<SEC-DOCUMENT>0000928816-10-000047.txt : 20110329
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ACCESSION NUMBER:		0000928816-10-000047
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100125

FILER:

	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:		CORRESP

	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
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     <TD colSpan=3 noWrap align=center><FONT face=serif>[Putnam Investments Letterhead]</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center>&nbsp;<FONT face=serif>January 25, 2010</FONT>&nbsp;</TD>
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<P style="TEXT-ALIGN: left"><B><U><FONT face=serif>BY EDGAR</FONT></U></B><BR>
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<FONT face=serif>U.S. Securities and Exchange Commission</FONT><BR>
<FONT face=serif>Division of Investment Management</FONT><BR>
<FONT face=serif>100 F Street, NE</FONT><BR>
<FONT face=serif>Washington, DC 20549</FONT><BR>
<FONT face=serif>Attention: Linda Stirling, Esq.</FONT><BR>
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<FONT face=serif>Dear Ms. Stirling:</FONT></P>
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     <TD style="TEXT-INDENT: 0px" noWrap align=left><FONT face=serif>Re:</FONT>&nbsp;</TD>
     <TD noWrap align=left><U><FONT face=serif>Preliminary Proxy Statement for Putnam Municipal Opportunities Trust</FONT></U>&nbsp;</TD></TR>
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     <TD noWrap align=left><U><FONT face=serif>(Investment Company Act File No. 811-07626) (the &#147;Fund&#148;)</FONT></U>&nbsp;</TD></TR></TABLE><BR>
<P style="TEXT-ALIGN: left"><FONT face=serif>This letter responds to your comments that you provided telephonically to me on behalf of the Staff of the U.S. Securities and Exchange Commission (the &#147;Commission Staff&#148;) on January 21, 2010 regarding the Fund&#146;s preliminary proxy statement filed with the Commission on January 14, 2010 (the &#147;Proxy Statement&#148;).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>For convenience of reference, I have summarized the Commission Staff&#146;s comments before the response by the Fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>1. </FONT><U><FONT face=serif>Comment</FONT></U><FONT face=serif>: Please provide the &#147;number of votes to which each class is entitled&#148; disclosure required by the following Item 6(a) of Schedule 14A: &#147;As to each class of voting securities of the registrant entitled to be voted at the meeting (or by written consents or authorizations if no meeting is held), state the number of shares outstanding and the number of votes to which each class is entitled."</FONT></P>
<P style="TEXT-ALIGN: left"><U><FONT face=serif>Response</FONT></U><FONT face=serif>: Page 5 of the Proxy Statement, under the question &#147;Who is eligible to vote?&#148;, states, &#147;Shareholders of record at the close of business on January 11, 2010 (the &#145;Record Date&#146;) are entitled to be present and to vote at the meeting or any adjourned meeting. </FONT><I><FONT face=serif>Each share is entitled to one vote</FONT></I><FONT face=serif>&#148; (italics added for emphasis). In addition, the Proxy Statement has been modified to state in the voting requirement sections for Proposal 1 and Proposal 2 that &#147;[e]ach preferred shareholder and each common shareholder will be entitled to one vote for each share held.&#148;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>2. </FONT><U><FONT face=serif>Comment</FONT></U><FONT face=serif>: Please provide the name and address of the Fund&#146;s administrator and principal underwriter pursuant to Item 22(a)(3)(i).</FONT></P>
<P style="TEXT-ALIGN: left"><U><FONT face=serif>Response</FONT></U><FONT face=serif>: The Fund&#146;s investment manager, Putnam Investment Management, </FONT><FONT face=serif>LLC, also provides administrative services to the Fund. The name and address of the</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT face=serif>Fund&#146;s investment manager and administrator is provided on page 39 of the Proxy Statement, in the section entitled &#147;Fund Information&#151;Putnam Investments.&#148;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>As an exchange-listed closed-end fund that has completed its offering of securities, the Fund does not have a principal underwriter.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>3. </FONT><U><FONT face=serif>Comment</FONT></U><FONT face=serif>: On page 29 of the Proxy Statement, under the question &#147;What costs would likely be associated with converting your fund to open-end status?&#148;, it is stated: &#147;Before your fund could convert to an open-end fund, it would need to redeem all of its outstanding preferred shares. This would require liquidating a significant amount of the fund&#146;s portfolio securities, which as of December 31, 2009 constituted roughly 26% of the fund&#146;s total assets.&#148; Consider revising the second sentence, which seems to indicate implausibly that the fund&#146;s portfolio securities constitute less than 100% of the fund&#146;s total assets.</FONT></P>
<P style="TEXT-ALIGN: left"><U><FONT face=serif>Response</FONT></U><FONT face=serif>: The two sentences have been modified as follows: &#147;Before your fund could convert to an open-end fund, it would need to redeem all of its outstanding preferred shares, which as of December 31, 2009 represented roughly 26% of the fund&#146;s total assets. This would require liquidating a significant amount of the fund&#146;s portfolio securities.&#148;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>I believe that this letter addresses the Commission Staff&#146;s comments. Should you have any further questions, please do not hesitate to call me at (617) 760-1224. Thank you for your assistance.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=serif>Very truly yours,</FONT><BR>
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<FONT face=serif>/s/ Carlo N. Forcione</FONT><BR>
<U><FONT face=serif>________________________</FONT></U><BR>
<FONT face=serif>Carlo N. Forcione</FONT><BR>
<FONT face=serif>Vice President and Counsel</FONT><BR>
<FONT face=serif>Putnam Investments</FONT></P>
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     <TD style="TEXT-INDENT: 0px" noWrap align=left><FONT face=serif>cc:</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=serif>George B. Raine, Esq., Ropes &amp; Gray LLP</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=serif>Philip W. Romohr, Esq., Ropes &amp; Gray LLP</FONT>&nbsp;</TD></TR></TABLE><BR>
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