Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 249

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 249
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 those groups (e.g., based on relative risk budgets of accounts).        |

| • | All trading must be effected through Putnam’s trading desks and normal queues and procedures must be followed (i.e., no special 
 treatment is permitted for performance fee accounts or higher-fee accounts based on account fee structure).                     |

| • | Front running is strictly prohibited. |

| • | The fund’s Portfolio Manager(s) may not be guaranteed or specifically allocated any portion of a performance fee. |

As part of these policies, the investment manager has also implemented trade
oversight and review procedures in order to monitor whether particular accounts (including higher-fee accounts or performance fee accounts)
are being favored over time.

Potential conflicts of interest may also arise when the Portfolio Manager(s)
have personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and subject to limited
exceptions, the investment managers investment professionals do not have the opportunity to invest in client accounts, other than the
Putnam funds. However, in the ordinary course of business, the investment manager or related persons may from time to time establish “pilot”
or “incubator” funds for the purpose of testing proposed investment strategies and products prior to offering them to clients.
These pilot accounts may be in the form of

registered investment companies, private funds such as partnerships or separate
accounts established by Putnam Management or an affiliate. The investment manager or an affiliate supplies the funding for these accounts.
Putnam employees, including the fund’s Portfolio Manager(s), may also invest in certain pilot accounts. The investment manager,
and to the extent applicable, the Portfolio Manager(s) will benefit from the favorable investment performance of those funds and accounts.
Pilot funds and accounts may, and frequently do, invest in the same securities as the client accounts. t\The investment manager policy
is to treat pilot accounts in the same manner as client accounts for purposes of trading allocation – neither favoring nor disfavoring
them except as is legally required. For example, pilot accounts are normally included in the investment managers daily block trades to
the same extent as client accounts (except that pilot accounts do not participate in initial public offerings).

A potential conflict of interest may arise when the fund and other accounts
purchase or sell the same securities. On occasions when the Portfolio Manager(s) consider the purchase or sale of a security to be in
the best interests of the fund as well as other accounts, the investment managers trading desk may, to the extent permitted by applicable