a_municipaloppstrust.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, 2015
Date of reporting period: January 31, 2015



Item 1. Schedule of Investments:













Putnam Municipal Opportunities Trust

The fund's portfolio
1/31/15 (Unaudited)
Key to holding's abbreviations
ABAG — Association Of Bay Area Governments
AGM — Assured Guaranty Municipal Corporation
AGO — Assured Guaranty, Ltd.
AMBAC — AMBAC Indemnity Corporation
COP — Certificates of Participation
FGIC — Financial Guaranty Insurance Company
FHLMC Coll. — Federal Home Loan Mortgage Corporation Collateralized
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.
SGI — Syncora Guarantee, Inc.
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 (139.1%)(a)
Rating(RAT) Principal amount Value
Alabama (0.6%)
Jefferson Cnty., Swr. Rev. Bonds, Ser. D, 6 1/2s, 10/1/53 BBB- $2,000,000 $2,336,180
Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 5.8s, 5/1/34 Baa2 750,000 864,480
3,200,660
Arizona (2.9%)
Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.) escrow, Ser. A, 7 5/8s, 12/1/29(F) D/P 3,025,000 9,042
Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32 A3 1,500,000 1,681,905
Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5 1/8s, 5/15/40 A- 2,125,000 2,417,294
Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40 Baa1 2,400,000 2,827,512
Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5s, 7/1/40 A1 1,000,000 1,108,090
Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25 BBB 1,550,000 1,552,077
Pinal Cnty., Elec. Rev. Bonds (Dist. No. 3), 5 1/4s, 7/1/36 A 500,000 579,980
Salt Verde, Fin. Corp. Gas Rev. Bonds, 5 1/2s, 12/1/29 A- 1,350,000 1,685,097
U. Med. Ctr. Corp. AZ Hosp. Rev. Bonds, 6 1/2s, 7/1/39 Baa2 1,000,000 1,173,260
Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds (Yuma Regl. Med. Ctr.), Ser. A, 5s, 8/1/32 A- 2,065,000 2,378,137
15,412,394
California (28.3%)
ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds (Episcopal Sr. Cmntys.), Ser. A, 5s, 7/1/32 BBB+/F 550,000 607,569
ABC Unified School Dist. G.O. Bonds, Ser. B, FGIC, zero %, 8/1/20 Aa3 1,500,000 1,366,845
Bay Area Toll Auth. of CA Rev. Bonds
     (San Francisco Bay Area), Ser. F-1, 5s, 4/1/39 (Prerefunded 4/1/18) AA 2,500,000 2,844,450
     (Toll Bridge), Ser. S-4, 5s, 4/1/33 A1 1,200,000 1,407,552
Burbank, Unified School Dist. G.O. Bonds (Election of 1997), Ser. C, NATL, FGIC, zero %, 8/1/23 AA- 1,000,000 789,030
CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.)
     Ser. E, 4.8s, 8/1/37 A3 5,000,000 5,077,750
     Ser. K, 4 5/8s, 8/1/26 A3 2,500,000 2,534,750
CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37 Baa1 1,800,000 1,896,660
CA Muni. Fin. Auth. Rev. Bonds (Biola U.), 5s, 10/1/42 Baa1 500,000 544,660
CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23 A- 850,000 880,056
CA Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5 1/4s, 8/1/40 A- 1,000,000 1,086,490
CA State G.O. Bonds
     6 1/2s, 4/1/33 Aa3 12,000,000 14,771,400
     5 1/2s, 3/1/40 Aa3 7,450,000 8,665,691
     5s, 4/1/42 Aa3 4,000,000 4,603,480
     5s, 10/1/29 Aa3 3,000,000 3,482,040
CA State Edl. Fac. Auth. Rev. Bonds
     (U. of the Pacific), 5s, 11/1/21 A2 1,500,000 1,550,130
     (Loyola-Marymount U.), NATL, zero %, 10/1/21 A2 1,300,000 1,119,326
CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds (Caritas Affordable Hsg., Inc.), 5 1/4s, 8/15/39 BBB 400,000 455,612
CA State Poll. Control Fin. Auth. Rev. Bonds
     (San Jose Wtr. Co.), 5.1s, 6/1/40 A 3,500,000 3,988,390
     (Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23 A3 2,500,000 2,685,525
CA State Pub. Wks. Board Rev. Bonds
     Ser. I-1, 6 1/8s, 11/1/29 A1 1,000,000 1,226,320
     Ser. A-1, 6s, 3/1/35 A1 1,600,000 1,925,184
     (Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32 A1 1,575,000 1,742,438
     (Capital Projects), Ser. A, 5s, 4/1/29 A1 2,000,000 2,340,080
CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30 BBB+ 1,415,000 1,419,486
CA Statewide Cmnty. Dev. Auth. Rev. Bonds
     (Irvine, LLC-UCI East Campus), 6s, 5/15/40 Baa2 2,000,000 2,214,400
     (899 Charleston, LLC), Ser. A, 5 1/4s, 11/1/44 BB/P 450,000 461,700
     (Sutter Hlth.), Ser. A, 5s, 11/15/43 Aa3 2,485,000 2,562,656
Cathedral City, Impt. Board Act of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35 BB+/P 770,000 772,533
Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas), Ser. B, 5s, 12/1/27 Aa2 1,915,000 2,030,302
Foothill-De Anza, Cmnty. College Dist. G.O. Bonds, Ser. C, 5s, 8/1/40 Aaa 2,250,000 2,582,235
Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A
     6s, 1/15/53 BBB- 1,500,000 1,797,375
     zero %, 1/1/28 (Escrowed to maturity) AA+ 10,000,000 7,387,100
Golden State Tobacco Securitization Corp. Rev. Bonds
     Ser. A-2, 5.3s, 6/1/37 B3 1,000,000 853,290
     Ser. A-1, 5 1/8s, 6/1/47 B3 2,765,000 2,253,807
     Ser. A-1, 5s, 6/1/33 B3 100,000 86,368
     (Enhanced Asset), Ser. A, 5s, 6/1/30 A1 500,000 586,430
     (Enhanced Asset), Ser. A, 5s, 6/1/29 A1 1,400,000 1,646,582
Univ. of CA Rev. Bonds, Ser. AF, 5s, 5/15/36(T) AA 9,000,000 6,555,584
Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.)
     Ser. D, 5s, 5/15/40 AA 3,500,000 4,014,150
     5s, 5/15/30 AA 1,000,000 1,177,720
Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27 A 600,000 658,512
M-S-R Energy Auth. Rev. Bonds, Ser. B, 6 1/2s, 11/1/39 A- 3,000,000 4,303,800
Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5 3/4s, 8/10/18 AAA 6,000,000 6,618,300
North Natomas, Cmnty. Fac. Special Tax Bonds (Dist. No. 4), Ser. E, 5s, 9/1/30 BBB+ 1,250,000 1,411,538
Oakland, Unified School Dist. Alameda Cnty., G.O. Bonds (Election of 2012), 6 5/8s, 8/1/38 BBB/P 500,000 615,140
Orange Cnty., Trans. Auth Toll Road Rev. Bonds (91 Express Lanes), 5s, 8/15/30 AA- 635,000 749,852
Port of Oakland, Rev. Bonds (Sr. Lien), Ser. P, 5s, 5/1/26 A+ 3,000,000 3,511,200
Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21 AA- 1,990,000 1,695,759
Sacramento Cnty., Arpt. Syst. Rev. Bonds, 5s, 7/1/40 A 1,350,000 1,527,012
Sacramento, Special Tax Bonds (North Natomas Cmnty. Fac.), Ser. 97-01, 5s, 9/1/20 BBB-/P 1,195,000 1,195,920
Sacramento, Special Tax Rev. Bonds (North Natomas Cmnty. Fac.), Ser. 97-01
     5s, 9/1/29 BBB-/P 1,180,000 1,180,543
     5s, 9/1/18 BBB-/P 1,030,000 1,030,845
Sacramento, Regl. Trans. Dist. Rev. Bonds (Farebox), 5s, 3/1/42 A2 2,110,000 2,339,969
San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, NATL, 6 1/2s, 8/1/17 AA- 2,425,000 2,619,509
San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5s, 7/1/40 A2 3,750,000 4,257,975
San Diego, Unified School Dist. G.O. Bonds (Election of 2008), Ser. C
     zero %, 7/1/40 Aa3 5,000,000 1,836,950
     zero %, 7/1/38 Aa3 5,000,000 2,024,450
San Francisco City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, 5s, 5/1/28 A1 575,000 676,321
San Juan, Unified School Dist. G.O. Bonds, AGM, zero %, 8/1/19 Aa2 1,000,000 935,910
Stockton, Pub. Wtr. Fin. Auth. Rev. Bonds (Delta Wtr. Supply), Ser. A, 6 1/4s, 10/1/40 A 875,000 1,048,285
Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds, 7.65s, 8/1/21 B+/P 450,000 450,914
Tuolumne Wind Project Auth. Rev. Bonds (Tuolumne Co.), Ser. A, 5 7/8s, 1/1/29 AA- 1,585,000 1,861,757
Turlock, Irrigation Dist. Rev. Bonds, Ser. A, 5s, 1/1/40 AA- 4,000,000 4,498,480
153,042,087
Colorado (1.2%)
CO State Hlth. Fac. Auth. Rev. Bonds
     (Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26 BB-/P 325,000 335,761
     (Evangelical Lutheran Good Samaritan Society), 5 5/8s, 6/1/43 A3 600,000 697,950
     (Evangelical Lutheran Good Samaritan Society), 5s, 12/1/33 A3 1,650,000 1,855,112
     (Evangelical Lutheran), 5s, 6/1/29 A3 850,000 888,182
Denver City & Cnty., Arpt. Rev. Bonds (Sub. Syst.), Ser. A, 5 1/2s, 11/15/31 A2 950,000 1,130,481
E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1, NATL, 5 1/2s, 9/1/24 AA- 1,250,000 1,286,500
6,193,986
Delaware (1.0%)
DE State Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.), 5.4s, 2/1/31 Baa1 1,100,000 1,253,054
DE State Hlth. Facs. Auth. VRDN (Christiana Care), Ser. A, 0.03s, 10/1/38 VMIG1 3,500,000 3,500,000
DE State Hsg. Auth. Rev. Bonds (Single Family Mtge.), Ser. B, zero %, 1/1/40 A3 4,185,000 867,885
5,620,939
District of Columbia (1.5%)
DC Rev. Bonds (Howard U.), Ser. A, 6 1/2s, 10/1/41 BBB+ 3,000,000 3,507,210
DC U. Rev. Bonds (Gallaudet U.), 5 1/2s, 4/1/34 A+ 1,000,000 1,129,980
Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
     (First Sr. Lien), Ser. A, 5s, 10/1/39 A2 2,000,000 2,218,520
     (Metrorail), Ser. A, zero %, 10/1/37 Baa1 3,700,000 1,383,171
8,238,881
Florida (5.1%)
Brevard Cnty., Hlth. Care Fac. Auth. Rev. Bonds (Health First, Inc.), 7s, 4/1/39 (Prerefunded 4/1/19) A3 3,000,000 3,741,030
Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/26 Baa2 2,500,000 2,502,300
FL State Muni. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 10/1/31 A2 1,700,000 1,909,066
Jacksonville, Port Auth. Rev. Bonds, 5s, 11/1/38 A2 600,000 651,636
Lakeland, Hosp. Syst. Rev. Bonds (Lakeland Regl. Hlth.), 5s, 11/15/40(FWC) A2 2,000,000 2,298,380
Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43 BBB-/F 340,000 365,690
Lee Cnty., Rev. Bonds, SGI, 5s, 10/1/25 Aa2 2,500,000 2,685,100
Marco Island, Util. Sys. Rev. Bonds, Ser. A, 5s, 10/1/40 Aa3 1,500,000 1,718,820
Miami-Dade Cnty., Aviation Rev. Bonds
     (Miami Intl. Arpt.), Ser. A-1, 5 3/8s, 10/1/41 A2 3,000,000 3,455,760
     Ser. A, 5s, 10/1/29 A2 1,000,000 1,155,880
     5s, 10/1/28 A2 500,000 593,905
Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5s, 7/1/40 A3 1,000,000 1,128,950
Orange Cnty., Hlth. Facs. Auth. Rev. Bonds (Presbyterian Retirement Cmntys.), 5s, 8/1/34 A-/F 1,350,000 1,497,380
Orlando & Orange Cnty., Expressway Auth. Rev. Bonds, AGM, 5s, 7/1/25 AA 500,000 603,565
Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33 BBB+ 1,000,000 1,118,210
South Broward, Hosp. Dist. Rev. Bonds, NATL, 4 3/4s, 5/1/28 Aa3 1,500,000 1,610,145
Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Allocation Bonds, Ser. A-1, 5s, 3/1/30 BBB+ 360,000 408,251
Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37 B-/P 400,000 400,848
27,844,916
Georgia (4.1%)
Atlanta, Arpt. Rev. Bonds (Hartsfield-Jackson Intl. Arpt.), Ser. A, 5s, 1/1/35 Aa3 1,250,000 1,426,975
Atlanta, Arpt. Passenger Fac. Charge Rev. Bonds
     5s, 1/1/34 A1 1,550,000 1,831,914
     5s, 1/1/33 A1 1,500,000 1,778,040
Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39 Aa3 4,500,000 5,537,295
Fulton Cnty., Dev. Auth. Rev. Bonds (GA Tech Athletic Assn.), Ser. A, 5s, 10/1/42 A2 1,350,000 1,537,421
Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds (Northeast GA Hlth. Care)
     Ser. S, 5 1/2s, 8/15/54 AA- 925,000 1,109,815
     Ser. B, 5 1/4s, 2/15/45 AA- 6,500,000 7,333,430
Marietta, Dev. Auth. Rev. Bonds (U. Fac. - Life U., Inc.), 7s, 6/15/39 Ba3 1,400,000 1,500,352
22,055,242
Guam (0.1%)
Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5s, 10/1/30 AA 300,000 352,764
352,764
Illinois (12.6%)
Chicago, G.O. Bonds, Ser. A
     5s, 1/1/36 A+ 3,000,000 3,199,680
     5s, 1/1/34 A+ 1,250,000 1,341,888
Chicago, Motor Fuel Tax Rev. Bonds, 5s, 1/1/29 AA+ 500,000 564,720
Chicago, O'Hare Intl. Arpt. Rev. Bonds
     Ser. A, 5 3/4s, 1/1/39 A2 4,000,000 4,770,400
     Ser. C, 5 3/8s, 1/1/39 A2 1,250,000 1,444,263
     Ser. C, 5 1/4s, 1/1/28 A2 1,320,000 1,557,191
     Ser. C, 5 1/4s, 1/1/27 A2 2,125,000 2,521,801
     (Passenger Fac. Charge), Ser. B, 5s, 1/1/24 A2 2,500,000 2,920,125
Chicago, Trans. Auth. Sales Tax Rev. Bonds, 5 1/4s, 12/1/49 AA 3,000,000 3,559,350
Chicago, Waste Wtr. Transmission Rev. Bonds
     (2nd Lien), 5s, 1/1/39 AA- 1,835,000 2,087,680
     Ser. A, NATL, zero %, 1/1/24 AA 1,600,000 1,229,360
Chicago, Wtr. Wks Rev. Bonds (2nd Lien), 5s, 11/1/39 AA- 1,725,000 1,981,473
Cicero, G.O. Bonds, Ser. A, AGM, 5s, 1/1/21 AA 2,000,000 2,318,240
IL Fin. Auth. Rev. Bonds
     (Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44 BBB- 2,500,000 2,948,500
     (IL Rush U. Med. Ctr.), Ser. C, 6 5/8s, 11/1/39 (Prerefunded 5/1/19) Aaa 1,425,000 1,761,728
     (IL Rush U. Med. Ctr.), Ser. D, 6 5/8s, 11/1/39 (Prerefunded 5/1/19) Aaa 1,490,000 1,842,087
     (Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37 Baa2 3,000,000 3,260,460
     (Alexian), Ser. A, AGM, 5 1/4s, 1/1/22 A2 3,775,000 4,242,534
IL State G.O. Bonds
     5 1/4s, 2/1/30 A3 1,000,000 1,142,290
     5s, 3/1/34 A3 750,000 810,180
IL State Fin. Auth. Rev. Bonds (U. of Chicago), Ser. A, 5s, 10/1/33 Aa2 3,000,000 3,585,900
IL State Sports Fac. Auth. Rev. Bonds, AGM, 5 1/4s, 6/15/32 AA 250,000 294,053
Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds (No. 115 Yorkville), NATL, FGIC, zero %, 1/1/21 Aa3 1,075,000 937,486
Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds (No. 073 Hawthorn), NATL, FGIC
     zero %, 12/1/21 AA+ 1,805,000 1,567,263
     zero %, 12/1/21 (Escrowed to maturity) AA+ 145,000 131,029
     zero %, 12/1/20 AA+ 1,495,000 1,346,816
     zero %, 12/1/20 (Escrowed to maturity) AA+ 155,000 143,482
Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds (McCormick), Ser. A, NATL, zero %, 12/15/30 AAA 15,000,000 8,204,250
Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28 A- 4,150,000 4,973,236
Southern IL U. Rev. Bonds (Hsg. & Auxiliary), Ser. A, NATL, zero %, 4/1/25 AA- 1,870,000 1,287,271
67,974,736
Indiana (2.3%)
IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5 1/4s, 10/15/21 A3 180,000 215,122
IN State Fin. Auth. Rev. Bonds
     (U.S. Steel Corp.), 6s, 12/1/26 BB- 500,000 566,970
     (BHI Sr. Living), 5 3/4s, 11/15/41 BBB+/F 1,000,000 1,115,530
     (I-69 Dev. Partners, LLC), 5 1/4s, 9/1/40 BBB- 1,500,000 1,679,565
     (Duke Energy Ind.), Ser. C, 4.95s, 10/1/40 Aa3 4,000,000 4,363,880
Jasper Cnty., Indl. Poll. Control Rev. Bonds
     AMBAC, 5.7s, 7/1/17 Baa1 1,375,000 1,516,584
     NATL, 5.6s, 11/1/16 AA- 1,550,000 1,671,365
U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGO, 5 3/4s, 10/1/28 AA 1,000,000 1,210,070
12,339,086
Kentucky (0.6%)
KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6s, 7/1/53 Baa3 1,000,000 1,196,000
Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U., Inc.), Ser. A, 6s, 5/1/38 Baa3 290,000 316,576
Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A
     5s, 7/1/32 A+ 1,030,000 1,203,267
     5s, 7/1/31 A+ 385,000 451,493
3,167,336
Maryland (0.7%)
MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22 A2 650,000 775,431
MD State Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (Peninsula Regl. Med. Ctr.), 5s, 7/1/39 A2 1,990,000 2,321,196
MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15 BBB+/F 500,000 508,815
3,605,442
Massachusetts (7.4%)
MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B, 5s, 1/1/37 A+ 2,500,000 2,768,675
MA State Dev. Fin. Agcy. Rev. Bonds
     (Sabis Intl.), Ser. A, 8s, 4/15/39 BBB 575,000 684,515
     (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26 B-/P 960,369 973,939
     (Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5 3/4s, 7/15/43 Baa3 500,000 567,170
     (Loomis Cmntys.), Ser. A, 5 3/4s, 1/1/28 BBB- 1,100,000 1,250,931
     (Carleton-Willard Village), 5 5/8s, 12/1/30 A- 750,000 844,973
     (Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46 B-/P 51,190 44,864
     (Berklee College of Music), 5 1/4s, 10/1/41 A2 2,000,000 2,367,680
     (Emerson College), Ser. A, 5s, 1/1/40 Baa1 4,000,000 4,285,080
     (Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56 B-/P 254,614 1,607
MA State Dev. Fin. Agcy. Solid Waste Disp. FRB
     (Dominion Energy Brayton), Ser. 1, 5 3/4s, 12/1/42 (Prerefunded 5/1/19) BBB+ 1,500,000 1,803,465
     (Dominion Energy Brayton Point), 5s, 2/1/36 (Prerefunded 8/1/16) BBB+ 1,000,000 1,067,570
MA State Edl. Fin. Auth. Rev. Bonds
     (Ed. Loan Issue 1), 5s, 1/1/27 AA 800,000 912,672
     (Ed. Loan - Issue 1), 4 3/8s, 1/1/32 AA 1,220,000 1,296,079
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
     (Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33 B+ 1,500,000 1,503,765
     (Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON) D/P 407,632 41
     (Suffolk U.), Ser. A, 5 3/4s, 7/1/39 (Prerefunded 7/1/19) Baa2 1,175,000 1,349,311
     (Springfield College), 5 5/8s, 10/15/40 Baa1 550,000 607,206
     (Care Group), Ser. B-2, NATL, 5 3/8s, 2/1/26 AA- 700,000 794,241
     (Northeastern U.), Ser. A, 5s, 10/1/35 A2 3,250,000 3,744,650
MA State Hsg. Fin. Agcy. Rev. Bonds
     Ser. C, 5.35s, 12/1/42 Aa3 1,500,000 1,622,310
     Ser. 171, 4s, 12/1/44 Aa2 500,000 550,775
     Ser. SF-169, 4s, 12/1/44 Aa2 1,000,000 1,092,430
     Ser. 162, FNMA Coll, FHLMC Coll., 2 3/4s, 12/1/41 Aa2 720,000 738,432
MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41 A 2,855,000 3,183,325
Metro. Boston, Trans. Pkg. Corp. Rev. Bonds
     (Systemwide Pkg.), 5 1/4s, 7/1/33 A1 2,500,000 2,950,100
     5s, 7/1/41 A1 2,590,000 2,982,748
39,988,554
Michigan (6.1%)
Detroit, G.O. Bonds, AMBAC, 5 1/4s, 4/1/24 BB/P 222,425 218,448
Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6s, 5/1/29 Aa2 1,000,000 1,199,950
Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36 AA 1,425,000 1,571,390
Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 7 1/2s, 7/1/39 Ba1 500,000 581,425
Karegnondi, Wtr. Auth. Rev. Bonds (Wtr. Supply Syst.), Ser. A, 5 1/4s, 11/1/31 A2 2,445,000 2,848,792
MI Pub. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 1/1/27 A2 1,900,000 2,140,502
MI State Fin. Auth. Rev. Bonds
     Ser. G-5A, AMBAC, 5 1/4s, 4/1/24 A- 1,212,575 1,212,745
     Ser. H-1, 5s, 10/1/39 AA- 1,575,000 1,825,913
     (MidMichigan Oblig. Group), 5s, 6/1/39 A1 1,000,000 1,148,440
     (Local Govt. Program Detroit Wtr. & Swr.), Ser. D4, 5s, 7/1/34 BBB+ 100,000 109,830
     (Detroit Wtr. & Swr.), Ser. C-6, 5s, 7/1/33 BBB+ 850,000 934,966
MI State Hosp. Fin. Auth. Rev. Bonds
     Ser. A, 6 1/8s, 6/1/39 (Prerefunded 6/1/19) AA+ 2,500,000 3,051,650
     (Henry Ford Hlth.), 5 3/4s, 11/15/39 A3 2,000,000 2,358,240
     (Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46 A3 4,500,000 4,700,385
     (Sparrow Hosp.), 5s, 11/15/31 A1 1,350,000 1,482,057
MI State Hsg. Dev. Auth. Rev. Bonds (Rental Hsg.), Ser. D, 3.95s, 10/1/37 AA 1,050,000 1,074,969
MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Evangelical Homes of MI)
     5 1/2s, 6/1/47 BB+/F 675,000 703,843
     5 1/4s, 6/1/32 BB+/F 320,000 340,979
MI State Strategic Fund, Ltd. Rev. Bonds (Worthington Armstrong Venture), U.S. Govt. Coll., 5 3/4s, 10/1/22 (Escrowed to maturity) AAA/P 1,650,000 2,062,022
MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/34 B- 575,000 521,859
Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp. Corp.), 5 3/8s, 6/1/26 Baa2 750,000 789,495
Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21 A2 2,000,000 2,346,120
33,224,020
Minnesota (2.3%)
Minneapolis & St. Paul, Metro. Arpt. Comm. Rev. Bonds, Ser. A, 5s, 1/1/32 A 500,000 591,375
MN State Res. Hsg. Fin. Agcy. Rev. Bonds, Ser. A, 4s, 7/1/38 Aa1 835,000 912,530
North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39 BB/P 995,000 1,066,192
St. Cloud, Hlth. Care Rev. Bonds (Centracare Hlth. Syst.), Ser. A, 5 1/8s, 5/1/30 A1 2,550,000 2,956,980
St. Paul, Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Bonds (HealthPartners Oblig. Group), 5 1/4s, 5/15/36 A2 3,500,000 3,745,016
St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35 BBB- 1,150,000 1,188,882
Western MN Muni. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 1/1/35 Aa3 1,490,000 1,767,483
12,228,458
Mississippi (1.3%)
MS Bus. Fin. Corp. Rev. Bonds (Syst. Energy Resources, Inc.), 5 7/8s, 4/1/22 BBB 2,330,000 2,331,608
MS Bus. Fin. Corp. Gulf Opportunity Zone Rev. Bonds, Ser. A, 5s, 5/1/37 A3 2,250,000 2,538,765
Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32 Baa2 2,000,000 2,321,000
7,191,373
Nebraska (1.0%)
Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18 A- 3,000,000 3,414,210
Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 5/8s, 1/1/40 AA-/F 925,000 1,040,875
NE Pub. Pwr. Dist. Rev. Bonds, Ser. A, 5s, 1/1/39 A1 750,000 858,540
5,313,625
Nevada (6.6%)
Clark Cnty., Ltd. Tax Bonds, 5s, 6/1/33(T) AA 28,285,000 31,712,037
Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5s, 7/1/33 A1 1,565,000 1,845,166
Clark Cnty., Impt. Dist. Special Assmt. Bonds (Summerlin No. 151), 5s, 8/1/25 BB-/P 1,990,000 1,846,382
Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-17), 5s, 9/1/25 BB+/P 575,000 592,865
35,996,450
New Jersey (5.9%)
NJ State Econ. Dev. Auth. Rev. Bonds
     (NYNJ Link Borrower, LLC), 5 3/8s, 1/1/43 BBB- 500,000 567,515
     5s, 6/15/26 Baa1 500,000 563,505
NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
     Ser. A, 5.7s, 10/1/39 A1 3,900,000 4,548,141
     Ser. B, 5.6s, 11/1/34 A1 500,000 571,455
NJ State Edl. Fac. Auth. Rev. Bonds
     (Fairleigh Dickinson), Ser. C, 6s, 7/1/20 BBB/F 1,500,000 1,504,470
     (Georgian Court U.), Ser. D, 5 1/4s, 7/1/37 Baa2 1,000,000 1,055,690
     (Georgian Court U.), Ser. D, 5 1/4s, 7/1/27 Baa2 500,000 538,870
NJ State Higher Ed. Assistance Auth. Rev. Bonds (Student Loan), Ser. 1A, 5s, 12/1/22 Aa2 2,500,000 2,901,150
NJ State Hlth. Care Facs. Fin. Auth. Rev. Bonds
     (St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38 Baa3 2,750,000 3,105,823
     (St. Peter's U. Hosp.), 5 3/4s, 7/1/37 Ba1 1,500,000 1,577,430
     (Holy Name Hosp.), 5s, 7/1/36 Baa2 5,000,000 5,173,900
NJ State Trans. Trust Fund Auth. Rev. Bonds (Trans. Syst.), Ser. A, zero %, 12/15/30 A2 10,000,000 5,084,100
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A, 4 3/4s, 6/1/34 B2 3,000,000 2,379,180
Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31 AA+ 2,300,000 2,563,051
32,134,280
New Mexico (0.3%)
Sante Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Res.), 5s, 5/15/42 BBB- 1,460,000 1,502,968
1,502,968
New York (9.3%)
Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, 6 7/8s, 7/1/40 B/P 320,000 337,677
Metro. Trans. Auth. Rev. Bonds, Ser. D
     5s, 11/15/36 AA- 2,000,000 2,292,540
     5s, 11/15/29 AA- 3,000,000 3,566,880
NY City, Indl. Dev. Agcy. Special Fac. FRB (American Airlines - JFK Intl. Arpt.), 7 5/8s, 8/1/25 B+/P 2,000,000 2,193,620
NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (British Airways PLC), 5 1/4s, 12/1/32 BB 700,000 702,611
NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds, 5s, 6/15/31(T) AA+ 10,000,000 11,714,905
NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds, Ser. GG, 5s, 6/15/43 AA+ 2,000,000 2,288,640
NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6s, 6/1/43 A3 1,500,000 1,502,250
NY State Dorm. Auth. Rev. Bonds, Ser. A, 5s, 3/15/43 AAA 4,000,000 4,704,480
NY State Dorm. Auth. Lease Rev. Bonds (State U. Dorm Fac.), Ser. A, 5s, 7/1/35 Aa2 1,000,000 1,163,240
NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37 Ba1 1,800,000 1,968,246
NY State Dorm. Auth. Rev. Bonds, Ser. C, 5s, 3/15/31(T) AAA 4,750,000 5,870,952
NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26 A2 6,000,000 6,020,160
Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term. - 6), NATL, 5.9s, 12/1/17 AA- 6,000,000 6,024,240
50,350,441
North Carolina (0.7%)
NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24 A- 1,000,000 1,196,860
NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
     (Deerfield), Ser. A, 6s, 11/1/33 BBB+/F 805,000 891,030
     (First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22 BB/P 1,000,000 1,027,790
NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba Elec.), Ser. A, 5s, 1/1/30 A2 800,000 909,152
4,024,832
Ohio (6.7%)
American Muni. Pwr., Inc. Rev. Bonds (Prairie State Energy Campus)
     5 1/4s, 2/15/43 (Prerefunded 2/15/18) AAA/P 940,000 1,066,815
     5 1/4s, 2/15/43 A1 60,000 66,078
Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
     Ser. A-3, 6 1/4s, 6/1/37 B3 2,225,000 1,991,664
     Ser. A-2, 5 7/8s, 6/1/30 B3 1,450,000 1,261,109
     Ser. A-2, 5 3/4s, 6/1/34 B3 4,325,000 3,643,769
Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/15/46 A3 2,500,000 2,556,750
Franklin Cnty., Hlth. Care Fac. Rev. Bonds (OH Presbyterian Retirement Svcs. (OPRS) Cmntys. Oblig. Group), Ser. A, 6s, 7/1/35 BBB- 1,125,000 1,264,151
Hickory Chase Cmnty. Auth. Rev. Bonds (Infrastructure Impt.), 7s, 12/1/38(F) CCC/P 644,000 77,216
JobsOhio Beverage Syst. Rev. Bonds (Statewide Sr. Lien Liquor Profits), Ser. A, 5s, 1/1/38 AA 2,000,000 2,304,020
Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 6s, 8/15/43 A3 3,100,000 3,574,455
OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.8s, 12/1/38 Baa1 2,000,000 2,267,020
OH State Air Quality Dev. Auth., Poll. Control Mandatory Put Bonds (5/1/20) (FirstEnergy Nuclear), Ser. C, 3.95s, 11/1/32 Baa3 950,000 1,018,220
OH State Higher Edl. Fac. Comm. Rev. Bonds (Kenyon College), 5s, 7/1/44 A1 5,000,000 5,566,950
OH State Tpk. Comm. Rev. Bonds
     (Infrastructure), Ser. A-1, 5 1/4s, 2/15/33 A1 225,000 267,244
     (Infrastructure), Ser. A-1, 5 1/4s, 2/15/32 A1 950,000 1,131,393
     5s, 2/15/48 A1 1,250,000 1,409,163
Scioto Cnty., Hosp. Rev. Bonds (Southern Med. Ctr.), 5 1/2s, 2/15/28 A2 4,660,000 5,229,359
Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, 5 3/4s, 12/1/32 BB/F 625,000 665,400
Warren Cnty., Hlth. Care Fac. Rev. Bonds (Otterbein Homes Oblig. Group)
     5s, 7/1/33 A 500,000 569,120
     5s, 7/1/32 A 250,000 285,430
36,215,326
Oregon (0.9%)
Keizer, Special Assmt. Bonds (Keizer Station), Ser. A, 5.2s, 6/1/31 A1 2,015,000 2,257,284
Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26 BBB/F 1,040,000 1,078,012
OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5 3/4s, 7/1/39 A1 1,250,000 1,486,375
4,821,671
Pennsylvania (5.4%)
Allentown, Neighborhood Impt. Zone Dev. Auth. Rev. Bonds, Ser. A
     5s, 5/1/35 Baa2 400,000 441,308
     5s, 5/1/32 Baa2 1,350,000 1,497,609
Bucks Cnty., Indl. Dev. Auth. Rev. Bonds (US Steel Corp.), 6 3/4s, 6/1/26 BB- 1,000,000 1,189,710
Cumberland Cnty., Muni. Auth. Rev. Bonds (Presbyterian Homes), Ser. A, 5s, 1/1/17 BBB+/F 565,000 587,001
Delaware River Port Auth. PA & NJ Rev. Bonds
     Ser. D, 5s, 1/1/40 A 1,200,000 1,335,396
     5s, 1/1/31 A 2,500,000 2,959,050
Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst College), 5 1/2s, 3/15/38 BBB 725,000 771,763
Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5 3/8s, 7/1/42 A2 1,000,000 1,128,370
Lancaster, Higher Ed. Auth. College Rev. Bonds (Franklin & Marshall College), 5s, 4/15/29 AA- 1,000,000 1,114,820
Northampton Cnty., Hosp. Auth. Rev. Bonds (St. Luke's Hosp. - Bethlehem), Ser. A, 5 1/2s, 8/15/40 A3 1,250,000 1,371,525
PA State Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Amtrak), Ser. A, 5s, 11/1/32 A1 1,000,000 1,121,060
PA State Higher Edl. Fac. Auth. Rev. Bonds
     (Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42 BBB 500,000 542,495
     (St. Joseph's U.), Ser. A, 5s, 11/1/40 A- 3,000,000 3,391,860
     (Philadelphia U.), 5s, 6/1/30 Baa2 2,250,000 2,436,233
     (Philadelphia U.), 5s, 6/1/22 Baa2 860,000 935,112
PA State Pub. School Bldg. Auth. Rev. Bonds (Northampton Co. Area Cmnty. College), 5s, 6/15/32 AA 2,030,000 2,300,701
PA State Tpk. Comm. Rev. Bonds
     Ser. C, 5s, 12/1/44 A1 1,200,000 1,397,316
     Ser. A, 5s, 12/1/38 A1 1,000,000 1,170,920
     zero %, 12/1/34 A2 1,925,000 1,561,830
Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Hosp.-Graduate Hlth. Sys.), Ser. A, 6 1/4s, 7/1/13 (In default)(NON)(DEF) D/P 1,402,141 14
Pittsburgh & Allegheny Cnty., Sports & Exhib. Auth. Hotel Rev. Bonds, AGM, 5s, 2/1/35 AA 1,225,000 1,371,890
Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A, 6 1/2s, 1/1/38 Baa3 550,000 595,705
29,221,688
Puerto Rico (0.7%)
Cmnwlth. of PR, G.O. Bonds, Ser. A
     5 1/2s, 7/1/39 B 1,000,000 695,040
     5 1/8s, 7/1/37 B 1,000,000 679,970
Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A
     5 3/8s, 8/1/39 B 1,500,000 1,056,645
     AMBAC, zero %, 8/1/47 B 8,500,000 1,125,655
3,557,310
Rhode Island (—%)
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/4s, 6/1/42 Ba1 200,000 201,304
201,304
South Carolina (1.3%)
SC State Pub. Svc. Auth. Rev. Bonds
     (Santee Cooper), Ser. A, 5 3/4s, 12/1/43 AA- 3,000,000 3,722,100
     Ser. A, 5 1/2s, 12/1/54 AA- 3,000,000 3,587,130
7,309,230
Tennessee (0.7%)
Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38 Baa1 3,450,000 3,974,228
3,974,228
Texas (15.8%)
Alliance, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 4.85s, 4/1/21 Baa1 3,250,000 3,347,110
Brazos River Harbor Naval Dist. Env. Rev. Bonds (Dow Chemical Co.), Ser. A-4, 5.95s, 5/15/33 BBB 400,000 450,224
Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38 BBB 2,850,000 3,199,952
Central TX Regl. Mobility Auth. Rev. Bonds (Sr. Lien), Ser. A, 5s, 1/1/33 Baa2 425,000 485,401
Dallas Cnty., Util. & Reclamation Dist. G.O. Bonds, Ser. B, AMBAC, 5 3/8s, 2/15/29 A3 4,000,000 4,334,000
Dallas, Area Rapid Transit Rev. Bonds (Sr. Lien), 5s, 12/1/33(T) AA+ 26,000,000 29,617,600
Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev. Bonds, Ser. A, 5 1/4s, 11/1/30 A+ 3,000,000 3,561,180
Grand Parkway Trans. Corp. Rev. Bonds (Sub. Tier Toll Syst.), Ser. B, 5s, 4/1/53 AA+ 1,400,000 1,589,196
Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (YMCA of Greater Houston), Ser. A, 5s, 6/1/33 Baa3 800,000 879,912
Houston, Util. Syst. Rev. Bonds, Ser. A, 5s, 11/15/33 AA 1,500,000 1,769,580
Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40 Baa2 1,750,000 1,931,895
Lower CO River Auth. Rev. Bonds, U.S. Govt. Coll., 5 3/4s, 5/15/37 (Prerefunded 5/15/15) AAA/P 50,000 50,791
Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30 Baa1 1,500,000 1,654,605
New Hope, Cultural Ed. Facs. Fin. Corp. Rev. Bonds
     (Wesleyan Homes, Inc.), 5 1/2s, 1/1/43 BB-/P 500,000 515,380
     (Collegiate Hsg.-College Station I, LLC), AGM, 5s, 4/1/46 AA 2,100,000 2,358,909
North TX, Thruway Auth. Rev. Bonds, Ser. B, zero %, 9/1/43 AA+ 2,000,000 447,940
North TX, Tollway Auth. Rev. Bonds
     (1st Tier), Ser. A, 6s, 1/1/25 A2 160,000 181,589
     (1st Tier), Ser. A, FNMA Coll., U.S. Govt. Coll., 6s, 1/1/25 (Prerefunded 1/1/18) AAA/P 1,140,000 1,313,987
     (Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38 A3 2,000,000 2,220,420
     Ser. D, AGO, zero %, 1/1/28 AA 7,800,000 5,079,828
North TX, Tollway Auth. stepped-coupon Rev. Bonds (1st Tier), Ser. I, 6 1/2s, 1/1/43 A2 4,000,000 5,172,280
Red River, Hlth. Retirement Facs. Dev. Corp. Rev. Bonds (Sears Methodist Retirement Syst. Oblig. Group)
     Ser. B, 6.15s, 11/15/49 (In default)(NON) D/P 282,000 172,020
     Ser. A, 5.45s, 11/15/38 (In default)(NON) D/P 814,000 496,540
Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (Trinity Terrace), Ser. A-1, 5s, 10/1/44 BBB+/F 1,300,000 1,413,009
Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds (Buckner Retirement Svcs., Inc.), 5 1/4s, 11/15/37 A- 1,100,000 1,179,189
TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5s, 12/15/15 A- 3,000,000 3,104,790
TX State G.O. Bonds (Trans. Auth.), Ser. A, 5s, 10/1/44 Aaa 3,925,000 4,728,605
TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5s, 12/15/28 A3 1,500,000 1,704,210
TX State Trans. Comm. Tpk. Syst. Rev. Bonds (1st Tier), Ser. A, 5s, 8/15/41 A3 2,500,000 2,816,825
85,776,967
Utah (0.3%)
Salt Lake City, Hosp. Rev. Bonds, AMBAC, 6 3/4s, 5/15/20 (Escrowed to maturity) AAA/P 1,500,000 1,504,605
1,504,605
Virginia (0.5%)
Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Mountain States Hlth. Alliance), Ser. C, 7 3/4s, 7/1/38 Baa1 2,100,000 2,493,351
2,493,351
Washington (1.8%)
WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T) AA+ 5,000,000 5,991,714
Tobacco Settlement Auth. of WA Rev. Bonds, 5 1/4s, 6/1/32 A- 2,125,000 2,411,599
WA State Hlth. Care Fac. Auth. Rev. Bonds (Kadlec Med. Ctr.), 5 1/2s, 12/1/39 (Prerefunded 12/1/20) AAA/P 1,200,000 1,487,160
9,890,473
West Virginia (0.8%)
Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds (Allegheny Energy), Ser. D, 5 1/2s, 10/15/37 Baa3 3,450,000 3,563,022
WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43 B+/P 935,000 982,311
4,545,333
Wisconsin (1.5%)
Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5 1/4s, 7/1/28 BBB 350,000 392,809
WI Dept. of Trans. Rev. Bonds, Ser. 1, 5s, 7/1/31 AA+ 1,225,000 1,449,089
WI State Rev. Bonds, Ser. A, 6s, 5/1/27 Aa3 2,500,000 2,997,050
WI State Hlth. & Edl. Facs. Auth. Rev. Bonds
     (Prohealth Care, Inc.), 6 5/8s, 2/15/39 (Prerefunded 2/15/19) A1 1,500,000 1,843,860
     (Prohealth Care, Inc.), 5s, 8/15/39 A1 750,000 868,815
     (Three Pillars Sr. Living), 5s, 8/15/33 A-/F 430,000 474,875
8,026,498
Wyoming (0.8%)
Campbell Cnty., Solid Waste Fac. Rev. Bonds (Basin Elec. Pwr. Co-op), Ser. A, 5 3/4s, 7/15/39 A1 2,000,000 2,376,680
WY Muni. Pwr. Agcy. Pwr. Supply Rev. Bonds
     Ser. A, 5 1/2s, 1/1/33 A2 950,000 1,061,483
     (Pwr. Supply), Ser. A, 5 1/2s, 1/1/28 A2 1,000,000 1,119,480
4,557,643
TOTAL INVESTMENTS
Total investments (cost $668,021,998)(b) $753,099,097













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, 2014 through January 31, 2015 (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 $541,466,295.
(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 Putnam are indicated by “/P.” Securities rated by Fitch are indicated by “/F.” 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 $667,797,151, resulting in gross unrealized appreciation and depreciation of $88,543,188 and $3,241,242, respectively, or net unrealized appreciation of $85,301,946.
(DEF) This security is in default of principal and interest.
(NON) This security is non-income-producing.
(FWC) Forward commitment, in part or in entirety.
(F) This security is valued 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 $53,672,824 to cover tender option bonds.
Debt obligations are considered secured unless otherwise indicated.
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 22.80%
Healthcare 22.5
Utilities 22.2
Tax bonds 13.1
State debt 11.9
Education 11.0

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 has 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 $91,462,792 were held by the TOB trust and served as collateral for $37,789,969 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $17,493 for these investments based on an average interest rate of 0.06%.












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 $— $753,012,784 $86,313
Totals by level $— $753,012,784 $86,313


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.
At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and were not considered a significant portion of the fund's portfolio.

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



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

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

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

Putnam Municipal Opportunities Trust
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: March 31, 2015

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

By (Signature and Title):
/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: March 31, 2015

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: March 31, 2015