Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 201

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 201
---
is

subject

not

only

to

heightened

regulatory

requirements

relative

to

institutional

clients

but

also

to

requirements

for

listing

on

the

New

York

Stock

Exchange,

and

that

the

Manager

coordinates

and

oversees

the

provision

of

services

to

the

Fund

by

the

Fund’s

other

service

providers.

The

Board

considered

the

fee

comparisons

in

view

of

the

different

services

provided

in

managing

these

other

types

of

clients

and

funds.

The

Board

considered

the

overall

### management
fee,

the

fees

of

the

Sub-Advisers

and

the

amount

of

the

### management
fee

retained

by

the

Manager

after

payment

of

the

Sub-Advisory

Fees

in

each

case

in

view

of

the

services

rendered

for

those

Putnam

Master

Intermediate

Income

Trust

Shareholder

Information

80

franklintempleton.com

Annual

Report

amounts.

The

Board

also

received

an

### analysis
of

complex-

wide

### management
fees

provided

by

the

Manager,

which,

among

other

things,

set

out

a

framework

of

fees

based

on

asset

classes.

Taking

all

of

the

above

into

consideration,

as

well

as

the

factors

identified

below,

the

Board

determined

that

the

### management
fee

and

the

Sub-Advisory

Fees

were

reasonable

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

to

the

Fund

under

the

### Management
Agreement

and

the

Sub-Advisory

Agreements,

respectively.

#### Manager

#### Profitability
The

Board,

as

part

of

the

Contract

Renewal

Information,

received

an