<SEC-DOCUMENT>0000928816-11-000668.txt : 20110517
<SEC-HEADER>0000928816-11-000668.hdr.sgml : 20110517
<ACCEPTANCE-DATETIME>20110517172746
ACCESSION NUMBER:		0000928816-11-000668
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20110517
DATE AS OF CHANGE:		20110517
EFFECTIVENESS DATE:		20110517

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:		11852635

	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>
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<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>a_sc14ainfo.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
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     <TD noWrap align=center><FONT size=2 face=serif>OF THE SECURITIES EXCHANGE ACT OF 1934</FONT>&nbsp;</TD>
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     <TD noWrap align=center><FONT size=2 face=serif>Filed by a party other than the Registrant</FONT>&nbsp; <FONT size=2>/&nbsp;&nbsp; /</FONT>&nbsp;</TD>
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     <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>
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     <TD noWrap align=left><FONT size=2>Preliminary Proxy Statement</FONT>&nbsp;&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=serif>Confidential, for Use of the Commission Only (as permitted by Rule</FONT>&nbsp;</TD>
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     <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>
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     <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>
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     <TD noWrap align=center><B><FONT size=2 face=serif>PUTNAM MUNICIPAL OPPORTUNITIES TRUST</FONT></B>&nbsp;</TD>
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     <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>
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     <TD align=left><FONT size=2>(2) Aggregate number of securities to which transaction applies:</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=serif>computed pursuant to Exchange Act Rule 0-11 (set forth the</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=serif>(4) Proposed maximum aggregate value of transaction:</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=serif>/&nbsp;&nbsp;&nbsp;&nbsp;/</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=serif>Fee paid previously with preliminary materials.</FONT>&nbsp;</TD>
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     <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>
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     <TD noWrap align=left><FONT size=2 face=serif>previously. Identify the previous filing by registration statement</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=serif>number, or the Form or Schedule and the date of its filing.</FONT>&nbsp;</TD>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>AN INDEPENDENT PROXY ADVISOR RECOMMENDS VOTING YOUR FUND&#146;S WHITE CARD.</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>VOTE NOW TO PROTECT YOUR INVESTMENT FROM THE KARPUS RAID.</FONT></B></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>May 16, 2011</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Dear Shareholder:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>As the May 25th annual meeting of Putnam Municipal Opportunities Trust (PMO) rapidly approaches, only YOU can prevent Karpus Management, Inc. (Karpus), a closed-end fund raider, from taking over your fund. PMO shareholders registered a powerful rejection of Karpus and an endorsement of your fund&#146;s Trustees and Putnam in 2010.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>We are confident you will vote similarly this year when you consider these questions:</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=serif>What does Karpus want to do with my fund?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Karpus wants to dismantle your fund&#146;s structure for its own profit and at your expense.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=serif>What would Karpus&#146;s dismantling of my fund mean for me?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>It could cost you money! Karpus&#146;s agenda of merging, open-ending, or liquidating your fund would undo a closed-end fund structure that has served you well, and could impose significant transaction costs and a higher operating expense ratio on you.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=serif>Why is Karpus pursuing this self-serving agenda?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Karpus invested significantly in PMO in an effort to exploit a possible merger. Karpus&#146;s strategy was foiled by 2008&#150;2009&#146;s unprecedented market conditions, which prompted the Trustees to cancel the merger in the best interest of shareholders. Karpus then decided to &#147;double down&#148; on its failed strategy by buying more shares in an effort to force a merger, an open-ending, or another kind of liquidity event from your fund&#146;s Trustees, or to take over your fund by proxy contest.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=serif>How will I benefit from voting with the WHITE card for the Trustees and Putnam?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149;</FONT><FONT size=2 face=serif>As a common shareholder, you continue to benefit from PMO&#146;s leveraged, closed-end structure, and during 2010&#150;2011 you have enjoyed the ability to sell your shares in the market at prices close to net asset value.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149;</FONT><FONT size=2 face=serif>You can have continued confidence in Putnam&#146;s fixed-income expertise. Putnam ranked in the top quartile of the </FONT><I><FONT size=2 face=serif>Barron&#146;s</FONT></I><FONT size=2 face=serif>/Lipper survey of mutual fund families for investment performance in 2010. Putnam ranked #1 in the same survey for 2009.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#149;</FONT><FONT size=2 face=serif>Your fund&#146;s Trustees are fiercely loyal to Putnam fund shareholders. They have a demonstrated record of independence and of actively seeking to promote the interests of all shareholders. They can be trusted to continue to consider your fund&#146;s closed-end structure in a manner that serves your interests. Your fund&#146;s 11 independent Trustees are fellow shareholders in PMO.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=serif>Vote today with the WHITE card to protect your fund (and your wallet) from the Karpus raid!<BR>
</FONT></B><FONT size=2 face=serif>If you have given a green proxy to Karpus, you can revoke it by voting with PMO&#146;s WHITE card. Only your last vote counts.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>For questions about voting, please call 1-800-780-7316. Thank you for your patience and for your attention to these matters over recent weeks.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=serif>Sincerely,</FONT></P>
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