Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 215

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 215
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 guard against conflicts, the following procedures have been adopted:

| 1. | The Proxy Committee is composed of senior professionals, including Portfolio Managers in Putnam Equity and the Putnam Equity Sustainability 
 Strategy group. None of these individuals or groups reports to Franklin Templeton’s marketing businesses.                                   |

| 2. | No Franklin Templeton employee outside Putnam Equity may contact any portfolio manager about any proxy vote without first contacting          
 the Proxy Voting Team or a senior lawyer in the Legal and Compliance Department. There is no prohibition on employees seeking to communicate  
 investment-related information to investment professionals except for Putnam’s restrictions on dissemination of material, non-public          
 information. However, the Proxy Voting Team will coordinate the delivery of such information to investment professionals to avoid appearances 
 of conflict.                                                                                                                                  |

| 3. | Investment professionals responding to referral requests must disclose any contacts with third parties other than normal contact with         
 proxy solicitation firms and must affirm that they are making vote recommendations in the best interest of client accounts and have disclosed 
 to the Proxy Voting Team any potential conflicts of interest relevant to their vote recommendation.                                           |

| 4. | The Proxy Voting Team will review the name of the issuer of each proxy that contains a referral item against various sources of Putnam   
 business relationships maintained by the Legal and Compliance Department or Client Service for potential material business relationships 
 (i.e., conflicts of interest). For referrals, the Proxy Voting Team will complete the Proxy Voting Conflict of Interest Disclosure       
 Form (attached as Exhibit B and C) via the Proxy Referral Administration Database and will prepare a quarterly report for the Putnam     
 Chief Compliance Officer identifying all completed Conflict of Interest Disclosure forms.                                                |

| 5. | Putnam’s Proxy Voting Guidelines may only be overridden with the written recommendation from a member of the Investment Division       
 and concurrence of the Proxy Committee (or, in cases with limited time, with the Chair of the Proxy Committee on the Proxy Committee’s 
 behalf).                                                                                                                               |

Recordkeeping

The Putnam Equity Sustainability Strategy Group will retain copies of the
following books and records:

| 1. | A copy of the Proxy Voting Procedures and Guidelines as are from time to time in effect; |

| 2. | A copy of each proxy statement received with respect to securities in client accounts; |

| 3. | Records of each vote cast for each client; |

| 4. | Internal documents generated in connection with a proxy referral, such as emails, memoranda, etc. |

| 5. |