Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 27

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 27
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 from shareholders who have not voted
their shares or who have abstained from voting, including brokers and nominees.

Expense of the solicitation.For managing the funds’
overall proxy campaign, EQ Fund Solutions (“EQ”) will receive a proxy management fee plus reimbursement for out-of-pocket
expenses. EQ will also receive fees in connection with assembling, mailing and transmitting the notice of meeting, proxy statement and
related materials on behalf of the funds, tabulating those votes that are received, and any solicitation of additional votes. While the
fees received by EQ will vary based on the level of additional solicitation necessary to achieve quorum and shareholder approval of the
Trustees’ recommendations, the project management fees paid to EQ are estimated to be approximately $1,466 for Putnam Managed Municipal
Income Trust, $1,466 for Putnam Master Intermediate Income Trust, $1,466 for Putnam Municipal Opportunities Trust, and $1,466 for Putnam
Premier Income Trust (approximately $5,864 in the aggregate for all funds). In addition, banks, brokers or other financial intermediaries
holding shares as nominees will be reimbursed, upon request, for their reasonable expenses in sending solicitation materials to the principals
of the accounts and tabulating those instructions that are received. After reimbursement of these expenses, it is estimated that Putnam
Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income
Trust will incur total costs of approximately $20,131, $19,972, $20,791, and $35,056, respectively, in connection with the proxy campaign
(approximately $95,950) in the aggregate for all funds). Other costs associated with the proxy campaign include the expenses of the preparation
and printing of proxy materials, and postage, which are estimated to be approximately $17,448. Each fund is bearing all of its proxy campaign costs.

Revocation of proxies.Giving your proxy, whether by
returning the proxy card or providing voting instructions over the internet or by telephone, does not affect your right to attend the
annual meeting and vote. Proxies, including proxies given by telephone or over the internet, may be revoked at any time before they are
voted, either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing and submitting a later-dated
proxy, (iii) by recording later-dated voting instructions by telephone or via the internet,