds (Student Loan), Ser. 1A, 5.00%, 12/1/22 Aaa 2,500,000 2,774,225
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 2,809,510
(St. Peter's U. Hosp.), 5.75%, 7/1/37 Ba1 1,500,000 1,519,755
(Hackensack Meridian Hlth.), Ser. A, 5.00%, 7/1/37 A+ 1,000,000 1,149,670
(Hackensack Meridian Hlth.), Ser. A, 5.00%, 7/1/35 A+ 700,000 808,472
NJ State Trans. Trust Fund Auth. Rev. Bonds
(Federal Hwy. Reimbursement Notes), 5.00%, 6/15/30 A+ 1,900,000 2,093,553
(Federal Hwy. Reimbursement Notes), 5.00%, 6/15/28 A+ 1,000,000 1,112,570
(Trans. Syst.), Ser. A, zero %, 12/15/30 Baa1 10,000,000 5,783,800
South Jersey, Port Corp. Rev. Bonds (Marine Term.), Ser. S-1, 5.00%, 1/1/34 Baa1 1,000,000 1,067,930
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A
5.00%, 6/1/41 B 2,000,000 1,979,480
4.75%, 6/1/34 BB- 3,000,000 2,959,590
Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5.25%, 12/1/31 AA+ 2,300,000 2,559,854
45,402,771
New Mexico (0.3%)
Sante Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Res.), 5.00%, 5/15/42 BBB- 1,460,000 1,513,407
1,513,407
New York (6.0%)
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 320,000 327,024
Liberty, Dev. Corp. Rev. Bonds (Goldman Sachs Headquarters), 5.25%, 10/1/35 A3 2,000,000 2,491,260
Metro. Trans. Auth. Rev. Bonds (Green Bonds), Ser. C-1, 4.00%, 11/15/32 AA- 1,000,000 1,065,990
Metro. Trans. Auth. Dedicated Tax Fund Mandatory Put Bonds (6/1/22), Ser. A-2A, 1.53%, 11/1/26 AA 3,940,000 3,936,887
NY Counties., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6.00%, 6/1/43 A3 120,000 120,214
NY State Dorm. Auth. Lease Rev. Bonds (State U. Dorm Fac.), Ser. A, 5.00%, 7/1/35 Aa2 1,000,000 1,099,900
NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), FHL Banks Coll., U.S. Govt. Coll., 6.25%, 12/1/37 (Prerefunded 12/1/18) Baa3 1,800,000 1,871,640
NY State Dorm. Auth. Rev. Bonds, Ser. C, 5%, 3/15/31(T) AAA 5,000,000 5,469,713
NY State Dorm. Auth. Rev. Bonds, Ser. A Group C, 5%, 3/15/42(T) AAA 10,855,633 12,584,939
NY State Trans. Special Fac. Dev. Corp. Rev. Bonds (Laguardia Arpt. Term. B Redev. Program), Ser. A, 5.00%, 7/1/41 Baa3 1,000,000 1,095,100
30,062,667
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 1,048,770
NC State Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds (Deerfield), Ser. A, 6.00%, 11/1/33 (Prerefunded 11/1/18) A-/F 805,000 832,531
NC State Med. Care Comm. Hlth. Fac. Rev. Bonds (Presbyterian Homes), Ser. C, 5.00%, 10/1/36 A-/F 550,000 615,401
NC State Med. Care Comm. Retirement Fac. Rev. Bonds (Salemtowne), 5.25%, 10/1/37 BB/P 2,000,000 2,116,120
4,612,822
Ohio (7.1%)
American Muni. Pwr., Inc. Rev. Bonds (Meldahl Hydroelectric (Green Bond)), Ser. A, 5.00%, 2/15/30 A 1,250,000 1,425,413
Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
Ser. A-2, 6.50%, 6/1/47 B3 1,160,000 1,159,919
Ser. A-3, 6.25%, 6/1/37 B- 2,225,000 2,214,876
Ser. A-2, 6.00%, 6/1/42 B3 1,500,000 1,466,280
Ser. A-2, 5.75%, 6/1/34 B- 8,825,000 8,472,000
Franklin Cnty., Hlth. Care Fac. Rev. Bonds (OH Presbyterian Retirement Svcs. (OPRS) Cmntys. Oblig. Group), Ser. A, 6.00%, 7/1/35 BBB/F 1,125,000 1,244,880
Franklin Cnty., Hosp. Fac. Rev. Bonds (Nationwide Children's Hosp.), Ser. A, 4.00%, 11/1/44 Aa2 2,050,000 2,104,920
Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst., Inc.), Ser. C
6.00%, 8/15/43 A3 495,000 505,628
U.S. Govt. Coll., 6.00%, 8/15/43 (Prerefunded 8/15/18) AAA/P 2,605,000 2,669,474
OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.80%, 12/1/38 A2 2,000,000 2,121,000
OH State Higher Edl. Fac. Comm. Rev. Bonds (Kenyon College)
5.00%, 7/1/44 A 3,265,000 3,436,151
U.S. Govt. Coll., 5.00%, 7/1/44 (Prerefunded 7/1/20) AAA/P 1,735,000 1,871,545
OH State Hosp. Rev. Bonds (U. Hosp. Hlth. Syst.), Ser. A, 5.00%, 1/15/41 A2 700,000 773,353
OH State Hosp. Fac. Rev. Bonds (Cleveland Clinic Hlth. Syst.), Ser. A, 4.00%, 1/1/34 Aa2 1,250,000 1,325,700
OH State Private Activity Rev. Bonds (Portsmouth Bypass), AGM, 5.00%, 12/31/35 AA 1,125,000 1,252,924
Scioto Cnty., Hosp. Rev. Bonds (Southern OH Med. Ctr.)
5.00%, 2/15/33 A2 605,000 679,016
5.00%, 2/15/32 A2 745,000 840,628
Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds
5.75%, 12/1/32 BB-/F 625,000 680,013
(Memorial Hlth. Syst. Oblig. Group), 5.50%, 12/1/43 BB-/F 120,000 129,468
Warren Cnty., Hlth. Care Fac. Rev. Bonds (Otterbein Homes Oblig. Group)
5.00%, 7/1/33 A 500,000 555,780
5.00%, 7/1/32 A 250,000 278,815
35,207,783
Oregon (1.1%)
Keizer, Special Assmt. Bonds (Keizer Station), Ser. A, 5.20%, 6/1/31 Aa3 1,655,000 1,673,801
Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza, Inc.), 5.00%, 12/1/36 BBB/F 650,000 727,675
OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5.75%, 7/1/39 (Prerefunded 7/1/19) Aa3 1,250,000 1,324,388
Salem, Hosp. Fac. Auth. Rev. Bonds (Salem Hlth.), Ser. A, 5.00%, 5/15/33 A+ 1,500,000 1,703,265
5,429,129
Pennsylvania (5.1%)
Chester Cnty., Hlth. & Ed. Fac. Auth. Rev. Bonds (Immaculata U.), 5.00%, 11/1/46 BB/F 2,000,000 1,981,760
Cumberland Cnty., Muni. Auth. Rev. Bonds (Diakon Lutheran Social Ministries)
5.00%, 1/1/32 BBB+/F 200,000 222,622
5.00%, 1/1/31 BBB+/F 1,000,000 1,116,790
Dauphin Cnty., Gen. Auth. Hlth. Syst. Rev. Bonds (Pinnacle Hlth. Syst.), Ser. A, 5.00%, 6/1/34 A1 450,000 511,268
Delaware River Port Auth. PA & NJ Rev. Bonds, Ser. D, 5.00%, 1/1/40 A2 1,200,000 1,266,324
Doylestown, Hosp. Auth. Rev. Bonds (Doylestown Hosp.), Ser. A, 5.00%, 7/1/41 Baa2 1,650,000 1,752,267
Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst College), 5.50%, 3/15/38 (Prerefunded 9/15/18) BB+ 725,000 743,212
Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5.375%, 7/1/42 A2 1,000,000 1,068,490
Geisinger, Auth. Rev. Bonds (Geisinger Hlth. Syst.), Ser. A-2, 5.00%, 2/15/39 Aa2 250,000 283,388
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 1,277,950
PA State Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Amtrak), Ser. A, 5.00%, 11/1/32 A1 1,000,000 1,082,770
PA State Higher Edl. Fac. Auth. Rev. Bonds
(Gwynedd Mercy College), Ser. KK1, 5.375%, 5/1/42 BBB 500,000 522,010
(St. Joseph's U.), Ser. A, 5.00%, 11/1/40 A- 3,000,000 3,207,720
PA State Hsg. Fin. Agcy. Rev. Bonds, Ser. 15-117A, 3.95%, 10/1/30 AA+ 900,000 914,742
PA State Pub. School Bldg. Auth. Rev. Bonds (Northampton Cnty. Area Cmnty. College Foundation), BAM, 5.00%, 6/15/32 AA 2,030,000 2,236,999
PA State Tpk. Comm. Rev. Bonds
Ser. B-1, 5.00%, 6/1/42 A3 1,350,000 1,501,997
Ser. A, 5.00%, 12/1/38 A1 1,000,000 1,127,260
Ser. 2nd, 5.00%, 12/1/37 A3 1,000,000 1,119,400
Philadelphia, Gas Wks. Rev. Bonds, 5.00%, 8/1/32 A 1,000,000 1,134,110
Pittsburgh & Allegheny Cnty., Sports & Exhib. Auth. Hotel Rev. Bonds, AGM, 5.00%, 2/1/35 AA 1,225,000 1,304,515
Susquehanna, Area Regl. Arpt. Auth. Syst. Rev. Bonds, 5.00%, 1/1/38 Baa3 500,000 558,800
Westmoreland Cnty., Muni. Auth. Rev. Bonds, BAM, 5.00%, 8/15/27 AA 450,000 523,143
25,457,537
Rhode Island (0.6%)
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50 BBB-/P 2,750,000 2,873,310
2,873,310
South Carolina (3.6%)
SC State Pub. Svcs. Auth. Rev. Bonds
(Santee Cooper), Ser. A, 5.75%, 12/1/43 A1 3,000,000 3,429,540
Ser. A, 5.50%, 12/1/54 A1 3,000,000 3,348,720
Ser. E, 5.25%, 12/1/55 A1 1,950,000 2,180,451
Ser. A, 5.00%, 12/1/55 A1 2,000,000 2,191,040
Ser. A, 5.00%, 12/1/50 A1 3,500,000 3,853,325
Ser. C, 5.00%, 12/1/46 A1 2,500,000 2,751,475
17,754,551
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 3,684,186
3,684,186
Texas (20.2%)
Arlington, Higher Ed. Fin. Corp. Rev. Bonds (Uplift Ed.), Ser. A
5.00%, 12/1/36 BBB- 500,000 548,025
PSFG, 5.00%, 12/1/35 AAA 500,000 574,695
Austin-Bergstrom Landhost Enterprises, Inc. Rev. Bonds
5.00%, 10/1/35 A3 580,000 658,938
5.00%, 10/1/34 A3 530,000 603,071
Bexar Cnty., G.O. Bonds, 4.00%, 6/15/33 Aaa 1,250,000 1,339,963
Brazos River Harbor Naval Dist. Env. Rev. Bonds (Dow Chemical Co.), Ser. A-4, 5.95%, 5/15/33 BBB 400,000 413,720
Central TX Regl. Mobility Auth. Rev. Bonds (Sr. Lien), Ser. A, 5.00%, 1/1/33 BBB+ 425,000 464,980
Clifton, Higher Ed. Fin. Corp. Rev. Bonds (IDEA Pub. Schools), 5.00%, 8/15/28 BBB+ 300,000 345,426
Dallas, Area Rapid Transit Rev. Bonds, U.S. Govt. Coll., 5.00%, 12/1/33 (Prerefunded 12/1/18) AA+ 26,000,000 26,782,860
Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev. Bonds, Ser. A, 5.25%, 11/1/30 A+ 3,000,000 3,396,060
Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds
(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 BB+/F 1,000,000 1,031,890
(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33 Baa3 800,000 852,248
Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (The Methodist Hosp.), Ser. C-1, 1.00%, 12/1/24 A-1+ 5,000,000 5,000,000
Houston, Util. Syst. Rev. Bonds, Ser. A, 5.00%, 11/15/33 AA 1,500,000 1,627,695
Love Field, Gen. Arpt. Modernization Corp. Rev. Bonds
5.00%, 11/1/36 A1 1,000,000 1,128,200
5.00%, 11/1/35 A1 1,000,000 1,123,330
Lower CO River Auth. Transmission Svcs. Contract Corp. Rev. Bonds, 5.00%, 5/15/33 A 700,000 797,048
Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 A- 1,500,000 1,673,070
New Caney Independent School District GO Bonds, 5%, 2/15/47(T) AAA/F 6,600,000 7,604,075
New Hope Cultural Ed. Fac. Fin. Corp. Rev. Bonds (Children's Hlth. Syst. of TX), Ser. A, 4.00%, 8/15/34 Aa2 600,000 624,636
New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds
(Wesleyan Homes, Inc.), 5.50%, 1/1/43 BB-/P 500,000 535,535
(Collegiate Hsg.-College Station I, LLC), AGM, 5.00%, 4/1/46 AA 2,100,000 2,282,910
(Collegiate Hsg.-Tarleton St.), 5.00%, 4/1/34 Baa3 1,000,000 1,088,830
North TX, Tollway Auth. Rev. Bonds
(1st Tier), Ser. I, 6.50%, 1/1/43 A1 4,000,000 4,904,600
Ser. D, AGC, zero %, 1/1/28 AA 7,800,000 5,749,692
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 282,000 395
Ser. A, 5.45%, 11/15/38 (In default)(NON) D/P 814,000 1,140
San Antonio, Elec. & Gas Syst. Mandatory Put Bonds (12/1/21), Ser. B, 2.00%, 2/1/33 Aa2 1,000,000 1,002,240
Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds (Buckner Retirement Svcs., Inc.), Ser. B, 5.00%, 11/15/46 A/F 2,000,000 2,210,780
New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds
5.00%, 2/15/34(T) Aaa 5,000,000 5,823,838
5.00%, 2/15/35(T) Aaa 5,000,000 5,823,838
5.00%, 2/15/42(T) Aaa 5,000,000 5,823,838
TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5.00%, 12/15/28 A3 1,500,000 1,654,230
TX State Muni. Pwr. Agcy. Rev. Bonds (Syst. Net/Transmission Converting Security), 5.00%, 9/1/42 A+ 1,400,000 1,499,610
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 2,188,380
TX State Trans. Comm. Tpk. Syst. Rev. Bonds (1st Tier), Ser. A, 5.00%, 8/15/41 A3 2,500,000 2,743,925
Uptown Dev. Auth. Tax Alloc. Bonds, Ser. A
5.00%, 9/1/40 BBB 300,000 333,567
5.00%, 9/1/35 BBB 505,000 566,681
100,823,958
Utah (0.2%)
Salt Lake City, Hosp. Rev. Bonds, AMBAC, U.S. Govt. Coll., 6.75%, 5/15/20 (Escrowed to maturity) AAA/P 1,000,000 1,017,720
1,017,720
Virginia (2.1%)
Fairfax Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds (Goodwin House, Inc.), Ser. A, 5.00%, 10/1/36 BBB/F 425,000 474,993
Small Bus. Fin. Auth. Private Activity Rev. Bonds (Transform 66 P3)
5.00%, 12/31/52 Baa3 750,000 829,380
5.00%, 12/31/49 Baa3 3,500,000 3,879,260
VA State Cmnwlth. U. Hlth. Syst. Auth. Rev. Bonds, Ser. B, 4.00%, 7/1/40 Aa3 3,000,000 3,104,730
Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Mountain States Hlth. Alliance), Ser. C, 7.75%, 7/1/38 Baa1 2,100,000 2,205,987
10,494,350
Washington (3.2%)
Port of Seattle, Rev. Bonds, Ser. C, 5.00%, 4/1/40 A1 875,000 972,694
Port Seattle, Port Indl. Dev. Corp. Rev. Bonds (Delta Airlines, Inc.), 5.00%, 4/1/30 BBB- 1,300,000 1,428,024
WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5%, 6/1/28(T) AA+ 5,000,000 5,505,250
Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32 A- 2,125,000 2,300,653
WA State Hlth. Care Fac. Auth. FRN Mandatory Put Bonds (7/1/22) (Fred Hutchinson Cancer Research Ctr.), Ser. B, 2.146%, 1/1/42 A 1,500,000 1,512,390
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 1,325,820
(Overlake Hosp. Med. Ctr.), Ser. A, 5.00%, 7/1/35 A2 2,350,000 2,664,125
WA State Hsg. Fin. Comm. 144A Rev. Bonds (Bayview Manor Homes), Ser. A, 5.00%, 7/1/36 BB+/P 375,000 388,530
16,097,486
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 3,449,690
WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6.75%, 10/1/43 B+/P 935,000 947,492
4,397,182
Wisconsin (0.8%)
Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5.25%, 7/1/28 BBB 350,000 382,018
WI State Rev. Bonds, Ser. A, U.S. Govt. Coll., 6.00%, 5/1/27 (Prerefunded 5/1/19) AAA/P 235,000 248,313
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 1,580,010
(Prohealth Care, Inc.), 5.00%, 8/15/39 A1 750,000 822,233
(Three Pillars Sr. Living), 5.00%, 8/15/33 A/F 430,000 468,524
WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds (Mary's Woods at Marylhurst), Ser. A
5.25%, 5/15/42 BB/F 250,000 271,655
5.25%, 5/15/37 BB/F 250,000 272,650
4,045,403
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 2,106,240
2,106,240
TOTAL INVESTMENTS
Total investments (cost $646,309,041) $681,169,514













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 January 31, 2018 (the reporting period). Within the following notes to the portfolio, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $498,368,329.
(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.
(NON) This security is non-income-producing.
(STP) The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.
(F) This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities' valuation inputs.
(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 $29,056,678 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):
Health care 23.8%
Prerefunded 20.3
Utilities 19.1
Transportation 17.3
Local debt 13.7
   
Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.
Certain investments, including certain restricted and illiquid securities and derivatives are also valued at fair value following procedures approved by the Trustees. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
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 $82,707,930 were held by the TOB trust and served as collateral for $53,651,250 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $254,870 for these investments based on an average interest rate of 1.05%.












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 $— $681,158,937 $10,577
Totals by level $— $681,158,937 $10,577

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: March 28, 2018

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: March 28, 2018

By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
Date: March 28, 2018