UNITED STATES SECURITIES AND EXCHANGE COMMISSION

	Washington, D.C. 20549

	FORM N-Q

	QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

	Investment Company Act file number:	(811-07626)

	Exact name of registrant as specified in charter:	Putnam Municipal Opportunities Trust

	Address of principal executive offices:	One Post Office Square, Boston, Massachusetts 02109

	Name and address of agent for service:	Robert T. Burns, Vice President One Post Office Square Boston, Massachusetts 02109

	Copy to:	John W. Gerstmayr, Esq. Ropes & Gray LLP 800 Boylston Street Boston, Massachusetts 02199-3600

	Registrant’s telephone number, including area code:	(617) 292-1000

	Date of fiscal year end:	April 30, 2013

	Date of reporting period:	July 31, 2012

	Item 1. Schedule of Investments:

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	Putnam Municipal Opportunities Trust
	The fund's portfolio
	7/31/12 (Unaudited)
	Key to holding's abbreviations
	AGM — Assured Guaranty Municipal Corporation
	AGO — Assured Guaranty, Ltd.
	AMBAC — AMBAC Indemnity Corporation
	COP — Certificates of Participation
	FGIC — Financial Guaranty Insurance Company
	FNMA Coll. — Federal National Mortgage Association Collateralized
	FRB — Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period
	G.O. Bonds — General Obligation Bonds
	NATL — National Public Finance Guarantee Corp.
	SGI — Syncora Guarantee, Inc.
	U.S. Govt. Coll. — U.S. Government Collateralized
	VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities, that carry coupons that reset every one or seven days. The rate shown is the current interest rate at the close of the reporting period.
	MUNICIPAL BONDS AND NOTES (138.1%)(a)
			Rating(RAT)		Principal amount	Value
	Alabama (0.1%)
	Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 5.8s, 5/1/34		BBB		$750,000	$838,568
						838,568
	Arizona (3.4%)
	Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29		BB-/P		3,025,000	3,141,613
	Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra Vista Cmnty. Hosp.), Ser. A, 6 3/4s, 12/1/26		BBB+/P		395,000	395,698
	Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32		Baa3		1,500,000	1,584,015
	Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5 1/8s, 5/15/40		A-		2,125,000	2,273,134
	Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40		Baa2		2,400,000	2,869,511
	Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5s, 7/1/40		A1		1,000,000	1,097,770
	Pima Cnty., Indl. Dev. Auth. Rev. Bonds
	(Tucson Elec. Pwr. Co.), 5 3/4s, 9/1/29		Baa3		800,000	850,824
	(Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25		BBB		1,550,000	1,494,571
	Pinal Cnty., Elec. Rev. Bonds (Dist. No. 3), 5 1/4s, 7/1/36		A		500,000	548,410
	Salt River Agricultural Impt. & Pwr. Dist. Rev. Bonds, Ser. A, 5s, 12/1/31		Aa1		3,000,000	3,615,000
	Tempe, Indl. Dev. Auth. Lease Rev. Bonds (ASU Foundation), AMBAC, 5s, 7/1/28		AA/P		500,000	504,770
	U. Med. Ctr. Corp. AZ Hosp. Rev. Bonds, 6 1/2s, 7/1/39		Baa1		1,000,000	1,165,360
						19,540,676
	California (24.2%)
	ABC Unified School Dist. G.O. Bonds, Ser. B, FGIC, zero %, 8/1/20		Aa3		1,500,000	1,151,940
	Bay Area Toll Auth. of CA Rev. Bonds (San Francisco Bay Area), Ser. F-1, 5s, 4/1/39		AA		2,500,000	2,755,700
	Burbank, Unified School Dist. G.O. Bonds (Election of 1997), Ser. C, NATL, FGIC, zero %, 8/1/23		AA-		1,000,000	659,660
	CA Edl. Fac. Auth. Rev. Bonds
	(Claremont Graduate U.), Ser. A, 5s, 3/1/42		A3		2,000,000	2,076,060
	(U. of the Pacific), 5s, 11/1/21		A2		1,500,000	1,639,650
	(Loyola-Marymount U.), NATL, zero %, 10/1/21		A2		1,300,000	948,571
	CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.)
	Ser. E, 4.8s, 8/1/37		Baa2		5,000,000	4,688,750
	Ser. K, 4 5/8s, 8/1/26		Baa2		2,500,000	2,426,025
	CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37		Baa2		1,800,000	1,859,544
	CA Poll. Control Fin. Auth. Rev. Bonds
	(San Jose Wtr. Co.), 5.1s, 6/1/40		A		3,500,000	3,793,090
	(Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23		A3		2,500,000	2,703,350
	CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23		BBB		850,000	924,146
	CA Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5 1/4s, 8/1/40		BBB+		1,000,000	1,035,420
	CA State G.O. Bonds
	6 1/2s, 4/1/33		A1		12,000,000	15,087,360
	5 1/2s, 3/1/40		A1		7,450,000	8,578,526
	5s, 4/1/42		A1		4,000,000	4,381,520
	5s, 10/1/29		A1		4,000,000	4,446,560
	CA State Pub. Wks. Board Rev. Bonds
	Ser. I-1, 6 1/8s, 11/1/29		A2		1,000,000	1,215,870
	Ser. A-1, 6s, 3/1/35		A2		1,600,000	1,891,040
	(Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32		A2		1,575,000	1,673,248
	(Capital Projects), Ser. A, 5s, 4/1/29		A2		2,000,000	2,216,340
	CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30		BBB		5,250,000	5,253,727
	CA Statewide Cmnty. Dev. Auth. Rev. Bonds
	(Irvine, LLC-UCI East Campus), 6s, 5/15/40		Baa2		2,000,000	2,175,500
	(Sutter Hlth.), Ser. A, 5s, 11/15/43		Aa3		2,485,000	2,597,966
	Cathedral City, Impt. Board Act of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35		BB+/P		775,000	768,707
	Chula Vista COP, NATL, 5s, 8/1/32		A1		4,000,000	4,045,240
	Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas), Ser. B, 5s, 12/1/27		Aa3		1,915,000	2,121,705
	Foothill-De Anza, Cmnty. College Dist. G.O. Bonds, Ser. C, 5s, 8/1/40		Aaa		2,250,000	2,604,352
	Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A, zero %, 1/1/28 (Escrowed to maturity)		Aaa		13,000,000	8,770,580
	Golden State Tobacco Securitization Corp. Rev. Bonds
	Ser. 03 A-1, 6 1/4s, 6/1/33 (Prerefunded 6/1/13)		Aaa		555,000	582,423
	Ser. A-1, 5s, 6/1/33		B3		1,050,000	843,980
	Ser. S-B, zero %, 6/1/47		CCC+		6,000,000	358,020
	Los Angeles, Dept. Arpt. Rev. Bonds (Los Angeles Intl. Arpt.), Ser. D, 5s, 5/15/40		AA		3,500,000	3,912,965
	M-S-R Energy Auth. Rev. Bonds, Ser. B, 6 1/2s, 11/1/39		A-		3,000,000	3,791,940
	Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5 3/4s, 8/10/18		AAA		6,000,000	7,189,680
	Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev. Bonds (Ladera Ranch No. 02-1), Ser. A, 5.55s, 8/15/33		BBB-/P		900,000	904,860
	Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21		A+		1,990,000	1,391,169
	Rocklin, Unified School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/27		Aa2		2,000,000	1,093,080
	Sacramento Cnty., Arpt. Syst. Rev. Bonds, 5s, 7/1/40		A2		1,350,000	1,496,718
	Sacramento, Special Tax Rev. Bonds (North Natomas Cmnty. Fac.), Ser. 97-01
	5s, 9/1/20		BB+/P		1,195,000	1,214,740
	5s, 9/1/29		BB+/P		1,180,000	1,183,185
	5s, 9/1/18		BB+/P		1,030,000	1,051,135
	San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, NATL, 6 1/2s, 8/1/17		Baa2		3,795,000	4,127,632
	San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5s, 7/1/40		A2		3,750,000	4,095,037
	San Diego, Unified School Dist. G.O. Bonds (Election of 2008), Ser. C
	zero %, 7/1/40		Aa2		5,000,000	1,219,400
	zero %, 7/1/38		Aa2		5,000,000	1,373,250
	San Francisco City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, 5s, 5/1/28		A1		575,000	679,512
	San Juan, Unified School Dist. G.O. Bonds, AGM, zero %, 8/1/19		Aa2		1,000,000	836,430
	Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds, 7.65s, 8/1/21		B+/P		540,000	540,832
	Tuolumne Wind Project Auth. Rev. Bonds (Tuolumne Co.), Ser. A, 5 7/8s, 1/1/29		A+		1,585,000	1,895,881
	Turlock, Irrigation Dist. Rev. Bonds, Ser. A, 5s, 1/1/40		A+		4,000,000	4,372,200
						138,644,216
	Colorado (2.1%)
	CO Hlth. Fac. Auth. Rev. Bonds
	(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26		BB-/P		325,000	340,678
	(Evangelical Lutheran Good Samaritan Society), 5s, 12/1/33		A3		1,650,000	1,787,099
	(Evangelical Lutheran), 5s, 6/1/29		A3		850,000	897,762
	CO Hsg. & Fin. Auth. Rev. Bonds (Single Family Mtge.), Ser. A-3, Class III, 5 1/4s, 5/1/33		A2		1,490,000	1,542,448
	CO Springs, Hosp. Rev. Bonds, 6 3/8s, 12/15/30		A3		3,280,000	3,286,985
	E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1, NATL, 5 1/2s, 9/1/24		Baa2		1,250,000	1,361,950
	Lower CO River Auth. Rev. Bonds
	5 3/4s, 5/15/37		A		2,350,000	2,582,768
	U.S. Govt. Coll., 5 3/4s, 5/15/37 (Prerefunded 5/15/15)		A1		50,000	57,396
						11,857,086
	Delaware (0.5%)
	DE St. Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.), 5.4s, 2/1/31		BBB+		1,100,000	1,222,760
	DE State Hsg. Auth. Rev. Bonds (Single Family Mtge.), Ser. B, zero %, 1/1/40		A3		8,725,000	1,627,561
						2,850,321
	District of Columbia (1.9%)
	DC Rev. Bonds (Howard U.), Ser. A, 6 1/2s, 10/1/41		A3		3,000,000	3,556,320
	DC U. Rev. Bonds (Gallaudet U.), 5 1/2s, 4/1/34		A+		1,000,000	1,148,270
	DC Wtr. & Swr. Auth. Pub. Util. Rev. Bonds, FGIC, NATL, 5s, 10/1/28 (Prerefunded 10/1/13)		AA		3,000,000	3,165,480
	Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
	(First Sr. Lien), Ser. A, 5s, 10/1/39		A2		2,000,000	2,197,780
	(Metrorail), Ser. A, zero %, 10/1/37		Baa1		3,700,000	919,635
						10,987,485
	Florida (4.9%)
	Brevard Cnty., Hlth. Care Fac. Auth. Rev. Bonds (Health First, Inc.), 7s, 4/1/39		A3		3,000,000	3,711,330
	Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/26		BBB		2,500,000	2,501,475
	FL State Board of Ed. G.O. Bonds (Capital Outlay 2011), Ser. F, 5s, 6/1/30		AAA		1,000,000	1,188,190
	FL State Muni. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 10/1/31		A2		1,700,000	1,881,832
	Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 3/8s, 6/1/46		A-		4,200,000	4,416,552
	Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43		BBB-/F		340,000	353,083
	Lee Cnty., Rev. Bonds, SGI, 5s, 10/1/25		Aa2		2,500,000	2,808,600
	Marco Island, Util. Sys. Rev. Bonds, Ser. A, 5s, 10/1/40		Aa3		1,500,000	1,649,520
	Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.)
	Ser. A, 6.8s, 11/15/31		Baa2		550,000	555,440
	5 3/8s, 11/15/28		BBB-/F		990,000	991,723
	Miami-Dade Cnty., Aviation Rev. Bonds (Miami Intl. Arpt.), Ser. A-1, 5 3/8s, 10/1/41		A2		3,000,000	3,391,620
	Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5s, 7/1/40		A		1,000,000	1,092,010
	Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33		BBB+		1,000,000	1,094,480
	South Bay, Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. B-1, 5 1/8s, 11/1/12 (In default)(NON)		D/P		2,025,000	668,250
	South Broward, Hosp. Dist. Rev. Bonds, NATL, 4 3/4s, 5/1/28		Aa3		1,500,000	1,592,700
	Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37		CCC/P		445,000	396,099
						28,292,904
	Georgia (3.3%)
	Atlanta, Arpt. Rev. Bonds
	Ser. C, 5 7/8s, 1/1/24		A1		500,000	638,620
	(Hartsfield-Jackson Intl. Arpt.), Ser. A, 5s, 1/1/35		A1		1,250,000	1,393,875
	Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39		A1		4,500,000	5,488,245
	Fulton Cnty., Dev. Auth. Rev. Bonds (GA Tech Athletic Assn.), Ser. A, 5s, 10/1/42		A2		1,350,000	1,509,584
	Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds (Northeast GA Hlth. Care), Ser. B, 5 1/4s, 2/15/45		A+		7,500,000	8,201,400
	Marietta, Dev. Auth. Rev. Bonds (U. Fac. - Life U., Inc.), 7s, 6/15/39		Ba3		1,400,000	1,484,546
						18,716,270
	Hawaii (—%)
	HI State Hsg. Fin. & Dev. Corp. Rev. Bonds, Ser. A, FNMA Coll., 5 3/4s, 7/1/30		Aaa		15,000	15,005
						15,005
	Illinois (7.2%)
	Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. A
	5 3/4s, 1/1/39		A2		4,000,000	4,711,320
	5 5/8s, 1/1/35		A2		1,000,000	1,177,560
	Chicago, Waste Wtr. Transmission Rev. Bonds, Ser. A, NATL, zero %, 1/1/24		Aa2		1,600,000	1,042,448
	IL Fin. Auth. Rev. Bonds
	(Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44		BBB-		2,500,000	3,005,025
	(IL Rush U. Med. Ctr.), Ser. D, 6 5/8s, 11/1/39		A2		1,490,000	1,806,342
	(IL Rush U. Med.. Ctr.), Ser. C, 6 5/8s, 11/1/39		A2		1,425,000	1,727,542
	(Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37		Baa2		3,000,000	3,203,400
	(Alexian), Ser. A, AGM, 5 1/4s, 1/1/22		Aa3		3,775,000	4,260,880
	IL State G.O. Bonds
	5s, 3/1/34		A+		750,000	821,670
	5s, 8/1/21		A+		750,000	861,743
	Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds (No. 115 Yorkville), NATL, FGIC, zero %, 1/1/21		Aa3		1,075,000	799,596
	Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds (No. 073 Hawthorn), NATL, FGIC
	zero %, 12/1/21		AA+		1,805,000	1,298,770
	zero %, 12/1/21 (Escrowed to maturity)		AA+		145,000	121,104
	zero %, 12/1/20		AA+		1,495,000	1,129,951
	zero %, 12/1/20 (Escrowed to maturity)		AA+		155,000	134,064
	Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds (McCormick), Ser. A, NATL, zero %, 12/15/30		AAA		18,500,000	8,184,400
	Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28		A-		4,150,000	4,859,609
	Southern IL U. Rev. Bonds (Hsg. & Auxiliary), Ser. A, NATL
	zero %, 4/1/25		A2		1,870,000	1,039,757
	zero %, 4/1/21		A2		1,880,000	1,308,292
						41,493,473
	Indiana (2.8%)
	IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5 1/4s, 10/15/21		A2		180,000	207,031
	IN State Fin. Auth. Rev. Bonds
	(U.S. Steel Corp.), 6s, 12/1/26		BB		500,000	522,470
	(BHI Sr. Living), 5 3/4s, 11/15/41		A-/F		1,000,000	1,106,720
	(Duke Energy Ind.), Ser. C, 4.95s, 10/1/40		A2		4,000,000	4,319,680
	IN State Fin. Auth. VRDN, Ser. A-2, 0.17s, 2/1/37		VMIG1		5,250,000	5,250,000
	Jasper Cnty., Indl. Poll. Control Rev. Bonds
	AMBAC, 5.7s, 7/1/17		Baa2		1,375,000	1,573,028
	NATL, 5.6s, 11/1/16		Baa2		1,550,000	1,758,351
	U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGO, 5 3/4s, 10/1/28		Aa3		1,000,000	1,181,640
						15,918,920
	Kentucky (0.1%)
	Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U., Inc.), Ser. A, 6s, 5/1/38		Baa3		290,000	315,297
						315,297
	Maine (0.3%)
	Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26		B2		1,950,000	1,919,483
						1,919,483
	Maryland (0.2%)
	MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22		A		650,000	801,678
	MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15		BBB+/F		500,000	535,515
						1,337,193
	Massachusetts (6.4%)
	MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B, 5s, 1/1/37		A		2,500,000	2,756,575
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Sabis Intl.), Ser. A, 8s, 4/15/39		BBB		575,000	707,089
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26		B-/P		960,369	863,074
	(Carleton-Willard Village), 5 5/8s, 12/1/30		A-		750,000	817,755
	(Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46		B-/P		51,190	35,571
	(Berklee College of Music), 5 1/4s, 10/1/41		A2		2,000,000	2,225,760
	(Emerson College), Ser. A, 5s, 1/1/40		Baa1		4,000,000	4,259,520
	(Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56		B-/P		254,614	3,399
	MA State Dev. Fin. Agcy. Solid Waste Disp. FRB (Dominion Energy Brayton Point), 5s, 2/1/36		A-		1,000,000	1,029,140
	MA State Dev. Fin. Agcy. Solid Waste Disp. Mandatory Put Bonds (5/1/19) (Dominion Energy Brayton 1), Ser. 1, 5 3/4s, 12/1/42		A-		1,500,000	1,813,200
	MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Civic Investments, Inc.), Ser. A, U.S. Govt. Coll., 9s, 12/15/15 (Prerefunded 12/15/12)		AAA/P		1,485,000	1,555,226
	(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33		BB-		1,500,000	1,533,210
	(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON)		D/P		465,692	466
	(Suffolk U.), Ser. A, 5 3/4s, 7/1/39		Baa2		1,175,000	1,319,149
	(Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36		A+		1,500,000	1,671,450
	(Springfield College), 5 5/8s, 10/15/40		Baa1		550,000	595,738
	(Care Group), Ser. B-2, NATL, 5 3/8s, 2/1/26		A3		700,000	791,000
	(Northeastern U.), Ser. A, 5s, 10/1/35		A2		3,250,000	3,634,930
	MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. C, 5.35s, 12/1/42		Aa3		1,500,000	1,603,650
	MA State Port Auth. Rev. Bonds, U.S. Govt. Coll., 13s, 7/1/13 (Prerefunded 9/4/12)		Aaa		600,000	669,336
	MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41		A		2,855,000	3,138,587
	Metro. Boston Trans. Pkg. Corp. Rev. Bonds
	5s, 7/1/41		A1		2,600,000	2,854,514
	(Systemwide Pkg.), 5 1/4s, 7/1/33		A1		2,500,000	2,848,800
						36,727,139
	Michigan (6.8%)
	Detroit, G.O. Bonds
	Ser. A-1, AMBAC, 5 1/4s, 4/1/24		B		1,435,000	1,305,104
	(Cap. Impt.), Ser. A-1, 5s, 4/1/15		B		1,300,000	1,241,968
	Detroit, Rev. Bonds, Ser. A, NATL, FGIC, 5s, 7/1/30		A+		4,505,000	4,508,424
	Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6s, 5/1/29		Aa2		1,000,000	1,240,390
	Detroit, Wtr. & Swr. Dept. Rev. Bonds, Ser. A, 5s, 7/1/32		A+		1,200,000	1,259,256
	Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36		AA-		1,425,000	1,663,659
	Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 7 1/2s, 7/1/39		Ba1		500,000	582,950
	King Cnty., Wtr & Swr. Rev. Bonds, 5s, 1/1/45		AA+		4,000,000	4,484,760
	MI Fin. Auth. Rev. Bonds
	(Revolving Fund-Clean Water), 5s, 10/1/31		AAA		1,500,000	1,806,225
	(Unemployment Oblig.), Ser. B, 5s, 7/1/22		Aaa		1,000,000	1,151,380
	MI Higher Ed. Fac. Auth. Rev. Bonds (Kalamazoo College), 5 1/2s, 12/1/18 (Prerefunded 12/1/12)		A1		500,000	508,730
	MI Pub. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 1/1/27		A2		1,900,000	2,118,728
	MI State Hosp. Fin. Auth. Rev. Bonds
	Ser. A, 6 1/8s, 6/1/39		A1		2,500,000	2,898,650
	(Henry Ford Hlth.), 5 3/4s, 11/15/39		A1		2,000,000	2,247,320
	(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46		A1		4,500,000	4,759,065
	(Sparrow Hosp.), 5s, 11/15/31		A1		1,350,000	1,435,442
	MI State Strategic Fund Ltd. Mandatory Put Bonds (6/2/14) (Dow Chemical), Ser. A-1, 6 3/4s,12/1/28		BBB		100,000	109,614
	MI State Strategic Fund, Ltd. Rev. Bonds (Worthington Armstrong Venture), U.S. Govt. Coll., 5 3/4s, 10/1/22 (Escrowed to maturity)		AAA/P		1,650,000	2,102,975
	MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/34		B-		575,000	482,442
	Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp. Corp.), 5 3/8s, 6/1/26		BBB		750,000	793,868
	Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21		A2		2,000,000	2,272,700
						38,973,650
	Minnesota (1.0%)
	North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39		BB/P		995,000	1,059,237
	St. Paul, Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Bonds (HealthPartners Oblig. Group), 5 1/4s, 5/15/36		A3		3,500,000	3,677,485
	St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35		Ba1		1,150,000	1,200,232
						5,936,954
	Mississippi (2.0%)
	Jackson Cnty., VRDN (Chevron USA, Inc.), 0.16s, 6/1/23		P-1		1,500,000	1,500,000
	MS Bus. Fin. Corp. Rev. Bonds (Syst. Energy Resources, Inc.)
	5.9s, 5/1/22		BBB		3,000,000	3,004,710
	5 7/8s, 4/1/22		BBB		2,330,000	2,335,312
	MS Bus. Fin. Corp. Gulf Opportunity Zone Rev. Bonds, Ser. A, 5s, 5/1/37		A3		2,250,000	2,441,228
	Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32		BBB		2,000,000	2,278,900
						11,560,150
	Missouri (0.1%)
	MO State Hlth. & Edl. Fac. Auth. VRDN (Washington U. (The)), Ser. B, 0.17s, 9/1/30		VMIG1		850,000	850,000
						850,000
	Montana (0.3%)
	MT Fac. Fin. Auth. VRDN (Sisters of Charity of Leavenworth), Ser. A, 0.17s, 12/1/25		VMIG1		1,750,000	1,750,000
						1,750,000
	Nebraska (0.8%)
	Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18		B2		3,000,000	3,315,240
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 5/8s, 1/1/40		A-/F		925,000	1,030,589
						4,345,829
	Nevada (8.2%)
	Clark Cnty., Ltd. Tax Bond, 5s, 6/1/33(T)		AA+		32,290,000	35,315,702
	Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, NATL, FGIC, 5 1/8s, 7/1/26		A1		5,105,000	5,453,263
	Clark Cnty., Impt. Dist. Special Assmt. Bonds (Summerlin No. 151), 5s, 8/1/25		BB-/P		2,060,000	1,628,389
	Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas Corp.), Ser. A, AMBAC, 5 1/4s, 7/1/34		Baa1		3,000,000	3,075,450
	Henderson G.O. Bonds (Ltd. Tax -Swr.), NATL, FGIC, 5s, 6/1/29		Aa2		1,000,000	1,065,990
	Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-17), 5s, 9/1/25		BB+/P		600,000	595,998
						47,134,792
	New Hampshire (1.4%)
	NH Hlth. & Ed. Fac. Auth. VRDN (U. Syst. of NH), Ser. B, 0.17s, 7/1/33		VMIG1		8,190,000	8,190,000
						8,190,000
	New Jersey (7.0%)
	NJ Econ. Dev. Auth. Rev. Bonds
	(First Mtge. Presbyterian Home), Ser. A, 6 3/8s, 11/1/31		BB/P		1,000,000	999,880
	(Cigarette Tax), 5 3/4s, 6/15/29 (Prerefunded 6/15/14)		Aaa		5,000,000	5,507,850
	5s, 6/15/26		Baa1		500,000	557,240
	NJ Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
	Ser. A, 5.7s, 10/1/39		A2		3,900,000	4,298,853
	Ser. B, 5.6s, 11/1/34		A2		500,000	552,795
	NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds
	(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38		BBB-		2,750,000	3,226,025
	(St. Peter's U. Hosp.), 5 3/4s, 7/1/37		Baa3		2,500,000	2,688,700
	(Holy Name Hosp.), 5s, 7/1/36		Baa2		5,000,000	5,097,500
	NJ State Edl. Fac. Auth. Rev. Bonds
	(Fairleigh Dickinson), Ser. C, 6s, 7/1/20		BBB/F		1,500,000	1,606,065
	(Georgian Court U.), Ser. D, 5 1/4s, 7/1/37		Baa1		1,000,000	1,061,610
	(Georgian Court U.), Ser. D, 5 1/4s, 7/1/27		Baa1		500,000	539,855
	NJ State Higher Ed. Assistance Auth. Rev. Bonds (Student Loan), Ser. 1A, 5s, 12/1/22		Aa2		2,500,000	2,788,100
	NJ State Trans. Trust Fund Auth. Rev. Bonds (Trans. Syst.), Ser. A, zero %, 12/15/30		A1		13,000,000	5,972,460
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A, 4 3/4s, 6/1/34		B2		3,000,000	2,418,840
	Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31		AA+		2,300,000	2,569,330
						39,885,103
	New York (10.1%)
	Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, 6 7/8s, 7/1/40		B/P		320,000	339,584
	Metro. Trans. Auth. Rev. Bonds, Ser. D
	5s, 11/15/36		A2		2,000,000	2,242,680
	5s, 11/15/29(FWC)		A2		3,000,000	3,504,240
	NY City, G.O. Bonds, Ser. F, 5s, 8/1/30		Aa2		3,320,000	3,925,269
	NY City, Indl. Dev. Agcy. Special Arpt. Fac. Rev. Bonds (Airis JFK I, LLC), Ser. A, 5 1/2s, 7/1/28		BBB-		2,100,000	2,099,937
	NY City, Indl. Dev. Agcy. Special Fac. FRB (American Airlines - JFK Intl. Arpt.), 7 5/8s, 8/1/25 (In default)(NON)		D/P		2,000,000	2,133,520
	NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (British Airways PLC), 5 1/4s, 12/1/32		BB		700,000	691,334
	NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. bonds
	5s, 6/15/31(T)		AA+		10,000,000	11,800,174
	Ser. GG, 5s, 6/15/43		AA+		2,000,000	2,269,320
	NY City, Transitional Fin. Auth. Rev. Bonds (Future Tax), Ser. D-1, 5s, 11/1/32		AAA		3,000,000	3,550,260
	NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6s, 6/1/43		A3		1,500,000	1,506,090
	NY State Dorm. Auth. Lease Rev. Bonds (State U. Dorm Fac.), Ser. A, 5s, 7/1/35		Aa2		1,000,000	1,146,090
	NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37		Ba1		2,300,000	2,512,727
	NY State Dorm. Auth.Ser. C Rev bonds 5s, 3/15/31(T)		AAA		5,000,000	5,874,570
	NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26		A3		6,000,000	6,015,060
	Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term. - 6), NATL, 5.9s, 12/1/17		BBB		6,000,000	6,012,600
	Seneca Cnty., Indl. Dev. Agcy. Solid Waste Disp. Mandatory Put Bonds (10/1/13) (Seneca Meadows, Inc.), 6 5/8s, 10/1/35		BB-		670,000	677,819
	Troy, Cap. Res. Corp. Rev. Bonds (Rensselaer Polytechnic), Ser. A, 5 1/8s, 9/1/40		A3		1,385,000	1,534,940
						57,836,214
	North Carolina (1.3%)
	NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24		A-		1,000,000	1,246,930
	NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
	(Deerfield), Ser. A, 6s, 11/1/33		BBB+/F		805,000	871,855
	(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22		BB/P		1,000,000	1,052,950
	NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba Elec.), Ser. A, 5s, 1/1/30		A2		800,000	889,704
	U. of NC Syst. Pool Rev. Bonds, Ser. C, 5 1/2s, 10/1/34		A3		3,000,000	3,368,910
						7,430,349
	North Dakota (0.5%)
	ND State Hsg. Fin. Agcy. Rev. Bonds (Hsg. Fin.), Ser. B, 4.8s, 7/1/37		Aa1		2,580,000	2,617,978
						2,617,978
	Ohio (7.1%)
	American Muni. Pwr. - Ohio, Inc. Rev. Bonds
	(Prairie State Energy Campus), Ser. A, 5 1/4s, 2/15/43		A1		1,000,000	1,098,940
	(Prairie Street Energy Campus), Ser. A, 5 1/4s, 2/15/33		Aa3		5,000,000	5,615,650
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A-2
	5 3/4s, 6/1/34		B3		9,000,000	7,319,880
	5 1/8s, 6/1/24		B3		2,050,000	1,719,233
	Cleveland, Arpt. Syst. Rev. Bonds, Ser. A, 5s, 1/1/29		A-		500,000	558,830
	Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/15/46		A-		2,500,000	2,567,475
	Hickory Chase, Cmnty. Auth. Infrastructure Impt. Rev. Bonds (Hickory Chase), 7s, 12/1/38 (In default)(NON)		D/P		644,000	377,957
	Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 6s, 8/15/43		Baa1		3,100,000	3,367,096
	OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.8s, 12/1/38		Baa1		2,000,000	2,290,780
	OH State Higher Edl. Fac. Comnty. Rev. Bonds
	(Kenyon College), 5s, 7/1/44		A1		5,000,000	5,381,700
	(U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39 (Prerefunded 1/15/15)		A2		3,000,000	3,464,760
	OH State Higher Edl. Fac. Comnty. VRDN (Cleveland Clinic Foundation), Ser. B-4, 0.16s, 1/1/43		VMIG1		1,300,000	1,300,000
	Scioto Cnty., Hosp. Rev. Bonds (Southern Med. Ctr.), 5 1/2s, 2/15/28		A2		4,660,000	5,134,947
	Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, 5 3/4s, 12/1/32		BB/P		625,000	651,644
						40,848,892
	Oregon (0.9%)
	Keizer, Special Assmt. Bonds (Keizer Station), Ser. A, 5.2s, 6/1/31		A1		2,200,000	2,406,426
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26		BB/P		1,040,000	1,093,238
	OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5 3/4s, 7/1/39		A1		1,250,000	1,464,788
						4,964,452
	Pennsylvania (4.6%)
	Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Hlth. Syst.-West PA), Ser. A, 5 3/8s, 11/15/40		B-		1,500,000	1,224,915
	Bucks Cnty., Indl. Dev. Auth. Rev. Bonds (US Steel Corp.), 6 3/4s, 6/1/26		BB		1,000,000	1,113,320
	Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty. Rev. Bonds (Ann's Choice, Inc.), Ser. A
	5.4s, 1/1/15		BB/P		1,060,000	1,076,038
	5.3s, 1/1/14		BB/P		710,000	720,899
	Cumberland Cnty., Muni. Auth. Rev. Bonds (Presbyterian Homes), Ser. A, 5s, 1/1/17		BBB+		1,320,000	1,399,332
	Delaware River Port Auth. PA & NJ Rev. Bonds, Ser. D, 5s, 1/1/40		A3		1,200,000	1,308,396
	Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst College), 5 1/2s, 3/15/38		BBB		725,000	781,014
	Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5 3/8s, 7/1/42		A2		1,000,000	1,079,750
	Lancaster, Higher Ed. Auth. College Rev. Bonds (Franklin & Marshall College), 5s, 4/15/29		AA-		1,000,000	1,109,560
	Northampton Cnty., Hosp. Auth. Rev. Bonds (St. Luke's Hosp. - Bethlehem), Ser. A, 5 1/2s, 8/15/40		A3		1,250,000	1,331,688
	PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Amtrak), Ser. A, 5s, 11/1/32		A1		1,000,000	1,104,560
	PA State Higher Edl. Fac. Auth. Rev. Bonds
	(Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42		BBB-		500,000	525,305
	(Widener U.), 5 3/8s, 7/15/29		BBB+		750,000	777,525
	(St. Joseph's U.), Ser. A, 5s, 11/1/40		A-		3,000,000	3,297,150
	(Philadelphia U.), 5s, 6/1/30		Baa2		2,250,000	2,341,755
	(Philadelphia U.), 5s, 6/1/22		Baa2		860,000	921,542
	PA State Tpk. Comm. Oil Franchise Tax Rev. Bonds, Ser. C, zero %, 12/1/39		AA		5,000,000	1,477,950
	Philadelphia, Arpt. Rev. Bonds, Ser. D, 5 1/4s, 6/15/25		A+		2,750,000	3,118,775
	Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Hosp.-Graduate Hlth. Sys.), Ser. A, 6 1/4s, 7/1/13 (In default)(NON)		D/P		1,462,206	146
	Pittsburgh & Allegheny Cnty., Sports & Exhib. Auth. Hotel Rev. Bonds, AGM, 5s, 2/1/35		Aa3		1,225,000	1,331,685
	Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A, 6 1/2s, 1/1/38		Baa3		550,000	583,314
						26,624,619
	Puerto Rico (5.6%)
	Cmnwlth. of PR, G.O. Bonds
	Ser. C, 6 1/2s, 7/1/40		Baa1		5,000,000	5,839,200
	Ser. B, 6s, 7/1/39		Baa1		5,000,000	5,484,550
	Ser. C, 6s, 7/1/39		Baa1		2,500,000	2,742,275
	Cmnwlth. of PR, Aqueduct & Swr. Auth. Rev. Bonds, Ser. A, 6s, 7/1/38		Baa2		1,125,000	1,202,659
	Cmnwlth. of PR, Elec. Pwr. Auth. Rev. Bonds, Ser. XX, 5 1/4s, 7/1/40		Baa1		3,000,000	3,123,930
	Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser. AA-2, 5.3s, 7/1/35		A3		875,000	921,121
	Cmnwlth. of PR, Pub. Bldg. Auth. Mandatory Put Bonds (7/1/17) (Govt. Fac.), Ser. M-2, 5 3/4s, 7/1/34		Baa1		1,750,000	1,947,050
	Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A, zero %, 8/1/30		A+		27,000,000	10,890,180
						32,150,965
	Rhode Island (—%)
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/4s, 6/1/42		Ba1		200,000	204,912
						204,912
	South Carolina (0.9%)
	SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A, 6 1/2s, 8/15/32 (Prerefunded 8/15/12)		AA+		2,000,000	2,004,220
	SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds (Palmetto Hlth.), Ser. C
	6s, 8/1/20 (Prerefunded 8/1/13)		Baa1		2,445,000	2,581,015
	U.S. Govt. Coll., 6s, 8/1/20 (Prerefunded 8/1/13)		Baa1		305,000	321,967
						4,907,202
	South Dakota (0.4%)
	SD Edl. Enhancement Funding Corp. SD Tobacco Rev. Bonds, Ser. B, 6 1/2s, 6/1/32		A3		2,450,000	2,542,733
						2,542,733
	Tennessee (0.7%)
	Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38		Baa1		3,450,000	3,992,340
						3,992,340
	Texas (15.1%)
	Abilene, Hlth. Fac. Dev. Corp. Retirement Fac. Rev. Bonds (Sears Methodist Retirement), 6s, 11/15/29		B+/P		814,000	614,212
	Alliance, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 4.85s, 4/1/21		Baa1		3,250,000	3,504,865
	Brazos River Harbor Naval Dist. Env. FRB (Dow Chemical Co.), Ser. A-4, 5.95s, 5/15/33		BBB		400,000	443,620
	Brazos River, Auth. Poll. Control Rev. Bonds (TXU Energy Co., LLC), 5s, 3/1/41		Ca		500,000	46,545
	Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/18) (Dow Chemical), 5.9s, 5/1/38		BBB		2,850,000	3,160,736
	Dallas Cnty., Util. & Reclamation Dist. G.O. Bonds, Ser. B, AMBAC, 5 3/8s, 2/15/29		A3		4,000,000	4,301,400
	Dallas, Area Rapid Transit Rev. Bonds Sr. Lien, 5s, 12/1/33(T)		AA+		30,000,000	33,767,586
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (Texas Med. Ctr.), Ser. B-1, 0.17s, 9/1/31		VMIG1		8,370,000	8,370,000
	Houston, Util. Syst. Rev. Bonds, Ser. A, 5s, 11/15/33		AA		1,500,000	1,736,385
	Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40		Baa3		1,750,000	1,886,937
	Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30		Baa2		1,500,000	1,573,680
	North TX Thruway Auth. Rev. Bonds
	Ser. D, AGO, zero %, 1/1/28		Aa3		7,800,000	4,166,760
	Rev. Bonds, Ser. B, zero %, 9/1/43		AA		2,000,000	318,500
	North TX, Tollway Auth. Rev. Bonds
	Ser. A, 6s, 1/1/25		A2		1,300,000	1,534,675
	(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38		A3		2,000,000	2,192,140
	North TX, Tollway Auth. stepped-coupon Rev. Bonds, zero %, (6.5s, 1/1/15) 2043(STP)		A2		4,000,000	4,245,840
	Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21		Baa2		2,350,000	2,361,468
	Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Retirement Fac. Rev. Bonds (Buckner Retirement Svcs., Inc.), 5 1/4s, 11/15/37		A-		1,100,000	1,147,795
	TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5s, 12/15/15		A-		3,000,000	3,215,550
	TX State Tpk. Auth. Rev. Bonds (Central Texas Tpk. Syst.), Ser. A, AMBAC, 5 1/2s, 8/15/39		Baa1		8,000,000	8,007,680
						86,596,374
	Utah (0.3%)
	Salt Lake City, Hosp. Rev. Bonds, AMBAC, 6 3/4s, 5/15/20 (Escrowed to maturity)		AAA/P		1,700,000	1,705,219
						1,705,219
	Virginia (0.6%)
	Henrico Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. Bonds (United Methodist), Ser. A, 6.7s, 6/1/27		BB+/P		735,000	734,890
	Washington Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds (Mountain States Hlth. Alliance), Ser. C, 7 3/4s, 7/1/38		Baa1		2,100,000	2,611,202
						3,346,092
	Washington (2.4%)
	WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T)		AA+		5,000,000	6,014,379
	Tobacco Settlement Auth. of WA Rev. Bonds
	6 5/8s, 6/1/32		Baa1		900,000	936,252
	6 1/2s, 6/1/26		A3		4,695,000	4,895,664
	WA State Hlth. Care Fac. Auth. Rev. Bonds (Kadlec Med. Ctr.), 5 1/2s, 12/1/39		Baa2		2,000,000	2,147,560
						13,993,855
	West Virginia (0.8%)
	Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds (Allegheny Energy), Ser. D, 5 1/2s, 10/15/37		BBB		3,450,000	3,634,265
	WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43		B/P		935,000	976,486
						4,610,751
	Wisconsin (0.9%)
	WI State Rev. Bonds, Ser. A, 6s, 5/1/27		Aa3		2,500,000	3,176,725
	WI State Hlth. & Edl. Fac. Auth. Rev. Bonds (Prohealth Care, Inc.), 6 5/8s, 2/15/39		A1		1,500,000	1,787,055
						4,963,780
	Wyoming (0.8%)
	Campbell Cnty., Solid Waste Fac. Rev. Bonds (Basin Elec. Pwr. Co-op), Ser. A, 5 3/4s, 7/15/39		A1		2,000,000	2,280,740
	WY Muni. Pwr. Agcy. Pwr. Supply Rev. Bonds
	Ser. A, 5 1/2s, 1/1/33		A2		950,000	1,054,757
	(Pwr. Supply), Ser. A, 5 1/2s, 1/1/28		A2		1,000,000	1,128,780
						4,464,277
	TOTAL INVESTMENTS
	Total investments (cost $717,838,727)(b)					$791,881,518

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	Notes to the fund's portfolio
	Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1, 2012 through July 31, 2012 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures and references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC.
(a)	Percentages indicated are based on net assets of $573,398,777.
(RAT)	The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Putnam are indicated by “/P.” Securities rated by Fitch are indicated by “/F.” The rating of an insured security represents what is believed to be the most recent rating of the insurer's claims-paying ability available at the close of the reporting period, if higher than the rating of the direct issuer of the bond, and does not reflect any subsequent changes. Security ratings are defined in the Statement of Additional Information.
(b)	The aggregate identified cost on a tax basis is $717,897,884, resulting in gross unrealized appreciation and depreciation of $80,941,246 and $6,957,612, respectively, or net unrealized appreciation of $73,983,634.
(NON)	Non-income-producing security.
(STP)	The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.
(FWC)	Forward commitment, in part or in entirety.
(T)	Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions.
	At the close of the reporting period, the fund maintained liquid assets totaling $51,429,948 to cover certain derivatives contracts.
	144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	The rates shown on Mandatory Put Bonds are the current interest rates at the close of the reporting period.
	The dates shown parenthetically on Mandatory Put Bonds represent the next mandatory put dates.
	The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.
	The dates shown on debt obligations are the original maturity dates.
	The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
	Health care		25.4%
	Utilities		24.2
	Transportation		16.5
	State Government		13.9
	Local Government		12.2
	Education		11.4
	Security valuation: Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.
	Certain investments, including certain restricted and illiquid securities and derivatives are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
	Tender option bond transactions: The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust’s assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund’s portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund’s investments with a value of $92,772,411 were held by the TOB trust and served as collateral for $41,342,462 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $19,266 for these investments based on an average interest rate of 0.18%.

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	ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:
	Level 1: Valuations based on quoted prices for identical securities in active markets.
	Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
	Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
	The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:
			Valuation inputs
	Investments in securities:	Level 1	Level 2	Level 3
	Municipal bonds and notes	$—	$791,881,518	$—
	Totals by level	$—	$791,881,518	$—
	For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com

	Item 2. Controls and Procedures:

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

	(b) Changes in internal control over financial reporting: Not applicable

	Item 3. Exhibits:

	Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

	SIGNATURES

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

	Putnam Municipal Opportunities Trust

	By (Signature and Title):

	/s/ Janet C. Smith Janet C. Smith Principal Accounting Officer Date: September 28, 2012

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

	By (Signature and Title):

	/s/ Jonathan S. Horwitz Jonathan S. Horwitz Principal Executive Officer Date: September 28, 2012

	By (Signature and Title):

	/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: September 28, 2012