Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Karpus Management, Inc.
 2. Date of Event Requiring Statement (Month/Day/Year)
07/02/2009		 3. Issuer Name and Ticker or Trading Symbol
PUTNAM MUNICIPAL OPPORTUNITIES TRUST [PMO]
(Last)
(First)
(Middle)
183 SULLY'S TRAIL		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

PITTSFORD, NY 14534		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Putnam Municipal Opportunities Trust ("PMO") 54,900
I
See Footnote (1)
Putnam Municipal Opportunities Trust ("PMO") 132,682 (2)
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Karpus Management, Inc.
183 SULLY'S TRAIL
PITTSFORD, NY 14534		     X    

Signatures

Cody Bartlett Jr., CFA, Managing Director of Investments 07/10/2009
**Signature of Reporting Person Date
George W. Karpus, President and CEO 07/10/2009
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Karpus Management Inc., d/b/a Karpus Investment Management ("KIM") is an investment adviser registered under section 203 of the Investment Adviser Act of 1940 (15 U.S.C. 80b-3). KIM does not own or have a direct pecuniary interest in any PMO shares. Instead, PMO shares are owned by KIM's clients in separate customer accounts (the "Accounts") managed by KIM in the ordinary course of KIM's business under limited powers of attonery. All funds that have been utilized in purchasing PMO shares are from such Accounts. By reasons of contractual relationship with one of KIM's clients regarding the contigent payment of certain performance related fees, KIM may be deemed to have a pecuniary interest in some or all 54,900 PMO shares owned by the client pursant to SEC 16a-1(2)(ii)(C).
(2) George W. Karpus, the President and CEO of KIM, owns 132,682 PMO shares.
 
Remarks:
Both KIM and Mr. Karpus disclaim any benefical ownership (as that term is defined in SEC Rule 16a-1(2)) of PMO shares except to the extent of their pecuniary interest, if any, therein. This filing shall not be an admission by KIM and Mr. Karpus that they are subject to reporting under Section 16(a) and the filers disclaim any such obligation.

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