Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 196

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 196
---

of

services

provided

by

the

Manager

and

the

Sub-Advisers,

and

of

the

undertakings

required

of

the

Manager

and

Sub-Advisers

in

connection

with

those

services,

including

maintaining

and

monitoring

their

respective

compliance

programs

as

well

as

the

Fund’s

compliance

programs,

had

expanded

over

time

as

a

result

of

regulatory,

market

and

other

developments.

The

Board

also

noted

that

on

a

regular

basis

it

received

and

reviewed

information

from

the

Manager

and

the

Sub-Advisers

regarding

the

Fund’s

compliance

policies

and

### procedures
established

pursuant

to

Rule

38a-1

under

the

1940

Act.

The

Board

also

considered

the

risks

borne

by

the

Manager,

the

Sub-Advisers

and

their

respective

affiliates

on

behalf

of

the

Fund,

including

entrepreneurial,

operational,

reputational,

litigation

and

regulatory

risks,

as

well

as

the

Manager’s

and

the

Sub-Advisers’

risk

### management
processes.

The

Board

reviewed

the

qualifications,

backgrounds,

and

responsibilities

of

the

Manager’s

senior

personnel

and

the

Sub-Advisers’

portfolio

### management
teams

primarily

responsible

for

the

day-to-day

portfolio

### management
of

the

Fund.

The

Board

also

considered,

based

on

its

knowledge

of

the

Manager

and

its

affiliates,

the

### financial
resources

of

Franklin

Resources,

Inc.,

the

parent

organization

of

the

Manager

and

the

Sub-Advisers.

The

Board

recognized

the

importance

of

having

a

fund

manager

with

significant

resources.

The

Board

considered

the

division

of

responsibilities

between

the

Manager