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:	January 31, 2016

	Item 1. Schedule of Investments:

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	Putnam Municipal Opportunities Trust
	The fund's portfolio
	1/31/16 (Unaudited)
	Key to holding's abbreviations
	ABAG — Association Of Bay Area Governments
	AGC — Assured Guaranty Corp.
	AGM — Assured Guaranty Municipal Corporation
	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.
	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 (140.9%)(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	$2,405,300
	Selma, Indl. Dev. Board Rev. Bonds (Gulf Opportunity Zone Intl. Paper Co.), Ser. A, 5.8s, 5/1/34		Baa2		750,000	841,013
						3,246,313
	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	1,655,145
	Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern U.), 5 1/8s, 5/15/40		A-		2,125,000	2,357,475
	Maricopa Cnty., Poll. Control Rev. Bonds (El Paso Elec. Co.), Ser. A, 7 1/4s, 2/1/40		Baa1		2,400,000	2,791,872
	Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds, Ser. A, 5s, 7/1/40		A1		1,000,000	1,106,870
	Pima Cnty., Indl. Dev. Auth. Rev. Bonds (Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25		BBB-		1,550,000	1,551,240
	Pinal Cnty., Elec. Rev. Bonds (Dist. No. 3), 5 1/4s, 7/1/36		A		500,000	580,710
	Salt Verde, Fin. Corp. Gas Rev. Bonds, 5 1/2s, 12/1/29		Baa1		1,350,000	1,696,424
	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	1,183,610
	Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds (Yuma Regl. Med. Ctr.), Ser. A, 5s, 8/1/32		A-		2,065,000	2,336,279
						15,268,667
	California (24.8%)
	ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds (Episcopal Sr. Cmntys.), Ser. A, 5s, 7/1/32		BBB+/F		550,000	597,982
	ABC Unified School Dist. G.O. Bonds, Ser. B, FGIC, zero %, 8/1/20		Aa3		1,500,000	1,405,065
	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	2,726,200
	(Toll Bridge), Ser. S-4, 5s, 4/1/33		AA-		1,200,000	1,431,096
	Burbank, Unified School Dist. G.O. Bonds (Election of 1997), Ser. C, NATL, FGIC, zero %, 8/1/23		AA-		1,000,000	828,270
	CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.)
	Ser. E, 4.8s, 8/1/37		A		5,000,000	5,041,300
	Ser. K, 4 5/8s, 8/1/26		A		2,435,000	2,439,480
	CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central CA)
	5 1/4s, 2/1/37		A-		1,055,000	1,090,606
	U.S. Govt. Coll., 5 1/4s, 2/1/37 (Prerefunded 2/1/17)		AAA/P		745,000	780,060
	CA Muni. Fin. Auth. Rev. Bonds
	(Biola U.), 5s, 10/1/42		Baa1		500,000	537,465
	(Cmnty. Med. Ctrs.), Ser. A, 5s, 2/1/40		A-		650,000	733,233
	CA State G.O. Bonds
	6 1/2s, 4/1/33		Aa3		9,000,000	10,576,328
	5 1/2s, 3/1/40		Aa3		7,450,000	8,659,657
	5s, 4/1/42		Aa3		4,000,000	4,621,960
	CA State Edl. Fac. Auth. Rev. Bonds (Loyola-Marymount U.), NATL, zero %, 10/1/21		A2		1,300,000	1,176,565
	CA State Muni. Fin. Auth Mobile Home Park Rev. Bonds (Caritas Affordable Hsg., Inc.), 5 1/4s, 8/15/39		BBB		400,000	454,724
	CA State Poll. Control Fin. Auth. Rev. Bonds
	(San Jose Wtr. Co.), 5.1s, 6/1/40		A		3,500,000	3,845,310
	(Pacific Gas & Electric Corp.), Class D, FGIC, 4 3/4s, 12/1/23		A3		1,500,000	1,573,380
	CA State Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds (American Wtr. Cap. Corp.), 5 1/4s, 8/1/40		A		1,000,000	1,069,410
	CA State Pub. Wks. Board Rev. Bonds
	Ser. I-1, 6 1/8s, 11/1/29		A1		1,000,000	1,175,360
	Ser. A-1, 6s, 3/1/35		A1		1,600,000	1,876,128
	(Dept. of Forestry & Fire), Ser. E, 5s, 11/1/32		A1		1,575,000	1,678,840
	(Capital Projects), Ser. A, 5s, 4/1/29		A1		2,000,000	2,370,320
	CA Statewide Cmnty. Dev. Auth. COP (The Internext Group), 5 3/8s, 4/1/30		BBB+		1,415,000	1,419,075
	CA Statewide Cmnty. Dev. Auth. Rev. Bonds
	(Irvine, LLC-UCI East Campus), 6s, 5/15/40		Baa2		2,000,000	2,165,940
	(899 Charleston, LLC), Ser. A, 5 1/4s, 11/1/44		BB/P		450,000	460,737
	Chula Vista, Indl. Dev. Rev. Bonds (San Diego Gas), Ser. B, 5s, 12/1/27		Aa2		1,915,000	1,958,892
	Foothill-De Anza, Cmnty. College Dist. G.O. Bonds, Ser. C, 5s, 8/1/40		Aaa		2,250,000	2,564,370
	Foothill/Eastern Corridor Agcy. Rev. Bonds, Ser. A
	6s, 1/15/53		BBB-		1,500,000	1,781,145
	zero %, 1/1/28 (Escrowed to maturity)		Aaa		10,000,000	7,778,800
	Golden State Tobacco Securitization Corp. Rev. Bonds
	Ser. A-2, 5.3s, 6/1/37		B3		1,000,000	935,690
	Ser. A-1, 5 1/8s, 6/1/47		B3		3,970,000	3,522,263
	Ser. A-1, 5s, 6/1/33		B3		100,000	93,288
	Univ. of CA Rev. Bonds, Ser. AF, 5s, 5/15/36(T)		AA		9,000,000	10,590,131
	Los Angeles, Dept. of Arpt. Rev. Bonds (Los Angeles Intl. Arpt.)
	Ser. D, 5s, 5/15/40		AA		3,500,000	3,951,920
	5s, 5/15/30		AA		1,000,000	1,166,940
	Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27		A		600,000	652,470
	M-S-R Energy Auth. Rev. Bonds, Ser. B, 6 1/2s, 11/1/39		BBB+		3,000,000	4,331,550
	Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr. Wks.), 5 3/4s, 8/10/18		AAA		4,850,000	5,203,226
	North Natomas, Cmnty. Fac. Special Tax Bonds (Dist. No. 4), Ser. E, 5s, 9/1/30		BBB+		1,250,000	1,400,313
	Oakland, Alameda Cnty. Unified School Dist. G.O. Bonds (Election of 2012), 6 5/8s, 8/1/38		BBB/P		500,000	597,895
	Orange Cnty., Trans. Auth Toll Road Rev. Bonds (91 Express Lanes), 5s, 8/15/30		AA-		635,000	745,763
	Redwood City, Elementary School Dist. G.O. Bonds, FGIC, NATL, zero %, 8/1/21		AA-		1,990,000	1,752,175
	Sacramento, Regl. Trans. Dist. Rev. Bonds (Farebox), 5s, 3/1/42		A3		2,110,000	2,371,788
	San Bernardino Cnty., COP (Med. Ctr. Fin.), Ser. A, NATL, 6 1/2s, 8/1/17		AA-		1,670,000	1,764,973
	San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds, Ser. A, 5s, 7/1/40		A2		3,750,000	4,192,388
	San Diego, Unified School Dist. G.O. Bonds (Election of 2008), Ser. C
	zero %, 7/1/40		Aa2		5,000,000	1,919,750
	zero %, 7/1/38		Aa2		5,000,000	2,127,200
	San Juan, Unified School Dist. G.O. Bonds, AGM, zero %, 8/1/19		Aa2		1,000,000	956,730
	Stockton, Pub. Wtr. Fin. Auth. Rev. Bonds (Delta Wtr. Supply), Ser. A, 6 1/4s, 10/1/40		A		875,000	1,088,640
	Sunnyvale, Cmnty. Fac. Dist. Special Tax Bonds, 7.65s, 8/1/21		B+/P		400,000	401,152
	Tuolumne Wind Project Auth. Rev. Bonds (Tuolumne Co.), Ser. A, 5 7/8s, 1/1/29		AA-		1,585,000	1,788,070
	Turlock, Irrigation Dist. Rev. Bonds, Ser. A, 5s, 1/1/40		AA-		2,000,000	2,221,420
						128,593,433
	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	329,995
	(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5 5/8s, 6/1/43		Baa1		600,000	688,854
	(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), Ser. A, 5s, 6/1/40		Baa1		1,750,000	1,906,363
	(Valley View Hosp. Assn.), 5s, 5/15/40		A-		1,000,000	1,138,360
	(Covenant Retirement Cmnty.), Ser. A, 5s, 12/1/35		BBB+/F		1,000,000	1,077,160
	(Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5s, 12/1/33		Baa1		1,650,000	1,818,845
	CO State Hlth. Fac. Auth. Rev. Bonds (Evangelical Lutheran Good Samaritan Society Oblig. Group (The)), 5s, 6/1/29		Baa1		315,000	319,678
	Denver City & Cnty., Arpt. Rev. Bonds (Sub. Syst.), Ser. A, 5 1/2s, 11/15/31		A2		950,000	1,128,230
	Park Creek Metro. Dist. Tax Allocation Bonds (Sr. Ltd. Property Tax Supported), Ser. A, 5s, 12/1/45		BBB/F		200,000	224,580
						8,632,065
	Delaware (0.2%)
	DE State Econ. Dev. Auth. Rev. Bonds (Delmarva Pwr.), 5.4s, 2/1/31		Baa1		1,100,000	1,224,905
						1,224,905
	District of Columbia (1.6%)
	DC Rev. Bonds (Howard U.), Ser. A, 6 1/2s, 10/1/41		BBB		1,600,000	1,711,600
	DC U. Rev. Bonds (Gallaudet U.), 5 1/2s, 4/1/34		A+		1,000,000	1,177,770
	DC, Wtr. & Swr. Auth. Pub. Util. Rev. Bonds, Ser. B, 5s, 10/1/37		AA		1,300,000	1,542,996
	Metro. Washington, Arpt. Auth. Dulles Toll Rd. Rev. Bonds
	Ser. A, 5s, 10/1/39		A2		2,000,000	2,215,980
	(Metrorail), Ser. A, zero %, 10/1/37		Baa1		3,700,000	1,519,812
						8,168,158
	Florida (4.7%)
	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	3,560,730
	FL State Muni. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 10/1/31		A2		1,700,000	1,858,355
	Jacksonville, Port Auth. Rev. Bonds, 5s, 11/1/38		A2		600,000	660,054
	Lakeland, Hosp. Syst. Rev. Bonds (Lakeland Regl. Hlth.), 5s, 11/15/40		A2		1,350,000	1,505,156
	Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st Mtge. - Carpenters), 6 3/8s, 1/1/43		BBB-/F		340,000	358,768
	Marco Island, Util. Sys. Rev. Bonds, Ser. A, 5s, 10/1/40		Aa3		1,500,000	1,668,870
	Miami-Dade Cnty., Aviation Rev. Bonds
	(Miami Intl. Arpt.), Ser. A-1, 5 3/8s, 10/1/41		A2		3,000,000	3,426,840
	Ser. A, 5s, 10/1/38		A		2,000,000	2,277,440
	5s, 10/1/28		A2		500,000	590,385
	Miami-Dade Cnty., Expressway Auth. Toll Syst. Rev. Bonds, Ser. A, 5s, 7/1/40		A2		1,000,000	1,096,760
	Orange Cnty., Hlth. Fac. Auth. Rev. Bonds (Presbyterian Retirement Cmntys.), 5s, 8/1/34		A-/F		1,350,000	1,481,355
	Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds
	(Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33		BBB+		1,000,000	1,095,630
	(Lifespace Cmntys, Inc.), Ser. C, 5s, 5/15/38		A/F		2,000,000	2,205,900
	South Broward, Hosp. Dist. Rev. Bonds, NATL, 4 3/4s, 5/1/28		Aa3		1,500,000	1,568,415
	Southeast Overtown Park West Cmnty. Redev. Agcy. 144A Tax Alloc. Bonds, Ser. A-1, 5s, 3/1/30		BBB+		360,000	395,284
	Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds, 5.4s, 5/1/37		B+/P		375,000	375,476
						24,125,418
	Georgia (5.3%)
	Atlanta, Arpt. Rev. Bonds (Hartsfield-Jackson Intl. Arpt.), Ser. A, 5s, 1/1/35		Aa3		1,250,000	1,408,463
	Atlanta, Arpt. Passenger Fac. Charge Rev. Bonds
	5s, 1/1/34		AA-		1,550,000	1,807,192
	5s, 1/1/33		AA-		1,500,000	1,754,715
	Atlanta, Wtr. & Waste Wtr. Rev. Bonds
	Ser. A, 6 1/4s, 11/1/39 (Prerefunded 11/1/19)		Aa3		4,500,000	5,384,430
	5s, 11/1/40		Aa3		1,750,000	2,035,268
	Fulton Cnty., Dev. Auth. Rev. Bonds (GA Tech Athletic Assn.), Ser. A, 5s, 10/1/42		A2		1,350,000	1,538,973
	Gainesville & Hall Cnty., Hosp. Auth. Rev. Bonds (Northeast GA Hlth. Care)
	Ser. S, 5 1/2s, 8/15/54		AA-		925,000	1,097,133
	Ser. B, 5 1/4s, 2/15/45		AA-		6,500,000	7,098,130
	Marietta, Dev. Auth. Rev. Bonds (Fac. of Life U., Inc.), 7s, 6/15/39		Ba3		1,400,000	1,469,622
	Muni. Election Auth. of GA Rev. Bonds (Plant Voltage Units 3 & 4), Ser. A, 5 1/2s, 7/1/60		A+		3,500,000	4,115,370
						27,709,296
	Illinois (14.7%)
	Chicago, G.O. Bonds
	Ser. A, 5 1/2s, 1/1/39		BBB+		500,000	506,295
	Ser. D-05, 5 1/2s, 1/1/37		BBB+		750,000	761,040
	Ser. G-07, 5 1/2s, 1/1/35		BBB+		3,175,000	3,237,548
	Ser. D-05, 5 1/2s, 1/1/34		BBB+		1,000,000	1,023,280
	Ser. A, 5 1/4s, 1/1/33		BBB+		1,250,000	1,256,363
	Ser. C, 5s, 1/1/38		BBB+		1,500,000	1,442,010
	Chicago, Board of Ed. G.O. Bonds, Ser. C, 5 1/4s, 12/1/39		B+		2,250,000	1,761,840
	Chicago, Motor Fuel Tax Rev. Bonds, 5s, 1/1/29		BBB+		500,000	524,610
	Chicago, O'Hare Intl. Arpt. Rev. Bonds
	Ser. A, 5 3/4s, 1/1/39		A2		4,000,000	4,683,960
	Ser. C, 5 3/8s, 1/1/39		A2		1,250,000	1,402,513
	Ser. C, 5 1/4s, 1/1/28		A2		1,320,000	1,535,411
	Ser. C, 5 1/4s, 1/1/27		A2		2,125,000	2,487,865
	Chicago, Sales Tax Rev. Bonds, 5s, 1/1/34		AA		1,500,000	1,603,335
	Chicago, Trans. Auth. Sales Tax Rev. Bonds, 5 1/4s, 12/1/49		AA		3,000,000	3,337,770
	Chicago, Waste Wtr. Transmission Rev. Bonds
	(2nd Lien), 5s, 1/1/39		A		1,835,000	1,986,791
	Ser. A, NATL, zero %, 1/1/24		AA-		1,600,000	1,176,912
	Chicago, Waste Wtr. Transmission Rev. Bonds , Ser. C, 5s, 1/1/39		A		900,000	981,675
	Chicago, Wtr. Wks Rev. Bonds
	5s, 11/1/42		A-		645,000	682,758
	5s, 11/1/39		A-		1,080,000	1,178,118
	Cicero, G.O. Bonds, Ser. A, AGM, 5s, 1/1/21		AA		2,000,000	2,266,280
	IL Fin. Auth. Rev. Bonds
	(Silver Cross Hosp. & Med. Ctr.), 7s, 8/15/44 (Prerefunded 8/15/19)		AAA/P		2,500,000	3,012,675
	(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	1,754,773
	(Rush U. Med. Ctr.), Ser. C, U.S. Govt. Coll., 6 5/8s, 11/1/39 (Prerefunded 5/1/19)		Aaa		1,425,000	1,678,223
	(Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37		Baa2		3,000,000	3,188,880
	(Alexian), Ser. A, AGM, 5 1/4s, 1/1/22		A2		3,775,000	4,127,094
	IL State G.O. Bonds
	5 1/4s, 2/1/30		A-		1,000,000	1,109,340
	5s, 1/1/41		A-		6,000,000	6,311,040
	5s, 3/1/34		A-		750,000	790,500
	IL State Fin. Auth. Rev. Bonds (Lifespace Cmntys, Inc.), Ser. A, 5s, 5/15/35		A/F		1,025,000	1,133,927
	Kendall & Kane Cntys., Cmnty. United School Dist. G.O. Bonds (No. 115 Yorkville), NATL, FGIC, zero %, 1/1/21		Aa3		1,075,000	958,470
	Lake Cnty., Cmnty. Construction School Dist. G.O. Bonds (No. 073 Hawthorn)
	NATL, FGIC, zero %, 12/1/21		AA+		1,805,000	1,613,851
	U.S. Govt. Coll., NATL, zero %, 12/1/21 (Escrowed to maturity)		AA+		145,000	134,609
	NATL, FGIC, zero %, 12/1/20		AA+		1,495,000	1,375,699
	U.S. Govt. Coll., NTAL, zero %, 12/1/20 (Escrowed to maturity)		AA+		155,000	146,652
	Metro. Pier & Exposition Auth. Dedicated State Tax Rev. Bonds (McCormick), Ser. A, NATL, zero %, 12/15/30		AA-		15,000,000	8,192,550
	Railsplitter, Tobacco Settlement Auth. Rev. Bonds, 6s, 6/1/28		A-		4,150,000	4,929,412
	Southern IL U. Rev. Bonds (Hsg. & Auxiliary), Ser. A, NATL, zero %, 4/1/25		AA-		1,870,000	1,340,136
	Springfield, Elec. Rev. Bonds, AGM, 5s, 3/1/40		AA		500,000	564,940
						76,199,145
	Indiana (1.8%)
	IN Bk. Special Program Gas Rev. Bonds, Ser. A, 5 1/4s, 10/15/21		A3		180,000	209,045
	IN State Fin. Auth. Rev. Bonds
	(BHI Sr. Living), 5 3/4s, 11/15/41		BBB+/F		1,000,000	1,110,740
	(I-69 Dev. Partners, LLC), 5 1/4s, 9/1/40		BBB-		1,500,000	1,667,175
	(Duke Energy Ind.), Ser. C, 4.95s, 10/1/40		Aa3		2,000,000	2,204,260
	Jasper Cnty., Indl. Poll. Control Rev. Bonds
	AMBAC, 5.7s, 7/1/17		Baa1		1,375,000	1,461,501
	NATL, 5.6s, 11/1/16		AA-		1,550,000	1,603,785
	U. Southern IN Rev. Bonds (Student Fee), Ser. J, AGC, 5 3/4s, 10/1/28		AA		1,000,000	1,158,580
						9,415,086
	Kentucky (0.6%)
	KY Pub. Trans. Infrastructure Auth. Rev. Bonds (1st Tier Downtown Crossing), Ser. A, 6s, 7/1/53		Baa3		1,000,000	1,170,460
	Louisville & Jefferson Cnty., Metro. Govt. College Rev. Bonds (Bellarmine U.), Ser. A, 6s, 5/1/38		Baa3		290,000	308,537
	Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A
	5s, 7/1/32		A+		1,030,000	1,187,065
	5s, 7/1/31		A+		385,000	446,200
						3,112,262
	Louisiana (0.1%)
	LA State Pub. Fac. Auth. Rev. Bonds (Ochsner Clinic Foundation), 5s, 5/15/47		Baa1		650,000	705,205
						705,205
	Maryland (0.6%)
	MD Econ. Dev. Corp. Poll. Control Rev. Bonds (Potomac Electric Power Co.), 6.2s, 9/1/22		A2		650,000	746,629
	MD State Hlth. & Higher Edl. Fac. Auth. Rev. Bonds (Peninsula Regl. Med. Ctr.), 5s, 7/1/39		A2		1,990,000	2,269,595
						3,016,224
	Massachusetts (7.2%)
	MA State Dept. Trans. Rev. Bonds (Metro Hwy. Syst.), Ser. B, 5s, 1/1/37		A+		2,500,000	2,788,750
	MA State Dev. Fin. Agcy. Rev. Bonds
	(Sabis Intl.), Ser. A, 8s, 4/15/39 (Prerefunded 10/15/19)		BBB		575,000	719,877
	(Linden Ponds, Inc. Fac.), Ser. A-1, 6 1/4s, 11/15/26		B-/P		960,369	963,356
	(Milford Regl. Med. Ctr. Oblig. Group), Ser. F, 5 3/4s, 7/15/43		Baa3		500,000	552,490
	(Loomis Cmntys.), Ser. A, 5 3/4s, 1/1/28		BBB-		1,100,000	1,242,450
	(Carleton-Willard Village), 5 5/8s, 12/1/30		A-		750,000	841,433
	(Linden Ponds, Inc. Fac.), Ser. A-2, 5 1/2s, 11/15/46		B-/P		51,190	44,530
	(Berklee College of Music), 5 1/4s, 10/1/41		A2		2,000,000	2,290,860
	(Emerson College), Ser. A, 5s, 1/1/40		Baa1		3,000,000	3,219,780
	(Intl. Charter School), 5s, 4/15/33		BBB		1,000,000	1,106,290
	(Linden Ponds, Inc. Fac.), Ser. B, zero %, 11/15/56		B-/P		254,614	1,792
	MA State Dev. Fin. Agcy. Solid Waste Disp. FRB (Dominion Energy Brayton Point)
	Ser. 1, U.S. Govt. Coll., 5 3/4s, 12/1/42 (Prerefunded 5/1/19)		BBB+		1,500,000	1,729,995
	U.S. Govt. Coll., 5s, 2/1/36 (Prerefunded 8/1/16)		BBB+		1,000,000	1,021,990
	MA State Edl. Fin. Auth. Rev. Bonds (Ed. Loan - Issue 1)
	5s, 1/1/27		AA		800,000	913,120
	4 3/8s, 1/1/32		AA		1,000,000	1,060,170
	MA State Hlth. & Edl. Fac. Auth. Rev. Bonds
	(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	1,308,057
	(Springfield College), 5 5/8s, 10/15/40		Baa1		550,000	595,964
	(Care Group), Ser. B-2, NATL, 5 3/8s, 2/1/26		AA-		700,000	771,974
	(Northeastern U.), Ser. A, 5s, 10/1/35		A2		3,250,000	3,692,650
	MA State Hsg. Fin. Agcy. Rev. Bonds
	Ser. C, 5.35s, 12/1/42		Aa3		1,500,000	1,581,480
	Ser. SF-169, 4s, 12/1/44		Aa2		935,000	996,635
	Ser. 162, FNMA Coll., FHLMC Coll., 2 3/4s, 12/1/41		Aa2		580,000	585,974
	MA State Port Auth. Special Fac. Rev. Bonds (Conrac), Ser. A, 5 1/8s, 7/1/41		A		2,855,000	3,114,148
	Metro. Boston, Trans. Pkg. Corp. Rev. Bonds
	(Systemwide Pkg.), 5 1/4s, 7/1/33		A1		2,500,000	2,958,350
	5s, 7/1/41		A1		2,590,000	2,988,005
						37,090,161
	Michigan (7.5%)
	Detroit, G.O. Bonds, AMBAC, 5 1/4s, 4/1/24		BB/P		222,425	221,976
	Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, 6s, 5/1/29		Aa1		1,000,000	1,256,440
	Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B, AGM, 6 1/4s, 7/1/36		AA		1,425,000	1,618,159
	Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med. Ctr.), 7 1/2s, 7/1/39		Ba1		500,000	572,710
	Karegnondi, Wtr. Auth. Rev. Bonds (Wtr. Supply Syst.), Ser. A, 5 1/4s, 11/1/31		A2		2,445,000	2,861,212
	MI State Fin. Auth. Rev. Bonds
	Ser. G-5A, AMBAC, 5 1/4s, 4/1/24		A-		1,212,575	1,215,764
	Ser. H-1, 5s, 10/1/39		AA-		1,575,000	1,786,633
	(MidMichigan Hlth.), 5s, 6/1/39		A1		1,000,000	1,104,460
	(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5s, 7/1/35		BBB+		1,100,000	1,245,442
	(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. C, 5s, 7/1/34		BBB+		1,900,000	2,159,426
	(Local Govt. Loan Program - Detroit Wtr. & Swr. Dept. (DWSD)), Ser. D-2, 5s, 7/1/34		BBB+		1,000,000	1,136,540
	(Local Govt. Program Detroit Wtr. & Swr.), Ser. D4, 5s, 7/1/34		A-		100,000	113,732
	(Detroit Wtr. & Swr.), Ser. C-6, 5s, 7/1/33		A-		850,000	970,097
	MI State Hosp. Fin. Auth. Rev. Bonds
	Ser. A, 6 1/8s, 6/1/39 (Prerefunded 6/1/19)		AA+		2,500,000	2,918,275
	(Henry Ford Hlth.), 5 3/4s, 11/15/39		A3		2,000,000	2,278,960
	(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46		A3		4,500,000	4,643,370
	(Sparrow Hlth. Oblig. Group), 5s, 11/15/31		A1		390,000	415,919
	(Sparrow Hlth. Oblig. Group), U.S. Govt Coll., 5s, 11/15/31 (Prerefunded 11/15/17)		AAA/P		960,000	1,033,555
	MI State Hsg. Dev. Auth. Rev. Bonds (Rental Hsg.), Ser. D, 3.95s, 10/1/37		AA		1,050,000	1,068,071
	MI State Strategic Fund Ltd. Rev. Bonds (Worthington Armstrong Venture), 5 3/4s, 10/1/22 (Escrowed to maturity)		AAA/P		1,650,000	2,032,883
	MI State Strategic Fund Ltd. Oblig. Rev. Bonds (Evangelical Homes of MI)
	5 1/2s, 6/1/47		BB+/F		675,000	711,389
	5 1/4s, 6/1/32		BB+/F		320,000	338,848
	MI Tobacco Settlement Fin. Auth. Rev. Bonds, Ser. A, 6s, 6/1/34		B-		575,000	544,404
	Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy Memorial Hosp. Corp.), 5 3/8s, 6/1/26 (Prerefunded 6/1/16)		AA-		750,000	762,233
	Wayne Cnty., Arpt. Auth. Rev. Bonds
	Ser. D, 5s, 12/1/40		A2		2,890,000	3,260,556
	Ser. A, 5s, 12/1/21		A2		2,000,000	2,324,860
						38,595,914
	Minnesota (2.1%)
	Minneapolis & St. Paul, Metro. Arpt. Comm. Rev. Bonds, Ser. A, 5s, 1/1/32		A+		500,000	578,330
	Minneapolis Hlth. Care Syst. Rev. Bonds (Fairview Hlth. Svcs. Oblig. Group), Ser. A, 5s, 11/15/44		A+		250,000	280,608
	North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian Homes North Oaks), 6 1/8s, 10/1/39		BB/P		995,000	1,038,870
	St. Cloud, Hlth. Care Rev. Bonds (Centracare Hlth. Syst.), Ser. A, 5 1/8s, 5/1/30		A1		2,550,000	2,907,230
	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	3,631,495
	Ser. A, 5s, 7/1/33		A2		2,000,000	2,336,520
						10,773,053
	Mississippi (0.8%)
	MS Bus. Fin. Corp. Rev. Bonds (Syst. Energy Resources, Inc.), 5 7/8s, 4/1/22		BBB		1,680,000	1,700,899
	Warren Cnty., Gulf Opportunity Zone Rev. Bonds (Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32		Baa2		2,000,000	2,247,560
						3,948,459
	Nebraska (0.8%)
	Central Plains, Energy Rev. Bonds (NE Gas No. 1), Ser. A, 5 1/4s, 12/1/18		A3		3,000,000	3,323,490
	Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel Oblig. Group), 5 5/8s, 1/1/40		AA/F		925,000	1,037,915
						4,361,405
	Nevada (6.4%)
	Clark Cnty., Ltd. Tax Bonds, 5s, 6/1/33(T)		AA		28,285,000	30,773,304
	Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, 5s, 7/1/33		A1		1,565,000	1,822,662
	Henderson, Local Impt. Dist. Special Assmt. Bonds (No. T-17), 5s, 9/1/25		BBB-/P		565,000	581,707
						33,177,673
	New Jersey (6.8%)
	NJ State Econ. Dev. Auth. Rev. Bonds
	(NYNJ Link Borrower, LLC), 5 3/8s, 1/1/43		BBB-		500,000	557,695
	Ser. WW, 5 1/4s, 6/15/32		A3		1,500,000	1,640,295
	5s, 6/15/26		Baa1		500,000	540,375
	NJ State Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ American Wtr. Co.)
	Ser. A, 5.7s, 10/1/39		A1		3,900,000	4,399,512
	Ser. B, 5.6s, 11/1/34		A1		500,000	560,745
	NJ State Edl. Fac. Auth. Rev. Bonds (Georgian Court U.), Ser. D
	5 1/4s, 7/1/37		Baa3		1,000,000	1,037,020
	5 1/4s, 7/1/27		Baa3		500,000	525,645
	NJ State Higher Ed. Assistance Auth. Rev. Bonds (Student Loan), Ser. 1A, 5s, 12/1/22		Aa2		2,500,000	2,878,125
	NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds
	(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38		Baa3		2,750,000	3,048,568
	(St. Peter's U. Hosp.), 5 3/4s, 7/1/37		Ba1		1,500,000	1,555,515
	(Holy Name Hosp.), 5s, 7/1/36		Baa2		5,000,000	5,051,050
	NJ State Trans. Trust Fund Auth. Rev. Bonds
	Ser. A, 5 1/4s, 12/15/22		A3		1,500,000	1,704,000
	(Trans. Syst.), Ser. A, zero %, 12/15/30		A3		10,000,000	5,100,700
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. 1A
	5s, 6/1/41		B3		2,000,000	1,670,700
	4 3/4s, 6/1/34		B3		3,000,000	2,504,190
	Union Cnty., Util. Auth. Resource Recvy. Fac. Lease Rev. Bonds (Covanta Union), Ser. A, 5 1/4s, 12/1/31		AA+		2,300,000	2,530,782
						35,304,917
	New Mexico (0.3%)
	Sante Fe, Retirement Fac. Rev. Bonds (El Castillo Retirement Res.), 5s, 5/15/42		BBB-		1,460,000	1,480,309
						1,480,309
	New York (10.1%)
	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	366,080
	Metro. Trans. Auth. Rev. Bonds, Ser. D, 5s, 11/15/36		AA-		2,000,000	2,296,620
	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	2,082,740
	NY City, Muni. Wtr. & Swr. Fin. Auth. Rev Bonds, 5s, 6/15/31(T)		AA+		10,000,000	11,835,271
	NY City, Muni. Wtr. & Swr. Syst. Fin. Auth. Rev. Bonds, Ser. GG, 5s, 6/15/43		Aa1		2,000,000	2,292,860
	NY Cntys., Tobacco Trust III Rev. Bonds (Tobacco Settlement), 6s, 6/1/43		A3		1,500,000	1,502,235
	NY State Dorm. Auth. Rev. Bonds, Ser. A, 5s, 3/15/43		AAA		4,000,000	4,600,320
	NY State Dorm. Auth. Lease Rev. Bonds (State U. Dorm Fac.), Ser. A, 5s, 7/1/35		Aa2		1,000,000	1,172,150
	NY State Dorm. Auth. Non-State Supported Debt Rev. Bonds (Orange Regl. Med. Ctr.), 6 1/4s, 12/1/37		Ba1		1,800,000	1,963,512
	NY State Dorm. Auth. Rev. Bonds, Ser. C, 5s, 3/15/31(T)		AAA		5,000,000	5,844,619
	NY State Dorm. Auth. Sales Tax Rev. Bonds, Ser. BC-15, 5s, 3/15/42		AAA		7,000,000	8,219,330
	NY State Energy Research & Dev. Auth. Gas Fac. Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26		A2		6,000,000	6,018,000
	Port Auth. NY & NJ Special Oblig. Rev. Bonds (JFK Intl. Air Term. - 6), NATL, 5.9s, 12/1/17		AA-		4,000,000	4,152,200
						52,345,937
	North Carolina (1.1%)
	NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds, Ser. C, 6 3/4s, 1/1/24 (Prerefunded 1/1/19)		AAA/F		1,000,000	1,167,710
	NC State Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds
	(Deerfield), Ser. A, 6s, 11/1/33		BBB+/F		805,000	867,243
	(First Mtge. - Presbyterian Homes), 5 3/8s, 10/1/22		BB/P		1,000,000	1,022,160
	NC State Med. Care Comm. Retirement Fac. Rev. Bonds (Salemtowne), 5 1/4s, 10/1/37		BB/P		2,750,000	2,872,705
						5,929,818
	Ohio (6.8%)
	American Muni. Pwr., Inc. Rev. Bonds (Prairie State Energy Campus), U.S. Govt. Coll., 5 1/4s, 2/15/43 (Prerefunded 2/15/18)		AAA/P		940,000	1,024,393
	Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds
	Ser. A-3, 6 1/4s, 6/1/37		B-		2,225,000	2,071,475
	Ser. A-2, 5 7/8s, 6/1/30		B-		1,450,000	1,300,128
	Ser. A-2, 5 3/4s, 6/1/34		B-		5,325,000	4,713,104
	Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/15/46		A3		2,500,000	2,515,900
	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	1,242,394
	Hickory Chase Cmnty. Auth. Rev. Bonds (Infrastructure Impt.), 7s, 12/1/38(F)		CCC/P		644,000	56,479
	Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp. Syst., Inc.), Ser. C
	6s, 8/15/43		A3		495,000	545,866
	U.S. Govt. Coll., 6s, 8/15/43 (Prerefunded 8/15/18)		AAA/P		2,605,000	2,939,117
	OH State Air Quality Dev. Auth. FRB (Columbus Southern Pwr. Co.), Ser. B, 5.8s, 12/1/38		Baa1		2,000,000	2,244,860
	OH State Higher Edl. Fac. Comm. Rev. Bonds (Kenyon College), 5s, 7/1/44		A1		5,000,000	5,545,400
	OH State Private Activity Rev. Bonds (Portsmouth Bypass), AGM, 5s, 12/31/35		AA		1,125,000	1,271,768
	OH State Tpk. Comm. Rev. Bonds
	(Infrastructure), Ser. A-1, 5 1/4s, 2/15/33		A1		225,000	267,714
	(Infrastructure), Ser. A-1, 5 1/4s, 2/15/32		A1		950,000	1,133,749
	5s, 2/15/48		A1		1,250,000	1,393,188
	Scioto Cnty., Hosp. Rev. Bonds (Southern Med. Ctr.), 5 1/2s, 2/15/28		A2		4,660,000	5,059,315
	Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds
	5 3/4s, 12/1/32		BB/F		625,000	685,838
	(Memorial Hlth. Syst. Oblig. Group), 5 1/2s, 12/1/43		BB/F		120,000	129,108
	Warren Cnty., Hlth. Care Fac. Rev. Bonds (Otterbein Homes Oblig. Group)
	5s, 7/1/33		A		500,000	569,055
	5s, 7/1/32		A		250,000	285,523
						34,994,374
	Oregon (0.9%)
	Keizer, Special Assmt. Bonds (Keizer Station), Ser. A, 5.2s, 6/1/31		A1		1,925,000	2,093,303
	Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds (Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26		BBB/F		1,040,000	1,056,806
	OR Hlth. Sciences U. Rev. Bonds, Ser. A, 5 3/4s, 7/1/39		AA-		1,250,000	1,430,038
						4,580,147
	Pennsylvania (5.0%)
	Cumberland Cnty., Muni. Auth. Rev. Bonds (Presbyterian Homes Oblig. Group), Ser. A, 5s, 1/1/17		BBB+/F		290,000	298,349
	Delaware River Port Auth. PA & NJ Rev. Bonds
	Ser. D, 5s, 1/1/40		A		1,200,000	1,305,480
	5s, 1/1/31		A		2,500,000	2,934,300
	Erie, Higher Ed. Bldg. Auth. Rev. Bonds (Mercyhurst College), 5 1/2s, 3/15/38		BBB-		725,000	756,124
	Franklin Cnty., Indl. Dev. Auth. Rev. Bonds (Chambersburg Hosp.), 5 3/8s, 7/1/42		A2		1,000,000	1,093,090
	Lancaster, Higher Ed. Auth. College Rev. Bonds (Franklin & Marshall College), 5s, 4/15/29		AA-		1,000,000	1,080,200
	Northampton Cnty., Hosp. Auth. Rev. Bonds (St. Luke's Hosp. - Bethlehem), Ser. A, 5 1/2s, 8/15/40		A3		1,250,000	1,346,913
	PA State Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds (Amtrak), Ser. A, 5s, 11/1/32		A1		1,000,000	1,109,010
	PA State Higher Edl. Fac. Auth. Rev. Bonds
	(Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42		BBB		500,000	535,060
	(St. Joseph's U.), Ser. A, 5s, 11/1/40		A-		3,000,000	3,309,420
	(Philadelphia U.), 5s, 6/1/30		Baa2		2,250,000	2,359,193
	(Philadelphia U.), 5s, 6/1/22		Baa2		860,000	903,722
	PA State Hsg. Fin. Agcy. Rev. Bonds, Ser. 15-117A, 3.95s, 10/1/30		AA+		900,000	924,579
	PA State Pub. School Bldg. Auth. Rev. Bonds (Northampton Cnty. Area Cmnty. College Foundation), BAM, 5s, 6/15/32		AA		2,030,000	2,343,737
	PA State Tpk. Comm. Rev. Bonds
	Ser. A, 5s, 12/1/38		A1		1,000,000	1,143,220
	zero %, 12/1/34		A2		1,925,000	1,642,468
	Philadelphia, Gas Wks. Rev. Bonds, 5s, 8/1/32		A-		1,000,000	1,175,010
	Philadelphia, Hosp. & Higher Ed. Fac. Auth. Rev. Bonds (Hosp.-Graduate Hlth. Sys.), Ser. A, 6 1/4s, 8/1/17 (In default)(NON)		D/P		1,402,141	14
	Pittsburgh & Allegheny Cnty., Sports & Exhib. Auth. Hotel Rev. Bonds, AGM, 5s, 2/1/35		AA		1,225,000	1,385,034
						25,644,923
	Puerto Rico (0.3%)
	Cmnwlth. of PR, G.O. Bonds, Ser. A, 5 1/2s, 7/1/39		Caa3		1,000,000	632,500
	Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds, Ser. A, AMBAC, zero %, 8/1/47		Caa3		8,500,000	999,005
						1,631,505
	Rhode Island (0.6%)
	Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, 5s, 6/1/50		BBB+/F		2,750,000	2,849,385
						2,849,385
	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	3,665,280
	Ser. A, 5 1/2s, 12/1/54		AA-		3,000,000	3,411,450
	Ser. A, 5s, 12/1/55		AA-		2,000,000	2,213,400
	Ser. A, 5s, 12/1/50		AA-		2,000,000	2,231,840
						11,521,970
	Tennessee (0.8%)
	Johnson City, Hlth. & Edl. Fac. Board Hosp. Rev. Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38		Baa1		3,450,000	3,912,680
						3,912,680
	Texas (15.5%)
	Alliance, Arpt. Auth. Rev. Bonds (Federal Express Corp.), 4.85s, 4/1/21		Baa1		3,250,000	3,263,000
	Brazos River Harbor Naval Dist. Env. Rev. Bonds (Dow Chemical Co.), Ser. A-4, 5.95s, 5/15/33		BBB		400,000	439,400
	Brazos, Harbor Indl. Dev. Corp. Env. Fac. Mandatory Put Bonds (5/1/28) (Dow Chemical), 5.9s, 5/1/38		BBB		2,850,000	3,056,226
	Central TX Regl. Mobility Auth. Rev. Bonds
	Ser. A, 5s, 1/1/45		BBB+		250,000	281,978
	Ser. A, 5s, 1/1/40		BBB+		500,000	566,540
	(Sr. Lien), Ser. A, 5s, 1/1/33		BBB+		425,000	477,687
	Dallas Cnty., Util. & Reclamation Dist. G.O. Bonds, Ser. B, AMBAC, 5 3/8s, 2/15/29		A3		4,000,000	4,186,520
	Dallas, Area Rapid Transit Rev. Bonds (Sr. Lien), 5s, 12/1/33(T)		AA+		26,000,000	28,724,096
	Dallas-Fort Worth, Intl. Arpt. Fac. Impt. Corp. Rev. Bonds, Ser. A, 5 1/4s, 11/1/30		A+		3,000,000	3,542,760
	Grand Parkway Trans. Corp. Rev. Bonds (Sub. Tier Toll Syst.), Ser. B, 5s, 4/1/53		AA+		1,400,000	1,553,888
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (YMCA of the Greater Houston Area), Ser. A, 5s, 6/1/33		Baa3		800,000	868,856
	Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN (The Methodist Hosp.), Ser. C-1, 0.01s, 12/1/24		A-1+		2,800,000	2,800,000
	Houston, Util. Syst. Rev. Bonds, Ser. A, 5s, 11/15/33		AA		1,500,000	1,742,925
	Love Field, Arpt. Modernization Corp. Special Fac. Rev. Bonds (Southwest Airlines Co.), 5 1/4s, 11/1/40		Baa1		1,750,000	1,935,080
	Love Field, Gen. Arpt. Modernization Corp. Rev. Bonds, 5s, 11/1/35		A1		1,000,000	1,153,240
	Matagorda Cnty., Poll. Control Rev. Bonds (Dist. No. 1), Ser. A, AMBAC, 4.4s, 5/1/30		Baa1		1,500,000	1,673,580
	New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds
	(Wesleyan Homes, Inc.), 5 1/2s, 1/1/43		BB-/P		500,000	515,240
	(Tarleton State U. Collegiate Student Hsg.), Ser. A, 5s, 4/1/47		Baa3		1,000,000	1,047,080
	(Collegiate Hsg.-College Station I, LLC), AGM, 5s, 4/1/46		AA		2,100,000	2,312,457
	North TX, Thruway Auth. Rev. Bonds, Ser. B, zero %, 9/1/43		AA+		2,000,000	505,260
	North TX, Tollway Auth. Rev. Bonds
	(1st Tier), Ser. I, 6 1/2s, 1/1/43		A1		4,000,000	5,076,720
	(1st Tier), Ser. A, 6s, 1/1/25		A1		160,000	174,498
	(1st Tier), Ser. A, FNMA Coll., U.S. Govt. Coll., 6s, 1/1/25 (Prerefunded 1/1/18)		AAA/P		1,140,000	1,252,655
	(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38 (Prerefunded 1/1/18)		A2		500,000	547,045
	Ser. D, AGC, zero %, 1/1/28		AA		7,800,000	5,451,654
	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	423
	Ser. A, 5.45s, 11/15/38 (In default)(NON)		D/P		814,000	1,221
	Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds (Trinity Terrace), Ser. A-1, 5s, 10/1/44		BBB+/F		1,300,000	1,384,500
	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	1,147,883
	TX State Muni. Gas Acquisition & Supply Corp. III Rev. Bonds, 5s, 12/15/28		A3		1,500,000	1,719,930
	TX State Trans. Comm. Tpk. Syst. Rev. Bonds (1st Tier), Ser. A, 5s, 8/15/41		A3		2,500,000	2,808,825
						80,211,167
	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	1,405,040
						1,405,040
	Vermont (0.3%)
	VT State Edl. & Hlth. Bldg. Fin. Agcy. Rev. Bonds (U. of VT Med. Ctr.), Ser. A, 5s, 12/1/36		A3		1,250,000	1,458,475
						1,458,475
	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	2,401,266
						2,401,266
	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	5,900,959
	Port of Seattle, Rev. Bonds, Ser. C, 5s, 4/1/40		A1		875,000	978,539
	Tobacco Settlement Auth. of WA Rev. Bonds, 5 1/4s, 6/1/32		A-		2,125,000	2,360,918
	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	1,447,572
						10,687,988
	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	3,554,087
	WV State Hosp. Fin. Auth. Rev. Bonds (Thomas Hlth. Syst.), 6 3/4s, 10/1/43		B+/P		935,000	991,231
						4,545,318
	Wisconsin (1.2%)
	Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig. Group), 5 1/4s, 7/1/28		BBB		350,000	383,838
	WI State Rev. Bonds, Ser. A, 6s, 5/1/27		Aa3		2,500,000	2,887,600
	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	1,753,440
	(Prohealth Care, Inc.), 5s, 8/15/39		A1		750,000	839,820
	(Three Pillars Sr. Living), 5s, 8/15/33		A-/F		430,000	468,223
						6,332,921
	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	2,287,640
	WY Muni. Pwr. Agcy. Pwr. Supply Rev. Bonds
	Ser. A, 5 1/2s, 1/1/33		A2		950,000	1,024,499
	(Pwr. Supply), Ser. A, 5 1/2s, 1/1/28		A2		1,000,000	1,080,590
						4,392,729
	TOTAL INVESTMENTS
	Total investments (cost $657,134,114)(b)					$728,993,711

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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 January 31, 2016 (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 $517,404,928.
(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 $656,857,351, resulting in gross unrealized appreciation and depreciation of $75,463,418 and $3,327,058, respectively, or net unrealized appreciation of $72,136,360.
(NON)	This security is non-income-producing.
(F)	This security is valued by Putnam Management 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 $51,854,849 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%
	Health care	22.0
	Transportation	21.4
	Local debt	13.8
	Tax bonds	13.4
	State debt	11.2
	Prerefunded	10.7
	Education	10.5
	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 $93,668,380 were held by the TOB trust and served as collateral for $41,813,531 in floating-rate bonds outstanding. During the reporting period, the fund incurred interest expense of $12,322 for these investments based on an average interest rate of 0.05%.

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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	$—	$728,926,491	$67,220
	Totals by level	$—	$728,926,491	$67,220
	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. Transfers are accounted for using the end of period pricing valuation method.
	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 25, 2016

	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 25, 2016

	By (Signature and Title):

	/s/ Steven D. Krichmar Steven D. Krichmar Principal Financial Officer Date: March 25, 2016