Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 18

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 18
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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 Management and Putnam Investments, LLC, the previous parent company to Putnam Management.

As of March 1, 2025, none of the current Trustees owned any preferred
shares of Putnam Managed Municipal Income Trust or Putnam Municipal Opportunities Trust. As of March 1, 2025, each Trustee, and the officers
and Trustees of the fund as a group, owned less than 1% of each fund’s outstanding common shares.

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How can shareholders communicate with the Trustees?

The Board provides a process for shareholders to send communications
to the Trustees. Shareholders may direct communications to the Board as a whole or to specified individual Trustees by submitting them
in writing to the following address:

| The Putnam Funds                                           |
| Attention: “Board of Trustees” or any specified Trustee(s) |
| 100 Federal Street                                         |
| Boston, Massachusetts 02110                                |

Written communications must include the shareholder’s name, be signed
by the shareholder, refer to the Putnam fund(s) in which the shareholder holds shares, and include the class and number of shares held
by the shareholder as of a recent date.

Representatives of the funds’ transfer agent will review
all communications sent to Trustees and, as deemed appropriate, will provide copies and/or summaries of communications to the Trustees.

How often do the Trustees meet?

Franklin CEF Board

The Franklin CEF Board expects to typically hold four regularly scheduled
meetings each year, and additional meetings as needed.

Putnam Funds Board

The current Trustees hold regular in-person meetings eight times
each year, usually over a two-day period, to review the operations of the Putnam funds. A portion of these meetings is devoted to meetings
of various committees of the Putnam Funds Board that focus on particular matters. Each Independent Trustee generally attends several formal
committee meetings during each regular meeting of the Trustees, including meetings with senior investment personnel and portfolio managers
to review recent performance and the current investment climate for selected funds. These meetings ensure that fund performance is reviewed
in detail on at least an annual basis. The committees of the Putnam Funds Board, including the Executive Committee, may also meet on special
occasions as the need arises. During the calendar year 2024, each Trustee attended at least