Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 203

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 203
---

to

the

Sub-Advisers’

profitability

and

the

costs

of

the

Sub-Advisers’

provision

of

services,

the

Board

did

not

consider

the

potential

for

economies

of

scale

in

the

Sub-

Advisers’

### management
of

the

Fund

to

be

a

material

factor

in

the

Board’s

consideration

of

the

Sub-Advisory

Agreements.

#### Other

#### Benefits

#### to

#### the

#### Manager

#### and

#### the

#### Sub-Advisers
The

Board

considered

other

benefits

received

by

the

Manager,

the

Sub-Advisers

and

their

affiliates

as

a

result

of

their

relationship

with

the

Fund,

including

the

opportunity

to

offer

additional

products

and

services

to

the

Fund’s

stockholders.

In

view

of

the

costs

of

providing

investment

### management
and

other

services

to

the

Fund

and

the

ongoing

commitment

of

the

Manager

and

the

Sub-Advisers

to

the

Fund,

the

Board

considered

that

the

ancillary

benefits

received

by

the

Manager

and

its

affiliates,

including

the

Sub-

Advisers,

were

reasonable.

#### Important

#### notice

#### regarding

#### share

#### repurchase

#### program
In

September

2024,

the

Trustees

of

your

fund

approved

the

renewal

of

a

share

repurchase

program

that

had

been

in

effect

since

2005.

This

renewal

allows

your

fund

to

repurchase,

in

the

365

days

beginning

October

1,

2024,

up

to

10%

of

the

fund’s

common

shares

outstanding

as

of

September

30,

2024.

#### Important

#### notice

#### regarding

#### delivery

#### of

#### shareholder

#### documents
In

accordance

with

Securities

and

Exchange

Commission