Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 4

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 4
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orum is present at the annual meeting, a
plurality vote, meaning the greatest number of affirmative votes cast by shareholders, will fix the number of Trustees. In the case of
Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust, the holders of common and preferred shares vote together
as a single class for Proposal 1a.

The Trustees of your fund unanimously recommend that shareholders vote “FOR” fixing the number of Trustees at 8.

1b. ELECTION OF TRUSTEES

Who are the nominees for Trustees?

The Board Policy and Nominating Committee of the Putnam Funds Board
is responsible for recommending nominees for Trustees of your fund. The Board Policy and Nominating Committee consists solely of Trustees
who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”))
of your fund or of Franklin Advisers, your fund’s investment adviser. Those Trustees who are not “interested persons”
of your fund or of Franklin Advisers are referred to as “Independent Trustees” throughout this proxy statement.

Currently, the Putnam Funds Board oversees each of Putnam Managed
Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income Trust,
as well as 89 open-end funds and 12 exchange-traded funds.

In January 2025, Franklin Advisers recommended to the Putnam Funds
Board that it consider nominating a new slate of Trustees to oversee your fund, noting that these proposed Trustees comprise a board (the
“Franklin CEF Board”) that is dedicated solely to the oversight of closed-end funds advised by Franklin Advisers or its affiliates.
The Franklin Advisers recommendation was based on its view that the Franklin CEF Board, because it oversees only closed-end funds with
a range of strategies, terms, and other circumstances, offered benefits in terms of the administrative efficiency of its oversight process
and had significant pertinent experience. Franklin Advisers believed that electing the Franklin CEF Board members to oversee your fund
would promote consistency of policies, procedures, and oversight across a larger group of Franklin Templeton closed-end funds and would
promote efficient and effective communications among Board members with oversight responsibility for a combined set of closed-end funds.
Franklin Advisers also believed that this scale may create greater opportunity in fee negotiations with third-party service providers
that, upon implementation, would service one rather than two boards. Finally, Franklin Advisers asserted that