<SEC-DOCUMENT>0000928816-19-000381.txt : 20190227
<SEC-HEADER>0000928816-19-000381.hdr.sgml : 20190227
<ACCEPTANCE-DATETIME>20190227164512
ACCESSION NUMBER:		0000928816-19-000381
CONFORMED SUBMISSION TYPE:	40-APP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20190227
DATE AS OF CHANGE:		20190227

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:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-15005
		FILM NUMBER:		19638376

	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>40-APP
<SEQUENCE>1
<FILENAME>a_mot40app.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
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   <TD width="1%" noWrap align=center><FONT size=3 face=serif>PUTNAM MUNICIPAL OPPORTUNITIES TRUST</FONT>&nbsp;</TD></TR>

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   <TD width="1%" align=center><FONT size=3 face=serif>c/o Putnam Investment Management, LLC</FONT></TD></TR>

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   <TD width="1%" align=center><FONT size=3 face=serif>100 Federal Street</FONT></TD></TR>

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   <TD width="1%" align=center><FONT size=3 face=serif>Boston, Massachusetts 02110</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 75px" width="1%" noWrap align=center><FONT size=3 face=serif>February 27, 2019</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="100%" colSpan=4 noWrap align=left><FONT size=3 face=serif>Securities and Exchange Commission</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=4 noWrap align=left><FONT size=3 face=serif>100 F Street, N.E.</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=4 noWrap align=left><FONT size=3 face=serif>Washington, DC 20549</FONT>&nbsp;</TD></TR>

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   <TD width="3%" noWrap align=left><FONT size=3 face=serif>Attn: </FONT></TD>

   <TD width="97%" colSpan=3 noWrap align=left><FONT size=3 face=serif>Chief Accountant</FONT></TD></TR>

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   <TD width="97%" colSpan=3 noWrap align=left><FONT size=3 face=serif>Division of Investment Management</FONT></TD></TR>

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   <TD width="3%" noWrap align=left>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 6px" width="3%" noWrap align=left><FONT size=3 face=serif><FONT size=3 face=serif>Re:&nbsp;&nbsp; </FONT></FONT></TD>

   <TD width="32%" noWrap align=left><FONT size=3 face=serif>Putnam Municipal Opportunities Trust&#8212;File No. 811-07626</FONT>&nbsp;</TD>

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   <TD width="32%" noWrap align=left><FONT size=3 face=serif>Request pursuant to Rule 19b-1(e) under the</FONT>&nbsp;</TD>

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   <TD width="32%" noWrap align=left><U><FONT size=3 face=serif>Investment Company Act of 1940, as amended</FONT></U>&nbsp;</TD>

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   <TD width="93%" noWrap align=left><U><FONT size=3 face=serif>This request (including exhibits) consists of&nbsp;10 pages. The exhibit index is</FONT></U></TD></TR>

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   <TD width="93%" noWrap align=left><U><FONT size=3 face=serif>on page 6.</FONT></U></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><FONT size=3 face=serif>Ladies and Gentlemen:</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="3%" noWrap align=left><B><FONT size=3 face=serif>I.</FONT></B>&nbsp;</TD>

   <TD width="96%" noWrap align=left><B><FONT size=3 face=serif>INTRODUCTION</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif>Putnam Municipal Opportunities Trust, a Massachusetts business trust organized under</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>the laws of The Commonwealth of Massachusetts (the &#8220;Fund&#8221;), is filing this request pursuant</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>to Rule 19b-1(e) under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;).</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>The Fund, which is registered as a closed-end investment company under the 1940 Act,</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>primarily invests in municipal bonds issued by U.S. states or U.S. territories. The Fund is</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>taxed as a regulated investment company (&#8220;RIC&#8221;) under Subchapter M of the Internal</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>Revenue Code of 1986, as amended (the &#8220;Code&#8221;). The Fund&#8217;s inception date was May 28,</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>1993. The Fund has a fiscal and taxable year ending on April 30 of each year. The total net</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>asset value of the Fund as of April 30, 2018 was $481,133,807.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif>The Fund is advised by Putnam Investment Management, LLC (&#8220;Putnam Management&#8221;).</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>Putnam Management provides day-to-day management for the Fund&#8217;s portfolio.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif>The Fund, because of the circumstances beyond its control described below, proposes to</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>characterize as capital gain dividends within the meaning of section 852(b)(3)(C) of the Code</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=right><FONT size=3 face=serif>1 of&nbsp;10</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=left><FONT size=3 face=serif>certain distributions</FONT><SUP><FONT face=serif><FONT size=2>1</FONT> </FONT></SUP><FONT size=3 face=serif>(or portions thereof) made in respect of the excise period for the twelve</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>months ended October 31, 2018 (&#8220;Excise 2018&#8221;) on its series B preferred shares of beneficial</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>interest (the &#8220;Series B Preferred Shares&#8221;) and series C preferred shares of beneficial interest</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>(the &#8220;Series C Preferred Shares&#8221; and, together with the Series B Preferred Shares, the</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>&#8220;Preferred Shares&#8221;). The Fund declared a capital gain dividend allocable to its common</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>shares of beneficial interest (the &#8220;Common Shares&#8221;) with an ex-dividend date of December</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>20, 2018 to shareholders of record on December 21, 2018 in accordance both with Code</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>section 855 in respect of the fiscal year ending April 30, 2018 and Code section 4982 in</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>respect of Excise 2018 (the &#8220;Distribution&#8221;). The Fund paid the Distribution on January 2,</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>2019. The Distribution, coupled with the various distributions on the Preferred Shares that</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>are proposed to be characterized as capital gain dividends, would result in the Fund having</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>paid capital gain dividends in excess of the limits of Section 19(b) of the 1940 Act and Rule</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>19b-1 thereunder. The Fund must characterize as capital gain dividends certain of the prior</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>distributions to the Preferred Shares, along with the Distribution, to avoid the imposition of</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>income tax under Code section 852(b)(3) and to comply with Revenue Ruling 89-81, which</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>requires distributions of different types of income among different classes of shares to be</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>proportional in order for the designation of a distribution as a capital gain dividend to be</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>respected.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="3%" noWrap align=left><B><FONT size=3 face=serif>II.</FONT></B>&nbsp;</TD>

   <TD width="96%" noWrap align=left><B><FONT size=3 face=serif>THE FUND&#8217;S DISTRIBUTIONS</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>The facts and circumstances which required the Distribution and which require the <BR>characterization of certain distributions with respect to the Preferred Shares as capital <BR>gain dividends are as follows:</FONT></P>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif>1. The Fund has Common Shares and Preferred Shares outstanding. The Fund pays</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>dividends to holders of its Preferred Shares and normally distributes net capital gains (that is,</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>the excess, if any, of net long-term capital gains over net short-term capital losses) (as</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>&#8220;capital gain dividends&#8221;) to holders of Common Shares once a year, usually near the end of</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>the calendar year. Dividends on each class of Preferred Shares are declared and paid,</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>normally at 7-day intervals (a &#8220;rate period&#8221;), at a rate determined pursuant to an auction</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>conducted on the business day immediately prior to the start of the applicable rate period (the</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>&#8220;Remarketing Procedures&#8221;) or, if the remarketing agent is unable to remarket the Preferred</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>Shares pursuant to the Remarketing Procedures, at the maximum dividend rate (as defined in</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>the Fund&#8217;s By-Laws). Because of the failure to remarket the Preferred Shares, the maximum</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>dividend rate is currently the applicable rate.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif>2. In order to avoid a Fund-level tax, the Fund must distribute all net capital gains</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>realized with resect to each taxable year and with respect to each 12-month period ending on</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>October 31. As required by Revenue Ruling 89-81, the Fund allocates net capital gains</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>between its Common Shares and Preferred Shares </FONT><I><FONT size=3 face=serif>pro rata </FONT></I><FONT size=3 face=serif>based on the values of total</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>distributions made to the holders of Common Shares and Preferred Shares, respectively, for</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>the year in which such income is realized.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<IMG border=0 src="mot40appx2x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><SUP><FONT face=serif><FONT size=2>1</FONT> </FONT></SUP><FONT size=3 face=serif>See </FONT><U><FONT size=3 face=serif>Exhibit C</FONT></U><FONT size=3 face=serif> for additional detail regarding the distributions of capital gain dividends to the Preferred Shares.</FONT></P>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif>3. The Fund realized net capital gains of $7,236,042 during Excise 2018. Although the</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>Fund monitored the amount of net capital gains realized during Excise 2018, because of the</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>unpredictability of market movements and the need to wait until the end of the calendar year</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>before determining the final amount of net capital gains to be distributed and the appropriate</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>allocation, the Fund did not foresee that the amount of net capital gains realized during the</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>year would necessitate distributions of net capital gains on the Preferred Shares in excess of</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>the limits of Section 19(b) of the 1940 Act and Rule 19b-1 thereunder.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif>4. The portion of the Fund&#8217;s net capital gains realized during Excise 2018 that will be</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>allocated to the Series B Preferred Shares and Series C Preferred Shares is $551,847 and</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>$511,452, respectively, which will be allocated to the Preferred Shares through the</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>characterization of prior distributions to the holders of Preferred Shares. The Fund will</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>characterize prior distributions to the holders of Preferred Shares using the following</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>methodology: the net capital gains will be allocated equally to the minimum number of</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>distributions necessary to cover the net capital gains allocable to the Preferred Shares. Using</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>this methodology, 18 distributions with respect to each of Series B Preferred Shares and</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>Series C Preferred Shares (for a total of 36 distributions with respect to the Preferred Shares)</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>will be characterized as having consisted, in part, of capital gain dividends.</FONT><SUP><FONT size=2 face=serif>2</FONT></SUP>&nbsp;</TD></TR>

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   <P></P>

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   <P style="TEXT-ALIGN: left"><FONT size=3 face=serif>5. The portion of the Fund&#8217;s net capital gains for Excise 2018 that will be allocated to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD></TR>

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   <P>the Common Shares amounts to $6,172,743. In order to distribute these gains fully, the Fund</FONT></P></TD></TR>

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   <P>paid the Distribution on January 2, 2019.</FONT></P></TD></TR>

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   <P>&nbsp;</P></FONT></TD>

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   <P></P></TD></TR>

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   <P>&nbsp;</P></FONT></TD>

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   <P style="TEXT-ALIGN: left"><FONT size=3 face=serif>6. In light of the Distribution and the proposed characterizations of prior distributions to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>

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   <P>the Preferred Shares, a total of 18 distributions per class of Preferred Shares (36 distributions</FONT></P></TD></TR>

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   <P></P></FONT>

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   <P>&nbsp;in total) of net capital gains in respect of Excise 2018 will be needed to distribute the full</FONT></P></TD></TR>

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   <P></P></FONT>

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   <P>amount of net capital gains allocable to the Preferred Shares.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>III. REQUEST FOR RELIEF</FONT></B></FONT></P></TD></TR></TABLE></DIV>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif>For the foregoing reasons, the Fund requests authorization to characterize as capital gain</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>dividends the minimum number of distributions to holders of the Preferred Shares necessary</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>to distribute the full amount of net capital gains allocable to the Preferred Shares in respect of</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>Excise 2018. It should be recognized that, although Section 19(b) of the 1940 Act and Rule</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>19b-1 thereunder serve very important purposes, there are some situations where tax rules</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>mandated under the Code could require specific characterizations of the tax character of prior</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>distributions.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<DIV align=left>&nbsp;</DIV>
<IMG border=0 src="mot40appx3x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><SUP><FONT face=serif><FONT size=2>2</FONT> </FONT></SUP><FONT size=3 face=serif>See <U>Exhibit C</U> for additional detail regarding the distributions of capital gain dividends to the Preferred Shares.</FONT></P>

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   <TD noWrap align=right><FONT size=3 face=serif>Page 3 of 10</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif><FONT size=3 face=serif>Section 19(b) of the 1940 Act provides that:</FONT></FONT></TD></TR>

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   <TD style="TEXT-INDENT: 125px" width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>It shall be unlawful in contravention of such rules, regulations, or orders as</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 125px" width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>the Commission may prescribe </FONT><B><FONT size=3 face=serif>as necessary or appropriate in the public</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 125px" width="100%" colSpan=2 noWrap align=left><B><FONT size=3 face=serif>interest or for the protection of investors </FONT></B><FONT size=3 face=serif>for any registered investment </FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 125px" width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>company to distribute long-term capital gains, as defined in Title 26, more </FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 125px" width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>often than  once every twelve months (emphasis added).</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif>As a result, we believe that relief is justified under Rule 19b-1(e) under the 1940 Act. As</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>discussed above, a portion of 36 prior distributions to the Preferred Shares will be</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>characterized as capital gain dividends and the need to so characterize such distributions was</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>unforeseen when the distributions were made.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif>Further, as discussed above, a failure to properly report and treat the distributions as</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>capital gain dividends for tax purposes would result in taxation at the Fund level, potential</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>penalties to the Fund for incorrect Form 1099-DIV reports, and unfavorable tax treatment for</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>Fund shareholders. As a result, an application of Rule 19b-1(e) in the current situation would</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>be consistent with the goal of protecting investors under Section 19(b) of the 1940 Act.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif>Pursuant to Rule 19b-1(e) under the 1940 Act, this request will be deemed granted</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>unless the Commission, within 15 days after the filing of this request, denies the request as</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>not being necessary or appropriate in the public interest or for the protection of investors and</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>notifies the Fund in writing of such denial.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif>The undersigned officer of the Fund is authorized to file this request under Rule</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>19b-1(e) pursuant to the Fund&#8217;s By-Laws and resolutions approved by a majority of the</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>Board of Trustees of the Fund at a meeting held on February 21, 2019, attached hereto as</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><U><FONT size=3 face=serif>Exhibit B</FONT></U><FONT size=3 face=serif>.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif>The verification required by Rule 0-2 is attached hereto as </FONT><U><FONT size=3 face=serif>Exhibit A</FONT></U><FONT size=3 face=serif>.</FONT></TD></TR></TABLE></DIV>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif>If you have any questions regarding this request, please do not hesitate to contact Venice</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>Monagan, Esq. of Putnam Management at (617) 760-2577.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="97%" noWrap align=left><FONT size=3 face=serif>A copy of the Amended and Restated Agreement and Declaration of Trust, as amended,</FONT></TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>is given that this instrument is executed on behalf of the Fund by an officer of the Fund as an</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>officer and not individually and the obligations of or arising out of this instrument are not</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>binding upon any of the Trustees, officers or shareholders individually but are binding only</FONT>&nbsp;</TD></TR>

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   <TD width="100%" colSpan=2 noWrap align=left><FONT size=3 face=serif>upon the assets and property of the Fund.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="30%"></TD>

   <TD width="70%"></TD></TR>

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   <TD width="70%" noWrap align=left><FONT size=3 face=serif>Sincerely yours,</FONT>&nbsp;</TD></TR>

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   <TD width="70%">&nbsp;</TD></TR>

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   <TD width="70%">&nbsp;</TD></TR>

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   <TD width="70%" noWrap align=left><U><FONT size=3 face=serif>/s/ Jonathan S. Horwitz</FONT>&nbsp;</U></TD></TR>

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   <TD width="70%" noWrap align=left><FONT size=3 face=serif>Jonathan S. Horwitz</FONT>&nbsp;</TD></TR>

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   <TD width="70%" noWrap align=left><FONT size=3 face=serif>Executive Vice President and Principal Executive</FONT>&nbsp;</TD></TR>

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   <TD width="70%" noWrap align=left><FONT size=3 face=serif>Officer</FONT>&nbsp;</TD></TR>

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   <TD width="70%" noWrap align=left><FONT size=3 face=serif>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="3%" noWrap align=left><FONT size=3 face=serif>cc:</FONT>&nbsp;</TD>

   <TD width="96%" noWrap align=left><FONT size=3 face=serif>Venice Monagan, Esq., Counsel, Putnam Investment Management, LLC</FONT>&nbsp;</TD></TR>

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   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="96%" noWrap align=left><FONT size=3 face=serif>James E. Thomas, Esq., Ropes &amp; Gray LLP</FONT>&nbsp;</TD></TR>

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   <TD width="3%" noWrap align=left>&nbsp;</TD>

   <TD width="96%" noWrap align=left><FONT size=3 face=serif>Bryan Chegwidden, Esq., Ropes &amp; Gray LLP</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 30px" width="82%" noWrap align=left><B><FONT size=3 face=serif>Exhibits to Request</FONT></B>&nbsp;</TD></TR>

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   <TD width="97%" colSpan=2 noWrap align=left><FONT size=3 face=serif>The following materials are made a part of the request and are attached hereto:</FONT>&nbsp;</TD></TR>

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   <TD width="15%" noWrap align=left><B><FONT size=3 face=serif>&nbsp; </FONT></B></TD>

   <TD width="82%" noWrap align=left><B><U><FONT size=3 face=serif></FONT></U></B></TD></TR>

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   <TD width="15%" noWrap align=left><B><U><FONT size=3 face=serif>Designation</FONT></U></B>&nbsp;</TD>

   <TD width="82%" noWrap align=left><B><U><FONT size=3 face=serif>Document</FONT></U></B>&nbsp;</TD></TR>

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   <TD width="15%" noWrap align=left><FONT size=3 face=serif>Exhibit A</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=3 face=serif>Verifications</FONT>&nbsp;</TD></TR>

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   <TD width="15%" noWrap align=left><FONT size=3 face=serif>Exhibit B</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=3 face=serif>Resolutions of the Board of Trustees of Putnam</FONT>&nbsp;</TD></TR>

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   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=3 face=serif>Municipal Opportunities Trust</FONT>&nbsp;</TD></TR>

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   <TD width="82%" noWrap align=left><FONT size=3 face=serif></FONT></TD></TR>

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   <TD width="15%" noWrap align=left><FONT size=3 face=serif>Exhibit C</FONT>&nbsp;</TD>

   <TD width="82%" noWrap align=left><FONT size=3 face=serif>Dividend Distributions with respect to Preferred Shares</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Exhibit A</FONT></U></P>

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   <TD style="TEXT-INDENT: 75px" noWrap align=left><B><FONT size=3 face=serif>Verification of Putnam Municipal Opportunities Trust</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=left><FONT size=3 face=serif>The undersigned states that he has duly executed the attached request dated February 27,</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>2019 for and on behalf of Putnam Municipal Opportunities Trust (the &#8220;Fund&#8221;) in his capacity</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>as Executive Vice President and Principal Executive Officer of the Fund and that all actions</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>by the holders and other bodies necessary to authorize the undersigned to execute and file</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=3 face=serif>such instrument have been taken. The undersigned further states that he is familiar with such</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif>instrument, and the contents thereof, and that the facts therein set forth are true to the best of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=3 face=serif>his knowledge, information and belief.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="37%"></TD>

   <TD width="92%" colSpan=2></TD></TR>

<TR vAlign=bottom>

   <TD width="37%" noWrap align=left><FONT size=3 face=serif></FONT></TD>

   <TD width="92%" colSpan=2 noWrap align=left><U><FONT size=3 face=serif>/s/ Jonathan S. Horwitz</FONT>&nbsp;</U></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="37%" noWrap align=left><FONT size=3 face=serif></FONT></TD>

   <TD width="3%" noWrap align=left><FONT size=3 face=serif>Name:&nbsp;</FONT>&nbsp;</TD>

   <TD width="89%" noWrap align=left>Jonathan S. Horwitz</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="37%" noWrap align=left><FONT size=3 face=serif></FONT></TD>

   <TD width="3%" noWrap align=left><FONT size=3 face=serif>Title: </FONT></TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>Executive Vice President and Principal</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="37%" noWrap align=left><FONT size=3 face=serif></FONT></TD>

   <TD width="3%" noWrap align=left></TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>Executive Officer</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=3 face=serif>Page 7 of 10</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_8"></A><BR>

<a name="_bclPageBorder8"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><U><FONT size=3 face=serif>Exhibit B</FONT></U></P>

<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

   <TD width="10%"></TD>

   <TD width="89%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 40px" width="99%" colSpan=2 noWrap align=left><B><FONT size=3 face=serif>Votes of the Board of Trustees of Putnam Municipal Opportunities Trust</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=3 face=serif>VOTED:</FONT>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>That the officers and agents of Putnam Municipal Opportunities Trust (the</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>&#8220;Fund&#8221;) be, and they are, authorized and directed to file with the Securities</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>and Exchange Commission a request for authorization, pursuant to Rule 19b-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>1(e) under the 1940 Act, for the Fund to make one or more capital gain</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>distributions which would otherwise be prohibited by Rule 19b-1, and that</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>each of the officers and agents of the Fund, acting alone, is authorized,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>empowered, and directed on behalf of the Fund to cause to be prepared,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>executed and filed with the Securities and Exchange Commission any and all</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>amendments of and exhibits to the request, to be in such form as the officers</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>or agents of the Fund shall approve, such approval to be conclusively</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>evidenced by their filing thereof.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=3 face=serif>VOTED:</FONT>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>That each officer and agent of the Fund, acting with advice of counsel, be, and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>is, authorized and empowered to make such changes as may be necessary by</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>reason of any comment on such materials by the Securities and Exchange</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>Commission or for any other reason deemed appropriate by the officers or</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>agents of the Fund.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=3 face=serif>VOTED:</FONT>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>That each officer and agent of the Fund, acting alone, be, and is, authorized,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>empowered and directed to take any and all additional acts and to prepare,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>execute and deliver any and all other agreements, documents, instruments and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>certificates, as they, or any of them acting alone deems necessary, appropriate</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>or convenient to carry out the intent and purposes of the foregoing resolutions,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>such determination to be conclusively evidenced by the taking of such actions</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>and the preparation, execution and delivery of such agreements, documents,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" noWrap align=left><FONT size=3 face=serif>instruments and certificates.</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=3 face=serif>Page 8 of 10</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>





<P><A name="page_9"></A></P>

<P><U><FONT size=3 face=serif>Exhibit C</FONT></U></P>

<P><U></U>&nbsp;</P>

<P>&nbsp;</P>

<P></P>

<a name="_bclPageBorder9"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

   <TD width="12%"></TD>

   <TD width="22%"></TD>

   <TD width="22%"></TD>

   <TD width="44%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d0cece width="12%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d0cece width="88%" colSpan=3 noWrap align=center><B><FONT size=2 face=serif>Distributions with respect to</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d0cece width="12%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d0cece width="88%" colSpan=3 noWrap align=center><B><FONT size=2 face=serif>Series B Preferred Shares</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d0cece width="12%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d0cece width="88%" colSpan=3 noWrap align=center><B><FONT size=2 face=serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d0cece width="12%" noWrap align=left>&nbsp;</TD>

   <TD bgColor=#d0cece width="88%" colSpan=3 noWrap align=center><B><FONT size=2 face=serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d0cece width="12%" noWrap align=left>&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d0cece width="88%" colSpan=3 noWrap align=center><B><FONT size=2 face=serif>&nbsp;</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=center><B><FONT size=2 face=serif>#</FONT></B>&nbsp;</TD>

   <TD width="22%" noWrap align=right><B><FONT size=2 face=serif>Date Payable</FONT></B>&nbsp;</TD>

   <TD width="22%" noWrap align=right><B><FONT size=2 face=serif>Total Dividend</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=right><B><FONT size=2 face=serif>Portion Characterized as</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><B><FONT size=2 face=serif>Capital Gain Dividend</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>5/22/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$39,429.96</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.16</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>7/3/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$39,199.88</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>7/10/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$39,429.96</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>8/28/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$40,724.16</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>9/4/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$40,925.48</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>9/11/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$40,494.08</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>9/18/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$38,969.80</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>9/25/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$38,969.80</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>9</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>10/9/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$40,494.08</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>10</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>10/16/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$39,861.36</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>11</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>10/23/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$39,976.40</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>12</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>10/30/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$40,724.16</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>13</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>11/6/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$41,356.88</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>14</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>11/13/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$41,586.96</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>15</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>11/20/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$41,817.04</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>16</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>11/27/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$42,679.84</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>17</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>12/4/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$43,312.56</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>18</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>12/11/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$43,312.56</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$30,658.15</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=3 face=serif>Page 9 of 10</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<P></P>

<P>

<HR align=center SIZE=2 width="100%" noShade>



<P></P>

<A name="page_10"></A><BR>

<a name="_bclPageBorder10"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

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<TABLE style="WIDTH: 95%" cellSpacing=0 border=0>



<TR>

   <TD width="12%"></TD>

   <TD width="22%"></TD>

   <TD width="22%"></TD>

   <TD width="44%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d0cece width="100%" colSpan=4 align=center><B><FONT size=2 face=serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d0cece width="100%" colSpan=4 align=center><B><FONT size=2 face=serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d0cece width="100%" colSpan=4 align=center><B><FONT size=2 face=serif>Distributions with respect to</FONT></B></FONT></B></FONT></B><B><FONT size=2 face=serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d0cece width="100%" colSpan=4 align=center><B><FONT size=2 face=serif>Series C Preferred Shares</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d0cece width="56%" colSpan=3 align=center><B><FONT size=2 face=serif></FONT></B></TD>

   <TD bgColor=#d0cece width="44%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#d0cece width="56%" colSpan=3 align=center><B><FONT size=2 face=serif></FONT></B></TD>

   <TD bgColor=#d0cece width="44%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d0cece width="34%" colSpan=2 align=center><B><FONT size=2 face=serif>&nbsp;</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d0cece width="22%" align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#d0cece width="44%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=center><B><FONT size=2 face=serif>#</FONT></B>&nbsp;</TD>

   <TD width="22%" noWrap align=right><B><FONT size=2 face=serif>Date Payable</FONT></B>&nbsp;</TD>

   <TD width="22%" noWrap align=right><B><FONT size=2 face=serif>Total Dividend</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=right><B><FONT size=2 face=serif>Portion Characterized as</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><B><FONT size=2 face=serif>Capital Gain Dividend</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>1</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>7/6/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$36,620.10</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>2</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>7/13/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$36,620.10</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>8/24/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$37,822.95</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>4</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>8/31/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$38,010.06</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>9/7/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$37,609.11</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>6</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>9/14/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$36,192.42</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>7</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>9/21/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$36,192.42</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>8</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>10/5/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$37,609.11</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>9</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>10/12/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$37,021.05</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>10</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>10/19/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$37,127.97</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>11</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>10/26/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$37,822.95</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>12</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>11/2/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$38,411.01</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>13</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>11/9/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$38,624.85</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>14</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>11/16/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$38,838.69</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>15</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>11/23/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$39,640.59</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>16</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>11/30/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$39,640.59</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap align=center><FONT size=2 face=serif>17</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>12/7/2018</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="22%" noWrap align=right><FONT size=2 face=serif>$40,228.65</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="12%" noWrap align=center><FONT size=2 face=serif>18</FONT>&nbsp;</TD>

   <TD width="22%" noWrap align=right><FONT size=2 face=serif>12/14/2018</FONT>&nbsp;</TD>

   <TD width="22%" noWrap align=right><FONT size=2 face=serif>$40,228.65</FONT>&nbsp;</TD>

   <TD width="44%" noWrap align=right><FONT size=2 face=serif>$28,413.99</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=right><FONT size=3 face=serif>Page 10 of 10</FONT>&nbsp;</TD></TR></TABLE></DIV>

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