Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 194

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 194
---
below

reflects

all

of

these

reviews.

The

Manager

provides

the

Fund

with

investment

advisory

and

administrative

services

pursuant

to

the

### Management
Agreement,

and

the

Sub-Advisers

together

provide

the

Fund

with

investment

sub-advisory

services

pursuant

to

the

Sub-

Advisory

Agreements.

The

### discussion
below

covers

both

the

advisory

and

administrative

functions

being

rendered

by

the

Manager,

each

such

function

being

encompassed

by

the

### Management
Agreement,

and

the

investment

sub-advisory

functions

being

rendered

by

the

Sub-Advisers

pursuant

to

the

Sub-Advisory

Agreements.

Putnam

Master

Intermediate

Income

Trust

Shareholder

Information

78

franklintempleton.com

Annual

Report

#### Board

#### Approval

#### of

### Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreements
The

Independent

Trustees

were

advised

by

separate

independent

legal

counsel

throughout

the

process.

Prior

to

voting,

the

Independent

Trustees

received

a

memorandum

discussing

the

legal

standards

for

their

consideration

of

the

proposed

continuation

of

the

### Management
Agreement

and

the

Sub-Advisory

Agreements.

The

Independent

Trustees

considered

the

### Management
Agreement

and

each

Sub-

Advisory

Agreement

separately

during

the

course

of

their

review.

In

doing

so,

they

noted

the

respective

roles

of

the

Manager

and

the

Sub-Advisers

in

providing

services

to

the

Fund.

In

approving

the

continuation

of

the

### Management
Agreement

and

Sub-Advisory

Agreements,

the

Board,

including

the

Independent

Trustees,

considered

a

variety

of