Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 129

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 129
---

outstanding

shares

or

has

the

power

to

exercise

control

over

### management
or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

### management
or

policies.

### Management
fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

### management
investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

### management
and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

September

30,

2025,

the

Fund

held

investments

in

affiliated

### management
investment

companies

as

follows:

#### 3.

#### Transactions

#### with

#### Affiliates
(continued)

Putnam

Master

Intermediate

Income

Trust

Notes

to

### Financial
Statements

50

franklintempleton.com

Annual

Report

#### 4.

#### Expense

#### Offset

#### Arrangement
The Fund has entered

into arrangements

with

PSERV

and

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

year

ended

September

30,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective

April

14,

2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

#### 5.

#### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

September

30,

2025,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended