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| PUTNAM MUNICIPAL OPPORTUNITIES TRUST | |
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ACT NOW TO PROTECT YOUR INVESTMENT FROM RAIDERS
March 2011
Dear Shareholder:
We are writing to urge you, as a shareholder of Putnam Municipal Opportunities Trust, to vote today in favor of retaining the current Board of Trustees and the investment manager, Putnam.
Defend your fund from a self-serving raid by Karpus Investment Management.
• Karpus is an opportunist with a history of preying on closed-end funds, forcing changes that reap quick profits for itself at the expense of other shareholders.
• Last year, you and other shareholders wisely defeated Karpus in its efforts to open-end your fund. You recognized that Karpus would have profited at your expense.
• This year Karpus again seeks control of your fund with a disruptive plan to install new, less experienced Trustees, who would terminate the management contract with Putnam.
Re-elect the current Trustees and keep Putnam as investment manager.
• The current Trustees are experienced fiduciaries who carefully oversee fund management.
• Putnam is a highly qualified investment manager. In Putnam’s hands, your fund has outperformed its Lipper peer group average at market price over the 1-, 3-, and 5-year periods ended December 31, 2010.
We appreciate your prompt attention to this matter. If you have questions, please call a customer service representative at 1-800-780-7316 or contact your financial advisor.
