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Schedule
of
Investments
(unaudited)
Putnam
Municipal
Opportunities
Trust
2
Notes
to
Schedule
of
Investments
14
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited),
January
31,
2026
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
145.1%
Alabama
0.2%
a,b
Baldwin
County
Industrial
Development
Authority
,
Novelis
Corp.
,
Revenue
,
144A,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/32
........................................
$
500,000
$
511,365
Alaska
1.8%
c
Alaska
Industrial
Development
&
Export
Authority
,
Dena'
Nena'
Henash
,
Revenue
,
2019
A
,
4
%
,
10/01/44
...............................................
6,050,000
5,677,114
Arizona
3.3%
Arizona
Industrial
Development
Authority
,
b
BASIS
Schools,
Inc.
Obligated
Group,
Revenue,
144A,
2017
D,
Refunding,
5%,
7/01/51
........................................................
510,000
476,035
Equitable
School
Revolving
Fund
LLC
Obligated
Group,
Revenue,
2021
A,
4%,
11/01/46
.......................................................
2,855,000
2,526,691
KIPP
NYC
Public
Charter
Schools,
Revenue,
2021
B,
4%,
7/01/41
.............
720,000
678,641
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
1,000,448
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
1,929,250
La
Posada
at
Park
Centre,
Inc.
Obligated
Group,
Revenue,
144A,
2022
A,
7%,
11/15/57
.......................................................
350,000
375,185
Maricopa
County
Industrial
Development
Authority
,
b
Grand
Canyon
University
Obligated
Group,
Revenue,
144A,
2024,
7.375%,
10/01/29
2,050,000
2,186,248
Horizon
Community
Learning
Center,
Inc.,
Revenue,
2016,
Refunding,
5%,
7/01/35
750,000
752,325
Reid
Traditional
Schools
Obligated
Group,
Revenue,
2016,
5%,
7/01/36
.........
350,000
350,488
10,275,311
California
8.7%
b
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..............................................
550,000
457,990
California
Municipal
Finance
Authority
,
d
Revenue,
FRN,
2025-1,
A-2,
3.439%,
2/20/41
............................
2,333,000
2,063,524
HumanGood
California
Obligated
Group,
Revenue,
2021,
4%,
10/01/49
.........
2,700,000
2,364,272
Terry
Manor
Senior
Housing
LP,
Revenue,
2024
A,
FNMA
Insured,
4.2%,
8/01/40
..
2,870,000
2,960,932
b
California
School
Finance
Authority
,
Vista
Charter
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/61
...................................
1,455,000
1,083,315
City
of
Long
Beach
,
Airport
System,
Revenue,
2022
C,
AG
Insured,
5%,
6/01/42
..................
750,000
795,026
Airport
System,
Revenue,
2022
C,
AG
Insured,
5.25%,
6/01/47
...............
1,250,000
1,290,945
City
of
Los
Angeles
,
Community
Facilities
District
No.
11
,
Special
Tax
,
2021
,
4
%
,
9/01/38
.........................................................
1,000,000
999,828
b
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
500,000
344,105
b
CSCDA
Community
Improvement
Authority
,
Cameo/Garrison
Apartments,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
3/01/57
.
1,450,000
985,556
Dublin,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
2/01/57
..................
1,900,000
1,335,991
Jefferson
Platinum
Triangle
Apartments,
Revenue,
144A,
2021
A-2,
3.125%,
8/01/56
5,135,000
3,842,206
Pasadena
Portfolio,
Revenue,
Senior
Lien,
144A,
2021
A-2,
3%,
12/01/56
.......
2,735,000
1,888,056
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
Second
Series
,
2023
C
,
Refunding
,
5.5
%
,
5/01/39
.................
5,765,000
6,511,461
26,923,207
Colorado
4.3%
City
&
County
of
Denver
,
Airport
System,
Revenue,
2022
A,
5.5%,
11/15/35
.........................
1,500,000
1,716,141
Airport
System,
Revenue,
2022
A,
5%,
11/15/37
...........................
1,025,000
1,116,021
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,
5.5%,
11/15/38
.........................
$
1,500,000
$
1,683,583
Airport
System,
Revenue,
2022
A,
4.125%,
11/15/47
.......................
5,000,000
4,593,954
Colorado
Health
Facilities
Authority
,
Christian
Living
Neighborhoods
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/37
.................................
550,000
550,293
Denver
Health
&
Hospital
Authority
,
Revenue
,
2025
A
,
5.125
%
,
12/01/50
..........
1,500,000
1,507,156
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
7/15/37
.............................................
850,000
780,603
b
Southern
Ute
Indian
Tribe
of
the
Southern
Ute
Reservation
of
Colorado
,
GO
,
144A,
2025
A
,
5
%
,
4/01/35
................................................
1,225,000
1,356,432
13,304,183
Connecticut
0.7%
b
Harbor
Point
Infrastructure
Improvement
District
,
Tax
Allocation
,
144A,
2017
,
Refunding
,
5
%
,
4/01/39
.............................................
2,000,000
2,028,182
Florida
9.3%
b
Capital
Trust
Authority
,
Academir
Charter
Schools,
Inc.,
Revenue,
144A,
2025
A,
6.375%,
7/01/50
.......
900,000
910,751
Madrone
Florida
Tech
Student
Housing
I
LLC,
Revenue,
144A,
2025
A,
5.375%,
7/01/65
........................................................
185,000
177,433
b
Center
Lake
Ranch
West
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
144A,
2025
,
5.6
%
,
5/01/55
..........................
300,000
300,055
City
of
Miami
,
Revenue
,
2024
A
,
5.5
%
,
1/01/49
.............................
6,340,000
6,810,238
b
County
of
Okaloosa
,
AIR
Force
Enlisted
Village,
Inc.
Obligated
Group
,
Revenue
,
144A,
2025
,
5.75
%
,
5/15/55
...............................................
425,000
432,395
b
County
of
Palm
Beach
,
Provident
Group-PBAU
Properties
LLC
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/39
....................................................
1,600,000
1,617,284
b
Del
Webb
Oak
Creek
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/55
..............................................
270,000
271,152
East
Nassau
Stewardship
District
,
Special
Assessment
,
2025
,
6.25
%
,
5/01/56
......
450,000
464,802
Firethorn
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
2025
,
5.6
%
,
5/01/55
................................................
300,000
297,142
Florida
Development
Finance
Corp.
,
b
Revenue,
144A,
2021
A,
4%,
7/01/51
...................................
500,000
411,692
River
City
Education
Obligated
Group,
Revenue,
2022
B,
Refunding,
5%,
7/01/42
.
485,000
486,589
River
City
Education
Obligated
Group,
Revenue,
2022
B,
Refunding,
5%,
7/01/51
.
1,300,000
1,223,697
River
City
Education
Obligated
Group,
Revenue,
2022
B,
Refunding,
5%,
7/01/57
.
680,000
631,865
Shands
Jacksonville
Medical
Center
Obligated
Group,
Revenue,
2022
A,
Refunding,
5%,
2/01/52
....................................................
1,500,000
1,428,075
Florida
Higher
Educational
Facilities
Financing
Authority
,
Florida
Institute
of
Technology,
Inc.,
Revenue,
2019,
4%,
10/01/39
.............
800,000
771,748
St.
Leo
University,
Inc.
Obligated
Group,
Revenue,
2019,
Refunding,
5%,
3/01/44
..
1,500,000
1,159,939
Halifax
Hospital
Medical
Center
,
Halifax
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/36
.................................
1,500,000
1,506,614
e
Hills
of
Minneola
Community
Development
District
,
North
Parcel
Assessment
Area
2
,
Special
Assessment
,
2026
,
5.6
%
,
5/01/56
...............................
195,000
195,220
e
Hunt
Club
Grove
Community
Development
District
,
Assessment
Area
2
,
Revenue
,
2026
,
5.6
%
,
12/15/55
...............................................
185,000
185,233
b
Lakeside
at
Satilla
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/55
...............................
100,000
100,502
Lakewood
Ranch
Stewardship
District
,
Special
Assessment,
2025,
6%,
5/01/56
.................................
275,000
283,345
Assessments,
Special
Assessment,
2023,
6.3%,
5/01/54
....................
1,335,000
1,400,737
b
New
Port
Corners
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
6/15/55
....................................................
300,000
297,058
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)
Palermo
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.5
%
,
6/15/55
................................................
$
250,000
$
255,347
Palm
Beach
County
Health
Facilities
Authority
,
Jupiter
Medical
Center
Obligated
Group
,
Revenue
,
2022
,
5
%
,
11/01/47
........................................
1,515,000
1,520,428
Pinellas
County
Industrial
Development
Authority
,
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.
,
Revenue
,
2019
,
5
%
,
7/01/39
.........
500,000
506,007
b
Riverwalk
Community
Development
District
,
Special
Assessment
,
144A,
2025
A
,
5.625
%
,
5/01/55
...................................................
275,000
275,156
b,e
Southpointe
of
Manatee
County
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2026
,
5.625
%
,
5/01/56
.........................
195,000
194,162
b
Sugarloaf
Community
Development
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2026
,
5.625
%
,
12/15/55
........................................
190,000
188,684
Terra
Lago
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.75
%
,
5/01/56
...............................................
400,000
396,325
b
Village
Community
Development
District
No.
13
,
Phase
II
,
Special
Assessment
,
144A,
2020
,
3
%
,
5/01/35
.................................................
2,380,000
2,263,816
b
Village
Community
Development
District
No.
15
,
Special
Assessment,
144A,
2024,
4.55%,
5/01/44
.........................
500,000
486,063
Phase
I,
Special
Assessment,
144A,
2023,
5%,
5/01/43
.....................
1,000,000
1,022,035
Vivid
Shores
Community
Development
District
,
Special
Assessment
,
2025
,
5.625
%
,
5/01/56
.........................................................
110,000
109,996
b
Waterset
South
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2025
,
5.7
%
,
5/01/56
................................
225,000
225,392
Woodcreek
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/55
.....................................
200,000
193,866
29,000,843
Georgia
4.5%
b
Atlanta
Development
Authority
(The)
,
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/50
................................................
125,000
129,634
DeKalb
County
Housing
Authority
,
HADC
1086
on
Montreal
LLC
,
Revenue
,
2024
,
4
%
,
3/01/34
......................................................
5,000,000
5,080,239
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
2/15/51
..........................
2,330,000
1,658,295
a
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
.....
2,670,000
2,861,387
Municipal
Electric
Authority
of
Georgia
,
Revenue,
2024
A,
Refunding,
5.25%,
1/01/49
.............................
1,000,000
1,039,145
JEA
Electric
System,
Revenue,
2023
A,
AG
Insured,
5%,
7/01/55
..............
1,700,000
1,722,354
Paulding
County
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
4/01/43
...............................
1,400,000
1,471,910
13,962,964
Hawaii
1.4%
County
of
Maui
,
GO
,
2025
,
5
%
,
9/01/37
...................................
2,250,000
2,629,604
State
of
Hawaii
,
Harbor
System
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/34
........
1,625,000
1,671,642
4,301,246
Illinois
12.3%
Chicago
Board
of
Education
,
GO,
2015
C,
5.25%,
12/01/39
........................................
2,250,000
2,225,881
GO,
2023
A,
5.875%,
12/01/47
........................................
400,000
409,735
GO,
2023
A,
6%,
12/01/49
...........................................
325,000
334,107
Chicago
Midway
International
Airport
,
Revenue,
Senior
Lien
,
2023
C
,
Refunding
,
5
%
,
1/01/40
.........................................................
2,250,000
2,398,146
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien,
2018
A,
Refunding,
5%,
1/01/37
.....................
300,000
311,683
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)
Chicago
O’Hare
International
Airport,
(continued)
Customer
Facility
Charge,
Revenue,
Senior
Lien,
2023,
Refunding,
BAM
Insured,
5.25%,
1/01/42
..................................................
$
1,465,000
$
1,585,737
City
of
Chicago
,
GO,
2023
A,
5%,
1/01/35
............................................
2,500,000
2,641,068
GO,
2025
E,
6%,
1/01/44
............................................
1,750,000
1,895,940
c
Chicago
O'Hare
International
Airport,
Revenue,
Senior
Lien,
2025
E,
BAM
Insured,
5.5%,
1/01/55
...................................................
3,500,000
3,651,646
Illinois
Finance
Authority
,
Board
of
Trustees
of
the
University
of
Illinois
(The),
Revenue,
2023
A,
5.25%,
10/01/53
.......................................................
2,500,000
2,611,961
CHF-Chicago
LLC,
Revenue,
2017
A,
5%,
2/15/37
.........................
1,000,000
1,009,320
CHF-Chicago
LLC,
Revenue,
2017
A,
5%,
2/15/47
.........................
2,000,000
1,910,850
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2015
A,
Refunding,
5%,
5/15/35
........................................................
1,025,000
1,025,554
Metropolitan
Pier
&
Exposition
Authority
,
f
State
of
Illinois
McCormick
Place
Expansion
Project
Fund,
Revenue,
2002
A,
NATL
Insured,
3.11%,
12/15/30
..........................................
12,000,000
10,337,671
f
State
of
Illinois
McCormick
Place
Expansion
Project
Fund,
Revenue,
2017
B,
Refunding,
4.604%,
12/15/37
.......................................
1,000,000
821,556
State
of
Illinois
McCormick
Place
Expansion
Project
Fund,
Revenue,
2020
A,
Refunding,
4%,
6/15/50
............................................
5,000,000
4,302,220
State
of
Illinois
McCormick
Place
Expansion
Project
Fund,
Revenue,
2022
A,
Refunding,
4%,
6/15/52
............................................
1,000,000
847,409
38,320,484
Indiana
0.7%
Hammond
Multi-School
Building
Corp.
,
Hammond
School
City
,
Revenue
,
2018
,
5
%
,
7/15/38
.........................................................
1,750,000
1,806,115
Indiana
Finance
Authority
,
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5.5
%
,
5/01/54
..............................................
455,000
459,021
2,265,136
Iowa
0.6%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group,
Revenue,
2021
A,
Refunding,
4%,
5/15/46
........................................................
2,000,000
1,701,118
Presbyterian
Homes
Mill
Pond
Apartment,
Inc.,
Revenue,
2025,
5.75%,
10/01/55
..
300,000
305,280
2,006,398
Kentucky
1.0%
Kentucky
Economic
Development
Finance
Authority
,
Masonic
Homes
of
Kentucky,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/15/51
.................
500,000
397,281
Kentucky
Public
Energy
Authority
,
Revenue
,
2025
B
,
5
%
,
12/01/33
..............
2,275,000
2,386,034
Louisville
Regional
Airport
Authority
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
7/01/31
.....
385,000
386,641
3,169,956
Louisiana
0.7%
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC,
Revenue,
Senior
Lien,
2024,
5.5%,
9/01/59
......
350,000
354,900
Calcasieu
Bridge
Partners
LLC,
Revenue,
Senior
Lien,
2024,
5.75%,
9/01/64
.....
1,750,000
1,804,355
2,159,255
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)
Maryland
1.1%
City
of
Gaithersburg
,
Asbury
Maryland
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/36
......................................................
$
450,000
$
458,345
Maryland
Economic
Development
Corp.
,
Morgan
View
&
Thurgood
Marshall
Student
Housing,
Revenue,
2020,
4.25%,
7/01/50
1,350,000
1,177,736
Morgan
View
&
Thurgood
Marshall
Student
Housing,
Revenue,
2022
A,
6%,
7/01/58
1,725,000
1,821,073
3,457,154
Massachusetts
8.0%
Commonwealth
of
Massachusetts
,
GO,
2022
C,
5%,
10/01/52
...........................................
1,980,000
2,038,244
GO,
2024
B,
5%,
5/01/54
............................................
7,770,000
8,027,303
Massachusetts
Development
Finance
Agency
,
Boston
Medical
Center
Corp.
Obligated
Group,
Revenue,
2015
D,
5%,
7/01/44
....
400,000
396,224
PRG
Medford
Properties,
Inc.,
Revenue,
2025,
5.5%,
6/01/50
................
1,500,000
1,601,810
SABIS
International
Charter
School,
Revenue,
2015,
Refunding,
5%,
4/15/33
.....
1,000,000
1,000,376
UMass
Memorial
Health
Care
Obligated
Group,
Revenue,
2025
N-1,
Refunding,
5.25%,
7/01/50
..................................................
5,000,000
5,120,511
UMass
Memorial
Health
Care
Obligated
Group,
Revenue,
2025
N-1,
Refunding,
4.5%,
7/01/54
...................................................
4,800,000
4,497,479
Massachusetts
Port
Authority
,
Revenue
,
2016
B
,
4
%
,
7/01/46
..................
2,500,000
2,287,887
24,969,834
Michigan
7.3%
City
of
Detroit
,
GO
,
B-1
,
4
%
,
4/01/44
.....................................
1,690,341
1,331,447
Detroit
City
School
District
,
GO
,
2001
A
,
AG
Insured
,
6
%
,
5/01/29
...............
660,000
705,693
Great
Lakes
Water
Authority
,
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2023
C,
5.25%,
7/01/48
.......
1,375,000
1,464,005
Sewage
Disposal
System,
Revenue,
Senior
Lien,
2023
C,
5.25%,
7/01/53
.......
1,700,000
1,780,838
Michigan
Finance
Authority
,
Lawrence
Technological
University
Obligated
Group,
Revenue,
2022,
Refunding,
4%,
2/01/42
........................................................
745,000
650,990
Trinity
Health
Corp.
Obligated
Group,
Revenue,
2019
A,
Refunding,
4%,
12/01/49
.
3,845,000
3,458,515
Michigan
State
Housing
Development
Authority
,
Revenue
,
2021
A
,
2.73
%
,
10/01/59
.
1,500,000
932,981
Pontiac
School
District
,
GO,
2020,
4%,
5/01/45
.............................................
4,425,000
4,219,738
GO,
2020,
4%,
5/01/50
.............................................
4,975,000
4,546,767
State
of
Michigan
,
Trunk
Line
,
Revenue
,
2021
A
,
4
%
,
11/15/46
.................
3,725,000
3,497,229
22,588,203
Minnesota
0.7%
City
of
Ramsey
,
PACT
Charter
School
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/01/32
...
2,000,000
2,034,192
Missouri
2.5%
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
954,120
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
A,
Refunding,
4%,
5/01/38
....................................................
1,750,000
1,423,611
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
A,
Refunding,
4%,
5/01/43
....................................................
1,150,000
875,906
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis,
Revenue,
2023
B,
Refunding,
4%,
5/01/45
....................................................
1,950,000
1,425,146
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)
Missouri
(continued)
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/46
...............................................
$
3,150,000
$
3,165,234
7,844,017
Nevada
2.9%
City
of
Las
Vegas
,
Special
Improvement
District
No.
816,
Special
Assessment,
2021,
3%,
6/01/41
....
1,740,000
1,397,689
Special
Improvement
District
No.
818,
Special
Assessment,
2024,
5%,
12/01/49
...
1,130,000
1,112,534
a
County
of
Washoe
,
Sierra
Pacific
Power
Co.,
Revenue,
2016
C,
Refunding,
Mandatory
Put,
4.125%,
10/01/29
.......................................................
1,500,000
1,542,603
Sierra
Pacific
Power
Co.,
Revenue,
2016
F,
Refunding,
Mandatory
Put,
4.125%,
10/01/29
.......................................................
4,850,000
4,987,750
9,040,576
New
Hampshire
3.2%
New
Hampshire
Business
Finance
Authority
,
Revenue,
2024-2,
A,
3.625%,
8/20/39
..................................
2,716,987
2,654,665
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
4.125%,
8/15/40
..............
1,070,000
992,870
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
4.25%,
8/15/46
...............
1,210,000
1,042,609
Caritas
Acquisitions
VII
LLC,
Revenue,
2020
A,
4.5%,
8/15/55
................
2,540,000
2,110,216
Greater
Raleigh
Area
Christian
Education,
Inc.,
Revenue,
2025,
6%,
8/01/65
.....
700,000
697,461
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Southern
New
Hampshire
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/37
....
2,500,000
2,514,997
10,012,818
New
Jersey
0.5%
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.5
%
,
7/01/58
........................................
550,000
559,119
South
Jersey
Transportation
Authority
,
Revenue
,
2022
A
,
5.25
%
,
11/01/52
.........
1,000,000
1,032,115
1,591,234
New
Mexico
0.8%
City
of
Santa
Fe
,
El
Castillo
Retirement
Residences
Obligated
Group,
Revenue,
2012,
5%,
5/15/42
.
1,460,000
1,460,081
El
Castillo
Retirement
Residences
Obligated
Group,
Revenue,
2019
A,
5%,
5/15/44
975,000
967,239
2,427,320
New
York
12.7%
Empire
State
Development
Corp.
,
State
of
New
York
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
3/15/50
.............................................
1,060,000
779,256
Metropolitan
Transportation
Authority
,
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
11/15/47
.
8,000,000
8,561,608
New
York
City
Housing
Development
Corp.
,
Revenue,
2020
I-1,
2.55%,
11/01/45
....................................
2,025,000
1,460,515
Revenue,
2020
I-1,
2.8%,
11/01/60
.....................................
2,000,000
1,255,024
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2022
B-1
,
3
%
,
8/01/48
......................................................
5,875,000
4,419,975
New
York
Counties
Tobacco
Trust
VI
,
Revenue
,
2016
A-2B
,
Refunding
,
5
%
,
6/01/45
.
1,000,000
872,951
New
York
Liberty
Development
Corp.
,
Revenue,
2021
A,
Refunding,
BAM
Insured,
3%,
11/15/51
...................
3,500,000
2,547,804
7
World
Trade
Center
II
LLC,
Revenue,
2022
A,
1,
Refunding,
3%,
9/15/43
.......
2,335,000
1,970,992
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.,
Revenue,
2020,
5%,
10/01/40
.........................
2,000,000
2,059,786
JFK
NTO
LLC,
Revenue,
2023,
6%,
6/30/54
..............................
2,400,000
2,495,879
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)
New
York
(continued)
New
York
Transportation
Development
Corp.,
(continued)
JFK
NTO
LLC,
Revenue,
2025,
6%,
6/30/55
..............................
$
2,250,000
$
2,386,392
b
Oneida
Indian
Nation
of
New
York
,
Revenue,
144A,
2024
A,
8%,
9/01/40
...................................
300,000
304,875
Revenue,
144A,
2024
B,
6%,
9/01/43
...................................
475,000
513,670
c
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
218th
,
5
%
,
11/01/49
..........
2,980,000
3,030,606
Suffolk
Regional
Off-Track
Betting
Co.
,
Revenue
,
2024
,
6
%
,
12/01/53
............
2,270,000
2,315,521
Triborough
Bridge
&
Tunnel
Authority
,
Sales
Tax
,
Revenue
,
2022
A
,
5.25
%
,
5/15/57
..
4,400,000
4,568,894
39,543,748
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
1,887,771
Maryfield,
Inc.
Obligated
Group,
Revenue,
2020
A,
5%,
10/01/45
..............
500,000
477,905
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2024
A,
5%,
10/01/44
...................................................
505,000
515,000
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The),
Revenue,
2024
A,
5%,
10/01/49
...................................................
500,000
500,982
3,381,658
Ohio
2.0%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
A-2
,
1
,
Refunding
,
3
%
,
6/01/48
.............................................
1,000,000
707,243
Cleveland-Cuyahoga
County
Port
Authority
,
Playhouse
Square
Foundation
,
Revenue
,
2018
,
Refunding
,
5.5
%
,
12/01/53
......................................
500,000
500,192
County
of
Montgomery
,
Kettering
Health
Network
Obligated
Group
,
Revenue
,
2016
,
4
%
,
8/01/47
......................................................
3,000,000
2,700,659
Port
of
Greater
Cincinnati
Development
Authority
,
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
5
%
,
12/01/63
............................................
1,250,000
1,276,893
Summit
County
Development
Finance
Authority
,
PRG
-
Akron
Properties
LLC
,
Revenue
,
2025
A
,
BAM
Insured
,
5.5
%
,
7/01/60
...........................
1,000,000
1,044,451
6,229,438
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
990,125
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
12/01/36
..................
650,000
653,966
1,644,091
Others
0.7%
d
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
FRN
,
2024-ML22
,
A-US
,
4.547
%
,
10/25/40
..................................................
2,222,264
2,260,508
Pennsylvania
5.8%
Allegheny
County
Airport
Authority
,
Revenue,
2021
A,
5%,
1/01/34
........................................
3,480,000
3,748,919
Revenue,
2021
A,
AG
Insured,
4%,
1/01/46
..............................
750,000
685,492
Revenue,
2023
A,
AG
Insured,
5.5%,
1/01/48
.............................
5,000,000
5,235,011
Bucks
County
Water
and
Sewer
Authority
,
Revenue
,
2022
A
,
AG
Insured
,
5.25
%
,
12/01/47
........................................................
2,175,000
2,300,603
Lancaster
County
Hospital
Authority
,
Masonic
Villages
of
the
Grand
Lodge
of
Pennsylvania,
Revenue,
2023,
Refunding,
5.125%,
11/01/38
................................................
2,000,000
2,188,080
Moravian
Manors
Obligated
Group,
Revenue,
2019
A,
5%,
6/15/44
.............
1,000,000
930,514
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)
Lancaster
County
Hospital
Authority,
(continued)
St.
Anne's
Retirement
Community
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
3/01/40
........................................................
$
500,000
$
480,937
St.
Anne's
Retirement
Community
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
3/01/50
........................................................
500,000
415,708
Montgomery
County
Industrial
Development
Authority
,
Public
School
of
Germantown
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/36
.........................
450,000
443,903
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
AG
Insured
,
5.75
%
,
12/31/62
..
1,350,000
1,412,966
b,g
Philadelphia
Authority
for
Industrial
Development
,
University
of
the
Arts
(The)
,
Revenue
,
144A,
2017
,
5
%
,
3/15/45
....................................
465,246
93,049
17,935,182
Rhode
Island
1.5%
Rhode
Island
Health
and
Educational
Building
Corp.
,
PRG
-
RI
Properties
LLC,
Revenue,
2025
A,
AG
Insured,
5%,
7/01/60
..........
1,500,000
1,494,029
PRG
-
RI
Properties
LLC,
Revenue,
2025
B,
AG
Insured,
5.625%,
7/01/65
.......
450,000
461,574
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2015
B
,
Refunding
,
5
%
,
6/01/50
....
2,750,000
2,719,278
4,674,881
South
Carolina
0.1%
b
City
of
Goose
Creek
,
Carnes
Crossroads
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
10/01/55
..........................................
200,000
200,719
South
Carolina
Jobs-Economic
Development
Authority
,
Bishop
Gadsden
Episcopal
Retirement
Community
Obligated
Group
,
Revenue
,
2025
,
5.25
%
,
4/01/51
.......
255,000
255,730
456,449
South
Dakota
0.6%
County
of
Lincoln
,
Augustana
College
Association
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/01/61
.........................................................
2,355,000
1,808,068
Tennessee
2.1%
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
3,426,569
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
1,782,825
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2022
B
,
5.5
%
,
7/01/42
.....
1,125,000
1,228,303
6,437,697
Texas
15.1%
Arlington
Higher
Education
Finance
Corp.
,
b
BASIS
Texas
Charter
Schools,
Inc.,
Revenue,
144A,
2024,
4.75%,
6/15/49
.......
1,215,000
1,104,563
Uplift
Education,
Revenue,
2016
A,
Refunding,
5%,
12/01/36
.................
500,000
504,103
Austin-Bergstrom
Landhost
Enterprises,
Inc.
,
Revenue,
2017,
Refunding,
5%,
10/01/34
................................
530,000
542,491
Revenue,
2017,
Refunding,
5%,
10/01/35
................................
1,045,000
1,067,423
b
Beaumont
Housing
Authority
,
Revenue,
Senior
Lien
,
144A,
2025
A
,
6.5
%
,
7/01/55
...
625,000
618,638
Central
Texas
Turnpike
System
,
Revenue,
First
Tier
,
2020
A
,
Refunding
,
3
%
,
8/15/40
2,825,000
2,476,396
City
of
Anna
,
b
Crystal
Park
Public
Improvement
District
No.
2
Improvement
Area
No.
1,
Special
Assessment,
144A,
2025,
5.875%,
9/15/55
.............................
250,000
249,448
Woods
at
Lindsey
Place
(The)
Public
Improvement
District
Improvement
Area
No.
2-3,
Special
Assessment,
2025,
5.5%,
9/15/55
..........................
100,000
100,053
b
City
of
Crandall
,
River
Ridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/55
..........................
390,000
386,578
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)
City
of
Dripping
Springs
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
............
$
300,000
$
296,369
b
City
of
Ennis
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/55
.................
350,000
342,947
b
City
of
Manor
,
EntradenGlen
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
7
%
,
9/15/55
............................
175,000
183,459
City
of
Mesquite
,
Solterra
Public
Improvement
District
Improvement
Area
C-4
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
...................................
100,000
98,931
City
of
Princeton
,
Special
Assessment,
2025,
5.625%,
9/01/55
.............................
275,000
274,794
b
Eastridge
Public
Improvement
District
Improvement
Area
No.
5,
Special
Assessment,
144A,
2025,
5.625%,
9/01/55
.......................................
260,000
259,806
Windmore
Public
Improvement
District
Improvement
Area
No.
3,
Special
Assessment,
2025,
5.625%,
9/01/55
..................................
285,000
284,787
b
City
of
Seagoville
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/54
...............
775,000
792,512
Clifton
Higher
Education
Finance
Corp.
,
International
Leadership
of
Texas,
Inc.,
Revenue,
2024
A,
Refunding,
PSF
Guaranty,
4.125%,
8/15/49
.................................................
1,250,000
1,196,373
International
Leadership
of
Texas,
Inc.,
Revenue,
2024
A,
Refunding,
PSF
Guaranty,
4.25%,
8/15/53
..................................................
4,800,000
4,497,102
International
Leadership
of
Texas,
Inc.,
Revenue,
2025
A,
Refunding,
PSF
Guaranty,
5.25%,
2/15/49
..................................................
1,000,000
1,041,633
International
Leadership
of
Texas,
Inc.,
Revenue,
2025
A,
Refunding,
PSF
Guaranty,
5%,
2/15/55
....................................................
1,635,000
1,663,733
YES
Prep
Public
Schools,
Inc.,
Revenue,
2023,
PSF
Guaranty,
4.25%,
4/01/48
...
2,000,000
1,909,110
b
County
of
Denton
,
Green
Meadows
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
12/31/55
......................
775,000
795,789
Dallas
Fort
Worth
International
Airport
,
Revenue
,
2025
A-1
,
Refunding
,
5.5
%
,
11/01/50
1,250,000
1,321,286
c
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2018
A
,
5
%
,
10/01/48
...........
3,500,000
3,557,912
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group,
Revenue,
2016,
Refunding,
5%,
1/01/37
........................................................
245,000
245,643
YMCA
of
the
Greater
Houston
Area,
Revenue,
2013
A,
Refunding,
5%,
6/01/33
...
800,000
780,994
YMCA
of
the
Greater
Houston
Area,
Revenue,
2013
A,
Refunding,
5%,
6/01/38
...
1,500,000
1,378,754
Houston
Higher
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2025
,
5.125
%
,
10/01/51
..................................................
650,000
614,247
Love
Field
Airport
Modernization
Corp.
,
City
of
Dallas
Airport
,
Revenue
,
2015
,
5
%
,
11/01/35
........................................................
1,000,000
1,001,033
Matagorda
County
Navigation
District
No.
1
,
AEP
Texas,
Inc.
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
4.4
%
,
5/01/30
...............................
1,500,000
1,575,929
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
873,896
CHF-Collegiate
Housing
Denton
LLC,
Revenue,
2018
B-1,
AG
Insured,
4.125%,
7/01/53
........................................................
1,000,000
873,031
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Buckner
Retirement
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
11/15/40
...............
2,000,000
2,008,950
b
Texas
Community
Housing
&
Economic
Development
Corp.
,
Agape
Helotes,
Inc.
,
Revenue,
Senior
Lien
,
144A,
2025
A-1
,
6.25
%
,
1/01/65
.....................
625,000
582,625
Texas
Public
Finance
Authority
,
Texas
Southern
University,
Revenue,
2023,
BAM
Insured,
5.25%,
5/01/40
.......
400,000
439,565
Texas
Southern
University,
Revenue,
2023,
BAM
Insured,
5.25%,
5/01/41
.......
400,000
435,991
Texas
Southern
University,
Revenue,
2023,
BAM
Insured,
5.25%,
5/01/42
.......
400,000
431,089
c
Texas
Transportation
Finance
Corp.
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
10/01/55
..
8,000,000
8,667,130
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
378,363
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)
Texas
(continued)
Uptown
Development
Authority
,
City
of
Houston
Reinvestment
Zone
No.
16,
Tax
Allocation,
2021,
Refunding,
3%,
9/01/39
........................................................
$
725,000
$
599,281
City
of
Houston
Reinvestment
Zone
No.
16,
Tax
Allocation,
2021,
Refunding,
3%,
9/01/40
........................................................
750,000
602,727
47,055,484
Utah
2.8%
b
Black
Desert
Public
Infrastructure
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
12/01/53
........................................
700,000
704,492
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
3,245,251
b
MIDA
Mountain
Village
Public
Infrastructure
District
,
Mountain
Village
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
4
%
,
8/01/50
..........................
1,430,000
1,215,528
Utah
Infrastructure
Agency
,
Revenue,
2022,
5%,
10/15/37
........................................
1,200,000
1,264,672
Revenue,
2023,
6%,
10/15/47
........................................
1,650,000
1,782,632
Revenue,
2025,
5.25%,
10/15/49
......................................
375,000
374,848
8,587,423
Virginia
0.4%
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
1/01/36
........................................................
630,000
637,169
Elizabeth
River
Crossings
OpCo
LLC,
Revenue,
Senior
Lien,
2022,
Refunding,
4%,
1/01/39
........................................................
750,000
746,151
1,383,320
Washington
6.5%
Grays
Harbor
County
Public
Hospital
District
No.
1
,
Revenue
,
2023
,
Refunding
,
6.875
%
,
12/01/49
..................................................
4,000,000
4,411,928
King
County
Public
Hospital
District
No.
1
,
GO
,
2018
,
Refunding
,
5
%
,
12/01/38
.....
2,365,000
2,469,846
Port
of
Seattle
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
8/01/40
.....................
1,000,000
1,071,193
Washington
State
Housing
Finance
Commission
,
Revenue,
2021-1,
A,
3.5%,
12/20/35
...................................
2,478,723
2,432,386
Revenue,
2023-1,
A,
3.375%,
4/20/37
..................................
2,541,734
2,430,684
d
Revenue,
FRN,
2024-1,
A,
4.084%,
3/20/40
..............................
892,040
879,337
Eastside
Retirement
Association
Obligated
Group,
Revenue,
2023
A,
Refunding,
5%,
7/01/43
........................................................
2,030,000
2,084,996
b
Provident
Group
-
SH
II
Properties
LLC,
Revenue,
144A,
2025
A,
BAM
Insured,
5.25%,
7/01/55
..................................................
1,500,000
1,502,828
b
Seattle
Academy
of
Arts
&
Sciences,
Revenue,
144A,
2023,
Refunding,
6.25%,
7/01/59
........................................................
2,750,000
2,930,113
20,213,311
Wisconsin
9.3%
Public
Finance
Authority
,
Revenue,
2023-1,
A,
5.75%,
7/01/62
...................................
2,598,808
2,715,098
b
AMCP
Franklin
LLC,
Revenue,
144A,
2025
A-T,
10%,
12/01/60
...............
715,000
723,863
Beyond
Boone
LLC,
Revenue,
2020
A,
AG
Insured,
4%,
7/01/34
..............
300,000
303,873
Beyond
Boone
LLC,
Revenue,
2020
A,
AG
Insured,
4%,
7/01/40
..............
500,000
500,561
Beyond
Boone
LLC,
Revenue,
2020
A,
AG
Insured,
4%,
7/01/45
..............
600,000
558,382
Beyond
Boone
LLC,
Revenue,
2020
A,
AG
Insured,
4%,
7/01/50
..............
700,000
617,536
Campus
Real
Estate
Holding
Corp.
LLC,
Revenue,
2025
A,
Refunding,
5.5%,
6/01/55
300,000
303,295
CFC-SA
LLC,
Revenue,
Senior
Lien,
2022
A,
5%,
2/01/62
...................
700,000
681,298
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Wisconsin
(continued)
Public
Finance
Authority,
(continued)
b
CHF
-
Manoa
LLC,
Revenue,
Senior
Lien,
144A,
2023
A,
5.75%,
7/01/63
........
$
1,000,000
$
966,283
b
Dominium
Holdings
I
LLC,
Revenue,
144A,
2024-1,
B-1,
6.81%,
4/28/36
........
1,750,000
1,812,781
b
Mary's
Woods
at
Marylhurst
Obligated
Group,
Revenue,
144A,
2017
A,
Refunding,
5.25%,
5/15/37
..................................................
250,000
253,661
b
North
Carolina
Leadership
Charter
Academy,
Inc.,
Revenue,
144A,
2019
A,
5%,
6/15/49
........................................................
1,580,000
1,453,040
SR
400
Peach
Partners
LLC,
Revenue,
Senior
Lien,
2025,
5.75%,
12/31/65
......
525,000
543,318
SR
400
Peach
Partners
LLC,
Revenue,
Senior
Lien,
2025,
6.5%,
12/31/65
.......
2,175,000
2,402,949
TrIPs
Obligated
Group,
Revenue,
2012
B,
Refunding,
5.25%,
7/01/28
..........
115,000
115,129
b
UHF
Promenade
Apts
LLC
(The),
Revenue,
144A,
2024,
6.25%,
2/01/39
........
1,000,000
1,024,621
b
UNC
Charlotte
Marriott
Hotel
&
Conference
Center,
Revenue,
144A,
2021
A,
4%,
9/01/51
........................................................
750,000
573,354
b
UNC
Charlotte
Marriott
Hotel
&
Conference
Center,
Revenue,
144A,
2021
A,
4%,
9/01/56
........................................................
1,000,000
742,015
Wisconsin
Health
&
Educational
Facilities
Authority
,
Advocate
Aurora
Health
Obligated
Group,
Revenue,
2018
A,
Refunding,
4%,
8/15/35
3,000,000
3,037,566
Froedtert
ThedaCare
Health
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
4/01/37
........................................................
3,000,000
3,082,669
Froedtert
ThedaCare
Health
Obligated
Group,
Revenue,
2022
A,
Refunding,
4%,
4/01/41
........................................................
4,865,000
4,844,920
Sanford
Obligated
Group,
Revenue,
2024
A,
5.5%,
2/15/54
..................
1,600,000
1,674,611
28,930,823
U.S.
Territories
7.4%
District
of
Columbia
5.5%
District
of
Columbia
,
Ingleside
Presbyterian
Retirement
Community
Obligated
Group,
Revenue,
2017
A,
5%,
7/01/52
....................................................
500,000
464,865
Latin
American
Montessori
Bilingual
Public
Charter
School
Obligated
Group,
Revenue,
2020,
Refunding,
5%,
6/01/40
...............................
2,000,000
2,005,827
Plenary
Infrastructure
DC
LLC,
Revenue,
2022
A,
5.5%,
2/29/36
..............
1,370,000
1,591,479
Plenary
Infrastructure
DC
LLC,
Revenue,
2022
A,
5.5%,
2/28/37
..............
1,500,000
1,742,072
Two
Rivers
Public
Charter
School,
Inc.,
Revenue,
2020,
Refunding,
5%,
6/01/40
..
1,500,000
1,511,544
Two
Rivers
Public
Charter
School,
Inc.,
Revenue,
2020,
Refunding,
5%,
6/01/50
..
1,500,000
1,404,460
Metropolitan
Washington
Airports
Authority
,
f
Dulles
Toll
Road,
Revenue,
Senior
Lien,
2010
A,
4.57%,
10/01/37
.............
3,700,000
2,198,044
c
Dulles
Toll
Road,
Revenue,
Sub.
Lien,
2019
B,
Refunding,
4%,
10/01/53
........
1,290,000
1,105,762
c
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/56
................................................
5,000,000
5,123,099
17,147,152
Puerto
Rico
1.9%
Commonwealth
of
Puerto
Rico
,
GO,
2022
A-1,
4%,
7/01/37
..........................................
1,250,000
1,229,721
GO,
2022
A-1,
4%,
7/01/41
..........................................
5,000,000
4,699,774
5,929,495
Total
U.S.
Territories
....................................................................
23,076,647
Total
Municipal
Bonds
(Cost
$448,494,696)
.....................................
451,489,720
a
a
a
a
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
See
Abbreviations
on
page
16
.
Short
Term
Investments
0.8%
a
a
Shares
a
Value
a
Management
Investment
Companies
0.8%
h,i
Putnam
Short
Term
Investment
Fund,
Class
P,
3.863%
.......................
2,557,601
$
2,557,601
Total
Management
Investment
Companies
(Cost
$2,557,601)
.....................
2,557,601
Total
Short
Term
Investments
(Cost
$2,557,601)
.................................
2,557,601
a
Total
Investments
(Cost
$451,052,297)
145.9%
..................................
$454,047,321
Remarketed
Preferred
Shares
(44.6)%
.........................................
(138,725,000)
Floating
Rate
Notes
Issued
(7.0)%
.............................................
(21,914,391)
Other
Assets,
less
Liabilities
5.7%
.............................................
17,681,262
Net
Assets
100.0%
...........................................................
$311,089,192
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
January
31,
2026,
the
aggregate
value
of
these
securities
was
$49,813,248,
representing
16.0%
of
net
assets.
c
Underlying
security
in
a
tender
option
bond
transaction.
This
security
has
been
segregated
as
collateral
for
financing
transactions.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
Security
purchased
on
a
when-issued
basis.
f
The
rate
shown
represents
the
yield
at
period
end.
g
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
h
See
Note
3
regarding
investments
in
affiliated
management
investment
companies.
i
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Municipal
Opportunities
Trust
Notes
to
Schedule
of
Investments
(unaudited)
14
Quarterly
Schedule
of
Investments
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)
15
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
January
31,
2026
,
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
January
31,
2026,
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,
3.863%
......
$2,605,616
$72,303,700
$(72,351,715)
$—
$—
$2,557,601
2,557,601
$156,512
Total
Affiliated
Securities
...
$2,605,616
$72,303,700
$(72,351,715)
$—
$—
$2,557,601
$156,512
Level
1
Level
2
Level
3
Total
Putnam
Municipal
Opportunities
Trust
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
$
—
$
451,489,720
$
—
$
451,489,720
Short
Term
Investments
...................
2,557,601
—
—
2,557,601
Total
Investments
in
Securities
...........
$2,557,601
$451,489,720
$—
$454,047,321
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Putnam
Municipal
Opportunities
Trust
Notes
to
Schedule
of
Investments
(unaudited)
16
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.