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, 2016

	Date of reporting period:	July 31, 2015

	Item 1. Schedule of Investments:

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	Putnam Municipal Opportunities Trust
	The fund's portfolio
	7/31/15 (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
	BAM — Build America Mutual
	COP — Certificates of Participation
	FGIC — Financial Guaranty Insurance Company
	FHLMC Coll. — Federal Home Loan Mortgage Corporation Collateralized
	FNMA Coll. — Federal National Mortgage Association Collateralized
	FRB — Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period
	G.O. Bonds — General Obligation Bonds
	IFB — Inverse Floating Rate Bonds, which are securities that pay interest rates that vary inversely to changes in the market interest rates. As interest rates rise, inverse floaters produce less current income. The rate shown is the current interest rate at the close of the reporting period.
	NATL — National Public Finance Guarantee Corp.
	SGI — Syncora Guarantee, Inc.
	U.S. Govt. Coll. — U.S. Government Collateralized
	VRDN — Variable Rate Demand Notes, which are floating-rate securities with long-term maturities that carry coupons that reset 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 (141.9%)(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	$2,299,440
	Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 5.8s, 5/1/34		Baa2		750,000	855,248
						3,154,688
	Arizona (2.9%)
	Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29 (escrow)(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		A3		1,500,000	1,640,175
	Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5 1/8s, 5/15/40		A-		2,125,000	2,350,420
	Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40		Baa1		2,400,000	2,747,472
	Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5s, 7/1/40		A1		1,000,000	1,070,770
	Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25		BBB		1,550,000	1,550,279
	Pinal Cnty., Elec. Rev. Bonds (Dist. No. 3), 5 1/4s, 7/1/36		A		500,000	561,320
	Salt Verde, Fin. Corp. Gas Rev. Bonds, 5 1/2s, 12/1/29		A-		1,350,000	1,599,966
	U. Med. Ctr. Corp. AZ Hosp. Rev. Bonds, U.S. Govt. Coll., 6 1/2s, 7/1/39 (Prerefunded 7/1/19)		AAA/P		1,000,000	1,199,920
	Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds (Yuma Regl. Med. Ctr.), Ser. A, 5s, 8/1/32		A-		2,065,000	2,268,692
						14,998,056
	California (27.9%)
	ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds (Episcopal Sr. Cmntys.), Ser. A, 5s, 7/1/32		BBB+/F		550,000	592,510
	ABC Unified School Dist. G.O. Bonds, Ser. B, FGIC, zero %, 8/1/20		Aa3		1,500,000	1,364,280
	Bay Area Toll Auth. of CA Rev. Bonds
	(San Francisco Bay Area), Ser. F-1, U.S. Govt. Coll., 5s, 4/1/39 (Prerefunded 4/1/18)		AA		2,500,000	2,773,225
	(Toll Bridge), Ser. S-4, 5s, 4/1/33		AA-		1,200,000	1,341,264
	Burbank, Unified School Dist. G.O. Bonds (Election of 1997), Ser. C, NATL, FGIC, zero %, 8/1/23		AA-		1,000,000	787,670
	CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.)
	Ser. E, 4.8s, 8/1/37		A		5,000,000	5,042,500
	Ser. K, 4 5/8s, 8/1/26		A		2,435,000	2,449,099
	CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA), 5 1/4s, 2/1/37 (Prerefunded 2/1/17)		A-		1,800,000	1,883,232
	CA Muni. Fin. Auth. Rev. Bonds
	(Biola U.), 5s, 10/1/42		Baa1		500,000	530,900
	(Cmnty. Med. Ctrs.), Ser. A, 5s, 2/1/40		A-		650,000	700,902
	CA Poll. Control Fin. Auth. Solid Waste Disp. FRB (Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23		A-		850,000	867,587
	CA Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5 1/4s, 8/1/40		A		1,000,000	1,065,100
	CA State G.O. Bonds
	6 1/2s, 4/1/33		Aa3		12,000,000	14,258,273
	5 1/2s, 3/1/40		Aa3		7,450,000	8,622,630
	5s, 4/1/42		Aa3		4,000,000	4,463,920
	5s, 10/1/29		Aa3		3,000,000	3,417,510
	CA State Edl. Fac. Auth. Rev. Bonds (Loyola-Marymount U.), NATL, zero %, 10/1/21		A2		1,300,000	1,137,578
	CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds (Caritas Affordable Hsg., Inc.), 5 1/4s, 8/15/39		BBB		400,000	436,936
	CA State Poll. Control Fin. Auth. Rev. Bonds
	(San Jose Wtr. Co.), 5.1s, 6/1/40		A		3,500,000	3,845,695
	(Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23		A3		2,500,000	2,643,150
	CA State Pub. Wks. Board Rev. Bonds
	Ser. I-1, 6 1/8s, 11/1/29		A1		1,000,000	1,187,870
	Ser. A-1, 6s, 3/1/35		A1		1,600,000	1,897,520
	(Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32		A1		1,575,000	1,709,348
	(Capital Projects), Ser. A, 5s, 4/1/29		A1		2,000,000	2,273,220
	CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30		BBB+		1,415,000	1,418,821
	CA Statewide Cmnty. Dev. Auth. Rev. Bonds
	(Irvine, LLC-UCI East Campus), 6s, 5/15/40		Baa2		2,000,000	2,164,780
	(899 Charleston, LLC), Ser. A, 5 1/4s, 11/1/44		BB/P		450,000	450,288
	(Sutter Hlth.), Ser. A, 5s, 11/15/43		Aa3		2,485,000	2,509,080
	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	770,077
	Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas), Ser. B, 5s, 12/1/27		Aa2		1,915,000	1,980,416
	Foothill-De Anza, Cmnty. College Dist. G.O. Bonds, Ser. C, 5s, 8/1/40		Aaa		2,250,000	2,509,358
	Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A
	6s, 1/15/53		BBB-		1,500,000	1,738,785
	zero %, 1/1/28 (Escrowed to maturity)		Aaa		10,000,000	7,022,200
	Golden State Tobacco Securitization Corp. Rev. Bonds
	Ser. A-2, 5.3s, 6/1/37		B3		1,000,000	811,150
	Ser. A-1, 5 1/8s, 6/1/47		B3		3,970,000	3,082,904
	Ser. A-1, 5s, 6/1/33		B3		100,000	83,461
	Univ. of CA Rev. Bonds, Ser. AF, 5s, 5/15/36(T)		AA		9,000,000	10,193,220
	Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.)
	Ser. D, 5s, 5/15/40		AA		3,500,000	3,936,975
	5s, 5/15/30		AA		1,000,000	1,129,640
	Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27		A		600,000	634,146
	M-S-R Energy Auth. Rev. Bonds, Ser. B, 6 1/2s, 11/1/39		A-		3,000,000	3,927,600
	Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5 3/4s, 8/10/18		AAA		6,000,000	6,453,120
	North Natomas, Cmnty. Fac. Special Tax Bonds (Dist. No. 4), Ser. E, 5s, 9/1/30		BBB+		1,250,000	1,370,700
	Oakland, Unified School Dist. Alameda Cnty., G.O. Bonds (Election of 2012), 6 5/8s, 8/1/38		BBB/P		500,000	605,695
	Orange Cnty., Trans. Auth Toll Road Rev. Bonds (91 Express Lanes), 5s, 8/15/30		AA-		635,000	718,712
	Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21		AA-		1,990,000	1,682,744
	Sacramento Cnty., Arpt. Syst. Rev. Bonds, 5s, 7/1/40		A		1,350,000	1,486,512
	Sacramento, Regl. Trans. Dist. Rev. Bonds (Farebox), 5s, 3/1/42		A		2,110,000	2,255,864
	San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, NATL, 6 1/2s, 8/1/17		AA-		1,670,000	1,754,753
	San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5s, 7/1/40		A2		3,750,000	4,116,563
	San Diego, Unified School Dist. G.O. Bonds (Election of 2008), Ser. C
	zero %, 7/1/40		Aa3		5,000,000	1,707,850
	zero %, 7/1/38		Aa3		5,000,000	1,886,900
	San Juan, Unified School Dist. G.O. Bonds, AGM, zero %, 8/1/19		Aa2		1,000,000	941,010
	Stockton, Pub. Wtr. Fin. Auth. Rev. Bonds (Delta Wtr. Supply), Ser. A, 6 1/4s, 10/1/40		A		875,000	1,047,821
	Sunnyvale, Cmnty. Fac. Dist. Special Tax Bonds, 7.65s, 8/1/21		B+/P		400,000	400,652
	Tuolumne Wind Project Auth. Rev. Bonds (Tuolumne Co.), Ser. A, 5 7/8s, 1/1/29		AA-		1,585,000	1,817,773
	Turlock, Irrigation Dist. Rev. Bonds, Ser. A, 5s, 1/1/40		AA-		4,000,000	4,327,720
						142,229,209
	Colorado (1.7%)
	CO State Hlth. Fac. Auth. Rev. Bonds
	(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26		BB-/P		325,000	331,523
	(Evangelical Lutheran Good Samaritan Society), 5 5/8s, 6/1/43		Baa1		600,000	660,246
	(Evangelical Lutheran Good Samaritan Society), Ser. A, 5s, 6/1/40		Baa1		1,750,000	1,861,633
	(Covenant Retirement Cmntys.), Ser. A, 5s, 12/1/35		BBB+/F		1,000,000	1,058,010
	(Evangelical Lutheran Good Samaritan Society), 5s, 12/1/33		Baa1		1,650,000	1,741,526
	(Evangelical Lutheran), 5s, 6/1/29 (Prerefunded 6/1/16)		Baa1		850,000	874,557
	Denver City & Cnty., Arpt. Rev. Bonds (Sub. Syst.), Ser. A, 5 1/2s, 11/15/31		A2		950,000	1,084,007
	E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1, NATL, 5 1/2s, 9/1/24		AA-		1,250,000	1,254,863
						8,866,365
	Delaware (0.2%)
	DE State Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.), 5.4s, 2/1/31		Baa1		1,100,000	1,224,707
						1,224,707
	District of Columbia (1.5%)
	DC Rev. Bonds (Howard U.), Ser. A, 6 1/2s, 10/1/41		BBB		3,000,000	3,176,670
	DC U. Rev. Bonds (Gallaudet U.), 5 1/2s, 4/1/34		A+		1,000,000	1,134,120
	Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
	(First Sr. Lien), Ser. A, 5s, 10/1/39		A2		2,000,000	2,147,020
	(Metrorail), Ser. A, zero %, 10/1/37		Baa1		3,700,000	1,241,535
						7,699,345
	Florida (5.2%)
	Brevard Cnty., Hlth. Care Fac. Auth. Rev. Bonds (Health First, Inc.), U.S. Govt. Coll., 7s, 4/1/39 (Prerefunded 4/1/19)		A3		3,000,000	3,625,223
	FL State Muni. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 10/1/31		A2		1,700,000	1,868,317
	Jacksonville, Port Auth. Rev. Bonds, 5s, 11/1/38		A2		600,000	635,034
	Lakeland, Hosp. Syst. Rev. Bonds (Lakeland Regl. Hlth.), 5s, 11/15/40		A2		1,350,000	1,448,280
	Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43		BBB-/F		340,000	358,975
	Lee Cnty., Rev. Bonds, SGI, 5s, 10/1/25 (Prerefunded 10/1/16)		Aa2		2,500,000	2,633,325
	Marco Island, Util. Sys. Rev. Bonds, Ser. A, 5s, 10/1/40		Aa3		1,500,000	1,655,070
	Miami-Dade Cnty., Aviation Rev. Bonds
	(Miami Intl. Arpt.), Ser. A-1, 5 3/8s, 10/1/41		A2		3,000,000	3,304,710
	Ser. A, 5s, 10/1/38		A		2,000,000	2,181,180
	5s, 10/1/28		A2		500,000	561,630
	Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5s, 7/1/40		A3		1,000,000	1,081,560
	Orange Cnty., Hlth. Fac. Auth. Rev. Bonds (Presbyterian Retirement Cmntys.), 5s, 8/1/34		A-/F		1,350,000	1,452,141
	Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds
	(Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33		BBB+		1,000,000	1,092,040
	(Lifespace Cmntys, Inc.), Ser. C, 5s, 5/15/38		A/F		2,000,000	2,148,680
	South Broward, Hosp. Dist. Rev. Bonds, NATL, 4 3/4s, 5/1/28		Aa3		1,500,000	1,580,940
	Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5s, 3/1/30		BBB+		360,000	388,854
	Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37		B-/P		385,000	385,227
						26,401,186
	Georgia (4.8%)
	Atlanta, Arpt. Rev. Bonds (Hartsfield-Jackson Intl. Arpt.), Ser. A, 5s, 1/1/35		Aa3		1,250,000	1,381,213
	Atlanta, Arpt. Passenger Fac. Charge Rev. Bonds
	5s, 1/1/34		A1		1,550,000	1,740,790
	5s, 1/1/33		A1		1,500,000	1,689,330
	Atlanta, Wtr. & Waste Wtr. Rev. Bonds
	Ser. A, 6 1/4s, 11/1/39 (Prerefunded 11/1/19)		Aa3		4,500,000	5,438,430
	5s, 11/1/40		Aa3		3,000,000	3,384,360
	Fulton Cnty., Dev. Auth. Rev. Bonds (GA Tech Athletic Assn.), Ser. A, 5s, 10/1/42		A2		1,350,000	1,478,034
	Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds (Northeast GA Hlth. Care)
	Ser. S, 5 1/2s, 8/15/54		AA-		925,000	1,048,127
	Ser. B, 5 1/4s, 2/15/45		AA-		6,500,000	7,066,013
	Marietta, Dev. Auth. Rev. Bonds (U. Fac. - Life U., Inc.), 7s, 6/15/39		Ba3		1,400,000	1,474,046
						24,700,343
	Illinois (12.8%)
	Chicago, G.O. Bonds
	Ser. A, 5 1/2s, 1/1/39		BBB+		500,000	483,375
	Ser. D-05, 5 1/2s, 1/1/37		BBB+		750,000	727,035
	Ser. D-05, 5 1/2s, 1/1/34		BBB+		1,000,000	980,670
	Ser. A, 5s, 1/1/36		BBB+		3,000,000	2,751,840
	Ser. A, 5s, 1/1/34		BBB+		1,250,000	1,155,013
	Chicago, Board of Ed. G.O. Bonds, Ser. C, 5 1/4s, 12/1/35		BBB		2,250,000	2,082,983
	Chicago, Motor Fuel Tax Rev. Bonds, 5s, 1/1/29		AA+		500,000	514,845
	Chicago, O'Hare Intl. Arpt. Rev. Bonds
	Ser. A, 5 3/4s, 1/1/39		A2		4,000,000	4,557,880
	Ser. C, 5 3/8s, 1/1/39		A2		1,250,000	1,368,400
	Ser. C, 5 1/4s, 1/1/28		A2		1,320,000	1,498,055
	Ser. C, 5 1/4s, 1/1/27		A2		2,125,000	2,426,686
	Chicago, Sales Tax Rev. Bonds, 5s, 1/1/34		AAA		1,500,000	1,563,945
	Chicago, Trans. Auth. Sales Tax Rev. Bonds, 5 1/4s, 12/1/49		AA		3,000,000	3,193,080
	Chicago, Waste Wtr. Transmission Rev. Bonds
	(2nd Lien), 5s, 1/1/39		A-		1,835,000	1,884,325
	Ser. A, NATL, zero %, 1/1/24		AA-		1,600,000	1,104,320
	Chicago, Wtr. Wks Rev. Bonds
	5s, 11/1/42		A-		645,000	659,093
	(2nd Lien), 5s, 11/1/39		A-		1,080,000	1,115,424
	Cicero, G.O. Bonds, Ser. A, AGM, 5s, 1/1/21		AA		2,000,000	2,269,700
	IL Fin. Auth. Rev. Bonds
	(Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44 (Prerefunded 8/15/19)		AAA/P		2,500,000	3,058,525
	(IL Rush U. Med. Ctr.), Ser. C, U.S. Govt. Coll., 6 5/8s, 11/1/39 (Prerefunded 5/1/19)		Aaa		1,425,000	1,706,210
	(IL Rush U. Med. Ctr.), Ser. D, U.S. Govt. Coll., 6 5/8s, 11/1/39 (Prerefunded 5/1/19)		Aaa		1,490,000	1,784,037
	(Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37		Baa2		3,000,000	3,216,750
	(Alexian), Ser. A, AGM, 5 1/4s, 1/1/22		A2		3,775,000	4,138,608
	IL State G.O. Bonds
	5 1/4s, 2/1/30		A3		1,000,000	1,048,110
	5s, 3/1/34		A3		750,000	763,418
	IL State Fin. Auth. Rev. Bonds (Lifespace Cmntys, Inc.), Ser. A, 5s, 5/15/35		A/F		1,025,000	1,111,531
	IL State Sports Fac. Auth. Rev. Bonds, AGM, 5 1/4s, 6/15/32		AA		250,000	273,893
	Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds (No. 115 Yorkville), NATL, FGIC, zero %, 1/1/21		Aa3		1,075,000	931,412
	Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds (No. 073 Hawthorn)
	NATL, FGIC, zero %, 12/1/21		AA+		1,805,000	1,550,351
	U.S. Govt. Coll., NATL, zero %, 12/1/21 (Escrowed to maturity)		AA+		145,000	128,741
	NATL, FGIC, zero %, 12/1/20		AA+		1,495,000	1,340,507
	U.S. Govt. Coll., NTAL, zero %, 12/1/20 (Escrowed to maturity)		AA+		155,000	142,171
	Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds (McCormick), Ser. A, NATL, zero %, 12/15/30		AAA		15,000,000	7,897,493
	Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28		A-		4,150,000	4,822,383
	Southern IL U. Rev. Bonds (Hsg. & Auxiliary), Ser. A, NATL, zero %, 4/1/25		AA-		1,870,000	1,263,727
						65,514,536
	Indiana (2.3%)
	IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5 1/4s, 10/15/21		A3		180,000	209,471
	IN State Fin. Auth. Rev. Bonds
	(U.S. Steel Corp.), 6s, 12/1/26		BB-		500,000	537,755
	(BHI Sr. Living), 5 3/4s, 11/15/41		BBB+/F		1,000,000	1,088,710
	(I-69 Dev. Partners, LLC), 5 1/4s, 9/1/40		BBB-		1,500,000	1,608,390
	(Duke Energy Ind.), Ser. C, 4.95s, 10/1/40		Aa3		4,000,000	4,228,680
	Jasper Cnty., Indl. Poll. Control Rev. Bonds
	AMBAC, 5.7s, 7/1/17		Baa1		1,375,000	1,489,029
	NATL, 5.6s, 11/1/16		AA-		1,550,000	1,637,343
	U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGO, 5 3/4s, 10/1/28		AA		1,000,000	1,171,460
						11,970,838
	Kentucky (0.6%)
	KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6s, 7/1/53		Baa3		1,000,000	1,128,590
	Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U., Inc.), Ser. A, 6s, 5/1/38		Baa3		290,000	313,093
	Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A
	5s, 7/1/32		A+		1,030,000	1,152,323
	5s, 7/1/31		A+		385,000	432,293
						3,026,299
	Louisiana (0.1%)
	LA State Pub. Fac. Auth. Rev. Bonds (Ochsner Clinic Foundation), 5s, 5/15/47(FWC)		Baa1		650,000	691,698
						691,698
	Maryland (0.7%)
	MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22		A2		650,000	756,607
	MD State Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (Peninsula Regl. Med. Ctr.), 5s, 7/1/39		A2		1,990,000	2,167,349
	MD State Indl. Dev. Fin. Auth. Rev. Bonds (Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15		BBB+/F		500,000	503,295
						3,427,251
	Massachusetts (7.5%)
	MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B, 5s, 1/1/37		A+		2,500,000	2,746,000
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Sabis Intl.), Ser. A, 8s, 4/15/39		BBB		575,000	664,901
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26		B-/P		960,369	946,540
	(Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5 3/4s, 7/15/43		Baa3		500,000	553,660
	(Loomis Cmntys.), Ser. A, 5 3/4s, 1/1/28		BBB-		1,100,000	1,217,832
	(Carleton-Willard Village), 5 5/8s, 12/1/30		A-		750,000	844,448
	(Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46		B-/P		51,190	43,125
	(Berklee College of Music), 5 1/4s, 10/1/41		A2		2,000,000	2,265,540
	(Emerson College), Ser. A, 5s, 1/1/40		Baa1		4,000,000	4,194,560
	(Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56		B-/P		254,614	1,540
	MA State Dev. Fin. Agcy. Solid Waste Disp. FRB
	(Dominion Energy Brayton), Ser. 1, U.S. Govt. Coll., 5 3/4s, 12/1/42 (Prerefunded 5/1/19)		BBB+		1,500,000	1,754,175
	(Dominion Energy Brayton Point), U.S. Govt. Coll., 5s, 2/1/36 (Prerefunded 8/1/16)		BBB+		1,000,000	1,044,130
	MA State Edl. Fin. Auth. Rev. Bonds (Ed. Loan - Issue 1)
	5s, 1/1/27		AA		800,000	881,280
	4 3/8s, 1/1/32		AA		1,085,000	1,109,760
	MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33		B+		1,500,000	1,505,145
	(Quincy Med. Ctr.), Ser. A, 6 1/4s, 1/15/28 (In default)(NON)		D/P		407,632	41
	(Suffolk U.), Ser. A, U.S. Govt. Coll., 5 3/4s, 7/1/39 (Prerefunded 7/1/19)		Baa2		1,175,000	1,315,295
	(Springfield College), 5 5/8s, 10/15/40		Baa1		550,000	596,310
	(Care Group), Ser. B-2, NATL, 5 3/8s, 2/1/26		AA-		700,000	774,228
	(Northeastern U.), Ser. A, 5s, 10/1/35		A2		3,250,000	3,662,425
	MA State Hsg. Fin. Agcy. Rev. Bonds
	Ser. C, 5.35s, 12/1/42		Aa3		1,500,000	1,573,170
	Ser. SF-169, 4s, 12/1/44		Aa2		970,000	1,037,396
	Ser. 162, FNMA Coll, FHLMC Coll., 2 3/4s, 12/1/41		Aa2		650,000	659,627
	MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41		A		2,855,000	3,061,131
	Metro. Boston, Trans. Pkg. Corp. Rev. Bonds
	(Systemwide Pkg.), 5 1/4s, 7/1/33		A1		2,500,000	2,835,550
	5s, 7/1/41		A1		2,590,000	2,860,992
						38,148,801
	Michigan (5.9%)
	Detroit, G.O. Bonds, AMBAC, 5 1/4s, 4/1/24		BB/P		222,425	218,326
	Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6s, 5/1/29		Aa1		1,000,000	1,200,110
	Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36		AA		1,425,000	1,544,087
	Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 7 1/2s, 7/1/39		Ba1		500,000	567,930
	Karegnondi, Wtr. Auth. Rev. Bonds (Wtr. Supply Syst.), Ser. A, 5 1/4s, 11/1/31		A2		2,445,000	2,756,273
	MI State Fin. Auth. Rev. Bonds
	Ser. G-5A, AMBAC, 5 1/4s, 4/1/24		A-		1,212,575	1,215,546
	Ser. H-1, 5s, 10/1/39		AA-		1,575,000	1,740,438
	(MidMichigan Oblig. Group), 5s, 6/1/39		A1		1,000,000	1,081,390
	(Local Govt. Program Detroit Wtr. & Swr.), Ser. D4, 5s, 7/1/34		BBB+		100,000	104,903
	(Detroit Wtr. & Swr.), Ser. C-6, 5s, 7/1/33		BBB+		850,000	894,251
	MI State Hosp. Fin. Auth. Rev. Bonds
	Ser. A, 6 1/8s, 6/1/39 (Prerefunded 6/1/19)		AA+		2,500,000	2,954,475
	(Henry Ford Hlth.), 5 3/4s, 11/15/39		A3		2,000,000	2,261,200
	(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46		A3		4,500,000	4,614,930
	(Sparrow Hlth. Oblig. Group), 5s, 11/15/31		A1		390,000	418,353
	(Sparrow Hlth. Oblig. Group), U.S. Govt Coll., 5s, 11/15/31 (Prerefunded 11/15/17)		AAA/P		960,000	1,053,341
	MI State Hsg. Dev. Auth. Rev. Bonds (Rental Hsg.), Ser. D, 3.95s, 10/1/37		AA		1,050,000	1,051,481
	MI State Strategic Fund Ltd. Rev. Bonds (Worthington Armstrong Venture), 5 3/4s, 10/1/22 (Escrowed to maturity)		AAA/P		1,650,000	1,981,337
	MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Evangelical Homes of MI)
	5 1/2s, 6/1/47		BB+/F		675,000	689,168
	5 1/4s, 6/1/32		BB+/F		320,000	333,370
	MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/34		B-		575,000	500,676
	Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp. Corp.), 5 3/8s, 6/1/26		AA-		750,000	775,590
	Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A, 5s, 12/1/21		A2		2,000,000	2,280,600
						30,237,775
	Minnesota (2.3%)
	Minneapolis & St. Paul, Metro. Arpt. Comm. Rev. Bonds, Ser. A, 5s, 1/1/32		A		500,000	563,890
	North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39		BB/P		995,000	1,046,183
	St. Cloud, Hlth. Care Rev. Bonds (Centracare Hlth. Syst.), Ser. A, 5 1/8s, 5/1/30		A1		2,550,000	2,853,348
	St. Paul, Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Bonds (HealthPartners Oblig. Group)
	U.S. Govt. Coll., 5 1/4s, 5/15/36 (Prerefunded 11/15/16)		Aaa		3,500,000	3,715,180
	Ser. A, 5s, 7/1/33		A2		2,000,000	2,240,340
	St. Paul, Hsg. & Redev. Auth. Hosp. Rev. Bonds (Healtheast), 6s, 11/15/35 (Prerefunded 11/15/15)		BBB-		1,150,000	1,168,642
						11,587,583
	Mississippi (2.3%)
	MS Bus. Fin. Corp. Rev. Bonds (Syst. Energy Resources, Inc.), 5 7/8s, 4/1/22		BBB		1,950,000	1,963,104
	MS Bus. Fin. Corp. Gulf Opportunity Zone Rev. Bonds, Ser. A, 5s, 5/1/37		A3		2,250,000	2,462,985
	MS State Bus. Fin. Commission Gulf Opportunity Zone VRDN (Chevron USA, Inc.), Ser. E, 0.01s, 12/1/30		VMIG1		5,000,000	5,000,000
	Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32		Baa2		2,000,000	2,264,280
						11,690,369
	Nebraska (1.0%)
	Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18		A3		3,000,000	3,303,660
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 5/8s, 1/1/40		AA/F		925,000	1,037,055
	NE Pub. Pwr. Dist. Rev. Bonds, Ser. A, 5s, 1/1/39		A1		750,000	824,873
						5,165,588
	Nevada (6.9%)
	Clark Cnty., Ltd. Tax Bonds, 5s, 6/1/33(T)		AA		28,285,000	30,872,240
	Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5s, 7/1/33		A1		1,565,000	1,749,592
	Clark Cnty., Impt. Dist. Special Assmt. Bonds (Summerlin No. 151), 5s, 8/1/25		BB/P		1,990,000	1,990,000
	Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-17), 5s, 9/1/25		BB+/P		570,000	587,294
						35,199,126
	New Jersey (6.4%)
	NJ State Econ. Dev. Auth. Rev. Bonds
	(NYNJ Link Borrower, LLC), 5 3/8s, 1/1/43		BBB-		500,000	535,740
	5s, 6/15/26		Baa1		500,000	541,565
	NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
	Ser. A, 5.7s, 10/1/39		A1		3,900,000	4,396,119
	Ser. B, 5.6s, 11/1/34		A1		500,000	555,370
	NJ State Edl. Fac. Auth. Rev. Bonds (Georgian Court U.), Ser. D
	5 1/4s, 7/1/37		Baa2		1,000,000	1,048,740
	5 1/4s, 7/1/27		Baa2		500,000	528,005
	NJ State Higher Ed. Assistance Auth. Rev. Bonds (Student Loan), Ser. 1A, 5s, 12/1/22		Aa2		2,500,000	2,821,150
	NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds
	(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38		Baa3		2,750,000	3,063,473
	(St. Peter's U. Hosp.), 5 3/4s, 7/1/37		Ba1		1,500,000	1,555,020
	(Holy Name Hosp.), 5s, 7/1/36		Baa2		5,000,000	5,099,800
	NJ State Trans. Trust Fund Auth. Rev. Bonds
	Ser. A, 5 1/4s, 12/15/22		A3		1,500,000	1,639,455
	(Trans. Syst.), Ser. A, zero %, 12/15/30		A3		10,000,000	4,586,000
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A
	5s, 6/1/41		B3		2,000,000	1,500,200
	4 3/4s, 6/1/34		B3		3,000,000	2,238,480
	Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31		AA+		2,300,000	2,471,028
						32,580,145
	New Mexico (0.3%)
	Sante Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Res.), 5s, 5/15/42		BBB-		1,460,000	1,460,715
						1,460,715
	New York (9.0%)
	Broome Cnty., Indl. Dev. Agcy. Continuing Care Retirement Rev. Bonds (Good Shepard Village), Ser. A, U.S. Govt. Coll., 6 7/8s, 7/1/40 (Prerefunded 7/1/18)		AAA/P		320,000	374,003
	Metro. Trans. Auth. Rev. Bonds, Ser. D, 5s, 11/15/36		AA-		2,000,000	2,224,820
	NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds
	(American Airlines - JFK Intl. Arpt.), 7 5/8s, 8/1/25		B+/P		2,000,000	2,140,120
	(British Airways PLC), 5 1/4s, 12/1/32		BB		700,000	703,493
	NY City, Muni. Wtr. & Swr. Fin. Auth. Rev Bonds, 5s, 6/15/31(T)		AA+		10,000,000	11,449,500
	NY City, Muni. Wtr. & Swr. Syst. Fin. Auth. Rev. Bonds, Ser. GG, 5s, 6/15/43		AA+		2,000,000	2,207,800
	NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6s, 6/1/43		A3		1,500,000	1,502,055
	NY State Dorm. Auth. Rev. Bonds, Ser. A, 5s, 3/15/43		AAA		4,000,000	4,485,680
	NY State Dorm. Auth. Lease Rev. Bonds (State U. Dorm Fac.), Ser. A, 5s, 7/1/35		Aa2		1,000,000	1,123,010
	NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37		Ba1		1,800,000	1,969,848
	NY State Dorm. Auth. Rev. Bonds, Ser. C, 5s, 3/15/31(T)		AAA		5,000,000	5,709,042
	NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26		A2		6,000,000	6,018,720
	Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term. - 6), NATL, 5.9s, 12/1/17		AA-		6,000,000	6,022,980
						45,931,071
	North Carolina (0.8%)
	NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24 (Prerefunded 1/1/19)		A-		1,000,000	1,189,810
	NC State Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
	(Deerfield), Ser. A, 6s, 11/1/33		BBB+/F		805,000	871,461
	(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22		BB/P		1,000,000	1,036,230
	NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1, Catawba Elec.), Ser. A, 5s, 1/1/30		A2		800,000	886,984
						3,984,485
	Ohio (7.1%)
	American Muni. Pwr., Inc. Rev. Bonds (Prairie State Energy Campus)
	5 1/4s, 2/15/43		A1		60,000	64,337
	U.S. Govt. Coll., 5 1/4s, 2/15/43 (Prerefunded 2/15/18)		AAA/P		940,000	1,042,460
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
	Ser. A-3, 6 1/4s, 6/1/37		B-		2,225,000	1,873,940
	Ser. A-2, 5 7/8s, 6/1/30		B-		1,450,000	1,194,902
	Ser. A-2, 5 3/4s, 6/1/34		B-		5,325,000	4,225,388
	Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/15/46		A3		2,500,000	2,521,850
	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	1,232,539
	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	2,209,260
	Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst.), Ser. C, 6s, 8/15/43 (Prerefunded 8/15/18)		A3		3,100,000	3,445,123
	OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.8s, 12/1/38		Baa1		2,000,000	2,212,500
	OH State Higher Edl. Fac. Comm. Rev. Bonds (Kenyon College), 5s, 7/1/44		A1		5,000,000	5,370,200
	OH State Private Activity Rev. Bonds (Portsmouth Bypass), AGM, 5s, 12/31/35		AA		1,125,000	1,228,714
	OH State Tpk. Comm. Rev. Bonds
	(Infrastructure), Ser. A-1, 5 1/4s, 2/15/33		A1		225,000	256,606
	(Infrastructure), Ser. A-1, 5 1/4s, 2/15/32		A1		950,000	1,086,192
	5s, 2/15/48		A1		1,250,000	1,362,763
	Scioto Cnty., Hosp. Rev. Bonds (Southern Med. Ctr.), 5 1/2s, 2/15/28		A2		4,660,000	5,089,000
	Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds
	5 3/4s, 12/1/32		BB/F		625,000	667,606
	(Memorial Hlth. Syst. Oblig. Group), 5 1/2s, 12/1/43		BB/F		120,000	124,872
	Warren Cnty., Hlth. Care Fac. Rev. Bonds (Otterbein Homes Oblig. Group)
	5s, 7/1/33		A		500,000	542,595
	5s, 7/1/32		A		250,000	272,083
						36,100,146
	Oregon (0.9%)
	Keizer, Special Assmt. Bonds (Keizer Station), Ser. A, 5.2s, 6/1/31		A1		1,970,000	2,160,302
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26		BBB/F		1,040,000	1,063,265
	OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5 3/4s, 7/1/39		AA-		1,250,000	1,445,625
						4,669,192
	Pennsylvania (5.1%)
	Bucks Cnty., Indl. Dev. Auth. Rev. Bonds (US Steel Corp.), 6 3/4s, 6/1/26		BB-		1,000,000	1,154,020
	Cumberland Cnty., Muni. Auth. Rev. Bonds (Presbyterian Homes), Ser. A, 5s, 1/1/17		BBB+/F		565,000	578,600
	Delaware River Port Auth. PA & NJ Rev. Bonds
	Ser. D, 5s, 1/1/40		A		1,200,000	1,305,036
	5s, 1/1/31		A		2,500,000	2,843,100
	Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst College), 5 1/2s, 3/15/38		BBB-		725,000	779,774
	Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5 3/8s, 7/1/42		A2		1,000,000	1,086,160
	Lancaster, Higher Ed. Auth. College Rev. Bonds (Franklin & Marshall College), 5s, 4/15/29		AA-		1,000,000	1,089,290
	Northampton Cnty., Hosp. Auth. Rev. Bonds (St. Luke's Hosp. - Bethlehem), Ser. A, 5 1/2s, 8/15/40		A3		1,250,000	1,367,488
	PA State Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Amtrak), Ser. A, 5s, 11/1/32		A1		1,000,000	1,078,550
	PA State Higher Edl. Fac. Auth. Rev. Bonds
	(Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42		BBB		500,000	530,220
	(St. Joseph's U.), Ser. A, 5s, 11/1/40		A-		3,000,000	3,247,890
	(Philadelphia U.), 5s, 6/1/30		Baa2		2,250,000	2,383,043
	(Philadelphia U.), 5s, 6/1/22		Baa2		860,000	914,051
	PA State Pub. School Bldg. Auth. Rev. Bonds (Northampton Co. Area Cmnty. College), BAM, 5s, 6/15/32		AA		2,030,000	2,228,493
	PA State Tpk. Comm. Rev. Bonds
	Ser. C, 5s, 12/1/44		A1		1,200,000	1,319,016
	Ser. A, 5s, 12/1/38		A1		1,000,000	1,108,320
	zero %, 12/1/34		A2		1,925,000	1,527,372
	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	1,330,632
						25,871,069
	Puerto Rico (0.5%)
	Cmnwlth. of PR, G.O. Bonds, Ser. A
	5 1/2s, 7/1/39		Caa3		1,000,000	627,500
	5 1/8s, 7/1/37		Caa3		1,000,000	620,000
	Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A
	5 3/8s, 8/1/39		CCC-		1,500,000	585,000
	AMBAC, zero %, 8/1/47		Caa3		8,500,000	933,130
						2,765,630
	Rhode Island (0.3%)
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5s, 6/1/50		BBB+/F		1,750,000	1,749,878
						1,749,878
	South Carolina (2.2%)
	SC State Pub. Svc. Auth. Rev. Bonds
	(Santee Cooper), Ser. A, 5 3/4s, 12/1/43		AA-		3,000,000	3,533,310
	Ser. A, 5 1/2s, 12/1/54		AA-		3,000,000	3,357,600
	Ser. A, 5s, 12/1/55		AA-		2,000,000	2,147,560
	Ser. A, 5s, 12/1/50		AA-		2,000,000	2,171,180
						11,209,650
	Tennessee (0.8%)
	Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38		Baa1		3,450,000	3,881,871
						3,881,871
	Texas (15.4%)
	Alliance, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 4.85s, 4/1/21		Baa1		3,250,000	3,299,465
	Brazos River Harbor Naval Dist. Env. Rev. Bonds (Dow Chemical Co.), Ser. A-4, 5.95s, 5/15/33		BBB		400,000	442,656
	Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38		BBB		2,850,000	3,081,221
	Central TX Regl. Mobility Auth. Rev. Bonds (Sr. Lien), Ser. A, 5s, 1/1/33		Baa2		425,000	461,635
	Dallas Cnty., Util. & Reclamation Dist. G.O. Bonds, Ser. B, AMBAC, 5 3/8s, 2/15/29		A3		4,000,000	4,247,640
	Dallas, Area Rapid Transit Rev. Bonds (Sr. Lien), 5s, 12/1/33(T)		AA+		26,000,000	28,768,409
	Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev. Bonds, Ser. A, 5 1/4s, 11/1/30		A+		3,000,000	3,386,520
	Grand Parkway Trans. Corp. Rev. Bonds (Sub. Tier Toll Syst.), Ser. B, 5s, 4/1/53		AA+		1,400,000	1,522,948
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (YMCA of Greater Houston), Ser. A, 5s, 6/1/33		Baa3		800,000	849,368
	Houston, Util. Syst. Rev. Bonds, Ser. A, 5s, 11/15/33		AA		1,500,000	1,707,345
	Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40		Baa1		1,750,000	1,892,730
	Love Field, Gen. Arpt. Modernization Corp. Rev. Bonds, 5s, 11/1/35(FWC)		A1		1,000,000	1,107,790
	Lower CO River Auth. Transmission Svcs. Contract Corp. Rev. Bonds, 5s, 5/15/40		A		500,000	553,760
	Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30		Baa1		1,500,000	1,574,790
	New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds
	(Wesleyan Homes, Inc.), 5 1/2s, 1/1/43		BB-/P		500,000	502,525
	(Tarleton State U. Collegiate Student Hsg.), Ser. A, 5s, 4/1/47		Baa3		1,000,000	1,026,920
	(Collegiate Hsg.-College Station I, LLC), AGM, 5s, 4/1/46		AA		2,100,000	2,252,250
	North TX, Thruway Auth. Rev. Bonds, Ser. B, zero %, 9/1/43		AA+		2,000,000	454,020
	North TX, Tollway Auth. Rev. Bonds
	(1st Tier), Ser. I, 6 1/2s, 1/1/43		A2		4,000,000	4,893,360
	(1st Tier), Ser. A, 6s, 1/1/25		A2		160,000	177,429
	(1st Tier), Ser. A, FNMA Coll., U.S. Govt. Coll., 6s, 1/1/25 (Prerefunded 1/1/18)		AAA/P		1,140,000	1,281,531
	(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38 (Prerefunded 1/1/18)		A3		2,000,000	2,236,400
	Ser. D, AGO, zero %, 1/1/28		AA		7,800,000	4,877,808
	Red River, Hlth. Retirement Fac. Dev. Corp. Rev. Bonds (Sears Methodist Retirement Syst. Oblig. Group)
	Ser. B, 6.15s, 11/15/49 (In default)(NON)		D/P		282,000	1,551
	Ser. A, 5.45s, 11/15/38 (In default)(NON)		D/P		814,000	4,477
	Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (Trinity Terrace), Ser. A-1, 5s, 10/1/44		BBB+/F		1,300,000	1,349,244
	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	1,154,549
	TX State G.O. Bonds (Trans. Auth.), Ser. A, 5s, 10/1/44		Aaa		1,000,000	1,133,350
	TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5s, 12/15/28		A3		1,500,000	1,636,695
	TX State Trans. Comm. Tpk. Syst. Rev. Bonds (1st Tier), Ser. A, 5s, 8/15/41		A3		2,500,000	2,696,275
						78,574,661
	Utah (0.3%)
	Salt Lake City, Hosp. Rev. Bonds, AMBAC, U.S. Govt. Coll., 6 3/4s, 5/15/20 (Escrowed to maturity)		AAA/P		1,400,000	1,403,990
						1,403,990
	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	2,424,240
						2,424,240
	Washington (2.1%)
	WA State G.O. Bonds (Sr. 520 Corridor-Motor Vehicle Tax), Ser. C, 5s, 6/1/28(T)		AA+		5,000,000	5,778,865
	Port of Seattle, Rev. Bonds, Ser. C, 5s, 4/1/40(FWC)		A1		875,000	951,256
	Tobacco Settlement Auth. of WA Rev. Bonds, 5 1/4s, 6/1/32		A-		2,125,000	2,343,960
	WA State Hlth. Care Fac. Auth. Rev. Bonds (Kadlec Med. Ctr.), 5 1/2s, 12/1/39 (Prerefunded 12/1/20)		AAA/P		1,200,000	1,442,580
						10,516,661
	West Virginia (0.9%)
	Harrison Cnty., Cmnty. Solid Waste Disp. Rev. Bonds (Allegheny Energy), Ser. D, 5 1/2s, 10/15/37		Baa2		3,450,000	3,556,019
	WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43		B+/P		935,000	968,623
						4,524,642
	Wisconsin (1.2%)
	Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5 1/4s, 7/1/28		BBB		350,000	380,779
	WI State Rev. Bonds, Ser. A, 6s, 5/1/27		Aa3		2,500,000	2,909,475
	WI State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(Prohealth Care, Inc.), 6 5/8s, 2/15/39 (Prerefunded 2/15/19)		A1		1,500,000	1,788,285
	(Prohealth Care, Inc.), 5s, 8/15/39		A1		750,000	814,643
	(Three Pillars Sr. Living), 5s, 8/15/33		A-/F		430,000	462,327
						6,355,509
	Wyoming (0.9%)
	Campbell Cnty., Solid Waste Fac. Rev. Bonds (Basin Elec. Pwr. Co-op), Ser. A, 5 3/4s, 7/15/39		A1		2,000,000	2,311,880
	WY Muni. Pwr. Agcy. Pwr. Supply Rev. Bonds
	Ser. A, 5 1/2s, 1/1/33		A2		950,000	1,037,780
	(Pwr. Supply), Ser. A, 5 1/2s, 1/1/28		A2		1,000,000	1,094,140
						4,443,800
	TOTAL INVESTMENTS
	Total investments (cost $664,810,740)(b)					$724,381,118

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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, 2015 through July 31, 2015 (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 $510,495,961.
(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.” If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer.
(b)	The aggregate identified cost on a tax basis is $664,533,977, resulting in gross unrealized appreciation and depreciation of $65,330,903 and $5,483,762, respectively, or net unrealized appreciation of $59,847,141.
(NON)	This security is non-income-producing.
(FWC)	Forward commitment, in part or in entirety.
(F)	This 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. This security has been segregated as collateral for financing transactions.
	At the close of the reporting period, the fund maintained liquid assets totaling $50,969,216 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.
	On Mandatory Put Bonds, the rates shown are the current interest rates at the close of the reporting period and the dates shown 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	22.1%
	Transportation	21.5
	Healthcare	21.1
	Local debt	13.4
	Tax bonds	12.4
	Prerefunded	12.0
	State debt	11.5
	Education	10.8
	Security valuation: Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
	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. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. 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, recovery rates, sales and other multiples and resale restrictions. 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 $92,771,276 were held by the TOB trust and served as collateral for $41,802,060 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $8,255 for these investments based on an average interest rate of 0.06%.

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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	$—	$724,294,805	$86,313
	Totals by level	$—	$724,294,805	$86,313
	During the reporting period, transfers within the fair value hierarchy, if any, did not represent, in the aggregate, more than 1% of the fund's net assets measured as of the end of the period.
	At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund's net assets and 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 28, 2015

	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 28, 2015

	By (Signature and Title):

	/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: September 28, 2015