<SEC-DOCUMENT>0000928816-12-002055.txt : 20121228
<SEC-HEADER>0000928816-12-002055.hdr.sgml : 20121228
<ACCEPTANCE-DATETIME>20121228132011
ACCESSION NUMBER:		0000928816-12-002055
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		14
CONFORMED PERIOD OF REPORT:	20121031
FILED AS OF DATE:		20121228
DATE AS OF CHANGE:		20121228
EFFECTIVENESS DATE:		20121228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		IRS NUMBER:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		121289987

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>a_munioppstrst.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
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   <TD noWrap align=center width="100%" colSpan=2><FONT face=sans-serif size=2>UNITED STATES</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=sans-serif size=2>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><FONT face=sans-serif size=2>Washington, D.C. 20549</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><B><FONT face=sans-serif size=2>FORM N-CSR</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><B><FONT face=sans-serif size=2>&nbsp;</FONT></B></TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><B><FONT face=sans-serif size=2>CERTIFIED SHAREHOLDER REPORT OF REGISTERED</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><B><FONT face=sans-serif size=2>MANAGEMENT INVESTMENT COMPANIES</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center width="100%" colSpan=2><B><FONT face=sans-serif size=2>&nbsp;</FONT></B></TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Investment Company Act file number: (811- 07626 )</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Exact name of registrant as specified in charter:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=2>Address of principal executive offices: One Post Office Square, Boston, Massachusetts 02109</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Name and address of agent for service:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Robert T. Burns, Vice President</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%">&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>One Post Office Square</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Boston, Massachusetts 02109</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 175px" noWrap align=left width="50%"><FONT face=sans-serif size=2>Copy to:</FONT>&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>John W. Gerstmayr, Esq.</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%">&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Ropes &amp; Gray LLP</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%">&nbsp;</TD>

   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>800 Boylston Street</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Boston, Massachusetts 02199-3600</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Registrant&#8217;s telephone number, including area code:</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 50px" noWrap align=left width="50%"><FONT face=sans-serif size=2>(617) 292-1000</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Date of fiscal year end: April 30, 2013</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>&nbsp; </FONT></TD>

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   <TD noWrap align=left width="100%" colSpan=2><FONT face=sans-serif size=2>Date of reporting period May 1, 2012 &#8211; October 31, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 1. Report to Stockholders:</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:</FONT></P></DIV>









































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<P style="TEXT-ALIGN: left"><B><FONT size=6 face=sans-serif>Putnam Municipal</FONT></B><BR><B><FONT size=6 face=sans-serif>Opportunities</FONT></B><BR><B><FONT size=6 face=sans-serif>Trust</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Semiannual report</FONT></B><BR><B><FONT size=4 face=sans-serif>10 </FONT></B><B><FONT size=5 face=sans-serif>| </FONT></B><B><FONT size=4 face=sans-serif>31 </FONT></B><B><FONT size=5 face=sans-serif>| </FONT></B><B><FONT size=4 face=sans-serif>12</FONT></B></P>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Message from the Trustees</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>1</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>About the fund</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>2</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Performance snapshot</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>4</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Interview with your fund&#8217;s portfolio manager</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>5</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Your fund&#8217;s performance</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>10</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Terms and definitions</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>12</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Other information for shareholders</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>13</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Trustee approval of management contract</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>14</FONT></B>&nbsp;</TD>

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   <TD width="30%" noWrap align=left><B><FONT size=2 face=sans-serif>Financial statements</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=2 face=sans-serif>18</FONT></B>&nbsp;</TD>

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<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Consider these risks before investing: </FONT></B><FONT size=2 face=sans-serif>Lower-rated bonds may offer higher yields in return for more risk. Bond investments are subject to interest-rate risk, which means the prices of the fund&#8217;s bond investments are likely to fall if interest rates rise. Bond investments also are subject to credit risk, which is the risk that the issuer of the bond may default on payment of interest or principal. Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds, which may be considered speculative. Unlike bonds, funds that invest in bonds have ongoing fees and expenses. The fund&#8217;s shares trade on a stock exchange at market prices, which may be lower than the fund&#8217;s net asset value.</FONT></P>

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<B><FONT size=5 face="sans-serif">Message from the Trustees</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Dear Fellow Shareholder:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">The U.S. economy has been exhibiting greater underlying strength than previously thought, with employment, consumer spending, manufacturing, and housing data all showing steady improvement this year. U.S. stocks and many international markets have responded by delivering strong returns.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Still, the rise in equities has been accompanied by heightened investor anxiety, fostered by Europe&#146;s ongoing troubles, China&#146;s economic slowdown, and the looming &#147;fiscal cliff&#148; in the United States. We believe volatility will remain a feature of market behavior until these challenges are resolved.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">At Putnam, our portfolio managers and analysts are trained to uncover opportunities and manage risk in this type of environment. We also strongly believe that it is prudent for long-term investors to rely on the expertise of a trusted financial advisor, who can help them work toward their financial goals.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">We would like to take this opportunity to announce the arrival of two new Trustees, Liaquat Ahamed and Katinka Domotorffy, CFA, to your fund&#146;s Board of Trustees. Mr. Ahamed, who in 2010 won the Pulitzer Prize for History with his book, </FONT><I><FONT size=2 face="sans-serif">Lords of Finance: The Bankers Who Broke the World</FONT></I><FONT size=2 face="sans-serif">, also serves on the Board of Aspen Insurance and the Board of the Rohatyn Group, an emerging-market fund complex that manages money for institutional investors.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Ms. Domotorffy, who until year-end 2011 was a Partner, Chief Investment Officer, and Global Head of Quantitative Investment Strategies at Goldman Sachs Asset Management, currently serves as a member of the Anne Ray Charitable Trust&#146;s Investment Committee, Margaret A. Cargill Philanthropies, and director for Reach Out and Read of Greater New York, an organization dedicated to promoting early childhood literacy.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">We would also like to extend a welcome to new shareholders of the fund and to thank all of our investors for your continued confidence in Putnam.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>About </FONT></B><B><FONT size=5 face=sans-serif>the fund</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Potential </FONT></B><B><FONT size=2 face=sans-serif>for </FONT></B><B><FONT size=2 face=sans-serif>income exempt </FONT></B><B><FONT size=2 face=sans-serif>from </FONT></B><B><FONT size=2 face=sans-serif>federal income </FONT></B><B><FONT size=2 face=sans-serif>tax</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Investing </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>municipal </FONT><FONT size=2 face=sans-serif>bonds </FONT><FONT size=2 face=sans-serif>through </FONT><FONT size=2 face=sans-serif>a fund such as </FONT><FONT size=2 face=sans-serif>Putnam Municipal Opportunities </FONT><FONT size=2 face=sans-serif>Trust can help </FONT><FONT size=2 face=sans-serif>address </FONT><FONT size=2 face=sans-serif>a significant </FONT><FONT size=2 face=sans-serif>challenge: </FONT><FONT size=2 face=sans-serif>taxes on your </FONT><FONT size=2 face=sans-serif>investment income. </FONT><FONT size=2 face=sans-serif>While the stated yields on </FONT><FONT size=2 face=sans-serif>municipal </FONT><FONT size=2 face=sans-serif>bonds are usually lower than those of taxable bonds, the </FONT><FONT size=2 face=sans-serif>income </FONT><FONT size=2 face=sans-serif>most of these bonds pay has the </FONT><FONT size=2 face=sans-serif>advantage </FONT><FONT size=2 face=sans-serif>of being </FONT><FONT size=2 face=sans-serif>exempt </FONT><FONT size=2 face=sans-serif>from federal tax.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Municipal </FONT><FONT size=2 face=sans-serif>bonds are </FONT><FONT size=2 face=sans-serif>typically </FONT><FONT size=2 face=sans-serif>issued by states and local </FONT><FONT size=2 face=sans-serif>municipalities </FONT><FONT size=2 face=sans-serif>to raise funds for </FONT><FONT size=2 face=sans-serif>building </FONT><FONT size=2 face=sans-serif>and maintaining public </FONT><FONT size=2 face=sans-serif>facilities. </FONT><FONT size=2 face=sans-serif>The bonds are </FONT><FONT size=2 face=sans-serif>backed </FONT><FONT size=2 face=sans-serif>by the issuing city or town, by </FONT><FONT size=2 face=sans-serif>revenues collected </FONT><FONT size=2 face=sans-serif>from usage fees, or by state tax </FONT><FONT size=2 face=sans-serif>revenues. Depending </FONT><FONT size=2 face=sans-serif>on the type of </FONT><FONT size=2 face=sans-serif>backing, </FONT><FONT size=2 face=sans-serif>the bonds will have </FONT><FONT size=2 face=sans-serif>varying degrees </FONT><FONT size=2 face=sans-serif>of credit risk, which is the risk that the issuer will not be able to repay the bond.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Many </FONT><FONT size=2 face=sans-serif>municipal </FONT><FONT size=2 face=sans-serif>bonds are not rated by </FONT><FONT size=2 face=sans-serif>independent </FONT><FONT size=2 face=sans-serif>rating </FONT><FONT size=2 face=sans-serif>agencies </FONT><FONT size=2 face=sans-serif>such as </FONT><FONT size=2 face=sans-serif>Standard </FONT><FONT size=2 face=sans-serif>&amp; Poor&#8217;s and </FONT><FONT size=2 face=sans-serif>Moody&#8217;s. </FONT><FONT size=2 face=sans-serif>This is </FONT><FONT size=2 face=sans-serif>primarily because </FONT><FONT size=2 face=sans-serif>many issuers decide not to pursue a rating that might be below </FONT><FONT size=2 face=sans-serif>investment </FONT><FONT size=2 face=sans-serif>grade. As a result, the fund&#8217;s </FONT><FONT size=2 face=sans-serif>managers </FONT><FONT size=2 face=sans-serif>must </FONT><FONT size=2 face=sans-serif>conduct additional research </FONT><FONT size=2 face=sans-serif>to </FONT><FONT size=2 face=sans-serif>determine whether </FONT><FONT size=2 face=sans-serif>these bonds are </FONT><FONT size=2 face=sans-serif>prudent investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Once the fund has </FONT><FONT size=2 face=sans-serif>invested </FONT><FONT size=2 face=sans-serif>in a bond, the </FONT><FONT size=2 face=sans-serif>managers continue </FONT><FONT size=2 face=sans-serif>to </FONT><FONT size=2 face=sans-serif>monitor developments </FONT><FONT size=2 face=sans-serif>that affect the overall bond </FONT><FONT size=2 face=sans-serif>market, </FONT><FONT size=2 face=sans-serif>the sector, and the issuer of the bond.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The goal of this in-depth </FONT><FONT size=2 face=sans-serif>research </FONT><FONT size=2 face=sans-serif>and active </FONT><FONT size=2 face=sans-serif>management </FONT><FONT size=2 face=sans-serif>is to stay a step ahead of the </FONT><FONT size=2 face=sans-serif>industry </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>pinpoint opportunities </FONT><FONT size=2 face=sans-serif>for </FONT><FONT size=2 face=sans-serif>investors.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How do </FONT></B><B><FONT size=2 face=sans-serif>closed</FONT></B><B><FONT size=2 face=sans-serif>-end funds differ from open-end </FONT></B><B><FONT size=2 face=sans-serif>funds?</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>More assets at work </FONT></B><FONT size=1 face=sans-serif>While open-end funds need to </FONT><FONT size=1 face=sans-serif>maintain </FONT><FONT size=1 face=sans-serif>a cash </FONT><FONT size=1 face=sans-serif>position </FONT><FONT size=1 face=sans-serif>to meet </FONT><FONT size=1 face=sans-serif>redemptions, </FONT><FONT size=1 face=sans-serif>closed-end funds are not </FONT><FONT size=1 face=sans-serif>subject </FONT><FONT size=1 face=sans-serif>to </FONT><FONT size=1 face=sans-serif>redemptions </FONT><FONT size=1 face=sans-serif>and can keep more of their assets </FONT><FONT size=1 face=sans-serif>invested </FONT><FONT size=1 face=sans-serif>in the </FONT><FONT size=1 face=sans-serif>market.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Traded </FONT></B><B><FONT size=1 face=sans-serif>like stocks </FONT></B><FONT size=1 face=sans-serif>Closed-end fund shares are traded on stock </FONT><FONT size=1 face=sans-serif>exchanges, </FONT><FONT size=1 face=sans-serif>and their market prices fl</FONT><FONT size=1 face=sans-serif>uctuate </FONT><FONT size=1 face=sans-serif>in </FONT><FONT size=1 face=sans-serif>response </FONT><FONT size=1 face=sans-serif>to supply and </FONT><FONT size=1 face=sans-serif>demand, </FONT><FONT size=1 face=sans-serif>among other </FONT><FONT size=1 face=sans-serif>factors.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Net asset value vs. </FONT></B><B><FONT size=1 face=sans-serif>market </FONT></B><B><FONT size=1 face=sans-serif>price </FONT></B><FONT size=1 face=sans-serif>Like an open-end fund&#8217;s net asset value (NAV) per share, the NAV of a closed-end fund share is equal to the </FONT><FONT size=1 face=sans-serif>current </FONT><FONT size=1 face=sans-serif>value of the fund&#8217;s assets, minus its </FONT><FONT size=1 face=sans-serif>liabilities, divided </FONT><FONT size=1 face=sans-serif>by the </FONT><FONT size=1 face=sans-serif>number </FONT><FONT size=1 face=sans-serif>of shares </FONT><FONT size=1 face=sans-serif>outstanding. However, </FONT><FONT size=1 face=sans-serif>when buying or selling closed-end fund shares, the price you pay or receive is the </FONT><FONT size=1 face=sans-serif>market </FONT><FONT size=1 face=sans-serif>price. Market price reflects </FONT><FONT size=1 face=sans-serif>current market </FONT><FONT size=1 face=sans-serif>supply and </FONT><FONT size=1 face=sans-serif>demand </FONT><FONT size=1 face=sans-serif>and may be higher or lower than the NAV.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><I><FONT size=1 face=sans-serif>Data are historical. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and net asset value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart are at NAV. See pages 5 and 10&#8211;11 for additional performance </FONT></I></B><B><I><FONT size=1 face=sans-serif>information, including fund returns at market price. Index and Lipper results should be compared with fund performance at NAV. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund&#8217;s monthly reinvestment NAV.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>* </FONT></B><B><I><FONT size=1 face=sans-serif>Returns for the six-month period are not annualized, but&nbsp;cumulative.</FONT></I></B></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>Interview with your fund&#8217;s portfolio manager</FONT></B></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Putnam Municipal Opportunities Trust posted gains during the first half of its fiscal year. How would you describe the investment environment?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The past six months marked a solid period for both municipal bonds and the fund. For much of the period, interest rates trended lower as investors focused on the possibility of a deteriorating situation in the European sovereign debt markets and a slowing economy in the United States. This downward trend in rates helped bond markets in general, as bond prices move in the opposite direction of rates. Meanwhile, the introduction in September of a third round of bond-buying by the U.S. Federal Reserve &#8212; known as </FONT><FONT size=2 face=sans-serif>&#8220;QE3&#8221; &#8212; kept downward pressure on longer-dated bonds. Technical factors were also a tailwind for investors, as strong market demand continued to outpace supply, particularly since many municipal issuers have been taking advantage of today&#8217;s low prevailing interest rates by refunding existing debt.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Against this backdrop, tax-exempt bonds posted solid returns and outpaced the broad taxable bond market, as measured by the Barclays U.S. Aggregate Bond Index. Moreover, I am pleased to report that the fund outperformed its benchmark during the past six months, although it trailed the average return of its Lipper peer group.</FONT></P>
<IMG border=0 src="munioppstrustx6x2.jpg"> <BR>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This comparison shows your fund&#8217;s performance in the context of broad market indexes for the six months ended 10/31/12. See pages 4 and 10&#8211;11 for additional fund performance information. Index descriptions can be found on page 12.</FONT></P>

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   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>5</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What has the default picture looked like in the municipal bond market?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Bankruptcy filings continued to capture headlines during the past six months, with three California cities &#8212; Mammoth Lakes, San Bernardino, and Stockton &#8212; all filing for protection in recent months. While these developments captured media attention, it&#8217;s important to put them in context. Through the end of September&nbsp;2012, $3.3 billion of the $3.7 trillion municipal bond market had defaulted, representing about 0.09% of the overall market. On an annualized basis, this figure is in line with the 10-year average annual default rate, and represents a marked decline from 2011&#8217;s annual cumulative default rate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Looking ahead, we believe defaults are likely to remain in line with historical averages. That said, we also believe it&#8217;s likely that certain cities or counties will continue to capture </FONT><FONT size=2 face=sans-serif>headlines as we close out 2012 and begin 2013 as a number of municipalities work to find their fiscal footing; additional bankruptcy filings are certainly a possibility.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What effect have potential policy changes had on the tax-exempt bond market?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As the 2012 presidential election race heated up, there was more discussion about tax reform and federal spending levels. With President Obama having been reelected for a second term, we believe an across-the-board reduction in individual rates is now highly unlikely. Tax rates, of course, represent one component of the broader &#8220;fiscal cliff&#8221; looming at the start of 2013. Without additional legislation, the so-called Bush-era tax cuts will expire and federal funding will automatically be sequestered &#8212; per last year&#8217;s debt ceiling negotiations &#8212; beginning January&nbsp;1, 2013. </FONT><FONT size=2 face=sans-serif>The Congressional Budget Office estimates that the combined effect of the spending cuts</FONT></P>
<IMG border=0 src="munioppstrustx7x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Credit qualities are shown as a percentage of the fund&#8217;s portfolio market value as of 10/31/12. </FONT><FONT size=2 face=sans-serif>A bond rated Baa or higher (MIG3/VMIG3 or higher, for short-term debt) is considered investment grade. The chart reflects Moody&#8217;s ratings; percentages may include bonds or derivatives not rated by Moody&#8217;s but rated by Standard &amp; Poor&#8217;s (S&amp;P) or, if unrated by S&amp;P, by Fitch, and then included in the closest equivalent Moody&#8217;s rating. Ratings will vary over time. Credit qualities are included for portfolio securities and are not included for derivative instruments and cash. The fund itself has not been rated by an independent rating agency.</FONT></P>

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   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>and tax hikes could negatively impact GDP anywhere from &#8211;2% to &#8211;4%. With the U.S. economy growing at a rate of only about 2% a year, that level of decline obviously would be detrimental. Lawmakers are keenly aware of the issues, and our belief is that Congress will likely act sometime before the end of the year. The market is hopeful that an extension deal can be reached before January, and a longer-term solution to debt levels may be addressed in the first part of 2013.</FONT></P>
<IMG border=0 src="munioppstrustx8x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All told, it&#8217;s difficult to gauge the net effect of this policy uncertainty. To date, the performance of the municipal bond market has been quite strong despite the uncertainty </FONT><FONT size=2 face=sans-serif>related to the fiscal cliff. As always, we are monitoring the political situation closely, and believe that, given the less-than-certain environment going forward, our funds are well positioned for helping investors pursue diverse tax-free income opportunities.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How are states&#8217; finances faring today?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We have definitely seen improvement across the board. The National Conference of State Legislatures recently reported that for the first time since 2008, more than half of the states are projected to finish their fiscal years with positive balances &#8212; an encouraging trend. That said, stresses continue to exist at the local level, where many states have lowered expenses by reducing their financial support. Moreover, should the economy begin to decelerate and growth begin to stall, that would almost certainly negatively affect municipal finances, we believe. With this in mind, we are taking a somewhat</FONT></P>
<IMG border=0 src="munioppstrustx8x2.jpg"> <BR>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Top ten state allocations are shown as a percentage of the fund&#8217;s portfolio market value as of 10/31/12. Investments in Puerto Rico represented 4.1% of portfolio value. Holdings will vary over time. State concentrations listed in the portfolio schedule in the Financial Statements section of this shareholder report are inclusive of tender option bonds and exclusive of any interest accruals, and may differ from the summary information above.</FONT></P>

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   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>7</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>cautious view on the outlook for local general obligation bonds overall.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How did you position the portfolio during the fund&#8217;s fiscal year?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We sought to benefit from improving fundamentals in the municipal bond market. While we believed that the budget challenges faced by many municipalities were significant, we were confident that conditions would improve as long as the broad economy did not stall. Against this backdrop, we believed that essential service revenue bonds continued to be attractive, while we remained highly selective regarding the fund&#8217;s positioning in local general obligation bonds [G.O.s], which are securities issued at the city or county level. As the federal government looks to reduce transfer payments to the states, we believe that these types of bonds are at risk for downgrades or other headline-driven price volatility. And unlike state general obligation </FONT><FONT size=2 face=sans-serif>bonds, local G.O.s rely more on property tax revenue than on income or sales taxes. With real-estate prices still under pressure in many markets, property taxes have been slower to recover than other tax sources.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>From a credit perspective, we held overweight positions in A-rated and Baa-rated securities versus the fund&#8217;s benchmark. In terms of sectors, relative to the benchmark index, we favored higher education, utility, and health-care bonds, including those of hospitals and continuing-care retirement communities. Overall, this positioning generally helped the fund&#8217;s relative performance during its fiscal year.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>On the other hand, our slightly short duration positioning was an overall detractor from performance relative to our Lipper peers. Also, an underweight position in non-rated municipal bonds hampered relative performance for the fund as well.</FONT></P>
<IMG border=0 src="munioppstrustx9x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This chart shows how the fund&#8217;s top weightings have changed over the past six months. Weightings are shown as a percentage of portfolio market value. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of any interest accruals, the exclusion of as-of trades, if any, and the use of different classifications of securities for presentation purposes. Holdings will vary over time.</FONT></P>

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   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>During the reporting period, the fund reduced its distribution rate. What was driving that decision?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In September, the fund reduced its distribution rate from $0.0663 to $0.0559 per share. With heightened refinancing activity and interest rates on newer bonds paying lower coupons, the income offered in today&#8217;s municipal bond universe is generally lower, and the reduced distribution rate reflects that change.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What is your outlook for the months ahead?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We continue to be optimistic on the outlook for municipal bonds, given strong market technicals, and maintain our overweight position in essential-service revenue bonds. While spreads are well off their wides, they remain attractive. Technical factors in the market have been positive &#8212; specifically, higher refunding activity and strong investor demand. Like most asset classes, the municipal market will likely be more heavily influenced by the fiscal cliff the closer we get to January&nbsp;1, as market participants look to Washington, D.C., for clues about a short-term extension of tax rates, the sequestration of funding, the debt ceiling, and the potential for broader tax reform in 2013. All of these </FONT><FONT size=2 face=sans-serif>factors could impact the value of municipal bonds&#8217; tax exemption, the availability of those bonds, and the transfer of federal dollars to state and local municipalities, and therefore credit quality.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Thank you, Thalia, for your time and insights today.</FONT></B></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>The views expressed in this report are exclusively those of Putnam Management and are subject to change. They are not meant as investment advice.</FONT></I></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund&#8217;s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Portfolio Manager </FONT><B><FONT size=2 face=sans-serif>Thalia Meehan </FONT></B><FONT size=2 face=sans-serif>holds a B.A. from Williams College. A CFA charterholder, Thalia joined Putnam in 1989 and has been in the investment industry since 1983.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In addition to Thalia, your fund&#8217;s portfolio managers are Paul M. Drury, CFA, and Susan A. McCormack, CFA.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>IN THE NEWS</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>After decelerating in the middle of the year, the world&#8217;s two largest economies &#8212; the United States and China &#8212; are showing signs of growth. </FONT></B><FONT size=2 face=sans-serif>Stronger housing demand and hiring is appearing in the United States, and factory output and retail sales are rising in China, potentially marking an end to the recent slowdown in that economy. This fall, President Barack Obama was elected to </FONT><FONT size=2 face=sans-serif>a second term in the United States, and Xi Jinping, in a once-in-a-decade transition of power, was named President of China. Neither country is without its potential difficulties, however. The United States must produce a budget agreement that averts the across-the-board tax increases and austerity measures in the &#8220;fiscal cliff,&#8221; and China&#8217;s new leadership remains untested.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Your fund&#8217;s performance</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This section shows your fund&#8217;s performance, price, and distribution information for periods ended October 31, 2012, the end of the first half of its current fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance as of the most recent calendar quarter-end. Performance should always be considered in light of a fund&#8217;s investment strategy. Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate, and you may have a gain or a loss when you sell your shares.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund performance </FONT></B><FONT size=2 face=sans-serif>Total return for periods ended 10/31/12</FONT></P>

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   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Lipper General &amp;</FONT></B>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Insured Municipal</FONT></B>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Debt Funds</FONT></B>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Barclays Municipal</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>(leveraged closed-end)</FONT></B>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>NAV</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Market price</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>Bond Index</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=center><B><FONT size=1 face=sans-serif>category average*</FONT></B>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Life of fund</FONT>&nbsp;</TD>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>(since 5/28/93)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.65%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.28%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>5.78%</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.54%</FONT>&nbsp;</TD></TR>

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   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>10 years</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>100.72</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>110.17</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>66.60</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>97.28</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>7.22</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>7.71</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>5.24</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.99</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>5 years</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>45.80</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>63.84</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>33.96</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>45.32</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>7.83</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>10.38</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.02</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>7.73</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>3 years</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>39.96</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>49.04</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>21.95</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>41.23</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>11.86</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>14.23</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.84</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>12.17</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>1 year</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>17.77</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>22.03</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>9.03</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>18.77</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>6 months</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>6.78</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>8.81</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>3.34</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=center><FONT size=1 face=sans-serif>7.15</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5 align=center>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>Performance assumes reinvestment of distributions and does not account for taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Index and Lipper results should be compared to fund performance at net asset value. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund&#8217;s monthly reinvestment NAV.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Over the 6-month, 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 10/31/12, there were 75, 75, 74, 72, 66, and 39 funds respectively, in this Lipper category.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif>10</FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund price and distribution information </FONT></B><FONT size=2 face=sans-serif>For the six-month period ended 10/31/12</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="54%"></TD>

   <TD width="15%" align=center></TD>

   <TD width="15%" align=center></TD>

   <TD width="15%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Distributions &#8212; Common shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Number</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>6</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Income </FONT><B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>$0.377</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Capital gains </FONT><B><SUP><FONT size=1 face=sans-serif>2</FONT></SUP></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=sans-serif>$0.377</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=sans-serif>Series B</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=sans-serif>Series C</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Distributions &#8212; Preferred shares</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=sans-serif>(3,417 shares)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=sans-serif>(3,737 shares)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Income </FONT><B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>$34.95</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>$34.86</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Capital gains </FONT><B><SUP><FONT size=1 face=sans-serif>2</FONT></SUP></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=sans-serif>$34.95</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=sans-serif>$34.86</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Share value</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=sans-serif>NAV</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center><B><FONT size=1 face=sans-serif>Market price</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4/30/12</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>$12.97</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>$12.70</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>10/31/12</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>13.46</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>13.43</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Current yield (end of period)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Current dividend rate </FONT><B><SUP><FONT size=1 face=sans-serif>3</FONT></SUP></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>4.98%</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>4.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Taxable equivalent </FONT><B><SUP><FONT size=1 face=sans-serif>4</FONT></SUP></B>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>7.66</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="15%" noWrap align=center><FONT size=1 face=sans-serif>7.68</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4 align=center>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The classification of distributions, if any, is an estimate. Final distribution information will appear on your year-end tax forms.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP></B><FONT size=1 face=sans-serif>For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally exempt funds may be subject to state and local taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>2 </FONT></SUP></B><FONT size=1 face=sans-serif>Capital gains, if any, are taxable for federal and, in most cases, state purposes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>3 </FONT></SUP></B><FONT size=1 face=sans-serif>Most recent distribution, excluding capital gains, annualized and divided by NAV or market price at end of period.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>4 </FONT></SUP></B><FONT size=1 face=sans-serif>Assumes maximum 35.00% federal tax rate for 2012. Results for investors subject to lower tax rates would not be as advantageous.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund performance as of most recent calendar quarter</FONT></B><BR><FONT size=2 face=sans-serif>Total return for periods ended 9/30/12</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%" align=center></TD>

   <TD width="33%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face=sans-serif>NAV</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=center><B><FONT size=1 face=sans-serif>Market price</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center>&nbsp;</TD>

   <TD width="33%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Life of fund (since 5/28/93)</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>6.64%</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>6.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>10 years</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>92.97</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>92.27</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>6.79</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>6.76</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>5 years</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>45.49</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>59.33</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>7.79</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>9.76</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>3 years</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>35.09</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>40.93</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>Annual average</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>10.55</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>12.12</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>1 year</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>16.44</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>20.18</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=1 face=sans-serif>6 months</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>7.91</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=center><FONT size=1 face=sans-serif>8.58</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3 align=center>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>11</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Terms and definitions</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Important terms</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Total return </FONT></B><FONT size=2 face=sans-serif>shows how the value of the fund&#8217;s shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Net asset value (NAV) </FONT></B><FONT size=2 face=sans-serif>is the value of all your fund&#8217;s assets, minus any liabilities, divided by the number of outstanding shares.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Market price </FONT></B><FONT size=2 face=sans-serif>is the current trading price of one share of the fund. Market prices are set by transactions between buyers and sellers on exchanges such as the New York Stock Exchange.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fixed-income terms</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Current yield </FONT></B><FONT size=2 face=sans-serif>is the annual rate of return earned from dividends or interest of an investment. Current yield is expressed as a percentage of the price of a security, fund share, or principal investment.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Yield curve </FONT></B><FONT size=2 face=sans-serif>is a graph that plots the yields of bonds with equal credit quality against their differing maturity dates, ranging from shortest to longest. It is used as a benchmark for other debt, such as mortgage or bank lending rates.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Comparative indexes</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Barclays Municipal Bond Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Barclays U.S. Aggregate Bond Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index of U.S. investment-grade fixed-income securities.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>BofA (Bank of America) Merrill Lynch U.S. 3-Month Treasury Bill Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>S&amp;P 500 Index </FONT></B><FONT size=2 face=sans-serif>is an unmanaged index of common stock performance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Lipper </FONT></B><FONT size=2 face=sans-serif>is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund&#8217;s category assignment at its discretion. Lipper category averages reflect performance trends for funds within a category.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Other information for shareholders</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Important notice regarding share repurchase program</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In September 2012, the Trustees of your fund approved the renewal of a share repurchase program that had been in effect since 2005. This renewal will allow your fund to repurchase, in the 12 months beginning October 8, 2012, up to 10% of the fund&#8217;s common shares outstanding as of October 7, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Important notice regarding delivery of shareholder documents</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In accordance with Securities and Exchange Commission (SEC) regulations, Putnam sends a single copy of annual and semiannual shareholder reports, prospectuses, and proxy statements to Putnam shareholders who share the same address, unless a shareholder requests otherwise. If you prefer to receive your own copy of these documents, please call Putnam at 1-800-225-1581, and Putnam will begin sending individual copies within&nbsp;30&nbsp;days.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Proxy voting</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds&#8217; proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2012, are available in the Individual Investors section of putnam.com, and on the SEC&#8217;s website, www.sec.gov. If </FONT><FONT size=2 face=sans-serif>you have questions about finding forms on the SEC&#8217;s website, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds&#8217; proxy voting guidelines and procedures at no charge by calling Putnam&#8217;s Shareholder Services at 1-800-225-1581.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fund portfolio holdings</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund&#8217;s Forms N-Q on the SEC&#8217;s website at www.sec.gov. In addition, the fund&#8217;s Forms N-Q may be reviewed and copied at the SEC&#8217;s Public Reference Room in Washington, D.C. You may call the SEC at 1-800-SEC-0330 for information about the SEC&#8217;s website or the operation of the Public Reference Room.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Trustee and employee fund ownership</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam employees and members of the Board of Trustees place their faith, confidence, and, most importantly, investment dollars in Putnam mutual funds. As of October 31, 2012, Putnam employees had approximately $338,000,000 and the Trustees had approximately $82,000,000 invested in Putnam mutual funds. These amounts include investments by the Trustees&#8217; and employees&#8217; immediate family members as well as investments through retirement and deferred compensation plans.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Trustee approval of management contract</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>General conclusions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund&#8217;s management contract with Putnam Investment Management (&#8220;Putnam Management&#8221;) and the sub-management contract with respect to your fund between Putnam Management and its affiliate, Putnam Investments Limited (&#8220;PIL&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Board of Trustees, with the assistance of its Contract Committee, requests and evaluates all information it deems reasonably necessary under the circumstances in connection with its annual contract review. The Contract Committee consists solely of Trustees who are not &#8220;interested persons&#8221; (as this term is defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;)) of the Putnam funds (&#8220;Independent Trustees&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>At the outset of the review process, members of the Board&#8217;s independent staff and independent legal counsel met with representatives of Putnam Management to review the annual contract review materials furnished to the Contract Committee during the course of the previous year&#8217;s review and to discuss possible changes in these materials that might be necessary or desirable for the coming year. Following these discussions and in consultation with the Contract Committee, the Independent Trustees&#8217; independent legal counsel requested that Putnam Management furnish specified information, together with any additional information that Putnam Management considered relevant, to the Contract Committee. Over the course of several months ending in June 2012, the Contract Committee met on a number of occasions with representatives of Putnam Management, and separately in executive session, to consider the information that Putnam </FONT><FONT size=2 face=sans-serif>Management provided. Throughout this process, the Contract Committee was assisted by the members of the Board&#8217;s independent staff and by independent legal counsel for the Putnam funds and the Independent Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In May 2012, the Contract Committee met in executive session with the other Independent Trustees to discuss the Contract Committee&#8217;s preliminary recommendations with respect to the continuance of the contracts. At the Trustees&#8217; June 22, 2012 meeting, the Contract Committee met in executive session with the other Independent Trustees to review a summary of the key financial data that the Contract Committee considered in the course of its review. The Contract Committee then presented its written report, which summarized the key factors that the Committee had considered and set forth its final recommendations. The Contract Committee then recommended, and the Independent Trustees approved, the continuance of your fund&#8217;s management and sub-management contracts, effective July 1, 2012. (Because PIL is an affiliate of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL, the Trustees have not evaluated PIL as a separate entity, and all subsequent references to Putnam Management below should be deemed to include reference to PIL as necessary or appropriate in the context.)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Independent Trustees&#8217; approval was based on the following conclusions:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds, and the costs incurred by Putnam Management in providing services, and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; </FONT><FONT size=2 face=sans-serif>That the fee schedule represented an appropriate sharing between fund shareholders and Putnam Management of such economies of</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>scale as may exist in the management of the fund at current asset levels.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees&#8217; deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the management arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that some aspects of the arrangements may receive greater scrutiny in some years than others, and that the Trustees&#8217; conclusions may be based, in part, on their consideration of fee arrangements in previous years.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Management fee schedules and total expenses</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints. In reviewing management fees, the Trustees generally focus their attention on material changes in circumstances &#8212; for example, changes in assets under management, changes in a fund&#8217;s investment style, changes in Putnam Management&#8217;s operating costs, or changes in competitive practices in the mutual fund industry &#8212; that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management fee structure of your fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Your fund has the benefit of breakpoints in its management fee that provide shareholders with significant economies of scale in the form of reduced fee levels as the fund&#8217;s assets under management increase. In recent years, the Trustees have examined the operation of the </FONT><FONT size=2 face=sans-serif>existing breakpoint structure during periods of both growth and decline in asset levels. The Trustees concluded that the fee schedule in effect for your fund represented an appropriate sharing of economies of scale at that time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees reviewed comparative fee and expense information for a custom group of competitive funds selected by Lipper Inc. This comparative information included your fund&#8217;s percentile ranking for effective management fees and total expenses, which provides a general indication of your fund&#8217;s relative standing. In the custom peer group, your fund ranked in the 1st quintile in effective management fees (determined for your fund and the other funds in the custom peer group based on fund asset size and the applicable contractual management fee schedule) and in the 5th quintile in total expenses as of December 31, 2011 (the first quintile representing the least expensive funds and the fifth quintile the most expensive funds). The fee and expense data reported by Lipper as of December 31, 2011 reflected the most recent fiscal year-end data available in Lipper&#8217;s database at that time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services provided and the profits realized by Putnam Management and its affiliates from their contractual relationships with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management, investor servicing and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management&#8217;s revenues, expenses and profitability, allocated on a fund-by-fund basis, with respect to the funds&#8217; management, distribution, and investor servicing contracts. For each fund, the analysis presented information about revenues, expenses and profitability for each of the agreements separately and for</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>the agreements taken together on a combined basis. The Trustees concluded that, at current asset levels, the fee schedules in place represented reasonable compensation for the services being provided and represented an appropriate sharing of such economies of scale as may exist in the management of the funds at that time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The information examined by the Trustees as part of their annual contract review for the Putnam funds has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as defined benefit pension plans, college endowments, and the like. This information included comparisons of those fees with fees charged to the funds, as well as an assessment of the differences in the services provided to these different types of clients. The Trustees observed that the differences in fee rates between institutional clients and mutual funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients may reflect historical competitive forces operating in separate markets. The Trustees considered the fact that in many cases fee rates across different asset classes are higher on average for mutual funds than for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to its institutional clients. The Trustees did not rely on these comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Investment performance</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The quality of the investment process provided by Putnam Management represented a major factor in the Trustees&#8217; evaluation of the quality of services provided by Putnam Management under your fund&#8217;s management contract. The </FONT><FONT size=2 face=sans-serif>Trustees were assisted in their review of the Putnam funds&#8217; investment process and performance by the work of the investment oversight committees of the Trustees, which meet on a regular basis with the funds&#8217; portfolio teams and with the Chief Investment Officer and other members of Putnam Management&#8217;s Investment Division throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process &#8212; based on the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to them, and in general Putnam Management&#8217;s ability to attract and retain high-quality personnel &#8212; but also recognized that this does not guarantee favorable investment results for every fund in every time period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees considered the investment performance of each fund over multiple time periods and considered information comparing each fund&#8217;s performance with various benchmarks and, where applicable, with the performance of competitive funds or targeted annualized return. They noted that since 2009, when Putnam Management began implementing major changes to strengthen its investment personnel and processes, there has been a steady improvement in the number of Putnam funds showing above-median three-year performance results. They also noted the disappointing investment performance of some funds for periods ended December 31, 2011 and considered information provided by Putnam Management regarding the factors contributing to the underperformance and actions being taken to improve the performance of these particular funds. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these efforts and to evaluate whether additional actions to address areas of underperformance are warranted.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the case of your fund, the Trustees considered that its common share cumulative total return performance at net asset value was in the following quartiles of its Lipper Inc. peer group (Lipper General &amp; Insured Municipal Debt Funds (leveraged closed-end)) for the one-year, three-year and five-year periods ended December 31, 2011 (the first quartile representing the best-performing funds and the fourth quartile the worst-performing funds):</FONT></P>

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<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>Over the one-year, three-year and five-year periods ended December 31, 2011, there were 83, 80 and 80 funds, respectively, in your fund&#8217;s Lipper peer group. (When considering performance information, shareholders should be mindful that past performance is not a guarantee of future results.)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Brokerage and soft-dollar allocations; investor servicing</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage allocation and the use of soft dollars, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research </FONT><FONT size=2 face=sans-serif>services that are expected to be useful to Putnam Management in managing the assets of the fund and of other clients. Subject to policies established by the Trustees, soft-dollar credits acquired through these means are used primarily to acquire research services that supplement Putnam Management&#8217;s internal research efforts. However, the Trustees noted that a portion of available soft-dollar credits continues to be allocated to the payment of fund expenses. The Trustees indicated their continued intent to monitor regulatory developments in this area with the assistance of their Brokerage Committee and also indicated their continued intent to monitor the potential benefits associated with fund brokerage and soft-dollar allocations and trends in industry practices to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam Management may also receive benefits from payments that the funds make to Putnam Management&#8217;s affiliates for investor services. In conjunction with the annual review of your fund&#8217;s management and sub-management contracts, the Trustees reviewed your fund&#8217;s investor servicing agreement with Putnam Investor Services, Inc. (&#8220;PSERV&#8221;), an affiliate of Putnam Management. The Trustees concluded that the fees payable by the funds to PSERV for such services are reasonable in relation to the nature and quality of such services.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Financial statements</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>A guide to financial statements</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>These sections of the report, as well as the accompanying Notes, constitute the fund&#8217;s financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>The fund&#8217;s portfolio </FONT></B><FONT size=2 face=sans-serif>lists all the fund&#8217;s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of assets and liabilities </FONT></B><FONT size=2 face=sans-serif>shows how the fund&#8217;s net assets and share price are determined. All investment and non-investment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of operations </FONT></B><FONT size=2 face=sans-serif>shows the fund&#8217;s net investment gain or loss. This is done by first adding up all the fund&#8217;s earnings &#8212; from dividends and interest income &#8212; and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings &#8212; as well as any unrealized gains or losses over the period &#8212; is added to or subtracted from the net </FONT><FONT size=2 face=sans-serif>investment result to determine the fund&#8217;s net gain or loss for the fiscal period.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of changes in net assets </FONT></B><FONT size=2 face=sans-serif>shows how the fund&#8217;s net assets were affected by the fund&#8217;s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund&#8217;s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund&#8217;s fiscal year.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Financial highlights </FONT></B><FONT size=2 face=sans-serif>provide an overview of the fund&#8217;s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlights table also includes the current reporting period.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>The fund&#8217;s portfolio </FONT></B><FONT size=2 face=sans-serif>10/31/12 (Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Key to holding&#8217;s abbreviations</FONT></B></P>

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   <TD width="40%" noWrap align=left><B><FONT size=1 face=sans-serif>AGM </FONT></B><FONT size=1 face=sans-serif>Assured Guaranty Municipal Corporation</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><B><FONT size=1 face=sans-serif>G.O. Bonds </FONT></B><FONT size=1 face=sans-serif>General Obligation Bonds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" noWrap align=left><B><FONT size=1 face=sans-serif>AGO </FONT></B><FONT size=1 face=sans-serif>Assured Guaranty, Ltd.</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><B><FONT size=1 face=sans-serif>NATL </FONT></B><FONT size=1 face=sans-serif>National Public Finance Guarantee Corp.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" noWrap align=left><B><FONT size=1 face=sans-serif>AMBAC </FONT></B><FONT size=1 face=sans-serif>AMBAC Indemnity Corporation</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><B><FONT size=1 face=sans-serif>SGI </FONT></B><FONT size=1 face=sans-serif>Syncora Guarantee, Inc.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" noWrap align=left><B><FONT size=1 face=sans-serif>COP </FONT></B><FONT size=1 face=sans-serif>Certificates of Participation</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><B><FONT size=1 face=sans-serif>U.S. Govt. Coll. </FONT></B><FONT size=1 face=sans-serif>U.S. Government Collateralized</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" noWrap align=left><B><FONT size=1 face=sans-serif>FGIC </FONT></B><FONT size=1 face=sans-serif>Financial Guaranty Insurance Company</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><B><FONT size=1 face=sans-serif>VRDN </FONT></B><FONT size=1 face=sans-serif>Variable Rate Demand Notes, which are</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" noWrap align=left><B><FONT size=1 face=sans-serif>FRB </FONT></B><FONT size=1 face=sans-serif>Floating Rate Bonds: the rate shown</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><FONT size=1 face=sans-serif>floating-rate securities with long-term maturities, that</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" noWrap align=left><FONT size=1 face=sans-serif>is the current interest rate at the close of</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><FONT size=1 face=sans-serif>carry coupons that reset every one or seven days. The</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" noWrap align=left><FONT size=1 face=sans-serif>the reporting period.</FONT>&nbsp;</TD>

   <TD width="60%" noWrap align=left><FONT size=1 face=sans-serif>rate shown is the current interest rate at the close of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" noWrap align=left>&nbsp;</TD>

   <TD width="60%" noWrap align=left><FONT size=1 face=sans-serif>the reporting period.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (137.1%)*</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Alabama (0.1%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Selma, Indl. Dev. Board Rev. Bonds (Gulf</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Opportunity Zone Intl. Paper Co.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.8s, 5/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$843,330</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>843,330</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Arizona (3.4%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Casa Grande, Indl. Dev. Auth. Rev. Bonds (Casa</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Grande Regl. Med. Ctr.), Ser. A, 7 5/8s, 12/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,025,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,108,732</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cochise Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Sierra Vista Cmnty. Hosp.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 3/4s, 12/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>380,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>380,657</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Coconino Cnty., Poll. Control Rev. Bonds (Tucson</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Elec. Pwr. Co. &#8212; Navajo), Ser. A, 5 1/8s, 10/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,592,520</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Glendale, Indl. Dev. Auth. Rev. Bonds (Midwestern</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>U.), 5 1/8s, 5/15/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,125,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,270,498</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Maricopa Cnty., Poll. Control Rev. Bonds (El Paso</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Elec. Co.), Ser. A, 7 1/4s, 2/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,850,024</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Phoenix, Civic Impt. Corp. Arpt. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 7/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,102,050</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Pima Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Tucson Elec. Pwr. Co.), 5 3/4s, 9/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>852,480</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Horizon Cmnty. Learning Ctr.), 5.05s, 6/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,530,083</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Pinal Cnty., Elec. Rev. Bonds (Dist. No. 3),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 7/1/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>555,755</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Salt River Agricultural Impt. &amp; Pwr. Dist. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. A, 5s, 12/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,609,420</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tempe, Indl. Dev. Auth. Lease Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(ASU Foundation), AMBAC, 5s, 7/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>503,790</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>U. Med. Ctr. Corp. AZ Hosp. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,167,640</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>19,523,649</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>California (24.6%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>ABC Unified School Dist. G.O. Bonds, Ser. B,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>FGIC, zero %, 8/1/20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,171,470</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bay Area Toll Auth. of CA Rev. Bonds (San</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Francisco Bay Area), Ser. F-1, 5s, 4/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,762,174</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>19</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (137.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>California </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Burbank, Unified School Dist. G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Election of 1997), Ser. C, NATL, FGIC,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 8/1/23</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$663,970</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Claremont Graduate U.), Ser. A, 5s, 3/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,073,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(U. of the Pacific), 5s, 11/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,628,565</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Loyola-Marymount U.), NATL, zero %, 10/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>959,465</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Hsg. Fin. Agcy. Rev. Bonds (Home Mtge.)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. E, 4.8s, 8/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,716,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. K, 4 5/8s, 8/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,439,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Muni. Fin. Auth. COP (Cmnty. Hosp. Central</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA), 5 1/4s, 2/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,864,782</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Poll. Control Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(San Jose Wtr. Co.), 5.1s, 6/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,813,704</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Pacific Gas &amp; Electric Corp.), Class D, FGIC,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>4 3/4s, 12/1/23</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,720,125</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Poll. Control Fin. Auth. Solid Waste Disp. FRB</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Waste Management, Inc.), Ser. C, 5 1/8s, 11/1/23</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>850,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>923,049</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Poll. Control Fin. Auth. Wtr. Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(American Wtr. Cap. Corp.), 5 1/4s, 8/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,044,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA State G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 4/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>12,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,050,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 3/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>7,450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,591,787</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 4/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,433,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 10/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,500,840</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA State Pub. Wks. Board Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. I-1, 6 1/8s, 11/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,219,660</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A-1, 6s, 3/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,900,640</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Dept. of Forestry &amp; Fire), Ser. E, 5s, 11/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,575,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,694,228</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Capital Projects), Ser. A, 5s, 4/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,245,420</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Statewide Cmnty. Dev. Auth. COP (The Internext</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Group), 5 3/8s, 4/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,263,282</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CA Statewide Cmnty. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Irvine, LLC-UCI East Campus), 6s, 5/15/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,194,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Sutter Hlth.), Ser. A, 5s, 11/15/43</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,485,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,631,491</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cathedral City, Impt. Board Act of 1915 Special</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Assmt. Bonds (Cove Impt. Dist.), Ser. 04-02,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.05s, 9/2/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>775,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>771,823</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Chula Vista COP, NATL, 5s, 8/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,045,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Chula Vista, Indl. Dev. Rev. Bonds (San Diego</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Gas), Ser. B, 5s, 12/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,915,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,109,219</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Foothill-De Anza, Cmnty. College Dist. G.O.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. C, 5s, 8/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,599,178</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Foothill/Eastern Corridor Agcy. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, zero %, 1/1/28 (Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>10,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,740,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Golden State Tobacco Securitization Corp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. 03 A-1, 6 1/4s, 6/1/33 (Prerefunded 6/1/13)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>555,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>574,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A-1, 5s, 6/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,050,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>900,239</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. S-B, zero %, 6/1/47</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>CCC+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>6,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>470,640</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>20</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (137.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>California </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Los Angeles, Dept. Arpt. Rev. Bonds (Los Angeles</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Intl. Arpt.), Ser. D, 5s, 5/15/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$3,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$3,953,424</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Laxfuel Corp.), 4 1/2s, 1/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>642,258</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>M-S-R Energy Auth. Rev. Bonds, Ser. B,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 11/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,224,840</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Metro. Wtr. Dist. Rev. Bonds (Southern CA Wtr.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Wks.), 5 3/4s, 8/10/18</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>6,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,214,880</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Orange Cnty., Cmnty. Fac. Dist. Special Tax Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Ladera Ranch &#8212; No. 02-1), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.55s, 8/15/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>902,502</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Port of Oakland, Rev. Bonds (Sr. Lien), Ser. P,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 5/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,574,640</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Redwood City, Elementary School Dist. G.O. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>FGIC, NATL, zero %, 8/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,990,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,466,968</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Sacramento Cnty., Arpt. Syst. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 7/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,494,464</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Sacramento, Special Tax Rev. Bonds (North Natomas</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cmnty. Fac.), Ser. 97-01</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 9/1/20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,195,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,213,415</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 9/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,180,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,183,375</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 9/1/18</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,030,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,049,508</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>San Bernardino Cnty., COP (Med. Ctr. Fin.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, NATL, 6 1/2s, 8/1/17</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,795,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,105,507</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>San Diego Cnty., Regl. Arpt. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5s, 7/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,093,163</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, Unified School Dist. G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Election of 2008), Ser. C</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 7/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,272,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 7/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,411,900</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco City &amp; Cnty. Arpt. Comm. Intl.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Arpt. Rev. Bonds, 5s, 5/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>575,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>680,294</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>San Juan, Unified School Dist. G.O. Bonds, AGM,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 8/1/19</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>834,660</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Sunnyvale, Cmnty. Fac. Dist. Special Tax Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, 7.65s, 8/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>540,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>540,794</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tuolumne Wind Project Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Tuolumne Co.), Ser. A, 5 7/8s, 1/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,585,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,886,388</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Turlock, Irrigation Dist. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 1/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,331,960</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>141,794,236</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Colorado (1.7%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CO Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Christian Living Cmntys.), Ser. A, 5 3/4s, 1/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>325,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>339,095</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Evangelical Lutheran Good Samaritan Society),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,650,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,785,564</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Evangelical Lutheran), 5s, 6/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>850,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>893,903</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Covenant Retirement Cmntys.), Ser. A, 5s, 12/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,186,636</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>CO Hsg. &amp; Fin. Auth. Rev. Bonds (Single Family</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Mtge.), Ser. A-3, Class III, 5 1/4s, 5/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,140,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,174,622</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (137.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Colorado </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Denver City &amp; Cnty., Arpt. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 11/15/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$629,772</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>E-470 CO Pub. Hwy. Auth. Rev. Bonds, Ser. C1,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NATL, 5 1/2s, 9/1/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,361,875</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lower CO River Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 5/15/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,551,606</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>U.S. Govt. Coll., 5 3/4s, 5/15/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 5/15/15)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>50,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>56,667</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>9,979,740</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Delaware (0.5%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>DE St. Econ. Dev. Auth. Rev. Bonds (Delmarva</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Pwr.), 5.4s, 2/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,235,003</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>DE State Hsg. Auth. Rev. Bonds (Single Family</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Mtge.), Ser. B, zero %, 1/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>8,540,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,620,294</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,855,297</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>District of Columbia (1.9%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>DC Rev. Bonds (Howard U.), Ser. A, 6 1/2s, 10/1/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,643,050</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>DC U. Rev. Bonds (Gallaudet U.), 5 1/2s, 4/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,156,340</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>DC Wtr. &amp; Swr. Auth. Pub. Util. Rev. Bonds, FGIC,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NATL, 5s, 10/1/28 (Prerefunded 10/1/13)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,129,360</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Metro. Washington, Arpt. Auth. Dulles Toll Rd.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(First Sr. Lien), Ser. A, 5s, 10/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,194,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Metrorail), Ser. A, zero %, 10/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>964,923</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>11,087,793</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Florida (5.0%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Brevard Cnty., Hlth. Care Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Health First, Inc.), 7s, 4/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,688,590</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Broward Cnty., Arpt. Syst. Rev. Bonds, Ser. Q-2,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 10/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,224,410</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Escambia Cnty., Env. Impt. Rev. Bonds (Intl.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Paper Co.), Ser. A, 5s, 8/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,501,625</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>FL State Board of Ed. G.O. Bonds (Capital Outlay</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>2011), Ser. F, 5s, 6/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,206,370</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>FL State Muni. Pwr. Agcy. Rev. Bonds, Ser. A, 5s,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>10/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,876,902</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Halifax, Hosp. Med. Ctr. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/8s, 6/1/46</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,420,331</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, Port Auth. Rev. Bonds, 5s, 11/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>648,492</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lakeland, Retirement Cmnty. 144A Rev. Bonds (1st</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Mtge. &#8212; Carpenters), 6 3/8s, 1/1/43</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>340,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>354,787</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lee Cnty., Rev. Bonds, SGI, 5s, 10/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,791,350</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Marco Island, Util. Sys. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 10/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,646,564</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Miami-Dade Cnty., Aviation Rev. Bonds (Miami</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Intl. Arpt.), Ser. A-1, 5 3/8s, 10/1/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,396,510</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Miami-Dade Cnty., Expressway Auth. Toll Syst.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds, Ser. A, 5s, 7/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,090,110</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Palm Beach Cnty., Hlth. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Acts Retirement-Life Cmnty.), 5 1/2s, 11/15/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,113,740</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>South Bay, Cmnty. Dev. Dist. Special Assmt.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. B-1, 5 1/8s, 11/1/13 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,025,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>668,250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>22</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (137.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Florida </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>South Broward, Hosp. Dist. Rev. Bonds, NATL,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>4 3/4s, 5/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,595,205</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tolomato, Cmnty. Dev. Dist. Special Assmt. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.4s, 5/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>CCC/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>440,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>436,102</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>28,659,338</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Georgia (3.2%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Atlanta, Arpt. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 5 7/8s, 1/1/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>638,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Hartsfield-Jackson Intl. Arpt.), Ser. A, 5s, 1/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,402,175</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Atlanta, Wtr. &amp; Waste Wtr. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 11/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,488,830</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Fulton Cnty., Dev. Auth. Rev. Bonds (GA Tech</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Athletic Assn.), Ser. A, 5s, 10/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,518,237</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Gainesville &amp; Hall Cnty., Hosp. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Northeast GA Hlth. Care), Ser. B, 5 1/4s, 2/15/45</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>7,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,195,324</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Marietta, Dev. Auth. Rev. Bonds (U. Fac. &#8212; Life</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>U., Inc.), 7s, 6/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ba3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,488,998</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>18,731,764</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Guam (0.1%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Territory of GU, Pwr. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 10/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>336,585</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>336,585</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Illinois (7.9%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Chicago, O&#8217;Hare Intl. Arpt. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 3/4s, 1/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,745,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 5/8s, 1/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,187,020</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Gen. Sr. Lien), Ser. B, 5s, 1/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,259,940</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Passenger Fac. Charge), Ser. B, 5s, 1/1/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,880,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Chicago, Waste Wtr. Transmission Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, NATL, zero %, 1/1/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,058,272</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>IL Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Silver Cross Hosp. &amp; Med. Ctr.), 7s, 8/15/44</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,008,674</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(IL Rush U. Med. Ctr.), Ser. D, 6 5/8s, 11/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,490,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,796,568</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(IL Rush U. Med Ctr.), Ser. C, 6 5/8s, 11/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,425,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,722,854</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Elmhurst Memorial), Ser. A, 5 5/8s, 1/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,253,980</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Alexian), Ser. A, AGM, 5 1/4s, 1/1/22</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,775,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,228,641</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>IL State G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 3/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>823,140</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 8/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>870,780</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Kendall &amp; Kane Cntys., Cmnty. United School Dist.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>G.O. Bonds (No. 115 Yorkville), NATL, FGIC,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 1/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,075,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>808,755</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lake Cnty., Cmnty. Construction School Dist. G.O.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (No. 073 Hawthorn), NATL, FGIC</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 12/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,805,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,378,930</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 12/1/21 (Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>145,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>122,031</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 12/1/20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,495,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,204,940</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 12/1/20 (Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>155,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>135,527</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Metro. Pier &amp; Exposition Auth. Dedicated State</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tax Rev. Bonds (McCormick), Ser. A, NATL,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 12/15/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>15,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,711,750</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>23</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_25"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (137.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Illinois </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Railsplitter, Tobacco Settlement Auth. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, 6s, 6/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$4,150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$4,963,442</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Southern IL U. Rev. Bonds (Hsg. &amp; Auxiliary),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, NATL</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 4/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,870,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,070,164</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 4/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,880,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,350,987</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>45,582,535</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Indiana (2.1%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>IN Bk. Special Program Gas Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 10/15/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>180,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>214,520</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>IN State Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(U.S. Steel Corp.), 6s, 12/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>519,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(BHI Sr. Living), 5 3/4s, 11/15/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,113,860</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Duke Energy Ind.), Ser. C, 4.95s, 10/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,391,520</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>IN State Fin. Auth. VRDN, Ser. A-2, 0.24s, 2/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Jasper Cnty., Indl. Poll. Control Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>AMBAC, 5.7s, 7/1/17</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,375,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,569,136</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NATL, 5.6s, 11/1/16</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,752,105</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>U. Southern IN Rev. Bonds (Student Fee), Ser. J,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>AGO, 5 3/4s, 10/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,242,190</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>12,302,381</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Kentucky (0.1%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Louisville &amp; Jefferson Cnty., Metro. Govt.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>College Rev. Bonds (Bellarmine U., Inc.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6s, 5/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>290,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>315,943</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>315,943</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Maine (0.3%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rumford, Solid Waste Disp. Rev. Bonds (Boise</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cascade Corp.), 6 7/8s, 10/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,950,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,949,883</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,949,883</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Maryland (0.2%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MD Econ. Dev. Corp. Poll. Control Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Potomac Electric Power Co.), 6.2s, 9/1/22</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>650,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>800,066</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MD State Indl. Dev. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Synagro-Baltimore), Ser. A, 5 1/2s, 12/1/15</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>534,140</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,334,206</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Massachusetts (6.4%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA State Dept. Trans. Rev. Bonds (Metro Hwy.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Syst.), Ser. B, 5s, 1/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,750,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA State Dev. Fin. Agcy. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Sabis Intl.), Ser. A, 8s, 4/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>575,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>707,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. A-1,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 11/15/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>960,369</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>836,952</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Carleton-Willard Village), 5 5/8s, 12/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>821,505</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. A-2,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 11/15/46</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>51,190</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>34,591</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Berklee College of Music), 5 1/4s, 10/1/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,241,360</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Emerson College), Ser. A, 5s, 1/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,292,880</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Linden Ponds, Inc. Fac.), Ser. B,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>zero %, 11/15/56</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>254,614</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,590</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>24</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

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<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (137.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Massachusetts </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA State Dev. Fin. Agcy. Solid Waste Disp. FRB</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Dominion Energy Brayton Point), 5s, 2/1/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,031,540</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA State Dev. Fin. Agcy. Solid Waste Disp.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Mandatory Put Bonds (5/1/19) (Dominion Energy</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Brayton 1), Ser. 1, 5 3/4s, 12/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,846,860</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Civic Investments, Inc.), Ser. A, U.S. Govt.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Coll., 9s, 12/15/15 (Prerefunded 12/15/12)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,485,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,523,224</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Jordan Hosp.), Ser. E, 6 3/4s, 10/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,527,660</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Quincy Med. Ctr.), Ser. A, 6 1/4s,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>1/15/28 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>465,692</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>466</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Suffolk U.), Ser. A, 5 3/4s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,175,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,322,533</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Baystate Med. Ctr.), Ser. I, 5 3/4s, 7/1/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,668,630</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Springfield College), 5 5/8s, 10/15/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>603,015</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Care Group), Ser. B-2, NATL, 5 3/8s, 2/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>786,625</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Northeastern U.), Ser. A, 5s, 10/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,633,988</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA State Hsg. Fin. Agcy. Rev. Bonds, Ser. C,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.35s, 12/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,603,830</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA State Port Auth. Rev. Bonds, U.S. Govt. Coll.,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>13s, 7/1/13 (Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>649,944</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MA State Port Auth. Special Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Conrac), Ser. A, 5 1/8s, 7/1/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,855,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,133,876</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Metro. Boston Trans. Pkg. Corp. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 7/1/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,850,276</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Systemwide Pkg.), 5 1/4s, 7/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,848,175</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>36,719,670</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Michigan (6.8%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Detroit, G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A-1, AMBAC, 5 1/4s, 4/1/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,435,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,268,712</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Cap. Impt.), Ser. A-1, 5s, 4/1/15</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,247,675</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Detroit, Rev. Bonds, Ser. A, NATL, FGIC,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 7/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,505,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,510,811</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Detroit, City School Dist. G.O. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>AGM, 6s, 5/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,214,090</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Detroit, Wtr. &amp; Swr. Dept. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 7/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,297,272</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Detroit, Wtr. Supply Syst. Rev. Bonds, Ser. B,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>AGM, 6 1/4s, 7/1/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,425,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,658,543</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Flint, Hosp. Bldg. Auth. Rev. Bonds (Hurley Med.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ctr.), 7 1/2s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>584,895</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>King Cnty., Wtr &amp; Swr. Rev. Bonds, 5s, 1/1/45</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,482,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MI Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Revolving Fund-Clean Water), 5s, 10/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,811,115</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Unemployment Oblig.), Ser. B, 5s, 7/1/22</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,143,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MI Higher Ed. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Kalamazoo College), 5 1/2s, 12/1/18</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 12/1/12)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>501,925</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MI Pub. Pwr. Agcy. Rev. Bonds, Ser. A, 5s, 1/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,112,078</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>25</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_27"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (137.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Michigan </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MI State Hosp. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 1/8s, 6/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$2,887,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Henry Ford Hlth.), 5 3/4s, 11/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,294,280</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Henry Ford Hlth. Syst.), Ser. A, 5 1/4s, 11/15/46</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,746,690</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Sparrow Hosp.), 5s, 11/15/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,447,106</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MI State Strategic Fund Ltd. Mandatory Put Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(6/2/14) (Dow Chemical), Ser. A-1,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 3/4s,12/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>109,161</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MI State Strategic Fund, Ltd. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Worthington Armstrong Venture), U.S. Govt.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Coll., 5 3/4s, 10/1/22 (Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,650,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,096,309</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MI Tobacco Settlement Fin. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6s, 6/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>575,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>520,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Monroe Cnty., Hosp. Fin. Auth. Rev. Bonds (Mercy</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Memorial Hosp. Corp.), 5 3/8s, 6/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>802,020</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Wayne Cnty., Arpt. Auth. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,278,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>39,014,082</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Minnesota (1.0%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>North Oaks, Sr. Hsg. Rev. Bonds (Presbyterian</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Homes North Oaks), 6 1/8s, 10/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>995,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,061,804</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>St. Paul, Hsg. &amp; Redev. Auth. Hlth. Care Fac.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (HealthPartners Oblig. Group),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 5/15/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,683,820</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>St. Paul, Hsg. &amp; Redev. Auth. Hosp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Healtheast), 6s, 11/15/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,150,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,202,279</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>5,947,903</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Mississippi (1.2%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MS Bus. Fin. Corp. Rev. Bonds (Syst. Energy</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Resources, Inc.), 5 7/8s, 4/1/22</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,330,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,335,149</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MS Bus. Fin. Corp. Gulf Opportunity Zone Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. A, 5s, 5/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,447,123</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Warren Cnty., Gulf Opportunity Zone Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Intl. Paper Co.), Ser. A, 6 1/2s, 9/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,308,880</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>7,091,152</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Montana (0.6%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>MT Fac. Fin. Auth. VRDN (Sisters of Charity</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>of Leavenworth), Ser. A, 0.23s, 12/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,270,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,270,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>3,270,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Nebraska (0.9%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Central Plains, Energy Rev. Bonds (NE Gas No. 1),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 1/4s, 12/1/18</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,317,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lancaster Cnty., Hosp. Auth. Rev. Bonds (Immanuel</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Oblig. Group), 5 5/8s, 1/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>925,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,028,008</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NE Pub. Pwr. Dist. Rev. Bonds, Ser. C, 5s,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>1/1/25 <FONT lang=EN-US size=1 face="arial narrow">&#8710;</FONT>&nbsp;</FONT><FONT size=1 face=sans-serif></FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>576,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4,922,008</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Nevada (8.3%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Clark Cnty., Ltd. Tax Bond, 5s, 6/1/33 </FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>32,285,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>36,347,097</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Clark Cnty., Arpt. Rev. Bonds, Ser. A-2, NATL,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>FGIC, 5 1/8s, 7/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,105,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,435,855</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Clark Cnty., Impt. Dist. Special Assmt. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Summerlin No. 151), 5s, 8/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,060,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,650,575</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>26</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (137.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Nevada </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Clark Cnty., Indl. Dev. Rev. Bonds (Southwest</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Gas Corp.), Ser. A, AMBAC, 5 1/4s, 7/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$3,071,430</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Henderson G.O. Bonds (Ltd. Tax -Swr.), NATL,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>FGIC, 5s, 6/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,059,120</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Henderson, Local Impt. Dist. Special Assmt. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(No. T-17), 5s, 9/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB+/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>595,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>596,333</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>48,160,410</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>New Hampshire (0.9%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NH Hlth. &amp; Ed. Fac. Auth. VRDN (U. Syst. of NH),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 0.23s, 7/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,990,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,990,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4,990,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>New Jersey (6.9%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NJ Econ. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Cigarette Tax), 5 3/4s, 6/15/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Prerefunded 6/15/14)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aaa</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,439,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 6/15/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>568,180</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NJ Econ. Dev. Auth. Wtr. Fac. Rev. Bonds (NJ</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>American Wtr. Co.)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5.7s, 10/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,289,025</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 5.6s, 11/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>573,255</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NJ Hlth. Care Fac. Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(St. Joseph Hlth. Care Syst.), 6 5/8s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,191,925</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(St. Peter&#8217;s U. Hosp.), 5 3/4s, 7/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,667,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Holy Name Hosp.), 5s, 7/1/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,111,850</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NJ State Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Fairleigh Dickinson), Ser. C, 6s, 7/1/20</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,594,905</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Georgian Court U.), Ser. D, 5 1/4s, 7/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,063,480</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Georgian Court U.), Ser. D, 5 1/4s, 7/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>540,390</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NJ State Higher Ed. Assistance Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Student Loan), Ser. 1A, 5s, 12/1/22</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,806,925</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NJ State Tpk. Auth. Rev. Bonds, Ser. B, 5s, 1/1/19</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>908,693</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NJ State Trans. Trust Fund Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Trans. Syst.), Ser. A, zero %, 12/15/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>13,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,952,310</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tobacco Settlement Fin. Corp. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. 1A, 4 3/4s, 6/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,598,390</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Union Cnty., Util. Auth. Resource Recvy. Fac.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lease Rev. Bonds (Covanta Union), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 12/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,566,915</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>39,872,743</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>New York (9.8%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Broome Cnty., Indl. Dev. Agcy. Continuing Care</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Retirement Rev. Bonds (Good Shepard Village),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6 7/8s, 7/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>320,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>340,966</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Metro. Trans. Auth. Rev. Bonds, Ser. D</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 11/15/36</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,242,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 11/15/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,510,600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY City, G.O. Bonds, Ser. F, 5s, 8/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,320,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,931,610</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY City, Indl. Dev. Agcy. Special Fac. FRB</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(American Airlines &#8212; JFK Intl. Arpt.), 7 5/8s,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>8/1/25 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,120,080</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY City, Indl. Dev. Agcy. Special Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(British Airways PLC), 5 1/4s, 12/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>700,861</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>27</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_29"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (137.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>New York </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY City, Muni. Wtr. &amp; Swr. Fin. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 6/15/31 </FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$10,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$11,781,423</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. GG, 5s, 6/15/43</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,272,240</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY City, Transitional Fin. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Future Tax), Ser. D-1, 5s, 11/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,560,610</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY Cntys., Tobacco Trust III Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Tobacco Settlement), 6s, 6/1/43</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,505,775</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY State Dorm. Auth.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lease Rev. Bonds (State U. Dorm Fac.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 7/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,150,610</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Non-State Supported Debt Rev. Bonds (Orange</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Regl. Med. Ctr.), 6 1/4s, 12/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,546,422</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C Rev bonds 5s, 3/15/31 </FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AAA</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,864,268</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (School Dists. Fin. Program), Ser. H,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 10/1/21&nbsp;<FONT lang=EN-US size=1 face="arial narrow">&#8710;</FONT></FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>650,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>796,452</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NY State Energy Research &amp; Dev. Auth. Gas Fac.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Brooklyn Union Gas), 6.952s, 7/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>6,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,018,360</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Port Auth. NY &amp; NJ Special Oblig. Rev. Bonds (JFK</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Intl. Air Term. &#8212; 6), NATL, 5.9s, 12/1/17</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>6,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,013,260</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Seneca Cnty., Indl. Dev. Agcy. Solid Waste Disp.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Mandatory Put Bonds (10/1/13) (Seneca</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Meadows, Inc.), 6 5/8s, 10/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>670,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>676,559</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Troy, Cap. Res. Corp. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Rensselaer Polytechnic), Ser. A, 5 1/8s, 9/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,385,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,531,782</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>56,563,878</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>North Carolina (1.3%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NC Eastern Muni. Pwr. Agcy. Syst. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 6 3/4s, 1/1/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,257,940</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NC Med. Care Cmnty. Hlth. Care Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Deerfield), Ser. A, 6s, 11/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>805,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>874,810</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(First Mtge. &#8212; Presbyterian Homes), 5 3/8s,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>10/1/22</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,054,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>NC State Muni. Pwr. Agcy. Rev. Bonds (No. 1,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Catawba Elec.), Ser. A, 5s, 1/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>899,336</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>U. of NC Syst. Pool Rev. Bonds, Ser. C,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/2s, 10/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,378,840</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>7,465,326</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>North Dakota (0.3%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>ND State Hsg. Fin. Agcy. Rev. Bonds (Hsg. Fin.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 4.8s, 7/1/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,620,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,644,057</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,644,057</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Ohio (7.2%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>American Muni. Pwr. &#8212; Ohio, Inc. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Prairie State Energy Campus), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 2/15/43</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,098,270</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Prairie Street Energy Campus), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 2/15/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,602,150</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Buckeye, Tobacco Settlement Fin. Auth. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. A-2</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 6/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>9,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,659,270</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/8s, 6/1/24</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,050,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,776,346</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>28</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_30"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (137.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Ohio </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cleveland, Arpt. Syst. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 1/1/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$565,410</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cleveland, Wtr. Rev. Bonds (2nd Lien), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 1/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,194,390</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Erie Cnty., OH Hosp. Fac. Rev. Bonds (Firelands</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Regl. Med. Ctr.), Ser. A, 5 1/4s, 8/15/46</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,573,924</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Hickory Chase, Cmnty. Auth. Infrastructure Impt.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Hickory Chase), 7s,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>12/1/38 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>644,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>380,604</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lake Cnty., Hosp. Fac. Rev. Bonds (Lake Hosp.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Syst.), Ser. C, 6s, 8/15/43</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,376,767</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>OH State Air Quality Dev. Auth. FRB (Columbus</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Southern Pwr. Co.), Ser. B, 5.8s, 12/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,291,320</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>OH State Higher Edl. Fac. Comm. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Kenyon College), 5s, 7/1/44</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,395,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(U. Hosp. Hlth. Syst.), Ser. 09-A, 6 3/4s,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>1/15/39 (Prerefunded 1/15/15)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,412,920</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>OH State Higher Edl. Fac. Comm. VRDN (Cleveland</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Clinic Foundation), Ser. B-4, 0.23s, 1/1/43</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Scioto Cnty., Hosp. Rev. Bonds (Southern Med.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ctr.), 5 1/2s, 2/15/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,660,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,114,723</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 12/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>625,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>663,744</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>41,604,938</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Oklahoma (0.3%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>OK State Tpk. Auth. VRDN, Ser. E, 0.23s, 1/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,500,000</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Oregon (0.9%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Keizer, Special Assmt. Bonds (Keizer Station),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5.2s, 6/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,400,596</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Terwilliger Plaza), Ser. A, 5 1/4s, 12/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB/F</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,040,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,099,582</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>OR Hlth. Sciences U. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 7/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,466,650</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4,966,828</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Pennsylvania (5.0%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Allegheny Cnty., G.O. Bonds, Ser. C-69,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,174,630</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Allentown, Neighborhood Impt. Zone Dev. Auth.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds, Ser. A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 5/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>426,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 5/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,460,147</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bucks Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(US Steel Corp.), 6 3/4s, 6/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,097,280</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bucks Cnty., Indl. Dev. Auth. Retirement Cmnty.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Ann&#8217;s Choice, Inc.), Ser. A</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.4s, 1/1/15</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,060,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,072,720</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.3s, 1/1/14</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BB/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>710,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>718,570</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cumberland Cnty., Muni. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Presbyterian Homes), Ser. A, 5s, 1/1/17</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,320,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,393,788</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Delaware River Joint Toll Bridge Comm. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. A, 5s, 7/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>600,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>733,848</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>29</FONT></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_31"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (137.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Pennsylvania </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Delaware River Port Auth. PA &amp; NJ Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. D, 5s, 1/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$1,200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,326,612</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Erie, Higher Ed. Bldg. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Mercyhurst College), 5 1/2s, 3/15/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>725,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>783,247</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Franklin Cnty., Indl. Dev. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Chambersburg Hosp.), 5 3/8s, 7/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,096,760</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Lancaster, Higher Ed. Auth. College Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Franklin &amp; Marshall College), 5s, 4/15/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,106,110</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Northampton Cnty., Hosp. Auth. Rev. Bonds (St.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Luke&#8217;s Hosp. &#8212; Bethlehem), Ser. A, 5 1/2s, 8/15/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,336,475</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>PA Econ. Dev. Fin. Auth. Exempt Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Amtrak), Ser. A, 5s, 11/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,106,850</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>PA State Higher Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Gwynedd Mercy College), Ser. KK1, 5 3/8s, 5/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>529,130</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Widener U.), 5 3/8s, 7/15/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>770,730</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(St. Joseph&#8217;s U.), Ser. A, 5s, 11/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,293,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Philadelphia U.), 5s, 6/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,347,875</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Philadelphia U.), 5s, 6/1/22</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>860,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>922,685</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Temple U.), Ser. 1, 5s, 4/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>892,425</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Philadelphia, Arpt. Rev. Bonds, Ser. D,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 6/15/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,126,062</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Philadelphia, Hosp. &amp; Higher Ed. Fac. Auth. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Hosp.-Graduate Hlth. Sys.), Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 7/1/13 (In default) &#8224;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>D/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,462,206</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>146</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Pittsburgh &amp; Allegheny Cnty., Sports &amp; Exhib.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Auth. Hotel Rev. Bonds, AGM, 5s, 2/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,225,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,350,305</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Susquehanna, Area Regl. Arpt. Syst. Auth. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. A, 6 1/2s, 1/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>550,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>584,733</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>28,650,948</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Puerto Rico (5.4%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, G.O. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 6 1/2s, 7/1/40 (Puerto Rico)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,607,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, 6s, 7/1/39 (Puerto Rico)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,276,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 6s, 7/1/39 (Puerto Rico)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,638,425</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Aqueduct &amp; Swr. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,125,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,182,566</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Elec. Pwr. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. XX, 5 1/4s, 7/1/40 (Puerto Rico)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,052,740</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Hwy. &amp; Trans. Auth. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. AA-2, 5.3s, 7/1/35</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>875,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>913,518</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Pub. Bldg. Auth. Mandatory Put</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (7/1/17) (Govt. Fac.), Ser. M-2,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 3/4s, 7/1/34</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,888,828</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Cmnwlth. of PR, Sales Tax Fin. Corp. Rev. Bonds,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, zero %, 8/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>27,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,565,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>31,125,177</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Rhode Island (&#8212;%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/4s, 6/1/42</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ba1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>200,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>204,196</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>204,196</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>30</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (137.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>South Carolina (0.5%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Palmetto Hlth.), Ser. C</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6s, 8/1/20 (Prerefunded 8/1/13)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$2,445,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$2,546,272</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>U.S. Govt. Coll., 6s, 8/1/20 (Prerefunded 8/1/13)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>305,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>317,633</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,863,905</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>South Dakota (0.4%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>SD Edl. Enhancement Funding Corp. SD Tobacco Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. B, 6 1/2s, 6/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,537,416</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,537,416</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Tennessee (0.7%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Johnson City, Hlth. &amp; Edl. Fac. Board Hosp. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Mountain States Hlth. Alliance), 6s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,047,437</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4,047,437</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Texas (15.5%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Abilene, Hlth. Fac. Dev. Corp. Retirement Fac.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Sears Methodist Retirement),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6s, 11/15/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>CCC/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>814,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>533,121</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Alliance, Arpt. Auth. Rev. Bonds (Federal</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Express Corp.), 4.85s, 4/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,250,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,504,410</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Brazos River Harbor Naval Dist. Env. FRB (Dow</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Chemical Co.), Ser. A-4, 5.95s, 5/15/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>400,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>458,956</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Brazos River, Auth. Poll. Control Rev. Bonds (TXU</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Energy Co., LLC), 5s, 3/1/41</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Ca</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>46,445</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Brazos, Harbor Indl. Dev. Corp. Env. Fac.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Mandatory Put Bonds (5/1/28) (Dow Chemical),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5.9s, 5/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,850,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,236,061</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Dallas Cnty., Util. &amp; Reclamation Dist. G.O.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. B, AMBAC, 5 3/8s, 2/15/29</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,288,760</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Dallas, Area Rapid Transit Rev. Bonds Sr. Lien,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 12/1/33 </FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>30,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>34,644,153</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Harris Cnty., Cultural Ed. Fac. Fin. Corp. VRDN</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Texas Med. Ctr.), Ser. B-1, 0.23s, 9/1/31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>6,335,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,335,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Houston, Util. Syst. Rev. Bonds, Ser. A,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5s, 11/15/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,747,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Love Field, Arpt. Modernization Corp. Special</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Fac. Rev. Bonds (Southwest Airlines Co.),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5 1/4s, 11/1/40</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,750,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,898,313</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Matagorda Cnty., Poll. Control Rev. Bonds (Dist.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>No. 1), Ser. A, AMBAC, 4.4s, 5/1/30</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,596,405</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>North TX, Tollway Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. D, AGO, zero %, 1/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>7,800,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,229,160</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. B, zero %, 9/1/43</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>327,940</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 6s, 1/1/25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,300,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,522,196</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Toll 2nd Tier), Ser. F, 5 3/4s, 1/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,207,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(1st Tier), Ser. C, 1.95s, 1/1/38&nbsp;<FONT lang=EN-US size=1 face="arial narrow">&#8710;</FONT></FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,017,340</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>stepped-coupon Rev. Bonds, zero %,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(6.5s, 1/1/15) 2043 &#8224;&#8224;</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,419,040</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Sam Rayburn, Muni. Pwr. Agcy. Rev. Bonds, 5s,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>10/1/21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>597,030</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tarrant Cnty., Cultural Ed. Fac. Fin. Corp. VRDN</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(TX Hlth. Resources), Ser. C, 0.27s, 11/15/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>VMIG1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>31</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_33"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="55%"></TD>

   <TD width="12%"></TD>

   <TD width="17%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL BONDS AND NOTES (137.1%)* </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Rating**</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=right><B><FONT size=1 face=sans-serif>Principal amount</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Value</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

&nbsp;</FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Texas </FONT></B><I><FONT size=1 face=sans-serif>cont.</FONT></I>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tarrant Cnty., Cultural Ed. Fac. Fin. Corp.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Retirement Fac. Rev. Bonds (Buckner Retirement</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Svcs., Inc.), 5 1/4s, 11/15/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>$1,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$1,151,844</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>TX Muni. Gas Acquisition &amp; Supply Corp. I Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds, Ser. A, 5s, 12/15/15</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,334,410</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>TX State Tpk. Auth. Rev. Bonds (Central Texas</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tpk. Syst.), Ser. A, AMBAC, 5 1/2s, 8/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>8,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,027,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>89,622,804</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Utah (0.3%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Salt Lake City, Hosp. Rev. Bonds, AMBAC, 6 3/4s,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>5/15/20 (Escrowed to maturity)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AAA/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,700,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,704,845</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>1,704,845</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Virginia (0.5%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Washington Cnty., Indl. Dev. Auth. Hosp. Fac.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Rev. Bonds (Mountain States Hlth. Alliance),</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. C, 7 3/4s, 7/1/38</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,100,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,629,893</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>2,629,893</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Washington (2.4%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>WA State G.O. Bonds (Sr. 520 Corridor-Motor</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Vehicle Tax), Ser. C, 5s, 6/1/28 </FONT><B><SUP><FONT size=1 face=sans-serif>T</FONT></SUP></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>AA+</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,998,051</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Tobacco Settlement Auth. of WA Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 5/8s, 6/1/32</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>900,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>936,459</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>6 1/2s, 6/1/26</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>4,695,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,899,279</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>WA State Hlth. Care Fac. Auth. Rev. Bonds (Kadlec</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Med. Ctr.), 5 1/2s, 12/1/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Baa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,169,260</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>14,003,049</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>West Virginia (0.8%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Harrison Cnty., Cmnty. Solid Waste Disp. Rev.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Bonds (Allegheny Energy), Ser. D, 5 1/2s,</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>10/15/37</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>3,450,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,645,132</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>WV State Hosp. Fin. Auth. Rev. Bonds (Thomas</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Hlth. Syst.), 6 3/4s, 10/1/43</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>B/P</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>935,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>980,768</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4,625,900</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Wisconsin (0.9%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Pub. Fin. Auth. Arpt. Fac. Rev. Bonds (Sr. Oblig.</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Group), 5 1/4s, 7/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>BBB&#8211;</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>350,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>374,315</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>WI State Rev. Bonds, Ser. A, 6s, 5/1/27</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>Aa3</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,142,075</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>WI State Hlth. &amp; Edl. Fac. Auth. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Prohealth Care, Inc.), 6 5/8s, 2/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,500,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,777,815</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>5,294,205</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Wyoming (0.8%)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Campbell Cnty., Solid Waste Fac. Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Basin Elec. Pwr. Co-op), Ser. A, 5 3/4s, 7/15/39</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A1</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,272,760</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>WY Muni. Pwr. Agcy. Pwr. Supply Rev. Bonds</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>Ser. A, 5 1/2s, 1/1/33</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>950,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,061,663</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><FONT size=1 face=sans-serif>(Pwr. Supply), Ser. A, 5 1/2s, 1/1/28</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=left><FONT size=1 face=sans-serif>A2</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,133,360</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>4,467,783</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>TOTAL INVESTMENTS</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="55%" noWrap align=left><B><FONT size=1 face=sans-serif>Total investments (cost $715,173,220)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>$790,807,233</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>32</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_34"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Notes to the fund&#8217;s portfolio</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Unless noted otherwise, the notes to the fund&#8217;s portfolio are for the close of the fund&#8217;s reporting period, which ran from May 1, 2012 through October 31, 2012 (the reporting period). Within the following notes to the portfolio, references to &#8220;ASC 820&#8221; represent Accounting Standards Codification ASC 820 </FONT><I><FONT size=1 face=sans-serif>Fair Value Measurements and Disclosures</FONT></I><FONT size=1 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Percentages indicated are based on net assets of $576,860,056.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>** The Moody&#8217;s, Standard &amp; Poor&#8217;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 &#8220;/P.&#8221; Securities rated by Fitch are indicated by &#8220;/F.&#8221; The rating of an insured security represents what is believed to be the most recent rating of the insurer&#8217;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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224; Non-income-producing security.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224;<FONT size=1 face=sans-serif>&#8224; </FONT></FONT><FONT size=1 face=sans-serif>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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif></FONT><FONT size=1 face=sans-serif><FONT lang=EN-US size=1 face="arial narrow">&#8710;</FONT> Forward commitment, in part or in entirety (Note 1).</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>T </FONT></SUP></B><FONT size=1 face=sans-serif>Underlying security in a tender option bond transaction. The security has been segregated as collateral for financing transactions (Note 1).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At the close of the reporting period, the fund maintained liquid assets totaling $53,238,252 to cover certain tender option bonds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Debt obligations are considered secured unless otherwise indicated.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The rates shown on Mandatory Put Bonds are the current interest rates at the close of the reporting period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The dates shown parenthetically on Mandatory Put Bonds represent the next mandatory put dates.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The dates shown on debt obligations are the original maturity dates.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="85%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Health care</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=1 face=sans-serif>24.4%</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Utilities</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=1 face=sans-serif>24.0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Transportation</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=1 face=sans-serif>19.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>State government</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=1 face=sans-serif>13.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Local government</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=1 face=sans-serif>12.3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Education</FONT>&nbsp;</TD>

   <TD width="85%" noWrap align=left><FONT size=1 face=sans-serif>10.9</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>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&#8217;s investments. The three levels are defined as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Level 1: Valuations based on quoted prices for identical securities in active markets.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The following is a summary of the inputs used to value the fund&#8217;s net assets as of the close of the reporting period:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%" colSpan=2></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 60px" width="38%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Valuation inputs</FONT></B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Investments in securities:</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 1</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Level 2</FONT></B>&nbsp;</TD>

   <TD width="25%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Level 3</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Municipal bonds and notes</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>790,807,233</FONT>&nbsp;</TD>

   <TD width="25%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Totals by level</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$&#8212;</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>$790,807,233</FONT></B>&nbsp;</TD>

   <TD width="25%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>$&#8212;</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>33</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_35"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of assets and liabilities </FONT></B><FONT size=2 face=sans-serif>10/31/12 (Unaudited)</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>ASSETS</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Investment in securities, at value (Note 1):</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Unaffiliated issuers (identified cost $715,173,220)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$790,807,233</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Cash</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>2,490,104</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Interest and other receivables</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>10,649,394</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Receivable for investments sold</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>1,000,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Receivable for sales of delayed delivery securities (Notes 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>394,631</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total assets</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>805,341,362</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>LIABILITIES</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Preferred share remarketing agent fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>132,647</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions payable to preferred shareholders (Note 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>6,399</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions payable to shareholders</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>2,397,483</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for purchases of delayed delivery securities (Note 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>4,371,791</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for compensation of Manager (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>1,049,989</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for investor servicing fees (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>23,886</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for custodian fees (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>5,225</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for Trustee compensation and expenses (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>204,136</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for administrative services (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>1,123</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Payable for floating rate notes issued (Note 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>41,396,740</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Other accrued expenses</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>41,887</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total liabilities</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>49,631,306</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Series B remarketed preferred shares: (3,417 shares authorized and issued</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>at $25,000 per share) (Note 4)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>85,425,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Series C remarketed preferred shares: (3,737 shares authorized and issued</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>at $25,000 per share) (Note 4)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>93,425,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net assets</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$576,860,056</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>REPRESENTED BY</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Paid-in capital &#8212; common shares (Unlimited shares authorized) (Notes 1 and 5)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$527,111,495</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions in excess of net investment income (Note 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(655,178)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Accumulated net realized loss on investments (Note 1)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(25,230,274)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation of investments</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>75,634,013</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total &#8212; Representing net assets applicable to common shares outstanding</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$576,860,056</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>COMPUTATION OF NET ASSET VALUE</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value per common share </FONT></B><FONT size=1 face=sans-serif>($576,860,056 divided by 42,871,374 shares)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$13.46</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>34</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_36"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of operations </FONT></B><FONT size=2 face=sans-serif>Six months ended 10/31/12 (Unaudited)</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="85%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>INTEREST INCOME</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$18,460,518</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>EXPENSES</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Compensation of Manager (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>$2,087,007</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Investor servicing fees (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>141,901</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Custodian fees (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>6,107</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Trustee compensation and expenses (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>24,015</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Administrative services (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>6,520</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Interest and fee expense (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>145,359</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Preferred share remarketing agent fees</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>137,118</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Other</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>128,685</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Total expenses</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>2,676,712</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Expense reduction (Note 2)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(623)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net expenses</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>2,676,089</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net investment income</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>15,784,429</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Net realized gain on investments (Notes 1 and 3)</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>2,560,508</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation of investments during the period</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>18,806,876</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net gain on investments</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>21,367,384</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$37,151,813</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR>

   <TD colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>DISTRIBUTIONS TO SERIES B AND C REMARKETED PREFERRED SHAREHOLDERS (NOTE 1):</FONT></B>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>From ordinary income</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>From tax exempt net investment income</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>(249,675)</FONT>&nbsp;</TD></TR>

<TR>

   <TD colSpan=2>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations (applicable to common shareholders)</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=1 face=sans-serif>$36,902,138</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>35</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_37"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Statement of changes in net assets</FONT></B></P>

<DIV align=left>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>INCREASE IN NET ASSETS</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Six months ended 10/31/12</FONT></B><FONT size=1 face=sans-serif>*</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Year ended 4/30/12</FONT></B>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Operations:</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Net investment income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$15,784,429</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$34,373,257</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Net realized gain on investments</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,560,508</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>999,775</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Net unrealized appreciation of investments</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18,806,876</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>72,549,359</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>37,151,813</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>107,922,391</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>DISTRIBUTIONS TO SERIES B AND C REMARKETED</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>PREFERRED SHAREHOLDERS (NOTE 1):</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>From ordinary income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Taxable net investment income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(858)</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>From tax exempt net investment income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(249,675)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(406,521)</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Net increase in net assets resulting from operations</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>(applicable to common shareholders)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>36,902,138</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>107,515,012</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>DISTRIBUTIONS TO COMMON SHAREHOLDERS: (NOTE 1)</FONT></B>&nbsp;</TD>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>From ordinary income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Taxable net investment income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(36,027)</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>From tax exempt net investment income</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(16,162,508)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>(34,072,438)</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Increase in capital for common shares</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>179,688</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Total increase in net assets</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>20,739,630</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>73,586,235</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>NET ASSETS</FONT></B>&nbsp;</TD>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>Beginning of period</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>556,120,426</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>482,534,191</FONT>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>End of period </FONT></B><FONT size=1 face=sans-serif>(including distributions in excess of net</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><FONT size=1 face=sans-serif>investment income of $655,178 and $27,424, respectively)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$576,860,056</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>$556,120,426</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>NUMBER OF FUND SHARES</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Common shares outstanding at beginning and end of period</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>42,871,374</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>42,871,374</FONT></B>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>Remarketed preferred shares outstanding at beginning</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="59%" noWrap align=left><B><FONT size=1 face=sans-serif>and end of period</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>7,154</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>7,154</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3>

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<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>* </FONT><FONT size=1 face=sans-serif>Unaudited</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

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   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>36</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Financial highlights </FONT></B><FONT size=2 face=sans-serif>(For a common share outstanding throughout the period)</FONT></P>

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   <TD width="27%"></TD>

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   <TD width="37%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>PER-SHARE OPERATING PERFORMANCE</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="27%" noWrap align=left></TD>

   <TD style="TEXT-INDENT: 25px" width="12%" colSpan=2 noWrap align=center>&nbsp;<B><FONT size=1 face=sans-serif>Six months ended**</FONT></B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 50px" width="24%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Year ended</FONT></B></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="27%" noWrap align=left></TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="60%" colSpan=5 noWrap align=right><B><FONT size=1 face=sans-serif>

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   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>10/31/12</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>4/30/12</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>4/30/11</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>4/30/10</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>4/30/09</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>4/30/08</FONT></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=8 noWrap align=left>

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   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, beginning of period</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

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   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.97</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$11.26</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$11.99</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$10.47</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.41</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$13.19</FONT></B>&nbsp;</TD></TR>

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   <TD width="27%" noWrap align=left><I><FONT size=1 face=sans-serif>Investment operations:</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=8>

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   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Net investment income</FONT><B><SUP><FONT size=1 face=sans-serif>a</FONT></SUP></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>.37</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>.80</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>.79</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>.81</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>.88</FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>.93</FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

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   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Net realized and unrealized</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>gain (loss) on investments</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>.51</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.72</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(.70)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.51</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(1.96)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(.88)</FONT>&nbsp;</TD></TR>

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   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>Total from investment operations</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>.88</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>2.52</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>.09</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>2.32</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.08)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>.05</FONT></B>&nbsp;</TD></TR>

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   <TD width="27%" noWrap align=left><I><FONT size=1 face=sans-serif>Distributions to preferred shareholders:</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

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   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>From net investment income</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.01)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(.01)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(.02)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(.02)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(.19)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(.33)</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=8>

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</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>Total from investment operations</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>(applicable to common shareholders)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>.87</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>2.51</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>.07</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>2.30</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(1.27)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(.28)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><I><FONT size=1 face=sans-serif>Distributions to common shareholders:</FONT></I>&nbsp;</TD>

   <TD width="10%" noWrap align=right>&nbsp;</TD>

   <TD width="2%" noWrap align=right></TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD>

   <TD width="12%" noWrap align=right>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>From net investment income</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>(.38)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(.80)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(.80)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(.78)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(.68)</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>(.57)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>Total distributions</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>(.38)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(.80)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(.80)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(.78)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(.68)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(.57)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>Increase from shares repurchased</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>&#8212;</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>.01</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>.07</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>Net asset value, end of period</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$13.46</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.97</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$11.26</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$11.99</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$10.47</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.41</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>Market price, end of period</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$13.43</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$12.70</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$10.77</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$11.43</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$9.73</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$11.13</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>Total return at market price (%)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares)</FONT></B><B><SUP><FONT size=1 face=sans-serif>b</FONT></SUP></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>8.81</FONT></B><FONT size=1 face=sans-serif>*</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>26.00</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>1.02</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>26.10</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(6.32)</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>(4.09)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>

   <TD width="10%" noWrap align=center><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="2%" noWrap align=center><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>RATIOS AND SUPPLEMENTAL DATA</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=8 noWrap align=left><B><FONT size=1 face=sans-serif>

   <HR SIZE=1 noShade>

</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>Net assets, end of period</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>(common shares) (in thousands)</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>$576,860</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$556,120</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$482,534</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$514,093</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$448,681</FONT></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><B><FONT size=1 face=sans-serif>$537,428</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Ratio of expenses to average</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>net assets (excluding interest</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>expense) (%) </FONT><B><SUP><FONT size=1 face=sans-serif>c,d</FONT></SUP></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0.45*</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>0.94</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.25</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.02</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.25</FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.44</FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Ratio of expenses to average</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>net assets (including interest</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>expense) (%) </FONT><B><SUP><FONT size=1 face=sans-serif>c,d</FONT></SUP></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0.47* </FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>0.99</FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.31</FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.08</FONT><B><SUP><FONT size=1 face=sans-serif>f</FONT></SUP></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.38</FONT><B><SUP><FONT size=1 face=sans-serif>e,f</FONT></SUP></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>1.44</FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Ratio of net investment income</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="12%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>to average net assets (%) </FONT><B><SUP><FONT size=1 face=sans-serif>d</FONT></SUP></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2.73*</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>6.46</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>6.57</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>6.91</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>6.31</FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>4.86</FONT><B><SUP><FONT size=1 face=sans-serif>e</FONT></SUP></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Portfolio turnover (%)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7*</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>16</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>23</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>31</FONT>&nbsp;</TD>

   <TD width="12%" noWrap align=right><FONT size=1 face=sans-serif>45</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>* Not annualized.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>** Unaudited.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>a </FONT></SUP></B><FONT size=1 face=sans-serif>Per share net investment income has been determined on the basis of the weighted average number of shares outstanding during the period.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>b </FONT></SUP></B><FONT size=1 face=sans-serif>Total return assumes dividend reinvestment.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>c </FONT></SUP></B><FONT size=1 face=sans-serif>Includes amounts paid through expense offset arrangements (Note 2).</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>d </FONT></SUP></B><FONT size=1 face=sans-serif>Ratios reflect net assets available to common shares only; net investment income ratio also reflects reduction for dividend payments to preferred shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>e </FONT></SUP></B><FONT size=1 face=sans-serif>Reflects waiver of certain fund expenses in connection with the fund&#8217;s remarketed preferred shares during the period. As a result of such waivers, the expenses of the fund for the period ended April 30, 2009 and April 30, 2008 reflect a reduction of 0.03% and less than 0.01% of average net assets, respectively (Note 2).</FONT></P>

<P style="TEXT-ALIGN: left"><B><SUP><FONT size=1 face=sans-serif>f </FONT></SUP></B><FONT size=1 face=sans-serif>Includes interest and fee expense associated with borrowings which amounted to 0.03%, 0.05%, 0.06%, 0.06% and 0.13% of average net assets for the reporting periods ended October 31, 2012, April 30, 2012, April 30, 2011, April 30, 2010 and April 30, 2009, respectively (Note 1).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The accompanying notes are an integral part of these financial statements.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>37</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_39"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Notes to financial statements </FONT></B><FONT size=2 face=sans-serif>10/31/12 (Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Within the following Notes to financial statements, references to &#8220;State Street&#8221; represent State Street Bank and Trust Company, references to &#8220;the SEC&#8221; represent the Securities and Exchange Commission and references to &#8220;Putnam Management&#8221; represent Putnam Investment Management, LLC, the fund&#8217;s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC. Unless otherwise noted, the &#8220;reporting period&#8221; represents the period from May 1, 2012 through October 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Putnam Municipal Opportunities Trust (the fund) is a Massachusetts business trust, which is registered under the Investment Company Act of 1940, as amended, as a non-diversified, closed-end management investment company. The fund&#8217;s investment objective is to seek as high a level of current income exempt from federal income tax as Putnam Management believes is consistent with the preservation of capital. The fund intends to achieve its objective by investing in a portfolio of investment grade and some below investment-grade municipal bonds selected by Putnam Management.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund&#8217;s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund&#8217;s management team expects the risk of material loss to be remote.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 1: Significant accounting policies</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Security valuation </FONT></B><FONT size=1 face=sans-serif>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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>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.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Security transactions and related investment income </FONT></B><FONT size=1 face=sans-serif>Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis. Interest income is recorded on the accrual basis. All premiums/discounts are amortized/accreted on a yield-to-maturity basis. The premium in excess of the call price, if any, is amortized to the call date; thereafter, any remaining premium is amortized to maturity. All premiums/discounts are amortized/accreted on a yield-to-maturity basis. Securities purchased or sold on a delayed delivery basis may be settled a month or more after the trade date; interest income is accrued based on the terms of the securities. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Tender option bond transactions </FONT></B><FONT size=1 face=sans-serif>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 to third parties and allowing the fund to retain the residual interest in the TOB trust&#8217;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</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>38</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_40"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>by including the fixed-rate bond in the fund&#8217;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&#8217;s investments with a value of $94,634,992 were held by the TOB trust and served as collateral for $41,396,740 in floating-rate bonds outstanding. For the reporting period ended, the fund incurred interest expense of $37,561 for these investments based on an average interest rate of 0.18%.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Federal taxes </FONT></B><FONT size=1 face=sans-serif>It is the policy of the fund to distribute all of its income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund is subject to the provisions of Accounting Standards Codification ASC 740 </FONT><I><FONT size=1 face=sans-serif>Income Taxes </FONT></I><FONT size=1 face=sans-serif>(ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund&#8217;s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At April 30, 2012, the fund had a capital loss carryover of $27,886,223 available to the extent allowed by the Code to offset future net capital gain, if any. The amounts of the carryovers and the expiration dates are:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=4 noWrap align=center><B><FONT size=1 face=sans-serif>Loss carryover</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Short-term</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Long-term</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Expiration</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$2,388,286</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>$2,388,286</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>897,370</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>897,370</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>April 30, 2014</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,545,945</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,545,945</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>April 30, 2015</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>884,324</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>884,324</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>April 30, 2016</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>16,106,777</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>16,106,777</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>April 30, 2017</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>4,848,013</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>4,848,013</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>April 30, 2018</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,215,508</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,215,508</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>April 30, 2019</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future years will be required to be utilized prior to the losses incurred in pre-enactment tax years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Pursuant to federal income tax regulations applicable to regulated investment companies, the fund has elected to defer certain capital losses of $116,057 recognized during the period between November 1, 2011 and April 30, 2012 to its fiscal year ending April 30, 2013. a portion of which could be subject to limitations imposed by the Code.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The aggregate identified cost on a tax basis is $715,232,377, resulting in gross unrealized appreciation and depreciation of $81,945,308 and $6,370,452, respectively, or net unrealized appreciation of $75,574,856.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Distributions to shareholders </FONT></B><FONT size=1 face=sans-serif>Distributions to common and preferred shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. Dividends on remarketed preferred shares become payable when, as and if declared by the Trustees. Each dividend period for the remarketed preferred shares is generally a 7 day period. The applicable dividend rate for the remarketed preferred shares on October 31, 2012 was 0.32% for both Series B and Series C.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>During the reporting period, the fund has experienced unsuccessful remarketings of its remarketed preferred shares. As a result, dividends to the remarketed preferred shares have been paid at the&#8220;maximum dividend rate,&#8221; pursuant to the fund&#8217;s by-laws, which, based on the current credit quality of the remarketed preferred shares, equals 110% of the higher of the 30-day &#8220;AA&#8221; composite commercial paper rate and the taxable equivalent of the short-term municipal bond rate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Dividend sources are estimated at the</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>39</FONT></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_41"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund&#8217;s fiscal year. Reclassifications are made to the fund&#8217;s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Determination of net asset value </FONT></B><FONT size=1 face=sans-serif>Net asset value of the common shares is determined by dividing the value of all assets of the fund, less all liabilities and the liquidation preference (redemption value of preferred shares, plus accumulated and unpaid dividends) of any outstanding remarketed preferred shares, by the total number of common shares outstanding as of period end.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 2: Management fee, administrative services and other transactions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund pays Putnam Management for management and investment advisory services quarterly based on the average net assets of the fund, including assets attributable to preferred shares. Such fee is based on the following annual rates based on the average weekly net assets attributable to common and preferred shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The lesser of (i) 0.55% of average net assets attributable to common and preferred shares outstanding, or (ii) the following rates:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="23%"></TD>

   <TD width="23%"></TD>

   <TD width="8%"></TD>

   <TD width="23%"></TD>

   <TD width="23%"></TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>0.65%</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>of the first $500 million of average weekly</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>0.425%</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>of the next $5 billion of average weekly</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="46%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>0.55%</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>of the next $500 million of average weekly</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>0.405%</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>of the next $5 billion of average weekly</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="46%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>0.50%</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>of the next $500 million of average weekly</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>0.39%</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>of the next $5 billion of average weekly net</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>assets, and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="46%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>0.45%</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>of the next $5 billion of average weekly</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>0.38%</FONT>&nbsp;</TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>of any excess thereafter.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="23%" noWrap align=left></TD>

   <TD width="23%" noWrap align=left><FONT size=1 face=sans-serif>net assets,</FONT>&nbsp;</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="46%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="46%" colSpan=2 noWrap align=left>

   <HR SIZE=1 noShade>

</TD>

   <TD width="8%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="23%" noWrap align=left></TD>

   <TD width="23%" noWrap align=left></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>Putnam Investments Limited (PIL), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. Putnam Management pays a quarterly sub-management fee to PIL for its services at an annual rate of 0.40% of the average net assets of the portion of the fund managed by PIL.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>If dividends payable on remarketed preferred shares during any dividend payment period plus any expenses attributable to remarketed preferred shares for that period exceed the fund&#8217;s gross income attributable to the proceeds of the remarketed preferred shares during that period, then the fee payable to Putnam Management for that period will be reduced by the amount of the excess (but not more than the effective management and administrative service fees rate under the contracts multiplied by the liquidation preference of the remarketed preferred shares outstanding during the period).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Custodial functions for the fund&#8217;s assets are provided by State Street. Custody fees are based on the fund&#8217;s asset level, the number of its security holdings and transaction volumes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Putnam Investor Services, Inc., an affiliate of Putnam Management, provided investor servicing agent functions to the fund. Putnam Investor Services, Inc. was paid a monthly fee for investor servicing at an annual rate of 0.05% of the fund&#8217;s average net assets. The amounts incurred for investor servicing agent functions during the reporting period are included in Investor servicing fees in the Statement of operations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc. and State Street&#8217;s fees are reduced by credits allowed on cash balances. For the reporting period, the fund&#8217;s expenses were reduced by $623 under the expense offset arrangements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Each independent Trustee of the fund receives an annual Trustee fee, of which $450, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>40</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee&#8217;s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee&#8217;s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 3: Purchases and sales of securities</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>During the reporting period, cost of purchases and proceeds from sales of investment securities other than short-term investments aggregated $54,552,561 and $68,328,691, respectively. There were no purchases or proceeds from sales of long-term U.S. government securities.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 4: Preferred shares</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>The Series B (3,417) and Series C (3,737) Remarketed Preferred shares are redeemable at the option of the fund on any dividend payment date at a redemption price of $25,000 per share, plus an amount equal to any dividends accumulated on a daily basis but unpaid through the redemption date (whether or not such dividends have been declared) and, in certain circumstances, a call premium.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>It is anticipated that dividends paid to holders of remarketed preferred shares will be considered tax-exempt dividends under the Internal Revenue Code of 1986. To the extent that the fund earns taxable income and capital gains by the conclusion of a fiscal year, it may be required to apportion to the holders of the remarketed preferred shares throughout that year additional dividends as necessary to result in an after-tax equivalent to the applicable dividend rate for the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Under the Investment Company Act of 1940, the fund is required to maintain asset coverage of at least 200% with respect to the remarketed preferred shares. Additionally, the fund&#8217;s bylaws impose more stringent asset coverage requirements and restrictions relating to the rating of the remarketed preferred shares by the shares&#8217; rating agencies. Should these requirements not be met, or should dividends accrued on the remarketed preferred shares not be paid, the fund may be restricted in its ability to declare dividends to common shareholders or may be required to redeem certain of the remarketed preferred shares. At October 31, 2012, no such restrictions have been placed on the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 5: Shares repurchased</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In September 2012, the Trustees approved the renewal of the repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 12-month period ending October 7, 2013 (based on shares outstanding as of October 7, 2012). Prior to this renewal, the Trustees had approved a repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 12-month period ending October 7, 2012 (based on shares outstanding as of October 7, 2011). Repurchases are made when the fund&#8217;s shares are trading at less than net asset value and in accordance with procedures approved by the fund&#8217;s Trustees. For the reporting period, the fund did not repurchase any of its outstanding common shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>At the close of the reporting period, Putnam Investments, LLC owned approximately 553 shares of the fund (0.001% of the fund&#8217;s shares outstanding), valued at $7,443 based on net asset value.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 6: Market, credit and other risks</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Note 7: New accounting pronouncements</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In December 2011, the FASB issued ASU No. 2011&#8211;11 </FONT><I><FONT size=1 face=sans-serif>&#8220;Disclosures about Offsetting Assets and Liabilities&#8221;</FONT></I><FONT size=1 face=sans-serif>. The update creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the Statement of assets and liabilities or subject to an enforceable master netting arrangement or similar agreement. The disclosure requirements are effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. Putnam Management is currently evaluating the application of ASU 2011&#8211;11 and its impact, if any, on the fund&#8217;s financial statements.</FONT></P>

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<TR>

   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif>41</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>The Putnam family of funds</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following is a list of Putnam&#8217;s open-end mutual funds offered to the public. </FONT><I><FONT size=2 face=sans-serif>Investors should carefully consider the investment objective, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial advisor at 1-800-225-1581 and ask for a prospectus. Please read the prospectus carefully before investing.</FONT></I></P>

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<TR>

   <TD width="50%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Growth</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Income</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>American Government Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>International Growth Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Diversified Income Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Multi-Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Floating Rate Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Small Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Global Income Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Voyager Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>High Yield Advantage Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>High Yield Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Blend</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Asia Pacific Equity Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Money Market Fund*</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Short Duration Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Capital Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>U.S. Government Income Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Emerging Markets Equity Fund</FONT></FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Equity Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Tax-free income</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Europe Equity Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>AMT-Free Municipal Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Global Equity Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>International Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Tax Exempt Money Market Fund*</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>International Equity Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Tax-Free High Yield Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Investors Fund</FONT></FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif></FONT></I></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Multi-Cap Core Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>State tax-free income funds:</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Research Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Arizona, California, Massachusetts, Michigan,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Minnesota, New Jersey, New York, Ohio,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Value</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>and Pennsylvania.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>Convertible Securities Fund</FONT></FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Equity Income Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Absolute Return</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>George Putnam Balanced Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Absolute Return 100 Fund<FONT size=1><SUP>&#174;</SUP></FONT></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>The Putnam Fund for Growth and Income</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Absolute Return 300 Fund<FONT size=1><SUP>&#174;</SUP></FONT></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>International Value Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Absolute Return 500 Fund<FONT size=1><SUP>&#174;</SUP></FONT></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Multi-Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Absolute Return 700 Fund<FONT size=1><SUP>&#174;</SUP></FONT></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Small Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>* </FONT><B><FONT size=2 face=sans-serif>An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.</FONT></B></P>

<P style="MARGIN: 0px"><STRONG><FONT size=2 face=Arial></FONT></STRONG>&nbsp;</P>

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<TR>

   <TD width="2%"></TD>

   <TD width="98%"></TD></TR>

<TR vAlign=bottom>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>42</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TR>

   <TD width="50%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Global Sector</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam RetirementReady Funds </FONT></I><FONT size=2 face=sans-serif>&#8212; portfolios</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Global Consumer Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>with automatically adjusting allocations to</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Global Energy Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>stocks, bonds, and money market instruments,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Global Financials Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>becoming more conservative over time.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Global Health Care Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Global Industrials Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>RetirementReady 2055 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Global Natural Resources Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>RetirementReady 2050 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Global Sector Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>RetirementReady 2045 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Global Technology Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>RetirementReady 2040 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Global Telecommunications Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>RetirementReady 2035 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Global Utilities Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>RetirementReady 2030 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>RetirementReady 2025 Fund</FONT></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>Asset Allocation</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>RetirementReady 2020 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Global Asset Allocation Funds </FONT></I><FONT size=2 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>RetirementReady 2015 Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>portfolios with allocations to stocks, bonds,</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>and money market instruments that are</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Retirement Income Lifestyle</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>adjusted dynamically within specified ranges</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Funds </FONT></I><FONT size=2 face=sans-serif>&#8212; portfolios with managed</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>as market conditions change.</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>allocations to stocks, bonds, and money</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif><FONT size=2 face=sans-serif>market investments to generate</FONT></FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Dynamic Asset Allocation Balanced Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>retirement income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=1 face=sans-serif>Prior to November 30, 2011, this fund was known as</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=1 face=sans-serif>Putnam Asset Allocation: Balanced Portfolio.</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Retirement Income Fund Lifestyle 1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Dynamic Asset Allocation</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Retirement Income Fund Lifestyle 2</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Conservative Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Retirement Income Fund Lifestyle 3</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=1 face=sans-serif>Prior to November 30, 2011, this fund was known as</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=1 face=sans-serif>Putnam Asset Allocation: Conservative Portfolio.</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Dynamic Asset Allocation Growth Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=1 face=sans-serif>Prior to November 30, 2011, this fund was known as</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=1 face=sans-serif>Putnam Asset Allocation: Growth Portfolio.</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Dynamic Risk Allocation Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>A short-term trading fee of 1% may apply to redemptions or exchanges from certain funds within the time period specified in the fund's prospectus.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>Check your account balances and the most recent month-end performance in the Individual Investors section at putnam.com.</FONT></P>

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   <TD width="98%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD width="98%" noWrap align=right><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>43</FONT></FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Fund information</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Founded 75 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage over 100 funds across income, value, blend, growth, asset allocation, absolute return, and global sector categories.</FONT></P>

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   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Investment Manager</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Trustees</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert R. Leveille</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Investment</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Jameson A. Baxter, </FONT><I><FONT size=2 face=sans-serif>Chair</FONT></I>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Management, LLC</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Chief Compliance Officer</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Michael J. Higgins</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and Treasurer</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Investment Sub-Manager</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Investments Limited</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Janet C. Smith</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>57&#8211;59 St James&#8217;s Street</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President,</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>London, England SW1A 1LD</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Principal Accounting Officer,</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Elizabeth T. Kennan</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>and Assistant Treasurer</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Marketing Services</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Kenneth R. Leibler</FONT></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Retail Management</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert E. Patterson</FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Susan G. Malloy</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>George Putnam, III</FONT></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert L. Reynolds</FONT></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Assistant Treasurer</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>W. Thomas Stephens</FONT></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Custodian</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>James P. Pappas</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>State Street Bank</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Officers</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>and Trust Company</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert L. Reynolds</FONT></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>President</FONT></I></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Mark C. Trenchard</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><B><FONT size=2 face=sans-serif>Legal Counsel</FONT></B>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Ropes &amp; Gray LLP</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Jonathan S. Horwitz</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>BSA Compliance Officer</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Executive Vice President,</FONT></I></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Principal Executive Officer, and</FONT></I></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Judith Cohen</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Compliance Liaison</FONT></I></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President, Clerk, and</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Associate Treasurer</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%"><FONT size=2 face=sans-serif>Steven D. Krichmar</FONT>&nbsp;</TD>

   <TD width="33%">&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I></TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Nancy E. Florek</FONT>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Principal Financial Officer</FONT></I></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President, Proxy</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Manager, Assistant Clerk, and</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><FONT size=2 face=sans-serif>Robert T. Burns</FONT>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Associate Treasurer</FONT></I>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Vice President and</FONT></I></TD>

   <TD width="33%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="33%" noWrap align=left>&nbsp;</TD>

   <TD width="33%" noWrap align=left><I><FONT size=2 face=sans-serif>Chief Legal Officer</FONT></I></TD>

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<P style="MARGIN: 0px"><I><FONT size=2 face=sans-serif>Call 1-800-225-1581 Monday through Friday between 8:00 a.m. and 8:00 p.m. Eastern Time, or visit putnam.com anytime for up-to-date information about the fund&#8217;s NAV.</FONT></I></P>

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   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif><FONT size=1 face=sans-serif>44</FONT></FONT>&nbsp;</TD>

   <TD width="98%" noWrap align=left><FONT size=1 face=sans-serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 2. Code of Ethics:</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Not Applicable</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 3. Audit Committee Financial Expert: </FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Not Applicable </FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 4. Principal Accountant Fees and Services: </FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Not Applicable </FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 5. Audit Committee </FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Not Applicable </FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 6. Schedule of Investments:</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>The registrant&#8217;s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Not applicable</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 8. Portfolio Managers of Closed-End Management Investment Companies</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a) Not applicable</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) There have been no changes to the list of the registrant&#8217;s identified portfolio managers included in the registrant&#8217;s report on Form N-CSR for the most recent completed fiscal year.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Registrant Purchase of Equity Securities</FONT></P>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Maximum</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Total Number</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Number (or</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>of Shares</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Approximate</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%">&nbsp;</TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Purchased</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Dollar Value )</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%">&nbsp;</TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>as Part</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>of Shares</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%">&nbsp;</TD>

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   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>of Publicly</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>that May Yet Be</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Total Number</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Average</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Announced</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Purchased</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>of Shares</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Price Paid</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Plans or</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>under the Plans</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Period</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Purchased</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>per Share</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Programs*</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>or Programs**</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>May 1 - May 31, 2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>4,287,137</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>&nbsp;</FONT></TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>June 1 - June 30,</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="40%" colSpan=2></TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>4,287,137</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>July 1 - July 31, 2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>- </FONT></TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>4,287,137</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>August 1 - August 31,</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>- </FONT></TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>4,287,137</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>September 1 -</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"></TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>September 30, 2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>-</FONT></TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>&nbsp;4,287,137</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>October 1 - October</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"></TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>7, 2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=Arial size=2>-</FONT>&nbsp;&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=Arial size=2>-</FONT>&nbsp;&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=Arial size=2>- </FONT></TD>

   <TD noWrap align=left width="20%"><FONT face=Arial size=2>4,287,137</FONT>&nbsp;&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>October 8 - October</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"></TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>31, 2012</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=Arial size=2>-</FONT>&nbsp;&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=Arial size=2>-</FONT>&nbsp;&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=Arial size=2>- </FONT></TD>

   <TD noWrap align=left width="20%"><FONT face=Arial size=2>4,287,137</FONT>&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"></TD>

   <TD noWrap align=left width="20%"></TD>

   <TD noWrap align=left width="20%"></TD>

   <TD noWrap align=left width="20%"><FONT face=sans-serif size=2></FONT></TD>

   <TD noWrap align=left width="20%"></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>* In October 2005, the Board of Trustees of the Putnam Funds initiated the closed-end fund share repurchase program, which, as subsequently amended, authorized the fund to repurchase of up to 10% of its fund's outstanding common shares over the two-years ending October 5, 2007. The Trustees have subsequently renewed the program on an annual basis. The program renewed by the Board in September 2011, which remained in effect between October 8, 2011 and October 7, 2012, allowed the fund to repurchases up to a total of 4,287,137 of its shares. The program renewed by the Board in September 2012, which will remain in effect between October 8, 2012 and October 7, 2013, allows the fund to repurchases up to a total of 4,287,137 of its shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>** Information prior to October 7, 2012 is based on the total number of shares eligible for repurchase under the program, as amended through September 2011. Information from October 8, 2012 forward is based on the total number of shares eligible for repurchase under the program, as amended through September 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 10. Submission of Matters to a Vote of Security Holders: </FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Not applicable </FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 11. Controls and Procedures:</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) Changes in internal control over financial reporting: Not applicable </FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Item 12. Exhibits: </FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a)(1) Not applicable</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(a)(2) 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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>(b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>SIGNATURES</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>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.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>By (Signature and Title):</FONT><BR><BR><U><FONT face=sans-serif size=2>/s/Janet C. Smith</FONT></U><BR><FONT face=sans-serif size=2>Janet C. Smith</FONT><BR><FONT face=sans-serif size=2>Principal Accounting Officer</FONT><BR><BR><FONT face=sans-serif size=2>Date: December 28, 2012</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>By (Signature and Title):</FONT><BR><BR><U><FONT face=sans-serif size=2>/s/Jonathan S. Horwitz</FONT></U><BR><FONT face=sans-serif size=2>Jonathan S. Horwitz</FONT><BR><FONT face=sans-serif size=2>Principal Executive Officer</FONT><BR><BR><FONT face=sans-serif size=2>Date: December 28, 2012</FONT><BR><BR><FONT face=sans-serif size=2>By (Signature and Title):</FONT><BR><BR><U><FONT face=sans-serif size=2>/s/Steven D. Krichmar</FONT></U><BR><FONT face=sans-serif size=2>Steven D. Krichmar</FONT><BR><FONT face=sans-serif size=2>Principal Financial Officer</FONT><BR><BR><FONT face=sans-serif size=2>Date: December 28, 2012</FONT></P></DIV>




























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<P style="text-align: left;">
<U><FONT size=2 face="sans-serif">Certifications</FONT></U></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">I, Jonathan S. Horwitz, the Principal Executive Officer of the funds listed on Attachment A, certify that:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Date: December 27, 2012</FONT><BR><BR><FONT face=sans-serif size=2>/s/ Jonathan S. Horwitz</FONT><BR><FONT face=sans-serif size=2>_______________________</FONT><BR><FONT face=sans-serif size=2>Jonathan S. Horwitz</FONT><BR><FONT face=sans-serif size=2>Principal Executive Officer</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Certifications</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>I, Steven D. Krichmar, the Principal Financial Officer of the funds listed on Attachment A, certify that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>1. I have reviewed each report on Form N-CSR of the funds listed on Attachment A:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>2. Based on my knowledge, each report does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by each report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>3. Based on my knowledge, the financial statements, and other financial information included in each report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in each report;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which each report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of each report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>d) disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the registrant&#8217;s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>5. The registrant's other certifying officer and I have disclosed to each registrant's auditors and the audit committee of each registrant's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect each registrant's ability to record, process, summarize, and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>b) any fraud, whether or not material, that involves management or other employees who have a significant role in each registrant's internal control over financial reporting.</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Date: December 27, 2012</FONT><BR><BR><FONT face=sans-serif size=2>/s/ Steven D. Krichmar</FONT><BR><FONT face=sans-serif size=2>_______________________</FONT><BR><FONT face=sans-serif size=2>Steven D. Krichmar</FONT><BR><FONT face=sans-serif size=2>Principal Financial Officer</FONT></P></DIV>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT face=sans-serif size=2>Attachment A</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><FONT face=sans-serif size=1>Period (s) ended October 31, 2012</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT><BR><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT><BR><FONT face=sans-serif size=2>Putnam Multi-Cap Value Fund</FONT><BR><FONT face=sans-serif size=2>The Putnam Fund for Growth and Income</FONT><BR><FONT face=sans-serif size=2>Putnam Capital Opportunities Fund</FONT><BR><FONT face=sans-serif size=2>Putnam Income Fund</FONT><BR><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT><BR><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT><BR><FONT face=sans-serif size=2>Putnam Convertible Securities Fund</FONT><BR><FONT face=sans-serif size=2>Putnam Absolute Return 100 Fund</FONT><BR><FONT face=sans-serif size=2>Putnam Absolute Return 300 Fund</FONT><BR><FONT face=sans-serif size=2>Putnam Absolute Return 500 Fund</FONT><BR><FONT face=sans-serif size=2>Putnam Absolute Return 700 Fund</FONT><BR><FONT face=sans-serif size=2>Putnam Capital Spectrum Fund</FONT><BR><FONT face=sans-serif size=2>Putnam Equity Spectrum Fund</FONT><BR><FONT face=sans-serif size=2>Putnam Asia Pacific Equity Fund</FONT><BR><FONT face=sans-serif size=2>Putnam Global Sector Fund</FONT><BR><FONT face=sans-serif size=2>Putnam Multi-Cap Core Fund</FONT></P></DIV>

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<FILENAME>c_certnos.htm
<DESCRIPTION>EX-99.906 CERT
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<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Section 906 Certifications</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>I, Jonathan S. Horwitz, the Principal Executive Officer of the Funds listed on Attachment A, certify that, to my knowledge:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>1. The form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2012 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2012 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Date: December 27, 2012</FONT><BR><BR><FONT face=sans-serif size=2>/s/ Jonathan S. Horwitz</FONT><BR><FONT face=sans-serif size=2>______________________</FONT><BR><FONT face=sans-serif size=2>Jonathan S. Horwitz</FONT><BR><FONT face=sans-serif size=2>Principal Executive Officer</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><U><FONT face=sans-serif size=2>Section 906 Certifications</FONT></U></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>I, Steven D. Krichmar, the Principal Financial Officer of the Funds listed on Attachment A, certify that, to my knowledge:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>1. The form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2012 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>2. The information contained in the Form N-CSR of the Funds listed on Attachment A for the period ended October 31, 2012 fairly presents, in all material respects, the financial condition and results of operations of the Funds listed on Attachment A.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT face=sans-serif size=2>Date: December 27, 2012</FONT><BR><BR><FONT face=sans-serif size=2>/s/ Steven D. Krichmar</FONT><BR><FONT face=sans-serif size=2>______________________</FONT><BR><FONT face=sans-serif size=2>Steven D. Krichmar</FONT><BR><FONT face=sans-serif size=2>Principal Financial Officer</FONT></P></DIV>

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<TABLE border=0 style="width:80%" cellspacing=0>
<TR>
     <TD width=100%></TD></TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=2 face="sans-serif">Attachment A</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=2 face="sans-serif">N-CSR</FONT></TD>
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<FONT size=1 face="sans-serif">Period (s) ended October 31, 2012</FONT>&nbsp;</TD>
</TR>
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<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Putnam Managed Municipal Income Trust</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Municipal Opportunities Trust</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Multi-Cap Value Fund</FONT><BR>
<FONT size=2 face="sans-serif">The Putnam Fund for Growth and Income</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Capital Opportunities Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Income Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Global Income Trust</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Global Equity Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Convertible Securities Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Absolute Return 100 Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Absolute Return 300 Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Absolute Return 500 Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Absolute Return 700 Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Capital Spectrum Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Equity Spectrum Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Asia Pacific Equity Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Global Sector Fund</FONT><BR>
<FONT size=2 face="sans-serif">Putnam Multi-Cap Core Fund</FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
