Fund Description: Franklin Municipal Opportunities Trust formerly, Putnam Municipal Opportunities Trust is a non-diversified, closed-end management investment company, better known as a closed-end fund or a closed-end ETF. <p> INVESTMENT OBJECTIVE: <p> The fund's investment objective is to seek a high level of current income exempt from federal income tax and consistent with the preservation of capital. <p> FUND STRATEGY: The fund intends to achieve its objective by investing in a portfolio of investment grade municipal bonds that the fund's manager believes to be consistent with preservation of capital. <p> FUND MANAGEMENT: The Fund's manager is Putnam Investment Management, LLC, an indirect wholly owned subsidiary of Putnam, LLC.