Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 192

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 192
---
renewal

of

each

of

the

### Management
Agreement

and

the

Sub-Advisory

Agreements,

the

Board

received

and

considered

extensive

information

(together

with

the

information

provided

at

the

Contract

Renewal

Meeting,

the

“Contract

Renewal

Information”)

about

the

Manager

and

the

Sub-Advisers,

as

well

as

the

### management
and

sub-

advisory

arrangements

for

the

Fund

and

the

other

closed-

end

funds

in

the

same

complex

under

the

Board’s

purview

(the

“Franklin

Templeton

Closed-end

Funds”),

certain

portions

of

which

are

discussed

below.

The

Board

noted

that

although

it

recently

assumed

oversight

responsibilities

for

the

Fund,

which

was

previously

overseen

by

another

board,

certain

information

the

Board

received

throughout

the

course

of

the

year

with

respect

to

the

Franklin

Templeton

Closed-

end

Funds

was

relevant

to

the

Board’s

consideration

of

the

### Management
Agreement

and

Sub-Advisory

Agreements.

A

presentation

made

by

the

Manager

and

the

Sub-Advisers

to

the

Board

at

the

Contract

Renewal

Meeting

in

connection

with

the

Board’s

evaluation

of

each

of

the

### Management
Agreement

and

the

Sub-Advisory

Agreements

encompassed

the

Fund

and

other

Franklin

Templeton

Closed-end

Funds.

In

addition

to

the

Contract

Renewal

Information,

the

Board

received

performance

and

other

information

related

to

the

respective

services

rendered

by

the

Manager

and

the

Sub-Advisers

to

the

Fund.

The

Board’s

evaluation

took

into

account

the

information

received

and