Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 0

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 0
---
 fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify |
|        | the filing for which the offsetting fee was paid previously. Identify the previous filing by        |
|        | registration statement number, or the Form or Schedule and the date of its filing.                  |
| (1)    | Amount Previously Paid:                                                                             |
| (2)    | Form, Schedule or Registration Statement No.:                                                       |
| (3)    | Filing Party:                                                                                       |
| (4)    | Date Filed:                                                                                         |

| 2 |

| 3 |

A message from the Trustees
of the Putnam funds

| Putnam Managed Municipal Income Trust   |
| Putnam Master Intermediate Income Trust |
| Putnam Municipal Opportunities Trust    |
| Putnam Premier Income Trust             |

A few minutes of your time now can help save time and expenses later.

Dear Fellow Shareholder:

We are asking for your vote on important matters affecting your
investment in one or more of the Putnam closed-end funds. The Putnam closed-end funds will hold their annual shareholder meetings on April
25, 2025, in Boston, Massachusetts. We are asking you — and all shareholders — to consider and vote on the important matters
described below.

You may vote conveniently by:

• Visitingthe website listed on the proxy
card.

• Callingby telephone, using the toll-free
number listed on the proxy card.

• Mailingthe enclosed proxy card —
be sure to sign, date, and return the card in the enclosed postage-paid envelope.

Of course, you are also welcome to attend the annual shareholder
meeting on April 25, 2025, and vote your shares during the meeting with respect to the following matters:

1. Fixing the number of Trustees at 8 and electing Trustees.

Shareholders of each fund are being asked to fix the number of
Trustees at 8 and to elect Trustees at the upcoming annual meeting. Although Trustees do not manage fund portfolios, they play an important
role in protecting shareholders. Trustees are responsible for approving the fees paid to your fund’s investment adviser and its
affiliates, reviewing overall fund expenses, selecting the fund’s auditors, monitoring conflicts of interest, overseeing the fund’s
compliance with federal securities laws, and overseeing the voting of proxies for the fund’s portfolio securities.

Detailed information regarding this proposal may be found in the
enclosed proxy statement.

Please vote today.

We encourage you to sign