a_muniopps.htm


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

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY



Investment Company Act file number: (811-07626)
Exact name of registrant as specified in charter: Putnam Municipal Opportunities Trust
Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109
Name and address of agent for service: Robert T. Burns, Vice President
One Post Office Square
Boston, Massachusetts 02109
Copy to:         John W. Gerstmayr, Esq.
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199-3600
Registrant’s telephone number, including area code: (617) 292-1000
Date of fiscal year end: April 30, 2014
Date of reporting period: January 31, 2014



Item 1. Schedule of Investments:













Putnam Municipal Opportunities Trust

The fund's portfolio
1/31/14 (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
FRB — Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period
FRN — Floating Rate Notes: the rate shown is the current interest rate 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 (142.3%)(a)
Rating(RAT) Principal amount Value
Alabama (0.2%)
Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 5.8s, 5/1/34 BBB $750,000 $774,053
774,053
Arizona (4.4%)
Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29 BB-/P 3,025,000 2,724,860
Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32 Baa1 1,500,000 1,527,510
Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5 1/8s, 5/15/40 A- 2,125,000 2,157,300
Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40 Baa1 2,400,000 2,678,375
Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds
     Ser. A, 5s, 7/1/40 A1 1,000,000 1,019,150
     (Sr. Lien), 5s, 7/1/32 Aa3 1,000,000 1,048,120
     (Sr. Lien), 5s, 7/1/31 Aa3 1,735,000 1,833,583
Pima Cnty., Indl. Dev. Auth. Rev. Bonds
     (Tucson Elec. Pwr. Co.), 5 3/4s, 9/1/29 Baa1 800,000 818,200
     (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25 BBB 1,550,000 1,459,263
Pinal Cnty., Elec. Rev. Bonds (Dist. No. 3), 5 1/4s, 7/1/36 A 500,000 535,395
Salt River Agricultural Impt. & Pwr. Dist. Rev. Bonds, Ser. A, 5s, 12/1/31 Aa1 3,000,000 3,304,110
Salt Verde, Fin. Corp. Gas Rev. Bonds, 5 1/2s, 12/1/29 A- 1,350,000 1,508,058
Tempe, Indl. Dev. Auth. Lease Rev. Bonds (ASU Foundation), AMBAC, 5s, 7/1/28 AA/P 500,000 500,045
U. Med. Ctr. Corp. AZ Hosp. Rev. Bonds, 6 1/2s, 7/1/39 Baa1 1,000,000 1,092,470
22,206,439
California (30.3%)
ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds (Episcopal Sr. Cmntys.), Ser. A, 5s, 7/1/32 BBB+/F 550,000 542,168
ABC Unified School Dist. G.O. Bonds, Ser. B, FGIC, zero %, 8/1/20 Aa3 1,500,000 1,236,450
Alameda, Corridor Trans. Auth. Rev. Bonds (Sr. Lien), Ser. A, 5s, 10/1/29 AA- 1,250,000 1,354,450
Bay Area Toll Auth. of CA Rev. Bonds
     (San Francisco Bay Area), Ser. F-1, 5s, 4/1/39 AA 2,500,000 2,594,700
     (Toll Bridge), Ser. S-4, 5s, 4/1/33 A1 1,200,000 1,284,528
Burbank, Unified School Dist. G.O. Bonds (Election of 1997), Ser. C, NATL, FGIC, zero %, 8/1/23 AA- 1,000,000 704,870
CA Edl. Fac. Auth. Rev. Bonds
     (Claremont Graduate U.), Ser. A, 5s, 3/1/42 Baa1 2,000,000 1,955,640
     (U. of the Pacific), 5s, 11/1/21 A2 1,500,000 1,586,820
     (Loyola-Marymount U.), NATL, zero %, 10/1/21 A2 1,300,000 981,123
CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.)
     Ser. E, 4.8s, 8/1/37 A- 5,000,000 4,717,599
     Ser. K, 4 5/8s, 8/1/26 A- 2,500,000 2,473,125
CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37 Baa2 1,800,000 1,764,684
CA Muni. Fin. Auth. Rev. Bonds (Biola U.), 5s, 10/1/42 Baa1 500,000 494,705
CA Poll. Control Fin. Auth. Rev. Bonds
     (San Jose Wtr. Co.), 5.1s, 6/1/40 A 3,500,000 3,562,160
     (Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23 A3 2,500,000 2,588,350
CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23 A- 850,000 877,124
CA Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5 1/4s, 8/1/40 A- 1,000,000 1,005,450
CA State G.O. Bonds
     6 1/2s, 4/1/33 A1 12,000,000 14,495,040
     5 1/2s, 3/1/40 A1 7,450,000 8,173,097
     5s, 4/1/42 A1 4,000,000 4,171,120
     5s, 10/1/29 A1 3,000,000 3,230,550
CA State Pub. Wks. Board Rev. Bonds
     Ser. I-1, 6 1/8s, 11/1/29 A2 1,000,000 1,179,160
     Ser. A-1, 6s, 3/1/35 A2 1,600,000 1,835,904
     (Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32 A2 1,575,000 1,641,875
     (Capital Projects), Ser. A, 5s, 4/1/29 A2 2,000,000 2,155,220
CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30 BBB+ 2,575,000 2,580,794
CA Statewide Cmnty. Dev. Auth. Rev. Bonds
     (Irvine, LLC-UCI East Campus), 6s, 5/15/40 Baa2 2,000,000 2,120,720
     (Sutter Hlth.), Ser. A, 5s, 11/15/43 Aa3 2,485,000 2,494,021
Cathedral City, Impt. Board Act of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35 BB+/P 770,000 754,115
Chula Vista COP, NATL, 5s, 8/1/32 AA- 4,000,000 4,014,880
Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas), Ser. B, 5s, 12/1/27 Aa2 1,915,000 1,995,239
Foothill-De Anza, Cmnty. College Dist. G.O. Bonds, Ser. C, 5s, 8/1/40 Aaa 2,250,000 2,388,375
Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A
     6s, 1/15/53 BBB- 1,500,000 1,513,350
     zero %, 1/1/28 (Escrowed to maturity) Aaa 10,000,000 6,155,600
Golden State Tobacco Securitization Corp. Rev. Bonds
     Ser. A-2, 5.3s, 6/1/37 B3 1,000,000 754,790
     Ser. A-1, 5s, 6/1/33 B3 100,000 76,708
     (Enhanced Asset), Ser. A, 5s, 6/1/30 A2 500,000 518,060
     (Enhanced Asset), Ser. A, 5s, 6/1/29 A2 1,400,000 1,466,864
Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.), Ser. D, 5s, 5/15/40 AA 3,500,000 3,662,715
Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27 A 600,000 603,948
M-S-R Energy Auth. Rev. Bonds, Ser. B, 6 1/2s, 11/1/39 A- 3,000,000 3,677,280
Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5 3/4s, 8/10/18 AAA 6,000,000 6,884,340
North Natomas, Cmnty. Fac. Special Tax Bonds (Dist. No. 4), Ser. E, 5s, 9/1/30 BBB+ 1,250,000 1,294,200
Oakland, Unified School Dist. Alameda Cnty., G.O. Bonds (Election of 2012), 6 5/8s, 8/1/38 BBB/P 500,000 552,860
Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev. Bonds (Ladera Ranch - No. 02-1), Ser. A, 5.55s, 8/15/33 BBB-/P 900,000 901,332
Orange Cnty., Trans. Auth Toll Road Rev. Bonds (91 Express Lanes), 5s, 8/15/30 A1 635,000 681,247
Port of Oakland, Rev. Bonds (Sr. Lien), Ser. P, 5s, 5/1/26 A+ 4,000,000 4,345,439
Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21 A+ 1,990,000 1,602,846
Sacramento Cnty., Arpt. Syst. Rev. Bonds, 5s, 7/1/40 A 1,350,000 1,370,628
Sacramento, Special Tax Bonds (North Natomas Cmnty. Fac.), Ser. 97-01, 5s, 9/1/20 BB+/P 1,195,000 1,198,430
Sacramento, Special Tax Rev. Bonds (North Natomas Cmnty. Fac.), Ser. 97-01
     5s, 9/1/29 BB+/P 1,180,000 1,171,138
     5s, 9/1/18 BB+/P 1,030,000 1,034,347
Sacramento, Regl. Trans. Dist. Rev. Bonds (Farebox)
     5s, 3/1/42 A2 2,110,000 2,115,781
     5s, 3/1/20 A2 500,000 581,015
San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, NATL, 6 1/2s, 8/1/17 A 3,130,000 3,232,821
San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5s, 7/1/40 A2 3,750,000 3,823,913
San Diego, Unified School Dist. G.O. Bonds (Election of 2008), Ser. C
     zero %, 7/1/40 Aa3 5,000,000 1,208,750
     zero %, 7/1/38 Aa3 5,000,000 1,375,100
San Francisco City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, 5s, 5/1/28 A1 575,000 626,359
San Juan, Unified School Dist. G.O. Bonds, AGM, zero %, 8/1/19 Aa2 1,000,000 872,050
Semitropic, Impt. Dist. Wtr. Storage Rev. Bonds, Ser. A, 5s, 12/1/35 A+ 150,000 155,624
Stockton, Pub. Wtr. Fin. Auth. Rev. Bonds (Delta Wtr. Supply), Ser. A, 6 1/4s, 10/1/40 A- 875,000 956,489
Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds, 7.65s, 8/1/21 B+/P 495,000 495,802
Tuolumne Wind Project Auth. Rev. Bonds (Tuolumne Co.), Ser. A, 5 7/8s, 1/1/29 A+ 1,585,000 1,776,785
Turlock, Irrigation Dist. Rev. Bonds, Ser. A, 5s, 1/1/40 A+ 4,000,000 4,085,880
U. of CA, Rev. bonds, Ser. AF, 5s, 5/15/36(T) AA 9,000,000 9,742,095
153,468,642
Colorado (1.4%)
CO Hsg. & Fin. Auth. Rev. Bonds (Single Family Mtge.), Ser. A-3, Class III, 5 1/4s, 5/1/33 A2 490,000 500,221
CO State Hlth. Fac. Auth. Rev. Bonds
     (Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26 BB-/P 325,000 331,058
     (Evangelical Lutheran Good Samaritan Society), 5 5/8s, 6/1/43 A3 600,000 618,600
     (Evangelical Lutheran Good Samaritan Society), 5s, 12/1/33 A3 1,650,000 1,641,667
     (Evangelical Lutheran), 5s, 6/1/29 A3 850,000 851,972
Denver City & Cnty., Arpt. Rev. Bonds
     (Sub. Syst.), Ser. A, 5 1/2s, 11/15/31 A2 950,000 1,026,751
     Ser. A, 5s, 11/15/28 A1 550,000 582,819
E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1, NATL, 5 1/2s, 9/1/24 A 1,250,000 1,302,513
6,855,601
Delaware (0.4%)
DE State Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.), 5.4s, 2/1/31 BBB+ 1,100,000 1,174,294
DE State Hsg. Auth. Rev. Bonds (Single Family Mtge.), Ser. B, zero %, 1/1/40 A3 4,475,000 781,111
1,955,405
District of Columbia (1.4%)
DC Rev. Bonds (Howard U.), Ser. A, 6 1/2s, 10/1/41 A- 3,000,000 3,265,770
DC U. Rev. Bonds (Gallaudet U.), 5 1/2s, 4/1/34 A+ 1,000,000 1,067,470
Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
     (First Sr. Lien), Ser. A, 5s, 10/1/39 A2 2,000,000 2,047,320
     (Metrorail), Ser. A, zero %, 10/1/37 Baa1 3,700,000 849,113
7,229,673
Florida (4.8%)
Brevard Cnty., Hlth. Care Fac. Auth. Rev. Bonds (Health First, Inc.), 7s, 4/1/39 A3 3,000,000 3,299,460
Broward Cnty., Arpt. Syst. Rev. Bonds, Ser. Q-2, 5s, 10/1/32 A1 1,100,000 1,122,396
Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/26 BBB 2,500,000 2,500,175
FL State Board of Ed. G.O. Bonds (Capital Outlay 2011), Ser. F, 5s, 6/1/30 AAA 1,000,000 1,103,580
FL State Muni. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 10/1/31 A2 1,700,000 1,778,829
Jacksonville, Port Auth. Rev. Bonds, 5s, 11/1/38 A2 600,000 605,028
Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43 BBB-/F 340,000 343,172
Lee Cnty., Rev. Bonds, SGI, 5s, 10/1/25 Aa2 2,500,000 2,709,199
Marco Island, Util. Sys. Rev. Bonds, Ser. A, 5s, 10/1/40 Aa3 1,500,000 1,550,475
Miami-Dade Cnty., Aviation Rev. Bonds
     (Miami Intl. Arpt.), Ser. A-1, 5 3/8s, 10/1/41 A2 3,000,000 3,112,650
     Ser. A, 5s, 10/1/29 A2 1,000,000 1,028,950
Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5s, 7/1/40 A3 1,000,000 1,024,720
Orlando & Orange Cnty., Expressway Auth. Rev. Bonds, AGM, 5s, 7/1/25 AA- 500,000 558,825
Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33 BBB+ 1,000,000 1,017,440
South Broward, Hosp. Dist. Rev. Bonds, NATL, 4 3/4s, 5/1/28 Aa3 1,500,000 1,548,975
Tampa-Hillsborough Cnty., Expressway Auth. Rev. Bonds, Ser. A, 5s, 7/1/28 A 760,000 824,501
Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37 CCC/P 420,000 400,466
24,528,841
Georgia (3.3%)
Atlanta, Arpt. Rev. Bonds
     Ser. C, 5 7/8s, 1/1/24 A1 500,000 589,385
     (Hartsfield-Jackson Intl. Arpt.), Ser. A, 5s, 1/1/35 A1 1,250,000 1,297,800
Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39 Aa3 4,500,000 5,143,095
Fulton Cnty., Dev. Auth. Rev. Bonds (GA Tech Athletic Assn.), Ser. A, 5s, 10/1/42 A2 1,350,000 1,391,040
Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds (Northeast GA Hlth. Care), Ser. B, 5 1/4s, 2/15/45 A+ 6,500,000 6,678,814
Marietta, Dev. Auth. Rev. Bonds (U. Fac. - Life U., Inc.), 7s, 6/15/39 Ba3 1,400,000 1,408,162
16,508,296
Guam (0.1%)
Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5s, 10/1/30 AA- 300,000 313,263
313,263
Illinois (8.8%)
Chicago, O'Hare Intl. Arpt. Rev. Bonds
     Ser. A, 5 3/4s, 1/1/39 A2 4,000,000 4,286,439
     Ser. C, 5 3/8s, 1/1/39 A2 1,250,000 1,270,713
     Ser. C, 5 1/4s, 1/1/28 A2 1,320,000 1,381,076
     Ser. C, 5 1/4s, 1/1/27 A2 2,125,000 2,240,791
     (Passenger Fac. Charge), Ser. B, 5s, 1/1/24 A2 2,500,000 2,688,975
Chicago, Waste Wtr. Transmission Rev. Bonds, Ser. A, NATL, zero %, 1/1/24 AA- 1,600,000 1,065,168
IL Fin. Auth. Rev. Bonds
     (Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44 BBB- 2,500,000 2,726,250
     (IL Rush U. Med. Ctr.), Ser. C, 6 5/8s, 11/1/39 A2 1,425,000 1,573,898
     (IL Rush U. Med. Ctr.), Ser. D, 6 5/8s, 11/1/39 A2 1,490,000 1,645,690
     (Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37 Baa2 3,000,000 3,076,320
     (Alexian), Ser. A, AGM, 5 1/4s, 1/1/22 A2 3,775,000 4,009,088
IL State G.O. Bonds
     5s, 3/1/34 A3 750,000 758,415
     5s, 8/1/21 A3 750,000 846,720
Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds (No. 115 Yorkville), NATL, FGIC, zero %, 1/1/21 Aa3 1,075,000 847,681
Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds (No. 073 Hawthorn), NATL, FGIC
     zero %, 12/1/21 AA+ 1,805,000 1,382,323
     zero %, 12/1/21 (Escrowed to maturity) AA+ 145,000 119,667
     zero %, 12/1/20 AA+ 1,495,000 1,212,804
     zero %, 12/1/20 (Escrowed to maturity) AA+ 155,000 133,688
Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds (McCormick), Ser. A, NATL, zero %, 12/15/30 AAA 15,000,000 6,260,550
Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28 A- 4,150,000 4,646,921
Southern IL U. Rev. Bonds (Hsg. & Auxiliary), Ser. A, NATL
     zero %, 4/1/25 A 1,870,000 1,094,455
     zero %, 4/1/21 A 1,880,000 1,392,422
44,660,054
Indiana (2.6%)
IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5 1/4s, 10/15/21 A3 180,000 208,170
IN State Fin. Auth. Rev. Bonds
     (U.S. Steel Corp.), 6s, 12/1/26 BB- 500,000 507,820
     (BHI Sr. Living), 5 3/4s, 11/15/41 BBB+/F 1,000,000 1,009,879
     (Duke Energy Ind.), Ser. C, 4.95s, 10/1/40 A1 4,000,000 4,066,800
IN State Fin. Auth. VRDN, Ser. A-2, 0.06s, 2/1/37 VMIG1 3,100,000 3,100,000
Jasper Cnty., Indl. Poll. Control Rev. Bonds
     AMBAC, 5.7s, 7/1/17 Baa1 1,375,000 1,492,439
     NATL, 5.6s, 11/1/16 A 1,550,000 1,664,003
U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGO, 5 3/4s, 10/1/28 AA- 1,000,000 1,147,070
13,196,181
Kentucky (0.3%)
KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6s, 7/1/53 Baa3 1,000,000 1,034,789
Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U., Inc.), Ser. A, 6s, 5/1/38 Baa3 290,000 299,254
1,334,043
Louisiana (0.6%)
Lafayette, Util. Rev. Bonds, 5s, 11/1/28 A1 3,000,000 3,286,439
3,286,439
Maine (0.4%)
Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26 B2 1,950,000 1,958,248
1,958,248
Maryland (0.3%)
MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22 A 650,000 762,535
MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15 BBB+/F 500,000 514,710
1,277,245
Massachusetts (7.1%)
MA State VRDN (Construction Loan), Ser. A, 0.04s, 3/1/26 VMIG1 2,200,000 2,200,000
MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B, 5s, 1/1/37 A+ 2,500,000 2,591,624
MA State Dev. Fin. Agcy. Rev. Bonds
     (Sabis Intl.), Ser. A, 8s, 4/15/39 BBB 575,000 667,564
     (Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26 B-/P 960,369 868,491
     (Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5 3/4s, 7/15/43 Baa3 500,000 518,035
     (Loomis Cmntys.), Ser. A, 5 3/4s, 1/1/28 BBB- 1,100,000 1,099,934
     (Carleton-Willard Village), 5 5/8s, 12/1/30 A- 750,000 781,050
     (Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46 B-/P 51,190 37,589
     (Berklee College of Music), 5 1/4s, 10/1/41 A2 2,000,000 2,082,960
     (Emerson College), Ser. A, 5s, 1/1/40 Baa1 4,000,000 3,982,560
     (Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56 B-/P 254,614 1,581
MA State Dev. Fin. Agcy. Solid Waste Disp. (Dominion Energy Brayton), Ser. 1, 5 3/4s, 12/1/42 (Prerefunded 5/1/19) BBB+ 1,500,000 1,845,510
MA State Dev. Fin. Agcy. Solid Waste Disp. FRB (Dominion Energy Brayton Point), 5s, 2/1/36 (Prerefunded 8/1/16) BBB+ 1,000,000 1,106,960
MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
     (Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33 B+ 1,500,000 1,500,570
     (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 Baa2 1,175,000 1,221,131
     (Springfield College), 5 5/8s, 10/15/40 Baa1 550,000 570,114
     (Care Group), Ser. B-2, NATL, 5 3/8s, 2/1/26 A 700,000 766,255
     (Northeastern U.), Ser. A, 5s, 10/1/35 A2 3,250,000 3,374,573
MA State Hsg. Fin. Agcy. Rev. Bonds
     Ser. C, 5.35s, 12/1/42 Aa3 1,500,000 1,518,315
     Ser. 162, FNMA Coll, FHLMC Coll., 2 3/4s, 12/1/41 Aa2 870,000 890,941
MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41 A 2,855,000 2,953,469
Metro. Boston, Trans. Pkg. Corp. Rev. Bonds
     (Systemwide Pkg.), 5 1/4s, 7/1/33 A1 2,500,000 2,718,525
     5s, 7/1/41 A1 2,590,000 2,707,198
36,004,990
Michigan (6.5%)
Detroit, G.O. Bonds, Ser. A-1, AMBAC, 5 1/4s, 4/1/24 Caa3 1,435,000 1,179,986
Detroit, Rev. Bonds, Ser. A, NATL, FGIC, 5s, 7/1/30 A 4,505,000 4,272,722
Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6s, 5/1/29 Aa2 1,000,000 1,070,190
Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36 AA- 1,425,000 1,463,588
Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 7 1/2s, 7/1/39 Ba1 500,000 519,195
Lansing, Board of Wtr. & Ltg. Util. Syst. Rev. Bonds, Ser. A, 5s, 7/1/37 Aa3 1,765,000 1,854,009
MI Pub. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 1/1/27 A2 1,900,000 2,018,351
MI State Fin. Auth. Rev. Bonds
     (Revolving Fund-Clean Water), 5s, 10/1/31 AAA 1,500,000 1,644,390
     (Unemployment Oblig. Assmt.), Ser. B, 5s, 7/1/22 Aaa 1,000,000 1,104,670
MI State Hosp. Fin. Auth. Rev. Bonds
     Ser. A, 6 1/8s, 6/1/39 A1 2,500,000 2,700,000
     (Henry Ford Hlth.), 5 3/4s, 11/15/39 A2 2,000,000 2,071,260
     (Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46 A2 4,500,000 4,396,410
     (Sparrow Hosp.), 5s, 11/15/31 A1 1,350,000 1,370,777
MI State Hsg. Dev. Auth. Rev. Bonds (Rental Hsg.), Ser. D, 3.95s, 10/1/37 AA 1,050,000 934,238
MI State Strategic Fund Ltd. Mandatory Put Bonds (6/2/14) (Dow Chemical), Ser. A-1, 6 3/4s, 12/1/28 Baa2 100,000 101,715
MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Evangelical Homes of MI)
     5 1/2s, 6/1/47 BB+/F 675,000 617,510
     5 1/4s, 6/1/32 BB+/F 320,000 297,542
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 1,985,198
MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/34 B- 575,000 452,203
Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp. Corp.), 5 3/8s, 6/1/26 Baa2 750,000 759,315
Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21 A2 2,000,000 2,190,740
33,004,009
Minnesota (1.5%)
Minneapolis & St. Paul, Hsg. & Redev. Auth. Hlth. Care VRDN (Allina Hlth. Syst.), Ser. B-1, 0.05s, 11/15/35 VMIG1 1,700,000 1,700,000
North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39 BB/P 995,000 1,020,542
St. Paul, Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Bonds (HealthPartners Oblig. Group), 5 1/4s, 5/15/36 A2 3,500,000 3,586,869
St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35 BBB- 1,150,000 1,172,172
7,479,583
Mississippi (1.3%)
MS Bus. Fin. Corp. Rev. Bonds (Syst. Energy Resources, Inc.), 5 7/8s, 4/1/22 BBB 2,330,000 2,332,282
MS Bus. Fin. Corp. Gulf Opportunity Zone Rev. Bonds, Ser. A, 5s, 5/1/37 A3 2,250,000 2,314,530
Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32 BBB 2,000,000 2,185,140
6,831,952
Nebraska (1.0%)
Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18 A- 3,000,000 3,395,819
Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 5/8s, 1/1/40 AA-/F 925,000 965,728
NE Pub. Pwr. Dist. Rev. Bonds, Ser. C, 5s, 1/1/25 A1 500,000 549,945
4,911,492
Nevada (8.1%)
Clark Cnty., Ltd. Tax Bond, 5s, 6/1/33(T) AA 28,290,000 29,721,204
Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, NATL, FGIC, 5 1/8s, 7/1/26 A1 5,105,000 5,195,460
Clark Cnty., Impt. Dist. Special Assmt. Bonds (Summerlin No. 151), 5s, 8/1/25 BB-/P 2,020,000 1,704,658
Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas Corp.), Ser. A, AMBAC, 5 1/4s, 7/1/34 A3 3,000,000 3,002,940
Henderson G.O. Bonds (Ltd. Tax -Swr.), NATL, FGIC, 5s, 6/1/29 (Prerefunded 12/1/14) Aa2 1,000,000 1,039,240
Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-17), 5s, 9/1/25 BB+/P 585,000 579,407
41,242,909
New Jersey (7.4%)
NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds
     (St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38 BBB- 2,750,000 2,799,528
     (St. Peter's U. Hosp.), 5 3/4s, 7/1/37 Ba1 1,500,000 1,460,415
     (Holy Name Hosp.), 5s, 7/1/36 Baa2 5,000,000 4,894,250
NJ State Econ. Dev. Auth. Rev. Bonds
     (Cigarette Tax), 5 3/4s, 6/15/29 (Prerefunded 6/15/14) Aaa 5,000,000 5,101,050
     5s, 6/15/26 Baa1 500,000 529,380
     (Middlesex Wtr. Co., Inc.), Ser. A, 5s, 10/1/23 A 1,000,000 1,133,350
NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
     Ser. A, 5.7s, 10/1/39 A1 3,900,000 4,161,221
     Ser. B, 5.6s, 11/1/34 A1 500,000 538,345
NJ State Edl. Fac. Auth. Rev. Bonds
     (Fairleigh Dickinson), Ser. C, 6s, 7/1/20 BBB/F 1,500,000 1,517,190
     (Georgian Court U.), Ser. D, 5 1/4s, 7/1/37 Baa2 1,000,000 1,005,210
     (Georgian Court U.), Ser. D, 5 1/4s, 7/1/27 Baa2 500,000 514,400
NJ State Higher Ed. Assistance Auth. Rev. Bonds (Student Loan), Ser. 1A, 5s, 12/1/22 Aa2 2,500,000 2,655,500
NJ State Tpk. Auth. Rev. Bonds, Ser. B, 5s, 1/1/19 A+ 750,000 874,658
NJ State Trans. Trust Fund Auth. Rev. Bonds (Trans. Syst.), Ser. A, zero %, 12/15/30 A1 13,000,000 5,634,850
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A, 4 3/4s, 6/1/34 B2 3,000,000 2,216,220
Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31 AA+ 2,300,000 2,407,893
37,443,460
New Mexico (0.2%)
Sante Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Res.), 5s, 5/15/42 BBB- 1,460,000 1,258,723
1,258,723
New York (10.2%)
Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, 6 7/8s, 7/1/40 B/P 320,000 323,210
Metro. Trans. Auth. Rev. Bonds, Ser. D
     5s, 11/15/36 A2 2,000,000 2,074,180
     5s, 11/15/29 A2 3,000,000 3,231,570
NY City, G.O. Bonds, Ser. F, 5s, 8/1/30 Aa2 3,320,000 3,606,582
NY City, Indl. Dev. Agcy. Special Fac. FRB (American Airlines - JFK Intl. Arpt.), 7 5/8s, 8/1/25 B+/P 2,000,000 2,199,100
NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (British Airways PLC), 5 1/4s, 12/1/32 BB 700,000 641,193
NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. bonds 5s, 6/15/31(T) AA+ 10,000,000 10,883,078
NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds, Ser. GG, 5s, 6/15/43 AA+ 2,000,000 2,082,320
NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6s, 6/1/43 A3 1,500,000 1,501,875
NY State Dorm Auth. Rev. Bonds, Ser. A, 5s, 3/15/43 AAA 4,000,000 4,227,600
NY State Dorm. Auth. Lease Rev. Bonds (State U. Dorm Fac.), Ser. A, 5s, 7/1/35 Aa2 1,000,000 1,063,510
NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37 Ba1 1,800,000 1,745,640
NY State Dorm. Auth.Ser. C Rev bonds 5s, 3/15/31(T) AAA 5,000,000 5,409,379
NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26 A3 6,000,000 6,019,800
NY State, Dorm. Auth. Rev. Bonds (School Dists. Fin. Program), Ser. H, 5s, 10/1/21 Aa3 650,000 759,603
Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term. - 6), NATL, 5.9s, 12/1/17 A 6,000,000 6,011,280
51,779,920
North Carolina (1.7%)
NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24 A- 1,000,000 1,187,410
NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
     (Deerfield), Ser. A, 6s, 11/1/33 BBB+/F 805,000 836,113
     (First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22 BB/P 1,000,000 1,004,710
NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba Elec.), Ser. A, 5s, 1/1/30 A2 800,000 851,775
NC State Muni. Pwr. Agcy. No. 1 Catawba Elec. Rev. Bonds, Ser. B, 5s, 1/1/28 A2 1,400,000 1,524,712
U. of NC Syst. Pool Rev. Bonds, Ser. C, 5 1/2s, 10/1/34 A3 3,000,000 3,158,850
8,563,570
North Dakota (—%)
ND State Hsg. Fin. Agcy. Rev. Bonds (Hsg. Fin.), Ser. B, 4.8s, 7/1/37 Aa1 150,000 150,075
150,075
Ohio (8.3%)
American Muni. Pwr. - Ohio, Inc. Rev. Bonds
     (Prairie State Energy Campus), Ser. A, 5 1/4s, 2/15/43 A1 1,000,000 1,033,280
     (Prairie Street Energy Campus), Ser. A, 5 1/4s, 2/15/33 AA- 5,000,000 5,262,600
Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
     Ser. A-3, 6 1/4s, 6/1/37 B3 2,225,000 1,824,122
     Ser. A-2, 5 7/8s, 6/1/30 B3 2,450,000 1,972,152
     Ser. A-2, 5 3/4s, 6/1/34 B3 4,325,000 3,365,844
Cleveland, Arpt. Syst. Rev. Bonds, Ser. A, 5s, 1/1/29 A- 500,000 515,450
Cleveland, Wtr. Rev. Bonds (2nd Lien), Ser. A, 5s, 1/1/27 Aa2 1,000,000 1,113,740
Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/15/46 A- 2,500,000 2,505,800
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 1,140,480
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 2,093,560
Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 6s, 8/15/43 A3 3,100,000 3,254,876
OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.8s, 12/1/38 Baa1 2,000,000 2,124,880
OH State Higher Edl. Fac. Comm. Rev. Bonds
     (U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39 (Prerefunded 1/15/15) A 3,000,000 3,184,710
     (Kenyon College), 5s, 7/1/44 A1 5,000,000 5,093,000
OH State Higher Edl. Fac. Comm. VRDN (Cleveland Clinic Foundation), Ser. B-4, 0.05s, 1/1/43 VMIG1 800,000 800,000
OH State Tpk. Comm. Rev. Bonds (Infrastructure), Ser. A-1
     5 1/4s, 2/15/33 A1 225,000 243,828
     5 1/4s, 2/15/32 A1 950,000 1,035,472
Scioto Cnty., Hosp. Rev. Bonds (Southern Med. Ctr.), 5 1/2s, 2/15/28 A2 4,660,000 4,914,063
Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, 5 3/4s, 12/1/32 BB/P 625,000 592,619
42,147,692
Oregon (1.0%)
Keizer, Special Assmt. Bonds (Keizer Station), Ser. A, 5.2s, 6/1/31 A1 2,535,000 2,566,079
Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26 BBB/F 1,040,000 1,066,208
OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5 3/4s, 7/1/39 A1 1,250,000 1,348,413
4,980,700
Pennsylvania (5.4%)
Allegheny Cnty., G.O. Bonds, Ser. C-69, 5s, 12/1/25 AA- 1,000,000 1,092,320
Allentown, Neighborhood Impt. Zone Dev. Auth. Rev. Bonds, Ser. A
     5s, 5/1/35 Baa2 400,000 372,720
     5s, 5/1/32 Baa2 1,350,000 1,280,219
Bucks Cnty., Indl. Dev. Auth. Rev. Bonds (US Steel Corp.), 6 3/4s, 6/1/26 BB- 1,000,000 1,058,310
Cumberland Cnty., Muni. Auth. Rev. Bonds (Presbyterian Homes), Ser. A, 5s, 1/1/17 BBB+/F 830,000 846,915
Delaware River Joint Toll Bridge Comm. Rev. Bonds, Ser. A, 5s, 7/1/21 A2 600,000 694,230
Delaware River Port Auth. PA & NJ Rev. Bonds
     Ser. D, 5s, 1/1/40 A 1,200,000 1,250,340
     5s, 1/1/31 A 2,500,000 2,709,100
Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst College), 5 1/2s, 3/15/38 BBB 725,000 741,516
Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5 3/8s, 7/1/42 A2 1,000,000 1,025,240
Lancaster, Higher Ed. Auth. College Rev. Bonds (Franklin & Marshall College), 5s, 4/15/29 AA- 1,000,000 1,060,800
Northampton Cnty., Hosp. Auth. Rev. Bonds (St. Luke's Hosp. - Bethlehem), Ser. A, 5 1/2s, 8/15/40 A3 1,250,000 1,254,938
PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Amtrak), Ser. A, 5s, 11/1/32 A1 1,000,000 1,024,830
PA State Higher Edl. Fac. Auth. Rev. Bonds
     (Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42 BBB 500,000 498,155
     (St. Joseph's U.), Ser. A, 5s, 11/1/40 A- 3,000,000 3,044,340
     (Philadelphia U.), 5s, 6/1/30 Baa2 2,250,000 2,249,842
     (Philadelphia U.), 5s, 6/1/22 Baa2 860,000 895,699
PA State, Higher Edl. Facs. Auth. Rev. Bonds (Temple U.), Ser. 1, 5s, 4/1/26 Aa3 750,000 830,310
Philadelphia, Arpt. Rev. Bonds, Ser. D, 5 1/4s, 6/15/25 A+ 2,750,000 2,917,448
Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Hosp.-Graduate Hlth. Sys.), Ser. A, 6 1/4s, 7/1/14 (In default)(NON) D/P 1,402,141 14
Pittsburgh & Allegheny Cnty., Sports & Exhib. Auth. Hotel Rev. Bonds, AGM, 5s, 2/1/35 AA- 1,225,000 1,256,360
Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A
     6 1/2s, 1/1/38 Baa3 550,000 588,154
     5s, 1/1/27 Baa3 650,000 665,457
27,357,257
Puerto Rico (1.0%)
Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds FRN, Ser. AA-2, 5.3s, 7/1/35 BBB+ 875,000 582,330
Cmnwlth. of PR, Pub. Bldg. Auth. Mandatory Put Bonds (7/1/17) (Govt. Fac.), Ser. M-2, 5 3/4s, 7/1/34 Baa3 1,750,000 1,459,745
Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A
     5 3/8s, 8/1/39 A+ 1,500,000 1,047,435
     zero %, 8/1/30 A+ 8,500,000 2,213,060
5,302,570
Rhode Island (—%)
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/4s, 6/1/42 Ba1 200,000 199,976
199,976
South Carolina (0.7%)
SC State Pub. Svc. Auth. Rev. Bonds (Santee Cooper), Ser. A, 5 3/4s, 12/1/43 AA- 3,000,000 3,314,940
3,314,940
Tennessee (0.7%)
Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38 Baa1 3,450,000 3,733,073
3,733,073
Texas (15.5%)
Alliance, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 4.85s, 4/1/21 Baa1 3,250,000 3,369,633
Brazos River Harbor Naval Dist. Env. FRB (Dow Chemical Co.), Ser. A-4, 5.95s, 5/15/33 BBB 400,000 425,376
Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38 BBB 2,850,000 2,998,827
Central TX Regl. Mobility Auth. Rev. Bonds (Sr. Lien), Ser. A, 5s, 1/1/33 Baa2 425,000 425,888
Dallas Cnty., Util. & Reclamation Dist. G.O. Bonds, Ser. B, AMBAC, 5 3/8s, 2/15/29 A3 4,000,000 4,196,040
Dallas, Area Rapid Transit Rev. Bonds Sr. Lien, 5s, 12/1/33(T) AA+ 26,000,000 27,776,934
Grand Parkway Trans. Corp. Rev. Bonds (Sub. Tier Toll Syst.), Ser. B, 5s, 4/1/53 AA+ 1,400,000 1,411,648
Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (YMCA of Greater Houston), Ser. A, 5s, 6/1/33 Baa3 800,000 783,448
Houston, Util. Syst. Rev. Bonds, Ser. A, 5s, 11/15/33 AA 1,500,000 1,617,735
Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40 Baa3 1,750,000 1,767,658
Lower CO River Auth. Rev. Bonds
     5 3/4s, 5/15/37 A1 215,000 220,682
     U.S. Govt. Coll., 5 3/4s, 5/15/37 (Prerefunded 5/15/15) A1 2,135,000 2,285,560
     U.S. Govt. Coll., 5 3/4s, 5/15/37 (Prerefunded 5/15/15) AAA/P 50,000 53,493
Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30 Baa1 1,500,000 1,418,190
North TX, Thruway Auth. Rev. Bonds
     Ser. B, zero %, 9/1/43 AA+ 2,000,000 322,580
     Ser. D, AGO, zero %, 1/1/28 AA- 7,800,000 4,189,536
North TX, Tollway Auth. Mandatory Put Bonds (1/1/19) (1st Tier), Ser. C, 1.95s, 1/1/38 A2 3,000,000 2,912,040
North TX, Tollway Auth. Rev. Bonds
     Ser. A, 6s, 1/1/25 A2 1,300,000 1,459,510
     (Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38 A3 2,000,000 2,101,680
North TX, Tollway Auth. stepped-coupon Rev. Bonds (1st Tier), Ser. I, stepped-coupon zero %, (6 1/2s, 1/1/15) 1/1/43(STP) A2 4,000,000 4,403,160
Red River, Hlth. Retirement Facs. Dev. Corp. Rev. Bonds (Sears Methodist Retirement Syst. Oblig. Group)
     Ser. B, 6.15s, 11/15/49 B/P 282,000 240,329
     Ser. A, 5.45s, 11/15/38 B/P 814,000 648,766
Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds, 5s, 10/1/21 BBB+ 500,000 575,305
Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (TX Hlth. Resources), Ser. C, 0.06s, 11/15/33 VMIG1 3,400,000 3,400,000
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 1,092,520
TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5s, 12/15/15 A- 3,000,000 3,187,950
TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5s, 12/15/28 A3 1,500,000 1,532,220
TX State Trans. Comm. Tpk. Syst. Mandatory Put Bonds (2/15/15) (1st Tier), Ser. B, 1 1/4s, 8/15/42 A- 1,000,000 1,005,520
TX State Trans. Comm. Tpk. Syst. Rev. Bonds (1st Tier), Ser. A, 5s, 8/15/41 A- 2,500,000 2,503,400
78,325,628
Utah (0.3%)
Salt Lake City, Hosp. Rev. Bonds, AMBAC, 6 3/4s, 5/15/20 (Escrowed to maturity) AAA/P 1,600,000 1,604,912
1,604,912
Virginia (0.6%)
Route 460 Funding Corp. Toll Rd. Rev. Bonds (Sr. Lien), Ser. A, 5 1/8s, 7/1/49 Baa3 500,000 494,735
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 2,406,243
2,900,978
Washington (1.8%)
Tobacco Settlement Auth. of WA Rev. Bonds, 5 1/4s, 6/1/32 A- 2,125,000 2,200,544
WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T) AA+ 5,000,000 5,561,840
WA State Hlth. Care Fac. Auth. Rev. Bonds (Kadlec Med. Ctr.), 5 1/2s, 12/1/39 Baa3 1,600,000 1,561,088
9,323,472
West Virginia (0.9%)
Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds (Allegheny Energy), Ser. D, 5 1/2s, 10/15/37 Baa3 3,450,000 3,431,612
WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43 B+/P 935,000 928,960
4,360,572
Wisconsin (1.0%)
Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5 1/4s, 7/1/28 BBB- 350,000 336,973
WI State Rev. Bonds, Ser. A, 6s, 5/1/27 Aa3 2,500,000 2,870,100
WI State Hlth. & Edl. Facs. Auth. Rev. Bonds
     (Prohealth Care, Inc.), 6 5/8s, 2/15/39 A1 1,500,000 1,657,590
     (Three Pillars Sr. Living), 5s, 8/15/33 A-/F 430,000 420,037
5,284,700
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 2,179,880
WY Muni. Pwr. Agcy. Pwr. Supply Rev. Bonds
     Ser. A, 5 1/2s, 1/1/33 A2 950,000 1,015,541
     (Pwr. Supply), Ser. A, 5 1/2s, 1/1/28 A2 1,000,000 1,075,790
4,271,211
TOTAL INVESTMENTS
Total investments (cost $692,078,621)(b) $721,330,787













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, 2013 through January 31, 2014 (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 $507,021,352.
(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.” The rating of an insured security represents what is believed to be the most recent rating of the insurer's claims-paying ability available at the close of the reporting period, if higher than the rating of the direct issuer of the bond, and does not reflect any subsequent changes.
(b) The aggregate identified cost on a tax basis is $691,831,132, resulting in gross unrealized appreciation and depreciation of $39,955,681 and $10,456,026, respectively, or net unrealized appreciation of $29,499,655.
(NON) Non-income-producing security.
(STP) The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.
(F) 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. The security has been segregated as collateral for financing transactions.
At the close of the reporting period, the fund maintained liquid assets totaling $47,378,091 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.
The rates shown on Mandatory Put Bonds are the current interest rates at the close of the reporting period.
The dates shown parenthetically on Mandatory Put Bonds 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):
Utilities 24.9%
Transportation 24.4
Health care 23.2
Local debt 12.8
State debt 12.5
Education 12.3
Tax bonds 11.6
Security valuation: 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. 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 and recovery rates. 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 $89,094,530 were held by the TOB trust and served as collateral for $41,716,439 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $25,924 for these investments based on an average interest rate of 0.08%.












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 $— $721,330,787 $—
Totals by level $— $721,330,787 $—


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



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

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

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

Putnam Municipal Opportunities Trust
By (Signature and Title):
/s/ Janet C. Smith
Janet C. Smith
Principal Accounting Officer
Date: March 28, 2014

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

By (Signature and Title):
/s/ Jonathan S. Horwitz
Jonathan S. Horwitz
Principal Executive Officer
Date: March 28, 2014

By (Signature and Title):
/s/ Steven D. Krichmar
Steven D. Krichmar
Principal Financial Officer
Date: March 28, 2014