Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 19

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 19
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 75% of the Putnam Funds Board and applicable
committee meetings noted for each fund and the average Trustee participated in approximately 35 Board and committee meetings.

The number of times the full Putnam Funds Board and each committee
met during calendar year 2024 is shown in the table below:

| Board of Trustees                     | 12 |
| Audit, Compliance and Risk Committee  | 13 |
| Board Policy and Nominating Committee |  8 |
| Brokerage Committee                   |  3 |
| Contract Committee                    |  8 |
| Exchange-Traded Fund Committee        |  4 |
| Executive Committee                   |  1 |
| Investment Oversight Committee A      |  5 |

| 27 |

| Investment Oversight Committee B | 5 |
| Pricing Committee                | 8 |

The funds do not have a formal policy with respect to Trustee attendance
at shareholder meetings. While various Trustees may attend shareholder meetings from time to time, your fund’s Trustees did not
attend the last annual meeting of your fund. The Trustees are generally represented at shareholder meetings by their independent staff
and independent counsel.

What are the Trustees paid for their services?

Franklin CEF Board

None of the nominees were paid any fees by a fund for the fiscal
year ended October 31, 2024. None of the nominees received pension or retirement benefits from any fund in any fund’s last fiscal
year. Persons who are employees, officers or directors of Franklin Advisers or an affiliate receive no remuneration for serving as Trustees.
Total compensation paid to each nominee by each fund and by the Franklin funds complex for the year ended December 31, 2024.

|                    |        Aggregate 
        compensa- 
        tion from 
         the fund 
              ($) | Pension or   
 retirement   
 benefits     
 accrued as   
 part of fund 
 expenses     
 ($)          |           Aggregate 
           compensa- 
           tion from 
            the fund 
                 ($) | Pension or   
 retirement   
 benefits     
 accrued as   
 part of fund 
 expenses     
 ($)          |           Aggregate 
           compensa- 
           tion from 
            the fund 
                 ($) | Pension or   
 retirement   
 benefits     
 accrued as   
 part of fund 
 expenses     
 ($)          |      Aggregate 
      compensa- 
      tion from 
       the fund 
            ($) | Pension or   
 retirement   
 benefits     
 accrued as   
 part of fund 
 expenses     
 ($)          |
| Trustees/          
 Nominees           |   Putnam Managed