Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 2

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 2
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ing the number of Trustees at 8. | All funds      |
| 1b.      | Electing Trustees.                  | All funds      |

As part of our effort to maintain a safe and healthy environment
at the annual meeting, each fund and the Trustees closely monitor statements issued by the Centers for Disease Control and Prevention
(cdc.gov). For that reason, the Trustees reserve the right to reconsider the date, time and/or means of convening your fund’s meeting.

| By Michael J. Higgins, Clerk, and by the Trustees |                    |
| Barbara M. Baumann, Chair                         |                    |
| Liaquat Ahamed                                    | George Putnam III  |
| Katinka Domotorffy                                | Robert L. Reynolds |
| Catharine Bond Hill                               | Manoj P. Singh     |
| Gregory G. McGreevey                              | Mona K. Sutphen    |
| Jennifer Williams Murphy                          | Jane E. Trust      |
| Marie Pillai                                      |                    |

In order for you to be represented at your fund’s annual shareholder meeting, we urge you to record your voting instructions over the internet or by telephone or to mark, sign, date, and mail the enclosed proxy card(s) in the postage-paid envelope provided.

March 25, 2025

| 7 |

Proxy Statement

This document gives you the information you need to vote on the proposals. Much of the information is required under rules of the Securities and Exchange Commission (the “SEC”); some of it is technical. If there is anything you don’t understand, please call toll-free 1-800-713-9960 or call your financial advisor.

| Proposal | Proposal Description                | Affected Funds |
| 1a.      | Fixing the number of Trustees at 8. | All funds      |
| 1b.      | Electing Trustees.                  | All funds      |

Who is asking for your vote?

The enclosed proxy is solicited by the current Trustees of Putnam
Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income
Trust (the “Putnam Funds Boards”) for use at each fund’s annual meeting of shareholders to be held on April 25, 2025
and, if your fund’s meeting is adjourned, or postponed, at any later sessions, for the purposes stated in the Notice of Annual Meeting
of Shareholders (see previous page). The Notice of Annual Meeting of Shareholders,