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

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 25
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 to various conditions and procedural requirements set forth in the Amended and Restated Bylaws
of Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust, including the delivery of a “Control Share Acquisition
Statement” to the fund’s Clerk setting forth certain required information, a shareholder who obtains beneficial ownership
of shares in a Control Share Acquisition generally may request a vote of fund shareholders (excluding such acquiring shareholder and certain
other interested shareholders) to approve the authorization of voting rights for such shares at the next annual meeting of fund shareholders,
notice of which has not been given before the fund has received the Control Share Acquisition Statement.

On February 23, 2023, the Trustees of Putnam Managed Municipal
Income Trust and Putnam Municipal Opportunities Trust each determined to exempt all prior, and, until further notice, new purchases of
the funds’ shares that might otherwise be deemed Control Share Acquisitions under the Control Share Provision. Thus, the Control
Share Provision currently has no effect, and will not affect voting at the annual meeting in any way.

Special Rule for Proportional Voting for Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust.For funds listed on the New York Stock Exchange that have outstanding
preferred shares, in accordance with the rules of the exchange, brokerage firms may vote for or against a proposal, on behalf of their
clients who beneficially own the remarketed or auction rate preferred shares and from whom they have not received voting instructions,
in the same proportion as votes for and against the proposal that have been received from other holders of preferred shares if (i) a minimum
of 30% of the outstanding preferred shares have been voted by the holders of preferred shares, (ii) less than 10% of the outstanding preferred
shares have voted against the proposal, and (iii) for any proposal on which common and preferred shares vote together as a single class,
the holders of the common shares have approved the proposal.

Other business.The current Trustees know of no matters
other than those described in this proxy statement to be brought before the annual meeting. If, however, any other matters properly come
before the annual meeting, proxies will be voted on these matters in accordance with the judgment of the persons named in the enclosed
proxy card(s).

Simultaneous meetings.The annual meeting of shareholders
of your fund is called to be held at the same time as the meetings of shareholders of the other Putnam closed-end funds. It is anticipated
that all annual meetings will be held simultaneously. However, if any shareholder