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:	Beth S. Mazor, 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, 2012

	Date of reporting period:	July 31, 2011

	Item 1. Schedule of Investments:

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	Putnam Municipal Opportunities Trust
	The fund's portfolio
	7/31/11 (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
	G.O. Bonds — General Obligation Bonds
	GNMA Coll. — Government National Mortgage Association Collateralized
	NATL — National Public Finance Guarantee Corp.
	SGI — Syncora Guarantee, Inc.
	U.S. Govt. Coll. — U.S. Government Collateralized
	VRDN — Variable Rate Demand Notes
	MUNICIPAL BONDS AND NOTES (141.3%)(a)
			Rating(RAT)		Principal amount	Value
	Alabama (0.2%)
	Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 5.8s, 5/1/34		BBB		$750,000	$759,668
						759,668
	Arizona (3.2%)
	Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29		BB-/P		3,300,000	3,224,793
	Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra Vista Cmnty. Hosp.), Ser. A, 6 3/4s, 12/1/26		BBB+/P		410,000	410,197
	Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32		Baa3		1,500,000	1,394,625
	Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5 1/8s, 5/15/40		A-		2,125,000	1,936,236
	Marana, Impt. Dist. Special Assmt. Bonds (Tangerine Farms Road), 4.6s, 1/1/26		A2		1,859,000	1,770,344
	Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40		Baa2		2,400,000	2,630,448
	Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5s, 7/1/40		A1		1,000,000	964,420
	Pima Cnty., Indl. Dev. Auth. Rev. Bonds
	(Tucson Elec. Pwr. Co.), 5 3/4s, 9/1/29		Baa3		800,000	812,664
	(Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25		BBB		1,550,000	1,340,487
	Tempe, Indl. Dev. Auth. Lease Rev. Bonds (ASU Foundation), AMBAC, 5s, 7/1/28		AA/P		500,000	480,125
	U. Med. Ctr. Corp. AZ Hosp. Rev. Bonds, 6 1/2s, 7/1/39		Baa1		1,000,000	1,037,430
						16,001,769
	California (25.5%)
	ABC Unified School Dist. G.O. Bonds, Ser. B, FGIC, zero %, 8/1/20		Aa2		1,500,000	972,195
	Bay Area Toll Auth. of CA Rev. Bonds (San Francisco Bay Area), Ser. F-1, 5s, 4/1/39		AA		2,500,000	2,519,550
	Burbank, Unified School Dist. G.O. Bonds (Election of 1997), Ser. C, FGIC, zero %, 8/1/23		AA-		1,000,000	503,110
	CA Edl. Fac. Auth. Rev. Bonds
	(Claremont Graduate U.), Ser. A, 5s, 3/1/42		A3		2,000,000	1,776,480
	(U. of the Pacific), 5s, 11/1/21		A2		1,500,000	1,563,885
	(Loyola-Marymount U.), NATL, zero %, 10/1/21		A2		1,300,000	767,806
	CA Hlth. Fac. Fin. Auth. Rev. Bonds (Sutter Hlth.), Ser. A, NATL, 5 3/8s, 8/15/30		Aa3		2,500,000	2,502,500
	CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.)
	Ser. E, 4.8s, 8/1/37		Baa1		5,000,000	4,038,400
	Ser. K, 4 5/8s, 8/1/26		Baa1		8,000,000	7,069,280
	CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37		Baa2		1,800,000	1,549,512
	CA Muni. Fin. Auth. Rev. Bonds (Eisenhower Med. Ctr.), Ser. A, 5 3/4s, 7/1/40		Baa1		1,000,000	983,330
	CA Poll. Control Fin. Auth. Rev. Bonds
	(San Jose Wtr. Co.), 5.1s, 6/1/40		A		3,500,000	3,260,250
	(Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23		A3		2,500,000	2,525,200
	CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23		BBB		850,000	861,025
	CA Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5 1/4s, 8/1/40		BBB+		1,000,000	957,000
	CA State G.O. Bonds
	6 1/2s, 4/1/33		A1		12,000,000	13,606,320
	5 1/2s, 3/1/40		A1		7,450,000	7,754,407
	5s, 10/1/29		A1		4,000,000	4,132,360
	CA State Pub. Wks. Board Rev. Bonds
	Ser. I-1, 6 1/8s, 11/1/29		A2		1,000,000	1,068,890
	Ser. A-1, 6s, 3/1/35		A2		1,600,000	1,649,632
	(Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32		A2		1,575,000	1,478,783
	CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30		BBB		5,250,000	4,785,323
	CA Statewide Cmnty. Dev. Auth. Rev. Bonds (Irvine LLC-UCI East Campus), 6s, 5/15/40		Baa2		2,000,000	1,933,380
	CA Statewide Cmnty., Dev. Auth. Rev. Bonds (Sutter Hlth.), Ser. A, 5s, 11/15/43		Aa3		2,485,000	2,305,136
	Cathedral City, Impt. Board Act of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35		BBB-/P		775,000	646,513
	Chula Vista COP, NATL, 5s, 8/1/32		A1		4,000,000	3,664,160
	Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas), Ser. B, 5s, 12/1/27		Aa3		1,915,000	1,915,900
	Foothill-De Anza, Cmnty. College Dist. G.O. Bonds, Ser. C, 5s, 8/1/40		Aaa		2,250,000	2,290,748
	Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A, zero %, 1/1/28 (Escrowed to maturity)		Aaa		20,000,000	10,525,600
	Golden State Tobacco Securitization Corp. Rev. Bonds
	Ser. 03 A-1, 6 1/4s, 6/1/33		Aaa		685,000	742,759
	Ser. A-1, 5s, 6/1/33		Baa3		1,050,000	750,750
	Ser. S-B, zero %, 6/1/47		B		6,000,000	190,800
	Los Angeles, Dept. Arpt. Rev. Bonds (Los Angeles Intl. Arpt.), Ser. D, 5s, 5/15/40		AA		3,500,000	3,541,930
	M-S-R Energy Auth. Rev. Bonds, Ser. B, 6 1/2s, 11/1/39		A		3,000,000	3,321,060
	Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5 3/4s, 8/10/18		AAA		6,000,000	7,090,920
	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	849,780
	Rancho Mirage, Joint Powers Fin. Auth. Rev. Bonds (Eisenhower Med. Ctr.), Ser. A, 5s, 7/1/47		Baa1		1,000,000	855,560
	Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21		A+		1,990,000	1,144,728
	Rocklin, Unified School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/27		Aa2		2,000,000	768,540
	Sacramento Cnty., Arpt. Syst. Rev. Bonds, 5s, 7/1/40		A2		1,350,000	1,269,486
	Sacramento, Special Tax (North Natomas Cmnty. Fac.), Ser. 97-01, 5s, 9/1/20		BB+/P		1,195,000	1,156,844
	Sacramento, Special Tax Rev. Bonds (North Natomas Cmnty. Fac.), Ser. 97-01
	5s, 9/1/29		BB+/P		1,180,000	1,027,284
	5s, 9/1/18		BB+/P		1,030,000	1,014,303
	San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, NATL, 6 1/2s, 8/1/17		Baa1		4,420,000	4,668,095
	San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5s, 7/1/40		A2		3,750,000	3,600,413
	San Diego, Unified School Dist. G.O. Bonds (Election of 2008), Ser. C
	zero %, 7/1/40		Aa1		5,000,000	782,300
	zero %, 7/1/38		Aa1		5,000,000	894,100
	San Juan, Unified School Dist. G.O. Bonds, AGM, zero %, 8/1/19		AA+		1,000,000	696,270
	Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds, 7.65s, 8/1/21		B+/P		580,000	580,278
	Tuolumne Wind Project Auth. Rev. Bonds (Tuolumne Co.), Ser. A, 5 7/8s, 1/1/29		A+		1,585,000	1,718,901
	Turlock, Dist. Ser. A, 5s, 1/1/40		A+		3,000,000	2,855,790
						129,127,566
	Colorado (1.6%)
	CO Hlth. Fac. Auth. Rev. Bonds
	(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26		BB-/P		325,000	307,037
	(Evangelical Lutheran), 5s, 6/1/29		A3		850,000	794,708
	CO Hsg. & Fin. Auth. Rev. Bonds (Single Family Mtge.), Ser. A-3, Class III, 5 1/4s, 5/1/33		A1		2,390,000	2,430,773
	CO Pub. Hwy. Auth. Rev. Bonds (E-470 Pub. Hwy.), Ser. C1, NATL, 5 1/2s, 9/1/24		Baa1		1,250,000	1,228,238
	CO Springs, Hosp. Rev. Bonds, 6 3/8s, 12/15/30		A3		3,280,000	3,283,214
						8,043,970
	Delaware (0.5%)
	DE St. Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.), 5.4s, 2/1/31		BBB+		1,100,000	1,105,445
	DE State Hsg. Auth. Rev. Bonds (Single Family Mtge.), Ser. B, zero %, 1/1/40		A3		10,190,000	1,542,460
						2,647,905
	District of Columbia (2.0%)
	DC Rev. Bonds (Howard U.), Ser. A, 6 1/2s, 10/1/41		A3		3,000,000	3,112,920
	DC U. Rev. Bonds (Gallaudet U.), 5 1/2s, 4/1/34		A+		1,000,000	1,014,140
	DC Wtr. & Swr. Auth. Pub. Util. Rev. Bonds, FGIC, NATL, 5s, 10/1/28		Aa3		3,000,000	3,107,310
	Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
	(First Sr. Lien), Ser. A, 5s, 10/1/39		A2		2,000,000	1,981,960
	(Metrorail), Ser. A, zero %, 10/1/37		Baa1		3,700,000	635,290
						9,851,620
	Florida (5.3%)
	Brevard Cnty., Hlth. Care Fac. Auth. Rev. Bonds (Health First, Inc.), 7s, 4/1/39		A3		3,000,000	3,260,370
	Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/26		BBB		2,500,000	2,380,825
	FL State Muni. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 10/1/31		A2		1,700,000	1,718,241
	Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 3/8s, 6/1/46		A-		4,200,000	3,892,686
	Lakeland, Retirement Cmnty. Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43		BBB-/F		340,000	305,623
	Lee Cnty., Rev. Bonds, SGI, 5s, 10/1/25		Aa2		2,500,000	2,598,850
	Marco Island, Util. Sys. Rev. Bonds, Ser. A, 5s, 10/1/40		Aa3		1,500,000	1,466,130
	Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.)
	Ser. A, 6.8s, 11/15/31		Baa3		1,000,000	1,002,770
	5 3/8s, 11/15/28		BB+/F		1,000,000	892,690
	Miami-Dade Cnty., Aviation Rev. Bonds (Miami Intl. Arpt.), Ser. A-1, 5 3/8s, 10/1/41		A2		3,000,000	3,005,130
	Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5s, 7/1/40		A		1,000,000	968,760
	Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33		BBB+		1,000,000	948,290
	Reunion West, Cmnty. Dev. Dist. Special Assmt. Bonds, 1 7/8s, 5/1/36		D/P		1,915,000	995,800
	South Bay, Cmnty. Dev. Dist. Rev. Bonds, Ser. B-1, 5 1/8s, 11/1/11 (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	1,505,130
	Tolomato, Cmnty. Dev. Dist. Special Assmt. (Split Pine Cmnty. Dev. Dist.), Ser. A, 5 1/4s, 5/1/39		B-/P		1,460,000	907,375
	Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37		BB-/P		465,000	354,730
						26,871,650
	Georgia (3.1%)
	Atlanta, Arpt. Rev. Bonds (Hartsfield-Jackson Intl. Arpt.), Ser. A, 5s, 1/1/35		A1		1,250,000	1,246,525
	Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39		A1		4,500,000	4,806,900
	Effingham Cnty., Indl. Dev. Auth. Rev. Bonds (Georgia-Pacific Corp.), 6 1/2s, 6/1/31		Ba2		900,000	902,403
	Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds (Northeast GA Hlth. Care), Ser. B, 5 1/4s, 2/15/45		A+		7,500,000	7,383,525
	Marietta, Dev. Auth. Rev. Bonds (U. Fac. - Life U., Inc.), 7s, 6/15/39		Ba3		1,400,000	1,338,890
						15,678,243
	Hawaii (—%)
	HI State Hsg. Fin. & Dev. Corp. Rev. Bonds, Ser. A, FNMA Coll., 5 3/4s, 7/1/30		Aaa		95,000	95,010
						95,010
	Illinois (7.2%)
	Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. A, 5 3/4s, 1/1/39		A1		4,000,000	4,183,080
	Chicago, Waste Wtr. Transmission Rev. Bonds, Ser. A, NATL, zero %, 1/1/24		Aa2		1,600,000	826,880
	IL Fin. Auth. Rev. Bonds
	(Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44		BBB		2,500,000	2,612,125
	(IL Rush U. Med. Ctr.), Ser. D, 6 5/8s, 11/1/39		A2		1,490,000	1,576,107
	(IL Rush U. Med.. Ctr.), Ser. C, 6 5/8s, 11/1/39		A2		1,425,000	1,500,981
	(Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37		Baa1		3,000,000	2,720,250
	(Alexian), Ser. A, AGM, 5 1/4s, 1/1/22		A-/F		3,775,000	4,029,058
	Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds (No. 115 Yorkville), FGIC, zero %, 1/1/21		Aa3		1,075,000	689,193
	Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds (No. 073 Hawthorn), NATL, FGIC
	zero %, 12/1/21		AA+		1,805,000	1,094,823
	zero %, 12/1/21 (Escrowed to maturity)		AA+		145,000	106,179
	zero %, 12/1/20		AA+		1,495,000	962,242
	zero %, 12/1/20 (Escrowed to maturity)		AA+		155,000	118,711
	Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds (McCormick)
	Ser. B, AGM, zero %, 6/15/43		AAA		6,500,000	857,090
	Ser. A, NATL, zero %, 12/15/30		AAA		22,500,000	7,201,125
	Metropolitan Pier & Exposition Auth. Rev. Bonds (McCormack Place Expansion Project), NATL, 5s, 12/15/28		AAA		1,770,000	1,808,498
	Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28		A-		4,150,000	4,276,949
	Southern IL U. Rev. Bonds (Hsg. & Auxiliary), Ser. A, NATL
	zero %, 4/1/25		A2		1,870,000	796,321
	zero %, 4/1/21		A2		1,880,000	1,106,775
						36,466,387
	Indiana (1.8%)
	IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5 1/4s, 10/15/21		Aa3		180,000	192,301
	IN State Fin. Auth. Rev. Bonds
	(U.S. Steel Corp.), 6s, 12/1/26		Ba2		500,000	508,165
	(Duke Energy Ind.), Ser. C, 4.95s, 10/1/40		A2		4,000,000	3,844,640
	Jasper Cnty., Indl. Poll. Control Rev. Bonds
	AMBAC, 5.7s, 7/1/17		Baa2		1,375,000	1,532,891
	NATL, 5.6s, 11/1/16		Baa1		1,550,000	1,725,832
	U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGO, 5 3/4s, 10/1/28		AA+		1,000,000	1,083,810
						8,887,639
	Iowa (0.2%)
	IA State Higher Ed. Loan Auth. Rev. Bonds
	5s, 10/1/22		BB/F		605,000	543,925
	(Wartburg), Ser. A, 5s, 10/1/21		BB/F		605,000	552,099
						1,096,024
	Kentucky (0.1%)
	KY Econ. Dev. Fin. Auth. Hlth. Syst. Rev. Bonds (Norton Hlth. Care), Ser. A, 6 5/8s, 10/1/28		A-/F		405,000	406,199
	Louisville/Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/38		Baa3		290,000	294,623
						700,822
	Maine (0.3%)
	Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26		B2		1,950,000	1,737,060
						1,737,060
	Maryland (0.4%)
	MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22		A		650,000	751,855
	MD State Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (WA Cnty. Hosp.), 5 3/4s, 1/1/38		BBB-		550,000	529,744
	MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15		BBB+/F		500,000	527,470
						1,809,069
	Massachusetts (8.0%)
	MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B, 5s, 1/1/37		A		2,500,000	2,496,325
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Sabis Intl.), Ser. A, 8s, 4/15/39		BBB		575,000	635,996
	(Carleton-Willard Village), 5 5/8s, 12/1/30		A-		750,000	742,530
	(Linden Ponds, Inc.), Ser. A, 5 1/2s, 11/15/22		D/P		1,360,000	748,000
	(Emerson College), Ser. A, 5s, 1/1/40		A-		4,000,000	3,899,120
	MA State Dev. Fin. Agcy. Solid Waste Disp. FRB (Dominion Energy Brayton Point), 5s, 2/1/36		A-		1,000,000	940,840
	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	1,635,675
	MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Civic Investments/HPHC), Ser. A, 9s, 12/15/15 (Prerefunded 12/15/12)		AAA/P		1,685,000	1,877,326
	(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33		BB-		1,500,000	1,459,545
	(UMass Memorial), Ser. C, 6 1/2s, 7/1/21		A-		1,875,000	1,877,363
	(Berkshire Hlth. Syst.), Ser. E, 6 1/4s, 10/1/31		BBB+		1,300,000	1,293,968
	(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON)		D/P		2,095,000	1,696,950
	(Hlth. Care Syst.-Covenant Hlth.), 6s, 7/1/31		A		3,790,000	3,826,081
	(Suffolk U.), Ser. A, 5 3/4s, 7/1/39		Baa2		1,175,000	1,152,522
	(Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36		A+		1,500,000	1,480,365
	(Care Group), Ser. B-2, NATL, 5 3/8s, 2/1/26		A3		700,000	703,437
	(Northeastern U.), Ser. A, 5s, 10/1/35		A2		3,250,000	3,222,765
	MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. C, 5.35s, 12/1/42		Aa3		1,500,000	1,444,785
	MA State Port Auth. Rev. Bonds, U.S. Govt. Coll., 13s, 7/1/13 (Prerefunded 9/2/11)		Aaa		1,130,000	1,325,015
	MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41		A		2,855,000	2,809,777
	Metro. Boston Trans. Pkg. Corp. Rev. Bonds
	(Systemwide Pkg.), 5 1/4s, 7/1/33		A1		2,500,000	2,595,800
	5s, 7/1/41		A1		2,600,000	2,556,294
						40,420,479
	Michigan (5.0%)
	Detroit, G.O. Bonds
	Ser. A-1, AMBAC, 5 1/4s, 4/1/24		BB		1,435,000	1,171,792
	Ser. A, FGIC, 5s, 7/1/30		A1		4,505,000	4,434,452
	(Cap. Impt.), Ser. A-1, 5s, 4/1/15		BB		1,300,000	1,195,766
	Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6s, 5/1/29		AA+		1,000,000	1,037,200
	Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36		AA+		1,425,000	1,549,830
	Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 7 1/2s, 7/1/39		Ba1		1,000,000	1,014,800
	MI Higher Ed. Fac. Auth. Rev. Bonds (Kalamazoo College), 5 1/2s, 12/1/18		A1		500,000	513,690
	MI State Bldg. Auth. Rev. Bonds, Ser. II-A, 5 3/8s, 10/15/36		Aa3		1,090,000	1,106,590
	MI State Hosp. Fin. Auth. Rev. Bonds
	Ser. A, 6 1/8s, 6/1/39		A1		2,500,000	2,574,050
	(Henry Ford Hlth.), 5 3/4s, 11/15/39		A1		2,000,000	2,001,100
	(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46		A1		4,500,000	4,009,365
	(Sparrow Hosp.), 5s, 11/15/31		A1		1,350,000	1,267,745
	MI State Strategic Fund Mandatory Put Bonds (6/2/14) (Dow Chemical), Ser. A-1, 6 3/4s, 12/1/28		BBB		100,000	110,695
	MI State Strategic Fund, Ltd. Rev. Bonds (Worthington Armstrong Venture), U.S. Govt. Coll., 5 3/4s, 10/1/22 (Escrowed to maturity)		AAA/P		1,650,000	1,956,900
	MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/34		BB		575,000	450,674
	Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp. Corp.), 5 3/8s, 6/1/26		Baa3		750,000	709,958
						25,104,607
	Minnesota (1.1%)
	North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39		BB/P		995,000	987,637
	St. Paul, Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Bonds (HealthPartners Oblig. Group), 5 1/4s, 5/15/36		A3		3,500,000	3,359,230
	St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35		Ba1		1,150,000	1,118,387
						5,465,254
	Mississippi (2.0%)
	Bus. Fin. Corp. Gulf Opportunity Zone Rev. Bonds, Ser. A, 5s, 5/1/37		A3		2,250,000	2,164,748
	MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst. Energy Resources, Inc.)
	5.9s, 5/1/22		BBB		3,000,000	3,006,090
	5 7/8s, 4/1/22		BBB		2,330,000	2,334,730
	MS Bus. Fin. Corp. Gulf Opportunity Zone VRDN (Chevron USA, Inc.), Ser. E, 0.3s, 12/1/30		VMIG1		500,000	500,000
	Warren Cnty., Gulf Opportunity Zone (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32		BBB		2,000,000	2,171,920
						10,177,488
	Missouri (0.2%)
	MO State Hlth. & Edl. Fac. Auth. VRDN (Washington U. (The)), Ser. B, 0.3s, 9/1/30		VMIG1		500,000	500,000
	MO State Hsg. Dev. Comm. Mtge. Rev. Bonds (Single Fam. Homeowner Loan), Ser. C-1, GNMA Coll., FNMA Coll., 7.15s, 3/1/32		AA+		265,000	273,843
						773,843
	Nebraska (0.8%)
	Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18		Ba3		3,000,000	3,097,320
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 5/8s, 1/1/40		A-/F		925,000	932,030
						4,029,350
	Nevada (9.3%)
	Clark Cnty., Ltd. Tax Bond, 5s, 6/1/33(T)		AA+		32,285,000	32,659,240
	Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, FGIC, 5 1/8s, 7/1/26		Aa3		5,105,000	5,218,893
	Clark Cnty., Impt. Dist. Special Assmt. Bonds (Summerlin No. 151), 5s, 8/1/25		BB-/P		2,070,000	1,466,202
	Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas Corp.), Ser. A, AMBAC
	6.1s, 12/1/38		BBB+		3,000,000	3,003,000
	5 1/4s, 7/1/34		BBB+		3,000,000	2,843,010
	Henderson G.O. Bonds (Ltd. Tax -Swr.), FGIC, 5s, 6/1/29		AA+		1,000,000	1,026,740
	Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-17), 5s, 9/1/25		BB+/P		610,000	534,592
						46,751,677
	New Jersey (6.1%)
	NJ Econ. Dev. Auth. Rev. Bonds
	(First Mtge. Presbyterian Home), Ser. A, 6 3/8s, 11/1/31		BB/P		1,000,000	851,480
	(Cigarette Tax), 5 3/4s, 6/15/29		BBB		5,000,000	4,944,650
	(Cigarette Tax), 5 1/2s, 6/15/24		BBB		2,800,000	2,724,372
	NJ Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
	Ser. A, 5.7s, 10/1/39		A2		3,900,000	3,861,858
	Ser. B, 5.6s, 11/1/34		A2		500,000	502,010
	NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds
	(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38		BBB-		2,750,000	2,793,120
	(St. Peter's U. Hosp.), 5 3/4s, 7/1/37		Baa3		2,500,000	2,343,475
	(Holy Name Hosp.), 5s, 7/1/36		Baa2		5,000,000	4,177,050
	NJ State Edl. Fac. Auth. Rev. Bonds
	(Fairleigh Dickinson), Ser. C, 6s, 7/1/20		BBB/F		1,500,000	1,542,135
	(Georgian Court U.), Ser. D, 5 1/4s, 7/1/37		Baa1		1,000,000	960,310
	NJ State Trans. Trust Fund Auth. Rev. Bonds (Trans. Syst.), Ser. A, zero %, 12/15/30		A1		13,000,000	4,075,500
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A, 4 3/4s, 6/1/34		Baa3		3,000,000	2,062,470
						30,838,430
	New York (7.3%)
	Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepherd Village), Ser. A, 6 7/8s, 7/1/40		B/P		320,000	305,533
	NY City, Indl. Dev. Agcy. Rev. Bonds
	(Liberty-7 World Trade Ctr.), Ser. A, 6 1/4s, 3/1/15		BB/P		1,400,000	1,412,082
	(Brooklyn Navy Yard Cogen. Partners), Ser. G, 5 3/4s, 10/1/36		Ba3		2,000,000	1,534,700
	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	1,824,164
	NY City, Indl. Dev. Agcy. Special Fac. FRB (American Airlines - JFK Intl. Arpt.), 7 5/8s, 8/1/25		B-		3,000,000	3,097,860
	NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (British Airways PLC), 5 1/4s, 12/1/32		BB-		700,000	575,302
	NY City, Muni. Wtr. & Swr. Fin. Auth. FRB, 8.06s, 6/15/19		AA+		5,000,000	5,631,400
	NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds, Ser. GG, 5s, 6/15/43		AA+		2,000,000	2,046,820
	NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6s, 6/1/43		BBB		1,500,000	1,175,354
	NY State Dorm. Auth. Lease Rev. Bonds (State U. Dorm Fac.), Ser. A, 5s, 7/1/35		Aa2		1,000,000	1,029,900
	NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37		Ba1		2,300,000	2,216,487
	NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26		A3		6,000,000	6,071,760
	Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term. - 6), NATL, 5.9s, 12/1/17		BBB		6,000,000	6,024,000
	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	671,930
	Troy, Cap. Res. Corp. Rev. Bonds (Rensselaer Polytechnic), Ser. A, 5 1/8s, 9/1/40		A3		3,385,000	3,322,107
						36,939,399
	North Carolina (1.4%)
	NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24		A-		1,000,000	1,162,290
	NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
	(Deerfield), Ser. A, 6s, 11/1/33		BBB+/F		805,000	801,973
	(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22		BB/P		1,000,000	988,780
	NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba Elec.), Ser. A, 5s, 1/1/30		A2		800,000	823,415
	U. of NC Syst. Pool Rev. Bonds, Ser. C, 5 1/2s, 10/1/34		A3		3,000,000	3,075,030
						6,851,488
	North Dakota (0.7%)
	ND State Hsg. Fin. Agcy. Rev. Bonds (Hsg. Fin.), Ser. B, 4.8s, 7/1/37		Aa1		3,640,000	3,354,442
						3,354,442
	Ohio (8.3%)
	American Muni. Pwr. - Ohio, Inc. Rev. Bonds
	(Prairie State Energy Campus), Ser. A, 5 1/4s, 2/15/43		A1		1,000,000	1,004,920
	5 1/4s, 2/15/33(T)		AA+		10,000,000	10,239,259
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A-2
	5 3/4s, 6/1/34		Baa3		11,600,000	8,782,476
	5 1/8s, 6/1/24		Baa3		2,050,000	1,660,357
	Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/15/46		A-		2,500,000	2,177,900
	Hickory Chase, Cmnty. Auth. Infrastructure Impt. Rev. Bonds (Hickory Chase), 7s, 12/1/38		BB-/P		700,000	458,366
	Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 6s, 8/15/43		Baa1		3,100,000	2,972,528
	OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.8s, 12/1/38		A3		2,000,000	2,058,320
	OH State Higher Edl. Fac. Comm. Rev. Bonds (Kenyon College), 5s, 7/1/44		A1		5,000,000	4,730,200
	OH State Higher Edl. Fac. Commn. Rev. Bonds (U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39		A2		3,000,000	3,127,740
	Scioto Cnty., Hosp. Rev. Bonds (Southern Med. Ctr.), 5 1/2s, 2/15/28		A2		4,660,000	4,698,026
						41,910,092
	Oregon (0.9%)
	Keizer, Special Assmt. Bonds (Keizer Station), Ser. A, 5.2s, 6/1/31		A1		2,275,000	2,320,658
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26		BB-/P		1,040,000	1,014,270
	OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5 3/4s, 7/1/39		A1		1,250,000	1,350,388
						4,685,316
	Pennsylvania (5.2%)
	Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Hlth. Syst.-West PA), Ser. A, 5 3/8s, 11/15/40		B+		1,500,000	1,266,404
	Bucks Cnty., Indl. Dev. Auth. Rev. Bonds (USX Corp.), 5.6s, 3/1/33		Baa2		2,025,000	2,025,122
	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	1,070,430
	5.3s, 1/1/14		BB/P		710,000	722,652
	Cumberland Cnty., Muni. Auth. Rev. Bonds (Presbyterian Homes), Ser. A, 5s, 1/1/17		BBB+		1,320,000	1,361,461
	Delaware River Port Auth. PA & NJ Rev. Bonds, Ser. D, 5s, 1/1/40		A3		1,200,000	1,201,583
	Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst College), 5 1/2s, 3/15/38		BBB		725,000	724,949
	Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5 3/8s, 7/1/42		A2		1,000,000	972,780
	Lancaster, Higher Ed. Auth. College Rev. Bonds (Franklin & Marshall College), 5s, 4/15/29		AA-		1,000,000	1,042,680
	Northampton Cnty., Hosp. Auth. Rev. Bonds (Saint Luke's Hosp. - Bethlehem), Ser. A, 5 1/2s, 8/15/40		A3		1,250,000	1,143,763
	PA State Higher Edl. Fac. Auth. Rev. Bonds
	(Widener U.), 5 3/8s, 7/15/29		BBB+		750,000	753,345
	(Saint Joseph's U.), Ser. A, 5s, 11/1/40		A-		3,000,000	2,875,320
	(Philadelphia U.), 5s, 6/1/30		Baa2		2,250,000	2,074,297
	(Philadelphia U.), 5s, 6/1/22		Baa2		860,000	860,370
	PA State Tpk. Comm. Oil Franchise Tax Rev. Bonds, Ser. C, zero %, 12/1/39		AA		19,000,000	3,813,490
	Philadelphia, Arpt. Rev. Bonds, Ser. D, 5 1/4s, 6/15/25		A+		2,750,000	2,806,485
	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., Passports & Exhib. Auth. Hotel Rev. Bonds, AGM, 5s, 2/1/35		AA+		1,225,000	1,223,310
	Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A, 6 1/2s, 1/1/38		Baa3		550,000	534,435
						26,473,022
	Puerto Rico (6.4%)
	Cmnwlth. of PR, G.O. Bonds
	Ser. C, 6 1/2s, 7/1/40		Baa1		5,000,000	5,362,000
	Ser. B, 6s, 7/1/39		Baa1		5,000,000	5,100,500
	Ser. C, 6s, 7/1/39		Baa1		2,500,000	2,558,250
	Cmnwlth. of PR, Aqueduct & Swr. Auth. Rev. Bonds, Ser. A, 6s, 7/1/38		Baa2		4,125,000	4,143,232
	Cmnwlth. of PR, Elec. Pwr. Auth. Rev. Bonds, Ser. XX, 5 1/4s, 7/1/40		A3		3,000,000	2,917,260
	Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser. AA-2, 5.3s, 7/1/35		A3		875,000	855,242
	Cmnwlth. of PR, Infrastructure Fin. Auth. Special Tax Bonds, Ser. C, AMBAC, 5 1/2s, 7/1/26		Baa1		1,000,000	1,025,580
	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	1,905,890
	Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A, zero %, 8/1/30		A1		27,000,000	8,296,290
						32,164,244
	Rhode Island (—%)
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/4s, 6/1/42		BBB		200,000	188,306
						188,306
	South Carolina (1.5%)
	Orangeburg Cnty., Solid Waste Disp. Fac. Rev. Bonds (SC Elec. & Gas), AMBAC, 5.7s, 11/1/24		A		2,500,000	2,506,325
	SC Hosp. Auth. Rev. Bonds (Med. U.), Ser. A, 6 1/2s, 8/15/32 (Prerefunded 8/15/12)		AA+		2,000,000	2,130,000
	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	2,706,371
	U.S. Govt. Coll., 6s, 8/1/20 (Prerefunded 8/1/13)		Baa1		305,000	337,605
						7,680,301
	South Dakota (0.5%)
	SD Edl. Enhancement Funding Corp. SD Tobacco Rev. Bonds, Ser. B, 6 1/2s, 6/1/32		BBB		2,450,000	2,490,964
						2,490,964
	Tennessee (1.1%)
	Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds
	(First Mtge. Mountain States Hlth.), Ser. A, 7 1/2s, 7/1/25 (Prerefunded 7/1/12)		Baa1		2,000,000	2,163,080
	(Mountain States Hlth. Alliance), 6s, 7/1/38		Baa1		3,450,000	3,518,897
						5,681,977
	Texas (15.5%)
	Abilene, Hlth. Fac. Dev. Corp. Retirement Fac. (Sears Methodist Retirement), 6s, 11/15/29		B+/P		1,050,000	820,554
	Alliance, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 4.85s, 4/1/21		Baa2		3,250,000	3,339,797
	Brazoria Cnty., Brazos River Harbor Naval Dist. Env. FRB (Dow Chemical Co.), Ser. A-4, 5.95s, 5/15/33		BBB		400,000	415,188
	Brazos River, Auth. Poll. Control Rev. Bonds (TXU Energy Co., LLC)
	Ser. D-1, 8 1/4s, 5/1/33		Ca		500,000	206,295
	5s, 3/1/41		Ca		500,000	133,850
	Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38		BBB		2,850,000	2,921,307
	Dallas Cnty., Util. & Reclamation Dist. G.O. Bonds, Ser. B, AMBAC, 5 3/8s, 2/15/29		A3		4,000,000	4,087,160
	Dallas, Area Rapid Transit Rev. Bonds Sr. Lien, 5s, 12/1/33(T)		AA+		30,000,000	31,261,398
	Gulf Coast, Waste Disp. Auth. Rev. Bonds
	(Valero Energy Corp.), 6.65s, 4/1/32		Baa2		1,000,000	1,002,310
	Ser. A, 6.1s, 8/1/24		BBB		550,000	558,465
	Houston, Util. Syst. Rev. Bonds, Ser. A, 5s, 11/15/33		AA		1,500,000	1,554,000
	Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40		Baa3		1,750,000	1,655,010
	Lower CO River Auth. Rev. Bonds, 5 3/4s, 5/15/37		A1		2,400,000	2,476,992
	Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30		Baa2		1,500,000	1,374,120
	North TX, Thruway Auth. Rev. Bonds
	Ser. A, 6s, 1/1/25		A2		1,300,000	1,418,066
	Ser. D, AGO, zero %, 1/1/28		AA+		7,800,000	3,013,373
	(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38		A3		2,000,000	2,012,660
	Ser. B, zero %, 9/1/43		AA		2,000,000	231,560
	North TX, Thruway Auth. stepped-coupon Rev. Bonds, zero %, (6.5s, 1/1/15) 2043(STP)		A2		4,000,000	3,383,880
	Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21		Baa2		2,350,000	2,382,360
	San Antonio Wtr. Rev. Bonds, Ser. A, AGM, 5s, 5/15/32		Aa1		2,000,000	2,032,840
	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	1,051,621
	TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5s, 12/15/15		A2		3,000,000	3,149,610
	TX State Tpk. Auth. Rev. Bonds (Central Texas Tpk. Syst.), Ser. A, AMBAC, 5 1/2s, 8/15/39		Baa1		8,000,000	7,954,560
						78,436,976
	Utah (0.6%)
	Murray City, Hosp. Rev. VRDN (IHC Hlth. Svcs., Inc.), Ser. B, 0.2s, 5/15/37		VMIG1		1,400,000	1,400,000
	Salt Lake City, Hosp. Rev. Bonds, AMBAC, U.S. Govt. Coll., 6 3/4s, 5/15/20 (Escrowed to maturity)		AAA/P		1,800,000	1,805,022
						3,205,022
	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	740,254
	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	2,355,780
						3,096,034
	Washington (1.5%)
	Tobacco Settlement Auth. of WA Rev. Bonds
	6 5/8s, 6/1/32		BBB		900,000	911,205
	6 1/2s, 6/1/26		BBB		4,775,000	4,851,495
	WA State Hlth. Care Fac. Auth. Rev. Bonds (Kadlec Med. Ctr.), 5 1/2s, 12/1/39		Baa2		2,000,000	1,854,140
						7,616,840
	West Virginia (1.2%)
	Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds (Allegheny Energy), Ser. D, 5 1/2s, 10/15/37		BBB		3,450,000	3,227,579
	Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn., Inc.), 6.1s, 5/1/29		BBB-		2,025,000	1,986,100
	WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43		B/P		935,000	903,985
						6,117,664
	Wisconsin (3.9%)
	Badger, Tobacco Settlement Asset Securitization Corp. Rev. Bonds
	7s, 6/1/28 (Prerefunded 6/1/12)		Aaa		7,000,000	7,390,460
	6 3/8s, 6/1/32 (Prerefunded 6/1/12)		Aaa		7,600,000	7,984,636
	WI State Rev. Bonds, Ser. A, 6s, 5/1/27		Aa3		2,500,000	2,853,225
	WI State Hlth. & Edl. Fac. Auth. Rev. Bonds (Prohealth Care, Inc.), 6 5/8s, 2/15/39		A1		1,500,000	1,595,295
						19,823,616
	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	2,042,100
	WY Muni. Pwr. Agcy. Pwr. Supply Rev. Bonds
	Ser. A, 5 1/2s, 1/1/33		A2		950,000	987,345
	(Pwr. Supply), Ser. A, 5 1/2s, 1/1/28		A2		1,000,000	1,059,110
						4,088,555
	TOTAL INVESTMENTS
	Total investments (cost $707,841,724)(b)					$714,139,788

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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, 2011 through July 31, 2011 (the reporting period).
(a)	Percentages indicated are based on net assets of $505,408,492.
(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 and does not reflect any subsequent changes.
(b)	The aggregate identified cost on a tax basis is $707,869,980, resulting in gross unrealized appreciation and depreciation of $25,291,888 and $19,022,080, respectively, or net unrealized appreciation of $6,269,808.
(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.
(T)	Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions.
	The rates shown on FRB, Mandatory Put Bonds and VRDN 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):
	Healthcare	27.6%
	Utilities	23.5
	Transportation	15
	State Government	10.6
	Security valuation: Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.
	Certain investments, including certain restricted and illiquid securities and derivatives are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
	Tender option bond transactions: The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust’s assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund’s portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund’s investments with a value of $74,159,897 were held by the TOB trust and served as collateral for $36,163,253 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $14,930 for these investments based on an average interest rate of 0.18%.

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	Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures (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	$—	$714,139,788	$—
	Totals by level	$—	$714,139,788	$—
	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: During the period, State Street Bank and Trust Company, which provides certain administrative, pricing and bookkeeping services for the Putnam funds pursuant to an agreement with Putnam Investment Management, LLC, began utilizing different accounting systems and systems support in providing services for the fund.

	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 29, 2011

	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 29, 2011

	By (Signature and Title):

	/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: September 29, 2011