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, 2012

	Date of reporting period:	January 31, 2012

	Item 1. Schedule of Investments:

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	Putnam Municipal Opportunities Trust
	The fund's portfolio
	1/31/12 (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
	IFB — Inverse Floating Rate Bonds, which are securities that pay interest rates that vary inversely to changes in the market interest rates. As interest rates rise, inverse floaters produce less current income. The rate shown is the current interest rate at the close of the reporting period.
	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 (138.7%)(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	$801,563
						801,563
	Arizona (2.8%)
	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	3,121,921
	Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra Vista Cmnty. Hosp.), Ser. A, 6 3/4s, 12/1/26		BBB+/P		395,000	395,498
	Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32		Baa3		1,500,000	1,517,415
	Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5 1/8s, 5/15/40		A-		2,125,000	2,235,350
	Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40		Baa2		2,400,000	2,744,327
	Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5s, 7/1/40		A1		1,000,000	1,058,340
	Pima Cnty., Indl. Dev. Auth. Rev. Bonds
	(Tucson Elec. Pwr. Co.), 5 3/4s, 9/1/29		Baa3		800,000	836,888
	(Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25		BBB		1,550,000	1,424,077
	Pinal Cnty., Elec. Rev. Bonds (Dist. No. 3), 5 1/4s, 7/1/36		A		500,000	538,430
	Tempe, Indl. Dev. Auth. Lease Rev. Bonds (ASU Foundation), AMBAC, 5s, 7/1/28		AA/P		500,000	502,680
	U. Med. Ctr. Corp. AZ Hosp. Rev. Bonds, 6 1/2s, 7/1/39		Baa1		1,000,000	1,116,800
						15,491,726
	California (23.9%)
	ABC Unified School Dist. G.O. Bonds, Ser. B, FGIC, zero %, 8/1/20		Aa3		1,500,000	1,097,685
	Bay Area Toll Auth. of CA Rev. Bonds (San Francisco Bay Area), Ser. F-1, 5s, 4/1/39		AA		2,500,000	2,687,450
	Burbank, Unified School Dist. G.O. Bonds (Election of 1997), Ser. C, FGIC, zero %, 8/1/23		AA-		1,000,000	659,090
	CA Edl. Fac. Auth. Rev. Bonds
	(Claremont Graduate U.), Ser. A, 5s, 3/1/42		A3		2,000,000	2,052,180
	(U. of the Pacific), 5s, 11/1/21		A2		1,500,000	1,646,715
	(Loyola-Marymount U.), NATL, zero %, 10/1/21		A2		1,300,000	853,749
	CA Hlth. Fac. Fin. Auth. Rev. Bonds (Sutter Hlth.), Ser. A, NATL, 5 3/8s, 8/15/30		Aa3		2,500,000	2,504,350
	CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.)
	Ser. E, 4.8s, 8/1/37		Baa2		5,000,000	4,463,700
	Ser. K, 4 5/8s, 8/1/26		Baa2		5,000,000	4,747,650
	CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37		Baa2		1,800,000	1,777,787
	CA Poll. Control Fin. Auth. Rev. Bonds
	(San Jose Wtr. Co.), 5.1s, 6/1/40		A		3,500,000	3,694,040
	(Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23		A3		2,500,000	2,629,475
	CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23		A-2		850,000	886,006
	CA Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5 1/4s, 8/1/40		BBB+		1,000,000	1,004,540
	CA State G.O. Bonds
	6 1/2s, 4/1/33		A1		12,000,000	14,687,880
	5 1/2s, 3/1/40		A1		7,450,000	8,367,690
	5s, 10/1/29		A1		4,000,000	4,476,960
	CA State Pub. Wks. Board Rev. Bonds
	Ser. I-1, 6 1/8s, 11/1/29		A2		1,000,000	1,198,420
	Ser. A-1, 6s, 3/1/35		A2		1,600,000	1,813,071
	(Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32		A2		1,575,000	1,655,845
	CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30		BBB		5,250,000	5,186,685
	CA Statewide Cmnty., Dev. Auth. Rev. Bonds
	(Irvine LLC-UCI East Campus), 6s, 5/15/40		Baa2		2,000,000	2,133,160
	(Sutter Hlth.), Ser. A, 5s, 11/15/43		Aa3		2,485,000	2,548,466
	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	724,346
	Chula Vista COP, NATL, 5s, 8/1/32		A1		4,000,000	4,049,360
	Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas), Ser. B, 5s, 12/1/27		Aa3		1,915,000	2,073,542
	Foothill-De Anza, Cmnty. College Dist. G.O. Bonds, Ser. C, 5s, 8/1/40		Aaa		2,250,000	2,532,262
	Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A, zero %, 1/1/28 (Escrowed to maturity)		Aaa		13,000,000	8,471,060
	Golden State Tobacco Securitization Corp. Rev. Bonds
	Ser. 03 A-1, 6 1/4s, 6/1/33 (Prerefunded 6/1/12)		Aaa		685,000	729,046
	Ser. A-1, 5s, 6/1/33		B3		1,050,000	784,371
	Ser. S-B, zero %, 6/1/47		CCC+		6,000,000	257,820
	Los Angeles, Dept. Arpt. Rev. Bonds (Los Angeles Intl. Arpt.), Ser. D, 5s, 5/15/40		AA		3,500,000	3,858,645
	M-S-R Energy Auth. Rev. Bonds, Ser. B, 6 1/2s, 11/1/39		A-		3,000,000	3,660,660
	Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5 3/4s, 8/10/18		AAA		6,000,000	7,268,760
	Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev. Bonds (Ladera Ranch No. 02-1), Ser. A, 5.55s, 8/15/33		BBB-/P		900,000	901,899
	Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21		A+		1,990,000	1,301,817
	Rocklin, Unified School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/27		Aa2		2,000,000	979,600
	Sacramento Cnty., Arpt. Syst. Rev. Bonds, 5s, 7/1/40		A2		1,350,000	1,417,028
	Sacramento, Special Tax Rev. Bonds (North Natomas Cmnty. Fac.), Ser. 97-01
	5s, 9/1/20		BB+/P		1,195,000	1,205,875
	5s, 9/1/29		BB+/P		1,180,000	1,135,867
	5s, 9/1/18		BB+/P		1,030,000	1,043,863
	San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, NATL, 6 1/2s, 8/1/17		Baa2		4,420,000	4,781,246
	San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5s, 7/1/40		A2		3,750,000	3,911,963
	San Diego, Unified School Dist. G.O. Bonds (Election of 2008), Ser. C
	zero %, 7/1/40		Aa2		5,000,000	1,137,450
	zero %, 7/1/38		Aa2		5,000,000	1,272,200
	San Juan, Unified School Dist. G.O. Bonds, AGM, zero %, 8/1/19		Aa2		1,000,000	791,180
	Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds, 7.65s, 8/1/21		B+/P		580,000	580,754
	Tuolumne Wind Project Auth. Rev. Bonds (Tuolumne Co.), Ser. A, 5 7/8s, 1/1/29		A+		1,585,000	1,848,110
	Turlock, Dist. Ser. A, 5s, 1/1/40		A+		3,000,000	3,166,230
						132,657,548
	Colorado (1.4%)
	CO Hlth. Fac. Auth. Rev. Bonds
	(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26		BB-/P		325,000	328,439
	(Evangelical Lutheran), 5s, 6/1/29		A3		850,000	867,162
	CO Hsg. & Fin. Auth. Rev. Bonds (Single Family Mtge.), Ser. A-3, Class III, 5 1/4s, 5/1/33		A+		1,940,000	1,952,125
	CO Pub. Hwy. Auth. Rev. Bonds (E-470 Pub. Hwy.), Ser. C1, NATL, 5 1/2s, 9/1/24		Baa2		1,250,000	1,302,525
	CO Springs, Hosp. Rev. Bonds, 6 3/8s, 12/15/30		A3		3,280,000	3,285,904
						7,736,155
	Delaware (0.5%)
	DE St. Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.), 5.4s, 2/1/31		BBB+		1,100,000	1,175,658
	DE State Hsg. Auth. Rev. Bonds (Single Family Mtge.), Ser. B, zero %, 1/1/40		A3		9,925,000	1,754,442
						2,930,100
	District of Columbia (1.9%)
	DC Rev. Bonds (Howard U.), Ser. A, 6 1/2s, 10/1/41		A3		3,000,000	3,336,600
	DC U. Rev. Bonds (Gallaudet U.), 5 1/2s, 4/1/34		A+		1,000,000	1,115,680
	DC Wtr. & Swr. Auth. Pub. Util. Rev. Bonds, FGIC, NATL, 5s, 10/1/28		Aa3		3,000,000	3,111,240
	Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
	(First Sr. Lien), Ser. A, 5s, 10/1/39		A2		2,000,000	2,132,100
	(Metrorail), Ser. A, zero %, 10/1/37		Baa1		3,700,000	844,673
						10,540,293
	Florida (5.1%)
	Brevard Cnty., Hlth. Care Fac. Auth. Rev. Bonds (Health First, Inc.), 7s, 4/1/39		A3		3,000,000	3,488,460
	Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/26		BBB		2,500,000	2,500,575
	FL State Board of Ed. G.O. Bonds (Capital Outlay 2011), Ser. F, 5s, 6/1/30		AAA		1,000,000	1,185,780
	FL State Muni. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 10/1/31		A2		1,700,000	1,831,410
	Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 3/8s, 6/1/46		A-		4,200,000	4,271,736
	Lakeland, Retirement Cmnty. Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43		BBB-/F		340,000	340,632
	Lee Cnty., Rev. Bonds, SGI, 5s, 10/1/25		Aa2		2,500,000	2,729,525
	Marco Island, Util. Sys. Rev. Bonds, Ser. A, 5s, 10/1/40		Aa3		1,500,000	1,606,545
	Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.)
	Ser. A, 6.8s, 11/15/31		Baa3		1,000,000	1,011,550
	5 3/8s, 11/15/28		BBB-/F		1,000,000	1,000,300
	Miami-Dade Cnty., Aviation Rev. Bonds (Miami Intl. Arpt.), Ser. A-1, 5 3/8s, 10/1/41		A2		3,000,000	3,246,750
	Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5s, 7/1/40		A		1,000,000	1,047,060
	Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33		BBB+		1,000,000	1,029,380
	South Bay, Cmnty. Dev. Dist. Rev. 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	1,580,955
	Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds,
	(Split Pine Cmnty. Dev. Dist.), Ser. A, 5 1/4s, 5/1/39 (In default)(NON)		D/P		1,460,000	633,801
	5.4s, 5/1/37		CCC/P		460,000	386,138
						28,558,847
	Georgia (3.0%)
	Atlanta, Arpt. Rev. Bonds
	Ser. C, 5 7/8s, 1/1/24		A1		500,000	627,225
	(Hartsfield-Jackson Intl. Arpt.), Ser. A, 5s, 1/1/35		A1		1,250,000	1,352,513
	Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39		A1		4,500,000	5,262,975
	Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds (Northeast GA Hlth. Care), Ser. B, 5 1/4s, 2/15/45		A+		7,500,000	8,011,050
	Marietta, Dev. Auth. Rev. Bonds (U. Fac. - Life U., Inc.), 7s, 6/15/39		Ba3		1,400,000	1,432,942
						16,686,705
	Hawaii (—%)
	HI State Hsg. Fin. & Dev. Corp. Rev. Bonds, Ser. A, FNMA Coll., 5 3/4s, 7/1/30		Aaa		80,000	80,018
						80,018
	Illinois (7.3%)
	Chicago, O'Hare Intl. Arpt. Rev. Bonds, Ser. A, 5 3/4s, 1/1/39		A1		4,000,000	4,549,160
	Chicago, Waste Wtr. Transmission Rev. Bonds, Ser. A, NATL, zero %, 1/1/24		Aa2		1,600,000	1,001,760
	IL Fin. Auth. Rev. Bonds
	(Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44		BBB-		2,500,000	2,807,275
	(IL Rush U. Med. Ctr.), Ser. D, 6 5/8s, 11/1/39		A2		1,490,000	1,737,847
	(IL Rush U. Med.. Ctr.), Ser. C, 6 5/8s, 11/1/39		A2		1,425,000	1,662,035
	(Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37		Baa1		3,000,000	3,107,190
	(Alexian), Ser. A, AGM, 5 1/4s, 1/1/22		Aa3		3,775,000	4,265,599
	Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds (No. 115 Yorkville), FGIC, zero %, 1/1/21		Aa3		1,075,000	776,752
	Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds (No. 073 Hawthorn), NATL, FGIC
	zero %, 12/1/21		AA+		1,805,000	1,248,031
	zero %, 12/1/21 (Escrowed to maturity)		AA+		145,000	119,590
	zero %, 12/1/20		AA+		1,495,000	1,088,225
	zero %, 12/1/20 (Escrowed to maturity)		AA+		155,000	131,975
	Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds (McCormick), Ser. A, NATL, zero %, 12/15/30		AAA		22,500,000	9,539,775
	Metro. Pier & Exposition Auth. Rev. Bonds (McCormick Place Expansion Project), NATL, 5s, 12/15/28		AAA		1,770,000	1,795,099
	Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28		A-		4,150,000	4,639,742
	Southern IL U. Rev. Bonds (Hsg. & Auxiliary), Ser. A, NATL
	zero %, 4/1/25		A2		1,870,000	976,252
	zero %, 4/1/21		A2		1,880,000	1,243,864
						40,690,171
	Indiana (3.3%)
	IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5 1/4s, 10/15/21		Aa3		180,000	199,766
	IN State Fin. Auth. Rev. Bonds
	(U.S. Steel Corp.), 6s, 12/1/26		BB		500,000	515,130
	(BHI Sr. Living), 5 3/4s, 11/15/41		A-/F		1,000,000	1,055,010
	(Duke Energy Ind.), Ser. C, 4.95s, 10/1/40		A2		4,000,000	4,251,120
	IN State Fin. Auth. VRDN
	Ser. A-3, 0.08s, 2/1/37		VMIG1		4,300,000	4,300,000
	Ser. A-2, 0.05s, 2/1/37		VMIG1		1,750,000	1,750,000
	IN State Fin. Auth. Edl. Fac. VRDN, Ser. A-1, 0.05s, 2/1/37		VMIG1		2,000,000	2,000,000
	Jasper Cnty., Indl. Poll. Control Rev. Bonds
	AMBAC, 5.7s, 7/1/17		Baa2		1,375,000	1,555,455
	NATL, 5.6s, 11/1/16		Baa2		1,550,000	1,745,161
	U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGO, 5 3/4s, 10/1/28		Aa3		1,000,000	1,167,560
						18,539,202
	Kentucky (0.1%)
	Louisville/Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/38		Baa3		290,000	306,159
						306,159
	Maine (0.3%)
	Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26		B2		1,950,000	1,789,008
						1,789,008
	Maryland (0.2%)
	MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22		A		650,000	798,012
	MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15		BBB+/F		500,000	532,555
						1,330,567
	Massachusetts (7.6%)
	MA State VRDN (Construction Loan), Ser. A, 0.04s, 3/1/26		VMIG1		800,000	800,000
	MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B, 5s, 1/1/37		A		2,500,000	2,680,300
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Sabis Intl.), Ser. A, 8s, 4/15/39		BBB		575,000	661,842
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26		B-/P		960,369	834,753
	(Carleton-Willard Village), 5 5/8s, 12/1/30		A-		750,000	786,435
	(Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46		B-/P		51,190	34,115
	(Berklee College of Music), 5 1/4s, 10/1/41		A2		2,000,000	2,170,200
	(Emerson College), Ser. A, 5s, 1/1/40		BBB+		4,000,000	4,139,800
	(Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56		B-/P		254,614	2,801
	MA State Dev. Fin. Agcy. Solid Waste Disp. FRB (Dominion Energy Brayton Point), 5s, 2/1/36		A-		1,000,000	1,014,050
	MA State Dev. Fin. Agcy. Solid Waste Disp. Mandatory Put Bonds (5/1/19) (Dominion Energy Brayton 1), Ser. 1, 5 3/4s, 5/1/42		A-		1,500,000	1,735,005
	MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Civic Investments/HPHC), Ser. A, 9s, 12/15/15 (Prerefunded 12/15/12)		AAA/P		1,485,000	1,617,432
	(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33		BB-		1,500,000	1,513,845
	(Berkshire Hlth. Syst.), Ser. E, 6 1/4s, 10/1/31		BBB+		1,300,000	1,313,663
	(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON)		D/P		536,002	12,328
	(Hlth. Care Syst.-Covenant Hlth.), 6s, 7/1/31		A		3,790,000	3,833,585
	(Suffolk U.), Ser. A, 5 3/4s, 7/1/39		Baa2		1,175,000	1,247,627
	(Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36		A+		1,500,000	1,613,070
	(Springfield College), 5 5/8s, 10/15/40		Baa1		550,000	571,346
	(Care Group), Ser. B-2, NATL, 5 3/8s, 2/1/26		A3		700,000	784,287
	(Northeastern U.), Ser. A, 5s, 10/1/35		A2		3,250,000	3,510,455
	MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. C, 5.35s, 12/1/42		Aa3		1,500,000	1,577,010
	MA State Port Auth. Rev. Bonds, U.S. Govt. Coll., 13s, 7/1/13 (Escrowed to maturity)		Aaa		1,130,000	1,258,673
	MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41		A		2,855,000	3,090,766
	Metro. Boston, Trans. Pkg. Corp. Rev. Bonds
	(Systemwide Pkg.), 5 1/4s, 7/1/33		A1		2,500,000	2,805,525
	5s, 7/1/41		A1		2,600,000	2,804,256
						42,413,169
	Michigan (5.0%)
	Detroit, G.O. Bonds
	Ser. A-1, AMBAC, 5 1/4s, 4/1/24		BB		1,435,000	1,260,389
	Ser. A, FGIC, 5s, 7/1/30		A1		4,505,000	4,507,973
	(Cap. Impt.), Ser. A-1, 5s, 4/1/15		BB		1,300,000	1,194,154
	Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6s, 5/1/29		Aa2		1,000,000	1,207,970
	Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36		AA-		1,425,000	1,645,619
	Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 7 1/2s, 7/1/39		Ba1		1,000,000	1,067,930
	MI Higher Ed. Fac. Auth. Rev. Bonds (Kalamazoo College), 5 1/2s, 12/1/18 (Prerefunded 12/1/12)		A1		500,000	521,775
	MI State Hosp. Fin. Auth. Rev. Bonds
	Ser. A, 6 1/8s, 6/1/39		A1		2,500,000	2,799,000
	(Henry Ford Hlth.), 5 3/4s, 11/15/39		A1		2,000,000	2,177,540
	(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46		A1		4,500,000	4,618,170
	(Sparrow Hosp.), 5s, 11/15/31		A1		1,350,000	1,402,043
	MI State Strategic Fund Ltd. Mandatory Put Bonds (6/2/14) (Dow Chemical), Ser. A-1, 6 3/4s, 12/1/28		P-3		100,000	110,808
	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	2,113,436
	MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/34		B-		575,000	459,632
	Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp. Corp.), 5 3/8s, 6/1/26		Baa3		750,000	768,383
	Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21		A2		2,000,000	2,198,640
						28,053,462
	Minnesota (1.0%)
	North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39		BB/P		995,000	1,012,721
	St. Paul, Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Bonds (HealthPartners Oblig. Group), 5 1/4s, 5/15/36		A3		3,500,000	3,594,920
	St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35		Ba1		1,150,000	1,169,677
						5,777,318
	Mississippi (1.8%)
	Bus. Fin. Corp. Gulf Opportunity Zone Rev. Bonds, Ser. A, 5s, 5/1/37		A3		2,250,000	2,355,570
	MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst. Energy Resources, Inc.)
	5.9s, 5/1/22		BBB		3,000,000	3,011,460
	5 7/8s, 4/1/22		BBB		2,330,000	2,339,227
	Warren Cnty., Gulf Opportunity Zone (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32		BBB		2,000,000	2,241,180
						9,947,437
	Missouri (0.9%)
	MO State Hlth. & Edl. Fac. Auth. VRDN (Washington U. (The))
	Ser. A, 0.08s, 9/1/30		VMIG1		2,500,000	2,500,000
	Ser. B, 0.08s, 9/1/30		VMIG1		2,650,000	2,650,000
						5,150,000
	Montana (0.1%)
	MT Fac. Fin. Auth. VRDN (Sisters of Charity), Ser. A, 0.07s, 12/1/25		VMIG1		700,000	700,000
						700,000
	Nebraska (0.7%)
	Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18		Ba3		3,000,000	3,104,070
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 5/8s, 1/1/40		A-/F		925,000	982,202
						4,086,272
	Nevada (8.4%)
	Clark Cnty., FRB, Ser. R-11507, 9.565s, 6/1/16(T)		AA+		32,285,000	34,863,856
	Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, FGIC, 5 1/8s, 7/1/26		Aa3		5,105,000	5,379,751
	Clark Cnty., Impt. Dist. Special Assmt. Bonds (Summerlin No. 151), 5s, 8/1/25		BB-/P		2,070,000	1,561,670
	Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas Corp.), Ser. A, AMBAC, 5 1/4s, 7/1/34		BBB+		3,000,000	3,024,150
	Henderson G.O. Bonds (Ltd. Tax -Swr.), FGIC, 5s, 6/1/29		Aa2		1,000,000	1,064,710
	Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-17), 5s, 9/1/25		BB+/P		600,000	559,566
						46,453,703
	New Jersey (6.7%)
	NJ Econ. Dev. Auth. Rev. Bonds
	(First Mtge. Presbyterian Home), Ser. A, 6 3/8s, 11/1/31		BB/P		1,000,000	932,520
	(Cigarette Tax), 5 3/4s, 6/15/29		BBB		5,000,000	5,276,450
	(Cigarette Tax), 5 1/2s, 6/15/24		BBB		2,800,000	2,825,984
	NJ Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
	Ser. A, 5.7s, 10/1/39		A2		3,900,000	4,213,287
	Ser. B, 5.6s, 11/1/34		A2		500,000	542,875
	NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds
	(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38		BBB-		2,750,000	2,856,453
	(St. Peter's U. Hosp.), 5 3/4s, 7/1/37		Baa3		2,500,000	2,575,400
	(Holy Name Hosp.), 5s, 7/1/36		Baa2		5,000,000	4,802,300
	NJ State Edl. Fac. Auth. Rev. Bonds
	(Fairleigh Dickinson), Ser. C, 6s, 7/1/20		BBB/F		1,500,000	1,608,570
	(Georgian Court U.), Ser. D, 5 1/4s, 7/1/37		Baa1		1,000,000	1,028,370
	(Georgian Court U.), Ser. D, 5 1/4s, 7/1/27		Baa1		500,000	526,395
	NJ State Trans. Trust Fund Auth. Rev. Bonds (Trans. Syst.), Ser. A, zero %, 12/15/30		A1		13,000,000	5,421,260
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A, 4 3/4s, 6/1/34		B2		3,000,000	2,237,490
	Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31		AA+		2,300,000	2,527,677
						37,375,031
	New York (8.9%)
	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	328,179
	Metro. Trans. Auth. Rev. Bonds, Ser. D, 5s, 11/15/36		A2		2,000,000	2,160,500
	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	1,402,226
	(Brooklyn Navy Yard Cogen. Partners), Ser. G, 5 3/4s, 10/1/36		Ba3		2,000,000	1,657,440
	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	1,947,792
	NY City, Indl. Dev. Agcy. Special Fac. FRB (American Airlines - JFK Intl. Arpt.), 7 5/8s, 8/1/25 (In default)(NON)		D/P		3,000,000	2,721,870
	NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (British Airways PLC), 5 1/4s, 12/1/32		BB-		700,000	571,956
	NY City, Muni. Wtr. & Swr. Fin. Auth. FRB, 9.567s, 6/15/19(T)		AA+		10,000,000	11,675,318
	NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds, Ser. GG, 5s, 6/15/43		AA+		2,000,000	2,222,560
	NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6s, 6/1/43		A3		1,500,000	1,381,305
	NY State Dorm. Auth. Lease Rev. Bonds (State U. Dorm Fac.), Ser. A, 5s, 7/1/35		Aa2		1,000,000	1,124,480
	NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37		Ba1		2,300,000	2,378,384
	NY State Dorm. Auth. Revs. Derivatives 144A IFB (Rols RR II), Ser. R-11984, 9.567s, 3/15/19		AAA		5,000,000	5,836,812
	NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26		A3		6,000,000	6,076,260
	Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term. - 6), NATL, 5.9s, 12/1/17		BBB		6,000,000	6,010,980
	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	676,097
	Troy, Cap. Res. Corp. Rev. Bonds (Rensselaer Polytechnic), Ser. A, 5 1/8s, 9/1/40		A3		1,385,000	1,483,640
						49,655,799
	North Carolina (1.3%)
	NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24		A-		1,000,000	1,250,170
	NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
	(Deerfield), Ser. A, 6s, 11/1/33		BBB+/F		805,000	843,495
	(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22		BB/P		1,000,000	1,029,580
	NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba Elec.), Ser. A, 5s, 1/1/30		A2		800,000	889,152
	U. of NC Syst. Pool Rev. Bonds, Ser. C, 5 1/2s, 10/1/34		A3		3,000,000	3,317,160
						7,329,557
	North Dakota (0.6%)
	ND State Hsg. Fin. Agcy. Rev. Bonds (Hsg. Fin.), Ser. B, 4.8s, 7/1/37		Aa1		3,525,000	3,544,811
						3,544,811
	Ohio (7.0%)
	American Muni. Pwr. - Ohio, Inc. Rev. Bonds
	(Prairie ST Energy Campus), Ser. A, 5 1/4s, 2/15/43		A1		1,000,000	1,072,500
	(Prairie ST Energy Campus), Ser. A, 5 1/4s, 2/15/33		Aa3		5,000,000	5,477,800
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A-2
	5 3/4s, 6/1/34		B3		11,600,000	8,661,488
	5 1/8s, 6/1/24		B3		2,050,000	1,623,211
	Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/15/46		A-		2,500,000	2,503,950
	Hickory Chase, Cmnty. Auth. Infrastructure Impt. Rev. Bonds (Hickory Chase), 7s, 12/1/38		BB-/P		700,000	435,925
	Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 6s, 8/15/43		Baa1		3,100,000	3,244,553
	OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.8s, 12/1/38		Baa1		2,000,000	2,219,920
	OH State Higher Edl. Fac. Comm. Rev. Bonds
	(Kenyon College), 5s, 7/1/44		A1		5,000,000	5,288,050
	(U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39		A2		3,000,000	3,242,970
	Scioto Cnty., Hosp. Rev. Bonds (Southern Med. Ctr.), 5 1/2s, 2/15/28		A2		4,660,000	5,008,102
						38,778,469
	Oregon (0.9%)
	Keizer, Special Assmt. Bonds (Keizer Station), Ser. A, 5.2s, 6/1/31		A1		2,215,000	2,411,227
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26		BB/P		1,040,000	1,067,092
	OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5 3/4s, 7/1/39		A1		1,250,000	1,409,550
						4,887,869
	Pennsylvania (4.4%)
	Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Hlth. Syst.-West PA), Ser. A, 5 3/8s, 11/15/40		B+		1,500,000	1,212,195
	Bucks Cnty., Indl. Dev. Auth. Rev. Bonds (US Steel Corp.), 6 3/4s, 6/1/26		BB		1,000,000	1,090,650
	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	1,082,949
	5.3s, 1/1/14		BB/P		710,000	726,153
	Cumberland Cnty., Muni. Auth. Rev. Bonds (Presbyterian Homes), Ser. A, 5s, 1/1/17		BBB+		1,320,000	1,387,571
	Delaware River Port Auth. PA & NJ Rev. Bonds, Ser. D, 5s, 1/1/40		A3		1,200,000	1,279,812
	Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst College), 5 1/2s, 3/15/38		BBB		725,000	755,943
	Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5 3/8s, 7/1/42		A2		1,000,000	1,052,800
	Lancaster, Higher Ed. Auth. College Rev. Bonds (Franklin & Marshall College), 5s, 4/15/29		AA-		1,000,000	1,109,950
	Northampton Cnty., Hosp. Auth. Rev. Bonds (St. Luke's Hosp. - Bethlehem), Ser. A, 5 1/2s, 8/15/40		A3		1,250,000	1,287,250
	PA State Higher Edl. Fac. Auth. Rev. Bonds
	(Widener U.), 5 3/8s, 7/15/29		BBB+		750,000	762,885
	(St. Joseph's U.), Ser. A, 5s, 11/1/40		A-		3,000,000	3,194,280
	(Philadelphia U.), 5s, 6/1/30		Baa2		2,250,000	2,277,113
	(Philadelphia U.), 5s, 6/1/22		Baa2		860,000	898,752
	PA State Tpk. Comm. Oil Franchise Tax Rev. Bonds, Ser. C, zero %, 12/1/39		AA		5,000,000	1,195,350
	Philadelphia, Arpt. Rev. Bonds, Ser. D, 5 1/4s, 6/15/25		A+		2,750,000	3,047,935
	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		Aa3		1,225,000	1,286,373
	Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A, 6 1/2s, 1/1/38		Baa3		550,000	573,183
						24,221,290
	Puerto Rico (6.5%)
	Cmnwlth. of PR, G.O. Bonds
	Ser. C, 6 1/2s, 7/1/40		Baa1		5,000,000	5,810,150
	Ser. B, 6s, 7/1/39		Baa1		5,000,000	5,517,650
	Ser. C, 6s, 7/1/39		Baa1		2,500,000	2,758,825
	Cmnwlth. of PR, Aqueduct & Swr. Auth. Rev. Bonds, Ser. A, 6s, 7/1/38		Baa2		4,125,000	4,480,451
	Cmnwlth. of PR, Elec. Pwr. Auth. Rev. Bonds, Ser. XX, 5 1/4s, 7/1/40		A3		3,000,000	3,173,220
	Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser. AA-2, 5.3s, 7/1/35		A3		875,000	918,531
	Cmnwlth. of PR, Infrastructure Fin. Auth. Special Tax Bonds, Ser. C, AMBAC, 5 1/2s, 7/1/26		Baa1		1,000,000	1,134,790
	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	1,937,058
	Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A, zero %, 8/1/30		A1		27,000,000	10,561,590
						36,292,265
	Rhode Island (—%)
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/4s, 6/1/42		Ba1		200,000	200,008
						200,008
	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	2,067,120
	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	2,645,343
	U.S. Govt. Coll., 6s, 8/1/20 (Prerefunded 8/1/13)		Baa1		305,000	329,992
						5,042,455
	South Dakota (0.5%)
	SD Edl. Enhancement Funding Corp. SD Tobacco Rev. Bonds, Ser. B, 6 1/2s, 6/1/32		A3		2,450,000	2,518,698
						2,518,698
	Tennessee (1.0%)
	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	2,106,680
	(Mountain States Hlth. Alliance), 6s, 7/1/38		Baa1		3,450,000	3,681,909
						5,788,589
	Texas (14.9%)
	Abilene, Hlth. Fac. Dev. Corp. Retirement Fac. (Sears Methodist Retirement), 6s, 11/15/29		B+/P		814,000	663,467
	Alliance, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 4.85s, 4/1/21		Baa1		3,250,000	3,462,453
	Brazoria Cnty., Brazos River Harbor Naval Dist. Env. FRB (Dow Chemical Co.), Ser. A-4, 5.95s, 5/15/33		BBB		400,000	429,700
	Brazos River, Auth. Poll. Control Rev. Bonds (TXU Energy Co., LLC)
	Ser. D-1, 8 1/4s, 5/1/33		Ca		500,000	105,275
	5s, 3/1/41		Ca		500,000	75,025
	Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/18) (Dow Chemical), 5.9s, 5/1/38		BBB		2,850,000	3,056,882
	Dallas Cnty., Util. & Reclamation Dist. G.O. Bonds, Ser. B, AMBAC, 5 3/8s, 2/15/29		A3		4,000,000	4,303,160
	Dallas, Area Rapid Transit FRB, 9.567s, 6/1/16(T)		AA+		30,000,000	33,603,433
	Gulf Coast, Waste Disp. Auth. Rev. Bonds (Valero Energy Corp.), 6.65s, 4/1/32		Baa2		1,000,000	1,001,970
	Houston, Util. Syst. Rev. Bonds, Ser. A, 5s, 11/15/33		AA		1,500,000	1,700,325
	Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40		Baa3		1,750,000	1,780,537
	Lower CO River Auth. Rev. Bonds, 5 3/4s, 5/15/37		A1		2,400,000	2,553,695
	Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30		Baa2		1,500,000	1,479,540
	North TX, Thruway Auth. Rev. Bonds
	Ser. D, AGO, zero %, 1/1/28		Aa3		7,800,000	3,824,340
	Ser. A, 6s, 1/1/25		A2		1,300,000	1,536,795
	(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38		A3		2,000,000	2,133,740
	Ser. B, zero %, 9/1/43		AA		2,000,000	297,400
	North TX, Thruway Auth. stepped-coupon Rev. Bonds, zero %,(6 1/2s, 1/1/15) 1/1/43(STP)		A2		4,000,000	4,020,320
	Sam Rayburn Muni. Pwr. Agcy. Rev. Bonds, 6s, 10/1/21		Baa2		2,350,000	2,389,950
	San Antonio Wtr. Rev. Bonds, Ser. A, AGM, 5s, 5/15/32 (Prerefunded 5/15/12)		Aa1		2,000,000	2,027,460
	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	1,106,445
	TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5s, 12/15/15		A-		3,000,000	3,227,640
	TX State Tpk. Auth. Rev. Bonds (Central Texas Tpk. Syst.), Ser. A, AMBAC, 5 1/2s, 8/15/39		Baa1		8,000,000	8,049,920
						82,829,472
	Utah (0.7%)
	Murray City, Hosp. Rev. VRDN (IHC Hlth. Svcs., Inc.), Ser. B, 0.06s, 5/15/37		VMIG1		2,125,000	2,125,000
	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	1,805,670
						3,930,670
	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	739,013
	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	2,459,247
						3,198,260
	Washington (2.5%)
	Tobacco Settlement Auth. of WA Rev. Bonds
	6 5/8s, 6/1/32		Baa1		900,000	936,954
	6 1/2s, 6/1/26		A3		4,775,000	4,989,445
	WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T)		AA+		5,000,000	6,005,750
	WA State Hlth. Care Fac. Auth. Rev. Bonds (Kadlec Med. Ctr.), 5 1/2s, 12/1/39		Baa2		2,000,000	2,057,580
						13,989,729
	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	3,498,507
	Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn., Inc.), 6.1s, 5/1/29		BBB-		2,025,000	2,024,798
	WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43		B/P		935,000	946,865
						6,470,170
	Wisconsin (3.5%)
	Badger, Tobacco Settlement Asset Securitization Corp. Rev. Bonds
	7s, 6/1/28 (Prerefunded 6/1/12)		Aaa		7,000,000	7,155,890
	6 3/8s, 6/1/32 (Prerefunded 6/1/12)		Aaa		7,600,000	7,753,672
	WI State Rev. Bonds, Ser. A, 6s, 5/1/27		Aa3		2,500,000	3,106,375
	WI State Hlth. & Edl. Fac. Auth. Rev. Bonds (Prohealth Care, Inc.), 6 5/8s, 2/15/39		A1		1,500,000	1,716,555
						19,732,492
	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	2,235,820
	WY Muni. Pwr. Agcy. Pwr. Supply Rev. Bonds
	Ser. A, 5 1/2s, 1/1/33		A2		950,000	1,045,304
	(Pwr. Supply), Ser. A, 5 1/2s, 1/1/28		A2		1,000,000	1,122,380
						4,403,504
	TOTAL INVESTMENTS
	Total investments (cost $714,861,692)(b)					$770,908,561

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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 January 31, 2012 (the reporting period).
(a)	Percentages indicated are based on net assets of $555,974,354.
(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. Security ratings are defined in the Statement of Additional Information.
(b)	The aggregate identified cost on a tax basis is $714,889,948, resulting in gross unrealized appreciation and depreciation of $63,935,752 and $7,917,139, respectively, or net unrealized appreciation of $56,018,613.
(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.
	Debt obligations are considered secured unless otherwise indicated.
	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):
	Healthcare	26.0%
	Utilities	23.9
	Transportation	15.4
	State Government	12.7
	Local Government	11.8
	Education	10.4
	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 $91,985,169 were held by the TOB trust and served as collateral for $41,273,535 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $37,703 for these investments based on an average interest rate of 0.10%.

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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	$—	$770,908,561	$—
	Totals by level	$—	$770,908,561	$—
	For additional information regarding the fund please see the fund's most recent annual or semiannual shareholder report filed on the Securities and Exchange Commission's Web site, www.sec.gov, or visit Putnam's Individual Investor Web site at www.putnaminvestments.com

	Item 2. Controls and Procedures:

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

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

	Item 3. Exhibits:

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

	SIGNATURES

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

	Putnam Municipal Opportunities Trust

	By (Signature and Title):

	/s/ Janet C. Smith Janet C. Smith Principal Accounting Officer Date: March 30, 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: March 30, 2012

	By (Signature and Title):

	/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: March 30, 2012