Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 39

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 39
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 the funds and to discuss with the funds’ investment manager how it monitors and controls risks.

The Board recognizes that the reports it receives concerning risk
management matters are, by their nature, typically summaries of the relevant information. Moreover, the Board recognizes that not all
risks that may affect your fund can be identified in advance; that it may not be practical or cost-effective to eliminate or to mitigate
certain risks; that it may be necessary to bear certain risks (such as investment-related risks) in seeking to achieve your fund’s
investment objectives; and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness.
As a result of the foregoing and for other reasons, the Board’s risk management oversight is subject to substantial limitations.

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Audit, Compliance and Risk Committee.The Audit, Compliance
and Risk Committee provides oversight on matters relating to the integrity of the Putnam funds’ financial statements, compliance
with legal and regulatory requirements, Codes of Ethics issues, and certain aspects of overseeing Franklin Advisers’ risk assessment
and risk management. This oversight is discharged by regularly meeting with management, the funds’ independent registered public
accountants, and the fund’s and Franklin Advisers’ Chief Compliance Officer, and remaining current with respect to industry
developments. Duties of this Committee also include the review and evaluation of all matters and relationships pertaining to the funds’
independent registered public accountants, including their independence. The Committee also oversees all dividends and distributions by
the funds by making recommendations to the Trustees regarding the amount and timing of distributions paid by the funds, and determining
such matters when the Trustees are not in session. The Committee also oversees the policies and procedures pursuant to which Franklin
Advisers prepares recommendations for dividends and distributions, and meets regularly with representatives of Franklin Advisers to review
the implementation of these policies and procedures. The Committee reports to the Trustees and makes recommendations to the Trustees regarding
these matters. Information about the fees billed to the fund by the funds’ registered public accountant, as well as information
about the Committee’s pre-approval policies relating to the work performed by the funds’ registered public accountant, is
included beginning on page 36 of this proxy statement. Each member of the Committee is an Independent Trustee. Each member of the Committee
also is “independent,” as that term is interpreted for purposes of Rule 10A-3(b)(1) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act