Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 1

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 1
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 and return
your proxy card today or, alternatively, to vote online or by telephone using the voting control number that appears on your proxy card.
Delaying your vote will

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increase fund expenses if further mailings are required. Your shares will
be voted on your behalf exactly as you have instructed. If you sign the proxy card without specifying your vote, your shares will be voted
in accordance with the Trustees’ recommendations.

Your vote is extremely important. If you have questions, please
call toll-free 1-800-713-9960 or contact your financial advisor.

We appreciate your participation and prompt response, and thank
you for investing in the Putnam funds.

March 25, 2025

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Table of Contents

| Notice of Annual Meeting of Shareholders                |  7 |
| Trustees’ Recommendations                               |  8 |
| The Proposals                                           |  9 |
| 1a. FIXING THE NUMBER OF TRUSTEES AT 8                  |  9 |
| 1b. ELECTING TRUSTEES                                   |  9 |
| Further Information About Voting and the Annual Meeting | 31 |
| Fund Information                                        | 36 |

PROXY CARD ENCLOSED

If you have any questions, please call toll-free 1-800-713-9960
or call your financial advisor.

Important Notice Regarding the Availability of Proxy Materials for the Annual Shareholder Meeting to be Held on April 25, 2025.

The proxy statement is available at https://vote.proxyonline.com/Putnam/docs/2025annual.pdf.

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Notice of Annual Meeting of Shareholders

To the Shareholders of:

PUTNAM MANAGED MUNICIPAL INCOME TRUST
PUTNAM MASTER INTERMEDIATE INCOME TRUST
PUTNAM MUNICIPAL OPPORTUNITIES TRUST
PUTNAM PREMIER INCOME TRUST

This is the formal agenda for your fund’s annual shareholder meeting. It tells you what proposals will be voted on and the time and place of the annual meeting.

The annual meeting of shareholders of your fund will be held on
April 25, 2025 at 11:00 a.m., Boston time, at the principal offices of the funds, 100 Federal Street, Boston, MA 02110, to consider
the following proposals:

| Proposal | Proposal Description                | Affected Funds |
| 1a.      | Fix