Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 33

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 33
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 the fund’s investment manager for the period on and after July 15, 2024, and any entity controlling,

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controlled by or under common control with Putnam Management or Franklin
Advisers that provides ongoing services to the fund in each of the fund’s last two fiscal years:

| Putnam Managed Municipal Income Trust   |     | Oct. 31, 2024: $881,202   | Oct. 31, 2023: $229,798  |
| Putnam Municipal Opportunities Trust    |     | April 30, 2024: $673,963  | April 30, 2023: $251,998 |
| Putnam Master Intermediate Income Trust |     | Sept. 30, 2024: $974,493  | Sept. 30, 2023: $235,828 |
| Putnam Premier Income Trust             |     | July 31, 2024: $1,045,078 | July 31, 2023: $256,024  |

Pre-Approval Policies of the Audit, Compliance and Risk Committee of the Putnam Funds Board.The Audit, Compliance and Risk Committee of the Putnam Funds Board has determined that, as a matter
of policy, all work performed for the funds by the funds’ auditors will be pre-approved by the Committee itself and thus will generally
not be subject to pre-approval procedures.

The Committee also has adopted a policy to pre-approve the engagement
by Franklin Advisers and certain affiliated companies of the funds’ auditors, even in circumstances where pre-approval is not required
by applicable law. Any such requests by Franklin Advisers or its affiliates are typically submitted in writing to the Committee and explain,
among other things, the nature of the proposed engagement, the estimated fees, and why the work should be performed by that particular
audit firm as opposed to another one. In reviewing these requests, the Committee considers, among other things, whether the provision
of such services by the audit firm is compatible with the independence of the audit firm.

Since the beginning of the two most recently completed fiscal years
of each fund, all work performed by the auditors for the funds, Putnam Management, the investment manager to the funds prior to July 15,
2024, Franklin Advisers, the investment manager to the funds on and after July 15, 2024, and any entity controlling, controlled by or
under common control with Putnam Management or Franklin