Leaving Franklin Templeton

Clicking OK below will take you to an independent site. Information and services provided on this independent site are not reviewed by, guaranteed by, or endorsed by Franklin Templeton or its affiliates. Please keep in mind that this independent site's terms and conditions, privacy and security policies, or other legal information may be different from those of Franklin Templeton's site. Franklin Templeton is not liable for any direct or indirect technical or system issues, consequences or damages arising from your use of this independent website.
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.

Popular Documents

View All
NAV 1 $0.00(0.00%)
$11.40
As of 01/08/2026
Market Price 2 $0.00(0.09%)
$10.69
As of 01/08/2026
Premium / Discount 3
-6.23%
Distribution Rate at Market Price 4
4.41%

Sign in to view documents

This feature is not available at your firm

Skipped to Overview Section Content

Overview

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 12/31/2025 (Updated Monthly)
N/A
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 Ratio6,7
0.92%

Identifiers

Ticker
PMO
NAV Symbol
XPMOX
CUSIP Code
746922103

Average Annual Total Returns

View performance section for additional info As of 11/30/2025
  • -0.30%1 Year
  • 1.69%3 Years
  • -0.35%5 Years
  • 3.62%10 Years
  • 5.08%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 12/31/2025 - Market Value % of Total (Updated Monthly)

Health Care24.32%
Transportation22.68%
Housing20.68%
Education17.15%
Lease15.55%

Additional Fund Info

Listing Exchange
NYSE
Fiscal Year End
April 30
Benchmark
Bloomberg Municipal Bond Index
Lipper Classification
N/A
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

Sign in to view documents

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-drives approach means maintaining portfolio and risk exposures that align with client expectations.

Franklin Templeton Fixed Income
[Benjamin C. Barbers avatar]

Managed Fund Since 2024

[James Conns avatar]

Managed Fund Since 2024

[Garrett L Hamiltons avatar]

Managed Fund Since 2016

[Francisco Riveras avatar]

Managed Fund Since 2024

[Daniel Workmans avatar]

Managed Fund Since 2024

Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

January 8, 2026

Flash Insights: Notes on Venezuela

January 6, 2026

Central Bank Watch: Steady as she goes

December 22, 2025

The road ahead: Trends, risks and opportunities

December 18, 2025

Emerging markets debt 2026 outlook

Sign in to view documents

Skipped to Performance Section Content

Performance

Calendar Year Returns

As of 11/30/2025

Chart

Bar chart with 3 data series.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from -20.29 to 23.07.
End of interactive chart.
Putnam Municipal Opportunities Trust - Market Price (%)
Putnam Municipal Opportunities Trust - NAV (%)
Bloomberg Municipal Bond Index (%)

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.

Skipped to Portfolio Section Content

Portfolio

Assets

As of11/30/2025 (Updated Monthly)

Total Net Assets
$450.88 Million

Portfolio Statistics

As of 11/30/2025 (Updated Monthly)

AMT Exposure
Fund
25.03%
Leverage Ratio
Fund
30.77%
Average Weighted Maturity
Fund
29.24 Years
Effective Duration
Fund
12.64 Years

Sector Allocation

As of 12/31/2025 - Market Value % of Total (Updated Monthly)

Sector Fund
Health Care
24.32%
Transportation
22.68%
Housing
20.68%
Education
17.15%
Lease
15.55%
Special Tax
11.52%
Industrial Dev. Revenue and Pollution Control
9.10%
Local
7.48%
Other Revenue Bonds
5.80%
State General Obligation
5.64%
Utilities
2.73%
Not Available
0.08%
Cash & Cash Equivalents
-42.73%

Chart

Bar chart with 13 bars.
The chart has 1 X axis displaying categories.
The chart has 1 Y axis displaying values. Data ranges from -42.73387 to 24.32224.
End of interactive chart.

Holdings

As of 11/30/2025 (Updated Monthly)

Metropolitan Pier & Exposition Authority
Kansas City Industrial Development 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
Massachusetts Development Finance Agency
Dekalb County Housing Authority
County Of Washoe NV MP
Skipped to Distributions Section Content

Distributions & Tax

Distribution Frequency
MonthlyThis fund is an ex-Dividend fund
Capital Gain Distributions
December

Rates and Yields Read important information about results and other investment disclosures

Distribution Rate 4

As of 01/08/2026 (Updated Daily)
At Net Asset Value (NAV) 4.14%
At Market Price 4.41%

Current Yield 9,10,11

As of 11/30/2025 (Updated Monthly)
w/ Waiver  5.65%
w/o Waiver 5.41%

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

12/15/2025
11/17/2025
10/17/2025
09/18/2025
08/18/2025
07/18/2025
06/16/2025
05/19/2025
04/17/2025
03/17/2025

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report for specific information regarding distributions.

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report for specific information regarding distributions.

Skipped to Pricing Section Content

Pricing

Pricing History

As of 01/08/2026 (Updated Daily)

Chart

Line chart with 2 lines.
The chart has 1 X axis displaying Time. Data ranges from 1993-05-28 00:00:00 to 2026-01-08 00:00:00.
The chart has 1 Y axis displaying [products.performance-value]. Data ranges from 5.79 to 15.8125.
End of interactive chart.

Daily Fund Prices

As of 01/08/2026

Share Prices

As of 01/08/2026

NAV  1(Net Asset Value)
$11.40
NAV Change  1
$0.00
NAV Change (%)  1
0.00%
Market Price  2
$10.69
Market Price Change  2
$0.00
Market Price Change (%)  2
0.09%

52-Week Range

Highest NAV As of 03/04/2025
$11.55
Lowest NAV As of 04/09/2025
$10.39
Highest Market Price As of 05/20/2025
$10.87
Lowest Market Price As of 06/13/2025
$0.00

Premium / Discount

As of 01/08/2026

Avg. of Market Price vs. NAV at Close
-6.23%
Skipped to Press Releases Section Content

Press Releases

12/31/2025
11/28/2025
11/20/2025
10/31/2025
10/17/2025
09/24/2025
09/08/2025
08/07/2025
08/07/2025
07/08/2025
Skipped to Documents Section Content

Documents

Fund Literature
 Name Download Add to Cart
Factsheet - Putnam Municipal Opportunities TrustDownload Document
Closed-End Funds Product GuideDownload Document
Regulatory Documents
 Name Download Add to Cart
Annual Report - Putnam Municipal Opportunities TrustDownload Document
Semi-Annual Report - Putnam Municipal Opportunities TrustDownload Document
Policy and Procedures - Putnam Municipal Opportunities TrustMailed hardcopies unavailable.Download Document
Fiscal Q1 Holdings - Putnam Municipal Opportunities TrustMailed hardcopies unavailable.Download Document
Fiscal Q3 Holdings - Putnam Municipal Opportunities TrustMailed hardcopies unavailable.Download Document

Sign in to view documents

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. These and other risks are discussed in the fund’s prospectus.

Sign in to view documents

Important Information

The Closed-End Funds are not sold or distributed by Franklin Distributors, LLC. (FD, LLC) or any Franklin Templeton affiliated companies. Unlike open-end funds, shares are not continually offered. Like other public companies, closed-end funds have a one-time initial public offering, and once their shares are first issued, are generally bought and sold through non-affiliated broker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-end funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Investment return, market price and net asset value will fluctuate with changes in market conditions. The Funds are subject to investment risks, including the possible loss of principal invested. 

You need Adobe Acrobat Reader to view and print PDF documents. Download a free version from Adobe's website.

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

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.

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

All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Footnotes

  1. 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).

  2. 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.

  3. 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. 

  4. 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, capital gains and return of capital (excluding special distributions). The Distribution Rate is not guaranteed, subject to change, and is not a quotation of fund performance. 

  5. ©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.

  6. 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.

  7. Net Expense Ratio represents the expense ratio applicable to investors. 

  8. 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.

  9. With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.

  10. During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.

  11. 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.

  12. Based on the fund’s Net Asset Value (NAV)

  13. 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.