Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 213

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 213
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 the clients’ best interests, they may request the Proxy Voting     
 Team not to follow the guidelines in such case. The request must be in writing and include an explanation of the rationale for        
 doing so. The Proxy Voting Team will review any such request with the Proxy Committee (or, in cases with limited time, with the Chair 
 of the Proxy Committee acting on the Proxy Committee’s behalf) prior to implementing the request.                                     |

| 2. | Putnam may accept instructions to vote proxies under client specific guidelines subject to review and acceptance by the Investment 
 Division and the Legal and Compliance Department.                                                                                  |

Other

| 1. | Putnam may elect not to vote when the security is no longer held. |

| 2. | Putnam will abstain on items that require case-by-case review when a vote recommendation from the appropriate investment                
 professional(s) cannot be obtained due to restrictive voting deadlines or other prohibitive operational or administrative requirements. |

| 3. | Where securities held in Putnam client accounts, including the Putnam mutual funds, have been loaned to third parties in connection       
 with a securities lending program administered by Putnam (through securities lending agents overseen by Putnam), Putnam has instructed    
 lending agents to recall U.S. securities on loan to vote proxies, in accordance with Putnam’s securities lending procedures Due           
 to differences in non-U.S. markets, Putnam does not currently seek to recall non-U.S. securities on loan. In addition, where Putnam does  
 not administer a client’s securities lending program, this recall policy does not apply, since Putnam generally does not have information 
 on loan details or authority to effect recalls in those cases. It is possible that, for impracticability or other reasons, a recalled     
 security may not be returned to the relevant custodian in time to allow Putnam to vote the relevant proxy.                                |

| 4. | Putnam will make its reasonable best efforts to vote all proxies except when impeded by circumstances that are reasonably beyond its    
 control and responsibility, such as custodial proxy voting services, in part or whole, not available or not established by a client, or 
 custodial error.                                                                                                                        |

Proxy Voting Referrals

Under the Guidelines, certain proxy matters will be referred to Portfolio
Managers. The Portfolio Manager receiving the referral request may delegate the vote decision to an appropriate Analyst from among a list
of eligible analysts (such list to be approved by the Chief Investment Officer of the Putnam Equity group and