Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 221

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 221
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 Dilution is 5% or less. If the annualized dilution cannot be calculated and the Total Potential Dilution exceeds 5%, then Putnam will 
 vote against. Note: Such plans must first pass all of Putnam’s other screens.                                                         |

| Ø | Putnam will vote proposals to issue equity grants to executives on a case-by-case basis. |

| Ø | Putnam will vote against stock option plans that permit replacing or repricing of underwater options (and against 
 any proposal to authorize such replacement or repricing of underwater options).                                   |

| Ø | Putnam will vote against stock option plans that permit issuance of options with an exercise price below the stock’s 
 current market price.                                                                                                |

| Ø | Putnam will vote against stock option plans/ restricted stock plans with evergreen features providing for automatic 
 share replenishment.                                                                                                |

| Ø | Putnam will vote for bonus plans under which payments are treated as performance-based compensation that is deductible under 
 Section 162(m) of the Internal Revenue Code of 1986, as amended, except as follows:                                          |

Vote on a case-by-case basis on such proposals
if any of the following circumstances exist:

| • | the amount per employee under the plan is unlimited, or |

| • | the maximum award pool is undisclosed, or |

| • | the incentive bonus plan’s performance criteria are undisclosed, or |

| • | the independent proxy voting service recommends a vote against. |

| Ø | Putnam will vote in favor of the annual presentation of advisory votes on executive compensation (Say-on-Pay). |

| Ø | Putnam will generally vote for advisory votes on executive compensation (Say-on-Pay). However, Putnam will vote against                     
 an advisory vote if the company fails to effectively link executive compensation to company performance according to benchmarking performed 
 by the independent proxy voting service.                                                                                                    |

| • | Putnam will review the proposal on a case-by-case basis if there is no recommendation of the independent proxy voting 
 service.                                                                                                              |

| Ø | Putnam will vote on a case-by-case basis on severance agreements (e.g., golden and tin parachutes) |

| Ø | Putnam will withhold votes from members of a Board of Directors which has approved compensation arrangements Putnam’s            
 investment personnel have determined are grossly unreasonable at the next election at which such director is up for re-election. |

| Ø | Putnam will vote for employee stock purchase plans that have the following features: (1) the shares