Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 202

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 202
---

### analysis
of

the

profitability

to

the

Manager

and

its

affiliates

in

providing

services

to

the

Fund

for

the

Manager’s

fiscal

years

ended

September

30,

2024

and

September

30,

2023.

The

Board

also

received

profitability

information

with

respect

to

the

Franklin

Templeton

fund

complex

as

a

whole.

In

addition,

the

Board

received

Contract

Renewal

Information

with

respect

to

the

Manager’s

revenue

and

cost

allocation

methodologies

used

in

preparing

such

profitability

data.

It

was

noted

that

the

allocation

methodologies

had

been

reviewed

by

an

outside

consultant.

The

profitability

to

each

of

the

Sub-Advisers

was

not

considered

to

be

a

material

factor

in

the

Board’s

considerations

since

the

Sub-Advisory

Fees

are

paid

by

the

Manager,

not

the

Fund,

although

the

Board

noted

the

affiliation

of

the

Manager

with

the

Sub-Advisers.

The

profitability

of

the

Manager

and

its

affiliates

was

considered

by

the

Board

to

be

reasonable

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

#### Economies

#### of

#### Scale
The

Board

received

and

discussed

Contract

Renewal

Information

concerning

whether

the

Manager

realizes

economies

of

scale

if

the

Fund’s

assets

grow.

The

Board

noted

that

because

the

Fund

is

a

closed-end

fund,

it

has

limited

ability

to

increase

its

assets.

The

Board

determined

that

the

### management
fee

structure

was

appropriate

under

the

circumstances.

For

similar

reasons

as

stated

above

with

respect