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, 2019
Date of reporting period: July 31, 2018



Item 1. Schedule of Investments:













Putnam Municipal Opportunities Trust

The fund's portfolio
7/31/18 (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
COP — Certificates of Participation
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 0.94% as of the close of the reporting period.
MUNICIPAL BONDS AND NOTES (140.5%)(a)
Rating(RAT) Principal amount Value
Alabama (1.6%)
Black Belt Energy Gas Dist. Mandatory Put Bonds (12/1/23), Ser. A, 4.00%, 12/1/48 A3 $1,700,000 $1,808,834
Jefferson Cnty., Swr. Rev. Bonds, Ser. D, 6.50%, 10/1/53 BBB- 2,000,000 2,344,720
Jefferson, Cnty. Rev. Bonds, (Warrants)
5.00%, 9/15/34 AA 2,075,000 2,349,336
5.00%, 9/15/33 AA 275,000 312,243
Selma, Indl. Dev. Board Rev. Bonds, (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 5.80%, 5/1/34 Baa2 750,000 799,073
7,614,206
Arizona (2.8%)
AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS Schools, Inc.), Ser. D, 5.00%, 7/1/51 BB 510,000 521,016
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, Indl. Dev. Auth. Rev. Bonds, (Midwestern U.), 5.125%, 5/15/40 A 2,125,000 2,232,058
Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds
(Reid Traditional Schools Painted Rock Academy), 5.00%, 7/1/36 Baa3 350,000 369,156
(Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35 BB+ 500,000 519,510
Maricopa Cnty., Poll. Control Rev. Bonds, (El Paso Elec. Co.), Ser. A, 7.25%, 2/1/40 Baa1 2,400,000 2,461,896
Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5.00%, 7/1/40 (Prerefunded 7/1/20) A1 1,000,000 1,062,450
Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great Hearts Academies), 3.75%, 7/1/24 BBB- 565,000 581,611
Salt Verde, Fin. Corp. Gas Rev. Bonds, 5.50%, 12/1/29 Baa1 1,350,000 1,618,893
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 1,044,540
Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds, (Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34 A3 500,000 543,920
Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds, (Yuma Regl. Med. Ctr.), Ser. A, 5.00%, 8/1/32 A- 2,065,000 2,311,788
13,275,880
California (15.0%)
ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds, (Episcopal Sr. Cmntys.), Ser. A, 5.00%, 7/1/32 A-/F 550,000 587,598
Burbank, Unified School Dist. G.O. Bonds, (Election of 1997), Ser. C, NATL, FGIC, zero %, 8/1/23 AA- 1,000,000 888,930
CA State Edl. Fac. Auth. Rev. Bonds, (Loyola-Marymount U.), NATL, zero %, 10/1/21 A2 1,300,000 1,224,496
CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds, (Caritas Affordable Hsg., Inc.), 5.25%, 8/15/39 BBB+ 400,000 438,240
CA State Poll. Control Fin. Auth. Rev. Bonds, (San Jose Wtr. Co.)
5.10%, 6/1/40 A 3,500,000 3,756,935
4.75%, 11/1/46 A 750,000 807,150
CA State Poll. Control Fin. Auth. Solid Waste Disp. 144A
Mandatory Put Bonds (10/15/18), (Republic Svcs., Inc.) Ser. A-1, 1.85%, 11/1/42 A-2 800,000 799,952
Mandatory Put Bonds (11/1/18), (Republic Svcs., Inc.) Ser. A, 1.85%, 8/1/23 A-2 5,250,000 5,250,000
CA State Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds, (American Wtr. Cap. Corp.), 5.25%, 8/1/40 A 1,000,000 1,060,290
CA State Pub. Wks. Board Rev. Bonds, Ser. I-1, 6.125%, 11/1/29 (Prerefunded 11/1/19) Aaa 1,000,000 1,059,220
CA Statewide Cmnty. Dev. Auth. Rev. Bonds, (899 Charleston, LLC), Ser. A, 5.25%, 11/1/44 BB/P 450,000 477,473
Golden State Tobacco Securitization Corp. Rev. Bonds, Ser. A-1, 5.125%, 6/1/47 B+ 3,970,000 3,984,927
Los Angeles Cnty., Fac. Inc. Lease Rev. Bonds, (Vermont Corridor Cnty., Admin. Bldg.), Ser. A, 4.00%, 12/1/48 AA 3,000,000 3,102,630
Los Angeles, Dept. of Arpt. Rev. Bonds, (Los Angeles Intl. Arpt.), 5.00%, 5/15/30 AA 1,000,000 1,116,860
Los Angeles, CA Dept. Wtr. & Pwr. Rev. Bonds, Ser. C., 5%, 7/1/42(T) AA 12,500,075 14,506,144
Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds, (Laxfuel Corp.), 4.50%, 1/1/27 A 600,000 624,822
M-S-R Energy Auth. Rev. Bonds
Ser. A, 6.50%, 11/1/39 BBB+ 3,000,000 4,244,910
Ser. B, 6.50%, 11/1/39 BBB+ 3,000,000 4,244,910
Metro. Wtr. Dist. Rev. Bonds, (Southern CA Wtr. Wks.), 5.75%, 8/10/18 AAA 2,050,000 2,052,030
North Natomas, Cmnty. Fac. Special Tax Bonds, (Dist. No. 4), Ser. E, 5.00%, 9/1/30 BBB+ 1,250,000 1,381,238
Oakland, Alameda Cnty. Unified School Dist. G.O. Bonds, (Election of 2012), 6.625%, 8/1/38 (Prerefunded 8/1/21) Aa3 500,000 574,035
Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21 A+ 1,990,000 1,881,465
Sacramento, Regl. Trans. Dist. Rev. Bonds, (Farebox), 5.00%, 3/1/42 A3 1,320,000 1,395,847
San Bernardino, Cmnty. College Dist. G.O. Bonds, Ser. A, 4.00%, 8/1/33 Aa2 1,500,000 1,600,425
San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 7/1/40 A2 3,750,000 3,971,063
Sunnyvale, Cmnty. Fac. Dist. Special Tax Bonds, 7.65%, 8/1/21 B+/P 220,000 220,629
U. of CA Rev. Bonds, Ser. AF, U.S. Govt. Coll, 5.00% 5/15/36 (Prerefunded 5/15/23)(T) AAA 1,929,375 2,165,906
U. of CA Rev. Bonds, Ser. AF, 5.00% 5/15/36(T) AA 7,070,625 7,928,996
71,347,121
Colorado (2.4%)
CO State Hlth. Fac. Auth. Rev. Bonds
(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.625%, 6/1/43 Baa2 600,000 659,820
(Valley View Hosp. Assn.), 5.00%, 5/15/40 A- 1,000,000 1,093,650
(Covenant Retirement Cmnty.), Ser. A, 5.00%, 12/1/35 BBB+/F 1,000,000 1,083,430
(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.00%, 12/1/33 Baa2 1,650,000 1,745,816
CO State Hlth. Fac. Auth. Hosp. Rev. Bonds, (Christian Living Neighborhood), 5.00%, 1/1/37 BB/P 550,000 577,049
Denver City & Cnty., Arpt. Rev. Bonds, (Sub. Syst.), Ser. A, 5.50%, 11/15/31 A2 950,000 1,084,701
E-470 CO Pub. Hwy. Auth. FRN Mandatory Put Bonds, (Sr. Libor Index)
Mandatory Put Bonds (9/1/21), (Sr. Libor Index) Ser. B, 2.433%, 9/1/39 A 1,400,000 1,416,758
Mandatory Put Bonds (9/1/19), (Sr. Libor Index) Ser. A, 2.287%, 9/1/39 A 500,000 501,560
Park Creek, Metro. Dist. Tax Allocation Bonds, (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45 A/F 200,000 222,796
Pub. Auth. for CO Energy Rev. Bonds, (Natural Gas Purchase), 6.50%, 11/15/38 A3 2,250,000 3,103,583
11,489,163
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 1,067,250
1,067,250
Delaware (1.2%)
DE State Econ. Dev. Auth. Rev. Bonds, (Delmarva Pwr.), 5.40%, 2/1/31 Baa1 1,100,000 1,166,704
DE State Hlth. Fac. Auth. Rev. Bonds, (Bayhealth Med. Ctr.), Ser. A, 4.00%, 7/1/40 AA- 1,000,000 1,036,430
DE State Hlth. Fac. Auth. VRDN, (Christiana Care), Ser. A, 1.54%, 10/1/38 VMIG1 3,500,000 3,500,000
5,703,134
District of Columbia (1.4%)
DC Rev. Bonds, (Howard U.), Ser. A, 6.50%, 10/1/41 BBB 1,575,000 1,680,021
DC U. Rev. Bonds, (Gallaudet U.), 5.50%, 4/1/34 A+ 1,000,000 1,081,650
Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
Ser. A, 5.00%, 10/1/39 A2 2,000,000 2,065,580
(Metrorail), Ser. A, zero %, 10/1/37 Baa1 3,700,000 1,625,003
6,452,254
Florida (4.9%)
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 3,110,970
FL State Muni. Pwr. Agcy. Rev. Bonds, (All Requirements Pwr. Supply), Ser. A, 5.00%, 10/1/31 A2 255,000 256,543
Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 A- 2,250,000 2,487,420
Jacksonville, Port Auth. Rev. Bonds, 5.00%, 11/1/38 A2 600,000 644,268
Lakeland, Hosp. Syst. Rev. Bonds, (Lakeland Regl. Hlth.), 5.00%, 11/15/40 A2 1,350,000 1,476,860
Lakeland, Retirement Cmnty. 144A Rev. Bonds, (1st Mtge. - Carpenters), 6.375%, 1/1/43 BBB-/F 340,000 343,594
Martin Cnty., Rev. Bonds, (Indiantown Cogeneration), 4.20%, 12/15/25 Baa2 1,400,000 1,423,632
Miami-Dade Cnty., Rev. Bonds, (Tran. Syst. Sales Surtax), 5.00%, 7/1/42 AA 3,000,000 3,254,580
Miami-Dade Cnty., Aviation Rev. Bonds
(Miami Intl. Arpt.), Ser. A-1, 5.375%, 10/1/41 A2 3,000,000 3,216,600
5.00%, 10/1/28 A2 500,000 566,700
Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5.00%, 7/1/40 A1 1,000,000 1,051,410
Orange Cnty., Hlth. Fac. Auth. Rev. Bonds, (Presbyterian Retirement Cmntys.), 5.00%, 8/1/34 A-/F 1,350,000 1,458,689
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 1,083,650
(Lifespace Cmntys, Inc.), Ser. C, 5.00%, 5/15/38 BBB/F 2,000,000 2,147,220
Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30 BBB+ 360,000 394,024
Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.40%, 5/1/37 B+/P 310,000 310,335
23,226,495
Georgia (6.0%)
Atlanta, Tax Alloc. Bonds, (Atlantic Station)
5.00%, 12/1/22 A3 1,625,000 1,797,039
5.00%, 12/1/21 A3 875,000 952,648
Atlanta, Tax Allocation Bonds, (Beltline), Ser. B, 5.00%, 1/1/30 A2 1,715,000 1,960,125
Atlanta, Arpt. Rev. Bonds, (Hartsfield-Jackson Intl. Arpt.), Ser. A, 5.00%, 1/1/35 Aa3 1,250,000 1,304,138
Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6.25%, 11/1/39 (Prerefunded 11/1/19) Aa2 4,500,000 4,762,440
Fulton Cnty., Dev. Auth. Rev. Bonds, (GA Tech Athletic Assn.), Ser. A, 5.00%, 10/1/42 A2 1,350,000 1,469,799
Gainesville & Hall Cnty., Dev. Auth. Edl. Fac. Rev. Bonds, (Riverside Military Academy)
5.00%, 3/1/47 BBB-/F 1,050,000 1,099,938
5.00%, 3/1/37 BBB-/F 1,100,000 1,163,624
Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds, (Northeast GA Hlth. Syst.), Ser. B
5.25%, 2/15/45 AA- 1,535,000 1,601,051
U.S. Govt. Coll., 5.25%, 2/15/45 ( Prerefunded 2/15/20) AAA/P 4,965,000 5,230,330
Muni. Election Auth. of GA Rev. Bonds, (Plant Voltage Units 3 & 4), Ser. A, 5.50%, 7/1/60 A+ 3,500,000 3,874,360
Richmond Cnty., Hosp. Auth. Rev. Bonds, (U. Hlth. Svcs., Inc.)
5.00%, 1/1/31 A1 2,175,000 2,471,170
5.00%, 1/1/30 A1 770,000 878,917
28,565,579
Idaho (0.1%)
ID State Hlth. Fac. Auth. Rev. Bonds, (St. Luke's Hlth. Sys. Oblig. Group), Ser. A, 5.00%, 3/1/37 A3 500,000 559,530
559,530
Illinois (17.3%)
Chicago, G.O. Bonds
Ser. A, 6.00%, 1/1/38 BBB+ 1,920,000 2,167,104
Ser. A, 5.50%, 1/1/39 BBB+ 500,000 532,725
Ser. D-05, 5.50%, 1/1/37 BBB+ 750,000 801,255
Ser. G-07, 5.50%, 1/1/35 BBB+ 3,175,000 3,399,314
Ser. D-05, 5.50%, 1/1/34 BBB+ 1,000,000 1,072,390
Ser. A, 5.25%, 1/1/33 BBB+ 1,250,000 1,316,013
Ser. C, 5.00%, 1/1/38 BBB+ 1,500,000 1,575,720
Chicago, Board of Ed. G.O. Bonds
Ser. C, 5.25%, 12/1/39 B+ 2,250,000 2,331,878
Ser. H, 5.00%, 12/1/36 B+ 500,000 517,305
(School Reform), Ser. B-1, NATL, zero %, 12/1/21 Baa2 3,500,000 3,168,515
Chicago, Motor Fuel Tax Rev. Bonds, 5.00%, 1/1/29 Ba1 500,000 524,850
Chicago, O'Hare Intl. Arpt. Rev. Bonds
Ser. A, 5.75%, 1/1/39 A 640,000 693,427
Ser. C, 5.375%, 1/1/39 A2 1,250,000 1,364,275
Ser. C, 5.25%, 1/1/28 A2 1,320,000 1,449,914
Ser. C, 5.25%, 1/1/27 A2 2,125,000 2,338,775
Chicago, Sales Tax Rev. Bonds, 5.00%, 1/1/34 (Prerefunded 1/1/25) AAA/P 1,500,000 1,739,235
Chicago, Trans. Auth. Sales Tax Rev. Bonds, 5.25%, 12/1/49 AA 3,000,000 3,326,190
Chicago, Waste Wtr. Transmission Rev. Bonds
Ser. C, 5.00%, 1/1/39 A 900,000 967,293
(2nd Lien), 5.00%, 1/1/39 A 1,835,000 1,964,019
Ser. A, NATL, zero %, 1/1/24 A+ 1,600,000 1,357,424
Chicago, Wtr. Wks Rev. Bonds
5.00%, 11/1/42 A 645,000 683,365
5.00%, 11/1/39 A 1,080,000 1,159,477
Cicero, G.O. Bonds, Ser. A, AGM, 5.00%, 1/1/21 AA 2,000,000 2,113,960
IL Fin. Auth. Rev. Bonds
(Silver Cross Hosp. & Med. Ctr.), 7.00%, 8/15/44 (Prerefunded 8/15/19) AAA/P 2,500,000 2,638,675
(IL Rush U. Med. Ctr.), Ser. D, U.S. Govt. Coll., 6.625%, 11/1/39 (Prerefunded 5/1/19) Aaa 1,490,000 1,546,367
(Rush U. Med. Ctr.), Ser. C, U.S. Govt. Coll., 6.625%, 11/1/39 (Prerefunded 5/1/19) Aaa 1,425,000 1,478,908
IL State G.O. Bonds
5.00%, 11/1/41 Baa3 1,000,000 1,045,280
5.00%, 1/1/41 Baa3 500,000 520,710
5.00%, 2/1/39 Baa3 300,000 310,185
5.00%, 11/1/34 Baa3 1,000,000 1,054,500
Ser. A, 5.00%, 12/1/31 Baa3 5,750,000 6,120,013
Ser. A, 5.00%, 12/1/28 Baa3 2,500,000 2,690,925
IL State Fin. Auth. Rev. Bonds
(Three Crowns Park), 5.25%, 2/15/47 BB-/P 700,000 733,320
(Three Crowns Park), 5.25%, 2/15/37 BB-/P 375,000 396,926
(Lifespace Cmntys, Inc.), Ser. A, 5.00%, 5/15/35 BBB/F 1,025,000 1,106,180
(Windy City Portfolio), Ser. A-1, 4.375%, 12/1/42 A- 1,000,000 977,230
(Riverside Hlth.Syst.), 4.00%, 11/15/34 A+ 500,000 501,025
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 2,164,580
5.00%, 2/15/37 Baa3 1,000,000 1,092,640
Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds, (No. 115 Yorkville), NATL, FGIC, zero %, 1/1/21 Aa3 1,075,000 1,015,327
Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds, (No. 073 Hawthorn)
NATL, FGIC, zero %, 12/1/21 AA+ 1,805,000 1,679,805
U.S. Govt. Coll., NATL, zero %, 12/1/21 (Escrowed to maturity) AA+ 145,000 135,880
NATL, FGIC, zero %, 12/1/20 AA+ 1,495,000 1,427,576
U.S. Govt. Coll., NATL, zero %, 12/1/20 (Escrowed to maturity) AA+ 155,000 148,352
Metro. Pier & Exposition Auth. Rev. Bonds, (McCormick Place Expansion), Ser. B, stepped-coupon zero % (4.700%, 6/15/31), 12/15/37(STP) BB+ 1,000,000 559,630
Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds, (McCormick), Ser. A, NATL, zero %, 12/15/30 A 12,000,000 7,089,840
Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds, (Green Bond), Ser. E, 5.00%, 12/1/30 AA+ 1,310,000 1,502,845
Railsplitter Tobacco Settlement Auth. Rev. Bonds, 5.00%, 6/1/24 A 1,500,000 1,695,285
Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6.00%, 6/1/28 (Prerefunded 6/1/21) AAA/P 4,150,000 4,627,582
Southern IL U. Rev. Bonds, (Hsg. & Auxiliary), Ser. A, NATL, zero %, 4/1/25 A 1,870,000 1,506,509
82,330,518
Indiana (1.3%)
IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5.25%, 10/15/21 A3 180,000 197,233
IN State Fin. Auth. Rev. Bonds
(BHI Sr. Living), 5.75%, 11/15/41 BBB+/F 1,000,000 1,079,210
(Duke Energy Ind.), Ser. C, 4.95%, 10/1/40 Aa3 1,000,000 1,031,990
IN State Fin. Auth. Econ. Dev. Mandatory Put Bonds (12/3/18), (Republic Svcs., Inc.), 1.75%, 12/1/37 A-2 3,000,000 2,999,940
U. Southern IN Rev. Bonds, (Student Fee), Ser. J, AGC, 5.75%, 10/1/28 (Prerefunded 10/1/19) AA 1,000,000 1,048,350
6,356,723
Kentucky (1.5%)
KY Pub. Trans. Infrastructure Auth. Rev. Bonds, (1st Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53 Baa3 1,000,000 1,105,040
KY State Property & Bldg. Comm. Rev. Bonds, (No. 119), 5.00%, 5/1/36 A1 1,000,000 1,118,540
Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds, (Norton Healthcare, Inc.), Ser. A, 5.00%, 10/1/30 A- 2,750,000 3,130,573
Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A
5.00%, 7/1/32 A+ 1,030,000 1,126,820
5.00%, 7/1/31 A+ 385,000 422,060
6,903,033
Louisiana (0.2%)
LA State Pub. Fac. Auth. Rev. Bonds, (Ochsner Clinic Foundation), 5.00%, 5/15/47 A3 650,000 707,590
707,590
Maryland (0.2%)
MD Econ. Dev. Corp. Poll. Control Rev. Bonds, (Potomac Electric Power Co.), 6.20%, 9/1/22 A2 650,000 667,043
667,043
Massachusetts (4.5%)
MA State Dept. Trans. Rev. Bonds, (Metro Hwy. Syst.), Ser. B, 5.00%, 1/1/37 A+ 2,500,000 2,599,375
MA State Dev. Fin. Agcy. Rev. Bonds
(Sabis Intl.), Ser. A, 8.00%, 4/15/39 (Prerefunded 10/15/19) BBB 575,000 619,005
(Linden Ponds, Inc. Fac.), Ser. A-1, 6.25%, 11/15/26 B-/P 960,369 993,550
(Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5.75%, 7/15/43 BBB- 500,000 539,885
(Suffolk U.), Ser. A, 5.75%, 7/1/39 Baa2 395,000 404,816
(Suffolk U.), Ser. A, U.S. Govt. Coll., 5.75%, 7/1/39 (Prerefunded 7/1/19) AAA/P 780,000 810,186
(Loomis Cmntys.), Ser. A, 5.75%, 1/1/28 BBB 1,100,000 1,230,427
(Carleton-Willard Village), 5.625%, 12/1/30 A- 750,000 780,458
(Linden Ponds, Inc.), Ser. A-2 , 5.50%, 11/15/46 B-/P 51,190 51,202
(Emerson College), Ser. A, 5.00%, 1/1/40 (Prerefunded 1/1/20) BBB+ 270,000 282,974
(Emerson College), Ser. A, U.S. Govt. Coll., 5.00%, 1/1/40 (Prerefunded 1/1/20) BBB+ 2,730,000 2,861,177
(Intl. Charter School), 5.00%, 4/15/33 BBB- 1,000,000 1,072,810
(Linden Ponds, Inc.), Ser. B, zero %, 11/15/56 B-/P 254,614 52,438
MA State Edl. Fin. Auth. Rev. Bonds, (Ed. Loan - Issue 1)
5.00%, 1/1/27 AA 800,000 889,744
4.375%, 1/1/32 AA 445,000 456,370
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
(Care Group), Ser. B-2, NATL, 5.375%, 2/1/26 (Prerefunded 8/1/18) A 700,000 700,000
(Northeastern U.), Ser. A, 5.00%, 10/1/35 A1 3,250,000 3,442,595
MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. C, 5.35%, 12/1/42 Aa2 600,000 607,428
MA State Port Auth. Special Fac. Rev. Bonds, (Conrac), Ser. A, 5.125%, 7/1/41 A 2,855,000 3,055,136
21,449,576
Michigan (7.6%)
Detroit, G.O. Bonds, AMBAC, 5.25%, 4/1/24 A-/P 222,425 212,850
Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6.00%, 5/1/29 Aa1 1,000,000 1,185,160
Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B
AGM, 6.25%, 7/1/36 AA 5,000 5,197
AGM, U.S. Govt. Coll., 6.25%, 7/1/36 (Prerefunded 7/1/19) AA 1,420,000 1,480,038
Flint, Hosp. Bldg. Auth. Rev. Bonds, (Hurley Med. Ctr.), 7.50%, 7/1/39 Ba1 500,000 535,540
Great Lakes, Wtr. Auth. Swr. Rev. Bonds, (Brazos Presbyterian Homes, Inc.), Ser. C, 5.00%, 7/1/36 Baa1 910,000 1,005,605
Karegnondi, Wtr. Auth. Rev. Bonds, (Wtr. Supply Syst.), Ser. A, 5.25%, 11/1/31 A2 2,445,000 2,731,530
Kentwood, Economic Dev. Rev. Bonds, (Holland Home Oblig. Group), 5.00%, 11/15/37 BBB-/F 1,750,000 1,886,378
MI State Fin. Auth. Rev. Bonds
Ser. H-1, 5.00%, 10/1/39 AA- 1,575,000 1,750,061
(MidMichigan Hlth.), 5.00%, 6/1/39 A1 1,000,000 1,098,350
(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/35 Baa1 1,100,000 1,202,630
(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/34 Baa1 1,900,000 2,076,054
(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. D-2, 5.00%, 7/1/34 Baa1 1,000,000 1,092,660
(Local Govt. Program Detroit Wtr. & Swr.), Ser. D4, 5.00%, 7/1/34 A3 100,000 109,457
(Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33 A3 850,000 932,297
(Detroit), Ser. C-3, 5.00%, 4/1/27 Aa2 750,000 844,568
MI State Hosp. Fin. Auth. Rev. Bonds
(Trinity Hlth. Credit Group), Ser. A, 5%, 12/1/47(T) AA- 8,500,000 9,206,794
(Henry Ford Hlth.), 5.75%, 11/15/39 (Prerefunded 11/15/19) AAA/P 2,000,000 2,104,920
MI State Hsg. Dev. Auth. Rev. Bonds, (Rental Hsg.), Ser. D, 3.95%, 10/1/37 AA 1,050,000 1,062,474
MI State Strategic Fund Ltd. Rev. Bonds, (Worthington Armstrong Venture), 5.75%, 10/1/22 (Escrowed to maturity) AAA/P 1,650,000 1,871,232
MI State Strategic Fund Ltd. Oblig. Rev. Bonds, (Evangelical Homes of MI)
5.50%, 6/1/47 BB+/F 675,000 700,630
5.25%, 6/1/32 BB+/F 320,000 331,869
MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6.00%, 6/1/34 B- 575,000 578,450
Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 12/1/21 A2 2,000,000 2,187,600
36,192,344
Minnesota (0.9%)
Minneapolis & St. Paul, Hsg. & Redev. Auth. Hlth. Care VRDN, (Allina Hlth. Syst.), Ser. B-1, 1.51%, 11/15/35 VMIG1 1,000,000 1,000,000
Rochester, Hlth. Care Fac. VRDN, (Mayo Clinic), Ser. B, 1.46%, 11/15/38 VMIG1 1,000,000 1,000,000
St. Cloud, Hlth. Care Rev. Bonds, (CentraCare Hlth. Syst.), Ser. A, 5.125%, 5/1/30 A1 160,000 168,992
St. Paul, Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Bonds, (HealthPartners Oblig. Group), Ser. A, 5.00%, 7/1/33 A+ 2,000,000 2,254,680
4,423,672
Mississippi (1.6%)
MS Bus. Fin. Corp. Rev. Bonds, (Syst. Energy Resources, Inc.), 5.875%, 4/1/22 BBB+ 1,445,000 1,448,237
MS State Bus. Fin. Commission Gulf Opportunity Zone VRDN, (Chevron USA, Inc.)
Ser. B, 1.52%, 12/1/30 VMIG1 775,000 775,000
Ser. E, 1.52%, 12/1/30 VMIG1 2,000,000 2,000,000
Ser. E, 1.52%, 12/1/30 VMIG1 1,550,000 1,550,000
Warren Cnty., Gulf Opportunity Zone Rev. Bonds, (Intl. Paper Co.), Ser. A, 6.50%, 9/1/32 Baa2 2,000,000 2,007,740
7,780,977
Missouri (0.2%)
MO State Hlth. & Edl. Fac. Auth. VRDN, (WA U. (The)), Ser. D, 1.45%, 9/1/30 VMIG1 1,000,000 1,000,000
1,000,000
Nebraska (0.2%)
Lancaster Cnty., Hosp. Auth. Rev. Bonds, (Immanuel Oblig. Group), 5.625%, 1/1/40 AA/F 925,000 970,436
970,436
Nevada (0.4%)
Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5.00%, 7/1/33 Aa3 1,565,000 1,755,946
1,755,946
New Hampshire (0.9%)
NH State Hlth. & Ed. Fac. Auth. Rev. Bonds
(Catholic Med. Ctr.), 5.00%, 7/1/44 A- 1,000,000 1,093,940
(Elliot Hosp.), 5.00%, 10/1/38 Baa1 500,000 541,385
(Southern NH Med. Ctr.), 5.00%, 10/1/37 A- 2,500,000 2,728,925
4,364,250
New Jersey (7.8%)
Bayonne, G.O. Bonds, (Qualified Gen. Impt.), BAM, 5.00%, 7/1/39 AA 1,300,000 1,431,846
NJ State Econ. Dev. Auth. Rev. Bonds
(NYNJ Link Borrower, LLC), 5.375%, 1/1/43 BBB- 500,000 547,405
Ser. WW, 5.25%, 6/15/32 Baa1 1,500,000 1,649,370
Ser. AAA, 5.00%, 6/15/36 Baa1 750,000 813,413
(Biomedical Research), Ser. A, 5.00%, 7/15/29 Baa1 400,000 442,208
Ser. B, 5.00%, 11/1/26 Baa1 4,500,000 5,065,470
5.00%, 6/15/26 Baa1 500,000 533,620
NJ State Econ. Dev. Auth. Special Fac. Rev. Bonds, (Port Newark Container Term., LLC), 5.00%, 10/1/37 Ba1 2,000,000 2,161,640
NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds, (NJ American Wtr. Co.)
Ser. A, 5.70%, 10/1/39 A1 3,900,000 4,049,448
Ser. B, 5.60%, 11/1/34 A1 500,000 526,580
NJ State Higher Ed. Assistance Auth. Rev. Bonds, (Student Loan), Ser. 1A, 5.00%, 12/1/22 Aaa 2,500,000 2,753,850
NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds
(St. Peter's U. Hosp.), 5.75%, 7/1/37 Ba1 1,500,000 1,503,735
(Hackensack Meridian Hlth.), Ser. A, 5.00%, 7/1/35 AA- 700,000 801,703
NJ State Trans. Trust Fund Auth. Rev. Bonds
(Federal Hwy. Reimbursement Notes), 5.00%, 6/15/30 A+ 1,900,000 2,112,439
(Federal Hwy. Reimbursement Notes), 5.00%, 6/15/28 A+ 1,000,000 1,120,620
(Trans. Syst.), Ser. A, zero %, 12/15/30 Baa1 10,000,000 5,958,500
South Jersey, Port Corp. Rev. Bonds, (Marine Term.), Ser. S-1, 5.00%, 1/1/34 Baa1 1,000,000 1,090,360
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 5.00%, 6/1/34 A- 1,750,000 1,971,323
Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds, (Covanta Union), Ser. A, 5.25%, 12/1/31 AA+ 2,300,000 2,520,915
37,054,445
New Mexico (0.3%)
Sante Fe, Retirement Fac. Rev. Bonds, (El Castillo Retirement Res.), 5.00%, 5/15/42 BBB- 1,460,000 1,508,151
1,508,151
New York (7.7%)
Metro. Trans. Auth. Rev. Bonds, (Green Bonds), Ser. C-1, 4.00%, 11/15/32 A1 1,000,000 1,062,400
Metro. Trans. Auth. Dedicated Tax FRN Mandatory Put Bonds (6/1/22), Ser. A-2A, 1.39%, 11/1/26 AA 3,940,000 3,968,132
NY City, Transitional Fin. Auth. Rev. Bonds, Ser. A-1
5.00%, 8/1/36(FWC) AAA 4,050,000 4,709,664
4.00%, 8/1/41(FWC) AAA 2,350,000 2,442,167
NY Counties, Tobacco Trust III Rev. Bonds, (Tobacco Settlement), 6.00%, 6/1/43 A3 100,000 100,179
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 1,829,484
NY State Dorm. Auth. Rev. Bonds, Ser. C, 5%, 3/15/31(T) AAA 5,000,000 5,386,901
NY State Dorm. Auth. Rev. Bonds, Ser. A Group C, 5%, 3/15/42(T) AAA 10,855,633 12,386,554
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 1,073,950
Port Auth. of NY & NJ Rev. Bonds, Ser. 207th, 5.00%, 9/15/30 Aa3 3,150,000 3,667,199
36,626,630
North Carolina (0.7%)
NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6.75%, 1/1/24 (Prerefunded 1/1/19) AAA/F 1,000,000 1,022,360
NC State Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds, (Deerfield), Ser. A, 6.00%, 11/1/33 (Prerefunded 11/1/18) A/F 805,000 814,282
NC State Med. Care Comm. Hlth. Fac. Rev. Bonds, (Presbyterian Homes), Ser. C, 5.00%, 10/1/36 A-/F 550,000 610,407
NC State Med. Care Comm. Retirement Fac. Rev. Bonds, (Salemtowne), 5.25%, 10/1/37 BB/P 1,000,000 1,067,510
3,514,559
Ohio (7.9%)
American Muni. Pwr., Inc. Rev. Bonds, (Meldahl Hydroelectric (Green Bond)), Ser. A, 5.00%, 2/15/30 A 1,250,000 1,413,888
Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
Ser. A-2, 6.50%, 6/1/47 B3 1,160,000 1,194,788
Ser. A-3, 6.25%, 6/1/37 B- 2,225,000 2,330,599
Ser. A-2, 6.00%, 6/1/42 B3 1,500,000 1,500,015
Ser. A-2, 5.75%, 6/1/34 B- 8,825,000 8,847,151
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 1,223,561
Franklin Cnty., Hosp. Fac. Rev. Bonds, (Nationwide Children's Hosp.), Ser. A, 4.00%, 11/1/44 Aa2 2,050,000 2,089,647
Lake Cnty., Hosp. Fac. Rev. Bonds, (Lake Hosp. Syst., Inc.), Ser. C
6.00%, 8/15/43 Baa1 495,000 496,742
U.S. Govt. Coll., 6.00%, 8/15/43 (Prerefunded 8/15/18) AAA/P 2,605,000 2,609,324
OH State G.O. Bonds, (Infrastructure Impt.), Ser. A, 4.00%, 2/1/33 Aa1 2,000,000 2,087,860
OH State Air Quality Dev. Auth. FRB, (Columbus Southern Pwr. Co.), Ser. B, 5.80%, 12/1/38 A2 2,000,000 2,088,180
OH State Higher Edl. Fac. Comm. Rev. Bonds, (Kenyon College)
5.00%, 7/1/44 A 3,265,000 3,425,932
U.S. Govt. Coll., 5.00%, 7/1/44 (Prerefunded 7/1/20) AAA/P 1,735,000 1,841,668
OH State Hosp. Rev. Bonds, (U. Hosp. Hlth. Syst.), Ser. A, 5.00%, 1/15/41 A2 700,000 758,317
OH State Hosp. Fac. Rev. Bonds, (Cleveland Clinic Hlth. Syst.), Ser. A, 4.00%, 1/1/34 Aa2 1,250,000 1,320,288
OH State Private Activity Rev. Bonds, (Portsmouth Bypass), AGM, 5.00%, 12/31/35 AA 1,125,000 1,235,734
Scioto Cnty., Hosp. Rev. Bonds, (Southern OH Med. Ctr.)
5.00%, 2/15/33 A2 605,000 670,140
5.00%, 2/15/32 A2 745,000 828,358
Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds
5.75%, 12/1/32 BB-/F 625,000 673,463
(Memorial Hlth. Syst. Oblig. Group), 5.50%, 12/1/43 BB-/F 120,000 128,310
Warren Cnty., Hlth. Care Fac. Rev. Bonds, (Otterbein Homes Oblig. Group)
5.00%, 7/1/33 A 500,000 543,915
5.00%, 7/1/32 A 250,000 272,658
37,580,538
Oregon (2.2%)
Gilliam Cnty., Solid Waste Disp. 144A Mandatory Put Bonds (5/1/19), (Waste Mgt., Inc.), Ser. A, 2.25%, 8/1/25 A-2 4,900,000 4,901,029
Keizer, Special Assmt. Bonds, (Keizer Station), Ser. A, 5.20%, 6/1/31 Aa3 1,605,000 1,609,558
Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds, (Terwilliger Plaza, Inc.), 5.00%, 12/1/36 BBB/F 650,000 712,023
OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5.75%, 7/1/39 (Prerefunded 7/1/19) Aa3 1,250,000 1,297,788
Salem, Hosp. Fac. Auth. Rev. Bonds, (Salem Hlth.), Ser. A, 5.00%, 5/15/33 A+ 1,500,000 1,686,915
10,207,313
Pennsylvania (7.4%)
Cap. Region Wtr. Rev. Bonds
5.00%, 7/15/32 A+ 1,000,000 1,152,370
5.00%, 7/15/31 A+ 1,250,000 1,446,238
Chester Cnty., Hlth. & Ed. Fac. Auth. Rev. Bonds, (Immaculata U.), 5.00%, 11/1/46 BB/F 2,000,000 2,036,920
Cmnwlth. Fin. Auth. Rev. Bonds, (Tobacco Master Settlement Payment), 5.00%, 6/1/35 A1 1,500,000 1,676,445
Cumberland Cnty., Muni. Auth. Rev. Bonds, (Diakon Lutheran Social Ministries)
5.00%, 1/1/32 BBB+/F 200,000 220,672
5.00%, 1/1/31 BBB+/F 1,000,000 1,106,120
Dauphin Cnty., Gen. Auth. Hlth. Syst. Rev. Bonds, (Pinnacle Hlth. Syst.), Ser. A, 5.00%, 6/1/34 A1 450,000 506,025
Delaware River Port Auth. PA & NJ Rev. Bonds, Ser. D, 5.00%, 1/1/40 A2 1,200,000 1,249,404
Doylestown, Hosp. Auth. Rev. Bonds, (Doylestown Hosp.), Ser. A, 5.00%, 7/1/41 Baa2 1,650,000 1,763,240
Erie, Higher Ed. Bldg. Auth. Rev. Bonds, (Mercyhurst College), 5.50%, 3/15/38 (Prerefunded 9/15/18) BB+ 725,000 728,611
Franklin Cnty., Indl. Dev. Auth. Rev. Bonds, (Chambersburg Hosp.), 5.375%, 7/1/42 A2 1,000,000 1,058,390
Geisinger, Auth. Rev. Bonds, (Geisinger Hlth. Syst.), Ser. A-2, 5.00%, 2/15/39 Aa2 250,000 280,205
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 1,251,800
PA State COP, Ser. A
5.00%, 7/1/35 A2 1,050,000 1,172,703
5.00%, 7/1/31 A2 425,000 481,257
PA State Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds, (Amtrak), Ser. A, 5.00%, 11/1/32 A1 1,000,000 1,071,310
PA State Higher Edl. Fac. Auth. Rev. Bonds
(Gwynedd Mercy College), Ser. KK1, 5.375%, 5/1/42 BBB 500,000 521,375
(St. Joseph's U.), Ser. A, 5.00%, 11/1/40 A- 3,000,000 3,168,870
PA State Hsg. Fin. Agcy. Rev. Bonds, Ser. 15-117A, 3.95%, 10/1/30 AA+ 240,000 243,667
PA State Pub. School Bldg. Auth. Rev. Bonds, (Northampton Cnty. Area Cmnty. College Foundation), BAM, 5.00%, 6/15/32 AA 2,030,000 2,206,630
PA State Tpk. Comm. Rev. Bonds
Ser. B-1, 5.00%, 6/1/42 A3 1,350,000 1,480,046
Ser. A, 5.00%, 12/1/38 A1 1,000,000 1,102,370
Ser. 2nd, 5.00%, 12/1/37 A3 1,000,000 1,104,230
zero %, 12/1/44 A2 4,385,000 4,063,536
PA State Tpk. Comm. Oil Franchise Tax Rev. Bonds, Ser. B, 5.00%, 12/1/38 A2 1,250,000 1,404,400
Philadelphia, Gas Wks. Rev. Bonds, 5.00%, 8/1/32 A 1,000,000 1,122,040
Pittsburgh & Allegheny Cnty., Sports & Exhib. Auth. Hotel Rev. Bonds, AGM, 5.00%, 2/1/35 AA 1,225,000 1,288,957
Westmoreland Cnty., Muni. Auth. Rev. Bonds, BAM, 5.00%, 8/15/27 AA 450,000 517,158
35,424,989
Rhode Island (0.6%)
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50 BBB-/P 2,750,000 2,874,328
2,874,328
South Carolina (2.1%)
SC State Pub. Svcs. Auth. Rev. Bonds
(Santee Cooper), Ser. A, 5.75%, 12/1/43 A1 3,000,000 3,319,350
Ser. A, 5.50%, 12/1/54 A1 3,000,000 3,270,870
Ser. A, 5.00%, 12/1/55 A1 2,000,000 2,124,540
Ser. C, 5.00%, 12/1/46 A1 1,000,000 1,063,430
9,778,190
Tennessee (1.8%)
Greeneville, Hlth. & Edl. Facs. Board Hosp. Rev. Bonds, (Ballad Hlth. Oblig. Group), Ser. A, 4.00%, 7/1/40 A- 5,000,000 5,024,300
Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds, (Mountain States Hlth. Alliance), 6.00%, 7/1/38 (Prerefunded 7/1/20) A- 3,450,000 3,730,175
8,754,475
Texas (18.9%)
Arlington, Higher Ed. Fin. Corp. Rev. Bonds, (Uplift Ed.), Ser. A
5.00%, 12/1/36 BBB- 500,000 543,950
PSFG, 5.00%, 12/1/35 AAA 500,000 569,150
Austin-Bergstrom Landhost Enterprises, Inc. Rev. Bonds
5.00%, 10/1/35 A3 580,000 655,441
5.00%, 10/1/34 A3 530,000 600,729
Bexar Cnty., G.O. Bonds, 4.00%, 6/15/33 Aaa 1,250,000 1,322,613
Central TX Regl. Mobility Auth. Rev. Bonds, (Sr. Lien), Ser. A, 5.00%, 1/1/33 BBB+ 425,000 460,067
Clifton, Higher Ed. Fin. Corp. Rev. Bonds, (IDEA Pub. Schools), 5.00%, 8/15/28 BBB+ 300,000 337,089
Dallas, Area Rapid Transit Rev. Bonds, U.S. Govt. Coll., 5.00%, 12/1/33 (Prerefunded 12/1/18) AA+ 16,000,000 16,194,846
Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev. Bonds, Ser. A, 5.25%, 11/1/30 A+ 3,000,000 3,337,650
Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds
(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 BB+/F 1,000,000 1,068,600
(YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33 Baa3 800,000 846,664
Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN, (The Methodist Hosp.), Ser. C-1, 1.54%, 12/1/24 A-1+ 4,000,000 4,000,000
Houston, Util. Syst. Rev. Bonds, Ser. A, 5.00%, 11/15/33 AA 1,500,000 1,602,465
Love Field, Gen. Arpt. Modernization Corp. Rev. Bonds
5.00%, 11/1/36 A1 1,000,000 1,117,990
5.00%, 11/1/35 A1 1,000,000 1,111,460
Lower CO River Auth. Transmission Svcs. Contract Corp. Rev. Bonds, 5.00%, 5/15/33 A 700,000 790,832
Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 A- 1,500,000 1,596,285
Montgomery Cnty., Toll Road Auth. Rev. Bonds
5.00%, 9/15/43 BBB- 1,295,000 1,405,373
5.00%, 9/15/34 BBB- 205,000 224,088
New Hope Cultural Ed. Fac. Fin. Corp. Rev. Bonds, (Children's Hlth. Syst. of TX), Ser. A, 4.00%, 8/15/34 Aa2 600,000 622,122
New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds
(Wesleyan Homes, Inc.), 5.50%, 1/1/43 BB-/P 500,000 533,590
(Collegiate Hsg.-College Station I, LLC), AGM, 5.00%, 4/1/46 AA 2,100,000 2,277,324
(Woman's U.-Collegiate Hsg. Denton, LLC), Ser. A-1, AGM, 4.125%, 7/1/53 AA 1,000,000 1,002,560
North TX, Tollway Auth. Rev. Bonds
(1st Tier), Ser. I, 6.50%, 1/1/43 A1 4,000,000 4,831,960
Ser. D, AGC, zero %, 1/1/28 AA 7,800,000 5,806,476
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 814,000 570
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 2,169,120
Houston Independent School District (Harris County Texas) LTD. Tax Bonds AAA
5.00%, 2/15/34(T) AAA 5,000,000 5,754,863
5.00%, 2/15/35(T) AAA 5,000,000 5,754,863
5.00%, 2/15/42(T) AAA 5,000,000 5,754,863
TX State G.O. Bonds, (Mobility Fund (The)-Trans. Comm.), Ser. B, 5.00%, 10/1/34 Aaa 7,500,000 8,732,925
TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5.00%, 12/15/28 A3 1,500,000 1,630,275
TX State Muni. Pwr. Agcy. Rev. Bonds, (Syst. Net/Transmission Converting Security), 5.00%, 9/1/42 A+ 1,400,000 1,472,254
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 2,149,720
TX State Trans. Comm. Tpk. Syst. Rev. Bonds, (1st Tier), Ser. A, 5.00%, 8/15/41 A3 2,500,000 2,683,775
Uptown Dev. Auth. Tax Alloc. Bonds, Ser. A
5.00%, 9/1/40 BBB 300,000 330,096
5.00%, 9/1/35 BBB 505,000 560,904
89,853,946
Utah (1.0%)
Murray City, Hosp. VRDN, (IHC Hlth. Svcs., Inc.), Ser. A, 1.50%, 5/15/37 VMIG1 4,000,000 4,000,000
Salt Lake City, Hosp. Rev. Bonds, AMBAC, U.S. Govt. Coll., 6.75%, 5/15/20 (Escrowed to maturity) AAA/P 700,000 711,641
4,711,641
Virginia (3.3%)
Fairfax Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds, (Goodwin House, Inc.), Ser. A, 5.00%, 10/1/36 BBB/F 425,000 472,685
King George Cnty., Indl. Dev. Auth. Mandatory Put Bonds (5/1/19), (Waste Mgt., Inc.-King George Landfill, Inc.), Ser. A, 2.25%, 6/1/23 A-2 5,000,000 5,001,050
Small Bus. Fin. Auth. Private Activity Rev. Bonds, (Transform 66 P3)
5.00%, 12/31/52 Baa3 750,000 821,033
5.00%, 12/31/49 Baa3 3,500,000 3,839,815
VA Cmnwlth. Trans. Board Rev. Bonds, 4.00%, 5/15/33 Aa1 3,000,000 3,192,390
Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds, (Mountain States Hlth. Alliance), Ser. C, 7.75%, 7/1/38 (Prerefunded 1/1/19) A- 2,100,000 2,155,146
15,482,119
Washington (5.0%)
Port of Seattle, Rev. Bonds, Ser. C, 5.00%, 4/1/40 A1 875,000 958,335
Port Seattle, Port Indl. Dev. Corp. Rev. Bonds, (Delta Airlines, Inc.), 5.00%, 4/1/30 BBB- 1,300,000 1,412,918
WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5%, 6/1/28(T) AA+ 5,000,000 5,411,412
Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32 A- 2,125,000 2,275,833
WA State GO Bonds, Ser. C, 5%, 2/1/33(T) AA+ 6,600,000 7,737,690
WA State Hlth. Care Fac. Auth. FRN Mandatory Put Bonds (7/1/22), (Fred Hutchinson Cancer Research Ctr.), Ser. B, 2.483%, 1/1/42 A+ 1,500,000 1,521,405
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 1,301,724
(Overlake Hosp. Med. Ctr.), Ser. A, 5.00%, 7/1/35 A2 2,350,000 2,636,583
WA State Hsg. Fin. Comm. 144A Rev. Bonds, (Bayview Manor Homes), Ser. A, 5.00%, 7/1/36 BB+/P 375,000 391,669
23,647,569
Wisconsin (1.0%)
Pub. Fin. Auth. Arpt. Fac. Rev. Bonds, (Sr. Oblig. Group), 5.25%, 7/1/28 BBB 350,000 377,258
Pub. Fin. Auth. Higher Ed. Fac. Rev. Bonds, (Gannon U.), 5.00%, 5/1/42 BBB+ 1,100,000 1,180,454
WI State Rev. Bonds, Ser. A, U.S. Govt. Coll., 6.00%, 5/1/27 (Prerefunded 5/1/19) AAA/P 235,000 242,983
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 1,541,460
(Prohealth Care, Inc.), 5.00%, 8/15/39 A1 750,000 814,553
(Three Pillars Sr. Living), 5.00%, 8/15/33 A/F 430,000 463,863
WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds, (Mary's Woods at Marylhurst), Ser. A, 5.25%, 5/15/37 BB/F 250,000 273,628
4,894,199
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 2,073,120
2,073,120
TOTAL INVESTMENTS
Total investments (cost $642,996,294) $668,188,932













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, 2018 through July 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 $475,601,761.
(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.
(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 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 $84,995,895 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):
Healthcare 21.9%
Transportation 18.6
Prerefunded 17.3
Utilities 17.1
State debt 12.6
Local debt 12.0
Tax bonds 11.0
Education 10.0

Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund's assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.
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 $81,994,985 were held by the TOB trust and served as collateral for $53,663,017 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $171,431 for these investments based on an average interest rate of 1.29%.












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 $— $668,178,925 $10,007
Totals by level $— $668,178,925 $10,007

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 27, 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: September 27, 2018

By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Financial Officer
Date: September 27, 2018