Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 199

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 199
---
from

the

Manager

and

the

Sub-Advisers

regarding

the

Fund’s

relative

performance

versus

the

Performance

Universe

for

the

various

periods.

Based

on

the

reviews

and

discussions

of

Fund

performance

and

considering

other

relevant

factors,

including

those

noted

above,

the

Board

concluded,

under

the

circumstances,

that

continuation

of

the

### Management
Agreement

and

the

Sub-Advisory

Agreements

for

an

additional

one-year

period

would

be

consistent

with

the

interests

of

the

Fund

and

its

stockholders.

### Management

#### and

#### Sub-Advisory

#### Fees

#### and

#### Expense

#### Ratios
The

Board

reviewed

and

considered

the

contractual

### management
fee

(the

“Contractual

### Management
Fee”)

and

the

actual

### management
fee

(the

“Actual

### Management
Fee”)

payable

by

the

Fund

to

the

Manager

under

the

### Management
Agreement

and

the

sub-advisory

fees

(the

“Sub-Advisory

Fees”)

payable

by

the

Manager

to

the

Sub-Advisers

under

the

Sub-Advisory

Agreements

in

view

of

the

nature,

extent

and

overall

quality

of

the

management,

investment

advisory

and

other

services

provided

by

the

Manager

and

the

Sub-Advisers,

respectively.

The

Board

noted

that

the

Sub-Advisory

Fee

payable

to

the

Sub-Advisers

under

their

Sub-Advisory

Agreements

with

the

Manager

is

paid

by

the

Manager,

not

the

Fund,

and,

accordingly,

that

the

retention

of

the

Sub-Advisers

does

not

increase

the

fees

or

expenses

otherwise

incurred

by

the

Fund’s

stockholders.

In

addition