Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 12

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 12
---
) of Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust,
Putnam Premier Income Trust, and Franklin Advisers. Mr. Reynolds is deemed an "interested person" by virtue of his position
as an officer of Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust,
and Putnam Premier Income Trust and his direct beneficial interest in shares of Franklin Templeton, of which Franklin Advisers is an indirect
wholly-owned subsidiary. Mr. Reynolds is the President of Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust,
Putnam Municipal Opportunities Trust, Putnam Premier Income Trust, and each of the other Putnam funds, and prior to January 1, 2024, Mr.
Reynolds was President and Chief Executive Officer of Putnam Investment Management, LLC (“Putnam Management”) and Putnam Investments,
LLC, the previous parent company to Putnam Management.

*** Trustee who is an “interested person” (as defined
in the 1940 Act) of Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust,
Putnam Premier Income Trust and Franklin Advisers. Ms. Trust is deemed an “interested person” by virtue of her positions with
certain affiliates of Franklin Advisers.

| 21 |

What are the Trustees’ responsibilities?

Franklin CEF Board

Responsibilities of the Board of Trustees

If elected, the proposed slate of nominees for your fund’s
Board of Trustees will be responsible under applicable state law for overseeing generally the management and operations of the fund. The
Board will oversee the fund’s operations by, among other things, meeting at its regularly scheduled meetings and as otherwise needed
with the fund’s management and evaluating the performance of the fund’s service providers. As part of this process, the Trustees
will consult with the fund’s independent auditors and with their own separate independent counsel.

If elected, the nominees for Trustees will review the fund’s
financial statements, performance, net asset value and market price and the relationship between them, as well as the quality of the services
being provided to the fund. As part of this process, the Trustees will review the fund’s fees and expenses in light of the nature,
quality and scope of the services being received while also seeking to ensure that the fund continues to have access to high quality services
in the future.

The Board will have a standing Audit Committee, Nominating Committee,