<SEC-DOCUMENT>0000928816-11-000658.txt : 20110511
<SEC-HEADER>0000928816-11-000658.hdr.sgml : 20110511
<ACCEPTANCE-DATETIME>20110511170719
ACCESSION NUMBER:		0000928816-11-000658
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20110511
DATE AS OF CHANGE:		20110511
EFFECTIVENESS DATE:		20110511

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		11832701

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>a_pmodefa14a.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
<TEXT>

<HTML>
<HEAD>
   <TITLE>a_pmodefa14a.htm</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<!--$$/page=-->
<A name="page_1"></A><BR>
<a name="_bclPageBorder1"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="5%"></TD>
     <TD width="47%"></TD>
     <TD width="47%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=center><FONT size=2 face=serif>SCHEDULE 14A INFORMATION</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=serif></FONT></TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=center><FONT size=2 face=serif>PROXY STATEMENT PURSUANT TO SECTION 14(a)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=center><FONT size=2 face=serif>OF THE SECURITIES EXCHANGE ACT OF 1934</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=center><FONT size=2 face=serif>Filed by the Registrant / X /</FONT></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=center><FONT size=2 face=serif></FONT></TD>
     <TD noWrap align=center></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=center><FONT size=2 face=serif>Filed by a party other than the Registrant&nbsp;</FONT>&nbsp;&nbsp;&nbsp; <FONT size=2 face=serif>/&nbsp; /</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=2 face=serif>Check the appropriate box</FONT></B><FONT size=2 face=serif>:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><B><FONT size=2 face=serif></FONT></B></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>/&nbsp; / </FONT></TD>
     <TD noWrap align=left><FONT size=2>Preliminary Proxy Statement</FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><FONT size=2 face=serif></FONT></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>/&nbsp; /</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Confidential, for Use of the Commission Only (as permitted by Rule</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>14a-6(e) (2))</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>/&nbsp; /</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Definitive Proxy Statement</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=serif>&nbsp;</FONT></TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>/ X /</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Definitive Additional Materials</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>/&nbsp; /</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face=serif>Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=3>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=2 face=serif>PUTNAM MUNICIPAL OPPORTUNITIES TRUST</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD colSpan=2 noWrap align=center><B><FONT size=2 face=serif>&nbsp;</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=serif>(Name of Registrant as Specified In Its Charter)</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=serif>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=serif>(Name of Person(s) Filing Proxy Statement,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=2 face=serif>if other than Registrant)</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>

<!--$$/page=-->
<A name="page_2"></A><BR>
<a name="_bclPageBorder2"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="5%"></TD>
     <TD width="95%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT size=2 face=serif>Payment of Filing Fee (Check the appropriate box):</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><B><FONT size=2 face=serif>&nbsp;</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>/ X /</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>No fee required</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=serif>&nbsp;</FONT></TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>/&nbsp;&nbsp;/</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Fee computed on table below per Exchange Act Rule 14a 6(i)(1) and 0-11</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=serif>&nbsp;</FONT></TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>(1) Title of each class of securities to which transaction applies:</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=center><FONT size=2 face=serif></FONT></TD>
     <TD align=left><FONT size=2>(2) Aggregate number of securities to which transaction applies:</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD align=center><FONT size=2 face=serif>&nbsp;</FONT></TD>
     <TD align=left><FONT size=2>&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>(3) Per unit price or other underlying value of transaction</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>computed pursuant to Exchange Act Rule 0-11 (set forth the</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>amount on which the filing fee is calculated and state how it</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>was determined):</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>(4) Proposed maximum aggregate value of transaction:</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>(5) Total fee paid:</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>/&nbsp; /</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Fee paid previously with preliminary materials.</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=2 face=serif>&nbsp;</FONT></TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>/&nbsp; /</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Check box if any part of the fee is offset as provided by Exchange Act Rule</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>0-11(a)(2) and identify the filing for which the offsetting fee was paid</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>previously. Identify the previous filing by registration statement</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>number, or the Form or Schedule and the date of its filing.</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>(1) Amount Previously Paid:</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>(2) Form, Schedule or Registration Statement No.:</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>(3) Filing Party:</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>(4) Date Filed:</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>






















<!--$$/page=-->
<A name="page_1"></A><BR>
<a name="_bclPageBorder1"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="18%"></TD>
     <TD width="19%"></TD>
     <TD width="20%"></TD>
     <TD width="19%"></TD>
     <TD width="20%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>William T. Connolly, Jr., CFA</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif>&nbsp;</FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Head of Global Distribution</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Putnam Investments</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><FONT size=1 face=sans-serif>&nbsp;</FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>President</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=sans-serif>Putnam Retail Management, LP</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<IMG border=0 src="pmoconnollyltrx1x1.jpg">
<BR>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>May 2011</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Dear Investment Colleague:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>I am writing out of concern for your clients who are shareholders of Putnam Municipal Opportunities Trust (PMO). As you may know, Karpus Management, Inc. (Karpus), a dissident institutional investor who specializes in closed-end fund arbitrage, is once again engaging in a proxy contest to seek to obtain control of PMO, this time in connection with PMO&#146;s annual shareholder meeting scheduled for May 25, 2011.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>As a brief update, in March PMO shareholders received a proxy statement from the Trustees of the Putnam Funds asking them to vote &#147;FOR&#148; the current Trustees and to vote &#147;AGAINST&#148; two proposals submitted by Karpus. Karpus proposes (i) that shareholders terminate PMO&#146;s management contract with Putnam Investments and (ii) that the Trustees consider taking all steps to cause PMO to redeem all preferred shares at par and to utilize alternate sources of leverage. Subsequently, your clients may have received a proxy statement directly from Karpus asking them to elect a dissident slate of Trustee-nominees and to vote in favor of Karpus&#146;s proposals.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>I believe you should encourage your clients to vote to re-elect the current Trustees and to vote against Karpus&#146;s proposals. Let me share a few observations based on my years of working with the Board of Trustees of the Putnam Funds: </FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149;</FONT><FONT size=2 face=serif>First, you can be assured that the current Trustees are fiercely independent from Putnam Investments and loyal to the fund shareholders they represent.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149;</FONT><FONT size=2 face=serif>Second, the current Trustees are extraordinarily well-qualified to oversee PMO and the interests of your clients. They are highly accomplished business and investment professionals with extensive leadership and deep governance experience in the mutual fund industry.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149;</FONT><FONT size=2 face=serif>Third, the current Trustees have a proven track record of promoting the long-term interests of all shareholders and of considering matters relating to PMO&#146;s closed-end structure, PMO&#146;s management contract with Putnam, and PMO shareholders&#146; liquidity interests. The Trustees consider these matters under a fiduciary framework of acting in the best interests of PMO&#146;s common shareholders. Moreover, Putnam actively monitors the marketplace for alternative financing solutions that would result in additional liquidity for preferred shareholders and regularly reports to PMO&#146;s Trustees on these matters.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>I also believe it is important to note that your clients&#146; investment has a solid performance record as a closed-end fund. In Putnam&#146;s hands, PMO at net asset value has outperformed its Lipper peer group average over the 1-, 5-, and 10-year periods ended March 31, 2011. In addition, PMO, with its leveraged, closed-end structure, has significantly outperformed a comparable Putnam open-end fund (Putnam Tax Exempt Income Fund) over recent periods.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>By contrast, Karpus&#146;s interests are not aligned with those of other common shareholders who consciously selected PMO in order to benefit from its leveraged, closed-end structure over the longer term. Karpus is promoting a specific agenda for PMO, including a possible open-ending, which would undo the benefits of its closed-end structure. Karpus&#146;s agenda can harm other shareholders by imposing significant transaction costs and a higher operating expense ratio, and may ultimately lead to the dissolution of your clients&#146; fund.</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><I><FONT size=2 face=serif>(over, please)</FONT></I>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT size=1 face=sans-serif>267491 5/11</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>

<!--$$/page=-->
<A name="page_2"></A><BR>
<a name="_bclPageBorder2"></a><DIV style="PADDING-LEFT: 0%; WIDTH: 100%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>In short, if Karpus wins, your clients will likely lose the benefits of this investment as it is currently constituted.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>You may recall that one year ago, Karpus made a similar effort, pushing proposals to open-end this fund and elect its own dissident slate of Trustee-nominees. Your clients wisely defeated Karpus and protected their investment.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>As the May 25 shareholder meeting is rapidly approaching, I urge you to contact your clients and ask them to vote only PMO&#146;s white card (&#147;FOR&#148; the current Trustees and &#147;AGAINST&#148; the shareholder proposals), and to discard any green dissident card from Karpus. If your clients have returned a green card to Karpus, they can revoke such votes by voting with PMO&#146;s white card, as only the last vote submitted counts.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>I understand that a &#147;proxy contest&#148; can create anxiety and confusion, and obviously has resulted in several mailings and phone calls from PMO and Karpus. Please accept my thanks for the patient attention that you and your clients have demonstrated throughout this process.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>If you have any questions, or would like additional information, please contact Putnam at 1-800-354-4000. Your clients may obtain additional information about voting by contacting PMO&#146;s proxy solicitor at 1-800-780-7316.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Sincerely,</FONT></P>
<IMG border=0 src="pmoconnollyltrx2x1.jpg">
<BR>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=1 face=sans-serif>FOR DEALER USE ONLY &#151; Not for public distribution.</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR align=center SIZE=2 width="100%" noShade>




</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>pmoconnollyltrx2x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pmoconnollyltrx2x1.jpg
M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP.
M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@`
M3P#@`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D*
M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!
M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#
M`0`"$0,1`#\`]`HHHH`**P8FU+6&ENK2^^R01R-'"@B#"3:<%FSZG(Q[5=TF
M^FN?M%O=HJ75JX239]U@1D,/8B@#1HILA81L8U#.`=H)P"?K6=+?7=MH]S=7
MMO'#+$C%5CDWAN..WKQ0!<2\M7N6MDN(FG3[T8<;A^%3US5U8+I>B6=X4'VN
MTD2::0?>;<?WF3WSN-:FJW5PABL[`*;N?.&;E8E'5S^?`[F@#1HK$M?M.FZU
M#9SWDMS!=0LR--C<)%QD#'8@YQ[5MT`%%%%`!69?ZJT-R+.QMFN[PC)0-M6,
M>K-V^E3ZK?+IVG371&XHOR+_`'F/`'XG%0:3:C3--:6\D7SY,S7,K'`W'KSZ
M#I0`U8==?#/=V,1_N)`SC\RPIT%_<P7:6NI0HC2'$4\6?+D/H0>5/L>M:0(8
M`@@@\@CO69XD>--$N"_^LP/)QU\S/R8]\XH`U**9#O\`)3S<>9M&['3/>GT`
M%4+S5K>TG\C9-/-MW-'!&7*KZG'2K]8WAL>?#=ZB<%KRX=E/?8IVJ/T/YT`:
M=K=07D"S6T@DC;N/Y'T/M4U<U?W$FDWVH16:CS;M(Y8EQP)&;8>/R-27NCC3
MM.FO+.ZN%O((S*TC2LPE(&3N4G'-`'0T5'!()K>.4='4-^8J2@`HHHH`****
M`*-SK&GVEV+6YNXXIB`=KG'!]^E5=0\2:?:0.8)TNI]I*10'>3@9YQT%:DT$
M5PA2>))$/574$?K5.]M((=*O%MK>*,F!QA$`S\I]*`*_A3:?#EF5_B4L?J6.
M?UHT@BYU75+U#F,R+`A'1M@Y/OR2/PK(\+VTVH>#C;1W+0L)6"LOIUVGO@Y/
M3FMC2M1A1UTR:V%A<H/DA_@<>J'N/UH`UZR]=<".S@(R)[N)"/8'=_[+6I6-
MJX$FMZ+&>GFR/^*H2*`)_$0W>'[\9Q^X<_I4>D.9KVZ=CEHXX8N?]S=_[/2^
M)BQT66&,X>X9(%_X$P'\B:73"$U3581U62-A]#&H'_H)H`;KJ;9=-N@/FANT
M4G_9?Y3_`#%:U9NL9D>PMU&3)=(Q]E3YR?\`QT?G6E0`4444`8VL_O\`5=(L
MR?E:9IV'KL7(_4C\JUW570HX#*PP0>A%8]TI;Q?8G&0MM(?IR!_6MJ@#%_L:
M]M?DTS57MX/X898A*%]@3R![5-9Z,([E;N]NI;VY7[K28"I_NJ.!6I10`444
M4`%9/A=D;P]:%!@;2/QW'/ZUK5C>&/W=I=V_`^SW<J8]!NR/YT`5-<VKXIT5
MN2<N'Y[9&W]36WJ48ETR[C)P'A=2?3*FN=U+-Q:WFM8)2*6+[/[QQN"6'U)/
MX`5MZY/Y&B7<@&XF(JH'=FX'ZD4`/T9MVBV#'J;>,_\`CHJ[5>Q@^RV%O;D@
MF*)4X]@!5B@`HHHH`****`"D(!!!&0>M+4<Q802%!EPIVCU.*`.?\")LT)P#
ME?M#X/J.!_2MG4=.@U*W\J<$,IW1R+PT;=B#6'X:EN])TB*VO]-N8U3+>:@#
MC!.>5'S#KZ5K#7=*(YU"W4]P\@4C\#S0`W1KJXD^T6=ZRO=6CA6=1CS%(RK8
M[9_F*@\1$VYL-0Q\EK<`R'^ZC`J3^HJ@;B:]U&_O](A>59(%MHY5.U6?DE^>
MR],U/;^(;"32(892US=-$$>V"EW=L8((]SZT`6[UC>:Y96L;9CM\W,V/IA!^
M9)_"B(BV\43JW'VRW1T)[LA((_(@UF:7IFM:*K36Z070G4&2W=RK1XZ*K'.0
M!QS4NHZ7K&MHIG:WL#$&,8C8N^2,8+<8&.N*`+NGS-J.L7-VI!M;<&W@(_B;
M@NWY@#\*V*P+'6;'3(DL+Z(:;+$N`C9*,/56[_CS4G]L#4KV&WTDM+&D@:XG
M"_(JCJN3U)XZ4`;=%%%`&-JF;?7]*N?X7+V[?\"&1^JULUG:]9R7NER+!_Q\
M1D2Q'_:4Y'Y]/QJ?3;Z/4;"&ZBZ.O*_W3W!^AH`@UN[EM;2-;=@D]Q,D$;D9
M"%CUQWP,UEZDUQX:M!=Q7,]XLCE95N'S\Q!VL/3D`$>E;&JV']HVJQK*8I8Y
M%EBDQG:ZG@X[U0DT>[U3(UJXB:)00D-L"%R01N)/)(SQV%`"PMJ.G7UNE]="
M[@NCLW",+Y4F,C&.JG!%4K@7<FF7&MK<S+-%(TD46\^7Y2MC:5Z'(!-;UY9"
M[2W5I&'DRI+G'+%331IT(TIM.#/Y)B,6<_-@C'7UYH`S)HSK.KW$0NIH$M(H
MVB\I\?.X)W'UP`!CW-8EK'J&]9;Z]$=IJ$GDW,D*@,'7*X)_AW8QD5T\^D$M
M#)9W<MK-'&(C(JJV]!T!!&,^_O4L.E6L>FM8NIFB?)D,G)<DY)/OF@"2YLHI
MM,EL54)$\1B`'11C`K`TNZGUJ6SM98V2/3P&N]PQNE7A5_3=5_\`L[5[>,06
M>J(80,*;B'<Z#V(//XTD7AN&!%,%Y=P3$8EEB<`RG.<L"",Y)H`=9WQGUK5[
M(SG,00QKG[H*<X_'^=0^&=5GN;>"WOCNF>$2Q2_\]5Z'_@0/!_.IG\-6?DH+
M=YH+A"2+E'_>,3UW'OFL[42%CM-,T16N+ZPP1*",1`#!#'H=PXQ0!OW^HVFG
M0^9=S*@/W5ZLQ]`.IK/6ZUC4QFS@73[<]);E=TA]PG0?C2:!96LT$6J.[75Y
M*OS32]4/=0.BX.1Q6Y0!G6=C>V\ZO+JDMS'@[XY(E&3Z@CI^M:-%%`!1110`
M5#+:V\SAY;>)W'1F0$BIJ*`$``&!P*0(H8L%`8]3CFG44`%%%%`#71)!AU5A
MZ$9H5510J*%4=`!@4ZB@`HHHH`*QIM,N[.ZENM'DA3SCNEMI@=C-_>!'0ULT
M4`8PU355^630I#)V,<Z%3^/:E\O6[T`2R0:=$>HB_>R?3)X'Y&MBB@"O9VD5
ME!Y46X@G<S.VYF/<D]S5BBB@`HHHH`*0G`R>E+6)>%]9OI-.AE:.S@_X^G0X
M9V/2,'L/7\J`(I+VZUZ9[?2I3;V2';+>`<N?[J?X_P"3KV%A;Z=;+!:QA$'4
M]V/J3W-2P016T"0P(L<:#"JHP`*DH`QK`?8M?O;(`^7<*+N/T!SM<?G@_C6S
M6-JA,.OZ1..CM)"WXKD?J*V:`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`*P?#<\,$<UG/)LU`S/)-')P6)/4>HQCI6]5:
M\L+6^CV74"2`="1ROT/4?A0!9HK,%IJ%FH%G=K<1CI%=9)_!QS^8-0RZS=P/
MY<VD2[\<;)D(/XDC^5`"ZR=VJ:-&`"3<,V.^`AY_6MBL?3K*[FOVU/4U6.;9
3Y<$"-N$2]\GN36Q0`4444`?_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>pmoconnollyltrx1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pmoconnollyltrx1x1.jpg
M_]C_X``02D9)1@`!`0'_____``#_[@`.061O8F4`9``````!_]L`0P`0"PP.
M#`H0#@T.$A$0$Q@H&A@6%A@Q(R4=*#HS/3PY,S@W0$A<3D!$5T4W.%!M45=?
M8F=H9SY-<7EP9'A<96=C_]L`0P$1$A(8%1@O&AHO8T(X0F-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C_\``$0@`
M/0"P`P$B``(1`0,1`?_$`!\```$%`0$!`0$!```````````!`@,$!08'"`D*
M"__$`+40``(!`P,"!`,%!00$```!?0$"`P`$$042(3%!!A-180<B<10R@9&A
M""-"L<$54M'P)#-B<H()"A87&!D:)28G*"DJ-#4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>H
MJ:JRL[2UMK>XN;K"P\3%QL?(R<K2T]35UM?8V=KAXN/DY>;GZ.GJ\?+S]/7V
M]_CY^O_$`!\!``,!`0$!`0$!`0$````````!`@,$!08'"`D*"__$`+41``(!
M`@0$`P0'!00$``$"=P`!`@,1!`4A,08205$'87$3(C*!"!1"D:&QP0DC,U+P
M%6)RT0H6)#3A)?$7&!D:)B<H*2HU-C<X.3I#1$5&1TA)2E-455976%E:8V1E
M9F=H:6IS='5V=WAY>H*#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6V
MM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN+CY.7FY^CIZO+S]/7V]_CY^O_:``P#
M`0`"$0,1`#\`]`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`&LP52S'`%5GGD?[GR+[CFB[?YTCR<=3[TJX6(L`"W7D=JM*R
MN9MW=BJYE`_US_\`?1IJ:C+"V)?WB?D14[S,(-^%QNQC;[57NP);+>54./FX
M&.,XK3?=&3NM4S4CD26,/&P96Z$55U+5;+2D1[Z;RED)"G8S9/X`U1T.XQ/)
M;DC##>O/?O\`Y]JQ_B/_`,>=E_UT;^0K*4>5V-H2YE<U_P#A,-"_Y_O_`""_
M_P`36C8ZE9:@I:SN8YL=0IY'U'45Y]X;\+IKEA-.;IH720H`$W#H#GK[UEH]
MQH.MG8W[VUE*G:>&`/(^A%26>P45Q^L^,Y=-U2>T2S218R,,7()R`?3WK;UK
M5GTS1?MZQ+(WR_(3@<T`:4LB0Q-)*X1$&69C@`>M5[;5+"[E\JVO()I,9VHX
M)Q7-0>(I-=T/6%DMUA\FV)&ULYR#_A7(:'JS:-?_`&M(A*=A7:3CK0!Z_17*
M:GXMEL-/TZY6T1S=QERI<C;C'^-9\WQ`D^RIY%F@N#G=O)*KZ>YH`[NBN6\,
M^+3J]W]CNX4BG*DHR'Y6QU&#T/>HM>\8S:7J4ME'9*3'CYW<_-D9Z#ZT`==1
M7"6WQ!D\T?:K%/+/4Q,<C\^M;VN>(ET[2;:_M8UN(YV`7)QP03_2@#=HKA6^
M(,GV5MMBHN"V!EB5`]3W/TIVG>/L[AJ5LHPI*M!GD^F"?US0!W%%>?-\0+W[
M1E+.W$.?NDMN_/./TKM=)U&+5=/BO(00KCE3U4CJ*`(KY]MVHZ?(/YFI_+R0
M=Z[-F#S4>IV[2Q"2(9=.PZD5CQS*7`=B%SR16\5S+0YY2Y9:FDV/L!^88\W&
M>U2/;99F,L8B,6SKVQU_.H#>:?\`9C`6?;USCG/K6)=2H)&$;%DSP2.33C%R
M=B)3C%79;TA2^L)M^8(&)/MC']:I_$?_`(\[+_KHW\A6[H5@UM"T\RXEEZ`]
M57_/]*SO&^EWNIVUJEE`961V+`,!@8]S456G+0UH)J%WU.-TB^URVM9(]*\_
MR6?+>5#O^;`[X..,5H:%X5O[^^2XU&)XH`V]S-]Z0YSC!YY]373>"M.N],TR
M>*]A,3M,6`)!R-H';Z5T=9&QY3XP_P"1GO?]Y?\`T$5UWB^1#X/0AE(?R]IS
MU[\5G>+_``Q>W6I-?6$7G+*!O0$`J0,9Y[<"LE?"FNS61:2)L1G$<+2`DYZX
M&<`4`2>%_P#D"^(/^O8?R:HO!-O!=:[Y=S#',GE,=LBAAGCL:W/"GA^]M[74
M[?4(&@6ZB$:G<#V8'H?>L%O#&O6=T?(MY-RG"RQ2`9'L<T#-7XB1QPG38XD5
M$57"JHP`/EZ"K'AC1]/NO"LLT]K')+)OR[#+#'3![4SQ%H>J7NG:1'%;M++!
M"5F^<<-A>Y//0UM>&K"YLO#7V6YB,<WS_)D'KG'2@1PW@_\`Y&>R^K?^@FMB
M]\527>KE-*TVVED9O+622/<\GIZ8%1^&_#FJV>NVT]U9LD*%MS;U.,J1V/O4
M$OAG6])U02Z?$THC8F*5"#Q[@]\4#*7B7[<;F%]1T^&SF92,Q#`<>O4U=U!B
MWP_TS)SBY8#_`,?I^K:'XFU-XKF\B\Z0K@(K*/+'IC..:NW>A:G)X.L;)+4F
MYCG9W3<O`^;G.<=Q0`G@32[&]L;N2[MHYFWA`77.!CMZ=:YBRMHY-=@M7&8F
MN5C(]06Q7>^"=-O-,L;B.]A,3O+N4$@Y&/:N=LO#>KQZ_;W+V;"%;I9"V]>%
M#YSU]*`)O'VGVEBUBUI;QP>8'#"-0H.-N/YFMSP%_P`BZ/\`KLW]*A\<Z3?:
MI]A^PVYF\OS-^&`QG;CJ?8U?\(6-SIVBB"[B,4OF,=I(/!QZ4"-RJ-YI<%T2
MXS%(<_,O<^XJ]133:U0G%25F89\/,?\`E\_\A_\`UZM66BVUJZR'=+*,$,_0
M'V%:5%6ZLVK7,U1IIWL%<UXHNKB#6=!CAGEC26XQ(J.0'&Y."!UZG\ZZ6JEW
MIMI>SVT]S%ODMFWQ'<1M.0>QYZ#K69J9GB^^O;'3K=]/DV327*Q]`=V0W'/N
M!5?P[KESJVLW*2AHDCA7,+`?)(#AO>M^ZL[>\5%N8A((W$B@]F'0_K21V5M%
M=R74<*K/*,.XZM]:`.9UG6;_`$K4+ZTWM(UPB-8_*/E).".GN3SZ"M?5YKK3
M_#,THG)NHHAF7`Y;C)QTJ]<6-K<SPSSPH\L!S&QZJ?\`(J2YMXKJ!X)T#Q.,
M,I[T`8GAFYO;EF>[ENW!C!`FB15R>X*]?QJGXIU#4K34!Y%R\-JD(<^0J.X;
M/5E)SC]*WK'1]/T^8RV=JD,A7:67/3KC]!1>Z/IU_*);NTBED`QN(YQ0`JE[
M_28VMKMXVEC5EG"#/8YP>.?ZUE^%);^[AENKR_>=0[Q",HH`P1\V0/\`.:WX
MT6.-8XU"HHPJ@8`'I45K:06<1CMHQ&A8L0/4]30!S.KZUJECX@N([6,W%NL:
M*(L#Y7<?*?7K_.M+PE>7=[I!EOI#),)60D@#IVXK56U@2YDN5C`FD`5W[D#I
M26MI!9Q&.VC$:%BQ`]3U-`'*Z=J&IW>KS(US=^3'>-&-D49C"@]"3S6EXNOK
MZQM+0Z<^V:6X6,#`.[(/'/OBKO\`8&E?:OM/V*/SM_F;^<[LYS^=6[FTM[OR
M_M$0D\IQ(F?X6'0T`8'AK6KG5M6OA+NCBC1,0L`/+;&&'KU!ZTFIMJ:>)+2R
MAU62.*\$C8$2'R]H)P,CGI6_%96T-U+<Q0JDTV/,<=6QZTLEG;RW45T\0:>$
M$1N>JYX-`&7XGGO[>PA^P2A':4*Y!4.5P?NAN":=X7OFOM++27$L\L<C(YEC
H",#Z$"M"]L+34(Q'>6Z3*#D!AT/M2V=E;6,/DVD*0QYSM4=_6@#_V3\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
