Putnam Announces Distribution Rates for Closed-End Funds

BOSTON–(BUSINESS WIRE)–The Trustees of The Putnam Funds have announced Section 19 Disclosures
have been added to the following distributions declared on the April 12,
2019 press release.

* 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 DISCLOSURE

Putnam Managed Municipal Income Trust

Putnam estimates that $0.0260 per share of Putnam Managed Municipal
Income Trust’s dividend is paid from accumulated net investment income,
and $0.0060 per share represents a nontaxable 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 Master Intermediate Income Trust

Putnam estimates that $0.0199 per share of Putnam Master Intermediate
Income Trust’s dividend is paid from accumulated net investment income,
and $0.0101 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 Municipal Opportunities Trust

Putnam estimates that $0.0388 per share of Putnam Municipal
Opportunities Trust’s dividend is paid from accumulated net investment
income, and $0.0143 per share represents a nontaxable 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.

Contacts

PUTNAM SHAREHOLDERS CONTACT: 1-800-225-1581