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:	Bryan Chegwidden, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, New York 10036

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

	Date of fiscal year end:	April 30, 2015

	Date of reporting period:	July 31, 2014

	Item 1. Schedule of Investments:

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	Putnam Municipal Opportunities Trust
	The fund's portfolio
	7/31/14 (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
	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.
	PO — Principal Only
	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 and are payable upon demand either daily, weekly or monthly. The rate shown is the current interest rate at the close of the reporting period.
	MUNICIPAL BONDS AND NOTES (141.0%)(a)
			Rating(RAT)		Principal amount	Value
	Alabama (0.6%)
	Jefferson Cnty., Swr. Rev. Bonds, Ser. D, 6 1/2s, 10/1/53		BBB-		$2,000,000	$2,260,919
	Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 5.8s, 5/1/34		Baa2		750,000	836,873
						3,097,792
	Arizona (3.0%)
	Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29(F)		D/P		3,025,000	9,042
	Coconino Cnty., Poll. Control Rev. Bonds (Tucson Elec. Pwr. Co. - Navajo), Ser. A, 5 1/8s, 10/1/32		Baa1		1,500,000	1,583,550
	Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5 1/8s, 5/15/40		A-		2,125,000	2,228,105
	Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40		Baa1		2,400,000	2,708,135
	Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5s, 7/1/40		A1		1,000,000	1,055,330
	Phoenix, Civic Impt. Corp. Waste Wtr. Syst. Rev. Bonds, 5s, 7/1/29		AA+		500,000	587,005
	Pima Cnty., Indl. Dev. Auth. Rev. Bonds
	(Tucson Elec. Pwr. Co.), 5 3/4s, 9/1/29		Baa1		800,000	810,624
	(Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25		BBB		1,550,000	1,540,964
	Pinal Cnty., Elec. Rev. Bonds (Dist. No. 3), 5 1/4s, 7/1/36		A		500,000	548,425
	Salt Verde, Fin. Corp. Gas Rev. Bonds, 5 1/2s, 12/1/29		A-		1,350,000	1,592,163
	U. Med. Ctr. Corp. AZ Hosp. Rev. Bonds, 6 1/2s, 7/1/39		BBB+		1,000,000	1,162,480
	Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds (Yuma Regl. Med. Ctr.), Ser. A, 5s, 8/1/32		A-		2,065,000	2,247,856
						16,073,679
	California (29.4%)
	ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds (Episcopal Sr. Cmntys.), Ser. A, 5s, 7/1/32		BBB+/F		550,000	579,321
	ABC Unified School Dist. G.O. Bonds, Ser. B, FGIC, zero %, 8/1/20		Aa3		1,500,000	1,307,234
	Alameda, Corridor Trans. Auth. Rev. Bonds (Sr. Lien), Ser. A, 5s, 10/1/29		AA		1,250,000	1,414,575
	Bay Area Toll Auth. of CA Rev. Bonds
	(San Francisco Bay Area), Ser. F-1, 5s, 4/1/39 (Prerefunded 4/1/18)		AA		2,500,000	2,883,375
	(Toll Bridge), Ser. S-4, 5s, 4/1/33		A1		1,200,000	1,340,004
	Burbank, Unified School Dist. G.O. Bonds (Election of 1997), Ser. C, NATL, FGIC, zero %, 8/1/23		AA-		1,000,000	738,560
	CA Edl. Fac. Auth. Rev. Bonds
	(Claremont Graduate U.), Ser. A, 5s, 3/1/42		Baa1		2,000,000	2,067,160
	(U. of the Pacific), 5s, 11/1/21		A2		1,500,000	1,578,645
	(Loyola-Marymount U.), NATL, zero %, 10/1/21		A2		1,300,000	1,069,223
	CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.)
	Ser. E, 4.8s, 8/1/37		A-		5,000,000	5,003,450
	Ser. K, 4 5/8s, 8/1/26		A-		2,500,000	2,537,900
	CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37		Baa1		1,800,000	1,835,262
	CA Muni. Fin. Auth. Rev. Bonds (Biola U.), 5s, 10/1/42		Baa1		500,000	525,845
	CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23		A-		850,000	890,936
	CA Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5 1/4s, 8/1/40		A-		1,000,000	1,059,970
	CA State G.O. Bonds
	6 1/2s, 4/1/33		Aa3		12,000,000	14,663,760
	5 1/2s, 3/1/40		Aa3		7,450,000	8,439,882
	5s, 4/1/42		Aa3		4,000,000	4,352,080
	5s, 10/1/29		Aa3		3,000,000	3,405,630
	CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds (Caritas Affordable Hsg., Inc.), 5 1/4s, 8/15/39		BBB		400,000	425,988
	CA State Poll. Control Fin. Auth. Rev. Bonds
	(San Jose Wtr. Co.), 5.1s, 6/1/40		A		3,500,000	3,649,975
	(Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23		A3		2,500,000	2,662,125
	CA State Pub. Wks. Board Rev. Bonds
	Ser. I-1, 6 1/8s, 11/1/29		A1		1,000,000	1,192,080
	Ser. A-1, 6s, 3/1/35		A1		1,600,000	1,872,320
	(Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32		A1		1,575,000	1,717,758
	(Capital Projects), Ser. A, 5s, 4/1/29		A1		2,000,000	2,245,540
	CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30		BBB+		2,575,000	2,581,566
	CA Statewide Cmnty. Dev. Auth. Rev. Bonds
	(Irvine, LLC-UCI East Campus), 6s, 5/15/40		Baa2		2,000,000	2,148,980
	(Sutter Hlth.), Ser. A, 5s, 11/15/43		Aa3		2,485,000	2,546,106
	Cathedral City, Impt. Board Act of 1915 Special Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02, 5.05s, 9/2/35		BB+/P		770,000	770,747
	Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas), Ser. B, 5s, 12/1/27		Aa2		1,915,000	2,019,310
	Foothill-De Anza, Cmnty. College Dist. G.O. Bonds, Ser. C, 5s, 8/1/40		Aaa		2,250,000	2,469,330
	Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A
	6s, 1/15/53		BBB-		1,500,000	1,708,680
	zero %, 1/1/28 (Escrowed to maturity)		Aaa		10,000,000	6,691,000
	Golden State Tobacco Securitization Corp. Rev. Bonds
	Ser. A-2, 5.3s, 6/1/37		B3		1,000,000	793,220
	Ser. A-1, 5s, 6/1/33		B3		100,000	80,045
	(Enhanced Asset), Ser. A, 5s, 6/1/30		A1		500,000	550,100
	(Enhanced Asset), Ser. A, 5s, 6/1/29		A1		1,400,000	1,548,064
	Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.)
	Ser. D, 5s, 5/15/40		AA		3,500,000	3,825,885
	5s, 5/15/30		AA		1,000,000	1,115,670
	Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27		A		600,000	636,816
	M-S-R Energy Auth. Rev. Bonds, Ser. B, 6 1/2s, 11/1/39		A-		3,000,000	3,948,690
	Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5 3/4s, 8/10/18		AAA		6,000,000	6,744,300
	North Natomas, Cmnty. Fac. Special Tax Bonds (Dist. No. 4), Ser. E, 5s, 9/1/30		BBB+		1,250,000	1,347,250
	Oakland, Unified School Dist. Alameda Cnty., G.O. Bonds (Election of 2012), 6 5/8s, 8/1/38		BBB/P		500,000	594,765
	Orange Cnty., Trans. Auth Toll Road Rev. Bonds (91 Express Lanes), 5s, 8/15/30		A1		635,000	711,308
	Port of Oakland, Rev. Bonds (Sr. Lien), Ser. P, 5s, 5/1/26		A+		4,000,000	4,484,080
	Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21		AA-		1,990,000	1,619,462
	Sacramento Cnty., Arpt. Syst. Rev. Bonds, 5s, 7/1/40		A		1,350,000	1,429,799
	Sacramento, Special Tax Bonds (North Natomas Cmnty. Fac.), Ser. 97-01, 5s, 9/1/20		BBB-/P		1,195,000	1,195,562
	Sacramento, Special Tax Rev. Bonds (North Natomas Cmnty. Fac.), Ser. 97-01
	5s, 9/1/29		BBB-/P		1,180,000	1,180,153
	5s, 9/1/18		BBB-/P		1,030,000	1,030,618
	Sacramento, Regl. Trans. Dist. Rev. Bonds (Farebox)
	5s, 3/1/42		A2		2,110,000	2,234,363
	5s, 3/1/20		A2		500,000	585,040
	San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, NATL, 6 1/2s, 8/1/17		AA-		3,130,000	3,252,227
	San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5s, 7/1/40		A2		3,750,000	4,012,538
	San Diego, Unified School Dist. G.O. Bonds (Election of 2008), Ser. C
	zero %, 7/1/40		Aa3		5,000,000	1,470,650
	zero %, 7/1/38		Aa3		5,000,000	1,631,550
	San Francisco City & Cnty. Arpt. Comm. Intl. Arpt. Rev. Bonds, 5s, 5/1/28		A1		575,000	650,475
	San Juan, Unified School Dist. G.O. Bonds, AGM, zero %, 8/1/19		Aa2		1,000,000	897,480
	Semitropic, Impt. Dist. Wtr. Storage Rev. Bonds, Ser. A, 5s, 12/1/35		A+		150,000	166,002
	Stockton, Pub. Wtr. Fin. Auth. Rev. Bonds (Delta Wtr. Supply), Ser. A, 6 1/4s, 10/1/40		A-		875,000	993,029
	Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev. Bonds, 7.65s, 8/1/21		B+/P		450,000	450,747
	Tuolumne Wind Project Auth. Rev. Bonds (Tuolumne Co.), Ser. A, 5 7/8s, 1/1/29		AA-		1,585,000	1,869,143
	Turlock, Irrigation Dist. Rev. Bonds, Ser. A, 5s, 1/1/40		AA-		4,000,000	4,262,600
	Univ. of CA, Ser. AF Rev. bonds, 5s, 5/15/36(T)		AA		9,000,000	10,128,105
						155,834,053
	Colorado (1.2%)
	CO Hsg. & Fin. Auth. Rev. Bonds (Single Family Mtge.), Ser. A-3, Class III, 5 1/4s, 5/1/33		A2		355,000	357,911
	CO State Hlth. Fac. Auth. Rev. Bonds
	(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26		BB-/P		325,000	334,448
	(Evangelical Lutheran Good Samaritan Society), 5 5/8s, 6/1/43		A3		600,000	659,202
	(Evangelical Lutheran Good Samaritan Society), 5s, 12/1/33		A3		1,650,000	1,763,222
	(Evangelical Lutheran), 5s, 6/1/29		A3		850,000	866,694
	Denver City & Cnty., Arpt. Rev. Bonds (Sub. Syst.), Ser. A, 5 1/2s, 11/15/31		A2		950,000	1,068,893
	E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1, NATL, 5 1/2s, 9/1/24		AA-		1,250,000	1,297,388
						6,347,758
	Delaware (0.4%)
	DE State Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.), 5.4s, 2/1/31		Baa1		1,100,000	1,229,668
	DE State Hsg. Auth. Rev. Bonds (Single Family Mtge.), Ser. B, zero %, 1/1/40		A3		4,450,000	883,726
						2,113,394
	District of Columbia (1.4%)
	DC Rev. Bonds (Howard U.), Ser. A, 6 1/2s, 10/1/41		BBB+		3,000,000	3,327,000
	DC U. Rev. Bonds (Gallaudet U.), 5 1/2s, 4/1/34		A+		1,000,000	1,092,940
	Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
	(First Sr. Lien), Ser. A, 5s, 10/1/39		A2		2,000,000	2,129,620
	(Metrorail), Ser. A, zero %, 10/1/37		Baa1		3,700,000	1,096,975
						7,646,535
	Florida (5.0%)
	Brevard Cnty., Hlth. Care Fac. Auth. Rev. Bonds (Health First, Inc.), 7s, 4/1/39		A3		3,000,000	3,416,880
	Broward Cnty., Arpt. Syst. Rev. Bonds, Ser. Q-2, 5s, 10/1/32		A1		1,100,000	1,190,167
	Escambia Cnty., Env. Impt. Rev. Bonds (Intl. Paper Co.), Ser. A, 5s, 8/1/26		Baa2		2,500,000	2,501,300
	FL State Board of Ed. G.O. Bonds (Capital Outlay 2011), Ser. F, 5s, 6/1/30		AAA		1,000,000	1,153,840
	FL State Muni. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 10/1/31		A2		1,700,000	1,842,919
	Jacksonville, Port Auth. Rev. Bonds, 5s, 11/1/38		A2		600,000	627,144
	Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43		BBB-/F		340,000	350,941
	Lee Cnty., Rev. Bonds, SGI, 5s, 10/1/25		Aa2		2,500,000	2,687,075
	Marco Island, Util. Sys. Rev. Bonds, Ser. A, 5s, 10/1/40		Aa3		1,500,000	1,640,940
	Miami-Dade Cnty., Aviation Rev. Bonds
	(Miami Intl. Arpt.), Ser. A-1, 5 3/8s, 10/1/41		A2		3,000,000	3,310,680
	Ser. A, 5s, 10/1/29		A2		1,000,000	1,107,080
	5s, 10/1/28		A2		500,000	557,275
	Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5s, 7/1/40		A3		1,000,000	1,060,200
	Orange Cnty., Hlth. Facs. Auth. Rev. Bonds (Presbyterian Retirement Cmntys.), 5s, 8/1/34		A-/F		1,200,000	1,278,672
	Orlando & Orange Cnty., Expressway Auth. Rev. Bonds, AGM, 5s, 7/1/25		AA		500,000	580,205
	Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds (Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33		BBB+		1,000,000	1,059,700
	South Broward, Hosp. Dist. Rev. Bonds, NATL, 4 3/4s, 5/1/28		Aa3		1,500,000	1,557,644
	Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37		CCC/P		405,000	406,681
						26,329,343
	Georgia (3.7%)
	Atlanta, Arpt. Rev. Bonds (Hartsfield-Jackson Intl. Arpt.), Ser. A, 5s, 1/1/35		Aa3		1,250,000	1,347,325
	Atlanta, Arpt. Passenger Fac. Charge Rev. Bonds
	5s, 1/1/34		A1		1,550,000	1,729,645
	5s, 1/1/33		A1		1,500,000	1,680,225
	Atlanta, Wtr. & Waste Wtr. Rev. Bonds, Ser. A, 6 1/4s, 11/1/39		Aa3		4,500,000	5,367,465
	Fulton Cnty., Dev. Auth. Rev. Bonds (GA Tech Athletic Assn.), Ser. A, 5s, 10/1/42		A2		1,350,000	1,457,716
	Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds (Northeast GA Hlth. Care), Ser. B, 5 1/4s, 2/15/45		AA-		6,500,000	6,840,015
	Marietta, Dev. Auth. Rev. Bonds (U. Fac. - Life U., Inc.), 7s, 6/15/39		Ba3		1,400,000	1,461,656
						19,884,047
	Guam (0.1%)
	Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A, 5s, 10/1/30		AA		300,000	338,480
						338,480
	Illinois (11.0%)
	Chicago, G.O. Bonds, Ser. A
	5s, 1/1/36		A+		3,000,000	3,035,790
	5s, 1/1/34		A+		1,250,000	1,273,425
	Chicago, Motor Fuel Tax Rev. Bonds, 5s, 1/1/29		AA+		500,000	538,450
	Chicago, O'Hare Intl. Arpt. Rev. Bonds
	Ser. A, 5 3/4s, 1/1/39		A2		4,000,000	4,591,400
	Ser. C, 5 3/8s, 1/1/39		A2		1,250,000	1,366,025
	Ser. C, 5 1/4s, 1/1/28		A2		1,320,000	1,467,615
	Ser. C, 5 1/4s, 1/1/27		A2		2,125,000	2,403,630
	(Passenger Fac. Charge), Ser. B, 5s, 1/1/24		A2		2,500,000	2,840,425
	Chicago, Trans. Auth. Sales Tax Rev. Bonds, 5 1/4s, 12/1/49		AA		3,000,000	3,217,260
	Chicago, Waste Wtr. Transmission Rev. Bonds, Ser. A, NATL, zero %, 1/1/24		AA-		1,600,000	1,114,672
	Cicero, G.O. Bonds, Ser. A, AGM, 5s, 1/1/21		AA		2,000,000	2,285,300
	IL Fin. Auth. Rev. Bonds
	(Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44		BBB-		2,500,000	2,866,675
	(IL Rush U. Med. Ctr.), Ser. C, 6 5/8s, 11/1/39		A2		1,425,000	1,592,737
	(IL Rush U. Med. Ctr.), Ser. D, 6 5/8s, 11/1/39		A2		1,490,000	1,665,388
	(Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37		Baa2		3,000,000	3,227,850
	(Alexian), Ser. A, AGM, 5 1/4s, 1/1/22		A2		3,775,000	4,137,362
	IL State G.O. Bonds
	5 1/4s, 2/1/30		A3		1,000,000	1,066,150
	5s, 3/1/34		A3		750,000	765,128
	IL State Sports Fac. Auth. Rev. Bonds, AGM, 5 1/4s, 6/15/32(FWC)		AA		250,000	271,558
	Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds (No. 115 Yorkville), NATL, FGIC, zero %, 1/1/21		Aa3		1,075,000	898,474
	Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds (No. 073 Hawthorn), NATL, FGIC
	zero %, 12/1/21		AA+		1,805,000	1,484,252
	zero %, 12/1/21 (Escrowed to maturity)		AA+		145,000	125,157
	zero %, 12/1/20		AA+		1,495,000	1,284,085
	zero %, 12/1/20 (Escrowed to maturity)		AA+		155,000	138,485
	Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds (McCormick), Ser. A, NATL, zero %, 12/15/30		AAA		15,000,000	7,150,350
	Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28		A-		4,150,000	4,840,311
	Southern IL U. Rev. Bonds (Hsg. & Auxiliary), Ser. A, NATL
	zero %, 4/1/25		AA-		1,870,000	1,165,085
	zero %, 4/1/21		AA-		1,880,000	1,440,606
						58,253,645
	Indiana (2.2%)
	IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5 1/4s, 10/15/21		A3		180,000	212,922
	IN State Fin. Auth. Rev. Bonds
	(U.S. Steel Corp.), 6s, 12/1/26		BB-		500,000	539,860
	(BHI Sr. Living), 5 3/4s, 11/15/41		BBB+/F		1,000,000	1,083,220
	(I-69 Dev. Partners, LLC), 5 1/4s, 9/1/40		BBB-		1,500,000	1,585,275
	(Duke Energy Ind.), Ser. C, 4.95s, 10/1/40		Aa3		4,000,000	4,160,120
	Jasper Cnty., Indl. Poll. Control Rev. Bonds
	AMBAC, 5.7s, 7/1/17		Baa1		1,375,000	1,514,190
	NATL, 5.6s, 11/1/16		AA-		1,550,000	1,678,278
	U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGO, 5 3/4s, 10/1/28		AA		1,000,000	1,156,780
						11,930,645
	Kentucky (0.6%)
	KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6s, 7/1/53		Baa3		1,000,000	1,138,920
	Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U., Inc.), Ser. A, 6s, 5/1/38		Baa3		290,000	304,590
	Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A
	5s, 7/1/32		A+		1,030,000	1,139,272
	5s, 7/1/31		A+		385,000	428,205
						3,010,987
	Maryland (0.2%)
	MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22		A2		650,000	773,403
	MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15		BBB+/F		500,000	512,195
						1,285,598
	Massachusetts (6.9%)
	MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B, 5s, 1/1/37		A+		2,500,000	2,656,575
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Sabis Intl.), Ser. A, 8s, 4/15/39		BBB		575,000	679,230
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26		B-/P		960,369	880,831
	(Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5 3/4s, 7/15/43		Baa3		500,000	538,720
	(Loomis Cmntys.), Ser. A, 5 3/4s, 1/1/28		BBB-		1,100,000	1,144,506
	(Carleton-Willard Village), 5 5/8s, 12/1/30		A-		750,000	800,453
	(Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46		B-/P		51,190	37,273
	(Berklee College of Music), 5 1/4s, 10/1/41		A2		2,000,000	2,198,500
	(Emerson College), Ser. A, 5s, 1/1/40		Baa1		4,000,000	4,198,520
	(Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56		B-/P		254,614	1,938
	MA State Dev. Fin. Agcy. Solid Waste Disp. FRB
	(Dominion Energy Brayton), Ser. 1, 5 3/4s, 12/1/42 (Prerefunded 5/1/19)		BBB+		1,500,000	1,814,235
	(Dominion Energy Brayton Point), 5s, 2/1/36 (Prerefunded 8/1/16)		BBB+		1,000,000	1,086,860
	MA State Edl. Fin. Auth. Rev. Bonds (Ed. Loan Issue 1), 5s, 1/1/27		AA		800,000	866,104
	MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33		B+		1,500,000	1,501,035
	(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON)		D/P		407,632	41
	(Suffolk U.), Ser. A, 5 3/4s, 7/1/39 (Prerefunded 7/1/19)		Baa2		1,175,000	1,274,428
	(Springfield College), 5 5/8s, 10/15/40		Baa1		550,000	598,230
	(Care Group), Ser. B-2, NATL, 5 3/8s, 2/1/26		AA-		700,000	773,710
	(Northeastern U.), Ser. A, 5s, 10/1/35		A2		3,250,000	3,458,423
	MA State Hsg. Fin. Agcy. Rev. Bonds
	Ser. C, 5.35s, 12/1/42		Aa3		1,500,000	1,571,610
	Ser. SF-169, 4s, 12/1/44		Aa2		1,000,000	1,084,130
	Ser. 162, FNMA Coll, FHLMC Coll., 2 3/4s, 12/1/41		Aa2		795,000	812,705
	MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41		A		2,855,000	3,059,475
	Metro. Boston, Trans. Pkg. Corp. Rev. Bonds
	(Systemwide Pkg.), 5 1/4s, 7/1/33		A1		2,500,000	2,805,325
	5s, 7/1/41		A1		2,590,000	2,798,366
						36,641,223
	Michigan (7.0%)
	Detroit, G.O. Bonds, Ser. A-1, AMBAC, 5 1/4s, 4/1/24		Caa3		1,435,000	1,333,589
	Detroit, Rev. Bonds, Ser. A, NATL, FGIC, 5s, 7/1/30		AA-		4,505,000	4,504,775
	Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6s, 5/1/29		Aa2		1,000,000	1,121,410
	Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36		AA		1,425,000	1,483,967
	Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 7 1/2s, 7/1/39		Ba1		500,000	539,365
	Karegnondi, Wtr. Auth. Rev. Bonds (Wtr. Supply Syst.), Ser. A, 5 1/4s, 11/1/31		A2		2,445,000	2,720,918
	Lansing, Board of Wtr. & Ltg. Util. Syst. Rev. Bonds, Ser. A, 5s, 7/1/37		Aa3		1,765,000	1,937,458
	MI Pub. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 1/1/27		A2		1,900,000	2,059,942
	MI State Fin. Auth. Rev. Bonds
	(Revolving Fund-Clean Water), 5s, 10/1/31		AAA		1,500,000	1,708,560
	(Unemployment Oblig. Assmt.), Ser. B, 5s, 7/1/22		Aaa		1,000,000	1,086,030
	MI State Hosp. Fin. Auth. Rev. Bonds
	Ser. A, 6 1/8s, 6/1/39		A1		2,500,000	2,738,750
	(Henry Ford Hlth.), 5 3/4s, 11/15/39		A3		2,000,000	2,181,800
	(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46		A3		4,500,000	4,537,080
	(Sparrow Hosp.), 5s, 11/15/31		A1		1,350,000	1,386,828
	MI State Hsg. Dev. Auth. Rev. Bonds (Rental Hsg.), Ser. D, 3.95s, 10/1/37		AA		1,050,000	1,018,898
	MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Evangelical Homes of MI)
	5 1/2s, 6/1/47		BB+/F		675,000	682,209
	5 1/4s, 6/1/32		BB+/F		320,000	322,835
	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	2,009,370
	MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/34		B-		575,000	478,400
	Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp. Corp.), 5 3/8s, 6/1/26		Baa2		750,000	764,858
	Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21		A2		2,000,000	2,282,280
						36,899,322
	Minnesota (2.1%)
	Minneapolis & St. Paul, Hsg. & Redev. Auth. Hlth. Care VRDN (Allina Hlth. Syst.), Ser. B-1, 0.06s, 11/15/35		VMIG1		1,300,000	1,300,000
	MN State Res. Hsg. Fin. Agcy. Rev. Bonds, Ser. A, 4s, 7/1/38		Aa1		890,000	965,178
	North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39		BB/P		995,000	1,062,511
	St. Cloud, Hlth. Care Rev. Bonds (Centracare Hlth. Syst.), Ser. A, 5 1/8s, 5/1/30		A1		2,550,000	2,832,182
	St. Paul, Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Bonds (HealthPartners Oblig. Group), 5 1/4s, 5/15/36		A2		3,500,000	3,671,955
	St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35		BBB-		1,150,000	1,196,851
						11,028,677
	Mississippi (1.3%)
	MS Bus. Fin. Corp. Rev. Bonds (Syst. Energy Resources, Inc.), 5 7/8s, 4/1/22		BBB		2,330,000	2,330,884
	MS Bus. Fin. Corp. Gulf Opportunity Zone Rev. Bonds, Ser. A, 5s, 5/1/37		A3		2,250,000	2,377,958
	Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32		Baa2		2,000,000	2,230,640
						6,939,482
	Nebraska (1.1%)
	Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18		A-		3,000,000	3,412,380
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 5/8s, 1/1/40		AA-/F		925,000	985,810
	NE Pub. Pwr. Dist. Rev. Bonds
	Ser. A, 5s, 1/1/39		A1		750,000	813,637
	Ser. C, 5s, 1/1/25		A1		500,000	555,590
						5,767,417
	Nevada (7.4%)
	Clark Cnty., Ltd. Tax Bond, 5s, 6/1/33(T)		AA		28,290,000	31,343,883
	Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5s, 7/1/33		A1		1,565,000	1,725,569
	Clark Cnty., Impt. Dist. Special Assmt. Bonds (Summerlin No. 151), 5s, 8/1/25		BB-/P		2,005,000	1,778,054
	Clark Cnty., Indl. Dev. Rev. Bonds (Southwest Gas Corp.), Ser. A, AMBAC, 5 1/4s, 7/1/34		A3		3,000,000	3,002,400
	Henderson, G.O. Bonds (Ltd. Tax -Swr.), NATL, FGIC, 5s, 6/1/29 (Prerefunded 12/1/14)		Aa2		1,000,000	1,015,620
	Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-17), 5s, 9/1/25		BB+/P		580,000	586,589
						39,452,115
	New Jersey (6.4%)
	NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds
	(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38		BBB-		2,750,000	2,986,748
	(St. Peter's U. Hosp.), 5 3/4s, 7/1/37		Ba1		1,500,000	1,522,920
	(Holy Name Hosp.), 5s, 7/1/36		Baa2		5,000,000	5,138,650
	NJ State Econ. Dev. Auth. Rev. Bonds
	(NYNJ Link Borrower, LLC), 5 3/8s, 1/1/43		BBB-		500,000	532,835
	5s, 6/15/26		Baa1		500,000	552,945
	(Middlesex Wtr. Co., Inc.), Ser. A, 5s, 10/1/23		A		1,000,000	1,150,400
	NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
	Ser. A, 5.7s, 10/1/39		A1		3,900,000	4,264,766
	Ser. B, 5.6s, 11/1/34		A1		500,000	552,220
	NJ State Edl. Fac. Auth. Rev. Bonds
	(Fairleigh Dickinson), Ser. C, 6s, 7/1/20		BBB/F		1,500,000	1,503,615
	(Georgian Court U.), Ser. D, 5 1/4s, 7/1/37		Baa2		1,000,000	1,021,540
	(Georgian Court U.), Ser. D, 5 1/4s, 7/1/27		Baa2		500,000	526,220
	NJ State Higher Ed. Assistance Auth. Rev. Bonds (Student Loan), Ser. 1A, 5s, 12/1/22		Aa2		2,500,000	2,818,600
	NJ State Tpk. Auth. Rev. Bonds, Ser. B, 5s, 1/1/19		A+		750,000	865,650
	NJ State Trans. Trust Fund Auth. Rev. Bonds (Trans. Syst.), Ser. A, zero %, 12/15/30		A2		13,000,000	6,059,820
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A, 4 3/4s, 6/1/34		B2		3,000,000	2,235,210
	Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31		AA+		2,300,000	2,464,220
						34,196,359
	New Mexico (0.3%)
	Sante Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Res.), 5s, 5/15/42		BBB-		1,460,000	1,449,050
						1,449,050
	New York (9.5%)
	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	331,549
	Metro. Trans. Auth. Rev. Bonds, Ser. D
	5s, 11/15/36		AA-		2,000,000	2,184,460
	5s, 11/15/29		AA-		3,000,000	3,368,940
	NY City, Indl. Dev. Agcy. Special Fac. FRB (American Airlines - JFK Intl. Arpt.), 7 5/8s, 8/1/25		B+/P		2,000,000	2,216,980
	NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds (British Airways PLC), 5 1/4s, 12/1/32		BB		700,000	699,958
	NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. bonds 5s, 6/15/31(T)		AA+		10,000,000	11,286,547
	NY City, Muni. Wtr. & Swr. Fin. Auth. Rev. Bonds, Ser. GG, 5s, 6/15/43		AA+		2,000,000	2,181,500
	NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6s, 6/1/43		A3		1,500,000	1,502,040
	NY State Dorm Auth. Rev. Bonds, Ser. A, 5s, 3/15/43		AAA		4,000,000	4,426,960
	NY State Dorm. Auth. Lease Rev. Bonds (State U. Dorm Fac.), Ser. A, 5s, 7/1/35		Aa2		1,000,000	1,110,700
	NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37		Ba1		1,800,000	1,878,516
	NY State Dorm. Auth. Ser. C Rev bonds 5s, 3/15/31(T)		AAA		5,000,000	5,653,279
	NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26		A2		6,000,000	6,018,360
	NY State, Dorm. Auth. Rev. Bonds (School Dists. Fin. Program), Ser. H, 5s, 10/1/21		Aa3		650,000	767,982
	Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term. - 6), NATL, 5.9s, 12/1/17		AA-		6,000,000	6,017,340
	Syracuse, Indl. Dev. Agcy. Civic Fac. VRDN (Syracuse U. ), Ser. A-1, 0.05s, 7/1/37		VMIG1		1,000,000	1,000,000
						50,645,111
	North Carolina (0.8%)
	NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24		A-		1,000,000	1,187,710
	NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
	(Deerfield), Ser. A, 6s, 11/1/33		BBB+/F		805,000	883,922
	(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22		BB/P		1,000,000	1,014,850
	NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba Elec.), Ser. A, 5s, 1/1/30		A2		800,000	895,688
						3,982,170
	North Dakota (—%)
	ND State Hsg. Fin. Agcy. Rev. Bonds (Hsg. Fin.), Ser. B, 4.8s, 7/1/37		Aa1		15,000	15,068
						15,068
	Ohio (7.5%)
	American Muni. Pwr. - Ohio, Inc. Rev. Bonds (Prairie State Energy Campus), Ser. A, 5 1/4s, 2/15/43		A1		1,000,000	1,073,390
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
	Ser. A-3, 6 1/4s, 6/1/37		B3		2,225,000	1,841,299
	Ser. A-2, 5 7/8s, 6/1/30		B3		1,450,000	1,173,760
	Ser. A-2, 5 3/4s, 6/1/34		B3		4,325,000	3,437,164
	Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/15/46		A-		2,500,000	2,533,500
	Franklin Cnty., Hlth. Care Fac. Rev. Bonds (OH Presbyterian Retirement Svcs. (OPRS) Cmntys. Oblig. Group), Ser. A, 6s, 7/1/35		BBB-		1,125,000	1,223,685
	Hickory Chase Cmnty. Auth. Rev. Bonds (Infrastructure Impt.), 7s, 12/1/38(F)		CCC/P		644,000	77,216
	JobsOhio Beverage Syst. Rev. Bonds (Statewide Sr. Lien Liquor Profits), Ser. A, 5s, 1/1/38		AA		2,000,000	2,153,340
	Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 6s, 8/15/43		A3		3,100,000	3,301,221
	OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.8s, 12/1/38		Baa1		2,000,000	2,169,400
	OH State Higher Edl. Fac. Comm. Rev. Bonds
	(U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s, 1/15/39 (Prerefunded 1/15/15)		A		3,000,000	3,087,930
	(Kenyon College), 5s, 7/1/44		A1		5,000,000	5,263,200
	OH State Higher Edl. Fac. Comm. VRDN (Cleveland Clinic Foundation), Ser. B-4, 0.06s, 1/1/43		VMIG1		4,000,000	4,000,000
	OH State Tpk. Comm. Rev. Bonds
	(Infrastructure), Ser. A-1, 5 1/4s, 2/15/33		A1		225,000	253,989
	(Infrastructure), Ser. A-1, 5 1/4s, 2/15/32		A1		950,000	1,076,141
	5s, 2/15/48		A1		1,250,000	1,347,050
	Scioto Cnty., Hosp. Rev. Bonds (Southern Med. Ctr.), 5 1/2s, 2/15/28		A2		4,660,000	5,034,198
	Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds, 5 3/4s, 12/1/32		BB/P		625,000	637,356
						39,683,839
	Oregon (0.9%)
	Keizer, Special Assmt. Bonds (Keizer Station), Ser. A, 5.2s, 6/1/31		A1		2,060,000	2,111,438
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26		BBB/F		1,040,000	1,075,495
	OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5 3/4s, 7/1/39		A1		1,250,000	1,397,213
						4,584,146
	Pennsylvania (5.9%)
	Allegheny Cnty., G.O. Bonds, Ser. C-69, 5s, 12/1/25		AA-		1,000,000	1,147,080
	Allentown, Neighborhood Impt. Zone Dev. Auth. Rev. Bonds, Ser. A
	5s, 5/1/35		Baa2		400,000	412,656
	5s, 5/1/32		Baa2		1,350,000	1,396,278
	Bucks Cnty., Indl. Dev. Auth. Rev. Bonds (US Steel Corp.), 6 3/4s, 6/1/26		BB-		1,000,000	1,130,970
	Cumberland Cnty., Muni. Auth. Rev. Bonds (Presbyterian Homes), Ser. A, 5s, 1/1/17		BBB+/F		830,000	839,885
	Delaware River Joint Toll Bridge Comm. Rev. Bonds, Ser. A, 5s, 7/1/21		A2		600,000	696,234
	Delaware River Port Auth. PA & NJ Rev. Bonds
	Ser. D, 5s, 1/1/40		A		1,200,000	1,275,156
	5s, 1/1/31		A		2,500,000	2,794,000
	Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst College), 5 1/2s, 3/15/38		BBB		725,000	762,729
	Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5 3/8s, 7/1/42		A2		1,000,000	1,051,240
	Lancaster, Higher Ed. Auth. College Rev. Bonds (Franklin & Marshall College), 5s, 4/15/29		AA-		1,000,000	1,090,620
	Northampton Cnty., Hosp. Auth. Rev. Bonds (St. Luke's Hosp. - Bethlehem), Ser. A, 5 1/2s, 8/15/40		A3		1,250,000	1,311,988
	PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Amtrak), Ser. A, 5s, 11/1/32		A1		1,000,000	1,073,900
	PA State Higher Edl. Fac. Auth. Rev. Bonds
	(Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42		BBB		500,000	529,295
	(St. Joseph's U.), Ser. A, 5s, 11/1/40		A-		3,000,000	3,160,620
	(Philadelphia U.), 5s, 6/1/30		Baa2		2,250,000	2,322,720
	(Philadelphia U.), 5s, 6/1/22		Baa2		860,000	938,604
	PA State Pub. School Bldg. Auth. Rev. Bonds (Northampton Co. Area Cmnty. College), 5s, 6/15/32		AA		2,030,000	2,209,938
	PA State Tpk. Comm. Rev. Bonds
	Ser. A, 5s, 12/1/38		A1		1,000,000	1,098,930
	zero %, 12/1/34		A2		1,925,000	1,407,522
	PA State, Higher Edl. Facs. Auth. Rev. Bonds (Temple U.), Ser. 1, 5s, 4/1/26		Aa3		750,000	849,150
	Philadelphia, Arpt. Rev. Bonds, Ser. D, 5 1/4s, 6/15/25		A+		1,000,000	1,140,840
	Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Hosp.-Graduate Hlth. Sys.), Ser. A, 6 1/4s, 7/1/13 (In default)(NON)(DEF)		D/P		1,402,141	14
	Pittsburgh & Allegheny Cnty., Sports & Exhib. Auth. Hotel Rev. Bonds, AGM, 5s, 2/1/35		AA		1,225,000	1,313,923
	Susquehanna, Area Regl. Arpt. Syst. Auth. Rev. Bonds, Ser. A
	6 1/2s, 1/1/38		Baa3		550,000	596,079
	5s, 1/1/27		Baa3		650,000	697,431
						31,247,802
	Puerto Rico (0.7%)
	Cmnwlth. of PR, G.O. Bonds, Ser. A
	5 1/2s, 7/1/39		BB		1,000,000	740,050
	5 1/8s, 7/1/37		BB		1,000,000	723,810
	Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A
	5 3/8s, 8/1/39		BBB-		1,500,000	1,059,840
	AMBAC, zero %, 8/1/47		BBB		8,500,000	963,475
						3,487,175
	Rhode Island (—%)
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, 6 1/4s, 6/1/42		Ba1		200,000	200,026
						200,026
	South Carolina (1.3%)
	SC State Pub. Svc. Auth. Rev. Bonds
	(Santee Cooper), Ser. A, 5 3/4s, 12/1/43		AA-		3,000,000	3,463,080
	Ser. A, 5 1/2s, 12/1/54		AA-		3,000,000	3,316,140
						6,779,220
	Tennessee (0.7%)
	Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38		Baa1		3,450,000	3,875,144
						3,875,144
	Texas (16.3%)
	Alliance, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 4.85s, 4/1/21		Baa1		3,250,000	3,366,025
	Brazos River Harbor Naval Dist. Env. (Dow Chemical Co.), Ser. A-4, 5.95s, 5/15/33		BBB		400,000	437,208
	Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38		BBB		2,850,000	3,077,202
	Central TX Regl. Mobility Auth. Rev. Bonds (Sr. Lien), Ser. A, 5s, 1/1/33		Baa2		425,000	448,545
	Dallas Cnty., Util. & Reclamation Dist. G.O. Bonds, Ser. B, AMBAC, 5 3/8s, 2/15/29		A3		4,000,000	4,332,160
	Dallas, Area Rapid Transit Rev. Bonds Sr. Lien, 5s, 12/1/33(T)		AA+		26,000,000	29,227,105
	Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev. Bonds, Ser. A, 5 1/4s, 11/1/30		A+		3,000,000	3,343,500
	Grand Parkway Trans. Corp. Rev. Bonds (Sub. Tier Toll Syst.), Ser. B, 5s, 4/1/53		AA+		1,400,000	1,494,206
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (YMCA of Greater Houston), Ser. A, 5s, 6/1/33		Baa3		800,000	850,976
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (The Methodist Hosp.), Ser. C-1, 0.08s, 12/1/24		A-1+		3,400,000	3,400,000
	Houston, Util. Syst. Rev. Bonds, Ser. A, 5s, 11/15/33		AA		1,500,000	1,670,430
	Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40		Baa3		1,750,000	1,848,840
	Lower CO River Auth. Rev. Bonds, U.S. Govt. Coll.
	5 3/4s, 5/15/37 (Prerefunded 5/15/15)		A1		2,135,000	2,227,894
	5 3/4s, 5/15/37 (Prerefunded 5/15/15)		AAA/P		50,000	52,156
	Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30		Baa1		1,500,000	1,565,925
	New Hope, Cultural Ed. Facs. Fin. Corp. Rev. Bonds (Collegiate Hsg.-College Station I, LLC), AGM, 5s, 4/1/46		AA		2,100,000	2,228,688
	North TX, Thruway Auth. Rev. Bonds, Ser. B, zero %, 9/1/43		AA+		2,000,000	375,920
	North TX, Tollway Auth. Mandatory Put Bonds (1/1/19) (1st Tier), Ser. C, 1.95s, 1/1/38		A2		3,000,000	3,010,080
	North TX, Tollway Auth. Rev. Bonds
	Ser. A, 6s, 1/1/25		A2		1,300,000	1,476,774
	(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38		A3		2,000,000	2,221,260
	Ser. D, AGO, zero %, 1/1/28		AA		7,800,000	4,497,324
	North TX, Tollway Auth. Rev. Bonds (1st Tier), Ser. I, stepped-coupon zero % (6 1/2s, 1/1/15),1/1/43(STP)		A2		4,000,000	4,740,680
	Red River, Hlth. Retirement Facs. Dev. Corp. Rev. Bonds (Sears Methodist Retirement Syst. Oblig. Group)
	Ser. B, 6.15s, 11/15/49 (In default)(NON)		D/P		282,000	104,340
	Ser. A, 5.45s, 11/15/38 (In default)(NON)		D/P		814,000	301,180
	Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds, 5s, 10/1/21		BBB+		500,000	587,505
	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	1,118,095
	TX Muni. Gas Acquisition & Supply Corp. I Rev. Bonds, Ser. A, 5s, 12/15/15		A-		3,000,000	3,143,790
	TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5s, 12/15/28		A3		1,500,000	1,615,575
	TX State Trans. Comm. Tpk. Syst. Mandatory Put Bonds (2/15/15) (1st Tier), Ser. B, 1 1/4s, 8/15/42		A-		1,000,000	1,003,150
	TX State Trans. Comm. Tpk. Syst. Rev. Bonds (1st Tier), Ser. A, 5s, 8/15/41		A-		2,500,000	2,664,875
						86,431,408
	Utah (0.9%)
	Murray City, Hosp. VRDN (IHC Hlth. Svcs., Inc.), Ser. D, 0.06s, 5/15/36		Aa1		3,500,000	3,500,000
	Salt Lake City, Hosp. Rev. Bonds, AMBAC, 6 3/4s, 5/15/20 (Escrowed to maturity)		AAA/P		1,500,000	1,504,290
						5,004,290
	Virginia (0.5%)
	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	2,463,237
						2,463,237
	Washington (1.8%)
	Tobacco Settlement Auth. of WA Rev. Bonds, 5 1/4s, 6/1/32		A-		2,125,000	2,241,854
	WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T)		AA+	2504425	5,000,000	5,746,275
	WA State Hlth. Care Fac. Auth. Rev. Bonds (Kadlec Med. Ctr.), 5 1/2s, 12/1/39		Baa3		1,200,000	1,305,192
						9,293,321
	West Virginia (0.8%)
	Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds (Allegheny Energy), Ser. D, 5 1/2s, 10/15/37		Baa3		3,450,000	3,524,555
	WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43		B+/P		935,000	967,641
						4,492,196
	Wisconsin (1.3%)
	Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5 1/4s, 7/1/28		BBB-		350,000	383,362
	WI Dept. of Trans. Rev. Bonds, Ser. 1, 5s, 7/1/31		AA+		1,225,000	1,385,218
	WI State Rev. Bonds, Ser. A, 6s, 5/1/27		Aa3		2,500,000	2,986,125
	WI State Hlth. & Edl. Facs. Auth. Rev. Bonds
	(Prohealth Care, Inc.), 6 5/8s, 2/15/39		A1		1,500,000	1,749,330
	(Three Pillars Sr. Living), 5s, 8/15/33		A-/F		430,000	467,745
						6,971,780
	Wyoming (0.8%)
	Campbell Cnty., Solid Waste Fac. Rev. Bonds (Basin Elec. Pwr. Co-op), Ser. A, 5 3/4s, 7/15/39		A1		2,000,000	2,212,200
	WY Muni. Pwr. Agcy. Pwr. Supply Rev. Bonds
	Ser. A, 5 1/2s, 1/1/33		A2		950,000	1,054,937
	(Pwr. Supply), Ser. A, 5 1/2s, 1/1/28		A2		1,000,000	1,116,400
						4,383,537
	TOTAL INVESTMENTS
	Total investments (cost $691,581,203)					$748,059,071

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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, 2014 through July 31, 2014 (the reporting period). Within the following notes to the portfolio, references to “ASC 820” represent Accounting Standards Codification 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 $530,589,093.
(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 $691,356,356, resulting in gross unrealized appreciation and depreciation of $61,355,224 and $4,652,509, respectively, or net unrealized appreciation of $56,702,715.
(DEF)	Security is in default of principal and interest.
(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.
(F)	Security is valued at fair value following procedures approved by the Trustees. Securities may be classified as Level 2 or Level 3 for ASC 820 based on the securities' valuation inputs.
(T)	Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions.
	At the close of the reporting period, the fund maintained liquid assets totaling $51,581,726 to cover tender option bonds.
	144A after the name of an issuer represents securities exempt from registration under Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	The rates shown on Mandatory Put Bonds are the current interest rates at the close of the reporting period.
	The dates shown parenthetically on Mandatory Put Bonds represent the next mandatory put dates.
	The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.
	The dates shown on debt obligations are the original maturity dates.
	The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):
	Health care	24.6%
	Transportation	24.3
	Utilities	22.9
	Local debt	13.1
	Tax bonds	12.6
	Education	11.8
	State debt	11.4
	Security valuation: Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.
	Certain investments, including certain restricted and illiquid securities and derivatives are also valued at fair value following procedures approved by the Trustees. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures and recovery rates. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
	Tender option bond transactions: The fund may participate in transactions whereby a fixed-rate bond is transferred to a tender option bond trust (TOB trust) sponsored by a broker. The TOB trust funds the purchase of the fixed rate bonds by issuing floating-rate bonds issued to third parties and allowing the fund to retain the residual interest in the TOB trust’s assets and cash flows, which are in the form of inverse floating rate bonds. The inverse floating rate bonds held by the fund give the fund the right to (1) cause the holders of the floating rate bonds to tender their notes at par, and (2) to have the fixed-rate bond held by the TOB trust transferred to the fund, causing the TOB trust to collapse. The fund accounts for the transfer of the fixed-rate bond to the TOB trust as a secured borrowing by including the fixed-rate bond in The fund’s portfolio and including the floating rate bond as a liability in the Statement of assets and liabilities. At the close of the reporting period, the fund’s investments with a value of $93,385,194 were held by the TOB trust and served as collateral for $41,803,467 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $7,528 for these investments based on an average interest rate of 0.07%.

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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	$—	$747,972,813	$86,258
	Totals by level	$—	$747,972,813	$86,258
	At the start and close of the reporting period, Level 3 investments in securities were not considered a significant portion of 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

	Item 2. Controls and Procedures:

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

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

	Item 3. Exhibits:

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

	SIGNATURES

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

	Putnam Municipal Opportunities Trust

	By (Signature and Title):

	/s/ Janet C. Smith Janet C. Smith Principal Accounting Officer Date: September 26, 2014

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

	By (Signature and Title):

	/s/ Jonathan S. Horwitz Jonathan S. Horwitz Principal Executive Officer Date: September 26, 2014

	By (Signature and Title):

	/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: September 26 2014