M&A: PUTNAM MUNICIPAL OPPORTUNITIES TRUST

Form Type: N-CSRS

Filing Date: 2024-12-27

Corporate Action: Merger

Type: New

Accession Number: 000092881624002159

Comments: Putnam Municipal Opportunities Trust has submitted its semi-annual report for the six-month period ending October 31, 2024. The report includes a message from the Trustees, financial statements, and updates on the fund's performance and operations. A key highlight is the approval of a new Sub-Advisory Agreement between Franklin Advisers, Inc. and Franklin Templeton Investment Management Limited, which is part of a larger planned merger between Putnam Investments Limited and FTIML effective November 1, 2024. This merger is intended to enhance operational efficiencies and investment resources without materially changing the level or nature of sub-advisory services provided to the fund. The report also discusses the fund's managed distribution policy, which aims to provide consistent monthly distributions to shareholders. The Board of Trustees has indicated that the distribution rate is set at $0.035 per share. Furthermore, a share repurchase program allowing the fund to buy back up to 10% of its outstanding common shares over a one-year period, starting from October 1, 2024, was renewed. The report outlines the new management contracts and fee structures approved by the Trustees, ensuring that the fees remain reasonable and competitive in light of the investment services provided.

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