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Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
39026-Q1PH
1
Schedule
of
Investments
(unaudited)
Putnam
Municipal
Opportunities
Trust
2
Notes
to
Schedule
of
Investments
13
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited),
July
31,
2025
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
149.1%
Alabama
0.2%
a
,b
Baldwin
County
Industrial
Development
Authority
,
Novelis
Corp.
,
Revenue
,
144A,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/32
........................................
$
500,000
$
499,349
Alaska
1.8%
Alaska
Industrial
Development
&
Export
Authority
,
Dena'
Nena'
Henash
,
Revenue
,
2019
A
,
4
%
,
10/01/44
...............................................
6,050,000
5,212,188
Arizona
3.3%
Arizona
Industrial
Development
Authority
,
b
BASIS
Schools,
Inc.
Obligated
Group
,
Revenue
,
144A,
2017
D
,
Refunding
,
5
%
,
7/01/51
........................................................
510,000
459,707
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
11/01/46
.......................................................
2,855,000
2,333,100
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
4
%
,
7/01/41
.............
720,000
630,078
b
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
BASIS
Schools,
Inc.
Obligated
Group
,
Revenue
,
144A,
2015
A
,
Refunding
,
5
%
,
7/01/35
.........
1,000,000
1,000,223
b
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.25
%
,
11/15/35
.......................................................
1,750,000
1,833,900
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
A
,
7
%
,
11/15/57
.......................................................
350,000
361,553
Maricopa
County
Industrial
Development
Authority
,
b
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
2,050,000
2,117,436
Horizon
Community
Learning
Center,
Inc.
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/35
750,000
751,127
Reid
Traditional
Schools
Obligated
Group
,
Revenue
,
2016
,
5
%
,
7/01/36
.........
350,000
344,290
9,831,414
California
9.0%
b
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..............................................
550,000
436,627
California
Housing
Finance
Agency
,
Revenue
,
2021-1
,
A
,
3.5
%
,
11/20/35
..........
1,959,023
1,829,000
California
Municipal
Finance
Authority
,
HumanGood
California
Obligated
Group
,
Revenue
,
2021
,
4
%
,
10/01/49
.........
2,700,000
2,167,673
Terry
Manor
Senior
Housing
LP
,
Revenue
,
2024
A
,
FNMA
Insured
,
4.2
%
,
8/01/40
..
2,885,000
2,742,858
b
California
School
Finance
Authority
,
Vista
Charter
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/61
...................................
1,455,000
1,029,286
City
of
Long
Beach
,
Airport
System
,
Revenue
,
2022
C
,
AG
Insured
,
5
%
,
6/01/42
..................
750,000
751,085
Airport
System
,
Revenue
,
2022
C
,
AG
Insured
,
5.25
%
,
6/01/47
...............
1,250,000
1,248,632
City
of
Los
Angeles
,
Community
Facilities
District
No.
11
,
Special
Tax
,
2021
,
4
%
,
9/01/38
.........................................................
1,000,000
926,357
b
CSCDA
Community
Improvement
Authority
,
1818
Platinum
Triangle-Anaheim
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3.25
%
,
4/01/57
........................................................
1,270,000
873,418
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
3/01/57
.
1,450,000
918,442
Dublin
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
2/01/57
..................
1,900,000
1,241,990
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-2
,
3.125
%
,
8/01/56
2,225,000
1,575,657
Parallel-Anaheim
,
Revenue
,
144A,
2021
A
,
4
%
,
8/01/56
.....................
2,815,000
2,388,119
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
12/01/56
.......
3,235,000
2,157,565
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
Second
Series
,
2023
C
,
Refunding
,
5.5
%
,
5/01/39
.................
5,765,000
6,179,695
26,466,404
Colorado
4.5%
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2022
A
,
5.5
%
,
11/15/35
.........................
1,500,000
1,646,938
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
City
&
County
of
Denver,
(continued)
Airport
System
,
Revenue
,
2022
A
,
5
%
,
11/15/37
...........................
$
1,025,000
$
1,065,613
Airport
System
,
Revenue
,
2022
A
,
5.5
%
,
11/15/38
.........................
1,500,000
1,605,902
Airport
System
,
Revenue
,
2022
A
,
4.125
%
,
11/15/47
.......................
5,000,000
4,320,212
Colorado
Health
Facilities
Authority
,
Christian
Living
Neighborhoods
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/37
.................................
550,000
549,976
Denver
Health
&
Hospital
Authority
,
Revenue
,
2025
A
,
5.125
%
,
12/01/50
..........
1,500,000
1,446,669
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
7/15/37
.............................................
850,000
728,114
b
Southern
Ute
Indian
Tribe
of
the
Southern
Ute
Reservation
of
Colorado
,
GO
,
144A,
2025
A
,
5
%
,
4/01/35
................................................
1,225,000
1,293,560
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
4.25
%
,
12/01/50
.................
550,000
462,700
13,119,684
Connecticut
0.7%
b
Harbor
Point
Infrastructure
Improvement
District
,
Tax
Allocation
,
144A,
2017
,
Refunding
,
5
%
,
4/01/39
.............................................
2,000,000
2,003,974
Florida
8.3%
b
Capital
Trust
Authority
,
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5.375
%
,
7/01/65
............................................
185,000
170,054
City
of
Miami
,
Revenue
,
2024
A
,
5.5
%
,
1/01/49
.............................
6,340,000
6,656,035
b
County
of
Palm
Beach
,
Provident
Group-PBAU
Properties
LLC
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/39
....................................................
1,600,000
1,555,112
c
East
Nassau
Stewardship
District
,
Special
Assessment
,
2025
,
6.25
%
,
5/01/56
......
450,000
450,486
Florida
Development
Finance
Corp.
,
b
Revenue
,
144A,
2021
A
,
4
%
,
7/01/51
...................................
500,000
383,097
River
City
Education
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
7/01/42
.
460,000
445,508
River
City
Education
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
7/01/51
.
1,300,000
1,196,251
River
City
Education
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
7/01/57
.
680,000
616,491
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/52
....................................................
1,500,000
1,353,827
Florida
Higher
Educational
Facilities
Financing
Authority
,
Florida
Institute
of
Technology,
Inc.
,
Revenue
,
2019
,
4
%
,
10/01/39
.............
800,000
704,267
St.
Leo
University,
Inc.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
3/01/44
..
1,500,000
1,113,505
Halifax
Hospital
Medical
Center
,
Halifax
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/36
.................................
1,500,000
1,503,512
Lakewood
Ranch
Stewardship
District
,
Assessments
,
Special
Assessment
,
2023
,
6.3
%
,
5/01/54
.........................................................
1,335,000
1,366,083
Palermo
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.5
%
,
6/15/55
................................................
250,000
244,177
Palm
Beach
County
Health
Facilities
Authority
,
Jupiter
Medical
Center
Obligated
Group
,
Revenue
,
2022
,
5
%
,
11/01/47
........................................
1,515,000
1,448,674
Pinellas
County
Industrial
Development
Authority
,
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.
,
Revenue
,
2019
,
5
%
,
7/01/39
.........
500,000
479,963
b
Southeast
Overtown
Park
West
Community
Redevelopment
Agency
,
Tax
Allocation
,
144A,
2014
A-1
,
5
%
,
3/01/30
.........................................
305,000
305,440
b
Village
Community
Development
District
No.
13
,
Phase
II
,
Special
Assessment
,
144A,
2020
,
3
%
,
5/01/35
.................................................
2,390,000
2,116,565
b
Village
Community
Development
District
No.
15
,
Special
Assessment
,
144A,
2024
,
4.55
%
,
5/01/44
.........................
500,000
462,072
Phase
I
,
Special
Assessment
,
144A,
2023
,
5
%
,
5/01/43
.....................
1,000,000
966,935
Volusia
County
Educational
Facility
Authority
,
Embry-Riddle
Aeronautical
University,
Inc.
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
10/15/39
..........................
600,000
569,964
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
Woodcreek
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/55
.....................................
$
200,000
$
181,808
24,289,826
Georgia
4.9%
DeKalb
County
Housing
Authority
,
HADC
1086
on
Montreal
LLC
,
Revenue
,
2024
,
4
%
,
3/01/34
......................................................
5,000,000
4,897,892
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
2/15/51
..........................
2,330,000
1,567,267
a
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
.....
2,670,000
2,821,821
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
1/01/51
...............................
500,000
419,236
Revenue
,
2021
A
,
Refunding
,
5
%
,
1/01/56
...............................
650,000
619,409
Revenue
,
2023
A
,
AG
Insured
,
5
%
,
7/01/55
..............................
1,700,000
1,691,192
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
1/01/49
.............................
1,000,000
1,022,384
Paulding
County
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
4/01/43
...............................
1,400,000
1,416,220
14,455,421
Hawaii
1.3%
City
&
County
Honolulu
,
Wastewater
System
,
Revenue,
Senior
Lien
,
2025
A
,
Refunding
,
5
%
,
7/01/37
.............................................
2,000,000
2,213,358
State
of
Hawaii
,
Harbor
System
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/34
........
1,625,000
1,628,924
3,842,282
Illinois
11.9%
Chicago
Board
of
Education
,
GO
,
2015
C
,
5.25
%
,
12/01/39
........................................
2,250,000
2,210,498
GO
,
2017
H
,
5
%
,
12/01/36
...........................................
500,000
485,324
Chicago
Midway
International
Airport
,
Revenue,
Senior
Lien
,
2023
C
,
Refunding
,
5
%
,
1/01/40
.........................................................
2,250,000
2,264,888
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
1/01/37
.....................
300,000
304,255
Customer
Facility
Charge
,
Revenue,
Senior
Lien
,
2023
,
Refunding
,
BAM
Insured
,
5.25
%
,
1/01/42
..................................................
1,465,000
1,504,420
City
of
Chicago
,
GO
,
2023
A
,
5
%
,
1/01/35
............................................
2,500,000
2,576,456
GO
,
2025
E
,
6
%
,
1/01/44
............................................
1,750,000
1,822,840
Illinois
Finance
Authority
,
CHF-Chicago
LLC
,
Revenue
,
2017
A
,
5
%
,
2/15/37
.........................
1,000,000
983,731
CHF-Chicago
LLC
,
Revenue
,
2017
A
,
5
%
,
2/15/47
.........................
2,000,000
1,821,049
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/15/35
........................................................
1,025,000
1,024,974
Riverside
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
4
%
,
11/15/34
500,000
498,736
University
of
Illinois
,
Revenue
,
2023
A
,
5.25
%
,
10/01/53
.....................
2,500,000
2,511,231
Metropolitan
Pier
&
Exposition
Authority
,
d
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2002
A
,
NATL
Insured
,
3.62
%,
12/15/30
..........................................
12,000,000
9,911,702
d
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2017
B
,
Refunding
,
4.604
%,
12/15/37
.......................................
1,000,000
757,356
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/15/50
............................................
5,000,000
3,999,464
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
............................................
1,000,000
789,678
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
State
of
Illinois
,
GO
,
2018
A
,
5
%
,
5/01/38
.................................
$
1,500,000
$
1,521,057
34,987,659
Indiana
1.2%
Hammond
Multi-School
Building
Corp.
,
Hammond
School
City
,
Revenue
,
2018
,
5
%
,
7/15/38
.........................................................
1,750,000
1,781,308
Indiana
Finance
Authority
,
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5.5
%
,
5/01/54
..............................................
455,000
433,576
Silver
Creek
School
Building
Corp.
,
Silver
Creek
School
Corp.
,
Revenue
,
2021
,
3
%
,
1/15/42
.........................................................
1,600,000
1,251,839
3,466,723
Iowa
0.6%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/46
...........................................
2,000,000
1,619,794
Kentucky
0.1%
Louisville
Regional
Airport
Authority
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
7/01/31
.....
385,000
385,158
Louisiana
2.0%
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.75
%
,
9/01/64
...........................................
1,750,000
1,777,929
a
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
A-3
,
Refunding
,
Mandatory
Put
,
2.2
%
,
7/01/26
........................................
3,010,000
2,985,631
Tangipahoa
Parish
Hospital
Service
District
No.
1
,
Revenue
,
2021
,
Refunding
,
4
%
,
2/01/42
.........................................................
1,250,000
1,107,847
5,871,407
Maryland
1.1%
City
of
Gaithersburg
,
Asbury
Maryland
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/36
......................................................
450,000
451,998
Maryland
Economic
Development
Corp.
,
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
4.25
%
,
7/01/50
1,350,000
1,136,510
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2022
A
,
6
%
,
7/01/58
1,725,000
1,793,726
3,382,234
Massachusetts
8.1%
Commonwealth
of
Massachusetts
,
GO
,
2022
C
,
5
%
,
10/01/52
...........................................
1,980,000
1,996,650
GO
,
2024
B
,
5
%
,
5/01/54
............................................
7,770,000
7,828,525
Massachusetts
Development
Finance
Agency
,
PRG
Medford
Properties,
Inc.
,
Revenue
,
2025
,
5.5
%
,
6/01/50
................
1,500,000
1,552,495
SABIS
International
Charter
School
,
Revenue
,
2015
,
Refunding
,
5
%
,
4/15/33
.....
1,000,000
1,000,106
UMass
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2025
N-1
,
Refunding
,
5.25
%
,
7/01/50
..................................................
5,000,000
4,983,767
UMass
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2025
N-1
,
Refunding
,
4.5
%
,
7/01/54
...................................................
4,800,000
4,214,308
Massachusetts
Port
Authority
,
Revenue
,
2016
B
,
4
%
,
7/01/46
..................
2,500,000
2,141,791
23,717,642
Michigan
7.3%
City
of
Detroit
,
GO
,
B-1
,
4
%
,
4/01/44
.....................................
1,690,341
1,316,225
Detroit
City
School
District
,
GO
,
2001
A
,
AG
Insured
,
6
%
,
5/01/29
...............
660,000
710,376
Great
Lakes
Water
Authority
,
Sewage
Disposal
System
,
Revenue,
Senior
Lien
,
2023
C
,
5.25
%
,
7/01/48
.......
1,375,000
1,412,100
Sewage
Disposal
System
,
Revenue,
Senior
Lien
,
2023
C
,
5.25
%
,
7/01/53
.......
1,700,000
1,739,352
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Michigan
(continued)
Michigan
Finance
Authority
,
Lawrence
Technological
University
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
2/01/42
........................................................
$
745,000
$
610,458
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
12/01/49
.
3,845,000
3,145,150
Michigan
State
Housing
Development
Authority
,
Revenue
,
2021
A
,
2.73
%
,
10/01/59
.
1,500,000
893,879
e
Pontiac
School
District
,
School
Building
and
Site
,
GO
,
2020
,
4
%
,
5/01/45
..........................
4,423,530
3,972,402
School
Building
and
Site
,
GO
,
2020
,
4
%
,
5/01/50
..........................
4,976,470
4,242,538
State
of
Michigan
,
Trunk
Line
,
Revenue
,
2021
A
,
4
%
,
11/15/46
.................
3,725,000
3,309,993
21,352,473
Minnesota
0.7%
City
of
Ramsey
,
PACT
Charter
School
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/01/32
...
2,000,000
1,949,378
Missouri
7.6%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
5/01/34
....................................................
1,085,000
964,436
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
5/01/38
....................................................
1,750,000
1,426,998
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
5/01/43
....................................................
1,150,000
855,761
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/01/45
....................................................
1,950,000
1,401,144
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/35
...................
5,925,000
6,053,068
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/46
...................
3,150,000
3,076,981
City
of
Kansas
City
Airport
,
Revenue
,
2020
A
,
AG
Insured
,
5
%
,
3/01/57
.........
8,980,000
8,630,631
22,409,019
Nevada
3.1%
City
of
Las
Vegas
,
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
3
%
,
6/01/41
....
1,745,000
1,289,636
Special
Improvement
District
No.
818
,
Special
Assessment
,
2024
,
5
%
,
12/01/49
...
1,130,000
1,049,097
b
City
of
Sparks
,
Revenue,
Senior
Lien
,
144A,
2019
A
,
Refunding
,
2.75
%
,
6/15/28
....
340,000
333,706
a
County
of
Washoe
,
Sierra
Pacific
Power
Co.
,
Revenue
,
2016
C
,
Refunding
,
Mandatory
Put
,
4.125
%
,
10/01/29
.......................................................
1,500,000
1,499,615
Sierra
Pacific
Power
Co.
,
Revenue
,
2016
F
,
Refunding
,
Mandatory
Put
,
4.125
%
,
10/01/29
.......................................................
4,850,000
4,848,757
9,020,811
New
Hampshire
3.8%
New
Hampshire
Business
Finance
Authority
,
Revenue
,
2024-2
,
A
,
3.625
%
,
8/20/39
..................................
2,729,037
2,486,708
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.125
%
,
8/15/40
..............
1,070,000
918,955
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.25
%
,
8/15/46
...............
1,210,000
985,496
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.5
%
,
8/15/55
................
2,540,000
2,002,648
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
8/15/37
............
850,000
800,075
St.
Luke's
Hospital
Obligated
Group
,
Revenue
,
2021
B
,
4
%
,
8/15/40
............
1,040,000
944,509
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Elliot
Hospital
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/38
.......
500,000
499,998
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Hampshire
(continued)
New
Hampshire
Health
and
Education
Facilities
Authority
Act,
(continued)
Southern
New
Hampshire
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/37
.......................................................
$
2,500,000
$
2,505,012
11,143,401
New
Jersey
0.5%
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.5
%
,
7/01/58
........................................
550,000
550,427
South
Jersey
Transportation
Authority
,
Revenue
,
2022
A
,
5.25
%
,
11/01/52
.........
1,000,000
1,014,535
1,564,962
New
Mexico
0.8%
City
of
Santa
Fe
,
El
Castillo
Retirement
Residences
Obligated
Group
,
Revenue
,
2012
,
5
%
,
5/15/42
.
1,460,000
1,365,960
El
Castillo
Retirement
Residences
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
5/15/44
975,000
894,691
2,260,651
New
York
13.3%
Empire
State
Development
Corp.
,
State
of
New
York
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
3/15/50
.............................................
1,060,000
729,755
Metropolitan
Transportation
Authority
,
Revenue
,
2017
C-1
,
Refunding
,
4
%
,
11/15/35
............................
1,000,000
990,820
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
11/15/47
.............................
8,000,000
8,236,350
New
York
City
Housing
Development
Corp.
,
Revenue
,
2020
I-1
,
2.55
%
,
11/01/45
....................................
2,025,000
1,362,422
Revenue
,
2020
I-1
,
2.8
%
,
11/01/60
.....................................
2,000,000
1,198,216
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2022
B-1
,
3
%
,
8/01/48
......................................................
5,875,000
4,059,067
New
York
Counties
Tobacco
Trust
VI
,
Revenue
,
2016
A-2B
,
Refunding
,
5
%
,
6/01/45
.
1,000,000
852,889
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
BAM
Insured
,
3
%
,
11/15/51
...................
3,500,000
2,387,110
7
World
Trade
Center
II
LLC
,
Revenue
,
2022
A
,
1
,
Refunding
,
3
%
,
9/15/43
.......
2,335,000
1,768,450
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/40
.........................
2,000,000
1,967,905
JFK
NTO
LLC
,
Revenue
,
2023
,
6
%
,
6/30/54
..............................
2,400,000
2,438,934
JFK
NTO
LLC
,
Revenue
,
2025
,
6
%
,
6/30/55
..............................
2,250,000
2,313,398
Laguardia
Gateway
Partners
LLC
,
Revenue
,
2016
A
,
5
%
,
7/01/46
.............
500,000
476,044
b
Oneida
Indian
Nation
of
New
York
,
Revenue
,
144A,
2024
A
,
8
%
,
9/01/40
...................................
300,000
306,738
Revenue
,
144A,
2024
B
,
6
%
,
9/01/43
...................................
475,000
496,901
e
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
218th
,
5
%
,
11/01/49
..........
2,980,000
2,896,423
Suffolk
Regional
Off-Track
Betting
Co.
,
Revenue
,
2024
,
6
%
,
12/01/53
............
2,270,000
2,309,773
Triborough
Bridge
&
Tunnel
Authority
,
Sales
Tax
,
Revenue
,
2022
A
,
5.25
%
,
5/15/57
..
4,400,000
4,462,558
39,253,753
North
Carolina
1.1%
North
Carolina
Medical
Care
Commission
,
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
3/01/51
........................................................
2,250,000
1,708,264
Maryfield,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/45
..............
500,000
446,935
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2024
A
,
5
%
,
10/01/44
...................................................
505,000
489,360
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
(continued)
North
Carolina
Medical
Care
Commission,
(continued)
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2024
A
,
5
%
,
10/01/49
...................................................
$
500,000
$
471,535
3,116,094
Ohio
2.9%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
A-2
,
1
,
Refunding
,
3
%
,
6/01/48
..................
3,560,000
2,382,283
Revenue,
Senior
Lien
,
2020
B-2
,
2
,
Refunding
,
5
%
,
6/01/55
..................
2,265,000
1,842,422
Cleveland-Cuyahoga
County
Port
Authority
,
Playhouse
Square
Foundation
,
Revenue
,
2018
,
Refunding
,
5.5
%
,
12/01/53
......................................
500,000
474,932
County
of
Montgomery
,
Kettering
Health
Network
Obligated
Group
,
Revenue
,
2016
,
4
%
,
8/01/47
......................................................
3,000,000
2,518,304
Port
of
Greater
Cincinnati
Development
Authority
,
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
5
%
,
12/01/63
............................................
1,250,000
1,211,900
Southeastern
Ohio
Port
Authority
,
Marietta
Area
Health
Care,
Inc.
Obligated
Group
,
Revenue
,
2015
,
Refunding
,
5.5
%
,
12/01/43
..............................
120,000
103,966
8,533,807
Oregon
0.5%
Clackamas
County
Hospital
Facility
Authority
,
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.25
%
,
11/15/50
............................
1,000,000
891,401
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
12/01/36
..................
650,000
636,866
1,528,267
Others
0.8%
f
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
FRN
,
2024-ML22
,
A-US
,
4.685
%
,
10/25/40
..................................................
2,232,166
2,250,504
Pennsylvania
6.5%
Allegheny
County
Airport
Authority
,
Revenue
,
2021
A
,
5
%
,
1/01/34
........................................
3,480,000
3,642,222
Revenue
,
2021
A
,
AG
Insured
,
4
%
,
1/01/46
..............................
750,000
639,756
Revenue
,
2023
A
,
AG
Insured
,
5.5
%
,
1/01/48
.............................
5,000,000
5,116,599
Bucks
County
Water
and
Sewer
Authority
,
Revenue
,
2022
A
,
AG
Insured
,
5.25
%
,
12/01/47
........................................................
2,175,000
2,251,363
Cumberland
County
Municipal
Authority
,
Lutheran
Senior
Services
East
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/32
...........................
200,000
200,124
Lancaster
County
Hospital
Authority
,
Masonic
Villages
of
the
Grand
Lodge
of
Pennsylvania
,
Revenue
,
2023
,
Refunding
,
5.125
%
,
11/01/38
................................................
2,000,000
2,095,182
Moravian
Manors
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
6/15/44
.............
1,000,000
861,793
St.
Anne's
Retirement
Community
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
3/01/40
........................................................
500,000
443,398
St.
Anne's
Retirement
Community
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
3/01/50
........................................................
500,000
390,514
Montgomery
County
Industrial
Development
Authority
,
Public
School
of
Germantown
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/36
.........................
450,000
420,556
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
AG
Insured
,
5.75
%
,
12/31/62
..
1,350,000
1,379,853
b
Philadelphia
Authority
for
Industrial
Development
,
g
University
of
the
Arts
(The)
,
Revenue
,
144A,
2017
,
5
%
,
3/15/45
...............
610,041
305,020
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
b
Philadelphia
Authority
for
Industrial
Development,
(continued)
University
Plaza
Associates
,
Revenue
,
144A,
2017
,
III
,
Pre-Refunded
,
5.25
%
,
12/01/47
.......................................................
$
1,400,000
$
1,445,797
19,192,177
Rhode
Island
0.9%
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2015
B
,
Refunding
,
5
%
,
6/01/50
....
2,750,000
2,651,313
South
Dakota
0.6%
County
of
Lincoln
,
Augustana
College
Association
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/01/61
.........................................................
2,355,000
1,673,126
Tennessee
2.0%
Knox
County
Health
Educational
&
Housing
Facility
Board
,
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5
%
,
7/01/64
...............
3,415,000
3,272,009
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
,
Blakeford
at
Green
Hills
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/55
.
2,250,000
1,578,896
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2022
B
,
5.5
%
,
7/01/42
.....
1,125,000
1,166,577
6,017,482
Texas
13.0%
Arlington
Higher
Education
Finance
Corp.
,
b
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2024
,
4.75
%
,
6/15/49
.......
1,215,000
1,083,012
Uplift
Education
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
12/01/36
.................
500,000
501,244
Austin-Bergstrom
Landhost
Enterprises,
Inc.
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/34
................................
530,000
538,812
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/35
................................
1,045,000
1,058,969
b
Beaumont
Housing
Authority
,
Revenue,
Senior
Lien
,
144A,
2025
A
,
6.5
%
,
7/01/55
...
625,000
591,787
Central
Texas
Turnpike
System
,
Revenue,
First
Tier
,
2020
A
,
Refunding
,
3
%
,
8/15/40
2,825,000
2,246,485
b
City
of
Crandall
,
River
Ridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/55
..........................
390,000
365,342
b
City
of
Manor
,
EntradenGlen
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
7
%
,
9/15/55
............................
175,000
174,470
b
City
of
Seagoville
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/54
...............
775,000
772,447
Clifton
Higher
Education
Finance
Corp.
,
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2018
D
,
Refunding
,
6.125
%
,
8/15/48
........................................................
1,150,000
1,151,525
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
PSF
Guaranty
,
4.125
%
,
8/15/49
.................................................
1,250,000
1,069,506
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
PSF
Guaranty
,
4.25
%
,
8/15/53
..................................................
4,800,000
4,117,673
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
PSF
Guaranty
,
5.25
%
,
2/15/49
..................................................
1,000,000
1,019,234
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
PSF
Guaranty
,
5
%
,
2/15/55
....................................................
1,635,000
1,603,228
YES
Prep
Public
Schools,
Inc.
,
Revenue
,
2023
,
PSF
Guaranty
,
4.25
%
,
4/01/48
...
2,000,000
1,807,650
b
County
of
Denton
,
Green
Meadows
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
12/31/55
......................
775,000
777,477
e
Grand
Parkway
Transportation
Corp.
,
Tela
Supported
,
Revenue
,
2018
A
,
5
%
,
10/01/48
3,500,000
3,419,270
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/37
........................................................
1,000,000
996,509
YMCA
of
the
Greater
Houston
Area
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
6/01/33
...
800,000
770,747
YMCA
of
the
Greater
Houston
Area
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
6/01/38
...
1,500,000
1,319,578
Houston
Higher
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2025
,
5.125
%
,
10/01/51
..................................................
650,000
595,644
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Love
Field
Airport
Modernization
Corp.
,
City
of
Dallas
Airport
,
Revenue
,
2015
,
5
%
,
11/01/35
........................................................
$
1,000,000
$
1,000,686
Matagorda
County
Navigation
District
No.
1
,
AEP
Texas,
Inc.
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
4.4
%
,
5/01/30
...............................
1,500,000
1,567,815
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
CHF-Collegiate
Housing
Denton
LLC
,
Revenue
,
2018
A-1
,
AG
Insured
,
4.125
%
,
7/01/53
........................................................
1,000,000
805,100
CHF-Collegiate
Housing
Denton
LLC
,
Revenue
,
2018
B-1
,
AG
Insured
,
4.125
%
,
7/01/53
........................................................
1,000,000
804,363
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Buckner
Retirement
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
11/15/40
...............
2,000,000
1,939,042
b
Texas
Community
Housing
&
Economic
Development
Corp.
,
Agape
Helotes,
Inc.
,
Revenue,
Senior
Lien
,
144A,
2025
A-1
,
6.25
%
,
1/01/65
.....................
625,000
556,148
Texas
Public
Finance
Authority
,
Texas
Southern
University
,
Revenue
,
2023
,
BAM
Insured
,
5.25
%
,
5/01/40
.......
400,000
410,381
Texas
Southern
University
,
Revenue
,
2023
,
BAM
Insured
,
5.25
%
,
5/01/41
.......
400,000
407,208
Texas
Southern
University
,
Revenue
,
2023
,
BAM
Insured
,
5.25
%
,
5/01/42
.......
400,000
404,204
Texas
Water
Development
Board
,
State
Water
Implementation
Revenue
Fund
for
Texas
,
Revenue
,
2023
A
,
4.875
%
,
10/15/48
..............................
3,000,000
2,998,794
b
Town
of
Providence
Village
,
Foree
Ranch
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/01/55
.................
385,000
359,152
Uptown
Development
Authority
,
City
of
Houston
Reinvestment
Zone
No.
16
,
Tax
Allocation
,
2021
,
Refunding
,
3
%
,
9/01/39
........................................................
725,000
548,681
City
of
Houston
Reinvestment
Zone
No.
16
,
Tax
Allocation
,
2021
,
Refunding
,
3
%
,
9/01/40
........................................................
750,000
552,355
38,334,538
Utah
2.7%
b
Black
Desert
Public
Infrastructure
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
12/01/53
........................................
700,000
680,689
Downtown
Revitalization
Public
Infrastructure
District
,
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5.5
%
,
6/01/50
3,000,000
3,129,092
b
MIDA
Mountain
Village
Public
Infrastructure
District
,
Mountain
Village
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
4
%
,
8/01/50
..........................
1,625,000
1,295,572
Utah
Infrastructure
Agency
,
Revenue
,
2022
,
5
%
,
10/15/37
........................................
1,200,000
1,230,248
Revenue
,
2023
,
6
%
,
10/15/47
........................................
1,650,000
1,734,400
8,070,001
Virginia
0.4%
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/36
........................................................
630,000
610,272
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/39
........................................................
750,000
689,514
1,299,786
Washington
6.7%
Grays
Harbor
County
Public
Hospital
District
No.
1
,
Revenue
,
2023
,
Refunding
,
6.875
%
,
12/01/49
..................................................
4,000,000
4,324,096
King
County
Public
Hospital
District
No.
1
,
GO
,
2018
,
Refunding
,
5
%
,
12/01/38
.....
2,365,000
2,411,134
Port
of
Seattle
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
8/01/40
.....................
1,000,000
1,011,602
Washington
State
Housing
Finance
Commission
,
Revenue
,
2021-1
,
A
,
3.5
%
,
12/20/35
...................................
2,532,823
2,380,513
Revenue
,
2023-1
,
A
,
3.375
%
,
4/20/37
..................................
2,557,930
2,318,232
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Washington
(continued)
Washington
State
Housing
Finance
Commission,
(continued)
f
Revenue
,
FRN
,
2024-1
,
A
,
4.221
%
,
3/20/40
..............................
$
895,459
$
824,298
Eastside
Retirement
Association
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
7/01/43
........................................................
2,030,000
1,984,016
b
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5.25
%
,
7/01/55
..................................................
1,500,000
1,476,303
b
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
6.25
%
,
7/01/59
........................................................
2,750,000
2,898,198
19,628,392
Wisconsin
9.2%
Public
Finance
Authority
,
Revenue
,
2023-1
,
A
,
5.75
%
,
7/01/62
...................................
2,605,808
2,592,440
b
AMCP
Franklin
LLC
,
Revenue
,
144A,
2025
A-T
,
10
%
,
12/01/60
...............
715,000
718,263
Beyond
Boone
LLC
,
Revenue
,
2020
A
,
AG
Insured
,
4
%
,
7/01/34
..............
300,000
298,681
Beyond
Boone
LLC
,
Revenue
,
2020
A
,
AG
Insured
,
4
%
,
7/01/38
..............
435,000
416,732
Beyond
Boone
LLC
,
Revenue
,
2020
A
,
AG
Insured
,
4
%
,
7/01/40
..............
500,000
464,663
Beyond
Boone
LLC
,
Revenue
,
2020
A
,
AG
Insured
,
4
%
,
7/01/45
..............
600,000
529,214
Beyond
Boone
LLC
,
Revenue
,
2020
A
,
AG
Insured
,
4
%
,
7/01/50
..............
700,000
590,890
CFC-SA
LLC
,
Revenue,
Senior
Lien
,
2022
A
,
5
%
,
2/01/62
...................
700,000
646,856
b
CHF
-
Manoa
LLC
,
Revenue,
Senior
Lien
,
144A,
2023
A
,
5.75
%
,
7/01/63
........
1,000,000
932,685
b
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
1,750,000
1,774,582
b
Mary's
Woods
at
Marylhurst
Obligated
Group
,
Revenue
,
144A,
2017
A
,
Refunding
,
5.25
%
,
5/15/37
..................................................
250,000
250,211
b
North
Carolina
Leadership
Charter
Academy,
Inc.
,
Revenue
,
144A,
2019
A
,
5
%
,
6/15/49
........................................................
1,580,000
1,386,499
c
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
5.75
%
,
12/31/65
......
525,000
501,274
c
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
6.5
%
,
12/31/65
.......
675,000
704,999
TrIPs
Obligated
Group
,
Revenue
,
2012
B
,
Refunding
,
5.25
%
,
7/01/28
..........
115,000
115,106
b
UHF
Promenade
Apts
LLC
(The)
,
Revenue
,
144A,
2024
,
6.25
%
,
2/01/39
........
1,000,000
998,356
b
UNC
Charlotte
Marriott
Hotel
&
Conference
Center
,
Revenue
,
144A,
2021
A
,
4
%
,
9/01/51
........................................................
750,000
530,669
b
UNC
Charlotte
Marriott
Hotel
&
Conference
Center
,
Revenue
,
144A,
2021
A
,
4
%
,
9/01/56
........................................................
1,000,000
683,560
Wisconsin
Health
&
Educational
Facilities
Authority
,
Advocate
Aurora
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
8/15/35
3,000,000
2,930,585
Froedtert
ThedaCare
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
4/01/37
........................................................
3,000,000
2,932,287
Froedtert
ThedaCare
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
4/01/41
........................................................
4,865,000
4,455,847
Hmong
American
Peace
Academy
Ltd.
,
Revenue
,
2020
,
5
%
,
3/15/50
...........
1,000,000
911,200
Sanford
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
2/15/54
..................
1,600,000
1,671,735
27,037,334
U.S.
Territories
5.7%
District
of
Columbia
3.8%
District
of
Columbia
,
Ingleside
Presbyterian
Retirement
Community
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/52
....................................................
500,000
431,974
Latin
American
Montessori
Bilingual
Public
Charter
School
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
6/01/40
...............................
2,000,000
1,881,663
Plenary
Infrastructure
DC
LLC
,
Revenue
,
2022
A
,
5.5
%
,
2/29/36
..............
1,370,000
1,510,884
Plenary
Infrastructure
DC
LLC
,
Revenue
,
2022
A
,
5.5
%
,
2/28/37
..............
1,500,000
1,642,826
Two
Rivers
Public
Charter
School,
Inc.
,
Revenue
,
2020
,
Refunding
,
5
%
,
6/01/40
..
1,500,000
1,419,771
Two
Rivers
Public
Charter
School,
Inc.
,
Revenue
,
2020
,
Refunding
,
5
%
,
6/01/50
..
1,500,000
1,320,948
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
See
Abbreviations
on
page
15
.
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
(continued)
District
of
Columbia
(continued)
Metropolitan
Washington
Airports
Authority
,
e
Dulles
Metrorail
and
Capital
Improvement
Projects
,
Revenue,
Sub.
Lien
,
2019
B
,
Refunding
,
4
%
,
10/01/53
...........................................
$
1,290,000
$
1,044,333
d
Dulles
Toll
Road
,
Revenue,
Senior
Lien
,
2010
A
,
4.93
%,
10/01/37
.............
3,700,000
2,060,627
11,313,026
Puerto
Rico
1.9%
Commonwealth
of
Puerto
Rico
,
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
1,250,000
1,178,061
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
5,000,000
4,361,247
5,539,308
Total
U.S.
Territories
....................................................................
16,852,334
Total
Municipal
Bonds
(Cost
$
458,157,677
)
.....................................
438,290,762
a
a
a
a
Short
Term
Investments
0.2%
U.S.
Government
and
Agency
Securities
0.2%
d
U.S.
Treasury
Bills
,
4.21
%,
10/02/25
...................................................
400,000
397,076
4.21
%,
11/06/25
...................................................
200,000
197,734
594,810
Total
U.S.
Government
and
Agency
Securities
(Cost
$
595,065
)
....................
594,810
Total
Short
Term
Investments
(Cost
$
595,065
)
..................................
594,810
a
Total
Investments
(Cost
$
458,752,742
)
149.3
%
..................................
$438,885,572
Remarketed
Preferred
Shares
(
47.2
)
%
.........................................
(138,725,000)
Floating
Rate
Notes
Issued
(
3.5
)
%
.............................................
(10,205,078)
Other
Assets,
less
Liabilities
1.4
%
.............................................
4,074,793
Net
Assets
100.0%
...........................................................
$294,030,287
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
July
31,
2025,
the
aggregate
value
of
these
securities
was
$47,343,665,
representing
16.1%
of
net
assets.
c
Security
purchased
on
a
when-issued
basis.
d
The
rate
shown
represents
the
yield
at
period
end.
e
Underlying
security
in
a
tender
option
bond
transaction.
This
security
has
been
segregated
as
collateral
for
financing
transactions.
f
The
coupon
rate
shown
represents
the
rate
at
period
end.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
Putnam
Municipal
Opportunities
Trust
13
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Putnam
Municipal
Opportunities
Trust (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-
end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Trust's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Debt
securities
generally
trade
in
the
OTC market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Putnam
Municipal
Opportunities
Trust
Notes
to
Schedule
of
Investments
(unaudited)
14
Quarterly
Schedule
of
Investments
3.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
July
31,
2025
,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
4. Fair
Value
Measurements
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
July
31,
2025,
in
valuing
the Fund's
assets
carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Municipal
Opportunities
Trust
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.558%
......
$2,605,616
$24,336,850
$(26,942,466)
$—
$—
$—
—
$30,756
Total
Affiliated
Securities
...
$2,605,616
$24,336,850
$(26,942,466)
$—
$—
$—
$30,756
Level
1
Level
2
Level
3
Total
Putnam
Municipal
Opportunities
Trust
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
$
—
$
438,290,762
$
—
$
438,290,762
Short
Term
Investments
...................
—
594,810
—
594,810
Total
Investments
in
Securities
...........
$—
$438,885,572
$—
$438,885,572
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Putnam
Municipal
Opportunities
Trust
Notes
to
Schedule
of
Investments
(unaudited)
15
Quarterly
Schedule
of
Investments
Abbreviations
Selected
Portfolio
AG
Assured
Guaranty,
Inc.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GO
General
Obligation
NATL
National
Reinsurance
Corp.
PSF
Permanent
School
Fund
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.