Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 38

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 38
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 The role of the Independent Trustees has been characterized as
that of a “watchdog” charged with oversight to protect shareholders’ interests against overreaching and abuse by those
who are in a position to control or influence a fund. Your fund’s current Independent Trustees meet regularly as a group in executive
session (i.e., without representatives of Franklin Advisers or its affiliates present). An Independent Trustee currently serves as chair
of the Board.

Board Committees.Taking into account the number, the
diversity, and the complexity of the funds overseen by the Board and the aggregate amount of assets under management, your fund’s
current Trustees have determined that the efficient conduct of the Board’s affairs makes it desirable to delegate responsibility
for certain specific matters to committees of the Board. The Executive Committee, Audit, Compliance and Risk Committee, and Board Policy
and Nominating Committee are authorized to take action on certain matters as specified in their charters or in policies and procedures
relating to the governance of the funds; with respect to other matters, these committees review and evaluate and make recommendations
to the Trustees as they deem appropriate. The other committees also review and evaluate matters specified in their charters and make recommendations
to the Trustees as they deem appropriate. Each committee may utilize the resources of your fund’s independent staff, independent
counsel and independent registered public accountants as well as other experts. The committees meet as often as appropriate, either in
conjunction with regular meetings of the Trustees or otherwise. The membership and chair of each committee are appointed by the Trustees
upon recommendation of the Board Policy and Nominating Committee. Each committee is chaired by an Independent Trustee and, except as noted
below, the membership and chairs of each committee consist exclusively of Independent Trustees.

The Trustees have determined that this committee structure also
allows the Board to focus more effectively on the oversight of risk as part of its broader oversight of the funds’ affairs. While
risk management is the primary responsibility of the funds’ investment manager, the Trustees receive reports and presentations regarding
investment risks, compliance risks and other risks. The Board and certain committees also meet periodically with the funds’ and
Franklin Advisers’ Chief Compliance Officer to receive compliance reports. In addition, the Board and its Investment Oversight Committees
meet periodically with the portfolio managers of the funds to receive reports regarding the management of the funds. The Board’s
committee structure allows separate committees to focus on different aspects of these risks and their potential impact on some or all
of