# EDGAR Filing Document

**Accession Number:** 0000900422
**File Stem:** 0001133228-25-014282
**Filing Date:** 2025-12
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## Filing Content

## Filing Summary
**0001133228-25-014282.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001133228-25-014282

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM MUNICIPAL OPPORTUNITIES TRUST
- **CENTRAL INDEX KEY:** 0000900422

**ORGANIZATION NAME:**
- **EIN:** 043187549
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07626
- **FILM NUMBER:** 251612948

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

Contents

Fund

Overview

Performance

Summary

Financial

Highlights

and

Schedule

of

Investments

Financial

Statements

Notes

to

Financial

Statements

Important

Information

to

Shareholders

Annual

Meeting

of

Shareholders

Dividend

Reinvestment

and

Cash

Purchase

Plan

Shareholder

Information

Visit

#### franklintempleton.com
for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

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

.

You

can

find

the

Fund's

long-term

performance

data

in

the

Performance

Summary

on

.

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

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

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

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.

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

6/01/32

........................................

$

500,000

$

515,077

#### Alaska

#### 1.8%
c

Alaska

Industrial

Development

&

Export

Authority

,

Dena'

Nena'

Henash

,

Revenue

,

2019

A

,

%

,

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

,

%

,

7/01/51

........................................................

510,000

477,881

Equitable

School

Revolving

Fund

LLC

Obligated

Group

,

Revenue

,

2021

A

,

%

,

11/01/46

.......................................................

2,855,000

2,579,030

KIPP

NYC

Public

Charter

Schools

,

Revenue

,

2021

B

,

%

,

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

,

%

,

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

,

%

,

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

,

%

,

7/01/35

750,000

752,790

Reid

Traditional

Schools

Obligated

Group

,

Revenue

,

2016

,

%

,

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

,

%

,

2/01/56

..............................................

550,000

460,806

California

Municipal

Finance

Authority

,

d

Revenue

,

FRN

,

2025-1

,

,

3.537 %

,

2/20/41

............................

2,339,783

2,078,464

HumanGood

California

Obligated

Group

,

Revenue

,

2021

,

%

,

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

,

%

,

6/01/61

...................................

1,455,000

1,086,544

City

of

Long

Beach

,

Airport

System

,

Revenue

,

2022

C

,

AG

Insured

,

%

,

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.

,

Special

Tax

,

2021

,

%

,

9/01/38

.........................................................

1,000,000

996,344

b

CMFA

Special

Finance

Agency

VII

,

Breakwater

Apartments

(The)

,

Revenue

,

144A,

2021

,

%

,

8/01/56

..............................................

500,000

346,118

b

CSCDA

Community

Improvement

Authority

,

Cameo/Garrison

Apartments

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

3/01/57

.

1,450,000

991,403

Dublin

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

2/01/57

..................

1,900,000

1,315,851

Jefferson

Platinum

Triangle

Apartments

,

Revenue

,

144A,

2021

,

3.125 %

,

8/01/56

5,135,000

3,873,274

Pasadena

Portfolio

,

Revenue,

Senior

Lien

,

144A,

2021

,

%

,

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

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

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

,

%

,

7/15/37

.............................................

850,000

770,826

b

Southern

Ute

Indian

Tribe

of

the

Southern

Ute

Reservation

of

Colorado

,

GO

,

144A,

2025

A

,

%

,

4/01/35

................................................

1,225,000

1,341,311

Sterling

Ranch

Community

Authority

Board

,

Sterling

Ranch

Colorado

Metropolitan

District

No.

,

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

,

%

,

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

,

%

,

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

,

%

,

7/01/51

...................................

500,000

403,083

River

City

Education

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

%

,

7/01/42

.

485,000

487,844

River

City

Education

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

%

,

7/01/51

.

1,300,000

1,263,002

River

City

Education

Obligated

Group

,

Revenue

,

2022

B

,

Refunding

,

%

,

7/01/57

.

680,000

654,717

Shands

Jacksonville

Medical

Center

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

2/01/52

....................................................

1,500,000

1,456,835

Florida

Higher

Educational

Facilities

Financing

Authority

,

Florida

Institute

of

Technology,

Inc.

,

Revenue

,

2019

,

%

,

10/01/39

.............

800,000

759,704

St.

Leo

University,

Inc.

Obligated

Group

,

Revenue

,

2019

,

Refunding

,

%

,

3/01/44

..

1,500,000

1,167,830

Halifax

Hospital

Medical

Center

,

Halifax

Hospital

Medical

Center

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

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

,

%

,

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

,

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

,

%

,

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

,

%

,

7/01/39

.........

500,000

501,157

b

Village

Community

Development

District

No.

,

Phase

II

,

Special

Assessment

,

144A,

2020

,

%

,

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Florida
(continued)

b

Village

Community

Development

District

No.

,

Special

Assessment

,

144A,

2024

,

4.55 %

,

5/01/44

.........................

$

500,000

$

482,399

Phase

I

,

Special

Assessment

,

144A,

2023

,

%

,

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

,

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

,

%

,

7/01/50

................................................

125,000

129,911

DeKalb

County

Housing

Authority

,

HADC

1086

on

Montreal

LLC

,

Revenue

,

2024

,

%

,

3/01/34

......................................................

5,000,000

5,042,023

Gainesville

&

Hall

County

Hospital

Authority

,

Northeast

Georgia

Health

System

Obligated

Group

,

Revenue

,

2021

A

,

%

,

2/15/51

..........................

2,330,000

1,690,982

a

Main

Street

Natural

Gas,

Inc.

,

Revenue

,

2023

,

Mandatory

Put

,

%

,

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

,

%

,

7/01/55

..............

1,700,000

1,730,453

Paulding

County

Hospital

Authority

,

WellStar

Health

System

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

4/01/43

...............................

1,400,000

1,469,542

13,989,799

#### Hawaii

#### 1.4%
County

of

Maui

,

GO

,

2025

,

%

,

9/01/37

...................................

2,250,000

2,614,042

State

of

Hawaii

,

Harbor

System

,

Revenue

,

2020

A

,

Refunding

,

%

,

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

,

%

,

1/01/40

.........................................................

2,250,000

2,377,011

Chicago

O'Hare

International

Airport

,

Revenue,

Senior

Lien

,

2018

A

,

Refunding

,

%

,

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

,

%

,

1/01/35

............................................

2,500,000

2,605,011

GO

,

2025

E

,

%

,

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

,

%

,

2/15/37

.........................

1,000,000

1,006,749

CHF-Chicago

LLC

,

Revenue

,

2017

A

,

%

,

2/15/47

.........................

2,000,000

1,944,614

Lifespace

Communities,

Inc.

Obligated

Group

,

Revenue

,

2015

A

,

Refunding

,

%

,

5/15/35

........................................................

1,025,000

1,025,242

Riverside

Health

System

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

6/15/50

............................................

$

5,000,000

$

4,333,936

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

,

Revenue

,

2022

A

,

Refunding

,

%

,

6/15/52

............................................

1,000,000

857,401

State

of

Illinois

,

GO

,

2018

A

,

%

,

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

,

%

,

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

,

%

,

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

,

%

,

5/15/51

.................

500,000

395,568

Louisville

Regional

Airport

Authority

,

Revenue

,

2014

A

,

Refunding

,

%

,

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

,

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

,

%

,

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

,

%

,

7/01/58

1,725,000

1,833,471

3,499,545

#### Massachusetts

#### 8.1%
Commonwealth

of

Massachusetts

,

GO

,

2022

C

,

%

,

10/01/52

...........................................

1,980,000

2,057,034

GO

,

2024

B

,

%

,

5/01/54

............................................

7,770,000

8,141,482

Massachusetts

Development

Finance

Agency

,

Boston

Medical

Center

Corp.

Obligated

Group

,

Revenue

,

2015

D

,

%

,

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

,

%

,

4/15/33

.....

1,000,000

1,000,315

UMass

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2025

,

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Massachusetts
(continued)

Massachusetts

Development

Finance

Agency,

(continued)

UMass

Memorial

Health

Care

Obligated

Group

,

Revenue

,

2025

,

Refunding

,

4.5 %

,

7/01/54

...................................................

$

4,800,000

$

4,547,071

Massachusetts

Port

Authority

,

Revenue

,

2016

B

,

%

,

7/01/46

..................

2,500,000

2,300,799

25,171,144

#### Michigan

#### 7.3%
City

of

Detroit

,

GO

,

,

%

,

4/01/44

.....................................

1,690,341

1,348,956

Detroit

City

School

District

,

GO

,

2001

A

,

AG

Insured

,

%

,

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

,

%

,

2/01/42

........................................................

745,000

648,847

Trinity

Health

Corp.

Obligated

Group

,

Revenue

,

2019

A

,

Refunding

,

%

,

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

,

%

,

5/01/45

.............................................

4,425,000

4,145,188

GO

,

2020

,

%

,

5/01/50

.............................................

4,975,000

4,619,088

GO

,

2020

,

%

,

5/01/50

.............................................

1,470

1,365

State

of

Michigan

,

Trunk

Line

,

Revenue

,

2021

A

,

%

,

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

,

%

,

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

,

%

,

5/01/34

....................................................

1,085,000

996,941

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis

,

Revenue

,

2023

A

,

Refunding

,

%

,

5/01/38

....................................................

1,750,000

1,495,666

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis

,

Revenue

,

2023

A

,

Refunding

,

%

,

5/01/43

....................................................

1,150,000

903,875

University

of

Health

Sciences

&

Pharmacy

in

St.

Louis

,

Revenue

,

2023

B

,

Refunding

,

%

,

5/01/45

....................................................

1,950,000

1,474,802

Kansas

City

Industrial

Development

Authority

,

City

of

Kansas

City

Airport

,

Revenue

,

2019

B

,

%

,

3/01/46

...................

3,150,000

3,173,643

City

of

Kansas

City

Airport

,

Revenue

,

2020

A

,

AG

Insured

,

%

,

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

,

%

,

6/01/41

....

1,745,000

1,351,597

Special

Improvement

District

No.

818

,

Special

Assessment

,

2024

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

8/01/65

.....

700,000

706,014

New

Hampshire

Health

and

Education

Facilities

Authority

Act

,

Elliot

Hospital

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

10/01/38

.......

500,000

504,166

Southern

New

Hampshire

Health

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

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

,

%

,

5/15/42

.

1,460,000

1,450,353

El

Castillo

Retirement

Residences

Obligated

Group

,

Revenue

,

2019

A

,

%

,

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

,

%

,

3/15/50

.............................................

1,060,000

791,890

Metropolitan

Transportation

Authority

,

Revenue

,

2017

,

Refunding

,

%

,

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

,

2.55 %

,

11/01/45

....................................

2,025,000

1,478,118

Revenue

,

2020

,

2.8 %

,

11/01/60

.....................................

2,000,000

1,289,310

New

York

City

Transitional

Finance

Authority

,

Future

Tax

Secured

,

Revenue

,

2022

,

%

,

8/01/48

......................................................

5,875,000

4,472,931

New

York

Counties

Tobacco

Trust

VI

,

Revenue

,

2016

A-2B

,

Refunding

,

%

,

6/01/45

.

1,000,000

876,301

New

York

Liberty

Development

Corp.

,

Revenue

,

2021

A

,

Refunding

,

BAM

Insured

,

%

,

11/15/51

...................

3,500,000

2,576,338

World

Trade

Center

II

LLC

,

Revenue

,

2022

A

,

,

Refunding

,

%

,

9/15/43

.......

2,335,000

1,923,477

New

York

Transportation

Development

Corp.

,

Delta

Air

Lines,

Inc.

,

Revenue

,

2020

,

%

,

10/01/40

.........................

2,000,000

2,031,847

JFK

NTO

LLC

,

Revenue

,

2023

,

%

,

6/30/54

..............................

2,400,000

2,505,835

JFK

NTO

LLC

,

Revenue

,

2025

,

%

,

6/30/55

..............................

2,250,000

2,404,521

Laguardia

Gateway

Partners

LLC

,

Revenue

,

2016

A

,

%

,

7/01/46

.............

500,000

498,605

b

Oneida

Indian

Nation

of

New

York

,

Revenue

,

144A,

2024

A

,

%

,

9/01/40

...................................

300,000

306,529

Revenue

,

144A,

2024

B

,

%

,

9/01/43

...................................

475,000

511,723

c

Port

Authority

of

New

York

&

New

Jersey

,

Revenue

,

218th

,

%

,

11/01/49

..........

2,980,000

3,039,665

Suffolk

Regional

Off-Track

Betting

Co.

,

Revenue

,

2024

,

%

,

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.

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

3/01/51

........................................................

$

2,250,000

$

1,853,424

Maryfield,

Inc.

Obligated

Group

,

Revenue

,

2020

A

,

%

,

10/01/45

..............

500,000

473,303

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2024

A

,

%

,

10/01/44

...................................................

505,000

512,085

United

Methodist

Retirement

Homes,

Inc.

Obligated

Group

(The)

,

Revenue

,

2024

A

,

%

,

10/01/49

...................................................

500,000

501,876

3,340,688

#### Ohio

#### 2.9%
Buckeye

Tobacco

Settlement

Financing

Authority

,

Revenue,

Senior

Lien

,

2020

,

,

Refunding

,

%

,

6/01/48

..................

3,560,000

2,526,330

Revenue,

Senior

Lien

,

2020

,

,

Refunding

,

%

,

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

,

%

,

8/01/47

......................................................

3,000,000

2,760,816

Port

of

Greater

Cincinnati

Development

Authority

,

Revenue,

Senior

Lien

,

2024

A

,

Refunding

,

%

,

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

,

%

,

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

,

%

,

1/01/34

........................................

3,480,000

3,740,090

Revenue

,

2021

A

,

AG

Insured

,

%

,

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

,

%

,

6/15/44

.............

1,000,000

912,403

St.

Anne's

Retirement

Community

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

3/01/40

........................................................

500,000

468,694

St.

Anne's

Retirement

Community

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

3/01/50

........................................................

500,000

414,279

Montgomery

County

Industrial

Development

Authority

,

Public

School

of

Germantown

(The)

,

Revenue

,

2021

A

,

Refunding

,

%

,

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

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

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

,

%

,

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

,

%

,

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

,

BAM

Insured

,

%

,

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

,

%

,

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

,

%

,

12/01/36

.................

500,000

504,243

Austin-Bergstrom

Landhost

Enterprises,

Inc.

,

Revenue

,

2017

,

Refunding

,

%

,

10/01/34

................................

530,000

542,613

Revenue

,

2017

,

Refunding

,

%

,

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

,

%

,

8/15/40

2,825,000

2,382,731

b

City

of

Crandall

,

River

Ridge

Public

Improvement

District

Improvement

Area

No.

,

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.

,

Special

Assessment

,

144A,

2025

,

%

,

9/15/55

............................

175,000

180,635

b

City

of

Seagoville

,

Special

Assessment

,

144A,

2025

,

%

,

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

,

%

,

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.

,

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.

a

a

#### Principal

#### Amount
a

#### Value
a

a

#### a
a

#### Municipal

#### Bonds
(continued)

#### Texas
(continued)

Dallas

Fort

Worth

International

Airport

,

Revenue

,

2025

,

Refunding

,

5.5 %

,

11/01/50

$

1,250,000

$

1,336,760

c

Grand

Parkway

Transportation

Corp.

,

Revenue

,

2018

A

,

%

,

10/01/48

...........

3,500,000

3,566,655

Harris

County

Cultural

Education

Facilities

Finance

Corp.

,

Brazos

Presbyterian

Homes

Obligated

Group

,

Revenue

,

2016

,

Refunding

,

%

,

1/01/37

........................................................

1,000,000

1,008,755

YMCA

of

the

Greater

Houston

Area

,

Revenue

,

2013

A

,

Refunding

,

%

,

6/01/33

...

800,000

784,809

YMCA

of

the

Greater

Houston

Area

,

Revenue

,

2013

A

,

Refunding

,

%

,

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

,

%

,

11/01/35

........................................................

1,000,000

1,000,862

Matagorda

County

Navigation

District

No.

,

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

,

AG

Insured

,

4.125 %

,

7/01/53

........................................................

1,000,000

890,395

CHF-Collegiate

Housing

Denton

LLC

,

Revenue

,

2018

,

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

,

%

,

11/15/40

...............

2,000,000

2,005,631

b

Texas

Community

Housing

&

Economic

Development

Corp.

,

Agape

Helotes,

Inc.

,

Revenue,

Senior

Lien

,

144A,

2025

,

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.

,

Special

Assessment

,

144A,

2025

,

5.5 %

,

9/01/55

.................

385,000

384,418

Uptown

Development

Authority

,

City

of

Houston

Reinvestment

Zone

No.

,

Tax

Allocation

,

2021

,

Refunding

,

%

,

9/01/39

........................................................

725,000

588,374

City

of

Houston

Reinvestment

Zone

No.

,

Tax

Allocation

,

2021

,

Refunding

,

%

,

9/01/40

........................................................

750,000

592,471

46,820,182

#### Utah

#### 2.8%
b

Black

Desert

Public

Infrastructure

District

,

Assessment

Area

,

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

,

Special

Assessment

,

144A,

2021

,

%

,

8/01/50

..........................

1,430,000

1,226,974

Utah

Infrastructure

Agency

,

Revenue

,

2022

,

%

,

10/15/37

........................................

1,200,000

1,254,376

Revenue

,

2023

,

%

,

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

,

%

,

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

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

1/01/39

........................................................

$

750,000

$

734,667

1,366,455

#### Washington

#### 6.5%
Grays

Harbor

County

Public

Hospital

District

No.

,

Revenue

,

2023

,

Refunding

,

6.875 %

,

12/01/49

..................................................

4,000,000

4,463,036

King

County

Public

Hospital

District

No.

,

GO

,

2018

,

Refunding

,

%

,

12/01/38

.....

2,365,000

2,463,184

Port

of

Seattle

,

Revenue

,

2022

B

,

Refunding

,

%

,

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

,

%

,

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

,

%

,

12/01/60

...............

715,000

730,020

Beyond

Boone

LLC

,

Revenue

,

2020

A

,

AG

Insured

,

%

,

7/01/34

..............

300,000

303,278

Beyond

Boone

LLC

,

Revenue

,

2020

A

,

AG

Insured

,

%

,

7/01/38

..............

435,000

436,851

Beyond

Boone

LLC

,

Revenue

,

2020

A

,

AG

Insured

,

%

,

7/01/40

..............

500,000

495,825

Beyond

Boone

LLC

,

Revenue

,

2020

A

,

AG

Insured

,

%

,

7/01/45

..............

600,000

567,300

Beyond

Boone

LLC

,

Revenue

,

2020

A

,

AG

Insured

,

%

,

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

,

%

,

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

,

,

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

,

%

,

6/15/49

........................................................

1,580,000

1,455,022

SR

Peach

Partners

LLC

,

Revenue,

Senior

Lien

,

2025

,

5.75 %

,

12/31/65

......

525,000

544,187

SR

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

,

%

,

9/01/51

........................................................

750,000

568,036

b

UNC

Charlotte

Marriott

Hotel

&

Conference

Center

,

Revenue

,

144A,

2021

A

,

%

,

9/01/56

........................................................

1,000,000

734,738

Wisconsin

Health

&

Educational

Facilities

Authority

,

Advocate

Aurora

Health

Obligated

Group

,

Revenue

,

2018

A

,

Refunding

,

%

,

8/15/35

3,000,000

3,027,126

Froedtert

ThedaCare

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

4/01/37

........................................................

3,000,000

3,065,440

Froedtert

ThedaCare

Health

Obligated

Group

,

Revenue

,

2022

A

,

Refunding

,

%

,

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.

a

a

#### Principal

#### Amount
a

#### Value
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

,

%

,

7/01/52

....................................................

$

500,000

$

463,998

Latin

American

Montessori

Bilingual

Public

Charter

School

Obligated

Group

,

Revenue

,

2020

,

Refunding

,

%

,

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

,

%

,

6/01/40

..

1,500,000

1,491,376

Two

Rivers

Public

Charter

School,

Inc.

,

Revenue

,

2020

,

Refunding

,

%

,

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

,

%

,

10/01/53

........

1,290,000

1,126,474

c

Washington

Metropolitan

Area

Transit

Authority

,

Dedicated

,

Revenue,

Second

Lien

,

2024

A

,

%

,

7/15/56

................................................

5,000,000

5,203,062

17,110,002

#### Puerto

#### Rico

#### 1.8%
Commonwealth

of

Puerto

Rico

,

GO

,

2022

,

%

,

7/01/37

..........................................

1,250,000

1,197,368

GO

,

2022

,

%

,

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

,

.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

See

Abbreviations

on

.

†

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

.

g

Security

purchased

on

a

when-issued

basis.

See

Note

(b).

h

See

Note

(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.

#### Putnam

#### Municipal

#### Opportunities

#### Trust
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$460,597,422

Cost

-

Non-controlled

affiliates

(Note

e)

........................................................

521,921

Value

-

Unaffiliated

issuers

..................................................................

$464,537,155

Value

-

Non-controlled

affiliates

(Note

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

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

#### Putnam

#### Municipal

#### Opportunities

#### Trust
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

e)

.............................................................

$122,047

Interest:

Unaffiliated

issuers

........................................................................

10,765,354

Total

investment

income

...................................................................

10,887,401

Expenses:

Management

fees

(Note

a)

...................................................................

1,221,196

Administrative

fees

(Note

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

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

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.

#### 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

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

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)

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)

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

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)

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)

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)

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:

#### &nbsp;&nbsp;&nbsp;&nbsp;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&nbsp;&nbsp;&nbsp;&nbsp;

#### 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)

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)

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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

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

&nbsp;&nbsp;&nbsp;&nbsp;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)

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

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)

franklintempleton.com

Semiannual

Report

The

Annual

Meeting

of

Shareholders

of

the

Fund

was

held

at

the

Fund's

offices,

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

................

21,252,803

21,255,171

21,212,484

21,206,597

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%

#### 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)

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.

#### 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)

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

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

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

MUNICIPAL

OPPORTUNITIES

TRUST

Shareholder

Information

franklintempleton.com

Semiannual

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

MUNICIPAL

OPPORTUNITIES

TRUST

Shareholder

Information

franklintempleton.com

Semiannual

Report

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 | 213146 | $9.97 | 213146 | 1055337 |
| June 1 – June 30, 2025 | 151192 | $9.83 | 151192 | 904145 |
| July 1 – July 31, 2025 | 93305 | $9.81 | 93305 | 810840 |
| August 1 – August 31, 2025 | 156209 | $9.85 | 156209 | 654631 |
| September 1 – September 30, 2025 | 44948 | $10.27 | 44948 | 609683 |
| October 1 – October 31, 2025 | - | - | - | 609683 |
| Total | 658800 |  | 658800 |  |

---

---

| | |
|:---|:---|
| 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable..

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pmot-efp20769_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pmot-efp20769_ex99906cert.htm)

Exhibit 99.906CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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.](pmot-efp20769_ex9919c.htm)

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 |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jane Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Municipal Opportunities Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: December 29, 2025

---

| |
|:---|
| /s/ Jane Trust |
| Jane Trust |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Christopher Berarducci, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Municipal Opportunities Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 29, 2025

---

| |
|:---|
| /s/ Christopher Berarducci |
| Christopher Berarducci |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jane Trust,** Principal Executive Officer, and **Christopher Berarducci,** Principal Financial Officer of **Putnam Municipal Opportunities Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **October 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Municipal Opportunities Trust | Putnam Municipal Opportunities Trust |
| /s/ Jane Trust | /s/ Christopher Berarducci |
| Jane Trust | Christopher Berarducci |
| Date: December 29, 2025 | Date: December 29, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.

## Exhibit 99.19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100 Federal Street

Boston, Massachusetts 02110

www.franklintempleton.com

1-800-225-1581

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FOR IMMEDIATE RELEASE

**FRANKLIN TEMPLETON

ANNOUNCES 19(a) NOTICES FOR**

**CLOSED-END MUNICIPAL FUNDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BOSTON, Massachusetts (June 6, 2025) - The 19(a) monthly distribution notices for

Putnam Managed Municipal Income Trust (NYSE: PMM) and Putnam Municipal Opportunities Trust (NYSE: PMO) are now available. These informational notices provide further details on the sources of the funds' monthly distributions and follow the most recent distribution announcement.

The table below provides an estimate of the sources of the Fund's current distribution and its cumulative distributions paid this fiscal year-to-date. Amounts are expressed on a per share of common stock basis, and as a percentage of the distribution amount.<br>

The table below provides information regarding distributions and total return performance for various periods.

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Distribution Policy.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend on the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-Div for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 *The funds periodically provide fund-related information on their websites. The following information will be available for each fund at www.franklintempleton.com at the frequencies indicated: (1) Full holdings will be available monthly beginning on the 8<sup>th</sup> business day after the end of each month; (2) Top 10 holdings and additional portfolio statistics will be available monthly, approximately 15 days after month-end.*

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUTNAM SHAREHOLDERS CONTACT**

: 1-800-225-1581

###

100 Federal Street

Boston, Massachusetts 02110

www.franklintempleton.com

1-800-225-1581

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FOR IMMEDIATE RELEASE

**FRANKLIN TEMPLETON

ANNOUNCES 19(a) NOTICES FOR**

**CLOSED-END MUNICIPAL FUNDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

BOSTON, Massachusetts (July 8, 2025) - The 19(a) monthly distribution notices for Putnam Managed Municipal Income Trust (NYSE: PMM) and Putnam Municipal Opportunities Trust (NYSE: PMO) are now available. These informational notices provide further details on the sources of the funds' monthly distributions and follow the most recent distribution announcement.

The table below provides an estimate of the sources of the Fund's current distribution and its cumulative distributions paid this fiscal year-to-date. Amounts are expressed on a per share of common stock basis, and as a percentage of the distribution amount.<br>

<br>The table below provides information regarding distributions and total return performance for various periods.

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Distribution Policy.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend on the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-Div for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 *The funds periodically provide fund-related information on their websites. The following information will be available for each fund at www.franklintempleton.com at the frequencies indicated: (1) Full holdings will be available monthly beginning on the 8<sup>th</sup> business day after the end of each month; (2) Top 10 holdings and additional portfolio statistics will be available monthly, approximately 15 days after month-end.*

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PUTNAM SHAREHOLDERS CONTACT**

: 1-800-225-1581

###

<br>100 Federal Street

Boston, Massachusetts 02110

www.franklintempleton.com

1-800-225-1581

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FOR IMMEDIATE RELEASE

**FRANKLIN TEMPLETON

ANNOUNCES 19(a) NOTICES** 

**FOR CLOSED-END MUNICIPAL FUNDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Boston, Massachusetts – August 7, 2025 –

The 19(a) monthly distribution notices for Putnam Managed Municipal Income Trust (NYSE: PMM) and Putnam Municipal Opportunities Trust (NYSE: PMO) are now available. These informational notices provide further details on the sources of the funds' monthly distributions and follow the most recent distribution announcement.

The table below provides an estimate of the sources of the Fund's current distribution and its cumulative distributions paid this fiscal year-to-date. Amounts are expressed on a per share of common stock basis, and as a percentage of the distribution amount.<br>

<br>The table below provides information regarding distributions and total return performance for various periods.

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Distribution Policy.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend on the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-Div for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 *The funds periodically provide fund-related information on their websites. The following information will be available for each fund at www.franklintempleton.com at the frequencies indicated: (1) Full holdings will be available monthly beginning on the 8<sup>th</sup> business day after the end of each month; (2) Top 10 holdings and additional portfolio statistics will be available monthly, approximately 15 days after month-end.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 

**INVESTOR CONTACT: 1-800-225-1581**

<br> ###<br>100 Federal Street

Boston, Massachusetts 02110

www.franklintempleton.com

1-800-225-1581

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FOR IMMEDIATE RELEASE

**FRANKLIN TEMPLETON

ANNOUNCES 19(a) NOTICES** 

**FOR CLOSED-END MUNICIPAL FUNDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Boston, Massachusetts – September 8, 2025 –

The 19(a) monthly distribution notices for Putnam Managed Municipal Income Trust (NYSE: PMM) and Putnam Municipal Opportunities Trust (NYSE: PMO) are now available. These informational notices provide further details on the sources of the funds' monthly distributions and follow the most recent distribution announcement.

The table below provides an estimate of the sources of the Fund's current distribution and its cumulative distributions paid this fiscal year-to-date. Amounts are expressed on a per share of common stock basis, and as a percentage of the distribution amount.<br>

<br>The table below provides information regarding distributions and total return performance for various periods.

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Distribution Policy.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend on the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-Div for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 *The funds periodically provide fund-related information on their websites. The following information will be available for each fund at www.franklintempleton.com at the frequencies indicated: (1) Full holdings will be available monthly beginning on the 8<sup>th</sup> business day after the end of each month; (2) Top 10 holdings and additional portfolio statistics will be available monthly, approximately 15 days after month-end.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 

**INVESTOR CONTACT: 1-800-225-1581**

###<br>100 Federal Street

Boston, Massachusetts 02110

www.franklintempleton.com

1-800-225-1581

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FOR IMMEDIATE RELEASE

**FRANKLIN TEMPLETON

ANNOUNCES 19(a) NOTICES** 

**FOR CLOSED-END MUNICIPAL FUNDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Boston, Massachusetts – October 31, 2025 –

The 19(a) monthly distribution notices for Putnam Managed Municipal Income Trust (NYSE: PMM) and Putnam Municipal Opportunities Trust (NYSE: PMO) are now available. These informational notices provide further details on the sources of the funds' monthly distributions and follow the most recent distribution announcement.

The table below provides an estimate of the sources of the Fund's current distribution and its cumulative distributions paid this fiscal year-to-date. Amounts are expressed on a per share of common stock basis, and as a percentage of the distribution amount.<br>

<br>The table below provides information regarding distributions and total return performance for various periods.

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Distribution Policy.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend on the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-Div for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 *The funds periodically provide fund-related information on their websites. The following information will be available for each fund at www.franklintempleton.com at the frequencies indicated: (1) Full holdings will be available monthly beginning on the 8<sup>th</sup> business day after the end of each month; (2) Top 10 holdings and additional portfolio statistics will be available monthly, approximately 15 days after month-end.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 

**INVESTOR CONTACT: 1-800-225-1581**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; ###<br>

100 Federal Street

Boston, Massachusetts 02110

www.franklintempleton.com

1-800-225-1581

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FOR IMMEDIATE RELEASE

**FRANKLIN TEMPLETON

ANNOUNCES 19(a) NOTICES** 

**FOR CLOSED-END MUNICIPAL FUNDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Boston, Massachusetts – November 28, 2025 –

The 19(a) monthly distribution notices for Putnam Managed Municipal Income Trust (NYSE: PMM) and Putnam Municipal Opportunities Trust (NYSE: PMO) are now available. These informational notices provide further details on the sources of the funds' monthly distributions and follow the most recent distribution announcement.

The table below provides an estimate of the sources of the Fund's current distribution and its cumulative distributions paid this fiscal year-to-date. Amounts are expressed on a per share of common stock basis, and as a percentage of the distribution amount.<br>

<br> The table below provides information regarding distributions and total return performance for various periods.

You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Distribution Policy.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend on the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-Div for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 *The funds periodically provide fund-related information on their websites. The following information will be available for each fund at www.franklintempleton.com at the frequencies indicated: (1) Full holdings will be available monthly beginning on the 8<sup>th</sup> business day after the end of each month; (2) Top 10 holdings and additional portfolio statistics will be available monthly, approximately 15 days after month-end.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 

**INVESTOR CONTACT: 1-800-225-1581**