Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 224

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 224
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business matters such as changing the company’s name and procedural matters relating to the shareholder meeting, except as follows:

| Ø | Putnam will vote on a case-by-case basis on proposals to amend a company’s charter or bylaws (except for charter                    
 amendments necessary or to effect stock splits, to change a company’s name, to authorize additional shares of common stock or other 
 matters which are considered routine (for example, director age or term limits), technical in nature, fall within                   
 Putnam’s guidelines (for example, regarding board size or virtual meetings), are required pursuant to regulatory and/or listing     
 rules, have little or no economic impact or will not negatively impact shareholder rights).                                         |

| Ø | Additionally, Putnam believes the bundling of items, whether the items are related or unrelated, is generally not in shareholders’           
 best interest. We may vote against the entire bundled proposal if we would normally vote against any of the items if presented individually. 
 In these cases, we will review the bundled proposal on a case-by-case basis.                                                                 |

| Ø | Putnam generally supports quorum requirements if the level is set high enough to ensure a broad range of shareholders is represented      
 in person or by proxy but low enough so that the Company can transact necessary business. Putnam will vote on a case-by-case              
 basis on proposals seeking to change quorum requirements; however, Putnam will normally support proposals that seek to comply with market 
 or exchange requirements.                                                                                                                 |

| Ø | Putnam will vote on a case-by-case basis on proposals seeking to change a company’s state of incorporation. However,        
 Putnam will vote for mergers and reorganizations involving business combinations designed solely to reincorporate a company 
 in Delaware.                                                                                                                |

| Ø | Putnam will vote against authorization to transact other unidentified, substantive business at the meeting. |

| Ø | Putnam will vote against proposals where there is a lack of information to make an informed voting decision. |

| Ø | Putnam will vote as follows on proposals to adjourn shareholder meetings: |

If Putnam is withholding support for the board
of the company at the meeting, any proposal to adjourn should be referred for case-by-case analysis.

If Putnam is not withholding support for the board, Putnam will
vote in favor of adjourning, unless the vote concerns an issue that is being referred back to Putnam for case-by-case review. Under such
circumstances, the proposal to adjourn should also be referred to