Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 24

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 24
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nam Investment
Management, LLC (“Putnam Management”) may benefit indirectly from the approval or disapproval, in accordance with the Trustees’
recommendations, of the proposals.

Shareholders who object to a proposal in this Proxy Statement will
not be entitled under Massachusetts law or the Agreement and Declaration of Trust of the particular fund to demand payment for, or an
appraisal of, their shares.

The Amended and Restated Bylaws of Putnam Managed Municipal Income Trust
and Putnam Municipal Opportunities Trust each include a provision (together, the “Control Share Provision”) pursuant to which,
in summary, a shareholder who obtains beneficial ownership of fund shares in a “Control Share Acquisition” may exercise voting
rights with respect to such shares only to the extent the authorization of such voting rights is approved by other shareholders of the
fund. The Control Share Provision is primarily intended to protect the interests of the fund and its shareholders by limiting the risk
that the fund will become subject to undue influence by activist investors. As described further below, the Control Share Provision does
not eliminate voting rights for shares acquired in Control Share Acquisitions, but rather, it entrusts a fund’s other “non-interested”
shareholders with determining whether to approve the authorization of voting rights for such shares.

Subject to various conditions and exceptions, the Amended and Restated Bylaws
of Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust define a “Control Share Acquisition” to
include an acquisition of fund shares (other than remarketed preferred shares of a series existing as of September 18, 2020) that, but
for the Control Share Provision, would entitle the beneficial owner, upon the acquisition of such shares, to vote or direct the voting
of shares having voting power in the election of Trustees (except for elections of Trustees by preferred shareholders of the fund voting
as a separate class) within any of the following ranges: (i) one-tenth or more, but less than one-fifth of all voting power; (ii) one-fifth
or more, but less than one-third of all voting power; (iii) one-third or more, but less than a majority of all voting power; or (iv) a
majority or more of all voting power.

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Shares acquired before September 18, 2020 are excluded from the
definition of Control Share Acquisition, though such shares are included in assessing whether any subsequent share acquisition exceeds
one of the enumerated thresholds. Subject