Putnam Municipal Opportunities Trust

Putnam Municipal Opportunities Trust (The Fund) is a diversified closed-end management investment company. The Fund focuses on achieving its objective by investing in a portfolio of investment-grade and investment-grade municipal bonds. The Fund also uses leverage, primarily by issuing preferred shares to enhance the returns for the common shareholders. In the normal course of business, the Fund enters into contracts that may include agreements to indemnify another party under given circumstances. The Fund has entered into contractual arrangements with an investment adviser, administrator, transfer agent and custodian, who each provide services to the Fund. The Fund invests in various sectors, such as transportation, healthcare, tax bonds, education, state debt, and local debt. The Fund’s investment manager is Putnam Investment Management, LLC.