Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 210

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 210
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(a) The independent board members are acting as the registrant’s
audit committee as specified in Section 3(a)(58)(B) of the Exchange Act. The Audit Committee consists of the following Board members:

Robert D. Agdern

Carol L. Colman

Anthony Grillo

Eileen A. Kamerick

Nisha Kumar

Peter Mason

Hillary A. Sale

(b) Not applicable

| ITEM 6. | SCHEDULE OF INVESTMENTS. |

| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form 
 N-CSR.                                                                                                                               |

| (b) | Not applicable. |

| ITEM 7. | FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |

Not applicable.

| ITEM 8. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |

Not applicable.

| ITEM 9. | PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES. |

Not applicable.

| ITEM 10. | REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES. |

Not applicable.

| ITEM 11. | STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT. |

The information is disclosed as part of the Financial Statements
included in Item 1 of this Form N-CSR, as applicable.

| ITEM 12. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |

<div align='center'>Putnam Investments</div>

Introduction and Summary

Many of Putnam’s investment management clients have delegated
to Putnam the authority to vote proxies for shares in the client accounts Putnam manages. Putnam believes that the voting of proxies can
be an important tool for institutional investors to promote best practices in corporate governance and votes all proxies in the best interests
of its clients as investors. In Putnam’s view, strong corporate governance policies, most notably oversight by an independent board
of qualified directors, best serve investors’ interests. Putnam will vote proxies and maintain records of voting of shares for which
Putnam has proxy voting authority in accordance with its fiduciary obligations and applicable law.

Putnam’s voting policies are rooted in our