Putnam Announces Distribution Rates for Closed-end Funds

The Trustees of The Putnam Funds have declared the following distributions.

* Distributions may be comprised of ordinary and/or tax-exempt income, net capital gains and/or a return of capital of your investment in the Fund.

The funds periodically provide fund-related information on their websites. The following information will be available for each fund at putnam.com at the frequencies indicated: (1) Full holdings will be available quarterly, on the last business day of the month after the end of each calendar quarter; (2) Top 10 holdings and additional portfolio statistics will be available monthly, approximately 15 days after month-end.

Section 19 Disclosures

Putnam Managed Municipal Income Trust

Putnam estimates that $0.0280 per share of Putnam Managed Municipal Income Trust’s dividend is paid from accumulated net investment income, and $0.0040 per share is paid from long-term capital gain dividend. These estimates and the sources of the fund's dividends and distributions are determined in accordance with accounting principles applicable to the fund. These principles may vary from those applicable to the characterization of distributions under federal tax law and, accordingly, federal tax law treatment will likely vary from the estimated characterization above. In addition, the sources of dividends are estimated at the time of declaration. Actual results will vary from these estimates. A non-taxable return of capital, if any, cannot be determined until after the end of the fund's fiscal year. In January 2020, you will receive final information as to the federal tax status of this and other distributions from the fund in the preceding calendar year.

Putnam Master Intermediate Income Trust

Putnam estimates that $0.0193 per share of Putnam Master Intermediate Income Trust’s dividend is paid from accumulated net investment income, and $0.0107 per share represents a return of capital. These estimates and the sources of the fund's dividends and distributions are determined in accordance with accounting principles applicable to the fund. These principles may vary from those applicable to the characterization of distributions under federal tax law and, accordingly, federal tax law treatment will likely vary from the estimated characterization above. In addition, the sources of dividends are estimated at the time of declaration. Actual results will vary from these estimates. A non-taxable return of capital, if any, cannot be determined until after the end of the fund's fiscal year. In January 2020, you will receive final information as to the federal tax status of this and other distributions from the fund in the preceding calendar year.

Putnam Premier Income Trust

Putnam estimates that $0.0212 per share of Putnam Premier Income Trust’s dividend is paid from accumulated net investment income, and $0.0138 per share represents a return of capital. These estimates and the sources of the fund's dividends and distributions are determined in accordance with accounting principles applicable to the fund. These principles may vary from those applicable to the characterization of distributions under federal tax law and, accordingly, federal tax law treatment will likely vary from the estimated characterization above. In addition, the sources of dividends are estimated at the time of declaration. Actual results will vary from these estimates. A non-taxable return of capital, if any, cannot be determined until after the end of the fund's fiscal year. In January 2020, you will receive final information as to the federal tax status of this and other distributions from the fund in the preceding calendar year.

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