N-CSRS 1 a_muniopps.htm PUTNAM MUNICIPAL OPPORTUNITIES TRUST

| UNITED STATES SECURITIES AND EXCHANGE COMMISSION

| Washington, D.C. 20549

| FORM N-CSR

| CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

| Investment Company Act file number: | (811–07626)

| Exact name of registrant as specified in charter: | Putnam Municipal Opportunities Trust

| Address of principal executive offices: | 100 Federal Street, Boston, Massachusetts 02110

| Name and address of agent for service: | Robert T. Burns, Vice President 100 Federal Street Boston, Massachusetts 02110

| Copy to: | Bryan Chegwidden, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, New York 10036

| Registrant's telephone number, including area code: | (617) 292–1000

| Date of fiscal year end: | April 30, 2021

| Date of reporting period: | May 1, 2020 — October 31, 2020

| Item 1. Report to Stockholders: |

| The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940: |

Putnam Municipal
Opportunities
Trust

Semiannual report
10 | 31 | 20

Message from the Trustees | 1 |  |
About the fund | 2 |  |
Interview with your fund’s portfolio manager | 5 |  |
Your fund’s performance | 9 |  |
Consider these risks before investing | 11 |  |
Terms and definitions | 12 |  |
Other information for shareholders | 13 |  |
Summary of dividend reinvestment plans | 14 |  |
Trustee approval of management contract | 16 |  |
Financial statements | 20 |  |
Shareholder meeting results | 52 |  |

The fund has adopted a managed distribution policy (the “Distribution Policy”) with the goal of providing shareholders with a consistent, although not guaranteed, monthly distribution. In accordance with the Distribution Policy, the fund currently expects to make monthly distributions to common shareholders at a distribution rate per share of $0.0531. Distributions may include ordinary and/or tax-exempt income, net capital gains, and/or a return of capital of your investment in the fund. You should not draw any conclusions about the fund’s investment performance from the amount of this distribution or from the terms of the Distribution Policy. The Distribution Policy provides that the Board of Trustees may amend or terminate the Distribution Policy at any time without prior notice to fund shareholders.

IMPORTANT NOTICE: Delivery of paper fund reports

In accordance with regulations adopted by the Securities and Exchange Commission, beginning on January 1, 2021, reports like this one will no longer be sent by mail unless you specifically request it. Instead, they will be on Putnam’s website, and you will be notified by mail whenever a new one is available, and provided with a website link to access the report.

If you wish to stop receiving paper reports sooner, or if you wish to continue to receive paper reports free of charge after January 1, 2021, please see the back cover or insert for instructions. If you invest through a bank or broker, your choice will apply to all funds held in your account. If you invest directly with Putnam, your choice will apply to all Putnam funds in your account.

If you already receive these reports electronically, no action is required.

Message from the Trustees

December 17, 2020

Dear Fellow Shareholder:

As we reach the end of 2020, the world continues to confront the challenges of the COVID-19 pandemic. Economic activity and employment remain well below levels at the start of the year. The stock and bond markets have fared better, indicating optimism that successful vaccines will be approved by early 2021. Putnam, as in all market conditions, continues to pursue superior investment performance for you and your fellow shareholders. While these are challenging times, we believe Putnam has adjusted well to operating amid the pandemic, and continues to make progress on pursuing the benefits of greater diversity and inclusion within its organization.

Also, we would like to take this opportunity to thank Robert E. Patterson, who retired as a Trustee on June 30, 2020, for his 36 years of service. We will miss Bob’s experienced judgment and insights, and we wish him well.

As always, thank you for investing with Putnam.

Putnam Municipal Opportunities Trust has the flexibility to invest in municipal bonds issued by any state in the country or U.S. territory. As a closed-end fund, it shares some common characteristics with open-end mutual funds, but there are some key differences that investors should understand as they consider their portfolio.

2 Municipal Opportunities Trust

Looking at a closed-end fund’s performance

You will usually see that the NAV and the market price differ. The market price can be influenced by several factors that cause it to vary from the NAV, including fund distributions, changes in supply and demand for the fund’s shares, changing market conditions, and investor perceptions of the fund or its investment manager.

A mix of credit qualities

In addition to its flexible geographical focus, Putnam Municipal Opportunities Trust combines bonds of differing credit quality. The fund invests in high-quality bonds, but also includes an allocation to lower-rated bonds, which may offer higher income in return for more risk.

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Data are historical. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and net asset value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart are at NAV. See below and pages 9–10 for additional performance information, including fund returns at market price. Index and Lipper results should be compared with fund performance at NAV. Fund results reflect the use of leverage, while index results are unleveraged and Lipper results reflect varying use of, and methods for, leverage.

* Source: Lipper, a Refinitiv company.

† Returns for the six-month period are not annualized, but cumulative.

This comparison shows your fund’s performance in the context of broad market indexes for the six months ended 10/31/20. See above and pages 9–10 for additional fund performance information. Index descriptions can be found on page 12.

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Paul, how did municipal bonds perform during the reporting period?

As the period began in May 2020, municipal bonds were rallying off their lows in March and April. The historic sell-off was sparked by the spread of COVID-19 and its impact on global economic growth. Unprecedented policy initiatives by the Federal Reserve and Congress to ease the economic impact of the COVID-19 pandemic and signs of businesses reopening helped to allay investor concerns. With the outlook and confidence improving, flows into municipal bond funds were positive during the period. With credit spreads at their widest in over five years, investor interest in the asset class increased. [Yield spreads are the yield advantage credit-sensitive bonds offer over comparable-maturity U.S. Treasuries.] Meanwhile, supply was very heavy as municipal borrowers continued to refinance existing, higher-coupon debt.

The Fed’s expectation that it will keep short-term interest rates near zero until the end of 2023 also fueled demand. With yields on certificates of deposit and Treasuries near zero, investors sought out other alternatives. In our view, investors were drawn to the

Municipal Opportunities Trust 5

Credit qualities are shown as a percentage of the fund’s net assets (common and preferred shares) as of 10/31/20. A bond rated BBB or higher (SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. Ratings may vary over time.

Cash and net other assets, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency.

Top 10 state allocations are shown as a percentage of the fund’s net assets (common and preferred shares) as of 10/31/20. Investments in Puerto Rico represented 0.0% of the fund’s net assets. Summary information may differ from the portfolio schedule included in the financial statements due to the differing treatment of interest accruals, the floating rate portion of tender option bonds, derivative securities, if any, and the use of different classifications of securities for presentation purposes. Holdings and allocations may vary over time.

6 Municipal Opportunities Trust

low-default frequency of highly rated municipal bonds as well as an alternative to other more volatile asset classes. This created a supply/demand imbalance that was supportive of the asset class. Consequently, municipal bonds outperformed Treasuries during the period.

How did the fund perform during the reporting period?

For the six months ended October 31, 2020, the fund outperformed its benchmark, the Bloomberg Barclays Municipal Bond Index, and the average return of its Lipper peer group, General & Insured Municipal Debt Funds [leveraged closed-end].

What strategies or holdings influenced the fund’s performance during the period?

From a valuation perspective, municipals started to look very attractive to us in early to mid-April. We took advantage of the market volatility and selectively added to the fund’s positioning in investment-grade municipal bonds. We also extended duration in April to a point where we believed the fund’s portfolio had a longer duration than the majority of the fund’s Lipper peers. We achieved this mostly by adding higher-quality, longer-term securities. As the market recovered, the fund benefited from the rally versus its peers given its overweight positioning in lower-investment-grade securities and relatively long duration stance. As the higher-quality segment of the municipal bond market generally normalized in late summer and the rally slowed, we slowly moderated our long duration posture, becoming more neutral relative to the fund’s Lipper peers.

At period-end, the fund held an overweight exposure to investment-grade bonds rated A relative to the benchmark. However, the combined, overall exposure to lower-rated, high-yield bonds was underweight relative to the Lipper peer group. Duration positioning, a measure of the portfolio’s interest-rate sensitivity, was neutral relative to the benchmark at period-end. The fund’s yield-curve positioning was focused on longer intermediate-term securities with maturities of 10 to 20 years. As part of this strategy, the fund held an underweight exposure to long maturity holdings compared with the benchmark.

The fund was overweight revenue bonds versus general obligation [GO] bonds compared with its Lipper peer group. Our exposure to state and local governments was limited to credits with, in our view, diverse tax bases and the ability to enact broad revenue enhancements or expense cuts. Within our strategy for state debt, we continued to hold an overweight exposure to Illinois. We believe these holdings look attractive from a fundamental and relative value standpoint. In June, Illinois accessed the Fed’s Municipal Liquidity Facility for one-year GO notes to help remove any near-term liquidity stress. We believe Illinois’s financial flexibility and credit fundamentals were not completely reflected by market spreads.

The fund remained underweight in its exposure to uninsured Puerto Rico municipal debt compared with its Lipper peer group, with no holdings at the end of the period. We remain cautious on Puerto Rico due to its fragile economy, weak demographic trends, poor-quality infrastructure, volatile political environment, and history of fiscal mismanagement. We continue to monitor the Commonwealth’s ongoing restructuring efforts for potential opportunities.

What is your outlook for the municipal bond market in the coming months?

The sudden onset of the recession in March 2020 due to COVID-related shutdowns and business closures was unparalleled to any that we have seen in the past. That said, many states

Municipal Opportunities Trust 7

entered this recession in their best fiscal shape in over a decade. Additionally, a major source of funding for local municipalities is property taxes. Property taxes are based on home values, which climbed over 6.6% year over year through October 2020, according to Zillow. This is a very different scenario from the 2008–2009 Great Recession, which had a severely negative impact on property values, and, by extension, property taxes, at that time. Consequently, we believe most states have ample reserves to address a decline in revenues. In our view, even states that were less well prepared still have quite a bit of financial flexibility and avenues to raise capital through the credit markets. So, while the municipal bond market has experienced an increase in downgrades, the asset class remains sound overall, in our view.

Given the economic backdrop, yield spreads remain wide. In this environment, we are finding opportunities in the lower parts of the investment-grade universe, including utilities, higher education, charter schools, and tobacco. As a manager of a family of municipal bond funds for over 40 years, we believe our experience, insight, and rigorous investment process give us an advantage in this regard.

Thank you, Paul, for your time and insights today.

The views expressed in this report are exclusively those of Putnam Management and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk. Statements in the Q&A concerning the fund’s performance or portfolio composition relative to those of the fund’s Lipper peer group may reference information produced by Lipper Inc. or through a third party.

This chart shows how the fund’s top weightings have changed over the past six months. Allocations are shown as a percentage of the fund’s net assets (common and preferred shares). Current period summary information may differ from the information in the portfolio schedule notes included in the financial statements due to the inclusion of derivative securities, any interest accruals, the timing of matured security transactions, the use of different classifications of securities for presentation purposes, and rounding. Holdings and allocations may vary over time.

8 Municipal Opportunities Trust

Your fund’s performance

This section shows your fund’s performance, price, and distribution information for periods ended October 31, 2020, the end of the first half of its current fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance information as of the most recent calendar quarter-end. Performance should always be considered in light of a fund’s investment strategy. Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate, and you may have a gain or a loss when you sell your shares.

Fund performance Total return and comparative index results for periods ended 10/31/20

| Annual |  |  |  |  |  |  |  |
| average |  |  |  |  |  |  |  |
| Life of |  |  |  |  |  |  |  |
| fund |  |  |  |  |  |  |  |
| (since |  | Annual |  | Annual |  | Annual |  |
| 5/28/93) | 10 years | average | 5 years | average | 3 years | average | 1 year | 6 months
NAV | 6.12% | 85.60% | 6.38% | 29.45% | 5.30% | 16.92% | 5.35% | 3.74% | 10.51%
Market price | 5.90 | 84.19 | 6.30 | 36.39 | 6.40 | 19.64 | 6.16 | 1.76 | 12.49
Bloomberg Barclays |  |  |  |  |  |  |  |  |
Municipal Bond Index | 5.08 | 47.91 | 3.99 | 19.92 | 3.70 | 12.77 | 4.09 | 3.59 | 4.99
Lipper General & Insured |  |  |  |  |  |  |  |  |
Municipal Debt Funds |  |  |  |  |  |  |  |  |
(leveraged closed-end) | 5.94 | 80.42 | 6.06 | 25.52 | 4.64 | 13.99 | 4.46 | 2.15 | 10.27
category average* |  |  |  |  |  |  |  |  |

Performance assumes reinvestment of distributions and does not account for taxes.

Index and Lipper results should be compared with fund performance at net asset value. Fund results reflect the use of leverage, while index results are unleveraged and Lipper results reflect varying use of, and methods for, leverage.

* Over the 6-month, 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 10/31/20, there were 65, 64, 59, 59, 54, and 26 funds, respectively, in this Lipper category.

Performance includes the deduction of management fees and administrative expenses.

Municipal Opportunities Trust 9

Fund price and distribution information For the six-month period ended 10/31/20

Distributions |  |
Number | 6
Income1 | $0.3186
Capital gains2 | —
Total | $0.3186
| Series B | Series C
Distributions — Preferred shares | (2,876 shares) | (2,673 shares)
Number |  |
Income1 | $27.70 | $27.46
Capital gains2 | — | —
Total | $27.70 | $27.46
Share value | NAV | Market price
4/30/20 | $12.49 | $11.63
10/31/20 | 13.48 | 12.77
Current dividend rate (end of period) | NAV | Market price
Current dividend rate3 | 4.73% | 4.99%
Taxable equivalent4 | 7.99 | 8.43

The classification of distributions, if any, is an estimate. Final distribution information will appear on your year-end tax forms.

1 For some investors, investment income may be subject to the federal alternative minimum tax. Income from federally exempt funds may be subject to state and local taxes.

2 Capital gains, if any, are taxable for federal and, in most cases, state purposes.

3 Most recent distribution, including any return of capital and excluding capital gains, annualized and divided by NAV or market price at end of period.

4 Assumes maximum 40.80% federal tax rate for 2020. Results for investors subject to lower tax rates would not be as advantageous.

Fund performance as of most recent calendar quarter Total return for periods ended 9/30/20

| Annual |  |  |  |  |  |  |  |
| average |  |  |  |  |  |  |  |
| Life of |  |  |  |  |  |  |  |
| fund |  |  |  |  |  |  |  |
| (since |  | Annual |  | Annual |  | Annual |  |
| 5/28/93) | 10 years | average | 5 years | average | 3 years | average | 1 year | 6 months
NAV | 6.15% | 86.18% | 6.41% | 31.27% | 5.59% | 17.80% | 5.61% | 4.12% | 7.23%
Market price | 5.96 | 87.32 | 6.48 | 40.84 | 7.09 | 19.71 | 6.18 | 4.22 | 11.41

See the discussion following the fund performance table on page 9 for information about the calculation of fund performance.

10 Municipal Opportunities Trust

Consider these risks before investing

Lower-rated bonds may offer higher yields in return for more risk. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments). Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Unlike bonds, funds that invest in bonds have fees and expenses. The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. The fund’s shares trade on a stock exchange at market prices, which may be lower than the fund’s net asset value. Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.

Municipal Opportunities Trust 11

Terms and definitions

Important terms

Total return shows how the value of the fund’s shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.

Net asset value (NAV) is the value of all your fund’s assets, minus any liabilities, divided by the number of outstanding shares.

Market price is the current trading price of one share of the fund. Market prices are set by transactions between buyers and sellers on exchanges such as the New York Stock Exchange.

Fixed-income terms

Current rate is the annual rate of return earned from dividends or interest of an investment. Current rate is expressed as a percentage of the price of a security, fund share, or principal investment.

Yield curve is a graph that plots the yields of bonds with equal credit quality against their differing maturity dates, ranging from shortest to longest. It is used as a benchmark for other debt, such as mortgage or bank lending rates.

Comparative indexes

Bloomberg Barclays Municipal Bond Index is an unmanaged index of long-term fixed-rate investment-grade tax-exempt bonds.

Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities.

ICE BofA (Intercontinental Exchange Bank of America) U.S. 3-Month Treasury Bill Index is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace.

S&P 500 Index is an unmanaged index of common stock performance.

Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.

ICE Data Indices, LLC (“ICE BofA”), used with permission. ICE BofA permits use of the ICE BofA indices and related data on an “as is” basis; makes no warranties regarding same; does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofA indices or any data included in, related to, or derived therefrom; assumes no liability in connection with the use of the foregoing; and does not sponsor, endorse, or recommend Putnam Investments, or any of its products or services.

Lipper, a Refinitiv company, is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund’s category assignment at its discretion. Lipper category averages reflect performance trends for funds within a category.

12 Municipal Opportunities Trust

Other information for shareholders

Important notice regarding share repurchase program

In September 2020, the Trustees of your fund approved the renewal of a share repurchase program that had been in effect since 2005. This renewal allows your fund to repurchase, in the 365 days beginning October 1, 2020, up to 10% of the fund’s common shares outstanding as of September 30, 2020.

Termination of non-fundamental policy

On June 28, 2019, the Board of Trustees of the fund approved a proposal by Putnam Management to terminate a non-fundamental investment restriction of the fund that limited the use of swaps and other over-the-counter derivative instruments to a maximum of 5% of the fund’s net assets, based on the net notional value of the derivatives positions.

Important notice regarding delivery of shareholder documents

In accordance with Securities and Exchange Commission (SEC) regulations, Putnam sends a single copy of annual and semiannual shareholder reports, prospectuses, and proxy statements to Putnam shareholders who share the same address, unless a shareholder requests otherwise. If you prefer to receive your own copy of these documents, please call Putnam at 1-800-225-1581, and Putnam will begin sending individual copies within 30 days.

Proxy voting

Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds’ proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2020, are available in the Individual Investors section of putnam.com and on the SEC’s website, www.sec.gov. If you have questions about finding forms on the SEC’s website, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds’ proxy voting guidelines and procedures at no charge by calling Putnam’s Shareholder Services at 1-800-225-1581.

Fund portfolio holdings

The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain the fund’s Form N-Q on the SEC’s website at www.sec.gov.

Prior to its use of Form N-PORT, the fund filed its complete schedule of its portfolio holdings with the SEC on Form N-Q, which is available online at www.sec.gov.

Trustee and employee fund ownership

Putnam employees and members of the Board of Trustees place their faith, confidence, and, most importantly, investment dollars in Putnam mutual funds. As of October 31, 2020, Putnam employees had approximately $487,000,000 and the Trustees had approximately $75,000,000 invested in Putnam mutual funds. These amounts include investments by the Trustees’ and employees’ immediate family members as well as investments through retirement and deferred compensation plans.

Municipal Opportunities Trust 13

Summary of Putnam closed-end funds’ amended and restated dividend reinvestment plans

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, Putnam Investor Services, Inc. (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.

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 either in writing, at P.O. Box 8383, Boston, MA 02266-8383, or by telephone at 1-800-225-1581 during normal East Coast business hours.

How you acquire additional shares through a Plan If the market price per share for your Fund’s shares (plus estimated brokerage commissions) is greater than or equal to their net asset value per share on the payment date for a distribution, you will be issued shares of the Fund at a value equal to the higher of the net asset value per share on that date or 95% of the market price per share on that date.

If the market price per share for your Fund’s shares (plus estimated brokerage commissions) is less than their net asset value per share on the payment date for a distribution, the Agent will buy Fund shares for participating accounts in the open market. The Agent will aggregate open-market purchases on behalf of all participants, and the average price (including brokerage commissions) of all shares purchased by the Agent will be the price per share allocable to each participant. The Agent will generally complete these open-market purchases within five business days following the payment date. If, before the Agent has completed open-market purchases, the market price per share (plus estimated brokerage commissions) rises to exceed the net asset value per share on the payment date, then the purchase price may exceed the net asset value per share, potentially resulting in the acquisition of fewer shares than if the distribution had been paid in newly issued shares.

How to withdraw from a Plan Participants may withdraw from a Fund’s Plan at any time by notifying the Agent, either in writing or by telephone. Such withdrawal will be effective immediately if notice is received by the Agent with sufficient time prior to any distribution record date; otherwise, such withdrawal will be effective with respect to any subsequent distribution following notice of withdrawal. There is no penalty for withdrawing from or not participating in a Plan.

Plan administration The Agent will credit all shares acquired for a participant under a Plan to the account in which the participant’s common shares are held. Each participant will

14 Municipal Opportunities Trust

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.

About taxes and Plan amendments Reinvesting dividend and capital gain distributions in shares of the Funds does not relieve you of tax obligations, which are the same as if you had received cash distributions. The Agent supplies tax information to you and to the IRS annually. Each Fund reserves the right to amend or terminate its Plan upon 30 days’ written notice. However, the Agent may assign its rights, and delegate its duties, to a successor agent with the prior consent of a Fund and without prior notice to Plan participants.

If your shares are held in a broker or nominee name If your shares are held in the name of a broker or nominee offering a dividend reinvestment service, consult your broker or nominee to ensure that an appropriate election is made on your behalf. If the broker or nominee holding your shares does not provide a reinvestment service, you may need to register your shares in your own name in order to participate in a Plan.

In the case of record shareholders such as banks, brokers or nominees that hold shares for others who are the beneficial owners of such shares, the Agent will administer the Plan on the basis of the number of shares certified by the record shareholder as representing the total amount registered in such shareholder’s name and held for the account of beneficial owners who are to participate in the Plan.

Municipal Opportunities Trust 15

Trustee approval of management contract

General conclusions

The Board of Trustees of The Putnam Funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of your fund’s management contract with Putnam Investment Management, LLC (“Putnam Management”) and the sub-management contract with respect to your fund between Putnam Management and its affiliate, Putnam Investments Limited (“PIL”). The Board, with the assistance of its Contract Committee, requests and evaluates all information it deems reasonably necessary under the circumstances in connection with its annual contract review. The Contract Committee consists solely of Trustees who are not “interested persons” (as this term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of The Putnam Funds (“Independent Trustees”).

At the outset of the review process, members of the Board’s independent staff and independent legal counsel considered any possible changes to the annual contract review materials furnished to the Contract Committee during the course of the previous year’s review and, as applicable, identified those changes to Putnam Management. Following these discussions and in consultation with the Contract Committee, the Independent Trustees’ independent legal counsel requested that Putnam Management and its affiliates furnish specified information, together with any additional information that Putnam Management considered relevant, to the Contract Committee. Over the course of several months ending in June 2020, the Contract Committee met on a number of occasions with representatives of Putnam Management, and separately in executive session, to consider the information that Putnam Management provided. Throughout this process, the Contract Committee was assisted by the members of the Board’s independent staff and by independent legal counsel for The Putnam Funds and the Independent Trustees.

In May 2020, the Contract Committee met in executive session to discuss and consider its recommendations with respect to the continuance of the contracts. At the Trustees’ June 2020 meeting, the Contract Committee met in executive session with the other Independent Trustees to review a summary of the key financial, performance and other data that the Contract Committee considered in the course of its review. The Contract Committee then presented its written report, which summarized the key factors that the Committee had considered and set forth its recommendations. The Contract Committee recommended, and the Independent Trustees approved, the continuance of your fund’s management and sub-management contracts, effective July 1, 2020. (Because PIL is an affiliate of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL, the Trustees have not attempted to evaluate PIL as a separate entity, and all subsequent references to Putnam Management below should be deemed to include reference to PIL as necessary or appropriate in the context.)

The Independent Trustees’ approval was based on the following conclusions:

• That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds, and the costs incurred by Putnam Management in providing services to the fund; and

• That the fee schedule in effect for your fund represented an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the fund at current asset levels.

These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees’ deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the management arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that some aspects of the arrangements may receive greater scrutiny in some years than others, and that the Trustees’ conclusions may be based, in part, on their consideration of fee arrangements in previous years.

16 Municipal Opportunities Trust

Management fee schedules and total expenses

The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints. The Trustees also reviewed the total expenses of each Putnam fund, recognizing that in most cases management fees represented the major, but not the sole, determinant of total costs to fund shareholders. (Two funds have implemented so-called “all-in” management fees covering substantially all routine fund operating costs.)

In reviewing fees and expenses, the Trustees generally focus their attention on material changes in circumstances — for example, changes in assets under management, changes in a fund’s investment strategy, changes in Putnam Management’s operating costs or profitability, or changes in competitive practices in the mutual fund industry — that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not indicate that changes to the management fee schedule for your fund would be appropriate at this time.

Under its management contract, your fund has the benefit of breakpoints in its management fee schedule that provide shareholders with economies of scale in the form of reduced fee rates as the fund’s assets under management increase. The Trustees noted, however, that because your fund is a closed-end management investment company, it has relatively stable levels of assets under management and is not expected to be affected significantly by breakpoints in its management fee schedule. The Trustees concluded that the fee schedule in effect for your fund represented an appropriate sharing of economies of scale between fund shareholders and Putnam Management.

The Trustees reviewed comparative fee and expense information for a custom group of competitive funds selected by Broadridge Financial Solutions, Inc. (“Broadridge”). This comparative information included your fund’s percentile ranking for effective management fees and total expenses, which provides a general indication of your fund’s relative standing. In the custom peer group, your fund ranked in the first quintile in effective management fees (determined for your fund and the other funds in the custom peer group based on fund asset size and the applicable contractual management fee schedule) and in the third quintile in total expenses as of December 31, 2019. The first quintile represents the least expensive funds and the fifth quintile the most expensive funds. The fee and expense data reported by Broadridge as of December 31, 2019 reflected the most recent fiscal year-end data available in Broadridge’s database at that time.

In connection with their review of fund management fees and total expenses, the Trustees also reviewed the costs of the services provided and the profits realized by Putnam Management and its affiliates from their contractual relationships with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management, investor servicing and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of the revenues, expenses and profitability of Putnam Management and its affiliates, allocated on a fund-by-fund basis, with respect to the funds’ management, distribution, and investor servicing contracts. For each fund, the analysis presented information about revenues, expenses and profitability for each of the agreements separately and for the agreements taken together on a combined basis. The Trustees concluded that, at current asset levels, the fee schedules in place represented reasonable compensation for the services being provided and represented an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the Putnam funds at that time.

The information examined by the Trustees in connection with their annual contract review for the Putnam funds included information regarding services provided and fees charged by Putnam Management and its affiliates to other clients, including defined benefit pension and profit-sharing plans, sub-advised mutual funds, private funds sponsored by affiliates of Putnam Management, and model-only separately managed accounts. This information included, in cases where a product’s investment strategy corresponds with a fund’s strategy, comparisons of those fees with fees charged to the Putnam funds, as well as an assessment of the differences in the services provided to these clients as compared to the services provided to the Putnam funds. The Trustees observed that the differences in fee rates between these clients and the Putnam funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services

Municipal Opportunities Trust 17

to these types of clients may reflect, among other things, historical competitive forces operating in separate marketplaces. The Trustees considered the fact that in many cases fee rates across different asset classes are higher on average for mutual funds than for other clients, and the Trustees also considered the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to its other clients. The Trustees did not rely on these comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.

Investment performance

The quality of the investment process provided by Putnam Management represented a major factor in the Trustees’ evaluation of the quality of services provided by Putnam Management under your fund’s management contract. The Trustees were assisted in their review of Putnam Management’s investment process and performance by the work of the investment oversight committees of the Trustees and the full Board of Trustees, which meet on a regular basis with individual portfolio managers and with senior management of Putnam Management’s Investment Division throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process — based on the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to them, and in general Putnam Management’s ability to attract and retain high-quality personnel — but also recognized that this does not guarantee favorable investment results for every fund in every time period.

The Trustees considered that, in the aggregate, 2019 was a strong year of performance for The Putnam Funds, with the Putnam funds, on an asset-weighted basis, ranking in the top quartile of their Lipper Inc. (“Lipper”) peers for the year ended December 31, 2019. For those funds that are evaluated based on their total returns versus selected investment benchmarks, the Trustees observed that the funds, on an asset-weighted-basis, delivered a gross return that was 2.3% ahead of their benchmarks in 2019. In addition to the performance of the individual Putnam funds, the Trustees considered, as they had in prior years, the performance of The Putnam Fund complex versus competitor fund complexes. In this regard, the Trustees observed that The Putnam Funds’ relative performance, as reported in the Barron’s/Lipper Fund Families survey, was exceptionally strong over both the short and long term, with The Putnam Funds ranking as the 8th best performing mutual fund complex out of 55 complexes for the one-year period ended December 31, 2019 and the 8th best performing mutual fund complex out of 45 complexes for the ten-year period, with 2019 marking the third consecutive year that The Putnam Funds have ranked in the top ten fund complexes for the ten-year period. The Trustees also noted that The Putnam Funds ranked 26th out of 52 complexes for the five-year period ended December 31, 2019. In addition to the Barron’s/Lipper Fund Families Survey, the Trustees also considered the funds’ ratings assigned by Morningstar Inc., noting that 22 of the funds were four- or five-star rated at the end of 2019 and that this included five funds that had achieved a five-star rating. They also noted, however, the disappointing investment performance of some funds for periods ended December 31, 2019 and considered information provided by Putnam Management regarding the factors contributing to the underperformance and actions being taken to improve the performance of these particular funds. The Trustees indicated their intention to continue to monitor closely the performance of those funds, including the effectiveness of any efforts Putnam Management has undertaken to address underperformance and whether additional actions to address areas of underperformance are warranted.

For purposes of the Trustees’ evaluation of the Putnam funds’ investment performance, the Trustees generally focus on a competitive industry ranking of each fund’s total net return over a one-year, three-year and five-year period. For a number of Putnam funds with relatively unique investment mandates for which Putnam Management informed the Trustees that meaningful competitive performance rankings are not considered to be available, the Trustees evaluated performance based on their total gross and net returns and comparisons of those returns with the returns of selected investment benchmarks. In the case of your fund, the Trustees considered that its common share cumulative total return performance at net asset value was in the following quartiles of its Lipper peer group (Lipper General & Insured Municipal Debt Funds (Leveraged) (closed-end)) for the one-year, three-year and five-year periods ended December 31, 2019 (the first quartile representing

18 Municipal Opportunities Trust

the best-performing funds and the fourth quartile the worst-performing funds):

One-year period | 2nd
Three-year period | 1st
Five-year period | 1st

Over the one-year, three-year and five-year periods ended December 31, 2019, there were 60, 59 and 59 funds, respectively, in your fund’s Lipper peer group. (When considering performance information, shareholders should be mindful that past performance is not a guarantee of future results.)

The Trustees considered Putnam Management’s continued efforts to support fund performance through initiatives including structuring compensation for portfolio managers and research analysts to enhance accountability for fund performance, emphasizing accountability in the portfolio management process, and affirming its commitment to a fundamental-driven approach to investing. The Trustees noted further that Putnam Management had made selective hires and internal promotions in 2019 to strengthen its investment team.

Brokerage and soft-dollar allocations; investor servicing

The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage allocation and the use of soft dollars, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that are expected to be useful to Putnam Management in managing the assets of the fund and of other clients. Subject to policies established by the Trustees, soft dollars generated by these means are used predominantly to acquire brokerage and research services (including third-party research and market data) that enhance Putnam Management’s investment capabilities and supplement Putnam Management’s internal research efforts. The Trustees noted that, in 2019, they had approved the elimination of a fund expense recapture program, whereby a portion of available soft dollars were used to pay fund expenses, and that the amount of commissions allocated to that program were instead used to increase, by a corresponding amount, the budget allocated for execution services. The Trustees indicated their continued intent to monitor regulatory and industry developments in this area with the assistance of their Brokerage Committee. In addition, with the assistance of their Brokerage Committee, the Trustees indicated their continued intent to monitor the allocation of the Putnam funds’ brokerage in order to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.

Putnam Management may also receive benefits from payments that the funds make to Putnam Management’s affiliates for investor services. In conjunction with the annual review of your fund’s management and sub-management contracts, the Trustees reviewed your fund’s investor servicing agreement with PSERV, which is an affiliate of Putnam Management. The Trustees concluded that the fees payable by the funds to PSERV for such services are fair and reasonable in relation to the nature and quality of such services, the fees paid by competitive funds, and the costs incurred by PSERV in providing such services. Furthermore, the Trustees were of the view that the services provided were required for the operation of the funds, and that they were of a quality at least equal to those provided by other providers.

Municipal Opportunities Trust 19

Financial statements

These sections of the report, as well as the accompanying Notes, constitute the fund’s financial statements.

The fund’s portfolio lists all the fund’s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.

Statement of assets and liabilities shows how the fund’s net assets and share price are determined. All investment and non-investment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)

Statement of operations shows the fund’s net investment gain or loss. This is done by first adding up all the fund’s earnings — from dividends and interest income — and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings — as well as any unrealized gains or losses over the period — is added to or subtracted from the net investment result to determine the fund’s net gain or loss for the fiscal period.

Statement of changes in net assets shows how the fund’s net assets were affected by the fund’s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund’s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund’s fiscal year.

Financial highlights provide an overview of the fund’s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlights table also includes the current reporting period.

20 Municipal Opportunities Trust

The fund’s portfolio 10/31/20 (Unaudited)

Key to holding’s abbreviations

ABAG Association Of Bay Area Governments | the rate may represent a fixed rate currently in place
AGM Assured Guaranty Municipal Corporation | at the close of the reporting period.
AMBAC AMBAC Indemnity Corporation | G.O. Bonds General Obligation Bonds
BAM Build America Mutual | NATL National Public Finance Guarantee Corporation
FRB Floating Rate Bonds: the rate shown is the current | PSFG Permanent School Fund Guaranteed
interest rate at the close of the reporting period. Rates | Q-SBLF Qualified School Board Loan Fund
may be subject to a cap or floor. For certain securities, | U.S. Govt. Coll. U.S. Government Collateralized

MUNICIPAL BONDS AND NOTES (139.0%)* | Rating** | Principal amount | Value
Alabama (1.5%) |  |  |
Black Belt Energy Gas Dist. Mandatory Put Bonds |  |  |
(12/1/23), Ser. A, 4.00%, 12/1/48 | A3 | $1,700,000 | $1,852,422
Jefferson Cnty., Swr. Rev. Bonds, Ser. D, |  |  |
6.50%, 10/1/53 | BBB | 2,000,000 | 2,345,940
Jefferson, Cnty. Rev. Bonds, (Refunding warrants) |  |  |
5.00%, 9/15/34 | AA | 2,075,000 | 2,500,852
5.00%, 9/15/33 | AA | 275,000 | 332,112
|  |  | 7,031,326
Alaska (1.4%) |  |  |
AK State Indl. Dev. & Export Auth. Rev. Bonds, |  |  |
(Tanana Chiefs Conference), Ser. A |  |  |
4.00%, 10/1/49 | A+/F | 1,500,000 | 1,658,205
4.00%, 10/1/44 | A+/F | 4,180,000 | 4,651,546
|  |  | 6,309,751
Arizona (2.9%) |  |  |
AZ Indl. Dev. Auth. Student Hsg. Rev. Bonds, (NCCU |  |  |
Properties, LLC Central U.), BAM, 5.00%, 6/1/49 | AA | 2,000,000 | 2,309,080
AZ State Indl. Dev. Auth. Rev. Bonds, (Equitable |  |  |
School Revolving Fund, LLC Oblig. Group), |  |  |
4.00%, 11/1/50 | Aaa | 2,855,000 | 3,200,141
AZ State Indl. Dev. Auth. Ed. 144A Rev. Bonds, (BASIS |  |  |
Schools, Inc.), Ser. D, 5.00%, 7/1/51 | BB | 510,000 | 540,151
Maricopa Cnty., Indl. Dev. Auth. Ed. Rev. Bonds |  |  |
(Reid Traditional Schools Painted Rock Academy), |  |  |
5.00%, 7/1/36 | Baa3 | 350,000 | 388,227
(Horizon Cmnty. Learning Ctr.), 5.00%, 7/1/35 | BB+ | 750,000 | 781,050
Phoenix, Indl. Dev. Auth. Ed. Rev. Bonds, (Great |  |  |
Hearts Academies), 3.75%, 7/1/24 | BBB– | 390,000 | 405,522
Phoenix, Indl. Dev. Auth. Ed. 144A Rev. Bonds, |  |  |
(BASIS Schools, Inc.), 5.00%, 7/1/35 | BB | 1,000,000 | 1,061,640
Salt Verde, Fin. Corp. Gas Rev. Bonds, |  |  |
5.50%, 12/1/29 | A3 | 1,350,000 | 1,762,695
Yavapai Cnty., Indl. Dev. Auth. Hosp. Fac. Rev. Bonds, |  |  |
(Yavapai Regl. Med. Ctr.), 5.00%, 8/1/34 | A2 | 500,000 | 581,515
Yuma, Indl. Dev. Auth. Hosp. Rev. Bonds, (Yuma Regl. |  |  |
Med. Ctr.), Ser. A, 5.00%, 8/1/32 | A | 2,065,000 | 2,307,121
|  |  | 13,337,142

Municipal Opportunities Trust 21

MUNICIPAL BONDS AND NOTES (139.0%)* cont. | Rating** | Principal amount | Value
California (7.1%) |  |  |
ABAG Fin. Auth. for Nonprofit Corps. Rev. Bonds, |  |  |
(Episcopal Sr. Cmntys.), Ser. A, 5.00%, 7/1/32 | A–/F | $550,000 | $571,285
CA State G.O. Bonds |  |  |
4.00%, 3/1/37 | Aa2 | 4,000,000 | 4,780,120
4.00%, 11/1/33 T | AA | 10,000,000 | 11,740,003
CA State Muni. Fin. Auth Mobile Home Park |  |  |
Rev. Bonds, (Caritas Affordable Hsg., Inc.), |  |  |
5.25%, 8/15/39 | BBB+ | 400,000 | 440,068
CA State Poll. Control Fin. Auth. Rev. Bonds, (San |  |  |
Jose Wtr. Co.) |  |  |
5.10%, 6/1/40 | A | 3,500,000 | 3,510,045
4.75%, 11/1/46 | A | 750,000 | 846,503
CA Statewide Cmnty. Dev. Auth. Rev. Bonds, (899 |  |  |
Charleston, LLC), Ser. A, 5.25%, 11/1/44 | BB/P | 450,000 | 463,208
Golden State Tobacco Securitization Corp. Rev. |  |  |
Bonds, Ser. A-2, 5.00%, 6/1/47 | BB/P | 2,500,000 | 2,571,550
Los Angeles, Regl. Arpt. Impt. Corp. Lease Rev. |  |  |
Bonds, (Laxfuel Corp.), 4.50%, 1/1/27 | A– | 600,000 | 616,326
North Natomas, Cmnty. Fac. Special Tax Bonds, |  |  |
(Dist. No. 4), Ser. E, 5.00%, 9/1/30 | BBB+ | 1,250,000 | 1,380,238
Salinas, Union High School Dist. G.O. Bonds, Ser. B, |  |  |
4.00%, 8/1/49 | Aa2 | 3,400,000 | 3,916,460
San Bernardino Cnty., FRB, Ser. C, 0.379%, 8/1/23 | AA+ | 1,675,000 | 1,659,188
Sunnyvale, Cmnty. Fac. Dist. Special Tax Bonds, |  |  |
7.65%, 8/1/21 | B+/P | 80,000 | 80,310
|  |  | 32,575,304
Colorado (2.7%) |  |  |
CO State Hlth. Fac. Auth. Rev. Bonds |  |  |
(Valley View Hosp. Assn.), 5.00%, 5/15/40 | A– | 1,000,000 | 1,115,520
(Covenant Retirement Cmnty.), Ser. A, 5.00%, |  |  |
12/1/35 (Prerefunded 6/1/25) | A–/F | 1,000,000 | 1,112,060
CO State Hlth. Fac. Auth. Hosp. Rev. Bonds |  |  |
(Christian Living Neighborhood), 5.00%, 1/1/37 | BB/P | 550,000 | 582,445
(Covenant Living Cmnty. and Svcs. Oblig. Group), |  |  |
4.00%, 12/1/50 | A–/F | 2,700,000 | 2,870,397
Park Creek, Metro. Dist. Tax Allocation Bonds, (Sr. |  |  |
Ltd. Property Tax Supported), Ser. A, 5.00%, 12/1/45 | A/F | 200,000 | 229,352
Pub. Auth. for CO Energy Rev. Bonds, (Natural Gas |  |  |
Purchase), 6.50%, 11/15/38 | A2 | 2,250,000 | 3,472,425
Sterling Ranch Cmnty. Auth. Board Rev. Bonds, |  |  |
(Metro. Dist. No. 2), Ser. A, 4.25%, 12/1/50 | BB/P | 550,000 | 564,520
Vauxmont, Metro. Dist. G.O. Bonds, AGM |  |  |
5.00%, 12/1/33 | AA | 255,000 | 322,782
5.00%, 12/15/32 | AA | 160,000 | 185,286
5.00%, 12/15/31 | AA | 135,000 | 156,850
5.00%, 12/1/30 | AA | 215,000 | 276,985
5.00%, 12/1/29 | AA | 210,000 | 272,168
5.00%, 12/15/28 | AA | 130,000 | 152,642
5.00%, 12/1/28 | AA | 210,000 | 267,889
5.00%, 12/1/27 | AA | 200,000 | 250,498

22 Municipal Opportunities Trust

MUNICIPAL BONDS AND NOTES (139.0%)* cont. | Rating** | Principal amount | Value
Colorado cont. |  |  |
Vauxmont, Metro. Dist. G.O. Bonds, AGM |  |  |
5.00%, 12/15/26 | AA | $135,000 | $159,943
5.00%, 12/1/26 | AA | 190,000 | 232,872
|  |  | 12,224,634
Connecticut (1.5%) |  |  |
CT State Special Tax, 4.00%, 5/1/39 | A+ | 1,700,000 | 1,951,549
CT State Hsg. Fin. Auth. Rev. Bonds, Ser. B-2, |  |  |
4.40%, 11/15/43 | Aaa | 4,000,000 | 4,037,000
Harbor Point Infrastructure Impt. Dist. 144A Tax |  |  |
Alloc. Bonds, (Harbor Point Ltd.), 5.00%, 4/1/39 | BB/P | 1,000,000 | 1,072,970
|  |  | 7,061,519
District of Columbia (2.6%) |  |  |
DC Rev. Bonds |  |  |
(Ingleside at Rock Creek), Ser. A, 5.00%, 7/1/52 | BB–/P | 500,000 | 463,370
(Two Rivers Pub. Charter School, Inc.), |  |  |
5.00%, 6/1/50 | Baa3 | 1,500,000 | 1,695,840
(Latin American Montessori Bilingual Pub. Charter |  |  |
School Oblig. Group), 5.00%, 6/1/40 ## | BB+ | 2,000,000 | 2,245,240
(Two Rivers Pub. Charter School, Inc.), |  |  |
5.00%, 6/1/40 | Baa3 | 1,500,000 | 1,724,715
DC U. Rev. Bonds, (Gallaudet U.), 5.50%, 4/1/34 | A+ | 1,000,000 | 1,012,520
Metro. Washington DC, Arpt. Auth. Dulles Toll |  |  |
Rd. Rev. Bonds |  |  |
(Dulles Metrorail & Cap. Impt. Proj.), Ser. B, |  |  |
4.00%, 10/1/53 T | A– | 1,290,000 | 1,408,475
(Dulles Metrorail & Cap. Impt. Proj.), Ser. B, |  |  |
4.00%, 10/1/44 T | A– | 1,285,000 | 1,415,453
(Metrorail), Ser. A, zero %, 10/1/37 | A– | 3,700,000 | 2,183,629
|  |  | 12,149,242
Florida (4.7%) |  |  |
Halifax Hosp. Med. Ctr. Rev. Bonds, 5.00%, 6/1/36 | A– | 2,250,000 | 2,580,345
Lakeland, Hosp. Syst. Rev. Bonds, (Lakeland Regl. |  |  |
Hlth.), 5.00%, 11/15/40 | A2 | 1,350,000 | 1,521,693
Martin Cnty., Rev. Bonds, (Indiantown |  |  |
Cogeneration), 4.20%, 12/15/25 | A– | 1,400,000 | 1,400,756
Miami-Dade Cnty., Aviation Rev. Bonds, Ser. A |  |  |
5.00%, 10/1/36 | A2 | 5,000,000 | 5,568,350
5.00%, 10/1/32 | A2 | 3,790,000 | 4,251,205
Orange Cnty., Hlth. Fac. Auth. Rev. Bonds, |  |  |
(Presbyterian Retirement Cmntys.), 5.00%, 8/1/34 | A–/F | 1,350,000 | 1,477,980
Pinellas Cnty., Indl. Dev. Auth. Rev. Bonds, (2017 |  |  |
Foundation for Global Understanding, Inc.), |  |  |
5.00%, 7/1/39 | AAA/P | 500,000 | 563,320
Southeast Overtown Park West Cmnty. Redev. Agcy. |  |  |
144A Tax Alloc. Bonds, Ser. A-1, 5.00%, 3/1/30 | BBB+ | 360,000 | 398,650
Village, 144A Special Assmt., (Village Cmnty. Dev. |  |  |
Dist. No. 13), 3.00%, 5/1/35 | BB–/P | 2,500,000 | 2,516,725

Municipal Opportunities Trust 23

MUNICIPAL BONDS AND NOTES (139.0%)* cont. | Rating** | Principal amount | Value
Florida cont. |  |  |
Volusia Cnty., Edl. Fac. Auth. Rev. Bonds, (Embry- |  |  |
Riddle Aeronautical University, Inc.), Ser. A |  |  |
4.00%, 10/15/39 | A3 | $600,000 | $679,566
4.00%, 10/15/36 | A3 | 500,000 | 571,880
|  |  | 21,530,470
Georgia (1.7%) |  |  |
Atlanta, Tax Alloc. Bonds, (Atlantic Station), |  |  |
5.00%, 12/1/22 | A3 | 1,625,000 | 1,747,200
Gainesville & Hall Cnty., Dev. Auth. Edl. Fac. Rev. |  |  |
Bonds, (Riverside Military Academy), 5.00%, 3/1/37 | BB/F | 1,100,000 | 1,035,837
Muni. Election Auth. of GA Rev. Bonds, (Plant Vogtle |  |  |
Units 3 & 4), Ser. A |  |  |
5.50%, 7/1/60 | A | 3,500,000 | 3,967,810
5.00%, 1/1/56 | A2 | 1,000,000 | 1,182,660
|  |  | 7,933,507
Illinois (20.4%) |  |  |
Chicago, G.O. Bonds |  |  |
Ser. A, 6.00%, 1/1/38 | BBB+ | 1,920,000 | 2,101,421
Ser. G-07, 5.50%, 1/1/35 | BBB+ | 3,175,000 | 3,318,447
Ser. A, 5.00%, 1/1/27 | BBB+ | 1,850,000 | 1,961,833
Chicago, Board of Ed. G.O. Bonds |  |  |
Ser. C, 5.25%, 12/1/39 | BB– | 2,250,000 | 2,369,363
Ser. H, 5.00%, 12/1/36 | BB– | 500,000 | 538,290
(School Reform), Ser. B-1, NATL, zero %, 12/1/21 | Baa2 | 3,500,000 | 3,419,115
Chicago, Motor Fuel Tax Rev. Bonds, 5.00%, 1/1/29 | Ba1 | 500,000 | 515,335
Chicago, O’Hare Intl. Arpt. Rev. Bonds |  |  |
Ser. C, 5.375%, 1/1/39 | A2 | 1,250,000 | 1,345,963
Ser. C, 5.25%, 1/1/28 | A2 | 1,320,000 | 1,435,196
Ser. C, 5.25%, 1/1/27 | A2 | 2,125,000 | 2,313,806
Ser. A, 5.00%, 1/1/38 | A | 100,000 | 119,625
Ser. A, 5.00%, 1/1/37 | A | 300,000 | 359,958
Chicago, Trans. Auth. Sales Tax Rev. Bonds, |  |  |
5.25%, 12/1/49 | AA | 3,000,000 | 3,394,680
Chicago, Waste Wtr. Transmission Rev. Bonds |  |  |
Ser. C, 5.00%, 1/1/39 | A | 900,000 | 1,027,080
(2nd Lien), 5.00%, 1/1/39 | A | 1,835,000 | 2,000,480
Ser. A, NATL, zero %, 1/1/24 | A+ | 1,600,000 | 1,508,160
Cicero, G.O. Bonds, Ser. A, AGM, 5.00%, 1/1/21 | AA | 2,000,000 | 2,013,280
IL State G.O. Bonds |  |  |
5.50%, 7/1/38 | Baa3 | 2,280,000 | 2,349,700
5.50%, 5/1/30 | Baa3 | 1,250,000 | 1,429,613
5.00%, 11/1/41 | Baa3 | 1,000,000 | 1,027,120
5.00%, 1/1/41 | Baa3 | 500,000 | 512,795
5.00%, 2/1/39 | Baa3 | 300,000 | 305,820
Ser. A, 5.00%, 5/1/38 | Baa3 | 1,500,000 | 1,564,080
5.00%, 1/1/35 | Baa3 | 1,000,000 | 1,038,460
Ser. A, 5.00%, 12/1/31 | Baa3 | 5,750,000 | 6,117,943
Ser. C, 5.00%, 11/1/29 | Baa3 | 1,850,000 | 1,979,371
5.00%, 2/1/29 | Baa3 | 1,425,000 | 1,538,915
Ser. A, 5.00%, 12/1/28 | Baa3 | 2,500,000 | 2,726,775

24 Municipal Opportunities Trust

MUNICIPAL BONDS AND NOTES (139.0%)* cont. | Rating** | Principal amount | Value
Illinois cont. |  |  |
IL State G.O. Bonds |  |  |
Ser. D, 5.00%, 11/1/28 | Baa3 | $2,250,000 | $2,424,285
Ser. D, 5.00%, 11/1/27 | Baa3 | 1,000,000 | 1,085,260
Ser. A, 5.00%, 12/1/24 | Baa3 | 2,370,000 | 2,569,033
IL State Fin. Auth. Mandatory Put Bonds (9/1/22), |  |  |
(Field Museum of Natural History), 0.601%, 11/1/34 | A2 | 3,915,000 | 3,875,419
IL State Fin. Auth. Rev. Bonds |  |  |
(Lifespace Cmntys, Inc.), Ser. A, 5.00%, 5/15/35 | BBB/F | 1,025,000 | 1,087,597
(Riverside Hlth. Syst.), 4.00%, 11/15/34 | A+ | 500,000 | 559,790
IL State Fin. Auth. Academic Fac. Rev. Bonds, |  |  |
(U. of Illinois at Urbana-Champaign), Ser. A |  |  |
5.00%, 10/1/44 | A1 | 1,100,000 | 1,274,152
5.00%, 10/1/36 | A1 | 600,000 | 715,044
5.00%, 10/1/34 | A1 | 500,000 | 602,035
IL State Fin. Auth. Student Hsg. & Academic |  |  |
Fac. Rev. Bonds |  |  |
(U. of IL Chicago), 5.00%, 2/15/50 | Baa3 | 2,000,000 | 1,857,880
(U. of IL-CHF-Chicago, LLC), Ser. A, 5.00%, 2/15/37 | Baa3 | 1,000,000 | 973,850
Lake Cnty., Cmnty. Cons. School Dist. No. |  |  |
73 Hawthorn G.O. Bonds, NATL |  |  |
zero %, 12/1/21 | AA+ | 1,300,000 | 1,291,472
zero %, 12/1/21 (Escrowed to maturity) | Aa2 | 505,000 | 502,611
zero %, 12/1/20 | AA+ | 1,250,000 | 1,249,463
zero %, 12/1/20 (Escrowed to maturity) | Aa2 | 245,000 | 244,936
Lake Cnty., Cmnty. Construction School Dist. G.O. |  |  |
Bonds, (No. 073 Hawthorn), U.S. Govt. Coll., NATL, |  |  |
zero %, 12/1/20 (Escrowed to maturity) | AA+ | 155,000 | 154,960
Metro. Pier & Exposition Auth. Rev. |  |  |
Bonds, (McCormick Place Expansion), |  |  |
Ser. B, stepped-coupon zero % (4.700%, 6/15/31), |  |  |
12/15/37 †† | BBB | 1,000,000 | 685,870
Metro. Pier & Exposition Auth. Dedicated State |  |  |
Tax Rev. Bonds, (McCormick), Ser. A, NATL, |  |  |
zero %, 12/15/30 | Baa2 | 12,000,000 | 8,754,120
Metro. Wtr. Reclamation Dist. of Greater Chicago |  |  |
G.O. Bonds, (Green Bond), Ser. E, 5.00%, 12/1/30 | AA | 1,310,000 | 1,611,641
Railsplitter Tobacco Settlement Auth. Rev. Bonds, |  |  |
5.00%, 6/1/24 | A | 1,500,000 | 1,728,750
Sales Tax Securitization Corp. Rev. Bonds |  |  |
Ser. C, 5.50%, 1/1/36 | AA– | 3,500,000 | 4,268,985
Ser. A, 5.00%, 1/1/36 | AA– | 1,400,000 | 1,675,324
Ser. A, 4.00%, 1/1/39 | AA– | 2,000,000 | 2,161,460
Ser. A, 4.00%, 1/1/38 | AA– | 500,000 | 542,130
Southern IL U. Rev. Bonds, (Hsg. & Auxiliary), Ser. A, |  |  |
NATL, zero %, 4/1/25 | Baa2 | 1,870,000 | 1,675,034
|  |  | 93,903,725
Indiana (1.3%) |  |  |
Hammond, Multi-School Bldg. Corp. Rev. Bonds, |  |  |
5.00%, 7/15/38 | AA+ | 1,750,000 | 2,084,005
IN Bk. Special Program Gas Rev. Bonds, Ser. A, |  |  |
5.25%, 10/15/21 | A2 | 180,000 | 187,267

Municipal Opportunities Trust 25

MUNICIPAL BONDS AND NOTES (139.0%)* cont. | Rating** | Principal amount | Value
Indiana cont. |  |  |
IN State Fin. Auth. Rev. Bonds, (BHI Sr. Living), |  |  |
5.75%, 11/15/41 | BBB/F | $1,000,000 | $1,023,750
IN State Fin. Auth. Hosp. Mandatory Put Bonds |  |  |
(11/1/26), (Goshen Hlth. Oblig. Group), Ser. B, |  |  |
2.10%, 11/1/49 | A– | 2,700,000 | 2,844,882
|  |  | 6,139,904
Kentucky (3.1%) |  |  |
KY Pub. Trans. Infrastructure Auth. Rev. Bonds, (1st |  |  |
Tier Downtown Crossing), Ser. A, 6.00%, 7/1/53 | Baa3 | 1,000,000 | 1,088,990
KY State Property & Bldg. Comm. Rev. Bonds |  |  |
(No. 119), 5.00%, 5/1/36 | A1 | 1,000,000 | 1,204,400
(No. 122), Ser. A, 4.00%, 11/1/34 | A1 | 750,000 | 860,858
KY State Pub. Energy Auth. Gas Supply |  |  |
Mandatory Put Bonds (6/1/25), Ser. C-1, |  |  |
4.00%, 12/1/49 | A2 | 5,500,000 | 6,200,645
Mandatory Put Bonds (1/1/25), Ser. B, |  |  |
4.00%, 1/1/49 | A1 | 3,000,000 | 3,345,060
Louisville, Regl. Arpt. Auth. Syst. Rev. Bonds, Ser. A |  |  |
5.00%, 7/1/32 | A | 1,030,000 | 1,157,143
5.00%, 7/1/31 | A | 385,000 | 433,699
|  |  | 14,290,795
Louisiana (1.8%) |  |  |
LA State Offshore Term. Auth. Deepwater Port |  |  |
Mandatory Put Bonds (12/1/23), (Loop, LLC), Ser. A, |  |  |
1.65%, 9/1/33 | A3 | 1,600,000 | 1,603,968
St. John The Baptist Parish Mandatory Put Bonds |  |  |
(7/1/26), (Marathon Oil Corp.), Ser. A-3, 2.20%, 6/1/37 | Baa3 | 3,010,000 | 3,016,351
St. Tammany Parish Hosp. Svcs. Dist. No. 1 Rev. |  |  |
Bonds, (St. Tammany Parish Hosp.), Ser. A |  |  |
5.00%, 7/1/37 | A+/F | 1,400,000 | 1,682,408
5.00%, 7/1/32 | A+/F | 1,600,000 | 1,956,752
|  |  | 8,259,479
Maryland (1.0%) |  |  |
Baltimore Cnty., Rev. Bonds, (Oak Crest Village, Inc.) |  |  |
4.00%, 1/1/50 | A/F | 2,000,000 | 2,116,320
4.00%, 1/1/45 | A/F | 1,750,000 | 1,860,355
Gaithersburg, Econ. Dev. Rev. Bonds, (Asbury, Oblig. |  |  |
Group), Ser. A, 5.00%, 1/1/36 | BBB/F | 450,000 | 487,566
|  |  | 4,464,241
Massachusetts (5.3%) |  |  |
MA State Dev. Fin. Agcy. Rev. Bonds |  |  |
(Milford Regl. Med. Ctr. Oblig. Group), Ser. F, |  |  |
5.75%, 7/15/43 | BB+ | 500,000 | 532,975
(Loomis Cmntys.), Ser. A, 5.75%, 1/1/28 | BBB | 1,100,000 | 1,174,437
(Intl. Charter School), 5.00%, 4/15/33 | BBB– | 1,000,000 | 1,097,440
(Atrius Hlth. Oblig. Group), Ser. A, 4.00%, 6/1/49 | BBB | 5,470,000 | 5,835,013
(Linden Ponds, Inc.), Ser. B, zero %, 11/15/56 | B–/P | 221,440 | 32,510
MA State Dev. Fin. Agcy. 144A Rev. Bonds, (Linden |  |  |
Ponds, Inc. Fac.), 5.00%, 11/15/38 | BB/F | 1,410,000 | 1,511,041

26 Municipal Opportunities Trust

MUNICIPAL BONDS AND NOTES (139.0%)* cont. | Rating** | Principal amount | Value
Massachusetts cont. |  |  |
MA State Edl. Fin. Auth. Rev. Bonds, (Ed. |  |  |
Loan — Issue 1) |  |  |
5.00%, 1/1/27 | AA | $800,000 | $908,872
4.375%, 1/1/32 | AA | 165,000 | 171,344
MA State School Bldg. Auth. Dedicated Sales Tax |  |  |
Rev. Bonds, Ser. A, 5.00%, 2/15/44 | AA | 3,500,000 | 4,342,975
MA State Trans. Fund Rev. Bonds, (Rail |  |  |
Enhancement & Accelerated Bridge Program), |  |  |
5.00%, 6/1/48 T | Aa1 | 7,000,000 | 8,554,298
|  |  | 24,160,905
Michigan (9.8%) |  |  |
Detroit, G.O. Bonds, AMBAC, 5.25%, 4/1/24 | A–/P | 222,425 | 222,627
Detroit, City School Dist. G.O. Bonds, Ser. A, AGM, |  |  |
6.00%, 5/1/29 | Aa1 | 1,000,000 | 1,262,840
Kentwood, Economic Dev. Rev. Bonds, (Holland |  |  |
Home Oblig. Group), 5.00%, 11/15/37 | BBB–/F | 1,750,000 | 1,868,090
MI State Bldg. Auth. Rev. Bonds, Ser. I, |  |  |
4.00%, 10/15/49 | Aa2 | 4,630,000 | 5,222,223
MI State Fin. Auth. Rev. Bonds |  |  |
(Tobacco Settlement), Ser. B-1, Class 2, |  |  |
5.00%, 6/1/49 | BBB– | 2,500,000 | 2,908,375
Ser. H-1, 5.00%, 10/1/39 (Prerefunded 10/1/24) | AA– | 1,575,000 | 1,806,462
(MidMichigan Hlth.), 5.00%, 6/1/39 |  |  |
(Prerefunded 6/1/24) | A1 | 1,000,000 | 1,161,690
(Local Govt. Loan Program — Detroit Wtr. & Swr. |  |  |
Dept. (DWSD)), Ser. C, 5.00%, 7/1/35 | A+ | 1,100,000 | 1,283,139
(Local Govt. Loan Program — Detroit Wtr. & Swr. |  |  |
Dept. (DWSD)), Ser. C, 5.00%, 7/1/34 | A+ | 1,900,000 | 2,220,093
(Local Govt. Loan Program — Detroit Wtr. & Swr. |  |  |
Dept. (DWSD)), Ser. D-2, 5.00%, 7/1/34 | A+ | 1,000,000 | 1,168,470
(Local Govt. Program Detroit Wtr. & Swr.), Ser. D4, |  |  |
5.00%, 7/1/34 | AA– | 100,000 | 113,955
(Detroit Wtr. & Swr.), Ser. C-6, 5.00%, 7/1/33 | AA– | 850,000 | 969,935
(Detroit), Ser. C-3, 5.00%, 4/1/27 | Aa2 | 750,000 | 930,413
MI State Hosp. Fin. Auth. Rev. Bonds |  |  |
(Trinity Health Corp. Oblig. Group), Ser. A1, |  |  |
4.00%, 12/1/49 T | Aa3 | 2,575,000 | 2,881,719
(Trinity Health Corp. Oblig. Group), Ser. A, U.S. |  |  |
Govt. Coll, 5.00%, 12/1/47 T | Aa3 | 8,500,000 | 9,316,068
MI State Hsg. Dev. Auth. Rev. Bonds, (Rental Hsg.), |  |  |
Ser. D, 3.95%, 10/1/37 | AA | 1,050,000 | 1,081,406
Pontiac City, G.O. Bonds, (Pontiac School |  |  |
Dist.), Q-SBLF |  |  |
4.00%, 5/1/45 T | Aa1 | 4,423,529 | 4,999,913
4.00%, 5/1/50 T | Aa1 | 4,976,471 | 5,613,532
|  |  | 45,030,950

Municipal Opportunities Trust 27

MUNICIPAL BONDS AND NOTES (139.0%)* cont. | Rating** | Principal amount | Value
Missouri (3.2%) |  |  |
Kansas City, Indl. Dev. Auth. Arpt. Special |  |  |
Oblig. Rev. Bonds |  |  |
(Kansas City Intl. Arpt. Terminal), Ser. B, |  |  |
5.00%, 3/1/36 | A2 | $5,000,000 | $5,928,050
AGM, 4.00%, 3/1/57 | AA | 6,000,000 | 6,370,620
St. Louis, Muni. Fin. Corp. Rev. Bonds, AGM, |  |  |
5.00%, 10/1/45 | AA | 2,000,000 | 2,379,180
|  |  | 14,677,850
Nebraska (1.8%) |  |  |
Central Plains Energy Project Gas Supply Mandatory |  |  |
Put Bonds (8/1/25), 4.00%, 12/1/49 | Aa2 | 2,150,000 | 2,462,954
Central Plains, Energy Mandatory Put Bonds |  |  |
(1/1/24), (No. 4), 5.00%, 3/1/50 | A3 | 5,250,000 | 5,883,045
|  |  | 8,345,999
Nevada (1.2%) |  |  |
North Las Vegas, G.O. Bonds, AGM, 4.00%, 6/1/34 | AA | 3,600,000 | 4,029,336
Sparks, Tourism Impt. Dist. No. 1 144A Rev. |  |  |
Bonds, Ser. A |  |  |
2.75%, 6/15/28 | Ba2 | 1,200,000 | 1,171,680
2.50%, 6/15/24 | Ba2 | 430,000 | 426,315
|  |  | 5,627,331
New Hampshire (1.2%) |  |  |
National Fin. Auth. 144A Mandatory Put Bonds |  |  |
(7/2/40), (Covanta Holding Corp.), Ser. B, |  |  |
3.75%, 7/1/45 | B1 | 1,000,000 | 987,620
NH State Hlth. & Ed. Fac. Auth. Rev. Bonds |  |  |
(Catholic Med. Ctr.), 5.00%, 7/1/44 | BBB+ | 1,000,000 | 1,104,330
(Elliot Hosp.), 5.00%, 10/1/38 | A3 | 500,000 | 579,130
(Southern NH Med. Ctr.), 5.00%, 10/1/37 | A– | 2,500,000 | 2,861,700
|  |  | 5,532,780
New Jersey (7.6%) |  |  |
Bayonne, G.O. Bonds, (Qualified Gen. Impt.), BAM, |  |  |
5.00%, 7/1/39 | AA | 1,300,000 | 1,553,084
NJ State Econ. Dev. Auth. Rev. Bonds |  |  |
(NYNJ Link Borrower, LLC), 5.375%, 1/1/43 | BBB | 500,000 | 547,085
Ser. WW, 5.25%, 6/15/32 | Baa1 | 1,500,000 | 1,667,580
Ser. EEE, 5.00%, 6/15/48 | Baa1 | 3,000,000 | 3,336,300
Ser. AAA, 5.00%, 6/15/36 | Baa1 | 750,000 | 835,808
(Biomedical Research), Ser. A, 5.00%, 7/15/29 | Baa1 | 400,000 | 452,200
Ser. B, 5.00%, 11/1/26 | Baa1 | 4,500,000 | 5,183,280
5.00%, 6/15/26 | BBB+ | 500,000 | 513,715
NJ State Econ. Dev. Auth. Special Fac. Rev. Bonds, |  |  |
(Port Newark Container Term., LLC), 5.00%, 10/1/37 | Ba1 | 2,000,000 | 2,200,740
NJ State Hlth. Care Fac. Fin. Auth. Rev. Bonds, (St. |  |  |
Peter’s U. Hosp.), 5.75%, 7/1/37 | Ba1 | 1,500,000 | 1,504,290
NJ State Trans. Trust Fund Auth. Rev. Bonds |  |  |
Ser. A, 5.00%, 12/15/39 | Baa1 | 600,000 | 681,864
Ser. AA, 5.00%, 6/15/38 | Baa1 | 1,225,000 | 1,385,683
Ser. A, 5.00%, 12/15/36 | Baa1 | 1,000,000 | 1,133,290
Ser. A, 5.00%, 12/15/34 | Baa1 | 4,920,000 | 5,620,411
(Federal Hwy. Reimbursement Notes), |  |  |
5.00%, 6/15/30 | A+ | 1,900,000 | 2,172,878

28 Municipal Opportunities Trust

MUNICIPAL BONDS AND NOTES (139.0%)* cont. | Rating** | Principal amount | Value
New Jersey cont. |  |  |
South Jersey, Trans. Auth. Syst. Rev. Bonds, Ser. A, |  |  |
5.00%, 11/1/45 | BBB+ | $3,350,000 | $4,008,409
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. A, |  |  |
5.00%, 6/1/34 | A– | 1,750,000 | 2,132,550
|  |  | 34,929,167
New Mexico (1.2%) |  |  |
NM State Hosp. Equip. Loan Council Hosp. Rev. |  |  |
Bonds, Ser. A, 5.00%, 8/1/44 | AA | 2,600,000 | 3,171,922
Sante Fe, Retirement Fac. Rev. Bonds |  |  |
(El Castillo Retirement Residences), Ser. A, |  |  |
5.00%, 5/15/44 | BB+/F | 975,000 | 1,022,600
(El Castillo Retirement Res.), 5.00%, 5/15/42 | BB+/F | 1,460,000 | 1,474,556
|  |  | 5,669,078
New York (12.5%) |  |  |
Metro. Trans. Auth. Rev. Bonds |  |  |
(Green Bond), Ser. C-1, 5.00%, 11/15/50 | A3 | 1,500,000 | 1,624,095
(Green Bonds), Ser. C, BAM, 5.00%, 11/15/42 | AA | 3,465,000 | 4,152,006
Ser. C-1, 4.00%, 11/15/35 | A3 | 1,000,000 | 1,006,460
Metro. Trans. Auth. Dedicated Tax Mandatory Put |  |  |
Bonds (6/1/22), Ser. A-2A, 0.57%, 11/1/26 | AA | 3,315,000 | 3,289,044
NY City, Transitional Fin. Auth. Rev. Bonds |  |  |
Ser. C-1, 5.00%, 5/1/41 | AAA | 1,000,000 | 1,262,790
(Future Tax), Ser. C-1, 4.00%, 5/1/40 | AAA | 500,000 | 577,435
(Future Tax), Ser. C-1, 4.00%, 5/1/40 T | AAA | 11,825,000 | 13,656,312
Ser. C-1, 4.00%, 5/1/39 | AAA | 500,000 | 579,890
4.00%, 5/1/38 | AAA | 700,000 | 816,067
NY Counties, Tobacco Trust III Rev. Bonds, (Tobacco |  |  |
Settlement Pass Through), 6.00%, 6/1/43 | A3 | 60,000 | 60,092
NY State Dorm. Auth. Personal Income Tax Rev. |  |  |
Bonds, Ser. D |  |  |
4.00%, 2/15/47 | Aa2 | 4,750,000 | 5,322,470
4.00%, 2/15/40 | Aa2 | 1,500,000 | 1,714,470
4.00%, 2/15/39 | Aa2 | 1,200,000 | 1,378,152
NY State Dorm. Auth. Sales Tax Rev. Bonds, Ser. A, |  |  |
5.00%, 3/15/42 T | Aa2 | 10,845,000 | 12,892,156
NY State Liberty Dev. Corp. 144A Rev. Bonds, |  |  |
(3 World Trade Ctr., LLC), Class 1-3, 5.00%, 11/15/44 | BB–/P | 2,000,000 | 2,049,080
NY State Trans. Special Fac. Dev. Corp. Rev. Bonds |  |  |
(Laguardia Arpt. Term. B Redev. Program), Ser. A, |  |  |
5.00%, 7/1/41 | Baa3 | 1,000,000 | 1,074,810
(Delta Air Lines, Inc.), 5.00%, 10/1/40 | Baa3 | 2,000,000 | 2,145,940
Port Auth. of NY & NJ Rev. Bonds, Ser. 207, |  |  |
5.00%, 9/15/31 | Aa3 | 3,150,000 | 3,836,889
|  |  | 57,438,158
North Carolina (0.9%) |  |  |
NC State Med. Care Comm. Retirement Fac. Rev. |  |  |
Bonds, (Maryfield, Inc. Oblig. Group), 5.00%, 10/1/45 | BB/P | 500,000 | 540,990
NC State Tpk. Auth. Rev. Bonds, (Triangle |  |  |
Expressway Auth.), AGM, 5.00%, 1/1/49 | AA | 2,800,000 | 3,413,060
|  |  | 3,954,050

Municipal Opportunities Trust 29

MUNICIPAL BONDS AND NOTES (139.0%)* cont. | Rating** | Principal amount | Value
Ohio (10.1%) |  |  |
Akron, Income Tax Rev. Bonds |  |  |
4.00%, 12/1/37 | AA– | $525,000 | $592,820
4.00%, 12/1/36 | AA– | 655,000 | 741,395
4.00%, 12/1/35 | AA– | 1,260,000 | 1,430,453
Buckeye, Tobacco Settlement Fin. Auth. Rev. Bonds |  |  |
Ser. B-2, Class 2, 5.00%, 6/1/55 | BB/P | 8,180,000 | 8,758,081
Ser. A-2, Class 1, 4.00%, 6/1/48 | BBB+ | 1,250,000 | 1,355,963
Cleveland-Cuyahoga Cnty., Port Auth. Cultural |  |  |
Fac. Rev. Bonds, (Playhouse Square Foundation), |  |  |
5.50%, 12/1/53 | BB+ | 500,000 | 513,415
Franklin Cnty., Hlth. Care Fac. Rev. Bonds, |  |  |
(Ohio Living) |  |  |
6.00%, 7/1/35 | BBB/P | 1,060,000 | 1,105,135
6.00%, 7/1/35 (Prerefunded 7/1/22) | AAA/P | 65,000 | 70,986
Franklin Cnty., Hosp. Fac. Rev. Bonds, (Nationwide |  |  |
Children’s Hosp.), Ser. A, 4.00%, 11/1/44 | Aa2 | 2,050,000 | 2,272,835
Lake Cnty., Hosp. Fac. Rev. Bonds, (Lake Hosp. Syst., |  |  |
Inc.), Ser. C, 6.00%, 8/15/43 | Baa1 | 495,000 | 496,317
Lancaster, Port Auth. Mandatory Put Bonds |  |  |
(2/1/25), Ser. A, 5.00%, 8/1/49 | Aa2 | 2,850,000 | 3,344,475
Northeast Ohio Regl. Swr. Dist. Rev. Bonds, U.S. |  |  |
Govt. Coll., 5.00%, 11/15/44 T | Aa1 | 10,000,000 | 11,879,096
OH State Higher Edl. Fac. Comm. Rev. Bonds |  |  |
(John Carroll U.), 4.00%, 10/1/50 | A3 | 3,500,000 | 3,783,640
(Kenyon College 2020), 4.00%, 7/1/44 | A2 | 3,555,000 | 3,988,994
OH State Hosp. Fac. Rev. Bonds, (Cleveland Clinic |  |  |
Hlth. Syst.), Ser. A, 4.00%, 1/1/34 | Aa2 | 1,250,000 | 1,450,013
OH State Private Activity Rev. Bonds, (Portsmouth |  |  |
Bypass), AGM, 5.00%, 12/31/35 | AA | 1,125,000 | 1,286,438
Scioto Cnty., Hosp. Rev. Bonds, (Southern |  |  |
OH Med. Ctr.) |  |  |
5.00%, 2/15/33 | A3 | 605,000 | 691,884
5.00%, 2/15/32 | A3 | 745,000 | 855,320
Southeastern OH Port Auth. Hosp. Fac. Rev. Bonds |  |  |
5.75%, 12/1/32 | BB–/F | 625,000 | 653,588
(Memorial Hlth. Syst. Oblig. Group), |  |  |
5.50%, 12/1/43 | BB–/F | 120,000 | 124,232
Warren Cnty., Hlth. Care Fac. Rev. Bonds, (Otterbein |  |  |
Homes Oblig. Group) |  |  |
5.00%, 7/1/33 | A | 500,000 | 548,480
5.00%, 7/1/32 | A | 250,000 | 275,198
|  |  | 46,218,758
Oregon (1.6%) |  |  |
Clackamas Cnty., Hosp. Fac. Auth. Rev. Bonds, (Rose |  |  |
Villa, Inc.), Ser. A, 5.25%, 11/15/50 | BB/P | 1,000,000 | 1,057,120
Gilliam Cnty., Solid Waste Disp. Mandatory Put |  |  |
Bonds (5/2/22), (Waste Management, Inc.), Ser. A, |  |  |
2.40%, 7/1/38 | A– | 2,250,000 | 2,301,773
Keizer, Special Assmt. Bonds, (Keizer Station), Ser. A, |  |  |
5.20%, 6/1/31 | Aa3 | 1,320,000 | 1,324,594

30 Municipal Opportunities Trust

MUNICIPAL BONDS AND NOTES (139.0%)* cont. | Rating** | Principal amount | Value
Oregon cont. |  |  |
Multnomah Cnty., Hosp. Fac. Auth. Rev. Bonds, |  |  |
(Terwilliger Plaza, Inc.), 5.00%, 12/1/36 | BBB/F | $650,000 | $698,893
Salem, Hosp. Fac. Auth. Rev. Bonds, (Salem Hlth.), |  |  |
Ser. A, 5.00%, 5/15/33 | A+ | 1,500,000 | 1,764,825
|  |  | 7,147,205
Pennsylvania (4.7%) |  |  |
Cumberland Cnty., Muni. Auth. Rev. Bonds, (Diakon |  |  |
Lutheran Social Ministries) |  |  |
5.00%, 1/1/32 | BBB+/F | 200,000 | 219,286
5.00%, 1/1/31 | BBB+/F | 1,000,000 | 1,099,950
Lancaster Cnty., Hosp. & Hlth. Ctr. Auth. Rev. Bonds, |  |  |
(St. Anne’s Retirement Cmnty.) |  |  |
5.00%, 3/1/50 | BB+/F | 500,000 | 516,470
5.00%, 3/1/40 | BB+/F | 500,000 | 523,895
Lancaster Cnty., Hosp. Auth. Hlth. Care Fac. |  |  |
Rev. Bonds, (Moravian Manors, Inc.), Ser. A, |  |  |
5.00%, 6/15/44 | BB+/F | 1,000,000 | 1,024,570
PA State Econ. Dev. Fin. Auth. Exempt Fac. Rev. |  |  |
Bonds, (Amtrak), Ser. A, 5.00%, 11/1/32 | A1 | 1,000,000 | 1,077,190
PA State Econ. Dev. Fin. Auth. Solid Waste |  |  |
Disp. Mandatory Put Bonds (8/1/24), (Waste |  |  |
Management, Inc.), Ser. A, 1.75%, 8/1/38 | A– | 5,000,000 | 5,135,400
PA State Higher Edl. Fac. Auth. Rev. Bonds, |  |  |
(Gwynedd Mercy College), Ser. KK1, 5.375%, 5/1/42 | BBB | 500,000 | 514,565
PA State Hsg. Fin. Agcy. Rev. Bonds, Ser. 15-117A, |  |  |
3.95%, 10/1/30 | AA+ | 240,000 | 255,514
PA State Tpk. Comm. Rev. Bonds |  |  |
Ser. A, 5.00%, 12/1/44 | A3 | 2,400,000 | 2,897,376
zero %, 12/1/44 | A2 | 4,385,000 | 4,766,144
Philadelphia, Gas Wks. Rev. Bonds, 5.00%, 8/1/32 | A | 1,000,000 | 1,170,140
Philadelphia, School Dist. G.O. Bonds, Ser. A, |  |  |
4.00%, 9/1/38 | A2 | 1,750,000 | 1,978,655
Westmoreland Cnty., Muni. Auth. Rev. Bonds, BAM, |  |  |
5.00%, 8/15/27 | AA | 450,000 | 545,513
|  |  | 21,724,668
Rhode Island (0.6%) |  |  |
Tobacco Settlement Fin. Corp. Rev. Bonds, Ser. B, |  |  |
5.00%, 6/1/50 | BBB–/P | 2,750,000 | 2,947,918
|  |  | 2,947,918
South Carolina (4.0%) |  |  |
SC State Jobs-Econ. Dev. Auth. Rev. Bonds, (Bon |  |  |
Secours Mercy Hlth.), 4.00%, 12/1/44 | A1 | 6,000,000 | 6,772,740
SC State Pub. Svcs. Auth. Rev. Bonds |  |  |
Ser. A, 5.50%, 12/1/54 | A2 | 4,000,000 | 4,491,560
Ser. E, 5.50%, 12/1/53 | A2 | 1,025,000 | 1,137,771
Ser. B, 5.00%, 12/1/56 | A2 | 210,000 | 243,829
Ser. A, 5.00%, 12/1/55 | A2 | 2,000,000 | 2,255,820
Ser. C, 5.00%, 12/1/46 | A2 | 1,120,000 | 1,256,931
Ser. A, 5.00%, 12/1/36 | A2 | 2,000,000 | 2,351,420
|  |  | 18,510,071

Municipal Opportunities Trust 31

MUNICIPAL BONDS AND NOTES (139.0%)* cont. | Rating** | Principal amount | Value
Tennessee (1.7%) |  |  |
Greeneville, Hlth. & Edl. Facs. Board Hosp. |  |  |
Rev. Bonds, (Ballad Hlth. Oblig. Group), Ser. A, |  |  |
4.00%, 7/1/40 | A– | $5,000,000 | $5,444,500
Metro. Govt. Nashville & Davidson Cnty., Hlth. & Edl. |  |  |
Fac. Board Rev. Bonds, (Blakeford at Green Hills |  |  |
Oblig. Group), Ser. A, 4.00%, 11/1/45 ## | BBB–/F | 2,250,000 | 2,157,255
|  |  | 7,601,755
Texas (11.8%) |  |  |
Arlington, Higher Ed. Fin. Corp. Rev. Bonds, (Uplift |  |  |
Ed.), Ser. A |  |  |
5.00%, 12/1/36 | BBB– | 500,000 | 553,240
PSFG, 5.00%, 12/1/35 | AAA | 500,000 | 609,525
Austin-Bergstrom Landhost Enterprises, |  |  |
Inc. Rev. Bonds |  |  |
5.00%, 10/1/35 | A3 | 580,000 | 602,904
5.00%, 10/1/34 | A3 | 530,000 | 552,663
Central TX Regl. Mobility Auth. Rev. Bonds |  |  |
Ser. A, 5.00%, 1/1/49 | A– | 3,940,000 | 4,755,738
(Sr. Lien), Ser. A, 5.00%, 1/1/33 |  |  |
(Prerefunded 1/1/23) | A– | 425,000 | 467,411
Clifton, Higher Ed. Fin. Corp. Rev. Bonds |  |  |
(Intl. Leadership), Ser. D, 6.125%, 8/15/48 | BB–/P | 1,150,000 | 1,310,621
(IDEA Pub. Schools), 5.00%, 8/15/28 | A– | 300,000 | 352,749
Harris Cnty., Cultural Ed. Fac. Fin. Corp. Rev. Bonds |  |  |
(YMCA of the Greater Houston Area), Ser. A, |  |  |
5.00%, 6/1/38 | Baa2 | 1,500,000 | 1,535,610
(Brazos Presbyterian Homes, Inc.), 5.00%, 1/1/37 | BBB–/F | 1,000,000 | 1,061,240
(YMCA of the Greater Houston Area), Ser. A, |  |  |
5.00%, 6/1/33 | Baa2 | 800,000 | 824,528
Houston, Util. Syst. Rev. Bonds, Ser. A, |  |  |
5.00%, 11/15/32 | Aa2 | 5,000,000 | 6,748,450
Laredo, Wtr. Works Swr. Syst. Rev. Bonds |  |  |
4.00%, 3/1/49 | Aa3 | 1,750,000 | 1,967,875
4.00%, 3/1/34 | Aa3 | 400,000 | 467,052
Love Field, Gen. Arpt. Modernization Corp. Rev. |  |  |
Bonds, 5.00%, 11/1/35 | A1 | 1,000,000 | 1,134,500
Matagorda Cnty., Poll. Control Rev. Bonds, (Dist. No. |  |  |
1), Ser. A, AMBAC, 4.40%, 5/1/30 | A– | 1,500,000 | 1,799,520
New Hope, Cultural Ed. Fac. Fin. Corp. Rev. Bonds |  |  |
(Wesleyan Homes, Inc.), 5.50%, 1/1/43 | BB–/P | 500,000 | 514,165
(TX Woman’s U. CHF-Collegiate Hsg. Dining), |  |  |
Ser. B-1, AGM, 4.125%, 7/1/53 | AA | 1,000,000 | 1,044,420
(Woman’s U.-Collegiate Hsg. Denton, LLC), |  |  |
Ser. A-1, AGM, 4.125%, 7/1/53 | AA | 1,000,000 | 1,044,420
(Children’s Hlth. Syst. of TX), Ser. A, 4.00%, 8/15/34 | Aa3 | 600,000 | 686,232
North TX, Tollway Auth. Rev. Bonds, (1st Tier), Ser. I, |  |  |
6.50%, 1/1/43 | A1 | 4,000,000 | 4,806,000
Tarrant Cnty., Cultural Ed. Fin. Corp. Retirement |  |  |
Fac. Rev. Bonds, (Buckner Retirement Svcs.), Ser. B, |  |  |
5.00%, 11/15/40 | A/F | 2,000,000 | 2,240,320

32 Municipal Opportunities Trust

MUNICIPAL BONDS AND NOTES (139.0%)* cont. | Rating** | Principal amount | Value
Texas cont. |  |  |
TX Private Activity Surface Trans. Corp. Rev. Bonds, |  |  |
(Segment 3C), 5.00%, 6/30/58 | Baa3 | $3,000,000 | $3,417,600
TX State Muni. Pwr. Agcy. Rev. Bonds, (Syst. Net/ |  |  |
Transmission Converting Security), 5.00%, 9/1/42 | A+ | 1,400,000 | 1,404,634
TX State Private Activity Bond Surface Trans. Corp. |  |  |
Rev. Bonds, (Blueridge Trans. Group, LLC (SH 288 |  |  |
Toll Lane)), 5.00%, 12/31/50 | Baa3 | 2,000,000 | 2,173,000
TX State G.O. Bonds, Ser. A, 5.00%, 10/1/44 T | AAA | 9,855,000 | 11,657,575
Uptown Dev. Auth. Tax Alloc. Bonds, Ser. A, |  |  |
5.00%, 9/1/40 | BBB | 300,000 | 335,703
|  |  | 54,067,695
Virginia (1.8%) |  |  |
Fairfax Cnty., Econ. Dev. Auth. Res. Care Fac. Rev. |  |  |
Bonds, (Goodwin House, Inc.), Ser. A, 5.00%, 10/1/42 | BBB+/F | 425,000 | 455,196
Small Bus. Fin. Auth. Private Activity Rev. Bonds, |  |  |
(Transform 66-P3), 5.00%, 12/31/52 | Baa3 | 4,250,000 | 4,750,990
VA State Small Bus. Fin. Auth. Rev. Bonds, (National |  |  |
Sr. Campuses, Inc. Oblig. Group), 4.00%, 1/1/40 | A/F | 3,000,000 | 3,275,340
|  |  | 8,481,526
Washington (2.1%) |  |  |
King Cnty., Public Hosp. Dist. No. 1 G.O. Bonds, |  |  |
(Valley Med. Ctr.), 5.00%, 12/1/38 | A2 | 2,365,000 | 2,749,454
Port of Seattle, Rev. Bonds, Ser. C, 5.00%, 4/1/40 | A1 | 875,000 | 966,805
Tobacco Settlement Auth. of WA Rev. Bonds, |  |  |
5.25%, 6/1/32 | A– | 2,125,000 | 2,171,240
WA State G.O. Bonds, Ser. 21A, 5.00%, 6/1/38 ### | Aaa | 1,750,000 | 2,255,680
WA State Hlth. Care Fac. Auth. Mandatory Put Bonds |  |  |
(7/1/22), (Fred Hutchinson Cancer Research Ctr.), |  |  |
Ser. B, 1.197%, 1/1/42 | A+ | 1,500,000 | 1,506,330
|  |  | 9,649,509
Wisconsin (2.2%) |  |  |
Pub. Fin. Auth. Arpt. Fac. Rev. Bonds, (Sr. Oblig. |  |  |
Group), 5.25%, 7/1/28 | BBB+ | 350,000 | 366,251
Pub. Fin. Auth. Higher Ed. Fac. Rev. Bonds, (Gannon |  |  |
U.), 5.00%, 5/1/42 | BBB+ | 1,100,000 | 1,164,944
Pub. Fin. Auth. Student Hsg. Fac. Rev. Bonds, |  |  |
(Appalachian State U.), Ser. A, AGM |  |  |
4.00%, 7/1/50 | AA | 700,000 | 749,413
4.00%, 7/1/45 | AA | 600,000 | 645,516
4.00%, 7/1/40 | AA | 500,000 | 544,815
4.00%, 7/1/38 | AA | 435,000 | 476,577
4.00%, 7/1/36 | AA | 340,000 | 374,758
4.00%, 7/1/34 | AA | 300,000 | 332,958
WI State Hlth. & Edl. Fac. Auth. Rev. Bonds |  |  |
(Hmong American Peace Academy, Ltd.), |  |  |
5.00%, 3/15/50 | BBB | 1,000,000 | 1,153,500
(Three Pillars Sr. Living), 5.00%, 8/15/33 | A/F | 430,000 | 458,058
(Advocate Aurora Hlth. Oblig. Group), Ser. A, |  |  |
4.00%, 8/15/35 | AA | 3,000,000 | 3,422,288
WI State Pub. Fin. Auth Sr. Living 144A Rev. Bonds, |  |  |
(Mary’s Woods at Marylhurst), Ser. A, 5.25%, 5/15/37 | BB/F | 250,000 | 265,513
|  |  | 9,954,591
Total municipal bonds and notes (cost $606,677,834) |  | $638,881,003

Municipal Opportunities Trust 33

| Principal amount/ |
SHORT-TERM INVESTMENTS (4.3%)* |  | shares | Value
Putnam Short Term Investment Fund Class P 0.17% L | Shares | 19,093,838 | $19,093,838
U.S. Treasury Bills 0.097%, 12/8/20 # ∆ |  | $500,000 | 499,956
Total short-term investments (cost $19,593,789) |  |  | $19,593,794

TOTAL INVESTMENTS |
Total investments (cost $626,271,623) | $658,474,797

Notes to the fund’s portfolio

Unless noted otherwise, the notes to the fund’s portfolio are for the close of the fund’s reporting period, which ran from May 1, 2020 through October 31, 2020 (the reporting period). Within the following notes to the portfolio, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures.

* Percentages indicated are based on net assets of $459,709,264.

** The Moody’s, Standard & Poor’s or Fitch ratings indicated are believed to be the most recent ratings available at the close of the reporting period for the securities listed. Ratings are generally ascribed to securities at the time of issuance. While the agencies may from time to time revise such ratings, they undertake no obligation to do so, and the ratings do not necessarily represent what the agencies would ascribe to these securities at the close of the reporting period. Securities rated by Fitch are indicated by “/F.” Securities rated by Putnam are indicated by “/P.” The Putnam rating categories are comparable to the Standard & Poor’s classifications. If a security is insured, it will usually be rated by the ratings organizations based on the financial strength of the insurer. For further details regarding security ratings, please see the Statement of Additional Information.

## Forward commitment, in part or in entirety (Note 1).

### When issued security (Note 1).

†† The interest rate and date shown parenthetically represent the new interest rate to be paid and the date the fund will begin accruing interest at this rate.

# This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $99,990 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 10).

∆ This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $231,977 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 10).

L Affiliated company (Note 6). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.

T Underlying security in a tender option bond transaction. This security has been segregated as collateral for financing transactions.

At the close of the reporting period, the fund maintained liquid assets totaling $122,566,234 to cover certain derivative contracts, tender option bonds and the settlement of certain securities.

Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.

144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

The dates shown parenthetically on prerefunded bonds represent the next prerefunding dates.

The dates shown on debt obligations are the original maturity dates.

34 Municipal Opportunities Trust

The fund had the following sector concentrations greater than 10% at the close of the reporting period (as a percentage of net assets):

Health care | 24.7% |  |  |  |  |  |  |
Transportation | 20.2 |  |  |  |  |  |  |
Tax bonds | 18.9 |  |  |  |  |  |  |
State debt | 16.2 |  |  |  |  |  |  |
Utilities | 14.4 |  |  |  |  |  |  |
Local debt | 11.0 |  |  |  |  |  |  |

FUTURES CONTRACTS OUTSTANDING at 10/31/20 (Unaudited) |  |  |
|  |  |  |  | Unrealized
| Number of | Notional |  | Expiration | appreciation/
| contracts | amount | Value | date | (depreciation)
U.S. Treasury Note Ultra 10 yr (Short) | 39 | $6,133,969 | $6,133,969 | Dec-20 | $85,834
Unrealized appreciation |  |  |  |  | 85,834
Unrealized (depreciation) |  |  |  |  | —
Total |  |  |  |  | $85,834

OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 10/31/20 (Unaudited) |
|  | Upfront |  |  |  |
|  | premium | Termina- | Payments | Total return | Unrealized
Swap counterparty/ |  | received | tion | received (paid) | received by | appreciation/
Notional amount | Value | (paid) | date | by fund | or paid by fund | (depreciation)
Morgan Stanley & Co. International PLC |  |  |  |
$5,900,000 | $7,794 | $— | 12/1/20 | — | 0.36% minus | $(7,794)
|  |  |  |  | Municipal Market |
|  |  |  |  | Data Index AAA |
|  |  |  |  | municipal yields |
|  |  |  |  | 5 Year rate — At |
|  |  |  |  | maturity |
5,900,000 | 372 | — | 11/25/20 | — | 0.38% minus | (372)
|  |  |  |  | Municipal Market |
|  |  |  |  | Data Index AAA |
|  |  |  |  | municipal yields |
|  |  |  |  | 5 Year rate — At |
|  |  |  |  | maturity |
7,000,000 | 218,911 | — | 11/10/20 | — | 0.67% minus | (218,911)
|  |  |  |  | Municipal Market |
|  |  |  |  | Data Index AAA |
|  |  |  |  | municipal yields |
|  |  |  |  | 10 Year rate — At |
|  |  |  |  | maturity |
5,800,000 | 64,049 | — | 12/15/20 | — | 0.93% minus | (64,049)
|  |  |  |  | Municipal Market |
|  |  |  |  | Data Index AAA |
|  |  |  |  | municipal yields |
|  |  |  |  | 10 Year rate — At |
|  |  |  |  | maturity |
Upfront premium received | — |  | Unrealized appreciation | —
Upfront premium (paid) |  | — |  | Unrealized (depreciation) | (291,126)
Total |  | $— |  | Total |  | $(291,126)

Municipal Opportunities Trust 35

ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:

Level 1: Valuations based on quoted prices for identical securities in active markets.

Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.

The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:

|  |  | Valuation inputs |
Investments in securities: | Level 1 | Level 2 | Level 3
Municipal bonds and notes | $— | $638,881,003 | $—
Short-term investments | 19,093,838 | 499,956 | —
Totals by level | $19,093,838 | $639,380,959 | $—
|  |  | Valuation inputs |
Other financial instruments: | Level 1 | Level 2 | Level 3
Futures contracts | $85,834 | $— | $—
Total return swap contracts | — | (291,126) | —
Totals by level | $85,834 | $(291,126) | $—

The accompanying notes are an integral part of these financial statements.

36 Municipal Opportunities Trust

Statement of assets and liabilities 10/31/20 (Unaudited)

ASSETS |
Investment in securities, at value (Notes 1 and 10): |
Unaffiliated issuers (identified cost $607,177,785) | $639,380,959
Affiliated issuers (identified cost $19,093,838) (Notes 1 and 6)) | 19,093,838
Interest and other receivables | 7,757,147
Receivable for investments sold | 165,000
Receivable for variation margin on futures contracts (Note 1) | 13,406
Prepaid assets | 39,684
Total assets | 666,450,034
LIABILITIES |
Payable to custodian | 2,619
Payable for investments purchased | 563,491
Payable for purchases of delayed delivery securities (Note 1) | 6,458,128
Payable for compensation of Manager (Note 2) | 857,017
Payable for custodian fees (Note 2) | 14,307
Payable for investor servicing fees (Note 2) | 38,608
Payable for Trustee compensation and expenses (Note 2) | 194,316
Payable for administrative services (Note 2) | 722
Payable for floating rate bonds issued (Note 1) | 57,596,768
Distributions payable to shareholders | 1,816,125
Distributions payable to preferred shareholders (Note 1) | 7,545
Unrealized depreciation on OTC swap contracts (Note 1) | 291,126
Preferred share remarketing agent fees | 76,299
Other accrued expenses | 98,699
Total liabilities | 68,015,770
Series B remarketed preferred shares : (2,876 shares authorized and issued at $25,000 per |
share) (Note 4) | 71,900,000
Series C remarketed preferred shares: (2,673 shares authorized and issued at $25,000 per |
share) (Note 4) | 66,825,000
Net assets | 459,709,264
REPRESENTED BY |
Paid-in capital — common shares (Unlimited shares authorized) (Notes 1 and 5) | $416,011,752
Total distributable earnings (Note 1) | 43,697,512
Total — Representing net assets applicable to common shares outstanding | 459,709,264
COMPUTATION OF NET ASSET VALUE |
Net asset value per common share |
($459,709,264 divided by 34,109,686 shares) | $13.48

The accompanying notes are an integral part of these financial statements.

Municipal Opportunities Trust 37

Statement of operations Six months ended 10/31/20 (Unaudited)

INVESTMENT INCOME |
Interest (including interest income of $26,194 from investments in affiliated issuers) (Note 6) | $10,524,792
Total investment income | 10,524,792
EXPENSES |
Compensation of Manager (Note 2) | 1,670,473
Investor servicing fees (Note 2) | 114,676
Custodian fees (Note 2) | 11,234
Trustee compensation and expenses (Note 2) | 10,754
Administrative services (Note 2) | 4,270
Interest and fee expense (Note 2) | 201,418
Preferred share remarketing agent fees | 106,356
Other | 199,255
Fees waived and reimbursed by Manager (Note 2) | (97,183)
Total expenses | 2,221,253
Expense reduction (Note 2) | (48,103)
Net expenses | 2,173,150
Net investment income | 8,351,642
REALIZED AND UNREALIZED GAIN (LOSS) |
Net realized gain (loss) on: |
Securities from unaffiliated issuers (Notes 1 and 3) | 2,737,521
Swap contracts (Note 1) | 852,986
Total net realized gain | 3,590,507
Change in net unrealized appreciation (depreciation) on: |
Securities from unaffiliated issuers | 31,736,599
Futures contracts | 85,834
Swap contracts | 856,407
Total change in net unrealized appreciation | 32,678,840
Net gain on investments | 36,269,347
Net increase in net assets resulting from operations | 44,620,989
Distributions to Series B and C remarketed preferred shareholders (Note 1): |
From tax exempt net investment income | (153,070)
Net increase in net assets resulting from operations (applicable to common shareholders) | 44,467,919

The accompanying notes are an integral part of these financial statements.

38 Municipal Opportunities Trust

Statement of changes in net assets

INCREASE (DECREASE) IN NET ASSETS | Six months ended 10/31/20* | Year ended 4/30/20
Operations |  |
Net investment income | $8,351,642 | $18,523,889
Net realized gain on investments | 3,590,507 | 8,568,017
Change in net unrealized appreciation (depreciation) |  |
of investments | 32,678,840 | (27,962,857)
Net increase (decrease) in net assets resulting |  |
from operations | 44,620,989 | (870,951)
Distributions to Series B and C remarketed preferred shareholders (Note 1): |
From tax exempt net investment income | (153,070) | (2,233,067)
Net realized short-term gains on investments | — | (646,878)
From net realized long-term gains on investments | — | (991,557)
Net increase (decrease) in net assets resulting from |  |
operations (applicable to common shareholders) | 44,467,919 | (4,742,453)
Distributions to common shareholders (Note 1): |  |
From ordinary income |  |
From tax exempt net investment income | (10,867,346) | (9,552,797)
Net realized short-term gains on investments | — | (4,445,510)
From net realized long-term gains on investments | — | (7,850,397)
Decrease from capital shares repurchased (Note 5) | — | (3,887,662)
Total increase (decrease) in net assets | 33,600,573 | (30,478,819)
NET ASSETS |  |
Beginning of period | 426,108,691 | 456,587,510
End of period | $459,709,264 | $426,108,691
NUMBER OF FUND SHARES |  |
Common shares outstanding at beginning of period | 34,109,686 | 34,442,721
Shares repurchased (Note 5) | — | (333,035)
Common shares outstanding at end of period | 34,109,686 | 34,109,686
Series B Remarketed preferred shares outstanding at |  |
beginning and end of period | 2,876 | 2,876
Series C Remarketed preferred shares outstanding at |  |
beginning and end of period | 2,673 | 2,673

* Unaudited.

The accompanying notes are an integral part of these financial statements.

Municipal Opportunities Trust 39

Statement of cash flows Six months ended October 31, 2020

CASH FLOWS FROM OPERATING ACTIVITIES |
Net increase in net assets from operations | $44,620,989
Adjustments to reconcile net increase in net assets from operations to net cash used |
in operating activities: |
Purchase of investment securities | $(95,110,365)
Proceeds from disposition of investment securities | 87,712,580
Purchase of short-term investment securities, net | (3,594,761)
Increase in premium amortization | 2,688,295
Increase in accretion | (688,747)
(Increase) decrease in interest and other receivables | (176,013)
(Increase) decrease in receivable for investments sold | 1,380,101
Increase (decrease) in payable for investments purchased | (4,462,472)
(Increase) decrease in prepaid asset | (7,595)
Increase (decrease) in compensation of Manager | (147,892)
Increase (decrease) in payable for custodian fees | 17,113
Increase (decrease) in payable for investor servicing | 1,725
Increase (decrease) in payable for Trustee compensation and expenses | 12,214
Increase (decrease) in payable for administrative services | (165)
Increase (decrease) in payable for preferred share remarketing fees | 9,249
Increase (decrease) in payable for other accrued expenses | (88,610)
Net realized gain (loss) on investments | (2,737,521)
Net unrealized appreciation (depreciation) on investments during the year | (32,678,840)
Net cash used in operating activities | (47,871,704)
CASH FLOWS FROM FINANCING ACTIVITIES |
Distribution to common shareholders | (10,867,289)
Distribution to preferred shareholders | (181,090)
Purchase of tender option bond transactions | (10,260,148)
Proceeds from tender option bond transactions | 24,410,122
Net cash provided by financing activities | 3,101,595
Net decrease in cash | (149,120)
Cash balance, beginning of year | 146,501
Cash balance, end of year | $(2,619)
Supplemental disclosure of cash flow information: |
Interest expense during the period | $46,947

The accompanying notes are an integral part of these financial statements.

40 Municipal Opportunities Trust

Financial highlights (For a common share outstanding throughout the period)

PER-SHARE OPERATING PERFORMANCE |  |  |  |  |  |
| Six months |  |  |  |  |
| ended ** |  |  |  | Year ended |  |
| 10/31/20 | 4/30/20 | 4/30/19 | 4/30/18 | 4/30/17 | 4/30/16
Net asset value, beginning of period |  |  |  |  |  |
(common shares) | $12.49 | $13.26 | $12.92 | $12.98 | $13.72 | $13.35
Investment operations: |  |  |  |  |  |
Net investment income a | .24 | .54 | .61 | .64 | .69 | .74
Net realized and unrealized |  |  |  |  |  |
gain (loss) on investments | 1.07 | (.56) | .36 | (.14) | (.70) | .32
Total from investment operations | 1.31 | (.02) | .97 | .50 | (.01) | 1.06
Distributions to preferred shareholders: |  |  |  |  |
From net investment income | — f | (.07) | (.07) | (.07) | (.05) | (.01)
From capital gains | — | (.05) | (.03) | — | — | —
Total from investment operations |  |  |  |  |  |
(applicable to common shareholders) | 1.31 | (.14) | .87 | .43 | (.06) | 1.05
Distributions to common shareholders: |  |  |  |  |  |
From net investment income | (.32) | (.28) | (.47) | (.63) | (.68) | (.71)
From capital gains | — | (.36) | (.17) | — | — | —
Total distributions | (.32) | (.64) | (.64) | (.63) | (.68) | (.71)
Increase from shares repurchased | — | .01 | .11 | .03 | — f | .03
Increase from preferred shares |  |  |  |  |  |
tender offer | — | — | — | .11 | — | —
Net asset value, end of period |  |  |  |  |  |
(common shares) | $13.48 | $12.49 | $13.26 | $12.92 | $12.98 | $13.72
Market price, end of period |  |  |  |  |  |
(common shares) | $12.77 | $11.63 | $12.24 | 11.57 | $12.27 | $13.10
Total return at market price (%) |  |  |  |  |  |
(common shares) b | 12.49* | (0.19) | 11.74 | (0.80) | (1.19) | 14.76
Total return at net asset value (%) |  |  |  |  |  |
(common shares) b | 10.51* | (1.22) | 7.85 | 4.36 | (0.45) | 8.41
RATIOS AND SUPPLEMENTAL DATA |  |  |  |  |  |
Net assets, end of period |  |  |  |  |  |
(common shares)(in thousands) | $459,709 | $426,109 | $456,588 | $481,134 | $494,523 | $523,023
Ratio of expenses to average |  |  |  |  |  |
net assets (including interest |  |  |  |  |  |
expense) (%) c,d,e | .48* g | 1.02 g | 1.14 g | 1.12 h | 1.12 i | .97
Ratio of net investment income |  |  |  |  |  |
to average net assets (%) d | 1.79* | 3.51 | 4.13 | 4.31 | 4.80 | 5.48
Portfolio turnover (%) | 14* | 48 | 41 | 38 | 22 | 18

(Continued on next page)

Municipal Opportunities Trust 41

Financial highlights cont.

* Not annualized.

** Unaudited.

a Per share net investment income has been determined on the basis of the weighted average number of shares outstanding during the period.

b Total return assumes dividend reinvestment.

c Includes amounts paid through expense offset arrangements, if any (Note 2).

d Ratios reflect net assets available to common shares only; net investment income ratio also reflects reduction for dividend payments to preferred shareholders.

e Includes interest and fee expense associated with borrowings which amounted to:

October 31, 2020 | 0.04%
April 30, 2020 | 0.16
April 30, 2019 | 0.25
April 30, 2018 | 0.19
April 30, 2017 | 0.10
April 30, 2016 | 0.05

f Amount represents less than $0.01 per share.

g Reflects waiver of certain fund expenses in connection with the fund’s remarketing preferred shares during the period. As a result of such waivers, the expenses of the fund for the periods noted below (Note 2):

October 31, 2020 | 0.02%
April 30, 2020 | 0.04
April 30, 2019 | 0.01

h Includes 0.04% of increased proxy solicitation and legal fees related to the 2018 annual shareholder meeting.

i Includes 0.10% of increased proxy solicitation and legal fees related to the 2017 annual shareholder meeting.

The accompanying notes are an integral part of these financial statements.

42 Municipal Opportunities Trust

Notes to financial statements 10/31/20 (Unaudited)

Within the following Notes to financial statements, references to “State Street” represent State Street Bank and Trust Company, references to “the SEC” represent the Securities and Exchange Commission, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “OTC”, if any, represent over-the-counter. Unless otherwise noted, the “reporting period” represents the period from May 1, 2020 through October 31, 2020.

Putnam Municipal Opportunities Trust (the fund) is a Massachusetts business trust, which is registered under the Investment Company Act of 1940, as amended, as a non-diversified closed-end management investment company. The fund is currently operating as a diversified fund. In the future, the fund may operate as a non –diversified fund to the extent permitted by applicable law. Under current law, shareholder approval would be required before the fund could operate as a non-diversified fund. The goal of the fund is to seek as high a level of current income exempt from federal income tax as Putnam Management believes is consistent with the preservation of capital. The fund intends to achieve its objective by investing in a portfolio of investment-grade and some below investment-grade municipal bonds selected by Putnam Management. 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 also uses leverage which involves risk and may increase the volatility of the fund’s net asset value.

In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund’s management team expects the risk of material loss to be remote.

The fund has entered into contractual arrangements with an investment adviser, administrator, transfer agent and custodian, who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.

Under the fund’s Amended and Restated Agreement and Declaration of Trust, any claims asserted against or on behalf of the Putnam Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.

Note 1: Significant accounting policies

The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.

Security valuation Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.

Tax-exempt bonds and notes are generally valued on the basis of valuations provided by an independent pricing service approved by the Trustees. Such services use information with respect to transactions in bonds, quotations from bond dealers, market transactions in comparable securities and various relationships between securities in determining value. These securities will generally be categorized as Level 2.

Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.

Municipal Opportunities Trust 43

Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.

Security transactions and related investment income Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.

Interest income, net of any applicable withholding taxes, if any, and including amortization and accretion of premiums and discounts on debt securities, is recorded on the accrual basis.

Securities purchased or sold on a when-issued or forward commitment or delayed delivery basis may be settled at a future date beyond customary settlement time; interest income is accrued based on the terms of the securities. Losses may arise due to changes in the fair value of the underlying securities or if the counterparty does not perform under the contract.

Futures contracts The fund uses futures contracts for hedging treasury term structure risk and for yield curve positioning.

The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Risks may exceed amounts recognized on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin.”

Futures contracts outstanding at period end, if any, are listed after the fund’s portfolio.

Interest rate swap contracts The fund entered into OTC and/or centrally cleared interest rate swap contracts, which are arrangements between two parties to exchange cash flows based on a notional principal amount, for hedging term structure risk and for yield curve positioning.

An OTC and centrally cleared interest rate swap can be purchased or sold with an upfront premium. For OTC interest rate swap contracts, an upfront payment received by the fund is recorded as a liability on the fund’s books. An upfront payment made by the fund is recorded as an asset on the fund’s books. OTC and centrally cleared interest rate swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change is recorded as an unrealized gain or loss on OTC interest rate swaps. Daily fluctuations in the value of centrally cleared interest rate swaps are settled through a central clearing agent and are recorded in variation margin on the Statement of assets and liabilities and recorded as unrealized gain or loss. Payments, including upfront premiums, received or made are recorded as realized gains or losses at the reset date or the closing of the contract. Certain OTC and centrally cleared interest rate swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract.

The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults, in the case of OTC interest rate contracts, or the central clearing agency or a clearing member defaults, in the case of centrally cleared interest rate swap contracts, on its respective obligation to perform under the contract. The fund’s maximum risk of loss from counterparty risk or central

44 Municipal Opportunities Trust

clearing risk is the fair value of the contract. This risk may be mitigated for OTC interest rate swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared interest rate swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared interest rate swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Risk of loss may exceed amounts recognized on the Statement of assets and liabilities.

OTC and centrally cleared interest rate swap contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund’s portfolio.

Total return swap contracts The fund entered into OTC and/or centrally cleared total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, both based on a notional principal amount, to hedge sector exposure and for gaining exposure to specific sectors.

To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded in variation margin on the Statement of assets and liabilities and recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Risk of loss may exceed amounts recognized on the Statement of assets and liabilities.

OTC and/or centrally cleared total return swap contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund’s portfolio.

Master agreements The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements (Master Agreements) with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the fund is held in a segregated account by the fund’s custodian and, with respect to those amounts which can be sold or repledged, is presented in the fund’s portfolio.

Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.

Termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.

At the close of the reporting period, the fund had a net liability position of $291,126 on open derivative contracts subject to the Master Agreements. Collateral posted by the fund at period end for these agreements totaled $231,977 and may include amounts related to unsettled agreements.

Municipal Opportunities Trust 45

Tender option bond transactions 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 $96,014,600 were held by the TOB trust and served as collateral for $57,596,768 in floating-rate bonds outstanding. For the reporting period ended, the fund incurred interest expense of $46,947 for these investments based on an average interest rate of 0.17%.

Federal taxes It is the policy of the fund to distribute all of its income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.

The fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The aggregate identified cost on a tax basis is $626,158,906, resulting in gross unrealized appreciation and depreciation of $39,334,759 and $7,224,160, respectively, or net unrealized appreciation of $32,110,599.

Distributions to shareholders Distributions to common and preferred shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The fund used targeted distribution rates to its common shareholders. Distributions are sourced first from tax-exempt and ordinary income. The balance of the distributions, if any, comes next from capital gain and then will constitute a return of capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in their shares of the fund. The fund may make return of capital distributions to achieve the targeted distribution rates. Dividends on remarketed preferred shares become payable when, as and if declared by the Trustees. Each dividend period for the remarketed preferred shares is generally a 7 day period. The applicable dividend rate for the remarketed preferred shares on October 31, 2020 was 0.204% for Series B and 0.189% 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.

Determination of net asset value Net asset value of the common shares is determined by dividing the value of all assets of the fund, less all liabilities and the liquidation preference (redemption value of preferred shares, plus accumulated and unpaid dividends) of any outstanding remarketed preferred shares, by the total number of common shares outstanding as of period end.

46 Municipal Opportunities Trust

Note 2: Management fee, administrative services and other transactions

The fund pays Putnam Management for management and investment advisory services quarterly based on the average net assets of the fund, including assets attributable to preferred shares. Such fee is based on the following annual rates based on the average weekly net assets attributable to common and preferred shares.

The lesser of (i) 0.550% of average net assets attributable to common and preferred shares outstanding, or(ii) the following rates:

| of the first $500 million of average |  |  | of the next $5 billion of average weekly
0.650% | weekly net assets, |  | 0.425% | net assets,
| of the next $500 million of average |  |  | of the next $5 billion of average weekly
0.550% | weekly net assets, |  | 0.405% | net assets,
| of the next $500 million of average |  |  | of the next $5 billion of average weekly
0.500% | weekly net assets, |  | 0.390% | net assets, and
| of the next $5 billion of average weekly |  | 0.380% | of any excess thereafter.
0.450% | net assets, |  |  |

For the reporting period, the management fee represented an effective rate (excluding the impact from any expense waivers in effect) of 0.280% 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 Putnam Management 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, Putnam Management reimbursed $97,183 to the fund.

Putnam Investments Limited (PIL), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. PIL did not manage any portion of the assets of the fund during the reporting period. If Putnam Management were to engage the services of PIL, Putnam Management would pay a quarterly sub-management fee to PIL for its services at an annual rate of 0.40% of the average net assets of the portion of the fund managed by PIL.

The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.

Custodial functions for the fund’s assets are provided by State Street. Custody fees are based on the fund’s asset level, the number of its security holdings and transaction volumes.

Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to the fund. Putnam Investor Services, Inc. was paid a monthly fee for investor servicing at an annual rate of 0.05% of the fund’s average daily net assets. The amounts incurred for investor servicing agent functions during the reporting period are included in Investor servicing fees in the Statement of operations.

The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc.’s and State Street’s fees are reduced by credits allowed on cash balances. For the reporting period, the fund’s expenses were reduced by $48,103 under the expense offset arrangements.

Each Independent Trustee of the fund receives an annual Trustee fee, of which $321, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.

The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.

The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee’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

Municipal Opportunities Trust 47

for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.

Note 3: Purchases and sales of securities

During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments, were as follows:

| Cost of purchases | Proceeds from sales
Investments in securities, (Long-term) | $95,110,365 | $87,712,580
U.S. government securities (Long-term) | — | —
Total | $95,110,365 | $87,712,580

The fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund’s transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales of long-term securities from or to other Putnam funds, if any, did not represent more than 5% of the fund’s total cost of purchases and/or total proceeds from sales.

Note 4: 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 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 Investment Company Act of 1940, the fund is required to maintain asset coverage of at least 200% with respect to the remarketed preferred shares. Additionally, the fund’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 period end, no such restrictions have been placed on the fund.

Note 5: Shares repurchased

In September 2020, the Trustees approved the renewal of the repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 365 day period ending September 30, 2021 (based on shares outstanding as of September 30, 2020). Prior to this renewal, the Trustees had approved a repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 356 day period ending September 30, 2020 (based on shares outstanding as of October 9, 2019). Repurchases are made when the fund’s shares are trading at less than net asset value and in accordance with procedures approved by the fund’s Trustees. At Putnam’s recommendation, the share repurchase program was temporarily suspended on March 24, 2020 and reinstated July 1, 2020.

For the reporting period, the fund did not repurchased any common shares.

For the previous fiscal year, the fund repurchased 333,035 common shares for an aggregate purchase price of $3,887,662, which reflected a weighted-average discount from net asset value per share of 8.95%. The weighted-average discount reflected the payment of commissions by the fund to execute repurchase trades.

At the close of the reporting period, Putnam Investments, LLC owned approximately 1,371 shares of the fund (0.004% of the fund’s shares outstanding), valued at $18,481 based on net asset value.

48 Municipal Opportunities Trust

Note 6: Affiliated transactions

|  |  |  |  | Shares
|  |  |  |  | outstanding
|  |  |  |  | and fair
| Fair value as | Purchase | Sale | Investment | value as
Name of affiliate | of 4/30/20 | cost | proceeds | income | of 10/31/20
Short-term investments |  |  |  |  |
Putnam Short Term |  |  |  |  |
Investment Fund* | $11,077,023 | $74,267,615 | $66,250,800 | $26,194 | $19,093,838
Total Short-term |  |  |  |  |
investments | $11,077,023 | $74,267,615 | $66,250,800 | $26,194 | $19,093,838

* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.

Note 7: Market, credit and other risks

In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. The fund may invest in higher-yielding, lower-rated bonds that may have a higher rate of default.

On July 27, 2017, the United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a desire to phase out the use of LIBOR by the end of 2021. LIBOR has historically been a common benchmark interest rate index used to make adjustments to variable-rate loans. It is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments and borrowing arrangements. The transition process might lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based investments. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Beginning in January 2020, global financial markets have experienced, and may continue to experience, significant volatility resulting from the spread of a virus known as COVID–19. The outbreak of COVID–19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of COVID–19 have adversely affected, and may continue to adversely affect, the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the fund’s performance.

Note 8: Summary of derivative activity

The volume of activity for the reporting period for any derivative type that was held during the period is listed below and was based on an average of the holdings at the end of each fiscal quarter:

Futures contracts (number of contracts) | 20
OTC interest rate swap contracts (notional) | $9,500,000
OTC total return swap contracts (notional) | $19,000,000

Municipal Opportunities Trust 49

The following is a summary of the fair value of derivative instruments as of the close of the reporting period:

Fair value of derivative instruments as of the close of the reporting period |
| ASSET DERIVATIVES | LIABILITY DERIVATIVES
Derivatives not |  |  |  |
accounted for as | Statement of |  | Statement of |
hedging instruments | assets and |  | assets and |
under ASC 815 | liabilities location | Fair value | liabilities location | Fair value
| Investments, |  |  |
| Receivables, Net |  |  |
| assets — Unrealized |  | Payables, Net assets — |
Interest rate contracts | appreciation | $85,834* | Unrealized depreciation | $291,126
Total |  | $85,834 |  | $291,126

* Includes cumulative appreciation/depreciation of futures contracts as reported in the fund’s portfolio. Only current day’s variation margin is reported within the Statement of assets and liabilities.

The following is a summary of realized and change in unrealized gains or losses of derivative instruments in the Statement of operations for the reporting period (Note 1):

Amount of realized gain or (loss) on derivatives recognized in net gain or (loss) on investments |
Derivatives not accounted for as |  |
hedging instruments under ASC 815 | Swaps | Total
Interest rate contracts | $852,986 | $852,986
Total | $852,986 | $852,986

Change in unrealized appreciation or (depreciation) on derivatives recognized in net gain or (loss) |
on investments |  |  |
Derivatives not accounted for as hedging |  |  |
instruments under ASC 815 | Futures | Swaps | Total
Interest rate contracts | $85,834 | $856,407 | $942,241
Total | $85,834 | $856,407 | $942,241

Note 9: New accounting pronouncements

In March 2020, FASB issued ASU 2020–04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020–04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020–04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this provision.

50 Municipal Opportunities Trust

Note 10: Offsetting of financial and derivative assets and liabilities

The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions or borrowing transactions associated with securities sold short, if any, see Note 1. For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to the master netting agreements in the Statement of assets and liabilities.

| JPMorgan Securities LLC | Morgan Stanley & Co. International PLC | Total
Assets: |  |  |
OTC Total return swap contracts*# | $— | $— | $—
Futures contracts§ | 13,406 | — | 13,406
Total Assets | $13,406 | $— | $13,406
Liabilities: |  |  |
OTC Total return swap contracts*# | — | 291,126 | 291,126
Futures contracts§ |  | — | —
Total Liabilities | $— | $291,126 | $291,126
Total Financial and Derivative Net Assets | $13,406 | $(291,126) | $(277,720)
Total collateral received (pledged)†## | $— | $(231,977) |
Net amount | $13,406 | $(59,149) |
Controlled collateral received (including TBA |  |  |
commitments)** | $— | $— | $—
Uncontrolled collateral received | $— | $— | $—
Collateral (pledged) (including TBA commitments)** | $— | $(231,977) | $(231,977)

* Excludes premiums, if any. Included in unrealized appreciation and depreciation on OTC swap contracts on the Statement of assets and liabilities.

** Included with Investments in securities on the Statement of assets and liabilities.

† Additional collateral may be required from certain brokers based on individual agreements.

# Covered by master netting agreement (Note 1).

## Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.

§ Includes current day’s variation margin only as reported on the Statement of assets and liabilities, which is not collateralized. Cumulative appreciation/(depreciation) for futures contracts is represented in the tables listed after the fund’s portfolio. Collateral pledged for initial margin on futures contracts, which is not included in the table above, amounted to $99,990.

Municipal Opportunities Trust 51

Shareholder meeting results (Unaudited)

April 24, 2020 annual meeting

At the meeting, a proposal to fix the number of Trustees at 11 was approved as follows:

Votes for | Votes against | Abstentions
28,765,375 | 654,564 | 556,671

At the meeting, each of the nominees for Trustees was elected as follows:

| Votes for | Votes withheld
Liaquat Ahamed | 28,740,941 | 1,235,678
Ravi Akhoury | 28,190,105 | 1,786,514
Barbara M. Baumann | 28,314,434 | 1,662,185
Catharine Bond Hill | 28,847,835 | 1,128,784
Paul L. Joskow | 28,052,185 | 1,924,434
Kenneth R. Leibler | 28,321,828 | 1,654,791
Robert L. Reynolds | 28,860,988 | 1,115,631
Manoj P. Singh | 28,266,830 | 1,709,789
Mona K. Sutphen | 28,880,547 | 1,096,072

A quorum was not present with respect to the matter of electing two Trustees to be voted on by the preferred shareholders voting as a separate class. As a result, in accordance with the fund’s Declaration of Trust and Bylaws, independent Trustee George Putnam III remains in office and continues to serve as Trustee, and Independent Trustee Robert E. Patterson remained in office and continued to serve as Trustee until June 30, 2020. Robert E. Patterson retired effective June 30, 2020, and the Board of Trustees appointed Katinka Domotorffy to fill the resulting vacancy.

All tabulations are rounded to the nearest whole number.

52 Municipal Opportunities Trust

Fund information

Founded over 80 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage funds across income, value, blend, growth, sustainable, asset allocation, absolute return, and global sector categories.

Investment Manager | Trustees | Michael J. Higgins
Putnam Investment | Kenneth R. Leibler, Chair | Vice President, Treasurer,
Management, LLC | Liaquat Ahamed | and Clerk
100 Federal Street | Ravi Akhoury |
Boston, Massachusetts 02110 | Barbara M. Baumann | Jonathan S. Horwitz
| Katinka Domotorffy | Executive Vice President,
Investment Sub-Advisor | Catharine Bond Hill | Principal Executive Officer,
Putnam Investments Limited | Paul L. Joskow | and Compliance Liaison
16 St James’s Street | George Putnam, III |
London, England SW1A 1ER | Robert L. Reynolds | Richard T. Kircher
| Manoj P. Singh | Vice President and BSA
Marketing Services | Mona K. Sutphen | Compliance Officer
Putnam Retail Management |  |
100 Federal Street | Officers | Susan G. Malloy
Boston, Massachusetts 02110 | Robert L. Reynolds | Vice President and
| President | Assistant Treasurer
Custodian |  |
State Street Bank | Robert T. Burns | Denere P. Poulack
and Trust Company | Vice President and | Assistant Vice President, Assistant
| Chief Legal Officer | Clerk, and Assistant Treasurer
Legal Counsel |  |
Ropes & Gray LLP | James F. Clark | Janet C. Smith
| Vice President, Chief Compliance | Vice President,
| Officer, and Chief Risk Officer | Principal Financial Officer,
|  | Principal Accounting Officer,
| Nancy E. Florek | and Assistant Treasurer
| Vice President, Director of |
| Proxy Voting and Corporate | Mark C. Trenchard
| Governance, Assistant Clerk, | Vice President
| and Assistant Treasurer |

Call 1-800-225-1581 Monday through Friday between 8:00 a.m. and 8:00 p.m. Eastern Time, or visit putnam.com anytime for up-to-date information about the fund’s NAV.

| 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

| Not Applicable

| Item 6. Schedule of Investments:

| The registrant's schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above.

| Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies:

| Not applicable

| Item 8. Portfolio Managers of Closed-End Management Investment Companies

| (a) Not applicable

| (b) There have been no changes to the list of the registrant's identified portfolio managers included in the registrant's report on Form N-CSR for the most recent completed fiscal year.

| Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers:

| Registrant Purchase of Equity Securities

|  |  |  |  | Maximum
|  |  |  | Total Number | Number (or
|  |  |  | of Shares | Approximate
|  |  |  | Purchased | Dollar Value)
|  |  |  | as Part | of Shares
|  |  |  | of Publicly | that May Yet Be
|  | Total Number | Average | Announced | Purchased
|  | of Shares | Price Paid | Plans or | under the Plans
| Period | Purchased | per Share | Programs* | or Programs**
| May 1 — May 31, 2020 | — | — | — | 3,221,581
| June 1 — June 30, 2020 | — | — | — | 3,221,581
| July 1 — July 31, 2020 | — | — | — | 3,221,581
| August 1 — August 31, 2020 | — | — | — | 3,221,581
| September 1 — September 30, 2020 | — | — | — | 3,221,581
| October 1 — October 31, 2020 | — | — | — | 3,410,969

* | In October 2005, the Board of Trustees of the Putnam Funds initiated the closed-end fund share repurchase program, which, as subsequently amended, authorized the fund to repurchase of up to 10% of its fund's outstanding common shares over the two-years ending October 5, 2007. The Trustees have subsequently renewed the program on an annual basis. The program renewed by the Board in September 2019, which was in effect between October 10, 2019 and September 30, 2020, allowed the fund to repurchase up to 3,432,012 of its shares. The program renewed by the Board in September 2020, which is in effect between October 1, 2020 and September 30, 2021, allows the fund to repurchase up to 3,410,969 of its shares. At Putnam Management's recommendation, the share repurchase program was temporarily suspended on March 24, 2020 and reinstated on July 1, 2020.

** | Information prior to October 1, 2020 is based on the total number of shares eligible for repurchase under the program, as amended through September 2019. Information from October 1, 2020 forward is based on the total number of shares eligible for repurchase under the program, as amended through September 2020.

| Item 10. Submission of Matters to a Vote of Security Holders:

| Not applicable

| Item 11. Controls and Procedures:

| (a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures as of a date within 180 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms.

| (b) Changes in internal control over financial reporting: Not applicable

| Item 12. Disclosures of Securities Lending Activities for Closed-End Investment Companies:

| Not Applicable

| Item 13. Exhibits:

| (a)(1) Not applicable

| (a)(2) Separate certifications for the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended, are filed herewith.

| (a)(3) 19(a) Notices to Beneficial Owners are filed herewith.

| (b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith.

| 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, thereunto duly authorized.

| Putnam Municipal Opportunities Trust

| By (Signature and Title):

| /s/ Janet C. Smith Janet C. Smith Principal Accounting Officer

| Date: December 28, 2020

| 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 (Signature and Title):

| /s/ Jonathan S. Horwitz Jonathan S. Horwitz Principal Executive Officer

| Date: December 28, 2020

| By (Signature and Title):

| /s/ Janet C. Smith Janet C. Smith Principal Financial Officer

| Date: December 28, 2020