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<SEC-DOCUMENT>0001048703-10-000078.txt : 20100331
<SEC-HEADER>0001048703-10-000078.hdr.sgml : 20100331
<ACCEPTANCE-DATETIME>20100331163115
ACCESSION NUMBER:		0001048703-10-000078
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100331
DATE AS OF CHANGE:		20100331
EFFECTIVENESS DATE:		20100331

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		IRS NUMBER:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		10719537

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Karpus Management, Inc.
		CENTRAL INDEX KEY:			0001048703
		IRS NUMBER:				161290550
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		183 SULLY'S TRAIL
		CITY:			PITTSFORD
		STATE:			NY
		ZIP:			14534
		BUSINESS PHONE:		5855864680

	MAIL ADDRESS:	
		STREET 1:		183 SULLY'S TRAIL
		CITY:			PITTSFORD
		STATE:			NY
		ZIP:			14534

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KARPUS MANAGEMENT INC
		DATE OF NAME CHANGE:	19971029
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<font size=4><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font><br>
<font size=3>Washington, D.C. 20549</p></font>

<font size=4>SCHEDULE 14A</p></font></b>

<font size=2>Proxy Statement Pursuant to Section 14(a) of the Securities<br>
Exchange Act of 1934 (Amendment No. _____)</font></p></center>

<pre><FONT FACE="Times New Roman" SIZE="2"><hr>
Filed by the Registrant [     ] <br>
Filed by a Party other than the Registrant [  X  ]<br>
<hr>
Check the appropriate box:</p>
[      ]         Preliminary Proxy Statement<br>
[      ]          <b>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</b><br>
[      ]         Definitive Proxy Statement<br>
[  X ]          Defininitive Additional Materials<br>
[      ]          Soliciting Material Pursuant to &#167 240.14a-12<br>
</pre></font><hr>

<FONT FACE="Times New Roman" SIZE="2">
<center></p>Putnam Municipal Opportunities Trust ("PMO")<br>
<hr>
<b>(Name of Registrant as Specified In Its Charter)</b></p>
</center>

<FONT FACE="Times New Roman" SIZE="2">
<center>
Karpus Management, Inc., d/b/a Karpus Investment Management<br>
<hr>
<b>(Name of Person(s) Filing Proxy statement, if other than the Registrant)</b></p>
</center>

<pre><FONT FACE="Times New Roman" SIZE="2">
Payment of Filing Fee (Check the appropriate box):<br>
[  X ]          No fee required.<br>
[      ]          Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.<br></pre></font>
<hr>

<ul>1) Title of Each class of securities to which transaction applies:</p>
<br></ul><hr>
<ul>2) Aggregate number of securities to which transaction applies:</p>
<br></ul><hr>
<ul>3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</p>
<br></ul><hr>
<ul>4) Proposed maximum aggregate value of transaction:</p>
<br></ul><hr>
<ul>5) Total fee paid:</p>
<br></ul><hr><p style=' page-break-before:always'>


<p style=' page-break-before:always'>

<center><b>EXPLANATORY NOTE</b></center></p>

         Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus") is filing materials contained in this Schedule 14A with the U.S. Securities and Exchange Commission relating to the definitive proxy statement and accompanying GREEN proxy cards filed with the U.S. Securities and Exchange Commission on March 8, 2010 and to be used in connection with the Annual Meeting of shareholders of the Putnam Municipal Opportunities Trust ("PMO" or the "Fund") scheduled to be held on April 8, 2010 (the "Annual Meeting") to solicit votes in support of the election of Karpus' slate of director nominees and FOR Karpus' shareholder proposal that the Trustees promptly consider converting the Fund to an open-end format.  Karpus strongly urges shareholders to read its definitive proxy statement because it contains important information.
</p>
         ITEM 1. On March 31, 2010, Karpus issued the  following  press release:</p>

<center><b>FOR IMMEDIATE RELEASE</b></p>

<b><u>Karpus Investment Management Announces ISS Recommendation that Preferred Shareholders Vote For All Karpus Nominees and For Karpus' Shareholder Proposal on Green Card</u></center></p>

Pittsford, New York, March 31, 2010 - </b>Karpus Investment Management ("Karpus"), a shareholder of Putnam Municipal Opportunities Trust (NYSE: PMO), announces that Institutional Shareholder Services Inc. ("ISS"), a leading provider of voting advisory services to institutional investors world-wide, recommends that its preferred shareholder clients vote on the GREEN proxy card FOR Karpus' slate of nominees and FOR Karpus' proposal to convert PMO to an open-end format.</p>

In making its recommendation, ISS noted:  "On matters where interests of ARPS and common holders may diverge, such as open-end conversions, ISS provides separate recommendations for each class of stock. The implementation of Karpus' proposal would require PMO to redeem all ARPS at par value. While open-ending may not be beneficial for common holders at this time, the same does not hold true for ARPS holders. Faced with the liquidity challenges due to the collapse of the auction rate preferred market, and declining dividend rates, we believe that the advantages to the fund's ARPS holders associated with converting the fund to an open-end fund, justify replacing the current board with Karpus' nominees.  As such, supporting Karpus' nominees and a vote FOR Karpus' proposal to convert the fund to an open-end fund is warranted for ARPS holders."</p>

<center>###<br>
<b>END OF RELEASE</b></center></p>

Karpus Investment Management is an independent, fee-based Registered Investment Advisory firm with offices at 183 Sully's Trail, Pittsford, New York 14534.</p>


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