Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 16

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 16
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 Committee of the Board will regularly meet with the fund’s independent public accounting firm to review, among other things,
reports on the fund’s internal controls for financial reporting.

The Board believes that not all risks that may affect the fund can
be identified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear
certain risks (such as investment-related risks) to achieve the fund’s goals, and that the processes, procedures and controls employed
to address certain risks may be limited in their effectiveness. Moreover, reports received by the Trustees as to risk management matters
are typically summaries of relevant information and may be inaccurate or incomplete. As a result of the foregoing and other factors, the
Board’s risk management oversight is subject to substantial limitations.

Putnam Funds Board

Your fund’s current Trustees are responsible for the general
oversight of your fund’s affairs. The Trustees regularly review your fund’s investment performance as well as the quality
of other services provided to your fund and its shareholders by Franklin Advisers and its affiliates, including administration and shareholder
servicing. The Trustees review and evaluate the fees and operating expenses paid by your fund for these services, typically on an annual
basis, and negotiate changes if they deem it appropriate. In carrying out these responsibilities, the Trustees are assisted by an independent
administrative staff and by your fund’s independent counsel and other experts as appropriate, selected by and responsible to the
Trustees. A description of the current Board leadership structure and the Board’s Committee’s appears in Appendix A.

How large of a stake do the nominees and current Trustees have in the Putnam family of funds?

Franklin CEF Board

The table below shows the number of shares of each fund beneficially
owned by each nominee, as well as the value of each nominee’s holdings in each fund and in all of the funds in the Putnam family
of funds as of December 31, 2024. As a group, the nominees owned shares of the Putnam family of funds valued under $100,000 as of December 31,
2024.

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| Trustees/Nominees                     | Dollar Range of Fund Shares Owned |          Fund Shares Beneficially Owned | Dollar Range of Fund Shares Owned | Fund Shares Beneficially Owned | Dollar Range of Fund Shares Owned | Fund Shares Beneficially Owned | Dollar Range of Fund Shares Owned | Fund Shares Beneficially Owned |
| Putnam Managed Municipal Income Trust |                                   | Putnam