Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 3

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 3
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 the proxy card, and this proxy statement are being
mailed beginning on or about March 25, 2025.

How do your fund’s Trustees recommend that shareholders vote on these proposals?

The Trustees recommend that you vote

1a. FOR fixing the number of Trustees at 8;

1b. FOR electing your fund’s nominees for Trustees.

Who is eligible to vote?

Shareholders of record of each fund at the close of business on
February 6, 2025 (the “Record Date”) are entitled to be present and to vote at the annual meeting or, if it is adjourned,
at any later sessions. Shareholders of each fund vote separately with respect to each proposal.

Each common shareholder and each preferred shareholder (if applicable)
will be entitled to one vote for each share held, with fractional shares voting proportionately. For Putnam Managed Municipal Income Trust
and Putnam Municipal Opportunities Trust, the only funds with outstanding preferred shares, the holders of preferred shares and holders
of common shares for each fund will vote together as a single class, unless otherwise noted. Shares represented by your duly executed
proxy card will be voted in accordance with your instructions. If you sign and return the proxy card but don’t fill in a vote, your
shares will be voted in accordance with the Trustees’ recommendations. If any other business properly comes before your fund’s
annual meeting, your shares will be voted at the discretion of the persons designated on the proxy card.

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The Proposals

1a. FIXING THE NUMBER OF TRUSTEES AT 8

Each fund’s Amended and Restated Agreement and Declaration
of Trust (the “Declaration of Trust”) states that shareholders shall fix the number of Trustees on the fund’s Board
of Trustees (the “Board”) at each annual meeting. Each fund currently has 12 Trustees on its Board. As discussed below, the
Board Policy and Nominating Committee of the Putnam Funds Board has nominated a new slate of 8 nominees for Trustee of your fund, each
of whom currently serves as a Trustee for other closed-end funds managed by Franklin Advisers, Inc. (“Franklin Advisers”)
or its affiliates. Additional information regarding each nominee and the proposal is set forth below. The Putnam Funds Board, based on
the recommendation of its Board Policy and Nominating Committee, recommends that shareholders fix the number of Trustees on your fund’s
Board at 8.

For each fund, if a qu