Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 211

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 211
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 views that (1)
strong, independent corporate governance is important to long-term company financial performance, and (2) long-term investors’ active
engagement with company management, including through the proxy voting process, strengthens issuer accountability and overall market discipline,
potentially reducing risk and improving returns over time. Our voting program is offered as a part of our investment management services,
at no incremental fee to Putnam, and, while there can be no guarantees, it is intended to offer potential investment benefits over a long-term
horizon. Our voting policies are designed with investment considerations in mind, not as a means to pursue particular political, social,
or other goals. As a result, we may not support certain proposals whose costs to the issuer (including implementation costs, practicability,
and other factors), in Putnam’s view, outweigh their investment merits.

This memorandum sets forth Putnam’s policies for
voting proxies. It covers all accounts for which Putnam has proxy voting authority. These accounts include the Putnam Mutual
Fundsand Putnam Exchange-Traded Funds, US and international institutional accounts and funds managed or sub-advised by
The Putnam Advisory Company, LLC, Putnam Investments Limited and Putnam Fiduciary Trust Company, LLC. In addition, the policies
include US mutual funds and other accounts sub-advised by Putnam Investment Management, LLC.

Effective January 27, 2023, the Board of Trustees
of the Putnam Mutual Funds delegated proxy voting authority to Putnam Investment Management, LLC, the investment manager to the Putnam
Mutual Funds.

The Putnam Proxy Voting Procedures and Guidelines
will apply also to certain funds and institutional and other accounts managed by Franklin Advisers, Inc. (“FAV”) but formerly
managed or sub-advised by one of the Putnam adviser entities identified above, pursuant to sub-advisory agreements in effect from time
to time between FAV and the relevant Putnam entity(ies).

Proxy Committee

Putnam has a Proxy Committee composed of senior professionals,
including from the Putnam Equity investment team and the Putnam Equity Sustainability Strategy group. The Chief Investment Officer of
Putnam Equity appoints the members of the Proxy Committee. The Proxy Committee is responsible for setting general policy as to proxies.
Specifically, the Committee:

| 1. | Reviews these procedures and the Proxy Voting Guidelines annually and approves any amendments considered 
 to be advisable.                                                                                         |

| 2. | Considers special proxy issues as they may from time to time