Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 197

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 197
---

and

the

Sub-Advisers

under

the

### Management
Agreement

and

the

Sub-Advisory

Agreements,

respectively,

including

the

Manager’s

coordination

and

oversight

of

the

services

provided

to

the

Fund

by

the

Sub-Advisers

and

the

Fund’s

other

service

providers.

The

### Management
Agreement

permits

the

Manager

to

delegate

certain

of

its

responsibilities,

including

its

investment

advisory

duties

thereunder,

provided

that

the

Manager,

in

each

case,

will

supervise

the

activities

of

the

delegee.

In

reaching

its

determinations

regarding

continuation

of

the

### Management
Agreement

and

the

Sub-Advisory

Agreements,

the

Board

took

into

account

that

Fund

stockholders,

in

pursuing

their

investment

goals

and

objectives,

may

have

purchased

their

shares

of

the

Fund

based

upon

the

reputation

and

the

investment

style,

philosophy

and

strategy

of

the

Manager

and

the

Sub-Advisers,

as

well

as

the

resources

available

to

the

Manager

and

the

Sub-Advisers.

The

Board

concluded

that,

overall,

the

nature,

extent,

and

quality

of

the

### management
and

other

services

provided

(and

expected

to

be

provided)

to

the

Fund,

under

the

### Management
Agreement

and

the

Sub-Advisory

Agreements

were

satisfactory.

Putnam

Master

Intermediate

Income

Trust

Shareholder

Information

79

franklintempleton.com

Annual

Report

#### Fund

#### Performance
The

Board

received

and

considered

information

regarding

Fund

performance,

including

information

and

analyses

(the

“Broadridge

Performance

Information”)

for

the

Fund,

as

well

as

for

a

group

of

comparable

funds

(the

“