<SEC-DOCUMENT>0000869392-22-001329.txt : 20220706
<SEC-HEADER>0000869392-22-001329.hdr.sgml : 20220706
<ACCEPTANCE-DATETIME>20220706141828
ACCESSION NUMBER:		0000869392-22-001329
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220430
FILED AS OF DATE:		20220706
DATE AS OF CHANGE:		20220706
EFFECTIVENESS DATE:		20220706

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		IRS NUMBER:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		221068281

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0404</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0000900422</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      <flags>
        <returnCopyFlag>false</returnCopyFlag>
        <confirmingCopyFlag>false</confirmingCopyFlag>
      </flags>
      <investmentCompanyType>N-2</investmentCompanyType>
    </filerInfo>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2022-04-30" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>Putnam Municipal Opportunities Trust</registrantFullName>
      <investmentCompFileNo>811-07626</investmentCompFileNo>
      <registrantCik>0000900422</registrantCik>
      <registrantLei>549300M74BR4G95PSL96</registrantLei>
      <registrantstreet1>100 FEDERAL STREET</registrantstreet1>
      <registrantcity>BOSTON</registrantcity>
      <registrantzipCode>02110</registrantzipCode>
      <registrantstate>US-MA</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>1-800-225-1581</registrantphoneNumber>
      <websites>
        <website webpage="WWW.PUTNAM.COM"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>Putnam Investment Management, LLC</officeName>
          <officeAddress1>100 FEDERAL STREET</officeAddress1>
          <officeCity>BOSTON</officeCity>
          <officeStateCountry officeState="US-MA" officeCountry="US"/>
          <officeRecordsZipCode>02110</officeRecordsZipCode>
          <officePhone>1-800-225-1581</officePhone>
          <booksRecordsDesc>Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Higgins Michael J.</officeName>
          <officeAddress1>100 FEDERAL STREET</officeAddress1>
          <officeCity>BOSTON</officeCity>
          <officeStateCountry officeState="US-MA" officeCountry="US"/>
          <officeRecordsZipCode>02110</officeRecordsZipCode>
          <officePhone>1-800-225-1581</officePhone>
          <booksRecordsDesc>Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Putnam Retail Management Limited Partnership</officeName>
          <officeAddress1>100 FEDERAL STREET</officeAddress1>
          <officeCity>BOSTON</officeCity>
          <officeStateCountry officeState="US-MA" officeCountry="US"/>
          <officeRecordsZipCode>02110</officeRecordsZipCode>
          <officePhone>1-800-225-1581</officePhone>
          <booksRecordsDesc>Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>State Street Bank and Trust Company</officeName>
          <officeAddress1>225 FRANKLIN STREET</officeAddress1>
          <officeCity>BOSTON</officeCity>
          <officeStateCountry officeState="US-MA" officeCountry="US"/>
          <officeRecordsZipCode>02110</officeRecordsZipCode>
          <officePhone>1-617-786-3000</officePhone>
          <booksRecordsDesc>Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>State Street Bank and Trust Company</officeName>
          <officeAddress1>2 AVENUE DE LAFAYETTE</officeAddress1>
          <officeCity>BOSTON</officeCity>
          <officeStateCountry officeState="US-MA" officeCountry="US"/>
          <officeRecordsZipCode>02111</officeRecordsZipCode>
          <officePhone>1-617-786-3000</officePhone>
          <booksRecordsDesc>Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder</booksRecordsDesc>
        </locationBooksRecord>
        <locationBooksRecord>
          <officeName>Putnam Investor Services, Inc.</officeName>
          <officeAddress1>100 FEDERAL STREET</officeAddress1>
          <officeCity>BOSTON</officeCity>
          <officeStateCountry officeState="US-MA" officeCountry="US"/>
          <officeRecordsZipCode>02110</officeRecordsZipCode>
          <officePhone>1-800-225-1581</officePhone>
          <booksRecordsDesc>Records include accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the Rules promulgated thereunder</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <registrantFamilyInvComp isRegistrantFamilyInvComp="Y" familyInvCompFullName="Putnam Family of Funds"/>
      <registrantClassificationType>N-2</registrantClassificationType>
      <totalSeries>1</totalSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Sutphen Mona K</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Ahamed Liaquat</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Akhoury Ravi</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Baumann Barbara M</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Domotorffy Katinka</directorName>
          <crdNumber>004506390</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Hill Catharine Bond</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Joskow Paul L</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Leibler Kenneth R</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Putnam, III George</directorName>
          <crdNumber>004355835</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Reynolds Robert L</directorName>
          <crdNumber>002009065</crdNumber>
          <isDirectorInterestedPerson>Y</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Singh Manoj P</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>Clark James F</ccoName>
          <crdNumber>N/A</crdNumber>
          <ccoStreet1>100 FEDERAL STREET</ccoStreet1>
          <ccoCity>BOSTON</ccoCity>
          <ccoStateCountry ccoState="US-MA" ccoCountry="US"/>
          <ccoZipCode>02110</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>N</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <securityMatterSeriesInfo isRegistrantSubmittedMatter="Y">
        <seriesInfo seriesName="Putnam Municipal Opportunities Trust" seriesId="N/A"/>
      </securityMatterSeriesInfo>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <releaseNumbers isExemptionFromAct="Y">
        <releaseNumberInfo releaseNumber="IC-20851"/>
      </releaseNumbers>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>PricewaterhouseCoopers LLP</publicAccountantName>
          <pcaobNumber>238</pcaobNumber>
          <publicAccountantLei>5493002GVO7EO8RNNS37</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantState="US-MA" publicAccountantCountry="US"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Putnam Municipal Opportunities Trust</mgmtInvFundName>
        <mgmtInvLei>549300M74BR4G95PSL96</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <fundType>N/A</fundType>
        <isNonDiversifiedCompany>Y</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>0.00</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>0.00</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 23c-1 (17 CFR 270.23c-1)</relyOnRuleType>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
          <relyOnRuleType>Rule 17a-6 (17 CFR 270.17a-6)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-4 (17 CFR 270.12d1-4)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Putnam Investment Management, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-7974</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000106629</investmentAdviserCrdNo>
            <investmentAdviserLei>N/A</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <subAdvisers>
          <subAdviser>
            <subAdviserName>Putnam Investments Limited</subAdviserName>
            <subAdviserFileNo>801-61441</subAdviserFileNo>
            <subAdviserCrdNo>000122254</subAdviserCrdNo>
            <subAdviserLei>N/A</subAdviserLei>
            <isSubAdviserAffiliated>Y</isSubAdviserAffiliated>
            <subAdviserCountry>GB</subAdviserCountry>
            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Putnam Investor Services, Inc.</transferAgentName>
            <transferAgentFileNo>84-06331</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-MA" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>Y</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services (Muni)</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Reuters</pricingServiceName>
            <pricingServiceLei>549300561UZND4C7B569</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>PDVENDOR</pricingServiceName>
            <pricingServiceLei>549300WIC0TOJ7N7GD54</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>ICE Data Services (Corp)</pricingServiceName>
            <pricingServiceLei>5493000NQ9LYLDBCTL34</pricingServiceLei>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>State Street Bank and Trust Company</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
            <otherCustodianDesc>N</otherCustodianDesc>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Putnam Investor Services, Inc.</shareholderServiceAgentName>
            <shareholderServiceAgentLei>N/A</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>Y</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>CITI - CITIBANK, N.A.</brokerName>
            <brokerFileNo>8-8177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>E57ODZWZ7FF32TWEFA76</brokerLei>
            <brokerStateCountry brokerState="US-FL" brokerCountry="US"/>
            <grossCommission>4279.5</grossCommission>
          </broker>
          <broker>
            <brokerName>MSCO - MORGAN STANLEY &amp; CO. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>2701.48</grossCommission>
          </broker>
          <broker>
            <brokerName>JPMS - J.P. MORGAN SECURITIES, LLC.</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>828</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>7808.98</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>CITG - CITIGROUP GLOBAL MARKETS, INC./SALOMON BROTHERS</principalName>
            <principalFileNo>8-8177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>101488840.3</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JPMS - J.P. MORGAN SECURITIES, LLC.</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>46719312.79</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BCAP - BARCLAYS CAPITAL, INC.</principalName>
            <principalFileNo>8-41342</principalFileNo>
            <principalCrdNo>000019714</principalCrdNo>
            <principalLei>AC28XWWI3WIBK2824319</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>43039873.2</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>RAJA - RAYMOND JAMES &amp; ASSOCIATES, INC.</principalName>
            <principalFileNo>8-10999</principalFileNo>
            <principalCrdNo>000000705</principalCrdNo>
            <principalLei>U4ONQX15J3RO8XCKE979</principalLei>
            <principalStateCountry principalState="US-FL" principalCountry="US"/>
            <principalTotalPurchaseSale>26647428.7</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MSCO - MORGAN STANLEY &amp; CO. LLC</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>26018005.5</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MLCO - BofA Securities, Inc.</principalName>
            <principalFileNo>8-7221</principalFileNo>
            <principalCrdNo>000007691</principalCrdNo>
            <principalLei>549300HN4UKV1E2R3U73</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>25057969.83</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JANY - JANNEY MONTGOMERY SCOTT L.L.C.</principalName>
            <principalFileNo>8-462</principalFileNo>
            <principalCrdNo>000000463</principalCrdNo>
            <principalLei>549300QQRY1JCFQHYS08</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>22900561.4</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>GSCO - GOLDMAN SACHS &amp; CO LLC</principalName>
            <principalFileNo>8-129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>22805069.87</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>PIPR - PIPER JAFFRAY &amp; CO.</principalName>
            <principalFileNo>8-15204</principalFileNo>
            <principalCrdNo>000000665</principalCrdNo>
            <principalLei>549300GRQCWQ3XGH0H10</principalLei>
            <principalStateCountry principalState="US-MN" principalCountry="US"/>
            <principalTotalPurchaseSale>15515227.35</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BCZC - ZIEGLER CAPITAL MARKETS</principalName>
            <principalFileNo>8-94</principalFileNo>
            <principalCrdNo>000000061</principalCrdNo>
            <principalLei>N/A</principalLei>
            <principalStateCountry principalState="US-WI" principalCountry="US"/>
            <principalTotalPurchaseSale>13769121.5</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>422507065.55</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>463256576.00</mnthlyAvgNetAssets>
        <dailyAvgNetAssets>0.00</dailyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>COMMON STOCK</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="ARCD" commonStockTickerSymbol="PMO"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Preferred stock</description>
          <securityClassTitle>PREFERRED STOCK</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="ARCD" commonStockTickerSymbol="PMO"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Warrants</description>
          <securityClassTitle>WARRANTS</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="N/A"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Convertible securities</description>
          <securityClassTitle>CONVERTABLE SECURITIES</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="N/A"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Bonds</description>
          <securityClassTitle>BONDS</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="N/A"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Other</description>
          <securityClassTitle>OTHER</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="N/A" commonStockTickerSymbol="N/A"/>
          </commonStocks>
          <otherSecurityDescription>N/A</otherSecurityDescription>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <repurchaseSecurities isRepurchaseSecurity="Y">
        <repurchaseSecurityType>Common stock</repurchaseSecurityType>
        <otherRepurchaseSecurityDesc>N/A</otherRepurchaseSecurityDesc>
      </repurchaseSecurities>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.550</managementFee>
      <netOperatingExpenses>0.99</netOperatingExpenses>
      <marketPricePerShare>10.69</marketPricePerShare>
      <netAssetValuePerShare>11.63</netAssetValuePerShare>
    </closedEndManagementInvestment>
    <attachmentsTab>
      <isLegalProceedings>false</isLegalProceedings>
      <isProvisionFinancialSupport>false</isProvisionFinancialSupport>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
      <isChangeAccPrinciples>false</isChangeAccPrinciples>
      <isInfoRequiredEO>false</isInfoRequiredEO>
      <isOtherInfoRequired>false</isOtherInfoRequired>
    </attachmentsTab>
    <signature registrantSignedName="Putnam Municipal Opportunities Trust" signedDate="2022-07-06" signature="Janet C. Smith" title="Principal Financial Officer"/>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>G.1.a.iii582.txt
<DESCRIPTION>INFORMATION ABOUT THE REGISTRANT
<TEXT>


Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Putnam Municipal
Opportunities Trust

In planning and performing our audit of the financial statements
of Putnam Municipal Opportunities Trust (the Fund) as of and for
the year ended April 30, 2022, in accordance with the standards
of the Public Company Accounting Oversight Board (United States)
(PCAOB), we considered the Funds internal control over financial
reporting, including controls over safeguarding securities, as a
basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply
with the requirements of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds internal
control over financial reporting.  Accordingly, we do not
express an opinion on the effectiveness of the Funds internal
control over financial reporting.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls.  A companys internal control over
financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.  A
companys internal control over financial reporting includes
those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a companys
assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on
a timely basis.  A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the companys annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control over financial reporting that might be material
weaknesses under standards established by the PCAOB.  However,
we noted no deficiencies in the Funds internal control over
financial reporting and its operation, including controls over
safeguarding securities, that we consider to be material
weaknesses as defined above as of April 30, 2022.









This report is intended solely for the information and use of
the Board of Trustees of Putnam Municipal Opportunities Trust
and the Securities and Exchange Commission and is not intended
to be and should not be used by anyone other than these
specified parties.

PricewaterhouseCoopers LLP
Boston, Massachusetts
June 14, 2022




1 of 1
1 of 1

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500,
Boston, MA 02210
T (617)530 5000, F (617) 530 5001, www.pwc.com/us

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
