Putnam Municipal Opportunities Trust

The fund's portfolio

7/31/05 (Unaudited)

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KEY TO ABBREVIATIONS

AMBAC

AMBAC Indemnity Corporation

COP

Certificate of Participation

FGIC

Financial Guaranty Insurance Company

FNMA Coll.

Federal National Mortgage Association Collateralized

FSA

Financial Security Assurance

GNMA Coll.

Government National Mortgage Association Collateralized

G.O. Bonds

General Obligation Bonds

IFB

Inverse Floating Rate Bonds

MBIA

MBIA Insurance Company

PSFG

Permanent School Fund Guaranteed

U.S. Govt. Coll.

U.S. Government Collateralized

VRDN

Variable Rate Demand Notes

XLCA

XL Capital Assurance

MUNICIPAL BONDS AND NOTES (99.6%)(a)

Rating (RAT)

Principal amount

Value

Arizona (0.9%)

AZ Hlth. Fac. Auth. Hosp. Syst. Rev. Bonds (John C. Lincoln Hlth. Network), 6 3/8s, 12/1/37

BBB

 $750,000

 $822,135

Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29

B-/P

950,000

        1,021,041

Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra Vista Cmnty. Hosp.), Ser. A, 6 3/4s, 12/1/26

BB+/P

475,000

           487,478

Pima Cnty., Indl Dev. Auth. Rev. Bonds (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25

BBB-

500,000

           502,440

        2,833,094

Arkansas (0.8%)

Independence Cnty., Poll. Control Rev. Bonds (Entergy, Inc.), 5s, 1/1/21

A-

1,000,000

        1,020,450

Northwest Regl. Arpt. Auth. Rev. Bonds, 7 5/8s, 2/1/27

BB/P

1,000,000

        1,126,600

Washington Cnty., Hosp. Rev. Bonds (Regl. Med. Ctr.)

Ser. A, 5s, 2/1/35

Baa2

250,000

           250,938

Ser. B, 5s, 2/1/25

Baa2

250,000

           253,585

        2,651,573

California (15.2%)

CA G.O. Bonds, 5s, 5/1/22

A

4,000,000

        4,237,080

CA State G.O. Bonds

5 1/8s, 4/1/23

A2

500,000

           531,395

5.1s, 2/1/34

A2

750,000

           772,958

CA State Dept. of Wtr. Resources Rev. Bonds, Ser. A

6s, 5/1/15

A2

2,000,000

        2,281,400

AMBAC, 5 1/2s, 5/1/16

Aaa

2,000,000

        2,214,740

CA State Econ. Recvy. G.O. Bonds, Ser. A, 5s, 7/1/16

Aa3

1,000,000

        1,067,880

CA State Public Wks. Board Rev. Bonds (Dept. of Hlth. Svcs. Richmond Laboratory), Ser. B, XLCA, 5s, 11/1/22

Aaa

1,810,000

        1,913,966

CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30

BBB

1,750,000

        1,757,910

Cathedral City, Impt. Board Act of 1915 Special Assmt. (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35

BB+/P

250,000

           250,555

Chula Vista COP, MBIA, 5s, 8/1/32

Aaa

4,000,000

        4,187,400

Gilroy, Rev. Bonds (Bonfante Gardens Park), 8s, 11/1/25

D/P

576,000

           472,389

Metropolitan Wtr. Dist. IFB (Southern CA Waterworks), 9.005s, 8/10/18

Aa2

3,000,000

        4,015,080

Sacramento, Special Tax (North Natomas Cmnty. Fac.), Ser. 97-01, 5s, 9/1/29

BB/P

1,190,000

        1,180,075

Sacramento, City Unified School Dist. G.O. Bonds (Election 1999), Ser. D, FSA, 5s, 7/1/28

Aaa

2,000,000

        2,108,060

San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, MBIA, 6 1/2s, 8/1/17

Aaa

5,000,000

        6,018,750

San Diego Cnty., COP, AMBAC

5.485s, 9/1/12

Aaa

6,000,000

        6,793,020

5.36s, 9/1/07

Aaa

6,000,000

        6,329,640

San Jose, Redev. Agcy. Tax Alloc. Bonds (Merged Area Redev. Project), MBIA, 5s, 8/1/32

Aaa

2,500,000

        2,586,275

Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds, 7.65s, 8/1/21

BB-/P

770,000

           831,977

Vallejo, COP (Marine World Foundation), 7.2s, 2/1/26

BBB-/P

1,300,000

        1,374,698

      50,925,248

Colorado (3.1%)

Denver, City & Cnty. Arpt. Rev. Bonds, Ser. A, MBIA, 5.7s, 11/15/25

Aaa

10,000,000

      10,276,100

Delaware (0.5%)

GMAC Muni. Mtge. Trust 144A sub. notes, Ser. A1-2, 4.9s, 10/31/39

A3

1,500,000

        1,502,100

District of Columbia (5.7%)

DC G.O. Bonds, Ser. A, 6s, 6/1/26 (SEG)

A-

12,450,000

      13,391,096

DC Wtr. & Swr. Auth. Pub. Util. Rev. Bonds, FGIC, 5s, 10/1/28

Aaa

5,550,000

        5,791,425

      19,182,521

Florida (1.4%)

Lee Cnty., Indl. Dev. Auth. Rev. Bonds (Alliance Cmnty. Project), Ser. C, 5 1/2s, 11/15/29

BBB-

1,000,000

        1,004,120

Miami Beach, Hlth. Fac. Auth. Hosp. Rev. Bonds (Mount Sinai Med. Ctr.), Ser. A, 6.8s, 11/15/31

BB+

600,000

           656,190

Reunion West, Cmnty. Dev. Dist. Special Assmt., 6 1/4s, 5/1/36

BB-/P

800,000

           846,120

St. Lucie Cnty., School Board COP (Master Lease), Ser. A, FSA, 5s, 7/1/26

Aaa

1,965,000

        2,082,271

        4,588,701

Georgia (3.9%)

Atlanta, Arpt. Rev. Bonds, Ser. B, FGIC, 5 5/8s, 1/1/30

Aaa

3,000,000

        3,175,470

Atlanta, Wtr. & Waste Wtr. Rev. Bonds, FSA, 5s, 11/1/24

Aaa

4,000,000

        4,245,960

Burke Cnty., Poll. Control Dev. Auth. Mandatory Put Bonds (GA Power Co.), 4.45s, 12/1/08

A2

1,500,000

        1,551,960

Effingham Cnty., Indl. Dev. Auth. Rev. Bonds (Pacific Corp.), 6 1/2s, 6/1/31

Ba3

1,400,000

        1,471,428

Rockdale Cnty., Dev. Auth. Solid Waste Disp. Rev. Bonds (Visay Paper, Inc.), 7.4s, 1/1/16

B+/P

1,145,000

        1,157,045

Savannah, Econ. Dev. Auth. Poll. Control Rev. Bonds (Intl. Paper Co.), Ser. A, 5.1s, 8/1/14

Baa2

1,500,000

        1,578,435

      13,180,298

Hawaii (0.5%)

HI State Hsg. & Cmnty. Dev. Corp. Rev. Bonds (Single Fam. Mtge.), Ser. B, 3.7s, 1/1/22

Aaa

1,000,000

           996,930

HI State Hsg. Fin. &  Dev. Corp. Rev. Bonds, Ser. A, FNMA Coll., 5 3/4s, 7/1/30

Aaa

690,000

           694,768

        1,691,698

Illinois (2.3%)

IL Hsg. Dev. Auth. Multi-Fam. Hsg. Rev. Bonds, Ser. 91-A, 8 1/4s, 7/1/16

A1

5,790,000

        5,890,283

Metropolitan Pier & Exposition Auth. Rev. Bonds (McCormack Place Expansion Project), MBIA, 5s, 12/15/28

Aaa

1,770,000

        1,853,066

        7,743,349

Indiana (4.6%)

Carmel Clay, Indl. Parks Bldg. Corp. Rev. Bonds, MBIA, 5s, 1/15/26

AAA

2,000,000

        2,114,100

Fairfield, School Bldg. Corp. Ind. Rev. Bonds, FGIC, 5s, 7/15/24

AAA

3,000,000

        3,169,170

GCS School Bldg. Corp. Rev. Bonds (First Mtg.), FSA, 5s, 7/15/26

AAA

1,000,000

        1,049,110

IN Hlth. Fac. Fin. Auth. Rev. Bonds (Cmnty. Hosp.), Ser. A, AMBAC, 5s, 5/1/24

Aaa

2,695,000

        2,854,733

IN State Dev. Fin. Auth. Env. Impt. Rev. Bonds (USX Corp.), 5.6s, 12/1/32

Baa1

2,100,000

        2,178,078

Indianapolis, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 5.1s, 1/15/17

Baa2

2,500,000

        2,612,500

Rockport, Poll. Control Mandatory Put Bonds (Indiana Michigan Pwr. Co.), Ser. C, 2 5/8s, 1/1/06

BBB

1,300,000

        1,289,171

      15,266,862

Iowa (0.4%)

IA Fin. Auth. Hlth. Care Fac. Rev. Bonds (Care Initiatives), 9 1/4s, 7/1/25

BBB-/P

970,000

        1,174,854

Louisiana (1.1%)

LA Local Govt. Env. Fac. Cmnty. Dev. Auth. Rev. Bonds (St. James Place), Ser. A, 7s, 11/1/20

B-/P

1,600,000

        1,543,232

Port of New Orleans, Indl. Dev. Rev. Bonds (Continental Grain Co.), 7 1/2s, 7/1/13

BB-

2,000,000

        2,028,920

        3,572,152

Maine (0.2%)

Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26

Ba1

600,000

           639,738

Massachusetts (2.6%)

MA State Hlth. & Edl. Fac. Auth. Rev. Bonds

(UMass Memorial), Ser. C, 6 1/2s, 7/1/21

Baa2

1,875,000

        2,025,263

(Berkshire Hlth. Syst.), Ser. E, 6 1/4s, 10/1/31

BBB+

1,300,000

        1,395,459

(Hlth. Care Syst. Covenant Hlth.), Ser. E, 6s, 7/1/31

A

1,800,000

        1,957,140

MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. 53, MBIA, 6.15s, 12/1/29

Aaa

3,260,000

        3,371,231

        8,749,093

Michigan (2.8%)

Detroit, G.O. Bonds, Ser. A, FGIC, 5s, 7/1/30

Aaa

4,500,000

        4,655,610

MI Higher Ed. Fac. Auth. Rev. Bonds (Kalamazoo College), 5 1/2s, 12/1/18

A1

500,000

           544,880

MI State Hosp. Fin. Auth. Rev. Bonds (Oakwood Hosp.), Ser. A, 5 3/4s, 4/1/32

A2

1,000,000

        1,061,540

MI State Strategic Fund, Ltd. Rev. Bonds (Worthington Armstrong Venture), U.S. Govt. Coll., 5 3/4s, 10/1/22

AAA/P

1,650,000

        1,896,807

Midland Cnty., Econ. Dev. Corp. Rev. Bonds, 6 3/4s, 7/23/09

Ba3

1,000,000

        1,048,970

        9,207,807

Minnesota (0.9%)

Cohasset, Poll. Control Rev. Bonds (Allete, Inc.), 4.95s, 7/1/22

A

3,000,000

        3,058,350

Mississippi (0.8%)

Mississippi Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst. Energy Resources, Inc.), 5.9s, 5/1/22

BBB-

1,000,000

        1,015,500

MS Bus. Fin. Corp. Poll. Control Rev. Bonds (Syst. Energy Resources, Inc.), 5 7/8s, 4/1/22

BBB-

580,000

           587,644

MS Home Corp. Rev. Bonds (Single Fam.), Ser. B-2, GNMA Coll., FNMA Coll., 6.45s, 12/1/33

Aaa

850,000

           905,225

        2,508,369

Missouri (2.2%)

Cape Girardeau Cnty., Indl. Dev. Auth. Hlth. Care Fac. Rev. Bonds (St. Francis Med. Ctr.), Ser. A, 5 1/2s, 6/1/16

A

1,750,000

        1,882,195

MO State Hlth. & Edl. Fac. Auth. Rev. Bonds (Washington U.), Ser. A, 5s, 2/15/33

Aa1

2,500,000

        2,621,400

MO State Hlth. & Edl. Fac. Auth. VRDN (Cox Hlth. Syst.), AMBAC, 2.40s, 6/1/22

VMIG1

2,100,000

        2,100,000

MO State Hsg. Dev. Comm. Single Fam. Mtge. Rev. Bonds (Home Ownership Loan), Ser. C, GNMA Coll., FNMA Coll., 5.6s, 9/1/35

AAA

600,000

           646,602

        7,250,197

Montana (0.3%)

Forsyth, Poll. Control Mandatory Put Bonds (Avista Corp.), AMBAC, 5s, 10/1/06

Aaa

1,075,000

        1,121,784

Nevada (2.9%)

Clark Cnty., G.O. Bonds (Pk. & Regl. Justice Ctr.), FGIC, 5 5/8s, 11/1/19

Aaa

3,505,000

        3,839,657

Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, FGIC, 5 1/8s, 7/1/26

Aaa

5,000,000

        5,302,500

Henderson, Local Impt. Dist. Special Assmt. (No. T-16)

5 1/8s, 3/1/25

BB-/P

200,000

           201,336

5.1s, 3/1/21

BB-/P

310,000

           313,333

        9,656,826

New Hampshire (1.1%)

NH Higher Ed. & Hlth. Fac. Auth. Rev. Bonds (Riverwoods at Exeter), Ser. A, 6 1/2s, 3/1/23

BB+/P

1,450,000

        1,485,105

NH Higher Edl. & Hlth. Fac. Auth. Rev. Bonds, Ser. 05

6 3/8s, 1/1/27

BBB-

765,000

           791,699

6 3/8s, 1/1/27 (Prerefunded)

AAA/P

270,000

           288,058

(NH College), 6 3/8s, 1/1/27 (Prerefunded)

AAA/P

215,000

           229,379

NH State Bus. Fin. Auth. Poll. Control Rev. Bonds, 3 1/2s, 7/1/27

Baa2

950,000

           930,544

        3,724,785

New Jersey (5.1%)

Casino Reinvestment Dev. Auth. Rev. Bonds, Ser. A, MBIA, 5 1/4s, 6/1/18

Aaa

3,490,000

        3,802,913

Newark, Hsg. Auth. Rev. Bonds (Port Auth. Newark Marine Terminal), MBIA, 5 1/4s, 1/1/20

AAA

1,000,000

        1,092,230

NJ Econ. Dev. Auth. Rev. Bonds

(Cigarette Tax), 5 3/4s, 6/15/29

Baa2

1,500,000

        1,601,820

(Motor Vehicle), Ser. A, MBIA, 5s, 7/1/27

Aaa

2,000,000

        2,128,560

NJ State Edl. Fac. Auth. Rev. Bonds (Rowan U.), Ser. C, MBIA, 5s, 7/1/23

Aaa

1,840,000

        1,978,147

Passaic Cnty., Impt. Auth. Lease Rev. Bonds (Preakness Hlth. Care Ctr.), AMBAC

5s, 5/1/25

Aaa

2,505,000

        2,665,796

5s, 5/1/24

Aaa

2,385,000

        2,544,008

Tobacco Settlement Fin. Corp. Rev. Bonds, 6 3/4s, 6/1/39

BBB

1,150,000

        1,369,190

      17,182,664

New Mexico (0.2%)

Farmington, Poll. Control Mandatory Put Bonds (Pub. Svc. San Juan), Class B, 2.1s, 4/1/06

Baa2

820,000

           812,759

New York (6.4%)

Buffalo, G.O. Bonds, Ser. D, FGIC, 5 1/2s, 12/15/13

Aaa

1,000,000

        1,110,200

Long Island, Pwr. Auth. NY Elec. Syst. Rev. Bonds, Ser. A, 5 3/4s, 12/1/24

A3

1,000,000

        1,080,340

Niagara Cnty., Indl. Dev. Agcy. Rev. Bonds, Ser. C, 5 5/8s, 11/15/24

Baa3

500,000

           538,785

NY City, G.O. Bonds, Ser. C, 5 1/4s, 8/1/11

A1

3,000,000

        3,261,390

NY City, City Transitional Fin. Auth. Rev. Bonds, AMBAC, 5 1/4s, 8/1/15

Aaa

1,000,000

        1,096,040

NY City, Hsg. Dev. Corp. Rev. Bonds, Ser. A, FGIC, 5s, 7/1/25

Aaa

500,000

           529,225

NY City, Indl. Dev. Agcy. Rev. Bonds

(Liberty-7 World Trade Ctr.), Ser. A, 6 1/4s, 3/1/15

B-/P

850,000

           904,298

(Brooklyn Navy Yard Cogen. Partners), 6.2s, 10/1/22

BBB-

750,000

           794,025

NY City, Indl. Dev. Agcy. Special Arpt. Fac. Rev. Bonds (Airis JFK I LLC), Ser. A, 5 1/2s, 7/1/28

Baa3

2,100,000

        2,108,295

NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (British Airways PLC), 5 1/4s, 12/1/32

Ba2

700,000

           638,561

NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6s, 6/1/43

BBB

1,500,000

        1,613,145

NY State Dorm. Auth. Rev. Bonds, Ser. A, 5 1/2s, 3/15/13

AA

2,000,000

        2,239,780

NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26

A+

2,000,000

        2,104,340

Onondaga Cnty., Indl. Dev. Agcy. Rev. Bonds (Solvay Paperboard, LLC), 7s, 11/1/30 (acquired 6/30/04, cost $827,862)(RES)

BB/P

800,000

           846,824

Triborough Bridge & Tunnel Auth. Rev. Bonds, Ser. A, 5s, 1/1/32

Aa2

2,500,000

        2,598,475

      21,463,723

North Carolina (0.5%)

NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba Elec.), Ser. B, 6 1/2s, 1/1/20

A3

1,500,000

        1,680,900

Ohio (4.2%)

Cleveland, G.O. Bonds, Ser. A, AMBAC, 5s, 10/1/15

Aaa

2,185,000

        2,406,140

Cleveland, Muni. School Dist. G.O. Bonds, FSA, 5s, 12/1/27

Aaa

5,700,000

        6,037,440

Coshocton Cnty., Env. Rev. Bonds (Smurfit-Stone Container), 5 1/8s, 8/1/13

B

500,000

           494,995

Field, Local School Dist. G.O. Bonds (School Fac. Construction & Impt.), AMBAC, 5s, 12/1/25

Aaa

1,355,000

        1,447,099

Montgomery Cnty., Hosp. Rev. Bonds (Kettering Med. Ctr.), 6 3/4s, 4/1/22

A2

1,000,000

        1,091,570

Rickenbacker, Port Auth. Rev. Bonds (OASBO Expanded Asset Pooled), Ser. A, 5 3/8s, 1/1/32

A2

2,165,000

        2,388,168

      13,865,412

Oklahoma (0.3%)

OK Dev. Fin. Auth. Rev. Bonds (Hillcrest Hlth. Care Syst.), Ser. A, U.S. Govt. Coll., 5 5/8s, 8/15/29

Aaa

950,000

        1,041,086

Pennsylvania (5.7%)

Allegheny Cnty., Hosp. Dev. Auth. Rev. Bonds (Pittsburgh Mercy Hlth. Syst. ), AMBAC, 5 5/8s, 8/15/26

Aaa

5,000,000

        5,152,100

Beaver Cnty., Indl. Dev. Auth. Poll. Control Mandatory Put Bonds (Cleveland Elec.), 3 3/4s, 10/1/08

Baa2

1,350,000

        1,349,555

Carbon Cnty., Indl. Dev. Auth. Rev. Bonds (Panther Creek Partners), 6.65s, 5/1/10

BBB-

800,000

           856,328

Hempfield, Area School Dist. G.O. Bonds (Westmoreland Cnty.), Ser. A, FGIC, 5 1/4s, 3/15/21

AAA

4,000,000

        4,407,560

Lancaster Cnty., Hosp. Auth. Rev. Bonds (Gen. Hosp.), 5 1/2s, 3/15/26

A

1,500,000

        1,590,510

Lehigh Cnty., Gen. Purpose Auth. Rev. Bonds (Lehigh Valley Hosp. Hlth. Network), Ser. A, 5 1/4s, 7/1/32

A1

1,000,000

        1,039,920

PA State Econ. Dev. Fin. Auth. Resource Recvy. Rev. Bonds (Colver)

Ser. E, 8.05s, 12/1/15

BBB-/P

3,000,000

        3,064,380

Ser. D, 7.15s, 12/1/18

BBB-/F

100,000

           102,121

Sayre, Hlth. Care Fac. Auth. Rev. Bonds (Guthrie Hlth.), Ser. A, 5 7/8s, 12/1/31

A-

1,450,000

        1,545,642

      19,108,116

Rhode Island (0.1%)

Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/4s, 6/1/42

BBB

200,000

           214,892

South Carolina (4.4%)

Lexington Cnty. Hlth. Svcs. Dist. Inc. Hosp. Rev. Bonds, 5 1/2s, 5/1/37

A2

750,000

           801,435

SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds (Palmetto Hlth. Alliance), Ser. C, 6s, 8/1/20

Baa1

1,250,000

        1,367,713

SC State Pub. Svcs. Auth. Rev. Bonds, Ser. A, AMBAC, 5s, 1/1/29

Aaa

5,000,000

        5,280,800

SC Tobacco Settlement Rev. Mgt. Rev. Bonds, Ser. B, 6 3/8s, 5/15/30

BBB

3,000,000

        3,510,930

SC Trans. Infrastructure Bk. Rev. Bonds, Ser. A, AMBAC, 5s, 10/1/27

Aaa

2,460,000

        2,619,802

Spartanburg Cnty., Solid Waste Disp. Rev. Bonds (BMW Project), 7.55s, 11/1/24

A1

1,000,000

        1,022,470

      14,603,150

South Dakota (0.2%)

SD Edl. Enhancement Funding Corp. Rev. Bonds, Ser. B, 6 1/2s, 6/1/32

BBB

450,000

           490,451

Tennessee (1.0%)

Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth.), Ser. A, 7 1/2s, 7/1/33

BBB+

2,750,000

        3,266,808

Texas (8.3%)

Alliance, Arpt. Auth. Rev. Bonds (American Airlines, Inc.), 7 1/2s, 12/1/29

Caa2

1,000,000

           895,830

Bexar Cnty., Hlth. Fac. Dev. Corp. Rev. Bonds (St. Luke's Hlth. Syst.), FSA, 6.1s, 11/15/23

Aaa

11,000,000

      11,583,550

Edgewood, Indpt. School Dist. Bexar Cnty. G.O. Bonds, Ser. A, PSFG, 5s, 2/15/26

Aaa

2,020,000

        2,128,939

El Paso, Indpt. School Dist. G.O. Bonds, Ser. A, PSFG, 5 1/4s, 8/15/21

AAA

2,345,000

        2,557,926

Gateway, Pub. Fac. Corp. Rev. Bonds (Stonegate Villas Apt.), FNMA Coll., 4.55s, 7/1/34

Aaa

750,000

           776,093

Harris Cnty., Hlth. Fac. Dev. Corp. Hosp. Rev. Bonds (Memorial Hermann Hlth. Care Syst.), Ser. A, 5 1/4s, 12/1/18

A2

610,000

           657,025

McKinney, Indpt. School Dist. G.O. Bonds, PSFG, 5 1/4s, 2/15/20

Aaa

3,185,000

        3,487,384

San Antonio Wtr. Rev. Bonds, Ser. A, FSA, 5s, 5/15/32

Aaa

2,000,000

        2,071,960

Snyder, Indpt. School Dist. G.O. Bonds (School Bldg.), AMBAC, 5 1/4s, 2/15/25

AAA

1,280,000

        1,389,914

Tomball, Hosp. Auth. Rev. Bonds (Tomball Regl. Hosp.), 6s, 7/1/29

Baa3

2,000,000

        2,051,800

      27,600,421

Utah (0.6%)

Salt Lake City, Hosp. Rev. Bonds, AMBAC, 6 3/4s, 5/15/20

AAA

2,000,000

        2,011,400

Virginia (2.1%)

Fredericksburg, Indl. Dev. Auth. Rev. Bonds (Medicorp Hlth. Syst.), Ser. B, 5 1/8s, 6/15/33

A3

500,000

           511,435

Front Royal & Warren Cnty., Indl. Dev. Auth. Lease Rev. Bonds (School Cap. Impt.), Ser. B, FSA, 5s, 4/1/29

Aaa

2,500,000

        2,625,300

Henrico Cnty. Econ. Dev. Auth. Rev. Bonds (United Methodist), Ser. A, 6.7s, 6/1/27

BB+/P

1,000,000

        1,059,740

VA College Bldg. Auth. Rev. Bonds (Washington and Lee U.), MBIA, 5 1/4s, 1/1/26

AAA

2,500,000

        2,877,450

        7,073,925

Washington (3.6%)

Chelan Cnty. Dev. Corp. Rev. Bonds (Alcoa), 5.85s, 12/1/31

A2

4,000,000

        4,112,320

King Cnty., G.O. Bonds, Ser. C, 6 1/4s, 1/1/32

Aa1

2,250,000

        2,389,163

Tobacco Settlement Auth. of WA Rev. Bonds, 6 1/2s, 6/1/26

BBB

1,235,000

        1,357,870

WA State G.O. Bonds (Motor Vehicle Fuel), Ser. B, MBIA, 5s, 7/1/24

Aaa

4,000,000

        4,250,960

      12,110,313

West Virginia (0.5%)

Marshall Cnty., Poll. Control VRDN (OH Pwr. Co.), Ser. E, 2.33s, 6/1/22

VMIG1

500,000

           500,000

Princeton, Hosp. Rev. Bonds (Cmnty. Hosp. Assn., Inc.), 6.1s, 5/1/29

B2

1,300,000

        1,154,374

        1,654,374

Wisconsin (2.5%)

Badger Tobacco Settlement Asset Securitization Corp. Rev. Bonds

7s, 6/1/28

BBB

2,600,000

        2,905,396

6 3/8s, 6/1/32

BBB

2,500,000

        2,704,075

WI State Hlth. & Edl. Fac. Auth. Rev. Bonds (Wheaton Franciscan), 5 3/4s, 8/15/30

A2

2,400,000

        2,566,416

        8,175,887

Total Investments (cost $316,754,081) (b)

 $332,861,780

Putnam Municipal Opportunities Trust

FUTURES CONTRACTS OUTSTANDING at 7/31/05 (Unaudited)

Number of

Expiration

Unrealized

contracts

Value

date

appreciation

U.S. Treasury Note 10 yr (Short)

68

 $     7,546,938

Sep-05

 $              121,469

NOTES

(a)

Percentages indicated are based on net assets of $334,304,355.

(RAT)

The Moody's or Standard & Poor's ratings indicated are believed to be the most recent ratings available at July 31, 2005 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 July 31, 2005. Securities rated by Putnam are indicated by "/P".  Security ratings are defined in the Statement of Additional Information.

(b)

The aggregate identified cost on a tax basis is $316,735,481, resulting in gross unrealized appreciation and depreciation of $18,088,386 and $1,962,087, respectively, or net unrealized appreciation of $16,126,299.

(RES)

Restricted, excluding 144A securities, as to public resale. The total market value of restricted securities held at July 31, 2005 was $846,824 or 0.3% of net assets.

(SEG)

A portion of this security was pledged and segregated with the custodian to cover margin requirements for futures contracts at July 31, 2005.

At July 31, 2005, liquid assets totaling $914,848 have been designated as collateral for open forward commitments.

The rates shown on VRDN and Mandatory Put Bonds are the current interest rates at July 31, 2005.

The dates shown on Mandatory Put Bonds are the next mandatory put dates.

The rates shown on IFB, which are securities paying interest rates that vary inversely to changes in the market interest rates, are the current interest rates at July 31, 2005.

The fund had the following industry group concentrations greater than 10% at July 31, 2005 (as a percentage of net assets):

Health care

19.2%

The fund had the following insurance concentrations greater than 10% at July 31, 2005 (as a percentage of net assets):

AMBAC

14.4%

MBIA

13.9

Security valuation Tax-exempt bonds and notes are valued at fair value 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.  Other investments are valued at fair value following procedures approved by the Trustees.  Such valuations and procedures are reviewed periodically by the Trustees.

Futures and options contracts The fund may use futures and options contracts to hedge against changes in the values of securities the fund owns or expects to purchase.  The fund may also write options on securities it owns or in which it may invest to increase its current returns.

The potential risk to the fund is that the change in value of futures and options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, or if the counterparty to the contract is unable to perform. Risks may exceed amounts recognized on the statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.  Realized gains and losses on purchased options are included in realized gains and losses on investment securities.  If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds.  If a written put option is exercised, the premium originally received is recorded as a reduction to cost of investments.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade.  The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract.  Such receipts or payments are known as “variation margin.”  Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price for purchased options and the last ask price for written options.  Options traded over-the-counter are valued using prices supplied by dealers.  Futures and written option contracts outstanding at period end, if any, are listed after the fund’s portfolio.

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