UNITED STATES SECURITIES AND EXCHANGE COMMISSION

	Washington, D.C. 20549

	FORM N-Q

	QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

	Investment Company Act file number:	(811-07626)

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

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

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

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

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

	Date of fiscal year end:	April 30, 2013

	Date of reporting period:	January 31, 2013

	Item 1. Schedule of Investments:

---

	Putnam Municipal Opportunities Trust
	The fund's portfolio
	1/31/13 (Unaudited)
	Key to holding's abbreviations
	ABAG — Association Of Bay Area Governments
	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
	FHLMC Coll. — Federal Home Loan Mortgage Corporation Collateralized
	FRB — Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period
	G.O. Bonds — General Obligation Bonds
	NATL — National Public Finance Guarantee Corp.
	SGI — Syncora Guarantee, Inc.
	U.S. Govt. Coll. — U.S. Government Collateralized
	VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities, that carry coupons that reset every one or seven days. The rate shown is the current interest rate at the close of the reporting period.
	MUNICIPAL BONDS AND NOTES (137.9%)(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	$845,618
						845,618
	Arizona (3.4%)
	Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29		BB-/P		3,025,000	3,137,984
	Cochise Cnty., Indl. Dev. Auth. Rev. Bonds (Sierra Vista Cmnty. Hosp.), Ser. A, 6 3/4s, 12/1/26		BBB+/P		380,000	380,737
	Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32		Baa3		1,500,000	1,598,580
	Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5 1/8s, 5/15/40		A-		2,125,000	2,264,868
	Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40		Baa2		2,400,000	2,848,247
	Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5s, 7/1/40		A1		1,000,000	1,107,390
	Pima Cnty., Indl. Dev. Auth. Rev. Bonds
	(Tucson Elec. Pwr. Co.), 5 3/4s, 9/1/29		Baa3		800,000	847,888
	(Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25		BBB		1,550,000	1,545,660
	Pinal Cnty., Elec. Rev. Bonds (Dist. No. 3), 5 1/4s, 7/1/36		A		500,000	557,825
	Salt River Agricultural Impt. & Pwr. Dist. Rev. Bonds, Ser. A, 5s, 12/1/31		Aa1		3,000,000	3,598,050
	Tempe, Indl. Dev. Auth. Lease Rev. Bonds (ASU Foundation), AMBAC, 5s, 7/1/28		AA/P		500,000	502,520
	U. Med. Ctr. Corp. AZ Hosp. Rev. Bonds, 6 1/2s, 7/1/39		Baa1		1,000,000	1,167,650
						19,557,399
	California (25.4%)
	ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds (Episcopal Sr. Cmntys.), Ser. A, 5s, 7/1/32		BBB		550,000	603,592
	ABC Unified School Dist. G.O. Bonds, Ser. B, FGIC, zero %, 8/1/20		Aa3		1,500,000	1,186,965
	Alameda, Corridor Trans. Auth. Rev. Bonds (Sr. Lien), Ser. A, 5s, 10/1/29(FWC)		AA-		1,250,000	1,481,538
	Bay Area Toll Auth. of CA Rev. Bonds (San Francisco Bay Area), Ser. F-1, 5s, 4/1/39		AA		2,500,000	2,815,950
	Burbank, Unified School Dist. G.O. Bonds (Election of 1997), Ser. C, NATL, FGIC, zero %, 8/1/23		AA-		1,000,000	687,100
	CA Edl. Fac. Auth. Rev. Bonds
	(Claremont Graduate U.), Ser. A, 5s, 3/1/42		A3		2,000,000	2,085,860
	(U. of the Pacific), 5s, 11/1/21		A2		1,500,000	1,615,140
	(Loyola-Marymount U.), NATL, zero %, 10/1/21		A2		1,300,000	965,211
	CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.)
	Ser. E, 4.8s, 8/1/37		Baa2		5,000,000	4,832,250
	Ser. K, 4 5/8s, 8/1/26		Baa2		2,500,000	2,454,475
	CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37		Baa2		1,800,000	1,901,214
	CA Poll. Control Fin. Auth. Rev. Bonds
	(San Jose Wtr. Co.), 5.1s, 6/1/40		A		3,500,000	3,837,470
	(Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23		A3		2,500,000	2,744,075
	CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23		BBB		850,000	915,918
	CA Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5 1/4s, 8/1/40		BBB+		1,000,000	1,078,860
	CA State G.O. Bonds
	6 1/2s, 4/1/33		A1		12,000,000	15,049,320
	5 1/2s, 3/1/40		A1		7,450,000	8,779,377
	5s, 4/1/42		A1		4,000,000	4,536,760
	5s, 10/1/29		A1		4,000,000	4,622,760
	CA State Pub. Wks. Board Rev. Bonds
	Ser. I-1, 6 1/8s, 11/1/29		A2		1,000,000	1,238,890
	Ser. A-1, 6s, 3/1/35		A2		1,600,000	1,928,672
	(Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32		A2		1,575,000	1,712,387
	(Capital Projects), Ser. A, 5s, 4/1/29		A2		2,000,000	2,304,240
	CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30		BBB		5,250,000	5,266,695
	CA Statewide Cmnty. Dev. Auth. Rev. Bonds (Irvine, LLC-UCI East Campus), 6s, 5/15/40		Baa2		2,000,000	2,204,480
	CA Statewide Cmnty., Dev. Auth. Rev. Bonds (Sutter Hlth.), Ser. A, 5s, 11/15/43		Aa3		2,485,000	2,629,329
	Cathedral City, Impt. Board Act of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35		BB+/P		775,000	776,023
	Chula Vista COP, NATL, 5s, 8/1/32		A1		4,000,000	4,045,440
	Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas), Ser. B, 5s, 12/1/27		Aa3		1,915,000	2,096,887
	Foothill-De Anza, Cmnty. College Dist. G.O. Bonds, Ser. C, 5s, 8/1/40		Aaa		2,250,000	2,550,758
	Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A, zero %, 1/1/28 (Escrowed to maturity)		Aaa		10,000,000	6,724,600
	Golden State Tobacco Securitization Corp. Rev. Bonds
	Ser. 03 A-1, 6 1/4s, 6/1/33 (Prerefunded 6/1/13)		Aaa		555,000	565,917
	Ser. A-1, 5s, 6/1/33		B3		1,050,000	988,607
	Ser. S-B, zero %, 6/1/47		CCC+		6,000,000	495,480
	Los Angeles, Dept. Arpt. Rev. Bonds (Los Angeles Intl. Arpt.), Ser. D, 5s, 5/15/40		AA		3,500,000	3,952,025
	Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27		A		600,000	654,180
	M-S-R Energy Auth. Rev. Bonds, Ser. B, 6 1/2s, 11/1/39		A-		3,000,000	4,120,020
	Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5 3/4s, 8/10/18		AAA		6,000,000	7,127,159
	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	905,418
	Port of Oakland, Rev. Bonds (Sr. Lien), Ser. P, 5s, 5/1/26		A+		4,000,000	4,568,320
	Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21		A+		1,990,000	1,476,122
	Sacramento Cnty., Arpt. Syst. Rev. Bonds, 5s, 7/1/40		A		1,350,000	1,488,456
	Sacramento, Special Tax Bonds (North Natomas Cmnty. Fac.), Ser. 97-01, 5s, 9/1/20		BB+/P		1,195,000	1,212,089
	Sacramento, Special Tax Rev. Bonds (North Natomas Cmnty. Fac.), Ser. 97-01
	5s, 9/1/29		BB+/P		1,180,000	1,184,732
	5s, 9/1/18		BB+/P		1,030,000	1,047,397
	Sacramento, Regl. Trans. Dist. Rev. Bonds (Farebox)
	5s, 3/1/42		A2		2,110,000	2,310,070
	5s, 3/1/20		A2		500,000	593,020
	San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, NATL, 6 1/2s, 8/1/17		Baa2		3,795,000	4,072,794
	San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5s, 7/1/40		A2		3,750,000	4,132,050
	San Diego, Unified School Dist. G.O. Bonds (Election of 2008), Ser. C
	zero %, 7/1/40		Aa2		5,000,000	1,344,650
	zero %, 7/1/38		Aa2		5,000,000	1,502,100
	San Francisco City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, 5s, 5/1/28		A1		575,000	666,161
	San Juan, Unified School Dist. G.O. Bonds, AGM, zero %, 8/1/19		Aa2		1,000,000	836,520
	Semitropic, Impt. Dist. Wtr. Storage Rev. Bonds, Ser. A, 5s, 12/1/35		A+		150,000	167,765
	Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds, 7.65s, 8/1/21		B+/P		540,000	540,880
	Tuolumne Wind Project Auth. Rev. Bonds (Tuolumne Co.), Ser. A, 5 7/8s, 1/1/29		A+		1,585,000	1,874,104
	Turlock, Irrigation Dist. Rev. Bonds, Ser. A, 5s, 1/1/40		A+		4,000,000	4,316,720
						147,814,992
	Colorado (1.3%)
	CO Hlth. Fac. Auth. Rev. Bonds
	(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26		BB-/P		325,000	348,764
	(Evangelical Lutheran Good Samaritan Society), 5s, 12/1/33		A3		1,650,000	1,813,647
	(Evangelical Lutheran), 5s, 6/1/29		A3		850,000	913,937
	(Covenant Retirement Cmntys.), Ser. A, 5s, 12/1/27		BBB-		1,100,000	1,199,769
	CO Hsg. & Fin. Auth. Rev. Bonds (Single Family Mtge.), Ser. A-3, Class III, 5 1/4s, 5/1/33		A2		1,140,000	1,167,850
	Denver City & Cnty., Arpt. Rev. Bonds, Ser. A, 5s, 11/15/28		A1		550,000	624,124
	E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1, NATL, 5 1/2s, 9/1/24		Baa2		1,250,000	1,351,613
	Lower CO River Auth. Rev. Bonds, U.S. Govt. Coll., 5 3/4s, 5/15/37 (Prerefunded 5/15/15)		A1		50,000	56,071
						7,475,775
	Delaware (0.4%)
	DE St. Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.), 5.4s, 2/1/31		BBB+		1,100,000	1,243,594
	DE State Hsg. Auth. Rev. Bonds (Single Family Mtge.), Ser. B, zero %, 1/1/40		A3		6,930,000	1,337,975
						2,581,569
	District of Columbia (1.9%)
	DC Rev. Bonds (Howard U.), Ser. A, 6 1/2s, 10/1/41		A3		3,000,000	3,635,940
	DC U. Rev. Bonds (Gallaudet U.), 5 1/2s, 4/1/34		A+		1,000,000	1,156,910
	DC Wtr. & Swr. Auth. Pub. Util. Rev. Bonds, FGIC, NATL, 5s, 10/1/28 (Prerefunded 10/1/13)		AA		3,000,000	3,094,079
	Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
	(First Sr. Lien), Ser. A, 5s, 10/1/39		A2		2,000,000	2,187,840
	(Metrorail), Ser. A, zero %, 10/1/37		Baa1		3,700,000	980,389
						11,055,158
	Florida (5.3%)
	Brevard Cnty., Hlth. Care Fac. Auth. Rev. Bonds (Health First, Inc.), 7s, 4/1/39		A3		3,000,000	3,742,380
	Broward Cnty., Arpt. Syst. Rev. Bonds, Ser. Q-2, 5s, 10/1/32		A1		1,100,000	1,239,920
	Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/26		BBB		2,500,000	2,509,025
	FL State Board of Ed. G.O. Bonds (Capital Outlay 2011), Ser. F, 5s, 6/1/30		AAA		1,000,000	1,191,720
	FL State Muni. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 10/1/31		A2		1,700,000	1,888,666
	Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A, 5 3/8s, 6/1/46		A-		4,200,000	4,486,901
	Jacksonville, Port Auth. Rev. Bonds, 5s, 11/1/38		A2		600,000	648,468
	Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43		BBB-/F		340,000	356,028
	Lee Cnty., Rev. Bonds, SGI, 5s, 10/1/25		Aa2		2,500,000	2,822,450
	Marco Island, Util. Sys. Rev. Bonds, Ser. A, 5s, 10/1/40		Aa3		1,500,000	1,640,400
	Miami-Dade Cnty., Aviation Rev. Bonds
	(Miami Intl. Arpt.), Ser. A-1, 5 3/8s, 10/1/41		A2		3,000,000	3,411,450
	Ser. A, 5s, 10/1/29		A2		1,000,000	1,128,080
	Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5s, 7/1/40		A3		1,000,000	1,089,590
	Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33		BBB+		1,000,000	1,117,770
	South Bay, Cmnty. Dev. Dist. Special Assmt. Bonds, Ser. B-1, 5 1/8s, 11/1/13 (In default)(NON)		D/P		2,025,000	688,500
	South Broward, Hosp. Dist. Rev. Bonds, NATL, 4 3/4s, 5/1/28		Aa3		1,500,000	1,588,965
	Tampa-Hillsborough Cnty., Expressway Auth. Rev. Bonds, Ser. A, 5s, 7/1/28		A3		760,000	890,538
	Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37		CCC/P		440,000	440,273
						30,881,124
	Georgia (3.2%)
	Atlanta, Arpt. Rev. Bonds
	Ser. C, 5 7/8s, 1/1/24		A1		500,000	630,585
	(Hartsfield-Jackson Intl. Arpt.), Ser. A, 5s, 1/1/35		A1		1,250,000	1,411,500
	Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39		A1		4,500,000	5,527,845
	Fulton Cnty., Dev. Auth. Rev. Bonds (GA Tech Athletic Assn.), Ser. A, 5s, 10/1/42		A2		1,350,000	1,495,962
	Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds (Northeast GA Hlth. Care), Ser. B, 5 1/4s, 2/15/45		A+		7,500,000	8,203,799
	Marietta, Dev. Auth. Rev. Bonds (U. Fac. - Life U., Inc.), 7s, 6/15/39		Ba3		1,400,000	1,512,392
						18,782,083
	Guam (0.1%)
	Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5s, 10/1/30		AA-		300,000	336,849
						336,849
	Illinois (7.9%)
	Chicago, O'Hare Intl. Arpt. Rev. Bonds
	Ser. A, 5 3/4s, 1/1/39		A2		4,000,000	4,689,040
	Ser. A, 5 5/8s, 1/1/35		A2		1,000,000	1,178,870
	(Gen. Sr. Lien), Ser. B, 5s, 1/1/27		A2		2,000,000	2,234,260
	(Passenger Fac. Charge), Ser. B, 5s, 1/1/24		A2		2,500,000	2,850,400
	Chicago, Waste Wtr. Transmission Rev. Bonds, Ser. A, NATL, zero %, 1/1/24		Aa2		1,600,000	1,073,856
	IL Fin. Auth. Rev. Bonds
	(Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44		BBB-		2,500,000	3,006,650
	(IL Rush U. Med. Ctr.), Ser. D, 6 5/8s, 11/1/39		A2		1,490,000	1,797,983
	(IL Rush U. Med.. Ctr.), Ser. C, 6 5/8s, 11/1/39		A2		1,425,000	1,719,548
	(Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37		Baa2		3,000,000	3,358,110
	(Alexian), Ser. A, AGM, 5 1/4s, 1/1/22		A2		3,775,000	4,193,798
	IL State G.O. Bonds
	5s, 3/1/34		A2		750,000	827,580
	5s, 8/1/21		A2		750,000	873,893
	Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds (No. 115 Yorkville), NATL, FGIC, zero %, 1/1/21		Aa3		1,075,000	813,947
	Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds (No. 073 Hawthorn), NATL, FGIC
	zero %, 12/1/21		AA+		1,805,000	1,385,590
	zero %, 12/1/21 (Escrowed to maturity)		AA+		145,000	121,865
	zero %, 12/1/20		AA+		1,495,000	1,207,407
	zero %, 12/1/20 (Escrowed to maturity)		AA+		155,000	134,831
	Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds (McCormick), Ser. A, NATL, zero %, 12/15/30		AAA		15,000,000	7,003,499
	Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28		A-		4,150,000	5,053,870
	Southern IL U. Rev. Bonds (Hsg. & Auxiliary), Ser. A, NATL
	zero %, 4/1/25		A2		1,870,000	1,088,714
	zero %, 4/1/21		A2		1,880,000	1,361,064
						45,974,775
	Indiana (1.8%)
	IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5 1/4s, 10/15/21		A2		180,000	213,664
	IN State Fin. Auth. Rev. Bonds
	(U.S. Steel Corp.), 6s, 12/1/26		BB		500,000	527,170
	(BHI Sr. Living), 5 3/4s, 11/15/41		A-/F		1,000,000	1,118,980
	(Duke Energy Ind.), Ser. C, 4.95s, 10/1/40		A2		4,000,000	4,326,719
	Jasper Cnty., Indl. Poll. Control Rev. Bonds
	AMBAC, 5.7s, 7/1/17		Baa2		1,375,000	1,558,054
	NATL, 5.6s, 11/1/16		Baa2		1,550,000	1,736,915
	U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGO, 5 3/4s, 10/1/28		AA-		1,000,000	1,232,570
						10,714,072
	Kentucky (0.1%)
	Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U., Inc.), Ser. A, 6s, 5/1/38		Baa3		290,000	316,146
						316,146
	Louisiana (1.3%)
	Lafayette, Util. Rev. Bonds, 5s, 11/1/28		A1		3,000,000	3,519,930
	Stadium & Exposition Dist. Rev. Bonds, Ser. A, 5s, 7/1/36		A3		3,500,000	3,957,730
						7,477,660
	Maine (0.3%)
	Rumford, Solid Waste Disp. Rev. Bonds (Boise Cascade Corp.), 6 7/8s, 10/1/26		B2		1,950,000	1,949,864
						1,949,864
	Maryland (0.2%)
	MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22		A		650,000	796,192
	MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15		BBB+/F		500,000	530,775
						1,326,967
	Massachusetts (6.3%)
	MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B, 5s, 1/1/37		A+		2,500,000	2,771,850
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Sabis Intl.), Ser. A, 8s, 4/15/39		BBB		575,000	707,762
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26		B-/P		960,369	836,616
	(Carleton-Willard Village), 5 5/8s, 12/1/30		A-		750,000	823,973
	(Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46		B-/P		51,190	34,526
	(Berklee College of Music), 5 1/4s, 10/1/41		A2		2,000,000	2,237,140
	(Emerson College), Ser. A, 5s, 1/1/40		Baa1		4,000,000	4,319,239
	(Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56		B-/P		254,614	3,646
	MA State Dev. Fin. Agcy. Solid Waste Disp. FRB (Dominion Energy Brayton Point), 5s, 2/1/36		A-		1,000,000	1,055,930
	MA State Dev. Fin. Agcy. Solid Waste Disp. Mandatory Put Bonds (5/1/19) (Dominion Energy Brayton), Ser. 1, 5 3/4s, 12/1/42		A-		1,500,000	1,842,165
	MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33		BB-		1,500,000	1,520,955
	(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON)		D/P		444,779	445
	(Suffolk U.), Ser. A, 5 3/4s, 7/1/39		Baa2		1,175,000	1,339,958
	(Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36		A+		1,500,000	1,669,365
	(Springfield College), 5 5/8s, 10/15/40		Baa1		550,000	608,806
	(Care Group), Ser. B-2, NATL, 5 3/8s, 2/1/26		A3		700,000	816,683
	(Northeastern U.), Ser. A, 5s, 10/1/35		A2		3,250,000	3,634,930
	MA State Hsg. Fin. Agcy. Rev. Bonds
	Ser. C, 5.35s, 12/1/42		Aa3		1,500,000	1,603,770
	Ser. 162, FNMA Coll, FHLMC Coll., 2 3/4s, 12/1/41		Aa2		1,000,000	1,045,730
	MA State Port Auth. Rev. Bonds, U.S. Govt. Coll., 13s, 7/1/13 (Escrowed to maturity)		Aaa		600,000	630,960
	MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41		A		2,855,000	3,118,458
	Metro. Boston Trans. Pkg. Corp. Rev. Bonds, 5s, 7/1/41		A1		2,590,000	2,898,728
	Metro. Boston, Trans. Pkg. Corp. Rev. Bonds (Systemwide Pkg.), 5 1/4s, 7/1/33		A1		2,500,000	2,933,350
						36,454,985
	Michigan (7.1%)
	Detroit, G.O. Bonds
	Ser. A-1, AMBAC, 5 1/4s, 4/1/24		B		1,435,000	1,260,963
	(Cap. Impt.), Ser. A-1, 5s, 4/1/15		B		1,300,000	1,193,595
	Detroit, Rev. Bonds, Ser. A, NATL, FGIC, 5s, 7/1/30		A+		4,505,000	4,515,407
	Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6s, 5/1/29		Aa2		1,000,000	1,206,510
	Detroit, Wtr. & Swr. Dept. Rev. Bonds, Ser. A, 5s, 7/1/32		A+		1,200,000	1,287,420
	Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36		AA-		1,425,000	1,655,166
	Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 7 1/2s, 7/1/39		Ba1		500,000	585,655
	King Cnty., Wtr & Swr. Rev. Bonds, 5s, 1/1/45		AA+		4,000,000	4,479,679
	Lansing, Board of Wtr. & Ltg. Util. Syst. Rev. Bonds, Ser. A, 5s, 7/1/37		Aa3		1,765,000	2,025,496
	MI Fin. Auth. Rev. Bonds
	(Revolving Fund-Clean Water), 5s, 10/1/31		AAA		1,500,000	1,794,285
	(Unemployment Oblig. Assmt.), Ser. B, 5s, 7/1/22		Aaa		1,000,000	1,131,070
	MI Pub. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 1/1/27		A2		1,900,000	2,113,313
	MI State Hosp. Fin. Auth. Rev. Bonds
	Ser. A, 6 1/8s, 6/1/39		A1		2,500,000	2,870,700
	(Henry Ford Hlth.), 5 3/4s, 11/15/39		A2		2,000,000	2,270,600
	(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46		A2		4,500,000	4,772,880
	(Sparrow Hosp.), 5s, 11/15/31		A1		1,350,000	1,441,989
	MI State Strategic Fund Ltd. Mandatory Put Bonds (6/2/14) (Dow Chemical), Ser. A-1, 6 3/4s, 6/2/14		Baa2		100,000	107,645
	MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Evangelical Homes of MI)
	5 1/2s, 6/1/47(FWC)		BB+/F		675,000	680,326
	5 1/4s, 6/1/32(FWC)		BB+/F		320,000	322,557
	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	2,084,792
	MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/34		B-		575,000	554,202
	Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp. Corp.), 5 3/8s, 6/1/26		BBB		750,000	808,358
	Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21		A2		2,000,000	2,312,980
						41,475,588
	Minnesota (1.0%)
	North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39		BB/P		995,000	1,063,028
	St. Paul, Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Bonds (HealthPartners Oblig. Group), 5 1/4s, 5/15/36		A3		3,500,000	3,683,120
	St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35		BBB-		1,150,000	1,243,472
						5,989,620
	Mississippi (1.2%)
	MS Bus. Fin. Corp. Rev. Bonds (Syst. Energy Resources, Inc.), 5 7/8s, 4/1/22		BBB		2,330,000	2,335,732
	MS Bus. Fin. Corp. Gulf Opportunity Zone Rev. Bonds, Ser. A, 5s, 5/1/37		A3		2,250,000	2,448,089
	Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32		BBB		2,000,000	2,307,860
						7,091,681
	Montana (0.4%)
	MT Fac. Fin. Auth. VRDN (Sisters of Charity of Leavenworth), Ser. A, 0.12s, 12/1/25		VMIG1		2,290,000	2,290,000
						2,290,000
	Nebraska (0.9%)
	Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18		B2		3,000,000	3,387,060
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 5/8s, 1/1/40		A-/F		925,000	1,023,106
	NE Pub. Pwr. Dist. Rev. Bonds, Ser. C, 5s, 1/1/25		A1		500,000	572,515
						4,982,681
	Nevada (8.4%)
	Clark Cnty., Ltd. Tax Bond, 5s, 6/1/33(T)		AA+		32,290,000	36,766,515
	Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, NATL, FGIC, 5 1/8s, 7/1/26		A1		5,105,000	5,362,803
	Clark Cnty., Impt. Dist. Special Assmt. Bonds (Summerlin No. 151), 5s, 8/1/25		BB-/P		2,050,000	1,660,623
	Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas Corp.), Ser. A, AMBAC, 5 1/4s, 7/1/34		Baa1		3,000,000	3,074,189
	Henderson G.O. Bonds (Ltd. Tax -Swr.), NATL, FGIC, 5s, 6/1/29		Aa2		1,000,000	1,056,720
	Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-17), 5s, 9/1/25		BB+/P		595,000	598,683
						48,519,533
	New Hampshire (0.5%)
	NH Hlth. & Ed. Fac. Auth. VRDN (U. Syst. of NH), Ser. B, 0.12s, 7/1/33		VMIG1		2,790,000	2,790,000
						2,790,000
	New Jersey (7.1%)
	NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds
	(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38		BBB-		2,750,000	3,190,358
	(St. Peter's U. Hosp.), 5 3/4s, 7/1/37		Ba1		2,500,000	2,686,800
	(Holy Name Hosp.), 5s, 7/1/36		Baa2		5,000,000	5,235,400
	NJ State Econ. Dev. Auth. Rev. Bonds
	(Cigarette Tax), 5 3/4s, 6/15/29 (Prerefunded 6/15/14)		Aaa		5,000,000	5,373,400
	5s, 6/15/26		Baa1		500,000	573,160
	(Middlesex Wtr. Co., Inc.), Ser. A, 5s, 10/1/23		A		1,000,000	1,209,650
	NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
	Ser. A, 5.7s, 10/1/39		A2		3,900,000	4,274,282
	Ser. B, 5.6s, 11/1/34		A2		500,000	572,795
	NJ State Edl. Fac. Auth. Rev. Bonds
	(Fairleigh Dickinson), Ser. C, 6s, 7/1/20		BBB/F		1,500,000	1,582,290
	(Georgian Court U.), Ser. D, 5 1/4s, 7/1/37		Baa2		1,000,000	1,064,120
	(Georgian Court U.), Ser. D, 5 1/4s, 7/1/27		Baa2		500,000	540,295
	NJ State Higher Ed. Assistance Auth. Rev. Bonds (Student Loan), Ser. 1A, 5s, 12/1/22		Aa2		2,500,000	2,774,175
	NJ State Tpk. Auth. Rev. Bonds, Ser. B, 5s, 1/1/19		A+		750,000	897,345
	NJ State Trans. Trust Fund Auth. Rev. Bonds (Trans. Syst.), Ser. A, zero %, 12/15/30		A1		13,000,000	6,091,020
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A, 4 3/4s, 6/1/34		B2		3,000,000	2,681,250
	Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31		AA+		2,300,000	2,560,636
						41,306,976
	New Mexico (0.3%)
	Sante Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Res.), 5s, 5/15/42		BBB-		1,460,000	1,555,820
						1,555,820
	New York (9.8%)
	Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, 6 7/8s, 7/1/40		B/P		320,000	341,910
	Metro. Trans. Auth. Rev. Bonds, Ser. D
	5s, 11/15/36		A2		2,000,000	2,273,500
	5s, 11/15/29		A2		3,000,000	3,524,520
	NY City, G.O. Bonds, Ser. F, 5s, 8/1/30		Aa2		3,320,000	3,914,214
	NY City, Indl. Dev. Agcy. Special Fac. FRB (American Airlines - JFK Intl. Arpt.), 7 5/8s, 8/1/25 (In default)(NON)		D/P		2,000,000	2,284,620
	NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (British Airways PLC), 5 1/4s, 12/1/32		BB		700,000	700,980
	NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. bonds 5s, 6/15/31(T)		AA+		10,000,000	11,901,031
	NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds, Ser. GG, 5s, 6/15/43		AA+		2,000,000	2,252,820
	NY City, Transitional Fin. Auth. Rev. Bonds (Future Tax), Ser. D-1, 5s, 11/1/32		AAA		3,000,000	3,562,049
	NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6s, 6/1/43		A3		1,500,000	1,506,390
	NY State Dorm. Auth. Lease Rev. Bonds (State U. Dorm Fac.), Ser. A, 5s, 7/1/35		Aa2		1,000,000	1,152,400
	NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37		Ba1		2,300,000	2,548,630
	NY State Dorm. Auth.Ser. C Rev bonds 5s, 3/15/31(T)		AAA		5,000,000	5,861,371
	NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26		A3		6,000,000	6,019,500
	NY State, Dorm. Auth. Rev. Bonds (School Dists. Fin. Program), Ser. H, 5s, 10/1/21		Aa3		650,000	788,717
	Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term. - 6), NATL, 5.9s, 12/1/17		BBB		6,000,000	6,014,160
	Seneca Cnty., Indl. Dev. Agcy. Solid Waste Disp. 144A Mandatory Put Bonds (10/1/13) (IESI Corp.), 6 5/8s, 10/1/35		BB-		670,000	674,536
	Troy, Cap. Res. Corp. Rev. Bonds (Rensselaer Polytechnic), Ser. A, 5 1/8s, 9/1/40		A3		1,385,000	1,526,755
						56,848,103
	North Carolina (1.6%)
	NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24		A-		1,000,000	1,251,290
	NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
	(Deerfield), Ser. A, 6s, 11/1/33		BBB+/F		805,000	876,444
	(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22		BB/P		1,000,000	1,056,730
	NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba Elec.), Ser. A, 5s, 1/1/30		A2		800,000	908,216
	NC State Muni. Pwr. Agcy. No. 1 Catawba Elec. Rev. Bonds, Ser. B, 5s, 1/1/28		A2		1,400,000	1,648,486
	U. of NC Syst. Pool Rev. Bonds, Ser. C, 5 1/2s, 10/1/34		A3		3,000,000	3,431,819
						9,172,985
	North Dakota (0.3%)
	ND State Hsg. Fin. Agcy. Rev. Bonds (Hsg. Fin.), Ser. B, 4.8s, 7/1/37		Aa1		1,620,000	1,644,057
						1,644,057
	Ohio (7.6%)
	American Muni. Pwr. - Ohio, Inc. Rev. Bonds
	(Prairie State Energy Campus), Ser. A, 5 1/4s, 2/15/43		A1		1,000,000	1,101,330
	(Prairie Street Energy Campus), Ser. A, 5 1/4s, 2/15/33		AA-		5,000,000	5,600,650
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A-2
	5 3/4s, 6/1/34		B3		9,000,000	8,036,010
	5 1/8s, 6/1/24		B3		2,050,000	1,899,182
	Cleveland, Arpt. Syst. Rev. Bonds, Ser. A, 5s, 1/1/29		A-		500,000	570,080
	Cleveland, Wtr. Rev. Bonds (2nd Lien), Ser. A, 5s, 1/1/27		Aa2		1,000,000	1,191,430
	Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/15/46		A-		2,500,000	2,643,125
	Hickory Chase, Cmnty. Auth. Infrastructure Impt. Rev. Bonds (Hickory Chase), 7s, 12/1/38 (In default)(NON)		D/P		644,000	386,400
	JobsOhio Beverage Syst. Rev. Bonds (Statewide Sr. Lien Liquor Profits), Ser. A, 5s, 1/1/38		AA		2,000,000	2,281,600
	Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 6s, 8/15/43		A3		3,100,000	3,440,380
	OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.8s, 12/1/38		Baa1		2,000,000	2,328,320
	OH State Higher Edl. Fac. Comm. Rev. Bonds (Kenyon College), 5s, 7/1/44		A1		5,000,000	5,383,950
	OH State Higher Edl. Fac. Commn. Rev. Bonds (U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39 (Prerefunded 1/15/15)		A2		3,000,000	3,369,240
	Scioto Cnty., Hosp. Rev. Bonds (Southern Med. Ctr.), 5 1/2s, 2/15/28		A2		4,660,000	5,090,723
	Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, 5 3/4s, 12/1/32		BB/P		625,000	677,644
						44,000,064
	Oklahoma (0.3%)
	OK State Tpk. Auth. VRDN, Ser. E, 0.12s, 1/1/28		VMIG1		1,500,000	1,500,000
						1,500,000
	Oregon (0.9%)
	Keizer, Special Assmt. Bonds (Keizer Station), Ser. A, 5.2s, 6/1/31		A1		2,585,000	2,747,519
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26		BBB/F		1,040,000	1,109,524
	OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5 3/4s, 7/1/39		A1		1,250,000	1,481,738
						5,338,781
	Pennsylvania (5.0%)
	Allegheny Cnty., G.O. Bonds, Ser. C-69, 5s, 12/1/25		A1		1,000,000	1,165,310
	Allentown, Neighborhood Impt. Zone Dev. Auth. Rev. Bonds, Ser. A
	5s, 5/1/35		Baa2		400,000	436,432
	5s, 5/1/32		Baa2		1,350,000	1,495,112
	Bucks Cnty., Indl. Dev. Auth. Rev. Bonds (US Steel Corp.), 6 3/4s, 6/1/26		BB		1,000,000	1,095,130
	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	1,071,639
	5.3s, 1/1/14		BB/P		710,000	717,824
	Cumberland Cnty., Muni. Auth. Rev. Bonds (Presbyterian Homes), Ser. A, 5s, 1/1/17		BBB+		1,080,000	1,133,654
	Delaware River Joint Toll Bridge Comm. Rev. Bonds, Ser. A, 5s, 7/1/21		A2		600,000	724,692
	Delaware River Port Auth. PA & NJ Rev. Bonds, Ser. D, 5s, 1/1/40		A3		1,200,000	1,314,936
	Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst College), 5 1/2s, 3/15/38		BBB		725,000	784,443
	Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5 3/8s, 7/1/42		A2		1,000,000	1,092,030
	Lancaster, Higher Ed. Auth. College Rev. Bonds (Franklin & Marshall College), 5s, 4/15/29		AA-		1,000,000	1,122,590
	Northampton Cnty., Hosp. Auth. Rev. Bonds (St. Luke's Hosp. - Bethlehem), Ser. A, 5 1/2s, 8/15/40		A3		1,250,000	1,338,313
	PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Amtrak), Ser. A, 5s, 11/1/32		A1		1,000,000	1,102,860
	PA State Higher Edl. Fac. Auth. Rev. Bonds
	(Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42		BBB-		500,000	531,960
	(Widener U.), 5 3/8s, 7/15/29		BBB+		750,000	763,598
	(St. Joseph's U.), Ser. A, 5s, 11/1/40		A-		3,000,000	3,285,570
	(Philadelphia U.), 5s, 6/1/30		Baa2		2,250,000	2,351,093
	(Philadelphia U.), 5s, 6/1/22		Baa2		860,000	922,703
	PA State, Higher Edl. Facs. Auth. Rev. Bonds (Temple U.), Ser. 1, 5s, 4/1/26		Aa3		750,000	901,208
	Philadelphia, Arpt. Rev. Bonds, Ser. D, 5 1/4s, 6/15/25		A+		2,750,000	3,128,619
	Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Hosp.-Graduate Hlth. Sys.), Ser. A, 6 1/4s, 7/1/13 (In default)(NON)		D/P		1,462,206	146
	Pittsburgh & Allegheny Cnty., Sports & Exhib. Auth. Hotel Rev. Bonds, AGM, 5s, 2/1/35		AA-		1,225,000	1,354,470
	Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A
	6 1/2s, 1/1/38		Baa3		550,000	617,436
	5s, 1/1/27		Baa3		650,000	709,378
						29,161,146
	Puerto Rico (4.4%)
	Cmnwlth. of PR, G.O. Bonds
	Ser. C, 6 1/2s, 7/1/40		BBB		5,000,000	5,498,500
	Ser. B, 6s, 7/1/39		BBB		5,000,000	5,268,100
	Ser. C, 6s, 7/1/39		BBB		2,500,000	2,634,050
	Cmnwlth. of PR, Elec. Pwr. Auth. Rev. Bonds, Ser. XX, 5 1/4s, 7/1/40		BBB+		3,000,000	3,030,990
	Cmnwlth. of PR, Hwy. & Trans. Auth. Rev. Bonds, Ser. AA-2, 5.3s, 7/1/35		BBB+		875,000	883,488
	Cmnwlth. of PR, Pub. Bldg. Auth. Mandatory Put Bonds (7/1/17) (Govt. Fac.), Ser. M-2, 5 3/4s, 7/1/34		BBB		1,750,000	1,896,020
	Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A, zero %, 8/1/30		A+		17,000,000	6,570,669
						25,781,817
	Rhode Island (—%)
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/4s, 6/1/42		Ba1		200,000	206,010
						206,010
	South Carolina (0.5%)
	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	2,512,286
	U.S. Govt. Coll., 6s, 8/1/20 (Prerefunded 8/1/13)		Baa1		305,000	313,394
						2,825,680
	South Dakota (0.4%)
	SD Edl. Enhancement Funding Corp. SD Tobacco Rev. Bonds, Ser. B, 6 1/2s, 6/1/32		A3		2,450,000	2,527,151
						2,527,151
	Tennessee (0.7%)
	Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38		Baa1		3,450,000	4,109,916
						4,109,916
	Texas (14.7%)
	Abilene, Hlth. Fac. Dev. Corp. Retirement Fac. Rev. Bonds (Sears Methodist Retirement), 6s, 11/15/29 (In default)(NON)		D/P		814,000	533,626
	Alliance, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 4.85s, 4/1/21		Baa1		3,250,000	3,496,643
	Brazos River Harbor Naval Dist. Env. FRB (Dow Chemical Co.), Ser. A-4, 5.95s, 5/15/33		BBB		400,000	458,928
	Brazos River, Auth. Poll. Control Rev. Bonds (TXU Energy Co., LLC), 5s, 3/1/41		Ca		500,000	53,850
	Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38		BBB		2,850,000	3,234,465
	Dallas Cnty., Util. & Reclamation Dist. G.O. Bonds, Ser. B, AMBAC, 5 3/8s, 2/15/29		A3		4,000,000	4,271,680
	Dallas, Area Rapid Transit Rev. Bonds Sr. Lien, 5s, 12/1/33(T)		AA+		30,000,000	35,045,346
	Houston, Util. Syst. Rev. Bonds, Ser. A, 5s, 11/15/33		AA		1,500,000	1,740,510
	Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40		Baa3		1,750,000	1,913,748
	Lower CO River Auth. Rev. Bonds
	5 3/4s, 5/15/37		A1		215,000	232,009
	U.S. Govt. Coll., 5 3/4s, 5/15/37 (Prerefunded, 5/15/15)		A1		2,135,000	2,394,232
	Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30		Baa2		1,500,000	1,599,255
	North TX, Thruway Auth. Rev. Bonds
	Ser. B, zero %, 9/1/43		AA		2,000,000	335,560
	Ser. D, AGO, zero %, 1/1/28		AA-		7,800,000	4,431,024
	North TX, Tollway Auth. Rev. Bonds
	Ser. A, 6s, 1/1/25		A2		1,300,000	1,511,406
	(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38		A3		2,000,000	2,214,460
	(1st Tier), Ser. C, 1.95s, 1/1/38		A2		3,000,000	3,020,040
	(1st Tier), Ser. I, stepped-coupon zero %, (6.5s, 1/1/15) 2043(STP)		A2		4,000,000	4,454,679
	Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds, 5s, 10/1/21		BBB+		500,000	598,885
	Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (TX Hlth. Resources), Ser. C, 0.15s, 11/15/33		VMIG1		4,000,000	4,000,000
	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	1,154,307
	TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5s, 12/15/15		A-		3,000,000	3,310,710
	TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5s, 12/15/31		A3		1,500,000	1,639,080
	TX State Trans. Comm. Tpk. Syst. Rev. Bonds (1st Tier)
	Ser. A, 5s, 8/15/41		A-		2,500,000	2,765,275
	Ser. B, 1 1/4s, 8/15/42		A-		1,000,000	1,004,800
						85,414,518
	Utah (0.3%)
	Salt Lake City, Hosp. Rev. Bonds, AMBAC, 6 3/4s, 5/15/20 (Escrowed to maturity)		AAA/P		1,700,000	1,705,202
						1,705,202
	Virginia (0.6%)
	Route 460 Funding Corp. Toll Rd. Rev. Bonds (Sr. Lien), Ser. A, 5 1/8s, 7/1/49		Baa3		500,000	548,370
	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	2,651,670
						3,200,040
	Washington (2.4%)
	WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T)		AA+		5,000,000	5,962,235
	Tobacco Settlement Auth. of WA Rev. Bonds
	6 5/8s, 6/1/32		Baa1		900,000	921,231
	6 1/2s, 6/1/26		A3		4,695,000	4,879,420
	WA State Hlth. Care Fac. Auth. Rev. Bonds (Kadlec Med. Ctr.), 5 1/2s, 12/1/39		Baa3		2,000,000	2,196,860
						13,959,746
	West Virginia (0.8%)
	Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds (Allegheny Energy), Ser. D, 5 1/2s, 10/15/37		BBB		3,450,000	3,651,101
	WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43		B/P		935,000	983,227
						4,634,328
	Wisconsin (0.9%)
	Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5 1/4s, 7/1/28		BBB-		350,000	385,154
	WI State Rev. Bonds, Ser. A, 6s, 5/1/27		Aa3		2,500,000	3,067,250
	WI State Hlth. & Edl. Fac. Auth. Rev. Bonds (Prohealth Care, Inc.), 6 5/8s, 2/15/39		A1		1,500,000	1,766,100
						5,218,504
	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	2,263,720
	WY Muni. Pwr. Agcy. Pwr. Supply Rev. Bonds
	Ser. A, 5 1/2s, 1/1/33		A2		950,000	1,084,083
	(Pwr. Supply), Ser. A, 5 1/2s, 1/1/28		A2		1,000,000	1,142,130
						4,489,933
	TOTAL INVESTMENTS
	Total investments (cost $723,517,554)(b)					$801,284,916

---

	Notes to the fund's portfolio
	Unless noted otherwise, the notes to the fund's portfolio are for the close of the fund's reporting period, which ran from May 1, 2012 through January 31, 2013 (the reporting period). Within the following notes to the portfolio, references to ASC 820” represent “Accounting Standards Codification ASC 820 Fair Value Measurements and Disclosures, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund's manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter.
(a)	Percentages indicated are based on net assets of $580,897,448.
(RAT)	The Moody's, Standard & Poor's or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Putnam are indicated by “/P.” Securities rated by Fitch are indicated by “/F.” The rating of an insured security represents what is believed to be the most recent rating of the insurer's claims-paying ability available at the close of the reporting period, if higher than the rating of the direct issuer of the bond, and does not reflect any subsequent changes.
(b)	The aggregate identified cost on a tax basis is $723,576,712, resulting in gross unrealized appreciation and depreciation of $83,675,592 and $5,967,388, respectively, or net unrealized appreciation of $77,708,204.
(NON)	Non-income-producing security.
(STP)	The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.
(FWC)	Forward commitment, in part or in entirety.
(T)	Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions.
	At the close of the reporting period, the fund maintained liquid assets totaling $54,133,335 to cover certain tender option bonds.
	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):
	Utilities	24.3%
	Health care	23.7
	Transportation	19.9
	Tax bonds	12.9
	State Government	12.8
	Local Government	12.8
	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 $95,536,498 were held by the TOB trust and served as collateral for $41,403,164 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $52,883 for these investments based on an average interest rate of 0.14%.

---

	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	$—	$801,284,916	$—
	Totals by level	$—	$801,284,916	$—
	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 28, 2013

	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 28, 2013

	By (Signature and Title):

	/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: March 28, 2013