Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 34

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 34
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 Advisers that provides ongoing services to the funds was approved in advance by
the Committee or a member of the Committee pursuant to the pre-approval policies discussed above.

The following table presents fees billed to each indicated fund
in each of its last two fiscal years by the fund’s auditor for services required to be approved pursuant to paragraph (c)(7)(ii)
of Rule 2-01 of Regulation S-X:

| Putnam Managed Municipal Income Trust   | Fiscal year ended 2024: $872,036   | Fiscal year ended 2023: $226,632 |
| Putnam Municipal Opportunities Trust    | Fiscal year ended 2024: $664,363   | Fiscal year ended 2023: $242,011 |
| Putnam Master Intermediate Income Trust | Fiscal year ended 2024: $960,797   | Fiscal year ended 2023: $220,632 |
| Putnam Premier Income Trust             | Fiscal year ended 2024: $1,030,797 | Fiscal year ended 2023: $241,743 |

The Audit, Compliance and Risk Committee of the funds has submitted
the following report:

The Audit, Compliance and Risk Committee has reviewed and discussed
with management of the funds the audited financial statements of each fund for the last fiscal year. The Audit, Compliance and Risk Committee
has discussed with each fund’s independent auditor the matters required to be discussed by Statements on Auditing Standard No. 61
(SAS No. 61), as amended, supplemented or superseded from time to time. The Audit, Compliance and Risk Committee has received the written

| 38 |

disclosures and the letter from each fund’s independent auditor required
by the applicable requirements of the Public Company Accounting Oversight Board regarding the independent auditor’s communications
with the Audit, Compliance and Risk Committee concerning independence and has discussed with the independent auditor its independence.
Based on the foregoing review and discussions, the Audit, Compliance and Risk Committee recommended to the Trustees that each fund’s
audited financial statements for the last fiscal year be included in each fund’s annual report to shareholders.

Manoj P. Singh (Chairperson)
Catharine Bond Hill

Gregory G. McGreevey

Marie Pillai

Section 16(a) Reports.Section 16(a) of the Exchange Act
and Section 30(h) of the 1940 Act, and the rules thereunder, require each fund’s officers and Trustees, officers and directors of
the investment adviser, affiliated persons of