Fixed Income

PMO Putnam Municipal Opportunities Trust

Tax-advantaged income. The fund pursues income free from federal income tax with a portfolio of municipal bonds selected from many states and market sectors.
Focus on performance. The portfolio managers seek a competitive yield and to protect investor's capital through careful investment analysis and risk management.
A diversified portfolio. A broadly diversified portfolio enables the managers to pursue current tax-free income opportunities while managing risk and seeking to preserve capital.

Overview

See the risks and other important information.

Fund Facts

Fund description

The fund seeks a high level of current income exempt from federal income tax, consistent with the preservation of capital. It invests in a portfolio of investment-grade and some below-investment-grade municipal bonds. The fund uses leverage by issuing preferred shares to enhance returns, which involves risk and may increase the volatility of the net asset value (NAV).

Fund Inception Date: 05/28/1993
Total Net AssetsAs of 02/28/2026 (Updated Monthly): $457.03 Million
Dividend Frequency, if any: Monthly
Morningstar Category⁵: Muni National Long
Asset Class: Fixed Income

Expenses & Fees

⁸

As of 04/30/2025

Gross Expense Ratio⁶: 1.12%
Net Expense Ratio^6,7: 0.92%

Identifiers

Ticker: PMO
NAV Symbol: XPMOX
CUSIP Code: 746922103

Average Annual Total Returns As of 02/28/2026

View performance section for additional info As of 02/28/2026

Market Price

NAV

5.20%1 Year
2.54%3 Years
0.40%5 Years
3.68%10 Years
5.21%Since Inception
05/28/1993

Performance data quoted represents past performance, which does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the figures shown.

Top Sectors

View portfolio section for additional info

As of 02/28/2026 - Market Value % of Total (Updated Monthly)

Top Sectors
Transportation27.10%
Health Care24.04%
Housing19.79%
Education17.13%
Lease12.43%

Additional Fund Info

Listing Exchange: NYSE
Fiscal Year End: April 30
Benchmark: Bloomberg Municipal Bond Index
Lipper Classification: General & Insured Muni Debt Funds (Leveraged)
Investment Style: Municipals

Trading Characteristics

(Updated Daily)

Shares Outstanding: 27,399,462
Daily Volume: N/A
Initial Offering (Shares of common stock /beneficial interest): N/A
Initial Offering Price: N/A

Manager

About the Team

Franklin Templeton Fixed Income

A global leader in fixed income, the team strives to provide consistent and resilient returns by combining deep fundamental research with rigorous portfolio construction. This solutions-driven approach means maintaining portfolio and risk exposures that align with client expectations.

Franklin Templeton Fixed Income

Managed Fund Since 2024

Managed Fund Since 2016

Managed Fund Since 2024

Latest Insights

March 12, 2026

On My Mind: Not partying like it’s 1979

March 9, 2026

Municipal bond market monthly brief

March 2, 2026

On My Mind: Iran—Early considerations on market impact

February 19, 2026

On My Mind: Of bots and men—Investing in the age of AI

Performance

Average Annual Total Returns

As of 02/28/2026

Month End

Quarter End

As of

Putnam Municipal Opportunities Trust - Market Price (%)

Month End

As of 02/28/2026

Putnam Municipal Opportunities Trust - NAV (%)

Month End

As of 02/28/2026

Bloomberg Municipal Bond Index (%)

Month End

As of 02/28/2026

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. Returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Returns for periods of less than one year are not annualized.

Overall Morningstar Rating: Overall Morningstar Rating: 5 out of 5 stars
As of 02/28/2026

3 Years: 3 Years: 5 out of 5 stars
30 Funds in category

5 Years: 5 Years: 4 out of 5 stars
29 Funds in category

10 Years: 10 Years: 5 out of 5 stars
25 Funds in category

Rating Category: Muni National Long

The fund's overall Morningstar Rating measures risk-adjusted returns and is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) rating metrics.

Morningstar Style Box

As of 02/28/2026

Current Historical
			High
			Medium
			Low
LTD	MOD	EXT
Duration

Quality

Source: Morningstar®. The style box reveals a fund's investment style. For equity funds, the vertical axis shows the market capitalization of the long stocks owned, and the horizontal axis shows the investment style (value, blend, or growth). For fixed income funds, the vertical axis shows the credit quality based on credit ratings and the horizontal axis shows interest-rate sensitivity as measured by effective duration. Placement is determined by fund portfolio holding figures most recently entered into Morningstar's database and corresponding market conditions. Shaded areas show the past 3 years of quarterly data. Past performance does not guarantee future results.

©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Portfolio

Assets

As of02/28/2026 (Updated Monthly)

Total Net Assets: $457.03 Million

Portfolio Statistics

As of 02/28/2026 (Updated Monthly)

AMT Exposure

Fund: 21.74%

Leverage Ratio

Fund: 30.35%

Average Weighted Maturity

Fund: 29.14 Years

Effective Duration

Fund: 12.84 Years

Sector Allocation

As of 02/28/2026 - Market Value % of Total (Updated Monthly)

Sector Allocation
Sector	Fund
Transportation	27.10%
Health Care	24.04%
Housing	19.79%
Education	17.13%
Lease	12.43%
Special Tax	11.79%
Industrial Dev. Revenue and Pollution Control	8.88%
Local	7.59%
Other Revenue Bonds	5.85%
State General Obligation	5.63%
Utilities	2.66%
Not Available	0.01%
Cash & Cash Equivalents	-42.90%

Holdings
As of 02/28/2026 (Updated Monthly)

Texas Transportation Finance Corp

Metropolitan Pier & Exposition Authority

Metropolitan Transportation Authority

Commonwealth Of Massachusetts

City Of Miami FL

San Francisco City & County Airport Comm-San Francisco International Airport

Allegheny County Airport Authority

Dekalb County Housing Authority

Massachusetts Development Finance Agency

County Of Washoe NV MP

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security..

Distributions & Tax

Federal ID Number 04-3187549

For information on tax years prior to 2008, please contact us

These amounts represent distributions paid by the fund, foreign taxes passed through (if any), and other distribution characteristics for the calendar year selected. These amounts are reported to shareholders on Form 1099-DIV.

Distributions per Share ($)

Year

Tax Information
Record Date	Ordinary Dividends Dividends paid by a fund that are derived from interest, dividends, net short-term capital gains and other types of ordinary income earned by the fund. For a fund that elects to pass through its foreign taxes paid (a non-cash item), a shareholder's allotted share of foreign taxes has been added to the “Ordinary Dividends” cash distributions received by the shareholder. If the fund passed through foreign taxes paid and later is refunded any portion of those taxes by a foreign tax authority, any interest paid to the fund on that refund is also required to be included in “Ordinary Dividends”.	Qualified Dividends The portion of a fund’s “Ordinary Dividends” that may be eligible for a reduced capital gain tax rate. To be eligible for the lower tax rates, certain holding periods apply and shareholders should consult their tax advisor to determine the amount eligible for the reduced rate. This amount represents both cash distributions and non-cash amounts, such as foreign taxes paid, that have been allocated to shareholders.	Capital Gain Distributions	Unrecaptured Section 1250 Gain	Non-Taxable Return Of Capital	Section 199a Dividends The portion of a fund’s “Ordinary Dividends” generated by a real estate investment trust or earned by a fund from its investments in real estate investment trusts, subject to limitations. Individual (non-corporate) shareholders may be entitled to a special deduction from gross income for “Section 199A Dividends” received from a fund. To qualify for this deduction certain holding periods apply and shareholders should consult their tax advisor.	Foreign Tax Paid	Exempt Interest Dividends	Interest on Tax Reclaim Refunds
Jan 24	0.001715	—	—	—	0.028252	—	—	0.005033	—
Feb 24	0.001715	—	—	—	0.028252	—	—	0.005033	—
Mar 17	0.001715	—	—	—	0.028252	—	—	0.005033	—
Apr 17	0.001715	—	—	—	0.028252	—	—	0.005033	—
May 19	0.001096	—	—	—	—	—	—	0.038204	—
Jun 16	0.001096	—	—	—	—	—	—	0.038204	—
Jul 18	0.001096	—	—	—	—	—	—	0.038204	—
Aug 18	0.001096	—	—	—	—	—	—	0.038204	—
Sep 18	0.001096	—	—	—	—	—	—	0.038204	—
Oct 17	0.001096	—	—	—	—	—	—	0.038204	—
Nov 17	0.001096	—	—	—	—	—	—	0.038204	—
Dec 15	0.001096	—	—	—	—	—	—	0.038204	—
	0.015628	—	—	—	0.113008	—	—	0.325764	—

Jan 24

Feb 24

Mar 17

Apr 17

May 19

Jun 16

Jul 18

Aug 18

Sep 18

Oct 17

Nov 17

Dec 15

Supplemental Tax Information

Foreign Source Income: —
Foreign Source Qualified Dividends: —
Direct U.S. Government Obligations The portion of “Ordinary Dividends” attributable to earnings from US Treasury and certain other government securities may be categorized as a fund containing US government obligations. This income may be exempt from state personal income taxes. The percentage for direct US government obligation interests available for tax-exempt treatment may be limited in states that require the fund to meet certain minimum thresholds. Shareholders should consult their tax advisor to determine the availability of exemptions in their state.: 2.63%
Specified Private Activity Bond Interest: 17.24%
Dividends Received Deduction: —
Section 163(j): 100.00%
Indiana Resident Taxable Income: 92.50%
Utah Resident Taxable Income The portion of “Exempt-Interest Dividends” subject to Utah income tax. Subject to certain exceptions, the state of Utah provides that income earned from non-federal government entities outside of Utah (non-Utah municipal bonds) is taxable to Utah resident shareholders. Income earned from states that do not tax Utah obligations are also exempt. Shareholders should consult their tax advisor about applicability.: 68.58%

Tax-Exempt Income By Jurisdiction

Alabama: 0.06%

Alaska: 1.20%

Arizona: 2.16%

California: 5.80%

Colorado: 3.08%

Connecticut: 0.44%

Dist. of Columbia: 2.28%

Florida: 4.95%

Georgia: 3.27%

Hawaii: 0.62%

Illinois: 9.19%

Indiana: 0.53%

Iowa: 0.45%

Kentucky: 0.13%

Louisiana: 1.05%

Maryland: 0.90%

Massachusetts: 5.43%

Michigan: 3.61%

Minnesota: 0.52%

Missouri: 4.93%

Nevada: 1.98%

New Hampshire: 2.55%

New Jersey: 0.77%

New Mexico: 0.55%

New York: 9.14%

North Carolina: 0.73%

Ohio: 2.56%

Oregon: 0.47%

Pennsylvania: 5.26%

Puerto Rico: 1.40%

Rhode Island: 0.73%

South Carolina: 0.01%

South Dakota: 0.66%

Tennessee: 1.61%

Texas: 8.31%

Utah: 1.72%

Virginia: 0.25%

Washington: 4.77%

Wisconsin: 6.33%

Franklin Templeton and its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Each investor’s tax situation is different, and is based on an individual’s tax bracket, type of account used for investment and other factors. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Pricing

Pricing History

As of 03/17/2026 (Updated Daily)

Time Period

From

From Date

To Date

Daily Fund Prices

As of 03/17/2026

Share Prices

As of 03/17/2026

NAV ¹(Net Asset Value): $11.37
NAV Change ¹: $0.02
NAV Change (%) ¹: 0.18%
Market Price ²: $10.56
Market Price Change ²: $0.00
Market Price Change (%) ²: -6.96%

52-Week Range

Highest NAV As of 02/27/2026: $11.62
Lowest NAV As of 04/09/2025: $10.39
Highest Market Price As of 02/27/2026: $11.62
Lowest Market Price As of 06/13/2025: $0.00

Documents

Fund Literature

Fund Literature
Checkbox	Name	Download	Add to Cart
Checkbox	Factsheet - Putnam Municipal Opportunities Trust	Download Document
Checkbox	Flyer - Closed-End Funds Product Guide	Download Document

Regulatory Documents

Regulatory Documents
Checkbox	Name	Download
Checkbox	Annual Report - Putnam Municipal Opportunities Trust	Download Document
Checkbox	Semi-Annual Report - Putnam Municipal Opportunities Trust	Download Document
Checkbox	Policy and Procedures - Audit Committee CharterMailed hardcopies unavailable.	Download Document
Checkbox	Policy and Procedures - Compensation Committee CharterMailed hardcopies unavailable.	Download Document
Checkbox	Policy and Procedures - Nominating Committee Charter February 2024Mailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q1 Holdings - Putnam Municipal Opportunities TrustMailed hardcopies unavailable.	Download Document
Checkbox	Fiscal Q3 Holdings - Putnam Municipal Opportunities TrustMailed hardcopies unavailable.	Download Document

View Fund's SEC Filing

Risks

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.

Important Information

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Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Performance would have been lower if fees had not been waived in various periods. Total returns assume the reinvestment of all distributions and the deduction of all fund expenses. Returns for periods of less than one year are not annualized. All classes of shares may not be available to all investors or through all distribution channels. For current month-end performance, please call Franklin Templeton at (800) DIAL BEN/(800) 342-5236 or visit www.franklintempleton.com.

Investors should carefully consider the 529 plan’s investment goals, risks, charges and expenses before investing. To obtain the Program Description, which contains this and other information, talk to your financial professional or call Franklin Distributors, LLC, the manager and underwriter for the 529 plan at (800) DIAL BEN/342-5236 or visit franklintempleton.com. You should read the Program Description carefully before investing and consider whether your, or the beneficiary’s, home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in its qualified tuition program.

Franklin Templeton's 529 College Savings Plan is offered and administered by the New Jersey Higher Education Student Assistance Authority (HESAA); managed and distributed by Franklin Distributors, LLC, which is a Franklin Templeton company.

Investments in Franklin Templeton’s 529 College Savings Plan are not insured by the FDIC or any other government agency and are not deposits or other obligations of any depository institution. Investments are not guaranteed by the State of New Jersey, Franklin Templeton, or its affiliates and are subject to risks, including loss of principal amount invested. Investing in the plan does not guarantee admission to any particular primary, secondary school or college, or sufficient funds for primary, secondary school or college.

This material is being provided for general informational and should not be considered or relied upon as legal, tax or investment advice or an investment recommendation, or as a substitute for legal or tax counsel and provided for educational and informational purposes only. Franklin Templeton does not provide legal or tax advice. Federal and state laws and regulations are complex and subject to change, which can materially impact your results. Franklin Templeton cannot guarantee that such information is accurate, complete or timely; and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.

Most 529 portfolios offer multiple share class options. Share classes are subject to different fees and expenses, which will affect their performance.

Certain share classes are only offered to eligible investors as stated in the Program Description. Different minimums may apply to clients of certain service agents. All classes of shares are not available through all distribution channels. See the Program Description for additional information.

Effective November 18, 2024, there were investment-related enhancements. Please see Program Description for detailed information.

The Bloomberg Municipal Bond Index is a broad measure of the municipal bond market with maturities of at least one year.
Source: Bloomberg Indices.

Footnotes

Net Asset Value (NAV) represents the value of a closed-end fund's underlying holdings per share. NAV is determined by dividing the total net assets of the fund by the number of shares outstanding. The fund calculates the NAV per share each business day normally coinciding with the close of trading on the New York Stock Exchange (NYSE).
Market Price, determined by supply and demand, is the price an investor purchases or sells the fund. The Market Price shown reflects the last trade on the listing exchange at the time that the fund's NAV is calculated.
Premium / Discount reflects the difference between the NAV and the Market Price of the fund, and represents the amount that the fund is trading above or below its NAV, expressed as a percentage of the NAV.
Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the closing market price or NAV as of the date indicated. The Distribution Rate calculation includes income, may include return of capital and excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.
©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.
Net Expense Ratio represents the expense ratio applicable to investors.
Based on the Fund’s net assets of the common shares, as of the most recent Annual Report. See the fund’s Annual Report for information on the fund’s expenses.
With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.
During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.
30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.
The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products with at least a three-year history, and subject to change monthly. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total return, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total return. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not take into account the effects of sales charges and loads. Morningstar Rating is for the specified share class(es) only; other classes may have different performance characteristics. ©2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Ratings shown are assigned by one or more Nationally Recognized Statistical Rating Organizations (NRSRO), such as S&P Global Ratings, Moody's Investors Service and Fitch Ratings, Inc. When ratings from multiple agencies are available, the highest is used, consistent with the portfolio investment process. Ratings reflect an NRSRO's opinion of an issuer's creditworthiness and typically range from AAA (highest) to D (lowest). The Refunded category consists of refunded bonds secured by the US government or other high-quality securities. The Not Rated category consists of ratable securities that have not been rated by an NRSRO. The Not Applicable category consists of third-party exchange-traded funds and securities that have only a short-term rating and are not cash equivalents. Cash includes equivalents, which may be rated. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

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Individual Investor

Financial Professional

Institutional Investor

PMO Putnam Municipal Opportunities Trust

Popular Documents

Overview

Fund description

Expenses & Fees

Identifiers

Top Sectors

Additional Fund Info

Trading Characteristics

Manager

About the Team

Latest Insights

Performance

Average Annual Total Returns

Ratings 12

Portfolio

Sector Allocation Market value figures reflect the trading value of the investments. Portfolio breakdown percentages may not total 100% and may be negative due to rounding, use of any derivatives, unsettled trades or other factors.

Distributions & Tax

Federal ID Number 04-3187549

Pricing

Chart

Daily Fund Prices

Documents

Risks

Important Information

Footnotes

Ratings ¹²

Sector Allocation