Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 5

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 5
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 there would be efficiencies
for the Franklin Advisers and other management teams that work currently with two separate boards, allowing the teams to maintain and
enhance service quality in an environment of ever-increasing complexity. The

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Putnam Funds Board considered Franklin Advisers’ views and conducted
a due diligence process in which it considered, among other things, the Franklin CEF Board’s experience overseeing closed-end funds
and interacting with Franklin Advisers and its affiliates with respect to various closed-end fund issues, including investment strategy
matters, the use of leverage, fees and expenses, and distribution policies. The Putnam Funds Board also reviewed the applicable experience
and skill sets of each of the nominees and certain members of the Putnam Funds Board met with certain members of the Franklin CEF Board.
At the conclusion of this due diligence process, the Board Policy and Nominating Committee of the Putnam Funds Board recommended, and
the Putnam Funds Board nominated, each of the 8 members of the Franklin CEF Board for election as a Trustee of your fund. Each of your
fund’s current Trustees was elected at your fund’s April 26, 2024 shareholder meeting to serve until the election and qualification
of his or her successor, or until he or she sooner dies, resigns, retires, or is removed. Accordingly, it is expected that each of your
fund’s current Trustees will serve as Trustee of your fund until the proposed 8 nominees for Trustee are elected and qualified,
at which point your fund will be under the oversight of the Franklin CEF Board.

Each fund’s Declaration of Trust requires that shareholders
elect the fund’s Trustees by a plurality vote at the fund’s annual meeting. The Putnam Funds Board, based on the recommendation
of the Board Policy and Nominating Committee, recommends that you vote for the election of the new slate of 8 nominees described in the
following pages.

For Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust only.

Pursuant to the Amended and Restated Bylaws of each fund and the
1940 Act, holders of the preferred shares of your fund, voting as a separate class, are entitled to elect two nominees for Trustees. Robert
D. Agdern and Peter Mason have been nominated for election as Trustees by the holders of the preferred shares, voting as a separate class,
while the other nominees have been nominated for election by the holders of the preferred shares and common shares voting together as
a