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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-07626

 

Putnam Municipal Opportunities Trust

(Exact name of registrant as specified in charter)

 

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

 

Marc A. De Oliveira

Franklin Templeton

100 First Stamford Place

Stamford, CT 06902

 

(Name and address of agent for service)

 

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

 

Date of fiscal year end: April 30

Date of reporting period: October 31, 2025

 
 

 

ITEM 1. REPORT TO STOCKHOLDERS.

 

(a) The Report to Shareholders is filed herewith

 

Semiannual
Report
Putnam
Municipal
Opportunities
Trust
October
31,
2025
Not
FDIC
Insured
No
Bank
Guarantee
May
Lose
Value
.
Managed
Distribution
Policy
:
The
Fund
has
implemented
a
managed
distribution
plan
(the
"Distribution
Plan")
whereby
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
The
Fund
intends
to
make
monthly
distributions
to
shareholders
at
the
rate
of
$0.0393
per
share.
Management
will
generally
distribute
amounts
necessary
to
satisfy
the
Distribution
Plan
and
the
requirements
prescribed
by
excise
tax
rules
and
Subchapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended
(the
"Code").
The
Distribution
Plan
is
intended
to
provide
shareholders
with
a
consistent
distribution
each
month
and
is
intended
to
narrow
the
discount
between
the
market
price
and
the
Net
Asset
Value
(NAV)
of
the
Fund's
common
shares,
but
there
is
no
assurance
that
the
Distribution
Plan
will
be
successful
in
doing
so.
Under
the
Distribution
Plan,
to
the
extent
that
sufficient
investment
income
is
not
available
on
a
monthly
basis,
the
Fund
will
distribute
long-term
capital
gains
and/or
return
of
capital
in
order
to
maintain
its
managed
distribution
rate.
No
conclusions
should
be
drawn
about
the
Fund's
investment
performance
from
the
amount
of
the
Fund's
distributions
or
from
the
terms
of
the
Fund's
Distribution
Plan.
The
Board
may
amend
the
terms
of
the
Distribution
Plan
or
terminate
the
Distribution
Plan
at
any
time
without
prior
notice
to
the
Fund’s
shareholders,
however,
at
this
time
there
are
no
reasonably
foreseeable
circumstances
that
might
cause
the
termination
of
the
Distribution
Plan.
The
amendment
or
termination
of
the
Distribution
Plan
could
have
an
adverse
effect
on
the
market
price
of
the
Fund’s
common
shares.
The
Distribution
Plan
will
be
subject
to
the
periodic
review
by
the
Board,
including
a
yearly
review
of
the
annual
minimum
fixed
rate
to
determine
if
an
adjustment
should
be
made.
Shareholders
should
not
draw
any
conclusions
about
the
Fund’s
investment
performance
from
the
amount
of
the
current
distribution
or
from
the
terms
of
the
Distribution
Plan.
The
Fund
will
send
a
Form
1099-DIV
to
shareholders
for
the
calendar
year
that
will
describe
how
to
report
the
Fund’s
distributions
for
federal
income
tax
purposes.
Please
see
the
"Important
Information
to
Shareholders"
section
for
additional
information.
franklintempleton.com
Annual
Report
1
Contents
Fund
Overview
2
Performance
Summary
3
Financial
Highlights
and
Schedule
of
Investments
5
Financial
Statements
18
Notes
to
Financial
Statements
21
Important
Information
to
Shareholders
30
Annual
Meeting
of
Shareholders
31
Dividend
Reinvestment
and
Cash
Purchase
Plan
32
Shareholder
Information
34
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Putnam
Municipal
Opportunities
Trust
Dear
Shareholder,
This
semiannual
report
for
Putnam
Municipal
Opportunities
Trust
covers
the
period
ended
October
31,
2025
.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
as
high
a
level
of
current
income
exempt
from
federal
income
tax
consistent
with
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.
The
Fund
also
uses
leverage,
primarily
by
issuing
preferred
shares
in
an
effort
to
enhance
the
returns
for
the
common
shareholders.
The
Fund’s
shares
trade
on
a
stock
exchange
at
market
prices,
which
may
be
lower
than
the
Fund’s
net
asset
value.
The
Fund’s
use
of
leverage
involves
risks
and
may
increase
the
volatility
of
the
Fund’s
net
asset
value.
Performance
Overview
For
the
six
months
under
review,
the
Fund
posted
cumulative
total
returns
of
+6.80%
based
on
market
price
and
+6.67%
based
on
net
asset
value.
In
comparison,
the
Bloomberg
Municipal
Bond
Index,
which
is
a
market
value-weighted
index
of
tax-exempt,
investment-grade
municipal
bonds
with
maturities
of
one
year
or
more,
posted
a
+4.99%
cumulative
total
return
1
.
You
can
find
the
Fund's
long-term
performance
data
in
the
Performance
Summary
on
page
3
.
The
Fund
has
implemented
a
managed
distribution
plan
whereby
the
Fund
will
distribute
a
level
distribution
amount
to
shareholders.
The
Fund
intends
to
make
monthly
distributions
to
shareholders
at
the
rate
of
$0.0393
per
share.
Management
will
generally
distribute
amounts
necessary
to
satisfy
the
Fund’s
plan
and
the
requirements
prescribed
by
excise
tax
rules
and
Subchapter
M
of
the
Internal
Revenue
Code.
The
plan
is
intended
to
provide
shareholders
with
a
consistent
distribution
each
month
and
is
intended
to
narrow
the
discount
between
the
market
price
and
the
NAV
of
the
Fund’s
common
shares,
but
there
is
no
assurance
that
the
plan
will
be
successful
in
doing
so.
The
Fund
sends
a
Form
1099-DIV
to
shareholders
each
calendar
year
describing
how
to
report
the
Fund's
distributions
for
federal
income
tax
purposes.
Please
see
“Important
Information
to
Shareholders”
section
for
additional
information.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Effective
May
30,
2025,
Paul
M.
Drury
retired
and
stepped
down
as
a
member
of
the
Fund’s
portfolio
management
team.
Thank
you
for
your
continued
participation
in
Putnam
Municipal
Opportunities
Trust.
We
look
forward
to
serving
your
future
investment
needs.
Sincerely,
Garrett
L
Hamilton,
CFA
James
Conn,
CFA
Francisco
Rivera
Daniel
Workman,
CFA
Benjamin
C.
Barber,
CFA
Portfolio
Management
Team
Portfolio
Composition
10/31/25
%
of
Total
Investments
Health
Care
16.91%
Transportation
16.12%
Housing
14.07%
Education
11.96%
Lease
10.72%
Special
Tax
7.37%
Industrial
Dev.
Revenue
and
Pollution
Control
7.16%
Local
5.21%
State
General
Obligation
4.27%
Other
Revenue
Bonds
3.81%
Utilities
1.90%
Refunded
0.45%
Other
0.05%
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
6
.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
October
31,
2025
Putnam
Municipal
Opportunities
Trust
3
franklintempleton.com
Semiannual
Report
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Total
returns
do
not
reflect
any
sales
charges
paid
at
inception
or
brokerage
commissions
paid
on
secondary
market
purchases.
The
performance
tables
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
10/31/25
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Share
Prices
Cumulative
Total
Return
1
Average
Annual
Total
Return
1
Based
on
NAV
2
Based
on
market
price
3
Based
on
NAV
2
Based
on
market
price
3
6-Month
+6.67%
+6.80%
+6.67%
+6.80%
1-Year
+3.83%
+3.26%
+3.83%
+3.26%
5-Year
+6.67%
+3.58%
+1.30%
+0.71%
10-Year
+38.08%
+41.27%
+3.28%
+3.52%
Symbol:
PMO
10/31/25
4/30/25
Change
Net
Asset
Value
(NAV)
$11.40
$10.92
+$0.48
Market
Price
(NYSE)
$10.37
$9.94
+$0.43
Distributions
Per
Share
(5/1/25–10/31/25)
Net
Investment
Income
Total
$0.2358
$0.2358
Distributions
Per
Remarketed
Preferred
Share
(5/1/25–10/31/25)
Income
Total
Series
B
(2,876
shares)
$600.97
$600.97
Series
C
(2,673
shares)
$599.82
$599.82
See
page
4
for
Performance
Summary
footnotes.
Putnam
Municipal
Opportunities
Trust
Performance
Summary
4
franklintempleton.com
Semiannual
Report
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
The
Fund
is
actively
managed
but
there
is
no
guarantee
that
the
manager's
investment
decisions
will
produce
the
desired
results.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Low-rated,
high-yield
bonds
are
subject
to
greater
price
volatility,
illiquidity
and
possibility
of
default.
Active
management
does
not
ensure
gains
or
protect
against
market
declines.
An
investor
may
be
subject
to
the
federal
Alternative
Minimum
Tax,
and
state
and
local
taxes
may
apply.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
All
figures
represent
past
performance
and
are
not
a
guarantee
of
future
results.
Returns
reflect
the
deduction
of
all
Fund
expenses,
including
management
fees,
operating
expenses,
and
other
Fund
expenses.
Returns
do
not
reflect
the
deduction
of
brokerage
commissions
or
taxes
that
investors
may
pay
on
distributions
or
sale
of
shares.
Performance
figures
may
reflect
compensating
balance
arrangements,
fee
waivers
and/or
expense
reimbursements.
1.
Total
return
calculations
represent
the
cumulative
and
average
annual
changes
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
2.
Assumes
reinvestment
of
distributions
based
on
net
asset
value.
3.
Assumes
reinvestment
of
distributions
based
on
the
dividend
reinvestment
and
cash
purchase
plan.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Putnam
Municipal
Opportunities
Trust
Financial
Highlights
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
5
a
Six
Months
Ended
October
31,
2025
(unaudited)
Year
Ended
April
30,
2025
2024
2023
2022
2021
Per
common
share
operating
performance
(for
a
common
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$10.92
$11.17
$11.17
$11.63
$13.95
$12.49
Income
from
investment
operations:
Net
investment
income
a
.............
0.34
0.62
0.56
0.49
0.45
0.48
Net
realized
and
unrealized
gains
(losses)
0.48
(0.32)
0.03
(0.18)
(2.13)
1.76
Distributions
to
preferred
shareholders
from:
Net
investment
income
..............
(0.12)
(0.26)
(0.26)
(0.16)
(0.01)
(0.01)
Net
realized
gains
.................
—
—
—
—
—
b
—
Total
from
investment
operations
........
0.70
0.04
0.33
0.15
(1.69)
2.23
Less
distributions
to
common
shareholders
from:
Net
investment
income
..............
(0.24)
(0.32)
(0.29)
(0.53)
(0.40)
(0.66)
Net
realized
gains
.................
—
—
—
—
(0.23)
(0.11)
Tax
return
of
capital
................
—
(0.10)
(0.13)
(0.09)
—
—
Total
distributions
...................
(0.24)
(0.42)
(0.42)
(0.62)
(0.63)
(0.77)
Repurchase
of
shares
(Note
2
)
.........
0.02
0.13
0.09
0.01
—
b
—
Net
asset
value,
end
of
period
..........
$11.40
$10.92
$11.17
$11.17
$11.63
$13.95
Market
value,
end
of
period
c
...........
$10.37
$9.94
$9.72
$10.29
$10.69
$13.72
Total
return
(based
on
net
asset
value
per
share)
d
...........................
6.67%
1.43%
(1.46)%
1.83%
(18.22)%
24.88%
Total
return
(based
on
market
value
per
share)
d
...........................
6.80%
6.46%
3.90%
1.56%
(12.60)%
18.13%
Ratios
to
average
net
assets
applicable
to
common
shares
e,f,g
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.32%
1.12%
1.17%
1.33%
0.99%
1.00%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.06%
h
0.92%
h,i
0.96%
h,i
1.20%
h,i
0.99%
i
0.97%
h,i
Net
investment
income
...............
3.90%
3.15%
2.76%
3.02%
3.23%
3.46%
Supplemental
data
Net
assets
applicable
to
common
shares,
end
of
period
(000’s)
...............
$312,249
$306,493
$346,949
$377,416
$394,832
$475,965
Portfolio
turnover
rate
................
20%
18%
51%
36%
32%
22%
a
Based
on
average
daily
common
shares
outstanding.
b
Amount
rounds
to
less
than
$0.01
per
share.
c
Based
on
the
last
sale
on
the
New
York
Stock
Exchange.
d
The
Market
Value
Total
Return
is
calculated
assuming
a
purchase
of
common
shares
on
the
opening
of
the
first
business
day
and
a
sale
on
the
closing
of
the
last
business
day
of
each
period.
Dividends
and
distributions
are
assumed
for
the
purposes
of
this
calculation
to
be
reinvested
at
prices
obtained
under
the
Fund's
Dividend
Reinvestment
and
Cash
Purchase
Plan.
Net
Asset
Value
Total
Return
is
calculated
on
the
same
basis,
except
that
the
Fund's
net
asset
value
is
used
on
the
purchase,
sale
and
dividend
reinvestment
dates
instead
of
market
value.
Total
return
does
not
reflect
brokerage
commissions
or
sales
charges
in
connection
with
the
purchase
or
sale
of
Fund
shares.
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Ratios
reflect
net
assets
available
to
common
shares
only;
net
investment
income
ratio
also
reflects
reduction
for
dividend
payments
to
preferred
shareholders.
g
Based
on
income
and
expenses
applicable
to
both
common
and
preferred
shares.
h
Reflects
waivers
of
certain
Fund
expenses
in
connection
with
the
Fund's
remarketed
preferred
shares
(Note
3).
i
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited),
October
31,
2025
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
148.7%
Alabama
0.2%
a
,b
Baldwin
County
Industrial
Development
Authority
,
Novelis
Corp.
,
Revenue
,
144A,
2025
A
,
Mandatory
Put
,
5
%
,
6/01/32
........................................
$
500,000
$
515,077
Alaska
1.8%
c
Alaska
Industrial
Development
&
Export
Authority
,
Dena'
Nena'
Henash
,
Revenue
,
2019
A
,
4
%
,
10/01/44
...............................................
6,050,000
5,625,885
Arizona
3.3%
Arizona
Industrial
Development
Authority
,
b
BASIS
Schools,
Inc.
Obligated
Group
,
Revenue
,
144A,
2017
D
,
Refunding
,
5
%
,
7/01/51
........................................................
510,000
477,881
Equitable
School
Revolving
Fund
LLC
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
11/01/46
.......................................................
2,855,000
2,579,030
KIPP
NYC
Public
Charter
Schools
,
Revenue
,
2021
B
,
4
%
,
7/01/41
.............
720,000
660,657
b
Industrial
Development
Authority
of
the
City
of
Phoenix
Arizona
(The)
,
BASIS
Schools,
Inc.
Obligated
Group
,
Revenue
,
144A,
2015
A
,
Refunding
,
5
%
,
7/01/35
.........
1,000,000
1,000,177
b
Industrial
Development
Authority
of
the
County
of
Pima
(The)
,
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
A
,
6.25
%
,
11/15/35
.......................................................
1,750,000
1,925,288
La
Posada
at
Park
Centre,
Inc.
Obligated
Group
,
Revenue
,
144A,
2022
A
,
7
%
,
11/15/57
.......................................................
350,000
376,639
Maricopa
County
Industrial
Development
Authority
,
b
Grand
Canyon
University
Obligated
Group
,
Revenue
,
144A,
2024
,
7.375
%
,
10/01/29
2,050,000
2,152,712
Horizon
Community
Learning
Center,
Inc.
,
Revenue
,
2016
,
Refunding
,
5
%
,
7/01/35
750,000
752,790
Reid
Traditional
Schools
Obligated
Group
,
Revenue
,
2016
,
5
%
,
7/01/36
.........
350,000
350,530
10,275,704
California
8.7%
b
California
Community
Housing
Agency
,
Aster
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-1
,
4
%
,
2/01/56
..............................................
550,000
460,806
California
Municipal
Finance
Authority
,
d
Revenue
,
FRN
,
2025-1
,
A-2
,
3.537
%
,
2/20/41
............................
2,339,783
2,078,464
HumanGood
California
Obligated
Group
,
Revenue
,
2021
,
4
%
,
10/01/49
.........
2,700,000
2,402,692
Terry
Manor
Senior
Housing
LP
,
Revenue
,
2024
A
,
FNMA
Insured
,
4.2
%
,
8/01/40
..
2,870,000
2,922,271
b
California
School
Finance
Authority
,
Vista
Charter
Public
Schools
Obligated
Group
,
Revenue
,
144A,
2021
A
,
4
%
,
6/01/61
...................................
1,455,000
1,086,544
City
of
Long
Beach
,
Airport
System
,
Revenue
,
2022
C
,
AG
Insured
,
5
%
,
6/01/42
..................
750,000
777,836
Airport
System
,
Revenue
,
2022
C
,
AG
Insured
,
5.25
%
,
6/01/47
...............
1,250,000
1,288,012
City
of
Los
Angeles
,
Community
Facilities
District
No.
11
,
Special
Tax
,
2021
,
4
%
,
9/01/38
.........................................................
1,000,000
996,344
b
CMFA
Special
Finance
Agency
VII
,
Breakwater
Apartments
(The)
,
Revenue
,
144A,
2021
A-1
,
3
%
,
8/01/56
..............................................
500,000
346,118
b
CSCDA
Community
Improvement
Authority
,
Cameo/Garrison
Apartments
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
3/01/57
.
1,450,000
991,403
Dublin
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
2/01/57
..................
1,900,000
1,315,851
Jefferson
Platinum
Triangle
Apartments
,
Revenue
,
144A,
2021
A-2
,
3.125
%
,
8/01/56
5,135,000
3,873,274
Pasadena
Portfolio
,
Revenue,
Senior
Lien
,
144A,
2021
A-2
,
3
%
,
12/01/56
.......
3,235,000
2,307,198
San
Francisco
City
&
County
Airport
Comm-San
Francisco
International
Airport
,
Revenue,
Second
Series
,
2023
C
,
Refunding
,
5.5
%
,
5/01/39
.................
5,765,000
6,437,942
27,284,755
Colorado
4.4%
City
&
County
of
Denver
,
Airport
System
,
Revenue
,
2022
A
,
5.5
%
,
11/15/35
.........................
1,500,000
1,710,422
Airport
System
,
Revenue
,
2022
A
,
5
%
,
11/15/37
...........................
1,025,000
1,113,954
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
7
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Colorado
(continued)
City
&
County
of
Denver,
(continued)
Airport
System
,
Revenue
,
2022
A
,
5.5
%
,
11/15/38
.........................
$
1,500,000
$
1,676,777
Airport
System
,
Revenue
,
2022
A
,
4.125
%
,
11/15/47
.......................
5,000,000
4,636,302
Colorado
Health
Facilities
Authority
,
Christian
Living
Neighborhoods
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/37
.................................
550,000
550,378
Denver
Health
&
Hospital
Authority
,
Revenue
,
2025
A
,
5.125
%
,
12/01/50
..........
1,500,000
1,522,129
Regional
Transportation
District
,
Denver
Transit
Partners
LLC
,
Revenue
,
2020
A
,
Refunding
,
3
%
,
7/15/37
.............................................
850,000
770,826
b
Southern
Ute
Indian
Tribe
of
the
Southern
Ute
Reservation
of
Colorado
,
GO
,
144A,
2025
A
,
5
%
,
4/01/35
................................................
1,225,000
1,341,311
Sterling
Ranch
Community
Authority
Board
,
Sterling
Ranch
Colorado
Metropolitan
District
No.
2
,
Revenue
,
2020
A
,
Refunding
,
4.25
%
,
12/01/50
.................
550,000
561,545
13,883,644
Connecticut
0.6%
b
Harbor
Point
Infrastructure
Improvement
District
,
Tax
Allocation
,
144A,
2017
,
Refunding
,
5
%
,
4/01/39
.............................................
2,000,000
2,029,121
Florida
8.6%
b
Capital
Trust
Authority
,
Academir
Charter
Schools,
Inc.
,
Revenue
,
144A,
2025
A
,
6.375
%
,
7/01/50
.......
900,000
910,348
Madrone
Florida
Tech
Student
Housing
I
LLC
,
Revenue
,
144A,
2025
A
,
5.375
%
,
7/01/65
........................................................
185,000
180,645
City
of
Miami
,
Revenue
,
2024
A
,
5.5
%
,
1/01/49
.............................
6,340,000
6,942,475
b
County
of
Okaloosa
,
AIR
Force
Enlisted
Village,
Inc.
Obligated
Group
,
Revenue
,
144A,
2025
,
5.75
%
,
5/15/55
...............................................
425,000
431,943
b
County
of
Palm
Beach
,
Provident
Group-PBAU
Properties
LLC
,
Revenue
,
144A,
2019
A
,
5
%
,
4/01/39
....................................................
1,600,000
1,608,560
b
Del
Webb
Oak
Creek
Community
Development
District
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/55
..............................................
270,000
273,054
East
Nassau
Stewardship
District
,
Special
Assessment
,
2025
,
6.25
%
,
5/01/56
......
450,000
468,240
Florida
Development
Finance
Corp.
,
b
Revenue
,
144A,
2021
A
,
4
%
,
7/01/51
...................................
500,000
403,083
River
City
Education
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
7/01/42
.
485,000
487,844
River
City
Education
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
7/01/51
.
1,300,000
1,263,002
River
City
Education
Obligated
Group
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
7/01/57
.
680,000
654,717
Shands
Jacksonville
Medical
Center
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
2/01/52
....................................................
1,500,000
1,456,835
Florida
Higher
Educational
Facilities
Financing
Authority
,
Florida
Institute
of
Technology,
Inc.
,
Revenue
,
2019
,
4
%
,
10/01/39
.............
800,000
759,704
St.
Leo
University,
Inc.
Obligated
Group
,
Revenue
,
2019
,
Refunding
,
5
%
,
3/01/44
..
1,500,000
1,167,830
Halifax
Hospital
Medical
Center
,
Halifax
Hospital
Medical
Center
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
6/01/36
.................................
1,500,000
1,510,527
b
Lakeside
at
Satilla
Community
Development
District
,
Assessments
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
5/01/55
...............................
100,000
101,208
Lakewood
Ranch
Stewardship
District
,
Special
Assessment
,
2025
,
6
%
,
5/01/56
.................................
275,000
285,034
Assessments
,
Special
Assessment
,
2023
,
6.3
%
,
5/01/54
....................
1,335,000
1,410,212
Palermo
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.5
%
,
6/15/55
................................................
250,000
257,172
Palm
Beach
County
Health
Facilities
Authority
,
Jupiter
Medical
Center
Obligated
Group
,
Revenue
,
2022
,
5
%
,
11/01/47
........................................
1,515,000
1,532,248
Pinellas
County
Industrial
Development
Authority
,
Drs
Kiran
&
Pallavi
Patel
2017
Foundation
for
Global
Understanding,
Inc.
,
Revenue
,
2019
,
5
%
,
7/01/39
.........
500,000
501,157
b
Village
Community
Development
District
No.
13
,
Phase
II
,
Special
Assessment
,
144A,
2020
,
3
%
,
5/01/35
.................................................
2,390,000
2,231,236
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Florida
(continued)
b
Village
Community
Development
District
No.
15
,
Special
Assessment
,
144A,
2024
,
4.55
%
,
5/01/44
.........................
$
500,000
$
482,399
Phase
I
,
Special
Assessment
,
144A,
2023
,
5
%
,
5/01/43
.....................
1,000,000
1,014,322
b
Waterset
South
Community
Development
District
,
Assessment
Area
,
Special
Assessment
,
144A,
2025
,
5.7
%
,
5/01/56
................................
225,000
226,945
Woodcreek
Community
Development
District
,
Assessment
Area
2
,
Special
Assessment
,
2025
,
5.5
%
,
5/01/55
.....................................
200,000
196,378
26,757,118
Georgia
4.5%
b
Atlanta
Development
Authority
(The)
,
PRG
-
CAU
Properties
LLC
,
Revenue
,
144A,
2025
A
,
6
%
,
7/01/50
................................................
125,000
129,911
DeKalb
County
Housing
Authority
,
HADC
1086
on
Montreal
LLC
,
Revenue
,
2024
,
4
%
,
3/01/34
......................................................
5,000,000
5,042,023
Gainesville
&
Hall
County
Hospital
Authority
,
Northeast
Georgia
Health
System
Obligated
Group
,
Revenue
,
2021
A
,
3
%
,
2/15/51
..........................
2,330,000
1,690,982
a
Main
Street
Natural
Gas,
Inc.
,
Revenue
,
2023
E-1
,
Mandatory
Put
,
5
%
,
6/01/31
.....
2,670,000
2,876,700
Municipal
Electric
Authority
of
Georgia
,
Revenue
,
2024
A
,
Refunding
,
5.25
%
,
1/01/49
.............................
1,000,000
1,050,188
JEA
Electric
System
,
Revenue
,
2023
A
,
AG
Insured
,
5
%
,
7/01/55
..............
1,700,000
1,730,453
Paulding
County
Hospital
Authority
,
WellStar
Health
System
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
4/01/43
...............................
1,400,000
1,469,542
13,989,799
Hawaii
1.4%
County
of
Maui
,
GO
,
2025
,
5
%
,
9/01/37
...................................
2,250,000
2,614,042
State
of
Hawaii
,
Harbor
System
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
7/01/34
........
1,625,000
1,664,447
4,278,489
Illinois
11.6%
Chicago
Board
of
Education
,
GO
,
2015
C
,
5.25
%
,
12/01/39
........................................
2,250,000
2,218,947
GO
,
2023
A
,
5.875
%
,
12/01/47
........................................
400,000
402,183
Chicago
Midway
International
Airport
,
Revenue,
Senior
Lien
,
2023
C
,
Refunding
,
5
%
,
1/01/40
.........................................................
2,250,000
2,377,011
Chicago
O'Hare
International
Airport
,
Revenue,
Senior
Lien
,
2018
A
,
Refunding
,
5
%
,
1/01/37
.....................
300,000
310,588
Customer
Facility
Charge
,
Revenue,
Senior
Lien
,
2023
,
Refunding
,
BAM
Insured
,
5.25
%
,
1/01/42
..................................................
1,465,000
1,580,374
City
of
Chicago
,
GO
,
2023
A
,
5
%
,
1/01/35
............................................
2,500,000
2,605,011
GO
,
2025
E
,
6
%
,
1/01/44
............................................
1,750,000
1,876,582
Illinois
Finance
Authority
,
Board
of
Trustees
of
the
University
of
Illinois
(The)
,
Revenue
,
2023
A
,
5.25
%
,
10/01/53
.......................................................
2,500,000
2,635,296
CHF-Chicago
LLC
,
Revenue
,
2017
A
,
5
%
,
2/15/37
.........................
1,000,000
1,006,749
CHF-Chicago
LLC
,
Revenue
,
2017
A
,
5
%
,
2/15/47
.........................
2,000,000
1,944,614
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2015
A
,
Refunding
,
5
%
,
5/15/35
........................................................
1,025,000
1,025,242
Riverside
Health
System
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
4
%
,
11/15/34
500,000
502,502
Metropolitan
Pier
&
Exposition
Authority
,
e
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2002
A
,
NATL
Insured
,
3.41
%,
12/15/30
..........................................
12,000,000
10,105,441
e
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2017
B
,
Refunding
,
4.55
%,
12/15/37
........................................
1,000,000
809,012
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
9
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Illinois
(continued)
Metropolitan
Pier
&
Exposition
Authority,
(continued)
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2020
A
,
Refunding
,
4
%
,
6/15/50
............................................
$
5,000,000
$
4,333,936
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
6/15/52
............................................
1,000,000
857,401
State
of
Illinois
,
GO
,
2018
A
,
5
%
,
5/01/38
.................................
1,500,000
1,544,618
36,135,507
Indiana
0.7%
Hammond
Multi-School
Building
Corp.
,
Hammond
School
City
,
Revenue
,
2018
,
5
%
,
7/15/38
.........................................................
1,750,000
1,804,544
Indiana
Finance
Authority
,
Indiana
Masonic
Home,
Inc.
Obligated
Group
,
Revenue
,
2025
B
,
5.5
%
,
5/01/54
..............................................
455,000
458,120
2,262,664
Iowa
0.6%
Iowa
Finance
Authority
,
Lifespace
Communities,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
5/15/46
........................................................
2,000,000
1,676,527
Presbyterian
Homes
Mill
Pond
Apartment,
Inc.
,
Revenue
,
2025
,
5.75
%
,
10/01/55
..
300,000
304,986
1,981,513
Kentucky
0.2%
Kentucky
Economic
Development
Finance
Authority
,
Masonic
Homes
of
Kentucky,
Inc.
Obligated
Group
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
5/15/51
.................
500,000
395,568
Louisville
Regional
Airport
Authority
,
Revenue
,
2014
A
,
Refunding
,
5
%
,
7/01/31
.....
385,000
386,477
782,045
Louisiana
1.7%
Louisiana
Public
Facilities
Authority
,
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.5
%
,
9/01/59
......
350,000
357,046
Calcasieu
Bridge
Partners
LLC
,
Revenue,
Senior
Lien
,
2024
,
5.75
%
,
9/01/64
.....
1,750,000
1,815,869
a
Parish
of
St.
John
the
Baptist
,
Marathon
Oil
Corp.
,
Revenue
,
2017
A-3
,
Refunding
,
Mandatory
Put
,
2.2
%
,
7/01/26
........................................
3,010,000
2,996,127
5,169,042
Maryland
1.1%
City
of
Gaithersburg
,
Asbury
Maryland
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
5
%
,
1/01/36
......................................................
450,000
457,150
Maryland
Economic
Development
Corp.
,
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2020
,
4.25
%
,
7/01/50
1,350,000
1,208,924
Morgan
View
&
Thurgood
Marshall
Student
Housing
,
Revenue
,
2022
A
,
6
%
,
7/01/58
1,725,000
1,833,471
3,499,545
Massachusetts
8.1%
Commonwealth
of
Massachusetts
,
GO
,
2022
C
,
5
%
,
10/01/52
...........................................
1,980,000
2,057,034
GO
,
2024
B
,
5
%
,
5/01/54
............................................
7,770,000
8,141,482
Massachusetts
Development
Finance
Agency
,
Boston
Medical
Center
Corp.
Obligated
Group
,
Revenue
,
2015
D
,
5
%
,
7/01/44
....
400,000
394,583
PRG
Medford
Properties,
Inc.
,
Revenue
,
2025
,
5.5
%
,
6/01/50
................
1,500,000
1,620,348
SABIS
International
Charter
School
,
Revenue
,
2015
,
Refunding
,
5
%
,
4/15/33
.....
1,000,000
1,000,315
UMass
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2025
N-1
,
Refunding
,
5.25
%
,
7/01/50
..................................................
5,000,000
5,109,512
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Massachusetts
(continued)
Massachusetts
Development
Finance
Agency,
(continued)
UMass
Memorial
Health
Care
Obligated
Group
,
Revenue
,
2025
N-1
,
Refunding
,
4.5
%
,
7/01/54
...................................................
$
4,800,000
$
4,547,071
Massachusetts
Port
Authority
,
Revenue
,
2016
B
,
4
%
,
7/01/46
..................
2,500,000
2,300,799
25,171,144
Michigan
7.3%
City
of
Detroit
,
GO
,
B-1
,
4
%
,
4/01/44
.....................................
1,690,341
1,348,956
Detroit
City
School
District
,
GO
,
2001
A
,
AG
Insured
,
6
%
,
5/01/29
...............
660,000
704,408
Great
Lakes
Water
Authority
,
Sewage
Disposal
System
,
Revenue,
Senior
Lien
,
2023
C
,
5.25
%
,
7/01/48
.......
1,375,000
1,479,355
Sewage
Disposal
System
,
Revenue,
Senior
Lien
,
2023
C
,
5.25
%
,
7/01/53
.......
1,700,000
1,818,715
Michigan
Finance
Authority
,
Lawrence
Technological
University
Obligated
Group
,
Revenue
,
2022
,
Refunding
,
4
%
,
2/01/42
........................................................
745,000
648,847
Trinity
Health
Corp.
Obligated
Group
,
Revenue
,
2019
A
,
Refunding
,
4
%
,
12/01/49
.
3,845,000
3,443,929
Michigan
State
Housing
Development
Authority
,
Revenue
,
2021
A
,
2.73
%
,
10/01/59
.
1,500,000
971,745
Pontiac
School
District
,
GO
,
2020
,
4
%
,
5/01/45
.............................................
4,425,000
4,145,188
GO
,
2020
,
4
%
,
5/01/50
.............................................
4,975,000
4,619,088
GO
,
2020
,
4
%
,
5/01/50
.............................................
1,470
1,365
State
of
Michigan
,
Trunk
Line
,
Revenue
,
2021
A
,
4
%
,
11/15/46
.................
3,725,000
3,535,628
22,717,224
Minnesota
0.6%
City
of
Ramsey
,
PACT
Charter
School
,
Revenue
,
2022
A
,
Refunding
,
5
%
,
6/01/32
...
2,000,000
2,004,222
Missouri
5.5%
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri
,
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
5/01/34
....................................................
1,085,000
996,941
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
5/01/38
....................................................
1,750,000
1,495,666
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
A
,
Refunding
,
4
%
,
5/01/43
....................................................
1,150,000
903,875
University
of
Health
Sciences
&
Pharmacy
in
St.
Louis
,
Revenue
,
2023
B
,
Refunding
,
4
%
,
5/01/45
....................................................
1,950,000
1,474,802
Kansas
City
Industrial
Development
Authority
,
City
of
Kansas
City
Airport
,
Revenue
,
2019
B
,
5
%
,
3/01/46
...................
3,150,000
3,173,643
City
of
Kansas
City
Airport
,
Revenue
,
2020
A
,
AG
Insured
,
5
%
,
3/01/57
.........
8,980,000
9,013,530
17,058,457
Nevada
2.9%
City
of
Las
Vegas
,
Special
Improvement
District
No.
816
,
Special
Assessment
,
2021
,
3
%
,
6/01/41
....
1,745,000
1,351,597
Special
Improvement
District
No.
818
,
Special
Assessment
,
2024
,
5
%
,
12/01/49
...
1,130,000
1,122,111
a
County
of
Washoe
,
Sierra
Pacific
Power
Co.
,
Revenue
,
2016
C
,
Refunding
,
Mandatory
Put
,
4.125
%
,
10/01/29
.......................................................
1,500,000
1,530,856
Sierra
Pacific
Power
Co.
,
Revenue
,
2016
F
,
Refunding
,
Mandatory
Put
,
4.125
%
,
10/01/29
.......................................................
4,850,000
4,949,769
8,954,333
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
11
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
New
Hampshire
3.3%
New
Hampshire
Business
Finance
Authority
,
Revenue
,
2024-2
,
A
,
3.625
%
,
8/20/39
..................................
$
2,723,243
$
2,607,449
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.125
%
,
8/15/40
..............
1,070,000
969,811
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.25
%
,
8/15/46
...............
1,210,000
1,041,706
Caritas
Acquisitions
VII
LLC
,
Revenue
,
2020
A
,
4.5
%
,
8/15/55
................
2,540,000
2,121,368
Greater
Raleigh
Area
Christian
Education,
Inc.
,
Revenue
,
2025
,
6
%
,
8/01/65
.....
700,000
706,014
New
Hampshire
Health
and
Education
Facilities
Authority
Act
,
Elliot
Hospital
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/38
.......
500,000
504,166
Southern
New
Hampshire
Health
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
10/01/37
.......................................................
2,500,000
2,517,617
10,468,131
New
Jersey
0.5%
Passaic
County
Improvement
Authority
(The)
,
Paterson
Arts
&
Science
Charter
School
,
Revenue
,
2023
,
5.5
%
,
7/01/58
........................................
550,000
563,334
South
Jersey
Transportation
Authority
,
Revenue
,
2022
A
,
5.25
%
,
11/01/52
.........
1,000,000
1,045,549
1,608,883
New
Mexico
0.8%
City
of
Santa
Fe
,
El
Castillo
Retirement
Residences
Obligated
Group
,
Revenue
,
2012
,
5
%
,
5/15/42
.
1,460,000
1,450,353
El
Castillo
Retirement
Residences
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
5/15/44
975,000
948,069
2,398,422
New
York
13.2%
Empire
State
Development
Corp.
,
State
of
New
York
Sales
Tax
,
Revenue
,
2021
A
,
Refunding
,
3
%
,
3/15/50
.............................................
1,060,000
791,890
Metropolitan
Transportation
Authority
,
Revenue
,
2017
C-1
,
Refunding
,
4
%
,
11/15/35
............................
1,000,000
1,010,018
Revenue
,
2024
A
,
Refunding
,
5.5
%
,
11/15/47
.............................
8,000,000
8,652,027
New
York
City
Housing
Development
Corp.
,
Revenue
,
2020
I-1
,
2.55
%
,
11/01/45
....................................
2,025,000
1,478,118
Revenue
,
2020
I-1
,
2.8
%
,
11/01/60
.....................................
2,000,000
1,289,310
New
York
City
Transitional
Finance
Authority
,
Future
Tax
Secured
,
Revenue
,
2022
B-1
,
3
%
,
8/01/48
......................................................
5,875,000
4,472,931
New
York
Counties
Tobacco
Trust
VI
,
Revenue
,
2016
A-2B
,
Refunding
,
5
%
,
6/01/45
.
1,000,000
876,301
New
York
Liberty
Development
Corp.
,
Revenue
,
2021
A
,
Refunding
,
BAM
Insured
,
3
%
,
11/15/51
...................
3,500,000
2,576,338
7
World
Trade
Center
II
LLC
,
Revenue
,
2022
A
,
1
,
Refunding
,
3
%
,
9/15/43
.......
2,335,000
1,923,477
New
York
Transportation
Development
Corp.
,
Delta
Air
Lines,
Inc.
,
Revenue
,
2020
,
5
%
,
10/01/40
.........................
2,000,000
2,031,847
JFK
NTO
LLC
,
Revenue
,
2023
,
6
%
,
6/30/54
..............................
2,400,000
2,505,835
JFK
NTO
LLC
,
Revenue
,
2025
,
6
%
,
6/30/55
..............................
2,250,000
2,404,521
Laguardia
Gateway
Partners
LLC
,
Revenue
,
2016
A
,
5
%
,
7/01/46
.............
500,000
498,605
b
Oneida
Indian
Nation
of
New
York
,
Revenue
,
144A,
2024
A
,
8
%
,
9/01/40
...................................
300,000
306,529
Revenue
,
144A,
2024
B
,
6
%
,
9/01/43
...................................
475,000
511,723
c
Port
Authority
of
New
York
&
New
Jersey
,
Revenue
,
218th
,
5
%
,
11/01/49
..........
2,980,000
3,039,665
Suffolk
Regional
Off-Track
Betting
Co.
,
Revenue
,
2024
,
6
%
,
12/01/53
............
2,270,000
2,303,895
Triborough
Bridge
&
Tunnel
Authority
,
Sales
Tax
,
Revenue
,
2022
A
,
5.25
%
,
5/15/57
..
4,400,000
4,634,552
41,307,582
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
North
Carolina
1.1%
North
Carolina
Medical
Care
Commission
,
Lutheran
Services
for
the
Aging,
Inc.
Obligated
Group
,
Revenue
,
2021
A
,
4
%
,
3/01/51
........................................................
$
2,250,000
$
1,853,424
Maryfield,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
5
%
,
10/01/45
..............
500,000
473,303
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2024
A
,
5
%
,
10/01/44
...................................................
505,000
512,085
United
Methodist
Retirement
Homes,
Inc.
Obligated
Group
(The)
,
Revenue
,
2024
A
,
5
%
,
10/01/49
...................................................
500,000
501,876
3,340,688
Ohio
2.9%
Buckeye
Tobacco
Settlement
Financing
Authority
,
Revenue,
Senior
Lien
,
2020
A-2
,
1
,
Refunding
,
3
%
,
6/01/48
..................
3,560,000
2,526,330
Revenue,
Senior
Lien
,
2020
B-2
,
2
,
Refunding
,
5
%
,
6/01/55
..................
2,265,000
1,901,204
Cleveland-Cuyahoga
County
Port
Authority
,
Playhouse
Square
Foundation
,
Revenue
,
2018
,
Refunding
,
5.5
%
,
12/01/53
......................................
500,000
500,779
County
of
Montgomery
,
Kettering
Health
Network
Obligated
Group
,
Revenue
,
2016
,
4
%
,
8/01/47
......................................................
3,000,000
2,760,816
Port
of
Greater
Cincinnati
Development
Authority
,
Revenue,
Senior
Lien
,
2024
A
,
Refunding
,
5
%
,
12/01/63
............................................
1,250,000
1,288,511
8,977,640
Oregon
0.5%
Clackamas
County
Hospital
Facility
Authority
,
Rose
Villa,
Inc.
Obligated
Group
,
Revenue
,
2020
A
,
Refunding
,
5.25
%
,
11/15/50
............................
1,000,000
969,925
Hospital
Facilities
Authority
of
Multnomah
County
Oregon
,
Terwilliger
Plaza,
Inc.
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
12/01/36
..................
650,000
652,042
1,621,967
Others
0.7%
d
FHLMC,
Multi-family
ML
Pass-Through
Certificates
,
Revenue
,
FRN
,
2024-ML22
,
A-US
,
4.685
%
,
10/25/40
..................................................
2,227,508
2,295,390
Pennsylvania
6.2%
Allegheny
County
Airport
Authority
,
Revenue
,
2021
A
,
5
%
,
1/01/34
........................................
3,480,000
3,740,090
Revenue
,
2021
A
,
AG
Insured
,
4
%
,
1/01/46
..............................
750,000
680,101
Revenue
,
2023
A
,
AG
Insured
,
5.5
%
,
1/01/48
.............................
5,000,000
5,277,163
Bucks
County
Water
and
Sewer
Authority
,
Revenue
,
2022
A
,
AG
Insured
,
5.25
%
,
12/01/47
........................................................
2,175,000
2,317,812
Lancaster
County
Hospital
Authority
,
Masonic
Villages
of
the
Grand
Lodge
of
Pennsylvania
,
Revenue
,
2023
,
Refunding
,
5.125
%
,
11/01/38
................................................
2,000,000
2,173,589
Moravian
Manors
Obligated
Group
,
Revenue
,
2019
A
,
5
%
,
6/15/44
.............
1,000,000
912,403
St.
Anne's
Retirement
Community
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
3/01/40
........................................................
500,000
468,694
St.
Anne's
Retirement
Community
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
3/01/50
........................................................
500,000
414,279
Montgomery
County
Industrial
Development
Authority
,
Public
School
of
Germantown
(The)
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
10/01/36
.........................
450,000
439,323
Pennsylvania
Economic
Development
Financing
Authority
,
Commonwealth
of
Pennsylvania
Motor
License
Fund
,
Revenue
,
2022
,
AG
Insured
,
5.75
%
,
12/31/62
..
1,350,000
1,431,738
b
Philadelphia
Authority
for
Industrial
Development
,
f
University
of
the
Arts
(The)
,
Revenue
,
144A,
2017
,
5
%
,
3/15/45
...............
465,246
93,049
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
13
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Pennsylvania
(continued)
b
Philadelphia
Authority
for
Industrial
Development,
(continued)
University
Plaza
Associates
,
Revenue
,
144A,
2017
,
III
,
Pre-Refunded
,
5.25
%
,
12/01/47
.......................................................
$
1,400,000
$
1,433,917
19,382,158
Rhode
Island
1.5%
Rhode
Island
Health
and
Educational
Building
Corp.
,
PRG
-
RI
Properties
LLC
,
Revenue
,
2025
A
,
AG
Insured
,
5
%
,
7/01/60
..........
1,500,000
1,514,623
PRG
-
RI
Properties
LLC
,
Revenue
,
2025
B
,
AG
Insured
,
5.625
%
,
7/01/65
.......
450,000
467,761
Tobacco
Settlement
Financing
Corp.
,
Revenue
,
2015
B
,
Refunding
,
5
%
,
6/01/50
....
2,750,000
2,724,097
4,706,481
South
Carolina
0.1%
b
City
of
Goose
Creek
,
Carnes
Crossroads
Improvement
District
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
10/01/55
..........................................
200,000
201,768
South
Dakota
0.6%
County
of
Lincoln
,
Augustana
College
Association
,
Revenue
,
2021
A
,
Refunding
,
4
%
,
8/01/61
.........................................................
2,355,000
1,822,554
Tennessee
2.1%
Knox
County
Health
Educational
&
Housing
Facility
Board
,
Provident
Group
-
UTK
Properties
LLC
,
Revenue
,
2024
A-1
,
BAM
Insured
,
5
%
,
7/01/64
...............
3,415,000
3,481,947
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Educational
Facilities
Board
,
Blakeford
at
Green
Hills
Obligated
Group
,
Revenue
,
2020
A
,
4
%
,
11/01/55
.
2,250,000
1,778,643
Metropolitan
Nashville
Airport
Authority
(The)
,
Revenue
,
2022
B
,
5.5
%
,
7/01/42
.....
1,125,000
1,209,509
6,470,099
Texas
15.0%
Arlington
Higher
Education
Finance
Corp.
,
b
BASIS
Texas
Charter
Schools,
Inc.
,
Revenue
,
144A,
2024
,
4.75
%
,
6/15/49
.......
1,215,000
1,107,532
Uplift
Education
,
Revenue
,
2016
A
,
Refunding
,
5
%
,
12/01/36
.................
500,000
504,243
Austin-Bergstrom
Landhost
Enterprises,
Inc.
,
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/34
................................
530,000
542,613
Revenue
,
2017
,
Refunding
,
5
%
,
10/01/35
................................
1,045,000
1,067,357
b
Beaumont
Housing
Authority
,
Revenue,
Senior
Lien
,
144A,
2025
A
,
6.5
%
,
7/01/55
...
625,000
621,822
Central
Texas
Turnpike
System
,
Revenue,
First
Tier
,
2020
A
,
Refunding
,
3
%
,
8/15/40
2,825,000
2,382,731
b
City
of
Crandall
,
River
Ridge
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/55
..........................
390,000
390,408
g
City
of
Dripping
Springs
,
Special
Assessment
,
2025
,
5.625
%
,
9/01/55
............
300,000
299,334
b,g
City
of
Ennis
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/15/55
.................
350,000
346,918
b
City
of
Manor
,
EntradenGlen
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
7
%
,
9/15/55
............................
175,000
180,635
b
City
of
Seagoville
,
Special
Assessment
,
144A,
2025
,
6
%
,
9/15/54
...............
775,000
796,910
Clifton
Higher
Education
Finance
Corp.
,
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
PSF
Guaranty
,
4.125
%
,
8/15/49
.................................................
1,250,000
1,209,944
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2024
A
,
Refunding
,
PSF
Guaranty
,
4.25
%
,
8/15/53
..................................................
4,800,000
4,670,167
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
PSF
Guaranty
,
5.25
%
,
2/15/49
..................................................
1,000,000
1,055,590
International
Leadership
of
Texas,
Inc.
,
Revenue
,
2025
A
,
Refunding
,
PSF
Guaranty
,
5
%
,
2/15/55
....................................................
1,635,000
1,680,141
YES
Prep
Public
Schools,
Inc.
,
Revenue
,
2023
,
PSF
Guaranty
,
4.25
%
,
4/01/48
...
2,000,000
1,941,589
b
County
of
Denton
,
Green
Meadows
Public
Improvement
District
Improvement
Area
No.
1
,
Special
Assessment
,
144A,
2025
,
5.625
%
,
12/31/55
......................
775,000
801,209
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Texas
(continued)
Dallas
Fort
Worth
International
Airport
,
Revenue
,
2025
A-1
,
Refunding
,
5.5
%
,
11/01/50
$
1,250,000
$
1,336,760
c
Grand
Parkway
Transportation
Corp.
,
Revenue
,
2018
A
,
5
%
,
10/01/48
...........
3,500,000
3,566,655
Harris
County
Cultural
Education
Facilities
Finance
Corp.
,
Brazos
Presbyterian
Homes
Obligated
Group
,
Revenue
,
2016
,
Refunding
,
5
%
,
1/01/37
........................................................
1,000,000
1,008,755
YMCA
of
the
Greater
Houston
Area
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
6/01/33
...
800,000
784,809
YMCA
of
the
Greater
Houston
Area
,
Revenue
,
2013
A
,
Refunding
,
5
%
,
6/01/38
...
1,500,000
1,373,035
Houston
Higher
Education
Finance
Corp.
,
Houston
Baptist
University
,
Revenue
,
2025
,
5.125
%
,
10/01/51
..................................................
650,000
617,229
Love
Field
Airport
Modernization
Corp.
,
City
of
Dallas
Airport
,
Revenue
,
2015
,
5
%
,
11/01/35
........................................................
1,000,000
1,000,862
Matagorda
County
Navigation
District
No.
1
,
AEP
Texas,
Inc.
,
Revenue
,
2005
A
,
Refunding
,
AMBAC
Insured
,
4.4
%
,
5/01/30
...............................
1,500,000
1,566,129
New
Hope
Cultural
Education
Facilities
Finance
Corp.
,
CHF-Collegiate
Housing
Denton
LLC
,
Revenue
,
2018
A-1
,
AG
Insured
,
4.125
%
,
7/01/53
........................................................
1,000,000
890,395
CHF-Collegiate
Housing
Denton
LLC
,
Revenue
,
2018
B-1
,
AG
Insured
,
4.125
%
,
7/01/53
........................................................
1,000,000
889,509
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.
,
Buckner
Retirement
Services,
Inc.
Obligated
Group
,
Revenue
,
2016
B
,
5
%
,
11/15/40
...............
2,000,000
2,005,631
b
Texas
Community
Housing
&
Economic
Development
Corp.
,
Agape
Helotes,
Inc.
,
Revenue,
Senior
Lien
,
144A,
2025
A-1
,
6.25
%
,
1/01/65
.....................
625,000
586,014
Texas
Public
Finance
Authority
,
Texas
Southern
University
,
Revenue
,
2023
,
BAM
Insured
,
5.25
%
,
5/01/40
.......
400,000
429,206
Texas
Southern
University
,
Revenue
,
2023
,
BAM
Insured
,
5.25
%
,
5/01/41
.......
400,000
426,126
Texas
Southern
University
,
Revenue
,
2023
,
BAM
Insured
,
5.25
%
,
5/01/42
.......
400,000
422,983
c
Texas
Transportation
Finance
Corp.
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
10/01/55
..
8,000,000
8,751,678
b
Town
of
Providence
Village
,
Foree
Ranch
Public
Improvement
District
Improvement
Area
No.
2
,
Special
Assessment
,
144A,
2025
,
5.5
%
,
9/01/55
.................
385,000
384,418
Uptown
Development
Authority
,
City
of
Houston
Reinvestment
Zone
No.
16
,
Tax
Allocation
,
2021
,
Refunding
,
3
%
,
9/01/39
........................................................
725,000
588,374
City
of
Houston
Reinvestment
Zone
No.
16
,
Tax
Allocation
,
2021
,
Refunding
,
3
%
,
9/01/40
........................................................
750,000
592,471
46,820,182
Utah
2.8%
b
Black
Desert
Public
Infrastructure
District
,
Assessment
Area
1
,
Special
Assessment
,
144A,
2024
,
5.625
%
,
12/01/53
........................................
700,000
707,718
Downtown
Revitalization
Public
Infrastructure
District
,
City
of
Salt
Lake
City
Revitalization
Sales
Tax
,
Revenue,
Second
Lien
,
2025
B
,
AG
Insured
,
5.5
%
,
6/01/50
3,000,000
3,261,165
b
MIDA
Mountain
Village
Public
Infrastructure
District
,
Mountain
Village
Assessment
Area
2
,
Special
Assessment
,
144A,
2021
,
4
%
,
8/01/50
..........................
1,430,000
1,226,974
Utah
Infrastructure
Agency
,
Revenue
,
2022
,
5
%
,
10/15/37
........................................
1,200,000
1,254,376
Revenue
,
2023
,
6
%
,
10/15/47
........................................
1,650,000
1,793,738
Revenue
,
2025
,
5.25
%
,
10/15/49
......................................
375,000
377,458
8,621,429
Virginia
0.4%
Virginia
Small
Business
Financing
Authority
,
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/36
........................................................
630,000
631,788
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
15
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
Virginia
(continued)
Virginia
Small
Business
Financing
Authority,
(continued)
Elizabeth
River
Crossings
OpCo
LLC
,
Revenue,
Senior
Lien
,
2022
,
Refunding
,
4
%
,
1/01/39
........................................................
$
750,000
$
734,667
1,366,455
Washington
6.5%
Grays
Harbor
County
Public
Hospital
District
No.
1
,
Revenue
,
2023
,
Refunding
,
6.875
%
,
12/01/49
..................................................
4,000,000
4,463,036
King
County
Public
Hospital
District
No.
1
,
GO
,
2018
,
Refunding
,
5
%
,
12/01/38
.....
2,365,000
2,463,184
Port
of
Seattle
,
Revenue
,
2022
B
,
Refunding
,
5
%
,
8/01/40
.....................
1,000,000
1,064,798
Washington
State
Housing
Finance
Commission
,
Revenue
,
2021-1
,
A
,
3.5
%
,
12/20/35
...................................
2,521,469
2,453,980
Revenue
,
2023-1
,
A
,
3.375
%
,
4/20/37
..................................
2,549,881
2,411,265
d
Revenue
,
FRN
,
2024-1
,
A
,
4.221
%
,
3/20/40
..............................
894,084
875,305
Eastside
Retirement
Association
Obligated
Group
,
Revenue
,
2023
A
,
Refunding
,
5
%
,
7/01/43
........................................................
2,030,000
2,057,037
b
Provident
Group
-
SH
II
Properties
LLC
,
Revenue
,
144A,
2025
A
,
BAM
Insured
,
5.25
%
,
7/01/55
..................................................
1,500,000
1,529,338
b
Seattle
Academy
of
Arts
&
Sciences
,
Revenue
,
144A,
2023
,
Refunding
,
6.25
%
,
7/01/59
........................................................
2,750,000
2,970,883
20,288,826
Wisconsin
9.4%
Public
Finance
Authority
,
Revenue
,
2023-1
,
A
,
5.75
%
,
7/01/62
...................................
2,605,808
2,735,009
b
AMCP
Franklin
LLC
,
Revenue
,
144A,
2025
A-T
,
10
%
,
12/01/60
...............
715,000
730,020
Beyond
Boone
LLC
,
Revenue
,
2020
A
,
AG
Insured
,
4
%
,
7/01/34
..............
300,000
303,278
Beyond
Boone
LLC
,
Revenue
,
2020
A
,
AG
Insured
,
4
%
,
7/01/38
..............
435,000
436,851
Beyond
Boone
LLC
,
Revenue
,
2020
A
,
AG
Insured
,
4
%
,
7/01/40
..............
500,000
495,825
Beyond
Boone
LLC
,
Revenue
,
2020
A
,
AG
Insured
,
4
%
,
7/01/45
..............
600,000
567,300
Beyond
Boone
LLC
,
Revenue
,
2020
A
,
AG
Insured
,
4
%
,
7/01/50
..............
700,000
639,277
Campus
Real
Estate
Holding
Corp.
LLC
,
Revenue
,
2025
A
,
Refunding
,
5.5
%
,
6/01/55
300,000
305,913
CFC-SA
LLC
,
Revenue,
Senior
Lien
,
2022
A
,
5
%
,
2/01/62
...................
700,000
698,615
b
CHF
-
Manoa
LLC
,
Revenue,
Senior
Lien
,
144A,
2023
A
,
5.75
%
,
7/01/63
........
1,000,000
1,002,893
b
Dominium
Holdings
I
LLC
,
Revenue
,
144A,
2024-1
,
B-1
,
6.81
%
,
4/28/36
........
1,750,000
1,803,791
b
Mary's
Woods
at
Marylhurst
Obligated
Group
,
Revenue
,
144A,
2017
A
,
Refunding
,
5.25
%
,
5/15/37
..................................................
250,000
252,371
b
North
Carolina
Leadership
Charter
Academy,
Inc.
,
Revenue
,
144A,
2019
A
,
5
%
,
6/15/49
........................................................
1,580,000
1,455,022
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
5.75
%
,
12/31/65
......
525,000
544,187
SR
400
Peach
Partners
LLC
,
Revenue,
Senior
Lien
,
2025
,
6.5
%
,
12/31/65
.......
2,175,000
2,390,589
TrIPs
Obligated
Group
,
Revenue
,
2012
B
,
Refunding
,
5.25
%
,
7/01/28
..........
115,000
115,095
b
UHF
Promenade
Apts
LLC
(The)
,
Revenue
,
144A,
2024
,
6.25
%
,
2/01/39
........
1,000,000
1,019,747
b
UNC
Charlotte
Marriott
Hotel
&
Conference
Center
,
Revenue
,
144A,
2021
A
,
4
%
,
9/01/51
........................................................
750,000
568,036
b
UNC
Charlotte
Marriott
Hotel
&
Conference
Center
,
Revenue
,
144A,
2021
A
,
4
%
,
9/01/56
........................................................
1,000,000
734,738
Wisconsin
Health
&
Educational
Facilities
Authority
,
Advocate
Aurora
Health
Obligated
Group
,
Revenue
,
2018
A
,
Refunding
,
4
%
,
8/15/35
3,000,000
3,027,126
Froedtert
ThedaCare
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
4/01/37
........................................................
3,000,000
3,065,440
Froedtert
ThedaCare
Health
Obligated
Group
,
Revenue
,
2022
A
,
Refunding
,
4
%
,
4/01/41
........................................................
4,865,000
4,778,585
Sanford
Obligated
Group
,
Revenue
,
2024
A
,
5.5
%
,
2/15/54
..................
1,600,000
1,692,320
29,362,028
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Principal
Amount
a
Value
a
a
a
a
a
Municipal
Bonds
(continued)
U.S.
Territories
7.3%
District
of
Columbia
5.5%
District
of
Columbia
,
Ingleside
Presbyterian
Retirement
Community
Obligated
Group
,
Revenue
,
2017
A
,
5
%
,
7/01/52
....................................................
$
500,000
$
463,998
Latin
American
Montessori
Bilingual
Public
Charter
School
Obligated
Group
,
Revenue
,
2020
,
Refunding
,
5
%
,
6/01/40
...............................
2,000,000
1,968,683
Plenary
Infrastructure
DC
LLC
,
Revenue
,
2022
A
,
5.5
%
,
2/29/36
..............
1,370,000
1,571,513
Plenary
Infrastructure
DC
LLC
,
Revenue
,
2022
A
,
5.5
%
,
2/28/37
..............
1,500,000
1,717,587
Two
Rivers
Public
Charter
School,
Inc.
,
Revenue
,
2020
,
Refunding
,
5
%
,
6/01/40
..
1,500,000
1,491,376
Two
Rivers
Public
Charter
School,
Inc.
,
Revenue
,
2020
,
Refunding
,
5
%
,
6/01/50
..
1,500,000
1,405,074
Metropolitan
Washington
Airports
Authority
,
e
Dulles
Toll
Road
,
Revenue,
Senior
Lien
,
2010
A
,
4.61
%,
10/01/37
.............
3,700,000
2,162,235
c
Dulles
Toll
Road
,
Revenue,
Sub.
Lien
,
2019
B
,
Refunding
,
4
%
,
10/01/53
........
1,290,000
1,126,474
c
Washington
Metropolitan
Area
Transit
Authority
,
Dedicated
,
Revenue,
Second
Lien
,
2024
A
,
5
%
,
7/15/56
................................................
5,000,000
5,203,062
17,110,002
Puerto
Rico
1.8%
Commonwealth
of
Puerto
Rico
,
GO
,
2022
A-1
,
4
%
,
7/01/37
..........................................
1,250,000
1,197,368
GO
,
2022
A-1
,
4
%
,
7/01/41
..........................................
5,000,000
4,593,877
5,791,245
Total
U.S.
Territories
....................................................................
22,901,247
Total
Municipal
Bonds
(Cost
$
460,397,536
)
.....................................
464,337,218
a
a
a
a
Short
Term
Investments
0.2%
Shares
a
Management
Investment
Companies
0.2%
h,i
Putnam
Short
Term
Investment
Fund
,
Class
P
,
4.371
%
.......................
521,921
521,921
Total
Management
Investment
Companies
(Cost
$
521,921
)
.......................
521,921
Principal
Amount
U.S.
Government
and
Agency
Securities
0.0%
†
e
U.S.
Treasury
Bills
,
1
.9
%
,
11/06/25
......................................
200,000
199,937
Total
U.S.
Government
and
Agency
Securities
(Cost
$
199,886
)
....................
199,937
Total
Short
Term
Investments
(Cost
$
721,807
)
..................................
721,858
a
Total
Investments
(Cost
$
461,119,343
)
148.9
%
..................................
$465,059,076
Remarketed
Preferred
Shares
(
44.4
)
%
.........................................
(138,725,000)
Floating
Rate
Notes
Issued
(
6.2
)
%
.............................................
(19,291,041)
Other
Assets,
less
Liabilities
1.7
%
.............................................
5,205,527
Net
Assets
100.0%
...........................................................
$312,248,562
Putnam
Municipal
Opportunities
Trust
Schedule
of
Investments
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
See
Abbreviations
on
page
29
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
The
maturity
date
shown
represents
the
mandatory
put
date.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
October
31,
2025,
the
aggregate
value
of
these
securities
was
$49,957,437,
representing
16.0%
of
net
assets.
c
Underlying
security
in
a
tender
option
bond
transaction.
This
security
has
been
segregated
as
collateral
for
financing
transactions.
d
The
coupon
rate
shown
represents
the
rate
at
period
end.
e
The
rate
shown
represents
the
yield
at
period
end.
f
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
7
.
g
Security
purchased
on
a
when-issued
basis.
See
Note
1
(
b
).
h
See
Note
4
(
e
)
regarding
investments
in
affiliated
management
investment
companies.
i
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Putnam
Municipal
Opportunities
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
October
31,
2025
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
Putnam
Municipal
Opportunities
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$460,597,422
Cost
-
Non-controlled
affiliates
(Note
4
e
)
........................................................
521,921
Value
-
Unaffiliated
issuers
..................................................................
$464,537,155
Value
-
Non-controlled
affiliates
(Note
4
e
)
.......................................................
521,921
Cash
....................................................................................
202,248
Receivables:
Dividends
and
interest
.....................................................................
6,618,219
Prepaid
expenses
..........................................................................
111,337
Total
assets
..........................................................................
471,990,880
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
647,431
Management
fees
.........................................................................
421,099
Administrative
fees
........................................................................
2,045
Transfer
agent
fees
........................................................................
23,260
Professional
fees
.........................................................................
151,295
Trustees'
fees
and
expenses
.................................................................
130,768
Floating
rate
notes
issued
...................................................................
19,291,041
Distributions
to
preferred
shareholders
(Note
1
f
)
..................................................
43,973
Preferred
share
remarketing
agent
fees
.........................................................
186,988
Accrued
interest
(Note
1d)
..................................................................
113,067
Accrued
expenses
and
other
liabilities
...........................................................
6,351
Total
liabilities
.........................................................................
21,017,318
Series
B
remarketed
preferred
shares:
(2,876
shares
authorized
and
issued
at
$25,000
per
share)
(Note
3)
.......
71,900,000
Series
C
remarketed
preferred
shares:
(2,673
shares
authorized
and
issued
at
$25,000
per
share)
(Note
3)
.......
66,825,000
Net
assets
applicable
to
common
shares,
at
value
..........................................
$312,248,562
Net
assets
applicable
to
common
shares
consist
of:
Paid-in
capital
.............................................................................
$337,182,817
Total
distributable
earnings
(losses)
.............................................................
(24,934,255)
Net
assets
applicable
to
common
shares,
at
value
..........................................
$312,248,562
Common
shares
outstanding
..................................................................
27,399,462
Net
asset
value
per
common
share
a
.............................................................
$11.40
a
Net
asset
value
per
common
share
may
not
recalculate
due
to
rounding.
Putnam
Municipal
Opportunities
Trust
Financial
Statements
Statement
of
Operations
for
the
six
months
ended
October
31,
2025
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
Putnam
Municipal
Opportunities
Trust
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
4
e
)
.............................................................
$122,047
Interest:
Unaffiliated
issuers
........................................................................
10,765,354
Total
investment
income
...................................................................
10,887,401
Expenses:
Management
fees
(Note
4
a
)
...................................................................
1,221,196
Administrative
fees
(Note
4
b
)
..................................................................
2,444
Transfer
agent
fees
(Note
4c)
..................................................................
72,813
Custodian
fees
.............................................................................
967
Reports
to
shareholders
fees
..................................................................
76,795
Registration
and
filing
fees
....................................................................
9,333
Professional
fees
...........................................................................
97,248
Trustees'
fees
and
expenses
(Note
4
d
)
...........................................................
53,072
Preferred
share
remarketing
agent
fees
..........................................................
106,065
Interest
expense
(Note
1d)
....................................................................
321,494
Other
....................................................................................
42,282
Total
expenses
.........................................................................
2,003,709
Expenses
waived/paid
by
affiliates
(Note
4e)
...................................................
(384,630)
Net
expenses
.........................................................................
1,619,079
Net
investment
income
................................................................
9,268,322
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(4,614,179)
Futures
contracts
.........................................................................
460,767
Net
realized
gain
(loss)
..................................................................
(4,153,412)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
17,138,416
Futures
contracts
.........................................................................
(146,473)
Net
change
in
unrealized
appreciation
(depreciation)
............................................
16,991,943
Net
realized
and
unrealized
gain
(loss)
............................................................
12,838,531
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$22,106,853
Distributions
to
remarketed
preferred
shareholders
(Note
1
f
)
............................................
(3,331,728)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
resulting
from
operations
...................
$18,775,125
Putnam
Municipal
Opportunities
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
Putnam
Municipal
Opportunities
Trust
Six
Months
Ended
October
31,
2025
(unaudited)
Year
Ended
April
30,
2025
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$9,268,322
$18,410,052
Net
realized
gain
(loss)
.................................................
(4,153,412)
(3,296,686)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
16,991,943
(4,424,162)
Distributions
to
remarketed
preferred
shareholders
............................
(3,331,728)
(7,733,574)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
resulting
from
operations
......................................................
18,775,125
2,955,630
Distributions
to
common
shareholders
.......................................
(6,468,438)
(9,175,728)
Distributions
to
common
shareholders
from
tax
return
of
capital
....................
—
(3,223,028)
Total
distributions
to
common
shareholders
...................................
(6,468,438)
(12,398,756)
Capital
share
transactions
from
-
repurchase
of
shares
(Note
2
)
....................
(6,550,762)
(31,013,227)
Net
increase
(decrease)
in
net
assets
...................................
5,755,925
(40,456,353)
Net
assets
applicable
to
common
shares:
Beginning
of
period
.....................................................
306,492,637
346,948,990
End
of
period
..........................................................
$312,248,562
$306,492,637
Putnam
Municipal
Opportunities
Trust
21
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
1.
Organization
and
Significant
Accounting
Policies
Putnam
Municipal
Opportunities
Trust (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
The
following
summarizes
the
Fund's
significant
accounting
policies.
a.
Financial
Instrument
Valuation
The
Fund's
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates
the
net
asset
value
(NAV)
per
share
each business
day as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund’s
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund’s
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Debt
securities
generally
trade
in
the over-the-counter
(OTC)
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Derivative
financial
instruments
listed
on
an
exchange
are
valued
at
the
official
closing
price
of
the
day.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The
Fund's
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The
Fund's
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets.
The
Fund
has
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the Fund
primarily
employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
b.
Securities
Purchased
on
a
When-Issued,
Forward
Commitment or
Delayed
Delivery
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
Putnam
Municipal
Opportunities
Trust
Notes
to
Financial
Statements
(unaudited)
22
franklintempleton.com
Semiannual
Report
c.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
The
Fund
entered
into
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to
interest
rate
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
Required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Futures
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
See
Note
8 regarding
other
derivative
information.
d.
Tender
Option
Bonds
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’s
assets
and
cash
flows,
which
are
in
the
form
of
inverse
floating
rate
bonds.
The
inverse
floating
rate
bonds
held
by
the
Fund
give
the
Fund
the
right
to
(1)
cause
the
holders
of
the
floating
rate
bonds
to
tender
their
notes
at
par,
and
(2)
to
have
the
fixed-rate
bond
held
by
the
TOB
trust
transferred
to
the
Fund,
causing
the
TOB
trust
to
collapse.
The
Fund
accounts
for
the
transfer
of
the
fixed-rate
bond
to
the
TOB
trust
as
a
secured
borrowing
by
including
the
fixed-rate
bond
in
the
Fund’s
portfolio
and
including
the
floating
rate
bond
as
a
liability
in
the
Statement
of
Assets
and
Liabilities.
At
the
close
of
the
reporting
period,
the
Fund’s
investments
with
a
value
of
$27,313,419
were
held
by
the
TOB
trust
and
served
as
collateral
for
$19,291,041 in
floating-rate
bonds
outstanding.
For
the
reporting
period
ended
October
31,
2025,
the
Fund
incurred
interest
expense
of
$292,310
for
these
investments
based
on
an
average
interest
rate
of
3.11%.
e.
Income
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and if
applicable,
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
October
31,
2025, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
f.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Distributions
to
common
and
preferred
shareholders
from
net
investment
income,
if
any,
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.
The
Fund
pays
targeted
distribution
rates
to
its
common
shareholders.
Distributions
are
sourced
first
from
tax-exempt
and
ordinary
income.
The
balance
of
the
distributions,
if
any,
1.
Organization
and
Significant
Accounting
Policies
(continued)
Putnam
Municipal
Opportunities
Trust
Notes
to
Financial
Statements
(unaudited)
23
franklintempleton.com
Semiannual
Report
comes
next
from
capital
gain
and
then
will
constitute
a
return
of
capital.
A
return
of
capital
is
not
taxable;
rather
it
reduces
a
shareholder’s
tax
basis
in
their
shares
of
the
Fund.
The
Fund
may
make
return
of
capital
distributions
to
achieve
the
targeted
distribution
rates.
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,
2025
was
4.40%
for
Series
B
and
5.06%
for
Series
C
shares.
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
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’s
fiscal
year.
Reclassifications
are
made
to
the
Fund’s
capital
accounts
to
reflect
income
and
gains
available
for
distribution
(or
available
capital
loss
carryovers)
under
income
tax
regulations.
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
“maximum
dividend
rate,”
pursuant
to
the
Fund’s
by-laws,
which,
based
on
the
current
credit
quality
of
the
remarketed
preferred
shares,
equals
110%
of
the
higher
of
the
30-day
“AA”
composite
commercial
paper
rate
and
the
taxable
equivalent
of
the
short-term
municipal
bond
rate.
g.
Insurance
The
scheduled
payments
of
interest
and
principal
for
each
insured
municipal
security
in
the
Fund
are
insured
by
either
a
new
issue
insurance
policy
or
a
secondary
insurance
policy.
Depending
on
the
type
of
coverage,
premiums
for
insurance
are
either
added
to
the
cost
basis
of
the
security
or
paid
by
a
third
party.
Insurance
companies
typically
insure
municipal
bonds
that
tend
to
be
of
very
high
quality,
with
the
majority
of
underlying
municipal
bonds
rated
A
or
better.
However,
an
event
involving
an
insurer
could
have
an
adverse
effect
on
the
value
of
the
securities
insured
by
that
insurance
company.
There
can
be
no
assurance
the
insurer
will
be
able
to
fulfill
its
obligations
under
the
terms
of
the
policy.
h.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
i.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
October
31,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
During
the
period
ended October
31,
2025
and
year
ended
April
30,
2025,
there
were
no
shares
issued;
all
reinvested
distributions
were
satisfied
with
previously
issued
shares
purchased
in
the
open
market.
In
September
2025,
the
Board
authorized
management
to
renew
the
Fund’s
open-market
share
repurchase
program.
Under
the
program,
the
Fund
may
purchase,
from
time
to
time,
fund
shares
in
open-market
transactions,
at
the
discretion
of
management.
This
authorization
remains
in
effect.
Repurchases
are
made
when
the
Fund’s
shares
are
trading
at
less
than
net
asset
value
and
therefore
increase
the
net
asset
value
per
share
of
the
Fund’s
remaining
shares.
Transactions
in
the
Fund's
shares
were
as
follows:
1.
Organization
and
Significant
Accounting
Policies
(continued)
f.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
(continued)
Putnam
Municipal
Opportunities
Trust
Notes
to
Financial
Statements
(unaudited)
24
franklintempleton.com
Semiannual
Report
3.
Preferred
Shares
The
Series
B
(2,876)
and
C
(2,673)
remarketed
preferred
shares
are
redeemable
at
the
option
of
the
Fund
on
any
dividend
payment
date
at
a
redemption
price
of
$25,000
per
remarketed
preferred
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.
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.
Under
the
1940
Act,
the
Fund
is
required
to
maintain
asset
coverage
of
at
least
200%
with
respect
to
the
remarketed
preferred
shares.
Additionally,
the
Fund’s
bylaws
impose
more
stringent
asset
coverage
requirements
and
restrictions
relating
to
the
rating
of
the
remarketed
preferred
shares
by
the
shares’
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,
2025,
no
such
restrictions
have
been
placed
on
the
Fund.
4.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Fund are
also
officers
and/or
trustees of
the
following
subsidiaries:
a.
Management
Fees
The
Fund
pays Advisers
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.
Period
Ended
October
31,
2025
Year
Ended
April
30,
2025
Shares
Amount
Shares
Amount
Shares
repurchased
.............................................
658,800
$6,529,500
3,001,429
$31,013,227
Weighted
average
discount
of
cost
of
repurchase
to
net
asset
value
of
shares
repurchased
.................................................
8.27%
10.17%
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Putnam
Investment
Management,
LLC
(Putnam
Management)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
2.
Shares
of
Beneficial
Interest
(continued)
Putnam
Municipal
Opportunities
Trust
Notes
to
Financial
Statements
(unaudited)
25
franklintempleton.com
Semiannual
Report
The
lesser
of
(i)
0.550%
of
average net
assets
attributable
to
common
and
preferred
shares
outstanding,
or
(ii)
the
following
rates:
For
the
reporting
period,
the
management
fee
represented
an
effective
rate
(excluding
the
impact
from
any
expense
waivers
in
effect)
of 0.550%
of
the
Fund’s
average
net
assets
attributable
to
common
and
preferred
shares
outstanding.
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’s
gross
income
attributable
to
the
proceeds
of
the
remarketed
preferred
shares
during
that
period,
then
the
fee
payable
to Advisers
for
that
period
will
be
reduced
by
the
amount
of
the
excess
(but
not
more
than
the
effective
management
fees
rate
under
the
contract
multiplied
by
the
liquidation
preference
of
the
remarketed
preferred
shares
outstanding
during
the
period).
For
the
reporting
period, Advisers
reimbursed
$384,630 to
the
Fund.
Any
amount
in
excess
of
the
fee
payable
to Advisers
for
a
given
period
will
be
used
to
reduce
any
subsequent
fee
payable
to Advisers,
as
may
be
necessary.
As
of
the
reporting
period,
this
excess
amounted
to
$5,624,014.
Advisers
retained
Putnam
Management
as
subadvisor
for
the
Fund.
Pursuant
to
the
agreement,
Putnam
Management
provides
certain
advisory
and
related
services
to
the
Fund.
Advisers
pays
a
monthly
fee
to
Putnam
Management
based
on
the
costs
of
Putnam
Management
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
Under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid by Advisers
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
The
Fund
reimburses
Advisers
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.
c.
Transfer
Agent
Fees
PSERV,
an
affiliate
of Advisers,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
was
paid
a
monthly
fee
for
investor
servicing
at
an
annual
rate
of
0.05%
of
the
Fund’s
average
daily
net
assets.
The
amounts
incurred
for
investor
servicing
agent
functions
during
the
reporting
period
are
included
in Transfer
agent fees
in
the
Statement
of
Operations.
Annualized
Fee
Rate
Net
Assets
0.650%
of
the
first
$500
million
of
average
weekly
net
assets,
0.550%
of
the
next
$500
million
of
average
weekly
net
assets,
0.500%
of
the
next
$500
million
of
average
weekly
net
assets,
0.450%
of
the
next
$5
billion
of
average
weekly
net
assets,
0.425%
of
the
next
$5
billion
of
average
weekly
net
assets,
0.405%
of
the
next
$5
billion
of
average
weekly
net
assets,
0.390%
of
the
next
$5
billion
of
average
weekly
net
assets
and
0.380%
of
any
excess
thereafter.
4.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Putnam
Municipal
Opportunities
Trust
Notes
to
Financial
Statements
(unaudited)
26
franklintempleton.com
Semiannual
Report
On
May
8,
2025,
the
Board
approved
Computershare
Inc.
to
serve
as
transfer
agent
for
the
Fund.
Effective
October
13,
2025,
Computershare
Inc.
became
the
transfer
agent
for
the
Fund
and
PSERV
is
no
longer
an
affiliated
person
of
the
Fund,
under
the
1940
Act.
The
principal
business
office
of
Computershare
is
located
at
P.O.
Box
43006,
Providence,
Rhode
Island
02940-
3078.
d.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees,
who
were
serving
prior
to
April
25,
2025, to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund,
who
were
serving
prior
to
April
25,
2025
and
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's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
2005.
The
retirement
benefit
is
payable
during
a
Trustee'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
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
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.
e.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
October
31,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Municipal
Opportunities
Trust
Non-Controlled
Affiliates
Dividends
Putnam
Short
Term
Investment
Fund,
Class
P,
4.371%
......
$2,605,616
$55,636,208
$(57,719,903)
$—
$—
$521,921
521,921
$122,047
Total
Affiliated
Securities
...
$2,605,616
$55,636,208
$(57,719,903)
$—
$—
$521,921
$122,047
4.
Transactions
with
Affiliates
(continued)
c.
Transfer
Agent
Fees
(continued)
Putnam
Municipal
Opportunities
Trust
Notes
to
Financial
Statements
(unaudited)
27
franklintempleton.com
Semiannual
Report
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
April
30,
2025,
the
capital
loss
carryforwards
were
as
follows:
At
October
31,
2025,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation)
for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
bond
discounts
and
premiums
and
tax
straddles.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
period
ended
October
31,
2025,
aggregated
$85,151,666 and
$90,306,761,
respectively. 
7.
Credit
Risk
and
Defaulted
Securities
At
October
31,
2025,
the
Fund
had 12.7% of
its
portfolio
invested
in
high
yield
securities
rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
The
Fund held
a defaulted
security
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
October
31,
2025,
the
value
of
this
security represents less
than
0.1%
of
the
Fund's net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
security
has
been
identified
in
the
accompanying
Schedule
of
Investments.
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
9,142,742
Long
term
................................................................................
14,337,396
Total
capital
loss
carryforwards
...............................................................
$23,480,138
Cost
of
investments
..........................................................................
$461,615,530
Unrealized
appreciation
........................................................................
$13,550,934
Unrealized
depreciation
........................................................................
(10,107,388)
Net
unrealized
appreciation
(depreciation)
..........................................................
$3,443,546
Putnam
Municipal
Opportunities
Trust
Notes
to
Financial
Statements
(unaudited)
28
franklintempleton.com
Semiannual
Report
8.
Other
Derivative
Information
For
the
period
ended
October
31,
2025,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
period
ended
October
31,
2025,
the
average
month
end
notional
amount
of
futures
contracts
represented
$5,037,951.
See
Note
1(c) regarding
derivative
financial
instruments. 
9.
Fair
Value
Measurements
The
Fund
follows
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
October
31,
2025,
in
valuing
the
Fund's assets carried
at
fair
value,
is
as
follows:
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Period
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Period
Putnam
Municipal
Opportunities
Trust
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
  appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Futures
contracts
$460,767
Futures
contracts
$(146,473)
Total
.......................
$460,767
$(146,473)
Level
1
Level
2
Level
3
Total
Putnam
Municipal
Opportunities
Trust
Assets:
Investments
in
Securities:
a
Municipal
Bonds
.........................
$
—
$
464,337,218
$
—
$
464,337,218
Short
Term
Investments
...................
521,921
199,937
—
721,858
Total
Investments
in
Securities
...........
$521,921
$464,537,155
$—
$465,059,076
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
Putnam
Municipal
Opportunities
Trust
Notes
to
Financial
Statements
(unaudited)
29
franklintempleton.com
Semiannual
Report
10.
Distributions
subsequent
to
October
31,
2025
The
following
distributions
have
been
declared
by
the
Fund’s
Board
and
are
payable
subsequent
to
the
period
end
of
this
report.
11.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund’s
Investment
manager serve
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund’s
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights. 
12.
Subsequent
Events
The
Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure.
Abbreviations
Record
Date
Payable
Date
Amount
11/17/2025
11/28/2025
$0.0393
12/15/2025
12/31/2025
$0.0393
1/23/2026
1/30/2026
$0.0393
2/20/2026
2/27/2026
$0.0393
Selected
Portfolio
AG
Assured
Guaranty,
Inc.
AMBAC
American
Municipal
Bond
Assurance
Corp.
BAM
Build
America
Mutual
Assurance
Co.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GO
General
Obligation
NATL
National
Reinsurance
Corp.
PSF
Permanent
School
Fund
Putnam
Municipal
Opportunities
Trust
Important
Information
to
Shareholders
30
franklintempleton.com
Semiannual
Report
Managed
Distribution
Plan
The
Board
has
implemented
a
managed
distribution
plan
where
the
Fund
distributes
a
level
distribution
amount
to
shareholders.
The
Fund
intends
to
make
monthly
distributions
to
shareholders
at
the
rate
of
$0.0393
per
share.
Management
will
generally
distribute
amounts
necessary
to
satisfy
the
Fund’s
plan
and
the
requirements
prescribed
by
excise
tax
rules
and
Subchapter
M
of
the
Internal
Revenue
Code.
The
Distribution
Plan
is
intended
to
provide
shareholders
with
a
consistent
distribution
each
month
and
is
intended
to
narrow
the
discount
between
the
market
price
and
the
NAV
of
the
Fund’s
common
shares,
but
there
is
no
assurance
that
the
plan
will
be
successful
in
doing
so.
Under
the
Distribution
Plan,
to
the
extent
that
sufficient
investment
income
is
not
available
on
a
monthly
basis,
the
Fund
will
distribute
long-term
capital
gains
and/or
return
of
capital
in
order
to
maintain
its
managed
distribution
rate.
No
conclusions
should
be
drawn
about
the
Fund’s
investment
performance
from
the
amount
of
the
Fund’s
distributions
or
from
the
terms
of
the
Distribution
Plan.
The
Board
may
amend
the
terms
of
the
Distribution
Plan
or
terminate
the
Distribution
Plan
at
any
time.
The
amendment
or
termination
of
the
plan
could
have
an
adverse
effect
on
the
market
price
of
the
Fund’s
common
shares.
The
Distribution
Plan
will
be
subject
to
the
periodic
review
by
the
Board,
including
a
yearly
review
of
the
annual
minimum
fixed
rate
to
determine
if
an
adjustment
should
be
made.
In
compliance
with
Rule
19a-1
of
the
Investment
Company
Act
of
1940,
shareholders
will
receive
a
notice
that
details
the
source
of
income
for
each
dividend
such
as
net
investment
income,
gain
from
the
sale
of
securities
and
return
of
principal.
However,
determination
of
the
actual
source
of
the
Fund’s
dividend
can
only
be
made
at
year-end.
The
actual
source
amounts
of
all
Fund
dividends
will
be
included
in
the
Fund’s
annual
or
semiannual
reports.
In
addition,
the
tax
treatment
may
differ
from
the
accounting
treatment
used
to
calculate
the
source
of
the
Fund’s
dividends
as
shown
on
shareholders’
statements.
Shareholders
should
refer
to
their
Form
1099-DIV
for
the
character
and
amount
of
distributions
for
income
tax
reporting
purposes.
Since
each
shareholder’s
tax
situation
is
unique,
it
may
be
advisable
to
consult
a
tax
advisor
as
to
the
appropriate
treatment
of
Fund
distributions.
Putnam
Municipal
Opportunities
Trust
Annual
Meeting
of
Shareholders:
April
25,
2025
(unaudited)
31
franklintempleton.com
Semiannual
Report
The
Annual
Meeting
of
Shareholders
of
the
Fund
was
held
at
the
Fund’s
offices,
100
Federal
Street,
Boston,
MA,
on
April
25,
2025.
The
purpose
of
the
meeting
was
to
elect
Trustees
of
the
Fund
and
to
fix
the
number
of
Trustees
for
the
Fund
at
8.
At
the
meeting,
all
the
nominees
were
elected
by
the
shareholders
to
serve
as
Trustees
of
the
Fund.
Shareholders
also
fixed
the
number
of
Trustees
for
the
Fund
at
8.
No
other
business
was
transacted
at
the
meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
Annual
Meeting
are
as
follows:
1.
Election
of
Trustees:
*
Mr.
Agdern
and
Mr.
Mason
have
been
elected
as
Trustees
by
the
holders
of
the
preferred
shares,
voting
as
a
separate
class,
while
the
other
Trustees
have
been
elected
by
the
holders
of
the
preferred
shares
and
common
shares
voting
together
as
a
single
class.
2.
Fixing
the
number
of
Trustees
at
8:
Term
Expiring
2026
For
%
of
Shares
Present
%
Withheld
%
of
Shares
Present
%
of
Outstanding
Shares
Robert
D.
Agdern*
............
Carol
L.
Colman
.............
Anthony
Grillo
...............
Eileen
A.
Kamerick
...........
Nisha
Kumar
................
Peter
Mason*
...............
Hillary
A.
Sale
...............
Jane
E.
Trust
................
89
21,252,803
21,255,171
21,212,484
21,206,597
89
21,324,817
21,248,629
1.66%
94.61%
94.62%
94.43%
94.41%
1.66%
94.93%
94.59%
1.60%
74.42%
74.43%
74.28%
74.26%
1.60%
74.67%
74.40%
5,273
1,210,084
1,207,716
1,250,403
1,256,290
5,273
1,138,070
1,214,258
98.34%
5.39%
5.38%
5.57%
5.59%
98.34%
5.07%
5.41%
95.03%
4.24%
4.23%
4.38%
4.40%
95.03%
3.99%
4.25%
Shares
Voted
%
of
Shares
Present
%
of
Outstanding
Shares
For
.......................
Against
....................
Abstain
....................
21,353,083
878,343
231,453
95.06%
3.91%
1.03%
74.77%
3.08%
0.81%
Putnam
Municipal
Opportunities
Trust
Dividend
Reinvestment
and
Cash
Purchase
Plan
(unaudited)
32
franklintempleton.com
Semiannual
Report
Putnam
Managed
Municipal
Income
Trust,
Putnam
Master
Intermediate
Income
Trust,
Putnam
Municipal
Opportunities
Trust
and
Putnam
Premier
Income
Trust
(each,
a
“Fund”
and
collectively,
the
“Funds”)
each
offer
a
dividend
reinvestment
plan
(each,
a
“Plan”
and
collectively,
the
“Plans”).
If
you
participate
in
a
Plan,
all
income
dividends
and
capital
gain
distributions
are
automatically
reinvested
in
Fund
shares
by
the
Fund’s
agent,
Computershare
Trust
Company,
N.A.
(the
“Agent”).
If
you
are
not
participating
in
a
Plan,
every
month
you
will
receive
all
dividends
and
other
distributions
in
cash,
paid
by
check
and
mailed
directly
to
you
or
your
intermediary.
Upon
a
purchase
(or,
where
applicable,
upon
registration
of
transfer
on
the
shareholder
records
of
a
Fund)
of
shares
of
a
Fund
by
a
registered
shareholder,
each
such
shareholder
will
be
deemed
to
have
elected
to
participate
in
that
Fund’s
Plan.
Each
such
shareholder
will
have
all
distributions
by
a
Fund
automatically
reinvested
in
additional
shares,
unless
such
shareholder
elects
to
terminate
participation
in
a
Plan
by
instructing
the
Agent
to
pay
future
distributions
in
cash.
Shareholders
who
were
not
participants
in
a
Plan
as
of
January
31,
2010,
will
continue
to
receive
distributions
in
cash
but
may
enroll
in
a
Plan
at
any
time
by
contacting
the
Agent.
If
you
participate
in
a
Fund’s
Plan,
the
Agent
will
automatically
reinvest
subsequent
distributions,
and
the
Agent
will
send
you
a
confirmation
in
the
mail
telling
you
how
many
additional
shares
were
issued
to
your
account.
To
change
your
enrollment
status
or
to
request
additional
information
about
the
Plans,
you
may
contact
the
Agent
in
writing
at
P.O.
Box
43006
Providence,
RI
02940-3078
or
by
calling
the
Agent
at
1-888-888-0151.
How
you
acquire
additional
shares
through
a
Plan
If
the
market
price
per
share
for
your
Fund’s
shares
(plus
estimated
brokerage
commissions)
is
greater
than
or
equal
to
their
net
asset
value
per
share
on
the
payment
date
for
a
distribution,
you
will
be
issued
shares
of
the
Fund
at
a
value
equal
to
the
higher
of
the
net
asset
value
per
share
on
that
date
or
95%
of
the
market
price
per
share
on
that
date.
If
the
market
price
per
share
for
your
Fund’s
shares
(plus
estimated
brokerage
commissions)
is
less
than
their
net
asset
value
per
share
on
the
payment
date
for
a
distribution,
the
Agent
will
buy
Fund
shares
for
participating
accounts
in
the
open
market.
The
Agent
will
aggregate
open-market
purchases
on
behalf
of
all
participants,
and
the
average
price
(including
brokerage
commissions)
of
all
shares
purchased
by
the
Agent
will
be
the
price
per
share
allocable
to
each
participant.
The
Agent
will
generally
complete
these
open-market
purchases
within
five
business
days
following
the
payment
date.
If,
before
the
Agent
has
completed
open-market
purchases,
the
market
price
per
share
(plus
estimated
brokerage
commissions)
rises
to
exceed
the
net
asset
value
per
share
on
the
payment
date,
then
the
purchase
price
may
exceed
the
net
asset
value
per
share,
potentially
resulting
in
the
acquisition
of
fewer
shares
than
if
the
distribution
had
been
paid
in
newly
issued
shares.
How
to
withdraw
from
a
Plan
Participants
may
withdraw
from
a
Fund’s
Plan
at
any
time
by
notifying
the
Agent,
either
in
writing
or
by
telephone.
Such
withdrawal
will
be
effective
immediately
if
notice
is
received
by
the
Agent
with
sufficient
time
prior
to
any
distribution
record
date;
otherwise,
such
withdrawal
will
be
effective
with
respect
to
any
subsequent
distribution
following
notice
of
withdrawal.
There
is
no
penalty
for
withdrawing
from
or
not
participating
in
a
Plan.
Plan
administration
The
Agent
will
credit
all
shares
acquired
for
a
participant
under
a
Plan
to
the
account
in
which
the
participant’s
common
shares
are
held.
Each
participant
will
be
sent
reasonably
promptly
a
confirmation
by
the
Agent
of
each
acquisition
made
for
his
or
her
account.
About
brokerage
fees
Each
participant
pays
a
proportionate
share
of
any
brokerage
commissions
incurred
if
the
Agent
purchases
additional
shares
on
the
open
market,
in
accordance
with
the
Plans.
There
are
no
brokerage
charges
applied
to
shares
issued
directly
by
the
Funds
under
the
Plans.
Putnam
Municipal
Opportunities
Trust
Dividend
Reinvestment
and
Cash
Purchase
Plan
(unaudited)
33
franklintempleton.com
Semiannual
Report
About
taxes
and
Plan
amendments
Reinvesting
dividend
and
capital
gain
distributions
in
shares
of
the
Funds
does
not
relieve
you
of
tax
obligations,
which
are
the
same
as
if
you
had
received
cash
distributions.
The
Agent
supplies
tax
information
to
you
and
to
the
IRS
annually.
Each
Fund
reserves
the
right
to
amend
or
terminate
its
Plan
upon
30
days’
written
notice.
However,
the
Agent
may
assign
its
rights,
and
delegate
its
duties,
to
a
successor
agent
with
the
prior
consent
of
a
Fund
and
without
prior
notice
to
Plan
participants.
If
your
shares
are
held
in
a
broker
or
nominee
name
If
your
shares
are
held
in
the
name
of
a
broker
or
nominee
offering
a
dividend
reinvestment
service,
consult
your
broker
or
nominee
to
ensure
that
an
appropriate
election
is
made
on
your
behalf.
If
the
broker
or
nominee
holding
your
shares
does
not
provide
a
reinvestment
service,
you
may
need
to
register
your
shares
in
your
own
name
in
order
to
participate
in
a
Plan.
In
the
case
of
record
shareholders
such
as
banks,
brokers
or
nominees
that
hold
shares
for
others
who
are
the
beneficial
owners
of
such
shares,
the
Agent
will
administer
the
Plan
on
the
basis
of
the
number
of
shares
certified
by
the
record
shareholder
as
representing
the
total
amount
registered
in
such
shareholder’s
name
and
held
for
the
account
of
beneficial
owners
who
are
to
participate
in
the
Plan.
PUTNAM
MUNICIPAL
OPPORTUNITIES
TRUST
Shareholder
Information
34
franklintempleton.com
Semiannual
Report
Board
Approval
of
Management
and
Sub-
Advisory
Agreements
Putnam
Municipal
Opportunities
Trust
(PMO)
(unaudited)
Background
The
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
requires
that
the
Board
of
Trustees
(the
“Board”)
of
Putnam
Municipal
Opportunities
Trust
(the
“Fund”),
including
a
majority
of
its
members
who
are
not
considered
to
be
“interested
persons”
under
the
1940
Act
(the
“Independent
Trustees”)
voting
separately,
approve
on
an
annual
basis
the
continuation
of
the
investment
management
agreement
(the
“Management
Agreement”)
between
the
Fund
and
the
Fund’s
manager,
Franklin
Advisers,
Inc.
(the
“Manager”),
and
the
sub-advisory
agreements
(individually,
a
“Sub-Advisory
Agreement,”
and
collectively,
the
“Sub-
Advisory
Agreements”)
with
the
Manager’s
affiliates,
Franklin
Templeton
Investment
Management
Limited
(“FTIML”)
and
Putnam
Investment
Management,
LLC
(“PIM,”
and
together
with
FTIML,
the
“Sub-Advisers”),
with
respect
to
the
Fund.
At
an
in-person
meeting
(the
“Contract
Renewal
Meeting”)
held
on
May
8-9,
2025,
the
Board,
including
the
Independent
Trustees,
considered
and
approved
the
continuation
of
each
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements
for
an
additional
one-year
period.
To
assist
in
its
consideration
of
the
renewal
of
each
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements,
the
Board
received
and
considered
extensive
information
(together
with
the
information
provided
at
the
Contract
Renewal
Meeting,
the
“Contract
Renewal
Information”)
about
the
Manager
and
the
Sub-Advisers,
as
well
as
the
management
and
sub-
advisory
arrangements
for
the
Fund
and
the
other
closed-
end
funds
in
the
same
complex
under
the
Board’s
purview
(the
“Franklin
Templeton
Closed-end
Funds”),
certain
portions
of
which
are
discussed
below.
The
Board
noted
that
although
it
recently
assumed
oversight
responsibilities
for
the
Fund,
which
was
previously
overseen
by
another
board,
certain
information
the
Board
received
throughout
the
course
of
the
year
with
respect
to
the
Franklin
Templeton
Closed-
end
Funds
was
relevant
to
the
Board’s
consideration
of
the
Management
Agreement
and
Sub-Advisory
Agreements.
A
presentation
made
by
the
Manager
and
the
Sub-Advisers
to
the
Board
at
the
Contract
Renewal
Meeting
in
connection
with
the
Board’s
evaluation
of
each
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements
encompassed
the
Fund
and
other
Franklin
Templeton
Closed-end
Funds.
In
addition
to
the
Contract
Renewal
Information,
the
Board
received
performance
and
other
information
related
to
the
respective
services
rendered
by
the
Manager
and
the
Sub-Advisers
to
the
Fund.
The
Board’s
evaluation
took
into
account
the
information
received
and
also
reflected
the
knowledge
and
experience
gained
as
members
of
the
Boards
of
the
other
Franklin
Templeton
Closed-end
Funds
with
respect
to
the
services
provided
to
the
Fund
by
the
Manager
and
the
Sub-Advisers.
The
information
received
and
considered
by
the
Board
(including
its
various
committees)
in
conjunction
with
both
the
Contract
Renewal
Meeting
and
throughout
the
year
was
both
written
and
oral.
The
contractual
arrangements
discussed
below
are
the
product
of
multiple
years
of
review
and
negotiation
and
information
with
respect
to
the
other
Franklin
Templeton
Closed-end
Funds
received
and
considered
by
the
Board
during
each
of
those
years.
At
a
meeting
held
on
April
25,
2025,
the
Independent
Trustees,
in
preparation
for
the
Contract
Renewal
Meeting,
met
in
a
private
session
with
their
independent
legal
counsel
to
review
the
Contract
Renewal
Information
regarding
the
Franklin
Templeton
Closed-end
Funds,
including
the
Fund,
received
to
date.
No
representatives
of
the
Manager
or
the
Sub-Advisers
participated
in
this
meeting.
Following
the
April
25,
2025
meeting,
the
Independent
Trustees
submitted
certain
questions
and
requests
for
additional
information
to
Fund
management.
The
Independent
Trustees
also
met
in
private
sessions
with
their
independent
legal
counsel
to
consider
the
Contract
Renewal
Information
and
Fund
management’s
responses
to
the
Independent
Trustees’
questions
and
requests
for
additional
information
in
advance
of
and
during
the
Contract
Renewal
Meeting.
The
discussion
below
reflects
all
of
these
reviews.
The
Manager
provides
the
Fund
with
investment
advisory
and
administrative
services
pursuant
to
the
Management
Agreement,
and
the
Sub-Advisers
together
provide
the
Fund
with
investment
sub-advisory
services
pursuant
to
the
Sub-
Advisory
Agreements.
The
discussion
below
covers
both
the
advisory
and
administrative
functions
being
rendered
by
the
Manager,
each
such
function
being
encompassed
by
the
Management
Agreement,
and
the
investment
sub-advisory
functions
being
rendered
by
the
Sub-Advisers
pursuant
to
the
Sub-Advisory
Agreements.
PUTNAM
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OPPORTUNITIES
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Information
35
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Report
Board
Approval
of
Management
Agreement
and
Sub-
Advisory
Agreements
The
Independent
Trustees
were
advised
by
separate
independent
legal
counsel
throughout
the
process.
Prior
to
voting,
the
Independent
Trustees
received
a
memorandum
discussing
the
legal
standards
for
their
consideration
of
the
proposed
continuation
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements.
The
Independent
Trustees
considered
the
Management
Agreement
and
each
Sub-
Advisory
Agreement
separately
during
the
course
of
their
review.
In
doing
so,
they
noted
the
respective
roles
of
the
Manager
and
the
Sub-Advisers
in
providing
services
to
the
Fund.
In
approving
the
continuation
of
the
Management
Agreement
and
Sub-Advisory
Agreements,
the
Board,
including
the
Independent
Trustees,
considered
a
variety
of
factors,
including
those
factors
discussed
below.
No
single
factor
reviewed
by
the
Board
was
identified
by
the
Board
as
the
principal
factor
in
determining
whether
to
approve
the
continuation
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements.
Each
Board
member
may
have
attributed
different
weight
to
the
various
factors
in
evaluating
the
Management
Agreement
and
the
Sub-Advisory
Agreements.
After
considering
all
relevant
factors
and
information,
the
Board,
exercising
its
reasonable
business
judgment,
determined
that
the
continuation
of
the
Management
Agreement
and
Sub-Advisory
Agreements
were
in
the
best
interests
of
the
Fund’s
stockholders
and
approved
the
continuation
of
each
such
agreement
for
an
additional
one-
year
period.
Nature,
Extent
and
Quality
of
the
Services
under
the
Management
Agreement
and
Sub-Advisory
Agreements
The
Board
received
and
considered
Contract
Renewal
Information
regarding
the
nature,
extent,
and
quality
of
services
provided
to
the
Fund
by
the
Manager
and
the
Sub-Advisers
under
the
Management
Agreement
and
the
Sub-Advisory
Agreements,
respectively,
during
the
past
year.
The
Board
noted
information
received
at
regular
meetings
throughout
the
year
related
to
the
services
provided
by
the
Manager
in
its
management
of
the
Fund’s
affairs
and
the
Manager’s
role
in
coordinating
the
activities
of
the
Sub-Advisers
and
the
Fund’s
other
service
providers.
The
Board
observed
that
the
scope
of
services
provided
by
the
Manager
and
the
Sub-Advisers,
and
of
the
undertakings
required
of
the
Manager
and
Sub-Advisers
in
connection
with
those
services,
including
maintaining
and
monitoring
their
respective
compliance
programs
as
well
as
the
Fund’s
compliance
programs,
had
expanded
over
time
as
a
result
of
regulatory,
market
and
other
developments.
The
Board
also
noted
that
on
a
regular
basis
it
received
and
reviewed
information
from
the
Manager
and
the
Sub-Advisers
regarding
the
Fund’s
compliance
policies
and
procedures
established
pursuant
to
Rule
38a-1
under
the
1940
Act.
The
Board
also
considered
the
risks
borne
by
the
Manager,
the
Sub-Advisers
and
their
respective
affiliates
on
behalf
of
the
Fund,
including
entrepreneurial,
operational,
reputational,
litigation
and
regulatory
risks,
as
well
as
the
Manager’s
and
the
Sub-Advisers’
risk
management
processes.
The
Board
reviewed
the
qualifications,
backgrounds,
and
responsibilities
of
the
Manager’s
senior
personnel
and
the
Sub-Advisers’
portfolio
management
teams
primarily
responsible
for
the
day-to-day
portfolio
management
of
the
Fund.
The
Board
also
considered,
based
on
its
knowledge
of
the
Manager
and
its
affiliates,
the
financial
resources
of
Franklin
Resources,
Inc.,
the
parent
organization
of
the
Manager
and
the
Sub-Advisers.
The
Board
recognized
the
importance
of
having
a
fund
manager
with
significant
resources.
The
Board
considered
the
division
of
responsibilities
between
the
Manager
and
the
Sub-Advisers
under
the
Management
Agreement
and
the
Sub-Advisory
Agreements,
respectively,
including
the
Manager’s
coordination
and
oversight
of
the
services
provided
to
the
Fund
by
the
Sub-Advisers
and
the
Fund’s
other
service
providers.
The
Management
Agreement
permits
the
Manager
to
delegate
certain
of
its
responsibilities,
including
its
investment
advisory
duties
thereunder,
provided
that
the
Manager,
in
each
case,
will
supervise
the
activities
of
the
delegee.
In
reaching
its
determinations
regarding
continuation
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements,
the
Board
took
into
account
that
Fund
stockholders,
in
pursuing
their
investment
goals
and
objectives,
may
have
purchased
their
shares
of
the
Fund
based
upon
the
reputation
and
the
investment
style,
philosophy
and
strategy
of
the
Manager
and
the
Sub-Advisers,
as
well
as
the
resources
available
to
the
Manager
and
the
Sub-Advisers.
The
Board
concluded
that,
overall,
the
nature,
extent,
and
quality
of
the
management
and
other
services
provided
(and
expected
to
be
provided)
to
the
Fund,
under
the
Management
Agreement
and
the
Sub-Advisory
Agreements
were
satisfactory.
Fund
Performance
The
Board
received
and
considered
information
regarding
Fund
performance,
including
information
and
analyses
(the
“Broadridge
Performance
Information”)
for
the
Fund,
as
well
as
for
a
group
of
comparable
funds
(the
“Performance
Universe”)
selected
by
Broadridge
Financial
Solutions,
PUTNAM
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Inc.
(“Broadridge”),
an
independent
third-party
provider
of
investment
company
data.
The
Board
was
provided
with
a
description
of
the
methodology
Broadridge
used
to
determine
the
similarity
of
the
Fund
with
the
funds
included
in
the
Performance
Universe.
It
was
noted
that
while
the
Board
found
the
Broadridge
Performance
Information
generally
useful
they
recognized
its
limitations,
including
that
the
data
may
vary
depending
on
the
end
date
selected,
and
that
the
results
of
the
performance
comparisons
may
vary
depending
on
the
selection
of
the
peer
group
and
its
composition
over
time.
The
Board
also
noted
that
Board
members
had
received
and
discussed
with
the
Manager
and
the
Sub-Advisers
information
throughout
the
year
at
periodic
intervals
comparing
the
Fund’s
performance
against
its
benchmark
and
against
the
Fund’s
peers.
In
addition,
the
Board
considered
the
Fund’s
performance
in
view
of
overall
financial
market
conditions.
The
Broadridge
Performance
Information
comparing
the
Fund’s
performance
to
that
of
its
Performance
Universe,
consisting
of
the
Fund
and
all
leveraged
closed-end
general
and
insured
municipal
debt
funds,
regardless
of
asset
size,
showed,
among
other
data,
that
based
on
net
asset
value
per
share,
the
Fund’s
performance
was
above
the
median
for
the
1-,
3-,
5-
and
10-year
periods
ended
December
31,
2024.
The
Board
noted
the
explanations
from
the
Manager
and
the
Sub-Advisers
regarding
the
Fund’s
relative
performance
versus
the
Performance
Universe
for
the
various
periods.
Based
on
the
reviews
and
discussions
of
Fund
performance
and
considering
other
relevant
factors,
including
those
noted
above,
the
Board
concluded,
under
the
circumstances,
that
continuation
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements
for
an
additional
one-year
period
would
be
consistent
with
the
interests
of
the
Fund
and
its
stockholders.
Management
and
Sub-Advisory
Fees
and
Expense
Ratios
The
Board
reviewed
and
considered
the
contractual
management
fee
(the
“Contractual
Management
Fee”)
and
the
actual
management
fee
(the
“Actual
Management
Fee”)
payable
by
the
Fund
to
the
Manager
under
the
Management
Agreement
and
the
sub-advisory
fees
(the
“Sub-Advisory
Fees”)
payable
by
the
Manager
to
the
Sub-Advisers
under
the
Sub-Advisory
Agreements
in
view
of
the
nature,
extent
and
overall
quality
of
the
management,
investment
advisory
and
other
services
provided
by
the
Manager
and
the
Sub-Advisers,
respectively.
The
Board
noted
that
the
Sub-Advisory
Fee
payable
to
the
Sub-Advisers
under
their
Sub-Advisory
Agreements
with
the
Manager
is
paid
by
the
Manager,
not
the
Fund,
and,
accordingly,
that
the
retention
of
the
Sub-Advisers
does
not
increase
the
fees
or
expenses
otherwise
incurred
by
the
Fund’s
stockholders.
In
addition,
the
Board
received
and
considered
information
and
analyses
prepared
by
Broadridge
(the
“Broadridge
Expense
Information”)
comparing
the
Contractual
Management
Fee
and
the
Actual
Management
Fee
and
the
Fund’s
actual
total
expenses
with
those
of
funds
in
an
expense
universe
(the
“Expense
Universe”)
selected
and
provided
by
Broadridge.
The
comparison
was
based
upon
the
constituent
funds’
latest
fiscal
years.
It
was
noted
that
while
the
Board
found
the
Broadridge
Expense
Information
generally
useful,
they
recognized
its
limitations,
including
that
the
data
may
vary
depending
on
the
selection
of
the
peer
group.
The
Broadridge
Expense
Information
showed
that
the
Fund’s
Contractual
Management
Fee
was
equal
to
the
median.
The
Broadridge
Expense
Information
also
showed
that
the
Fund’s
Actual
Management
Fee
was
below
the
median
based
on
both
common
stock
assets
and
total
managed
assets,
which
includes
common
stock
assets
and
leveraged
assets.
The
Broadridge
Expense
Information
also
showed
that
the
Fund’s
actual
total
expenses
were
below
the
median
based
on
both
common
stock
assets
and
total
managed
assets.
The
Board
took
into
account
management’s
discussion
of
the
Fund’s
expenses.
The
Board
also
reviewed
Contract
Renewal
Information
regarding
fees
charged
by
the
Manager
and/or
the
Sub-
Advisers
to
other
U.S.
clients
investing
primarily
in
an
asset
class
similar
to
that
of
the
Fund,
including,
where
applicable,
institutional
and
separate
accounts.
The
Manager
reviewed
with
the
Board
the
differences
in
services
provided
to
these
different
types
of
accounts,
noting
that
the
Fund
is
provided
with
certain
administrative
services,
office
facilities,
and
Fund
officers,
and
that
the
Fund
is
subject
not
only
to
heightened
regulatory
requirements
relative
to
institutional
clients
but
also
to
requirements
for
listing
on
the
New
York
Stock
Exchange,
and
that
the
Manager
coordinates
and
oversees
the
provision
of
services
to
the
Fund
by
the
Fund’s
other
service
providers.
The
Board
considered
the
fee
comparisons
in
view
of
the
different
services
provided
in
managing
these
other
types
of
clients
and
funds.
The
Board
considered
the
overall
management
fee,
the
fees
of
the
Sub-Advisers
and
the
amount
of
the
management
fee
retained
by
the
Manager
after
payment
of
the
Sub-Advisory
Fees
in
each
case
in
view
of
the
services
rendered
for
those
PUTNAM
MUNICIPAL
OPPORTUNITIES
TRUST
Shareholder
Information
37
franklintempleton.com
Semiannual
Report
amounts.
The
Board
also
received
an
analysis
of
complex-
wide
management
fees
provided
by
the
Manager,
which,
among
other
things,
set
out
a
framework
of
fees
based
on
asset
classes.
Taking
all
of
the
above
into
consideration,
as
well
as
the
factors
identified
below,
the
Board
determined
that
the
management
fee
and
the
Sub-Advisory
Fees
were
reasonable
in
view
of
the
nature,
extent
and
overall
quality
of
the
management,
investment
advisory
and
other
services
provided
by
the
Manager
and
the
Sub-Advisers
to
the
Fund
under
the
Management
Agreement
and
the
Sub-Advisory
Agreements,
respectively.
Manager
Profitability
The
Board,
as
part
of
the
Contract
Renewal
Information,
received
an
analysis
of
the
profitability
to
the
Manager
and
its
affiliates
in
providing
services
to
the
Fund
for
the
Manager’s
fiscal
years
ended
September
30,
2024
and
September
30,
2023.
The
Board
also
received
profitability
information
with
respect
to
the
Franklin
Templeton
fund
complex
as
a
whole.
In
addition,
the
Board
received
Contract
Renewal
Information
with
respect
to
the
Manager’s
revenue
and
cost
allocation
methodologies
used
in
preparing
such
profitability
data.
It
was
noted
that
the
allocation
methodologies
had
been
reviewed
by
an
outside
consultant.
The
profitability
to
each
of
the
Sub-Advisers
was
not
considered
to
be
a
material
factor
in
the
Board’s
considerations
since
the
Sub-Advisory
Fees
are
paid
by
the
Manager,
not
the
Fund,
although
the
Board
noted
the
affiliation
of
the
Manager
with
the
Sub-Advisers.
The
profitability
of
the
Manager
and
its
affiliates
was
considered
by
the
Board
to
be
reasonable
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
received
and
discussed
Contract
Renewal
Information
concerning
whether
the
Manager
realizes
economies
of
scale
if
the
Fund’s
assets
grow.
The
Board
noted
that
because
the
Fund
is
a
closed-end
fund,
it
has
limited
ability
to
increase
its
assets.
The
Board
determined
that
the
management
fee
structure
was
appropriate
under
the
circumstances.
For
similar
reasons
as
stated
above
with
respect
to
the
Sub-Advisers’
profitability
and
the
costs
of
the
Sub-Advisers’
provision
of
services,
the
Board
did
not
consider
the
potential
for
economies
of
scale
in
the
Sub-
Advisers’
management
of
the
Fund
to
be
a
material
factor
in
the
Board’s
consideration
of
the
Sub-Advisory
Agreements.
Other
Benefits
to
the
Manager
and
the
Sub-Advisers
The
Board
considered
other
benefits
received
by
the
Manager,
the
Sub-Advisers
and
their
affiliates
as
a
result
of
their
relationship
with
the
Fund,
including
the
opportunity
to
offer
additional
products
and
services
to
the
Fund’s
stockholders.
In
view
of
the
costs
of
providing
investment
management
and
other
services
to
the
Fund
and
the
ongoing
commitment
of
the
Manager
and
the
Sub-Advisers
to
the
Fund,
the
Board
considered
that
the
ancillary
benefits
received
by
the
Manager
and
its
affiliates,
including
the
Sub-
Advisers,
were
reasonable.
39026-S
12/25
©
2025
Franklin
Templeton
Investments.
All
rights
reserved.
Investors
should
be
aware
that
the
value
of
investments
made
for
the
Fund
may
go
down
as
well
as
up.
Like
any
investment
in
securities,
the
value
of
the
Fund’s
portfolio
will
be
subject
to
the
risk
of
loss
from
market,
currency,
economic,
political
and
other
factors.
The
Fund
and
its
investors
are
not
protected
from
such
losses
by
the
Manager.
Therefore,
investors
who
cannot
accept
this
risk
should
not
invest
in
shares
of
the
Fund.
Notice
is
hereby
given
in
accordance
with
Section
23(c)
of
the
Investment
Company
Act
of
1940,
as
amended,
that
from
time
to
time
the
Fund
may
purchase,
at
market
prices,
shares
of
its
stock.
The
Fund
also
may
repurchase
its
remarketed
preferred
shares
at
negotiated
prices
in
private
transactions
from
time
to
time.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Putnam
Municipal
Opportunities
Trust
Investment
Manager
Transfer
Agent
Fund
Information
Franklin
Advisers,
Inc.
Computershare
Inc.
P.O.
Box
43006
Providence,
RI
02940-3078
Toll
Free
Number:
1-888-888-0151
(800)
DIAL
BEN
®
/
342-5236
 

 

(b) Not applicable

 

ITEM 2. CODE OF ETHICS.

 

Not applicable

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form N-CSR.

 

(b) Not applicable.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

 

The information is disclosed as part of the Financial Statements included in Item 1 of this Form N-CSR, as applicable.

 

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

 

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable

 

ITEM 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

 

  (a) (b) (c) (d)
Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Program Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
May 1 – May 31, 2025 213,146 $9.97 213,146 1,055,337
June 1 – June 30, 2025 151,192 $9.83 151,192 904,145
July 1 – July 31, 2025 93,305 $9.81 93,305 810,840
August 1 – August 31, 2025 156,209 $9.85 156,209 654,631
September 1 – September 30, 2025 44,948 $10.27 44,948 609,683
October 1 – October 31, 2025 - - - 609,683
Total 658,800   658,800  

 

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that would require disclosure herein.

 

ITEM 16. CONTROLS AND PROCEDURES.

 

(a) The Registrant’s chief executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934.

 

(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.

 

ITEM 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.

 

Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

(a) Not applicable.

 

(b) Not applicable.

 

ITEM 19. EXHIBITS.

 

(a) (1) Not applicable..

Exhibit 99.CODE ETH

 

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

 

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

 

(c) Pursuant to the Securities and Exchange Commission’s Order granting relief from Section 19(b) of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners are attached hereto as Exhibit.

 

 

SIGNATURES

 

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

 

 

Putnam Municipal Opportunities Trust

 

By: /s/ Jane Trust  
  Jane Trust  
  Principal Executive Officer  
     
Date: December 29, 2025  

 

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

 

By: /s/ Jane Trust  
  Jane Trust  
  Principal Executive Officer  

 

Date: December 29, 2025  

 

By: /s/ Christopher Berarducci  
  Christopher Berarducci  
  Principal Financial Officer  
     
Date: December 29, 2025