Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 31

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 31
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.Franklin Templeton Services,
LLC (“FT Services”) has been retained by Franklin Advisers to provide certain administrative and other services, and is an
indirect, wholly-owned subsidiary of Franklin Templeton. The address of FT Services is One Franklin Parkway, San Mateo, California 94403.

The funds do not have a distributor or principal underwriter.

Limitation of Trustee liability.Your fund’s
Declaration of Trust provides that the fund will indemnify its Trustees and officers against liabilities and expenses incurred in connection
with litigation in which they may be involved because of their offices with the fund, except if it is determined in the manner specified
in the Declaration of Trust that they have not acted in good faith, have not acted in the reasonable belief that their actions were in
the best interests of the fund or at least were not opposed to the best interests of the fund, or had reasonable cause to believe their
actions were unlawful in the case of a criminal proceeding, or that such indemnification would relieve any officer or Trustee of any liability
to the fund or its shareholders arising by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of his or
her duties. Your fund, at its expense, provides liability insurance for the benefit of its Trustees and officers.

Auditor.The current Trustees have selected PricewaterhouseCoopers
LLP, 101 Seaport Boulevard, Boston, Massachusetts 02210 as the auditor for each fund’s current fiscal year. The firm was selected
primarily on the basis of its expertise as an auditor of investment companies, the quality of its audit services and the competitiveness
of its fees. Representatives of PricewaterhouseCoopers LLP are expected to be available or present at the annual meeting and to have the
opportunity to make a statement and respond to appropriate questions.

| 36 |

The following table presents fees billed to each indicated fund
in each of its last two fiscal years by the fund’s auditor:

Putnam Managed Municipal Income Trust

| Fiscal Year Ended 
 October 31, 2024  | Audit Fees 
    $72,749 | Audit-Related Fees 
                 $0 | Tax Fees 
   $9,166 | All Other Fees 
             $0 |
|:------------------|-----------:|-------------------:|---------:|---------------:|
| October 31, 2023  |    $76,739 |                 $0 |   $9,166 |             $0 |

Putnam