a_municipalopportunities.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, 2017
Date of reporting period: July 31, 2016



Item 1. Schedule of Investments:













Putnam Municipal Opportunities Trust

The fund's portfolio
7/31/16 (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
FNMA Coll. — Federal National Mortgage Association Collateralized
FRB — Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period
G.O. Bonds — General Obligation Bonds
NATL — National Public Finance Guarantee Corp.
Q-SBLF — Qualified School Board Loan Fund
U.S. Govt. Coll. — U.S. Government Collateralized
VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period.
MUNICIPAL BONDS AND NOTES (140.9%)(a)
Rating(RAT) Principal amount Value
Alabama (1.4%)
Jefferson Cnty., Swr. Rev. Bonds, Ser. D, 6.50%, 10/1/53 BBB- $2,000,000 $2,510,840
Lower AL Gas Dist. Rev. Bonds (Gas Project), Ser. A, 5.00%, 9/1/46 A3 3,150,000 4,315,217
Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 5.80%, 5/1/34 Baa2 750,000 872,640
7,698,697
Arizona (2.8%)
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
Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5.125%, 10/1/32 A3 1,500,000 1,652,070
Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5.125%, 5/15/40 A- 2,125,000 2,372,329
Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds (Reid Traditional Schools Painted Rock Academy), 5.00%, 7/1/36 Baa3 350,000 395,518
Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7.25%, 2/1/40 Baa1 2,400,000 2,750,664
Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5.00%, 7/1/40 A1 1,000,000 1,127,580
Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds (Great Hearts Academies), 3.75%, 7/1/24 BBB- 710,000 735,077
Pinal Cnty., Elec. Rev. Bonds (Dist. No. 3), 5.25%, 7/1/36 A 500,000 583,540
Salt Verde, Fin. Corp. Gas Rev. Bonds, 5.50%, 12/1/29 Baa1 1,350,000 1,754,825
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 1,164,630
Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds (Yuma Regl. Med. Ctr.), Ser. A, 5.00%, 8/1/32 A- 2,065,000 2,391,600
14,936,875
California (22.3%)
ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds (Episcopal Sr. Cmntys.), Ser. A, 5.00%, 7/1/32 BBB+/F 550,000 626,406
Bay Area Toll Auth. of CA Rev. Bonds (Toll Bridge), Ser. S-4, 5.00%, 4/1/33 AA- 1,200,000 1,451,736
Burbank, Unified School Dist. G.O. Bonds (Election of 1997), Ser. C, NATL, FGIC, zero %, 8/1/23 AA- 1,000,000 901,380
CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.)
     Ser. E, 4.80%, 8/1/37 AA- 3,655,000 3,716,185
     Ser. K, 4.625%, 8/1/26 AA- 2,435,000 2,435,000
CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5.25%, 2/1/37 A- 1,055,000 1,074,676
CA Muni. Fin. Auth. Rev. Bonds
     (Biola U.), 5.00%, 10/1/42 Baa1 500,000 563,990
     (Cmnty. Med. Ctrs.), Ser. A, 5.00%, 2/1/40 A- 650,000 747,897
CA State G.O. Bonds
     6.50%, 4/1/33 Aa3 3,000,000 3,459,630
     5.50%, 3/1/40 Aa3 7,450,000 8,585,529
     5.00%, 4/1/42 Aa3 4,000,000 4,742,720
CA State Edl. Fac. Auth. Rev. Bonds (Loyola-Marymount U.), NATL, zero %, 10/1/21 A2 1,300,000 1,195,519
CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds (Caritas Affordable Hsg., Inc.), 5.25%, 8/15/39 BBB 400,000 472,960
CA State Poll. Control Fin. Auth. Rev. Bonds
     (San Jose Wtr. Co.), 5.10%, 6/1/40 A 3,500,000 3,936,345
     (Pacific Gas & Electric Corp.), Class D, FGIC, 4.75%, 12/1/23 A3 1,500,000 1,547,115
CA State Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5.25%, 8/1/40 A 1,000,000 1,124,580
CA State Pub. Wks. Board Rev. Bonds
     Ser. I-1, 6.125%, 11/1/29 A1 1,000,000 1,171,950
     Ser. A-1, 6.00%, 3/1/35 A1 1,600,000 1,879,840
     (Dept. of Forestry & Fire), Ser. E, 5.00%, 11/1/32 A1 1,575,000 1,649,277
     (Capital Projects), Ser. A, 5.00%, 4/1/29 A1 2,000,000 2,372,540
CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30 BBB+ 1,415,000 1,419,457
CA Statewide Cmnty. Dev. Auth. Rev. Bonds
     (Irvine, LLC-UCI East Campus), 6.00%, 5/15/40 (Prerefunded 5/15/18) Aaa 2,000,000 2,196,160
     (899 Charleston, LLC), Ser. A, 5.25%, 11/1/44 BB/P 450,000 508,356
Foothill-De Anza, Cmnty. College Dist. G.O. Bonds, Ser. C, 5.00%, 8/1/40 Aaa 2,250,000 2,615,805
Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A
     6.00%, 1/15/53 BBB- 1,500,000 1,818,480
     zero %, 1/1/28 (Escrowed to maturity) Aaa 10,000,000 8,077,300
Golden State Tobacco Securitization Corp. Rev. Bonds
     Ser. A-2, 5.30%, 6/1/37 B3 1,000,000 1,026,620
     Ser. A-1, 5.125%, 6/1/47 B3 3,970,000 3,974,963
     Ser. A-1, 5.00%, 6/1/33 B3 100,000 101,389
Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.)
     Ser. D, 5.00%, 5/15/40 AA 3,500,000 4,012,820
     5.00%, 5/15/30 AA 1,000,000 1,203,450
Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4.50%, 1/1/27 A 600,000 658,776
M-S-R Energy Auth. Rev. Bonds
     Ser. A, 6.50%, 11/1/39 BBB+ 3,000,000 4,504,800
     Ser. B, 6.50%, 11/1/39 BBB+ 3,000,000 4,504,800
Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5.75%, 8/10/18 AAA 4,850,000 5,096,865
North Natomas, Cmnty. Fac. Special Tax Bonds (Dist. No. 4), Ser. E, 5.00%, 9/1/30 BBB+ 1,250,000 1,465,700
Oakland, Alameda Cnty. Unified School Dist. G.O. Bonds (Election of 2012), 6.625%, 8/1/38 BBB/P 500,000 599,655
Orange Cnty., Trans. Auth Toll Road Rev. Bonds (91 Express Lanes), 5.00%, 8/15/30 AA- 635,000 767,277
Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21 AA- 1,990,000 1,821,447
Sacramento, Regl. Trans. Dist. Rev. Bonds (Farebox), 5.00%, 3/1/42 A3 2,110,000 2,392,972
San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, NATL, 6 1/2s, 8/1/17 AA- 860,000 885,542
San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5.00%, 7/1/40 A2 3,750,000 4,198,163
San Diego, Unified School Dist. G.O. Bonds (Election of 2008), Ser. C
     zero %, 7/1/40 Aa2 5,000,000 2,390,550
     zero %, 7/1/38 Aa2 5,000,000 2,553,750
Stockton, Pub. Wtr. Fin. Auth. Rev. Bonds (Delta Wtr. Supply), Ser. A, 6.25%, 10/1/40 A 875,000 1,115,231
Sunnyvale, Cmnty. Fac. Dist. Special Tax Bonds, 7.65%, 8/1/21 B+/P 345,000 346,087
Univ. of CA Rev. Bonds, Ser. AF, 5s, 5/15/36(T) AA 9,000,000 10,945,292
Tuolumne Wind Project Auth. Rev. Bonds (Tuolumne Co.), Ser. A, 5.875%, 1/1/29 AA- 1,585,000 1,771,428
Turlock, Irrigation Dist. Rev. Bonds, Ser. A, 5.00%, 1/1/40 AA- 2,000,000 2,216,400
118,844,810
Colorado (2.3%)
CO State Hlth. Fac. Auth. Rev. Bonds
     (Christian Living Cmntys.), Ser. A, 5.75%, 1/1/26 BB/P 325,000 328,328
     (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.625%, 6/1/43 Baa1 600,000 712,026
     (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), Ser. A, 5.00%, 6/1/40 Baa1 1,750,000 2,035,828
     (Valley View Hosp. Assn.), 5.00%, 5/15/40 A- 1,000,000 1,181,310
     (Covenant Retirement Cmnty.), Ser. A, 5.00%, 12/1/35 BBB+/F 1,000,000 1,154,060
     (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.00%, 12/1/33 Baa1 1,650,000 1,865,672
CO State Hlth. Fac. Auth. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5.00%, 6/1/29 Baa1 315,000 315,747
Denver City & Cnty., Arpt. Rev. Bonds (Sub. Syst.), Ser. A, 5.50%, 11/15/31 A2 950,000 1,148,503
Park Creek Metro. Dist. Tax Allocation Bonds (Sr. Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45 BBB/F 200,000 232,858
Pub. Auth. for CO Energy Rev. Bonds (Natural Gas Purchase), 6.50%, 11/15/38 Baa1 2,250,000 3,412,283
12,386,615
Delaware (0.2%)
DE State Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.), 5.40%, 2/1/31 Baa1 1,100,000 1,259,742
1,259,742
District of Columbia (1.7%)
DC Rev. Bonds (Howard U.), Ser. A, 6.50%, 10/1/41 BBB 1,600,000 1,728,192
DC U. Rev. Bonds (Gallaudet U.), 5.50%, 4/1/34 A+ 1,000,000 1,175,460
DC, Wtr. & Swr. Auth. Pub. Util. Rev. Bonds (Green Bond), Ser. A, 5.00%, 10/1/45 AA+ 2,000,000 2,432,640
Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
     Ser. A, 5.00%, 10/1/39 A2 2,000,000 2,210,060
     (Metrorail), Ser. A, zero %, 10/1/37 Baa1 3,700,000 1,764,493
9,310,845
Florida (5.2%)
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 3,502,620
FL State Muni. Pwr. Agcy. Rev. Bonds (All Requirements Pwr. Supply), Ser. A
     5.00%, 10/1/31 A2 255,000 276,007
     U.S. Govt. Coll., 5.00%, 10/1/31 (Prerefunded 10/1/18) AAA/P 1,445,000 1,581,307
Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 A- 2,250,000 2,664,135
Jacksonville, Port Auth. Rev. Bonds, 5.00%, 11/1/38 A2 600,000 681,372
Lakeland, Hosp. Syst. Rev. Bonds (Lakeland Regl. Hlth.), 5.00%, 11/15/40 A2 1,350,000 1,574,667
Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6.375%, 1/1/43 BBB-/F 340,000 359,734
Marco Island, Util. Sys. Rev. Bonds, Ser. A, 5.00%, 10/1/40 Aa3 1,500,000 1,700,595
Miami-Dade Cnty., Aviation Rev. Bonds
     (Miami Intl. Arpt.), Ser. A-1, 5.375%, 10/1/41 A2 3,000,000 3,438,420
     Ser. A, 5.00%, 10/1/38 A 2,000,000 2,349,760
     5.00%, 10/1/28 A2 500,000 603,220
Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5.00%, 7/1/40 A2 1,000,000 1,125,150
Orange Cnty., Hlth. Fac. Auth. Rev. Bonds (Presbyterian Retirement Cmntys.), 5.00%, 8/1/34 A-/F 1,350,000 1,578,272
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 1,193,770
     (Lifespace Cmntys, Inc.), Ser. C, 5.00%, 5/15/38 A/F 2,000,000 2,362,620
South Broward, Hosp. Dist. Rev. Bonds, NATL, 4.75%, 5/1/28 AA 1,500,000 1,545,585
Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30 BBB+ 360,000 411,354
Tampa, Hlth. Syst. Rev. Bonds (Baycare), Ser. A, 5.00%, 11/15/46 Aa2 500,000 606,420
Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.40%, 5/1/37 B+/P 365,000 365,551
27,920,559
Georgia (4.9%)
Atlanta, Arpt. Rev. Bonds (Hartsfield-Jackson Intl. Arpt.), Ser. A, 5.00%, 1/1/35 Aa3 1,250,000 1,405,150
Atlanta, Arpt. Passenger Fac. Charge Rev. Bonds
     5.00%, 1/1/34 Aa3 1,550,000 1,858,156
     5.00%, 1/1/33 Aa3 1,500,000 1,802,790
Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6.25%, 11/1/39 (Prerefunded 11/1/19) Aa3 4,500,000 5,299,740
Fulton Cnty., Dev. Auth. Rev. Bonds (GA Tech Athletic Assn.), Ser. A, 5.00%, 10/1/42 A2 1,350,000 1,569,186
Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds (Northeast GA Hlth. Care)
     Ser. S, 5.50%, 8/15/54 AA- 925,000 1,151,533
     Ser. B, 5.25%, 2/15/45 AA- 6,500,000 7,191,340
Marietta, Dev. Auth. Rev. Bonds (Fac. of Life U., Inc.), 7.00%, 6/15/39 Ba3 1,400,000 1,475,768
Muni. Election Auth. of GA Rev. Bonds (Plant Voltage Units 3 & 4), Ser. A, 5.50%, 7/1/60 A+ 3,500,000 4,327,750
26,081,413
Illinois (14.8%)
Chicago, G.O. Bonds
     Ser. A, 5.50%, 1/1/39 BBB+ 500,000 516,970
     Ser. D-05, 5.50%, 1/1/37 BBB+ 750,000 776,498
     Ser. G-07, 5.50%, 1/1/35 BBB+ 3,175,000 3,291,586
     Ser. D-05, 5.50%, 1/1/34 BBB+ 1,000,000 1,037,420
     Ser. A, 5.25%, 1/1/33 BBB+ 1,250,000 1,305,275
     Ser. C, 5.00%, 1/1/38 BBB+ 1,500,000 1,524,720
Chicago, Board of Ed. G.O. Bonds, Ser. C, 5.25%, 12/1/39 B+ 2,250,000 2,120,063
Chicago, Motor Fuel Tax Rev. Bonds, 5.00%, 1/1/29 BBB 500,000 535,085
Chicago, O'Hare Intl. Arpt. Rev. Bonds
     Ser. A, 5.75%, 1/1/39 A2 4,000,000 4,689,320
     Ser. C, 5.375%, 1/1/39 A2 1,250,000 1,462,438
     Ser. C, 5.25%, 1/1/28 A2 1,320,000 1,568,160
     Ser. C, 5.25%, 1/1/27 A2 2,125,000 2,535,763
Chicago, Sales Tax Rev. Bonds, 5.00%, 1/1/34 AA 1,500,000 1,673,085
Chicago, Trans. Auth. Sales Tax Rev. Bonds, 5.25%, 12/1/49 AA 3,000,000 3,479,640
Chicago, Waste Wtr. Transmission Rev. Bonds
     (2nd Lien), 5.00%, 1/1/39 A 1,835,000 2,066,816
     Ser. A, NATL, zero %, 1/1/24 AA- 1,600,000 1,274,752
Chicago, Waste Wtr. Transmission Rev. Bonds , Ser. C, 5.00%, 1/1/39 A 900,000 1,030,032
Chicago, Wtr. Wks Rev. Bonds
     5.00%, 11/1/42 A 645,000 721,826
     5.00%, 11/1/39 A 1,080,000 1,243,490
Cicero, G.O. Bonds, Ser. A, AGM, 5.00%, 1/1/21 AA 2,000,000 2,258,400
IL Fin. Auth. Rev. Bonds
     (Silver Cross Hosp. & Med. Ctr.), 7.00%, 8/15/44 (Prerefunded 8/15/19) AAA/P 2,500,000 2,969,400
     (IL Rush U. Med. Ctr.), Ser. D, U.S. Govt. Coll., 6.625%, 11/1/39 (Prerefunded 5/1/19) Aaa 1,490,000 1,733,973
     (Rush U. Med. Ctr.), Ser. C, U.S. Govt. Coll., 6.625%, 11/1/39 (Prerefunded 5/1/19) Aaa 1,425,000 1,658,330
     (Elmhurst Memorial), Ser. A, 5.625%, 1/1/37 Baa2 3,000,000 3,166,890
     (Alexian), Ser. A, AGM, 5.25%, 1/1/22 (Prerefunded 4/14/18) A2 3,775,000 4,072,961
IL State G.O. Bonds
     5.25%, 2/1/30 BBB+ 1,000,000 1,117,980
     5.00%, 1/1/41 BBB+ 6,000,000 6,589,920
     5.00%, 3/1/34 BBB+ 750,000 803,393
IL State Fin. Auth. Rev. Bonds
     (Presence Hlth. Network ), Ser. C, 5.00%, 2/15/36(FWC) Baa3 400,000 456,104
     (Lifespace Cmntys, Inc.), Ser. A, 5.00%, 5/15/35 A/F 1,025,000 1,217,905
Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds (No. 115 Yorkville), NATL, FGIC, zero %, 1/1/21 Aa3 1,075,000 982,937
Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds (No. 073 Hawthorn)
     NATL, FGIC, zero %, 12/1/21 AA+ 1,805,000 1,632,875
     U.S. Govt. Coll., NATL, zero %, 12/1/21 (Escrowed to maturity) AA+ 145,000 136,913
     NATL, FGIC, zero %, 12/1/20 AA+ 1,495,000 1,389,393
     U.S. Govt. Coll., NTAL, zero %, 12/1/20 (Escrowed to maturity) AA+ 155,000 148,836
Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds (McCormick), Ser. A, NATL, zero %, 12/15/30 AA- 12,000,000 7,136,760
Metro. Wtr. Reclamation Dist. of Greater Chicago G.O. Bonds (Green Bond), Ser. E, 5.00%, 12/1/30 AA+ 1,310,000 1,633,465
Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6.00%, 6/1/28 A- 4,150,000 4,967,260
Southern IL U. Rev. Bonds (Hsg. & Auxiliary), Ser. A, NATL, zero %, 4/1/25 AA- 1,870,000 1,389,335
Springfield, Elec. Rev. Bonds, AGM, 5.00%, 3/1/40 AA 500,000 590,880
78,906,849
Indiana (1.1%)
IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5.25%, 10/15/21 A3 180,000 208,652
IN State Fin. Auth. Rev. Bonds
     (BHI Sr. Living), 5.75%, 11/15/41 BBB+/F 1,000,000 1,145,480
     (I-69 Dev. Partners, LLC), 5.25%, 9/1/40 BB+ 1,000,000 1,128,180
     (Duke Energy Ind.), Ser. C, 4.95%, 10/1/40 Aa3 2,000,000 2,222,040
U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGC, 5.75%, 10/1/28 AA 1,000,000 1,146,080
5,850,432
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 1,217,310
Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6.00%, 5/1/38 Baa3 290,000 306,391
Louisville & Jefferson Cnty., Metro. Govt. Hlth. Syst. Rev. Bonds (Norton Healthcare, Inc. ), Ser. A, 5.00%, 10/1/32(FWC) A- 2,750,000 3,354,010
Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A
     5.00%, 7/1/32 A+ 1,030,000 1,211,342
     5.00%, 7/1/31 A+ 385,000 453,992
6,543,045
Louisiana (0.1%)
LA State Pub. Fac. Auth. Rev. Bonds (Ochsner Clinic Foundation), 5.00%, 5/15/47 Baa1 650,000 761,189
761,189
Maryland (0.6%)
MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.20%, 9/1/22 A2 650,000 735,976
MD State Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (Peninsula Regl. Med. Ctr.), 5.00%, 7/1/39 A2 1,990,000 2,341,932
3,077,908
Massachusetts (8.2%)
MA State G.O. Bonds, Ser. B, 5.00%, 7/1/33 Aa1 5,000,000 6,311,650
MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B, 5.00%, 1/1/37 A+ 2,500,000 2,789,875
MA State Dev. Fin. Agcy. Rev. Bonds
     (Sabis Intl.), Ser. A, 8.00%, 4/15/39 (Prerefunded 10/15/19) BBB 575,000 706,761
     (Linden Ponds, Inc. Fac.), Ser. A-1, 6.25%, 11/15/26 B-/P 960,369 1,009,041
     (Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5.75%, 7/15/43 Baa3 500,000 583,625
     (Loomis Cmntys.), Ser. A, 5.75%, 1/1/28 BBB- 1,100,000 1,273,811
     (Carleton-Willard Village), 5.625%, 12/1/30 A- 750,000 839,918
     (Linden Ponds, Inc. Fac.), Ser. A-2, 5.50%, 11/15/46 B-/P 51,190 49,849
     (Berklee College of Music), 5.25%, 10/1/41 A2 2,000,000 2,403,040
     (Dana-Farber Cancer Inst.), Ser. N, 5.00%, 12/1/41 A1 1,900,000 2,327,994
     (Emerson College), Ser. A, 5.00%, 1/1/40 Baa1 3,000,000 3,268,350
     (Intl. Charter School), 5.00%, 4/15/33 BBB 1,000,000 1,141,410
     (Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56 B-/P 254,614 2,001
MA State Edl. Fin. Auth. Rev. Bonds (Ed. Loan - Issue 1)
     5.00%, 1/1/27 AA 800,000 954,192
     4.375%, 1/1/32 AA 925,000 1,008,851
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
     (Suffolk U.), Ser. A, U.S. Govt. Coll., 5.75%, 7/1/39 (Prerefunded 7/1/19) Baa2 1,175,000 1,321,722
     (Springfield College), 5.625%, 10/15/40 (Prerefunded 10/15/19) Baa1 550,000 634,805
     (Care Group), Ser. B-2, NATL, 5.375%, 2/1/26 (Prerefunded 8/1/18) AA- 700,000 766,318
     (Northeastern U.), Ser. A, 5.00%, 10/1/35 A2 3,250,000 3,697,265
MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. C, 5.35%, 12/1/42 Aa3 1,235,000 1,339,629
MA State Port Auth. Rev. Bonds, Ser. A, 5.00%, 7/1/29 AA 1,640,000 2,102,398
MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5.125%, 7/1/41 A 2,855,000 3,280,395
Metro. Boston, Trans. Pkg. Corp. Rev. Bonds
     (Systemwide Pkg.), 5.25%, 7/1/33 A1 2,500,000 2,951,325
     5.00%, 7/1/41 A1 2,590,000 2,987,073
43,751,298
Michigan (7.6%)
Detroit, G.O. Bonds, AMBAC, 5.25%, 4/1/24 A-/P 222,425 222,461
Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6.00%, 5/1/29 Aa1 1,000,000 1,296,260
Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6.25%, 7/1/36 AA 1,425,000 1,610,977
Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 7.50%, 7/1/39 Ba1 500,000 572,095
Karegnondi, Wtr. Auth. Rev. Bonds (Wtr. Supply Syst.), Ser. A, 5.25%, 11/1/31 A2 2,445,000 2,909,330
MI State Fin. Auth. Rev. Bonds
     Ser. G-5A, AMBAC, 5.25%, 4/1/24 A- 1,212,575 1,228,169
     Ser. H-1, 5.00%, 10/1/39 AA- 1,575,000 1,848,767
     (MidMichigan Hlth.), 5.00%, 6/1/39 A1 1,000,000 1,169,730
     (Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/35 BBB+ 1,100,000 1,287,759
     (Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5.00%, 7/1/34 BBB+ 1,900,000 2,237,421
     (Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. D-2, 5.00%, 7/1/34 BBB+ 1,000,000 1,177,590
     (Local Govt. Program Detroit Wtr. & Swr.), Ser. D4, 5.00%, 7/1/34 A- 100,000 116,438
     (Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33 A- 850,000 995,002
     (Detroit), Ser. C-3, 5.00%, 4/1/27 A2 750,000 921,510
MI State Hosp. Fin. Auth. Rev. Bonds
     Ser. A, 6.125%, 6/1/39 (Prerefunded 6/1/19) AA+ 2,500,000 2,874,500
     (Henry Ford Hlth.), 5.75%, 11/15/39 A3 2,000,000 2,297,660
     (Henry Ford Hlth. Syst.), Ser. A, 5.25%, 11/15/46 A3 4,500,000 4,559,895
     (Sparrow Hlth. Oblig. Group), 5.00%, 11/15/31 A1 390,000 410,869
MI State Hsg. Dev. Auth. Rev. Bonds (Rental Hsg.), Ser. D, 3.95%, 10/1/37 AA 1,050,000 1,115,321
MI State Strategic Fund Ltd. Rev. Bonds (Worthington Armstrong Venture), 5.75%, 10/1/22 (Escrowed to maturity) AAA/P 1,650,000 2,021,960
MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Evangelical Homes of MI)
     5.50%, 6/1/47 BB+/F 675,000 719,186
     5.25%, 6/1/32 BB+/F 320,000 343,344
MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6.00%, 6/1/34 B- 575,000 579,324
Warren, Cons. School Dist. G.O. Bonds (School Bldg. & Site), Q-SBLF, 5.00%, 5/1/36 AA- 2,000,000 2,359,800
Wayne Cnty., Arpt. Auth. Rev. Bonds
     Ser. D, 5.00%, 12/1/40 A2 2,890,000 3,447,915
     Ser. A, 5.00%, 12/1/21 A2 2,000,000 2,312,700
40,635,983
Minnesota (1.7%)
Minneapolis & St. Paul, Hsg. & Redev. Auth. Hlth. Care VRDN (Allina Hlth. Syst.), Ser. B-1, 0.39s, 11/15/35 VMIG1 1,100,000 1,100,000
Minneapolis & St. Paul, Metro. Arpt. Comm. Rev. Bonds, Ser. A, 5.00%, 1/1/32 A+ 500,000 605,900
Minneapolis Hlth. Care Syst. Rev. Bonds (Fairview Hlth. Svcs. Oblig. Group), Ser. A, 5.00%, 11/15/44 A+ 250,000 292,450
Moorhead, Edl. Fac. Rev. Bonds (Concordia College Corp.), 5.00%, 12/1/40 Baa1 500,000 584,365
North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6.125%, 10/1/39 BB/P 995,000 1,029,944
St. Cloud, Hlth. Care Rev. Bonds (CentraCare Hlth. Syst.), Ser. A
     5.125%, 5/1/30 A1 160,000 182,104
     U.S. Govt. Coll., 5.125%, 5/1/30 (Prerefunded 5/1/20) AAA/P 2,390,000 2,767,644
St. Paul, Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Bonds (HealthPartners Oblig. Group), Ser. A, 5.00%, 7/1/33 A2 2,000,000 2,397,160
8,959,567
Mississippi (0.7%)
MS Bus. Fin. Corp. Rev. Bonds (Syst. Energy Resources, Inc.), 5.875%, 4/1/22 BBB 1,445,000 1,463,265
Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6.50%, 9/1/32 Baa2 2,000,000 2,222,540
3,685,805
Missouri (0.1%)
MO State Hlth. & Edl. Fac. Auth. Rev. Bonds (Saint Lukes Hlth. Syst., Inc. ), 5.00%, 11/15/35 A1 375,000 457,725
457,725
Nebraska (0.2%)
Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5.625%, 1/1/40 AA/F 925,000 1,043,169
1,043,169
Nevada (6.2%)
Clark Cnty., Ltd. Tax Bonds, 5s, 6/1/33(T) AA 28,285,000 30,400,245
Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5.00%, 7/1/33 A1 1,565,000 1,894,198
Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-17), 5.00%, 9/1/25 BBB-/P 560,000 572,113
32,866,556
New Jersey (6.3%)
Bayonne, G.O. Bonds (Qualified Gen. Impt.), BAM, 5.00%, 7/1/39 AA 1,300,000 1,550,965
NJ State Econ. Dev. Auth. Rev. Bonds
     (NYNJ Link Borrower, LLC), 5.375%, 1/1/43 BBB- 500,000 585,980
     Ser. WW, 5.25%, 6/15/32 A3 1,500,000 1,694,895
     5.00%, 6/15/26 Baa1 500,000 560,550
NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
     Ser. A, 5.7s, 10/1/39 A1 3,900,000 4,370,340
     Ser. B, 5.60%, 11/1/34 A1 500,000 556,570
NJ State Edl. Fac. Auth. Rev. Bonds (Georgian Court U.), Ser. D
     5.25%, 7/1/37 Baa3 1,000,000 1,023,230
     5.25%, 7/1/27 Baa3 500,000 516,250
NJ State Higher Ed. Assistance Auth. Rev. Bonds (Student Loan), Ser. 1A, 5.00%, 12/1/22 Aa2 2,500,000 2,882,575
NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds
     (St. Joseph Hlth. Care Syst.), 6.625%, 7/1/38 Baa3 2,750,000 3,007,373
     (St. Peter's U. Hosp.), 5.75%, 7/1/37 Ba1 1,500,000 1,601,130
     (Holy Name Hosp.), 5.00%, 7/1/36 Baa2 2,000,000 2,002,260
NJ State Trans. Trust Fund Auth. Rev. Bonds (Trans. Syst.), Ser. A, zero %, 12/15/30 A3 10,000,000 5,701,000
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A
     5.00%, 6/1/41 B3 2,000,000 1,974,640
     4.75%, 6/1/34 B3 3,000,000 2,929,290
Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5.25%, 12/1/31 AA+ 2,300,000 2,562,545
33,519,593
New Mexico (0.3%)
Sante Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Res.), 5.00%, 5/15/42 BBB- 1,460,000 1,554,009
1,554,009
New York (9.5%)
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 320,000 358,032
Liberty, Dev. Corp. Rev. Bonds (Goldman Sachs Headquarters), 5.25%, 10/1/35 A3 2,000,000 2,715,560
Metro. Trans. Auth. Rev. Bonds, Ser. D, 5.00%, 11/15/36 AA- 2,000,000 2,345,360
NY City, Muni. Wtr. & Swr. Fin. Auth. Rev Bonds, 5s, 6/15/31(T) AA+ 10,000,000 11,831,342
NY City, Muni. Wtr. & Swr. Syst. Fin. Auth. Rev. Bonds, Ser. GG, 5.00%, 6/15/43 Aa1 2,000,000 2,320,180
NY City, Transitional Fin. Auth. Bldg. Aid Rev. Bonds, Ser. S-1, 5.00%, 7/15/43 Aa2 5,000,000 6,098,000
NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6.00%, 6/1/43 A3 1,310,000 1,312,122
NY State Dorm. Auth. Rev. Bonds, Ser. A, 5.00%, 3/15/43 AAA 4,000,000 4,759,280
NY State Dorm. Auth. Lease Rev. Bonds (State U. Dorm Fac.), Ser. A, 5.00%, 7/1/35 Aa2 1,000,000 1,174,430
NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6.25%, 12/1/37 Ba1 1,800,000 1,964,466
NY State Dorm. Auth. Rev. Bonds, Ser. C, 5s, 3/15/31(T) AAA 5,000,000 5,872,677
NY State Dorm. Auth. Sales Tax Rev. Bonds, Ser. BC-15, 5.00%, 3/15/42 AAA 5,000,000 6,159,950
NY State Trans. Special Fac. Dev. Corp. Rev. Bonds (Laguardia Arpt. Term. B Redev. Program), Ser. A
     5.25%, 1/1/50 Baa3 1,000,000 1,160,050
     5.00%, 7/1/46 Baa3 1,500,000 1,708,140
     5.00%, 7/1/41 Baa3 1,000,000 1,146,310
50,925,899
North Carolina (1.1%)
NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6.75%, 1/1/24 (Prerefunded 1/1/19) AAA/F 1,000,000 1,145,170
NC State Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
     (Deerfield), Ser. A, 6.00%, 11/1/33 (Prerefunded 11/1/18) A-/F 805,000 884,824
     (First Mtge. - Presbyterian Homes), 5.375%, 10/1/22 BB/P 1,000,000 1,005,890
NC State Med. Care Comm. Retirement Fac. Rev. Bonds (Salemtowne), 5.25%, 10/1/37 BB/P 2,750,000 3,053,683
6,089,567
Ohio (7.7%)
American Muni. Pwr., Inc. Rev. Bonds (Meldahl Hydroelectric (Green Bond) ), Ser. A, 5.00%, 2/15/30 A 1,250,000 1,545,875
Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
     Ser. A-3, 6.25%, 6/1/37 B- 2,225,000 2,270,390
     Ser. A-2, 5.875%, 6/1/30 B- 1,450,000 1,449,188
     Ser. A-2, 5.75%, 6/1/34 B- 5,325,000 5,260,224
Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), Ser. A, 5.25%, 8/15/46 A3 2,500,000 2,503,150
Franklin Cnty., Hlth. Care Fac. Rev. Bonds (OH Presbyterian Retirement Svcs. (OPRS) Cmntys. Oblig. Group), Ser. A, 6.00%, 7/1/35 BBB- 1,125,000 1,284,930
Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst., Inc.), Ser. C
     6.00%, 8/15/43 A3 495,000 542,372
     U.S. Govt. Coll., 6.00%, 8/15/43 (Prerefunded 8/15/18) AAA/P 2,605,000 2,886,627
OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.80%, 12/1/38 Baa1 2,000,000 2,252,380
OH State Higher Edl. Fac. Comm. Rev. Bonds (Kenyon College), 5.00%, 7/1/44 A1 5,000,000 5,605,600
OH State Hosp. Rev. Bonds (U. Hosp. Hlth. Syst.), Ser. A, 5.00%, 1/15/41 A2 700,000 837,354
OH State Major New Infrastructure Rev. Bonds, Ser. 16-1, 5.00%, 12/15/28(FWC) AA 1,500,000 1,909,395
OH State Private Activity Rev. Bonds (Portsmouth Bypass), AGM, 5.00%, 12/31/35 AA 1,125,000 1,325,711
OH State Tpk. Comm. Rev. Bonds
     (Infrastructure), Ser. A-1, 5.25%, 2/15/33 A1 225,000 272,027
     (Infrastructure), Ser. A-1, 5.25%, 2/15/32 A1 950,000 1,151,809
     5.00%, 2/15/48 A1 1,250,000 1,459,413
Scioto Cnty., Hosp. Rev. Bonds
     (Southern Med. Ctr.), 5.50%, 2/15/28 (Prerefunded 2/15/18) A2 4,660,000 5,010,991
     (Southern OH Med. Ctr.), 5.00%, 2/15/33 A2 605,000 732,014
     (Southern OH Med. Ctr.), 5.00%, 2/15/32 A2 745,000 904,929
Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds
     5.75%, 12/1/32 BB/F 625,000 719,475
     (Memorial Hlth. Syst. Oblig. Group), 5.50%, 12/1/43 BB/F 120,000 134,076
Warren Cnty., Hlth. Care Fac. Rev. Bonds (Otterbein Homes Oblig. Group)
     5.00%, 7/1/33 A 500,000 592,755
     5.00%, 7/1/32 A 250,000 297,370
40,948,055
Oregon (0.8%)
Keizer, Special Assmt. Bonds (Keizer Station), Ser. A, 5.20%, 6/1/31 A1 1,795,000 1,928,117
Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza, Inc.), 5.00%, 12/1/36 BBB/F 700,000 847,049
OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5.75%, 7/1/39 (Prerefunded 7/1/19) Aa3 1,250,000 1,432,750
4,207,916
Pennsylvania (5.0%)
Cumberland Cnty., Muni. Auth. Rev. Bonds (Diakon Lutheran Social Minstries)
     5.00%, 1/1/32 BBB+/F 200,000 238,732
     5.00%, 1/1/31 BBB+/F 1,000,000 1,198,270
Dauphin Cnty., Gen. Auth. Hlth. Syst. Rev. Bonds (Pinnacle Hlth. Syst.), Ser. A, 5.00%, 6/1/34 A+ 450,000 548,352
Delaware River Port Auth. PA & NJ Rev. Bonds
     Ser. D, 5.00%, 1/1/40 A 1,200,000 1,333,212
     5.00%, 1/1/31 A 2,500,000 3,033,350
Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst College), 5.50%, 3/15/38 BBB- 725,000 763,556
Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5.375%, 7/1/42 A2 1,000,000 1,120,740
Lancaster, Higher Ed. Auth. College Rev. Bonds (Franklin & Marshall College), 5.00%, 4/15/29 AA- 1,000,000 1,066,720
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 1,373,863
PA State Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Amtrak), Ser. A, 5.00%, 11/1/32 A1 1,000,000 1,146,160
PA State Higher Edl. Fac. Auth. Rev. Bonds
     (Gwynedd Mercy College), Ser. KK1, 5.375%, 5/1/42 BBB 500,000 551,935
     (St. Joseph's U.), Ser. A, 5.00%, 11/1/40 A- 3,000,000 3,394,470
     (Philadelphia U.), 5.00%, 6/1/30 Baa2 2,250,000 2,325,510
     (Philadelphia U.), 5.00%, 6/1/22 Baa2 860,000 889,808
PA State Hsg. Fin. Agcy. Rev. Bonds, Ser. 15-117A, 3.95%, 10/1/30 AA+ 900,000 974,331
PA State Pub. School Bldg. Auth. Rev. Bonds (Northampton Cnty. Area Cmnty. College Foundation), BAM, 5.00%, 6/15/32 AA 2,030,000 2,404,982
PA State Tpk. Comm. Rev. Bonds, Ser. A, 5.00%, 12/1/38 A1 1,000,000 1,188,520
Philadelphia, Gas Wks. Rev. Bonds, 5.00%, 8/1/32 A- 1,000,000 1,203,830
Pittsburgh & Allegheny Cnty., Sports & Exhib. Auth. Hotel Rev. Bonds, AGM, 5.00%, 2/1/35 AA 1,225,000 1,387,068
Westmoreland Ctny., Muni. Auth. Rev. Bonds, BAM, 5.00%, 8/15/27(FWC) AA 450,000 559,431
26,702,840
Puerto Rico (0.1%)
Cmnwlth. of PR, G.O. Bonds, Ser. A, 5.50%, 7/1/39 (In default)(NON) Caa3 1,000,000 637,500
637,500
Rhode Island (0.5%)
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5.00%, 6/1/50 BBB-/P 2,750,000 2,925,340
2,925,340
South Carolina (2.5%)
SC State Pub. Svc. Auth. Rev. Bonds
     (Santee Cooper), Ser. A, 5.75%, 12/1/43 AA- 3,000,000 3,798,240
     Ser. A, 5.50%, 12/1/54 AA- 3,000,000 3,614,850
     Ser. A, 5.00%, 12/1/55 AA- 2,000,000 2,347,080
     Ser. A, 5.00%, 12/1/50 AA- 2,000,000 2,362,540
SC State Pub. Svcs. Auth. Rev. Bonds, Ser. E, 5.25%, 12/1/55 AA- 1,000,000 1,214,510
13,337,220
Tennessee (0.9%)
Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6.00%, 7/1/38 Baa1 3,450,000 3,912,300
Metro. Govt. Nashville & Davidson Ctny. Hlth. & Edl. Fac. Board Rev. Bonds (Vanderbilt U. Med. Ctr.), Ser. A, 5.00%, 7/1/40 A3 600,000 723,342
4,635,642
Texas (16.9%)
Arlington, Higher Ed. Fin. Corp. Rev. Bonds (Uplift Ed.), Ser. A, 5.00%, 12/1/36 BBB- 500,000 588,710
Brazos River Harbor Naval Dist. Env. Rev. Bonds (Dow Chemical Co.), Ser. A-4, 5.95s, 5/15/33 BBB 400,000 438,236
Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.90%, 5/1/38 BBB 2,850,000 3,053,775
Central TX Regl. Mobility Auth. Rev. Bonds
     Ser. A, 5.00%, 1/1/45 BBB+ 250,000 294,830
     Ser. A, 5.00%, 1/1/40 BBB+ 500,000 592,270
     (Sr. Lien), Ser. A, 5.00%, 1/1/33 BBB+ 425,000 494,407
Central TX Regl. Mobility Auth. Rev. Bonds , 5.00%, 1/1/46 BBB+ 750,000 884,303
Dallas Cnty., Util. & Reclamation Dist. G.O. Bonds, Ser. B, AMBAC, 5.375%, 2/15/29 A3 4,000,000 4,098,080
Dallas, Area Rapid Transit Rev. Bonds (Sr. Lien), 5s, 12/1/33(T) AA+ 26,000,000 28,695,061
Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev. Bonds, Ser. A, 5.25%, 11/1/30 A+ 3,000,000 3,622,950
Grand Parkway Trans. Corp. Rev. Bonds (Sub. Tier Toll Syst.), Ser. B, 5.00%, 4/1/53 AA+ 1,400,000 1,628,144
Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (YMCA of the Greater Houston Area), Ser. A, 5.00%, 6/1/33 Baa3 800,000 901,768
Houston, Arpt. Syst. Rev. Bonds (United Airlines, Inc.), 4.75%, 7/1/24 BB- 2,000,000 2,300,320
Houston, Util. Syst. Rev. Bonds, Ser. A, 5.00%, 11/15/33 AA 1,500,000 1,733,865
Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5.25%, 11/1/40 Baa1 1,750,000 1,994,038
Love Field, Gen. Arpt. Modernization Corp. Rev. Bonds, 5.00%, 11/1/35 A1 1,000,000 1,183,420
Lower CO River Auth. Transmission Svcs. Contract Corp. Rev. Bonds, 5.00%, 5/15/33 A 700,000 862,638
Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No. 1), Ser. A, AMBAC, 4.40%, 5/1/30 Baa1 1,500,000 1,800,690
New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds
     (Wesleyan Homes, Inc.), 5.50%, 1/1/43 BB-/P 500,000 538,295
     (Collegiate Hsg.-College Station I, LLC), AGM, 5.00%, 4/1/46 AA 2,100,000 2,396,289
     (Collegiate Hsg.-Tarleton St.), 5.00%, 4/1/34 Baa3 1,000,000 1,155,190
North East TX, Regl. Mobility Auth. Rev. Bonds, 5.00%, 1/1/41 Baa2 2,500,000 2,968,125
North TX, Thruway Auth. Rev. Bonds, Ser. B, zero %, 9/1/43 AA+ 2,000,000 556,840
North TX, Tollway Auth. Rev. Bonds
     (1st Tier), Ser. I, 6.50%, 1/1/43 A1 4,000,000 5,398,120
     (1st Tier), Ser. A, 6.00%, 1/1/25 A1 160,000 171,957
     (1st Tier), Ser. A, FNMA Coll., U.S. Govt. Coll., 6.00%, 1/1/25 (Prerefunded 1/1/18) AAA/P 1,140,000 1,226,366
     (Toll 2nd Tier), Ser. F, 5.75%, 1/1/38 (Prerefunded 1/1/18) A2 500,000 536,125
     Ser. A, 5.00%, 1/1/39 A1 2,000,000 2,413,220
     Ser. D, AGC, zero %, 1/1/28 AA 7,800,000 5,763,030
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 282,000 423
     Ser. A, 5.45%, 11/15/38 (In default)(NON) D/P 814,000 1,221
Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (Trinity Terrace), Ser. A-1, 5.00%, 10/1/44 BBB+/F 1,300,000 1,481,870
Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds (Buckner Retirement Svcs., Inc.)
     5.25%, 11/15/37 A/F 615,000 637,792
     5.25%, 11/15/37 (Prerefunded 11/15/17) AAA/P 485,000 513,911
     Ser. B, 5.00%, 11/15/46 A/F 2,000,000 2,373,020
TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5.00%, 12/15/28 A3 1,500,000 1,745,310
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 2,311,600
TX State Trans. Comm. Tpk. Syst. Rev. Bonds (1st Tier), Ser. A, 5.00%, 8/15/41 A3 2,500,000 2,913,425
90,269,634
Utah (0.2%)
Salt Lake City, Hosp. Rev. Bonds, AMBAC, U.S. Govt. Coll., 6.75%, 5/15/20 (Escrowed to maturity) AAA/P 1,300,000 1,304,719
1,304,719
Vermont (0.3%)
VT State Edl. & Hlth. Bldg. Fin. Agcy. Rev. Bonds (U. of VT Med. Ctr.), Ser. A, 5.00%, 12/1/36 A3 1,250,000 1,503,850
1,503,850
Virginia (0.5%)
Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Mountain States Hlth. Alliance), Ser. C, 7.75%, 7/1/38 Baa1 2,100,000 2,388,141
2,388,141
Washington (2.1%)
Port of Seattle, Rev. Bonds, Ser. C, 5.00%, 4/1/40 A1 875,000 1,029,201
WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T) AA+ 5,000,000 5,897,379
Tobacco Settlement Auth. of WA Rev. Bonds, 5.25%, 6/1/32 A- 2,125,000 2,468,889
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 1,434,336
WA State Hsg. Fin. Comm. 144A Rev. Bonds (Bayview Manor Homes ), Ser. A, 5.00%, 7/1/36 BB+/P 375,000 405,105
11,234,910
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 3,538,803
WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6.75%, 10/1/43 B+/P 935,000 988,258
4,527,061
Wisconsin (1.2%)
Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5.25%, 7/1/28 BBB 350,000 403,617
WI State Rev. Bonds, Ser. A, 6.00%, 5/1/27 Aa3 2,500,000 2,849,950
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 1,721,550
     (Prohealth Care, Inc.), 5.00%, 8/15/39 A1 750,000 879,735
     (Three Pillars Sr. Living), 5.00%, 8/15/33 A-/F 430,000 495,046
6,349,898
Wyoming (0.8%)
Campbell Cnty., Solid Waste Fac. Rev. Bonds (Basin Elec. Pwr. Co-op), Ser. A, 5.75%, 7/15/39 A 2,000,000 2,261,100
WY Muni. Pwr. Agcy. Pwr. Supply Rev. Bonds
     Ser. A, 5.50%, 1/1/33 A2 950,000 1,008,777
     (Pwr. Supply), Ser. A, 5.50%, 1/1/28 A2 1,000,000 1,063,180
4,333,057
TOTAL INVESTMENTS
Total investments (cost $668,161,548)(b) $752,373,933













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, 2016 through July 31, 2016 (the reporting period). Within the following notes to the portfolio, references to "ASC 820" represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures, references to "Putnam Management" represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to "OTC", if any, represent over-the-counter.
(a) Percentages indicated are based on net assets of $533,967,982.
(RAT) The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by "/F." Securities rated by Putnam are indicated by "/P." The Putnam rating categories are comparable to the Standard & Poor's classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer.
(b) The aggregate identified cost on a tax basis is $667,923,190, resulting in gross unrealized appreciation and depreciation of $85,423,914 and $973,171, respectively, or net unrealized appreciation of $84,450,743.
(NON) This security is non-income-producing.
(FWC) Forward commitment, in part or in entirety.
(F) This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs.
(T) Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions.
At the close of the reporting period, the fund maintained liquid assets totaling $51,819,740 to cover tender option bonds.
144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown represent the next mandatory put dates.
The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.
The dates shown on debt obligations are the original maturity dates.

The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
Transportation 22.6%
Health care 20.6
Utilities 19.8
Local debt 14.1
State debt 14.0
Prerefunded 12.2
Tax bonds 12.0

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 $93,641,996 were held by the TOB trust and served as collateral for $41,822,256 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $44,571 for these investments based on an average interest rate of 0.33%.












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 — 752,363,247 10,686
Totals by level $— $752,363,247 $10,686


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

For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com



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

(b) Changes in internal control over financial reporting: Not applicable
Item 3. Exhibits:
Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

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

Putnam Municipal Opportunities Trust
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: September 29, 2016

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

By (Signature and Title):
/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: September 29, 2016

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: September 29, 2016