Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 191

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 191
---
Putnam

Master

Intermediate

Income

Trust

Shareholder

Information

77

franklintempleton.com

Annual

Report

Board

Approval

of

### Management
and

Sub-

Advisory

Agreements

(unaudited)

### PUTNAM

### MASTER

### INTERMEDIATE

### INCOME

#### TRUST
**(PIM)**

### Background
The

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

the

Board

of

Trustees

(the

“Board”)

of

Putnam

Master

Intermediate

Income

Trust

(the

“Fund”),

including

a

majority

of

its

members

who

are

not

considered

to

be

“interested

persons”

under

the

1940

Act

(the

“Independent

Trustees”)

voting

separately,

approve

on

an

annual

basis

the

continuation

of

the

investment

### management
agreement

(the

“Management

Agreement”)

between

the

Fund

and

the

Fund’s

manager,

Franklin

Advisers,

Inc.

(the

“Manager”),

and

the

sub-advisory

agreements

(individually,

a

“Sub-Advisory

Agreement,”

and

collectively,

the

“Sub-

Advisory

Agreements”)

with

the

Manager’s

affiliates,

Franklin

Templeton

Investment

### Management
Limited

(“FTIML”)

and

Putnam

Investment

Management,

LLC

(“PIM,”

and

together

with

FTIML,

the

“Sub-Advisers”),

with

respect

to

the

Fund.

At

an

in-person

meeting

(the

“Contract

Renewal

Meeting”)

held

on

May

8-9,

2025,

the

Board,

including

the

Independent

Trustees,

considered

and

approved

the

continuation

of

each

of

the

### Management
Agreement

and

the

Sub-Advisory

Agreements

for

an

additional

one-year

period.

To

assist

in

its

consideration

of

the