Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 37

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 37
---
,713.000 | 94.38%     |
| Sit                                                      
 Investment Associates, Inc.**                            |                |            |
| Sit Fixed Income Advisors II, LLC                        |                |            |
| 3300 IDS Center                                          |                |            |
| 80 South Eighth Street                                   |                |            |
| Minneapolis, MN 55402                                    |     21,695,065 | 23.00%     |

| 41 |

| First Trust Portfolios L.P.#      |           |       |
| First Trust Advisors L.P.         |           |       |
| The Charger Corporation           |           |       |
| 120 East Liberty Drive, Suite 400 |           |       |
| Wheaton, Illinois 60187           | 8,565,584 | 8.74% |

• Believed to hold shares only as nominee.

** Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC
reported beneficial ownership as of August 30, 2024 (with respect to Putnam Master Intermediate Income Trust) and as of January 7, 2025
(with respect to Putnam Premier Income Trust) in 13D/A filings with the Securities and Exchange Commission. Some or all of their positions
may be reflected in Cede & Company’s positions in the funds.

# First Trust Portfolios, L.P., First Trust Advisors L.P., and
The Charger Corporation reported shared beneficial share ownership as of December 31, 2023 in a 13G/A filing with the Securities and Exchange
Commission. Some or all of their positions may be reflected in Cede & Company’s positions in the funds.

Putnam Investments
100 Federal Street
Boston, MA 02110
1-800-225-1581

Address correspondence to:
Putnam Investor Services
P.O. Box 219697
Kansas City, MO 64121-9697

| franklintempleton.com |

| 42 |

<div align='center'>APPENDIX A – PUTNAM FUNDS BOARD GOVERNANCE STRUCTURE</div>

The following is a description of the Putnam Funds Board leadership structure
and current Board Committee assignments.

Board Leadership Structure.Currently, all but two
of your fund’s Trustees are Independent Trustees, meaning that they are not considered “interested persons” of your
fund or Franklin Advisers. These Independent Trustees must vote separately to approve all financial arrangements and other agreements
with your fund’s investment manager and other affiliated parties.