Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 23

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 23
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issue.

Meeting Quorum and Methods of Tabulation.The shareholders
of each fund vote separately with respect to the proposals. For Putnam Master Intermediate Income Trust and Putnam Premier Income Trust,
the presence in person or by proxy of a majority of the shares entitled to vote constitutes a quorum for the transaction of business with
respect to any proposal at the annual meeting. For Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust, thirty
percent of the shares entitled to vote constitutes a quorum for the transaction of business with respect to any proposal

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at the annual meeting, except that for any proposal on which the preferred
shares or common shares vote as separate classes, thirty percent of the shares of each class entitled to vote constitutes a quorum for
the transaction of business with respect to that proposal by that class.

The tellers will count the total number of votes cast “for”
approval of each proposal for purposes of determining whether sufficient affirmative votes have been cast. Shares represented by proxies
that reflect abstentions and “broker non-votes” (i.e., shares held by brokers or nominees as to which (i) instructions have
not been received from the beneficial owners or the persons entitled to vote and (ii) the broker or nominee does not have discretionary
voting authority on a particular matter) will be counted as shares that are present and entitled to vote for purposes of determining the
presence of a quorum, but do not count as votes cast for a proposal. With respect to Proposal 1a and 1b, neither abstentions nor broker
non-votes have an effect on the outcome of the proposal.

The documents that authorize Putnam Fiduciary Trust Company or
Putnam Investor Services, Inc. to act as Trustee or servicing agent for certain individual retirement accounts (including traditional,
Roth and SEP IRAs, 403(b)(7) accounts and Coverdell Education Savings Accounts) provide that if an account owner does not submit voting
instructions for his or her shares, Putnam Fiduciary Trust Company or Putnam Investor Services will vote the shares in the same proportions
as other shareholders with similar accounts have submitted voting instructions for their shares. Shareholders should be aware that this
practice, known as “echo-voting,” may have the effect of increasing the likelihood that a proposal will be acted upon (approved
or disapproved) and that Putnam Fiduciary Trust Company or Putnam Investor Services, each of which is an affiliate of Put