Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 226

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 226
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 which include any one of the supported criteria under Putnam’s guidelines, for example, a 2-year holding period
for shareholders, will be reviewed on a case-by-case basis.

| Ø | Putnam supports management / shareholder proposals giving shareholders the right to call a special meeting as long as the ownership 
 requirement in such proposals is at least 15% of the company’s outstanding common stock and not more than 25%.                      |

In general, Putnam will vote for management or shareholder
proposals to reduce the ownership requirement below a company’s existing threshold, as long as the new threshold is at least 15%and not greater than 25%of the company’s outstanding common stock.

Putnam will vote against any proposal with an ownership
requirement exceeding 25%of the company’s common stock or an ownership requirement that is less than 15%of the company’s
outstanding common stock.

In cases where there are competing management and shareholder proposals
giving shareholders the right to call a special meeting, Putnam will generally vote for the proposal which has the lower
minimum shareholder ownership threshold, as long as that threshold is within Putnam’s recommended minimum/maximum thresholds. If
only one of the competing proposals has a threshold that falls within Putnam’s threshold range, Putnam will normally support that
proposal as long as it represents an improvement (reduction) from the previous requisite ownership level. Putnam will normally vote against
both proposals if neither proposal has a requisite ownership level between 15%and 25%of the company’s outstanding
common stock.

| Ø | Putnam will generally vote for management or shareholder proposals to allow a company to hold virtual-only or hybrid                          
 shareholder meetings or to amend its articles/charter/by-laws to allow for virtual-only or hybrid shareholder meetings, provided the proposal 
 does not preclude in-person meetings (at any given time), and does not otherwise limit or impair shareholder participation; and if the        
 company has provided clear disclosure to ensure that shareholders can effectively participate in virtual-only shareholder meetings and        
 meaningfully communicate with company management and directors. Additionally, Putnam may consider the rationale of the proposal and whether   
 there have been concerns about the company’s previous meeting practices.                                                                      |

Disclosure should address the following:

| • | the ability of shareholders to ask questions during the meeting |

| o | including time guidelines for shareholder questions |

| o | rules around what types of questions are allowed |

| o | and rules for how questions and comments will be recognized and