Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 124

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 124
---
Under

the

program,

the

Fund

may

purchase,

from

time

to

time,

fund

shares

in

open-market

transactions,

at

the

discretion

of

management.

This

authorization

remains

in

effect.

Repurchases

are

made

when

the

Fund’s

shares

are

trading

at

less

than

net

asset

value

and

therefore

increase

the

net

asset

value

per

share

of

the

Fund’s

remaining

shares. During

the

year

ended

September

30,

2025,

there

were

no

shares

repurchased.

Transactions

in

the

Fund’s

shares

were

as

follows:

#### 3.

#### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount
Shares

repurchased

.............................................

–

$–

375,175

$1,179,070

Weighted

average

discount

of

cost

of

repurchase

to

net

asset

value

of

shares

repurchased

.................................................

–%

7.84%

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Investment

### Management
Limited

(FTIML)

Subadvisor

Putnam

Investments

Limited

(PIL)

Subadvisor

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent