Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 245

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 245
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 to help clarify operational authority for the different business areas in which the company is engaged and promote effective allocation   
 of corporate resources. As most of the reorganization proposals do not entail any share issuances or any change in shareholders’          
 ultimate ownership interest in the operating units, Putnam will treat most such proposals as routine.                                     |

| Ø | Putnam will vote against proposals that authorize the board to vary the AGM record date. |

| Ø | Putnam will vote for proposals to abolish the retirement bonus system |

| Ø | Putnam will vote for board-approved director/officer indemnification proposals |

| Ø | Putnam will vote on a case-by-case basis on private placements (Third-party share issuances). Where Putnam views the                  
 share issuance necessary to avoid bankruptcy or to put the company back on solid financial footing, Putnam will generally vote for.   
 When a private placement allows a particular shareholder to obtain a controlling stake in the company at a discount to market prices, 
 or where the private placement otherwise disadvantages ordinary shareholders, Putnam will vote against.                               |

| Ø | Putnam will generally vote against shareholder rights plans (poison pills). However, if all of the following criteria 
 are met, Putnam will evaluate such poison pills on a case-by-case basis:                                              |

| 1) | The poison pill must have a duration of no more than three years. |

| 2) | The trigger threshold must be no less than 20 percent of issued capital. |

| 3) | The company must have no other types of takeover defenses in place. |

| 4) | The company must establish a committee to evaluate any takeover offers, and the members of that committee must all meet Putnam’s’ 
 definition of independence.                                                                                                       |

| 5) | At least 20 percent, and no fewer than two, of the directors must meet Putnam’s definition of independence. These independent 
 directors must also meet Putnam’s guidelines on board meeting attendance.                                                     |

| 6) | The directors must stand for reelection on an annual basis. |

| 7) | The company must release its proxy materials no less than three weeks before the meeting date. |

| Ø | Putnam will vote against proposals to allow the board to decide on income allocation without shareholder vote. |

| Ø | Putnam will vote against proposals to limit the liability of External Audit Firms (“Accounting Auditors”) |

| Ø | Putnam will vote against proposals seeking a reduction in board size that eliminates