Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 200

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 200
---
,

the

Board

received

and

considered

information

and

analyses

prepared

by

Broadridge

(the

“Broadridge

Expense

Information”)

comparing

the

Contractual

### Management
Fee

and

the

Actual

### Management
Fee

and

the

Fund’s

actual

total

expenses

with

those

of

funds

in

an

expense

universe

(the

“Expense

Universe”)

selected

and

provided

by

Broadridge.

The

comparison

was

based

upon

the

constituent

funds’

latest

fiscal

years.

It

was

noted

that

while

the

Board

found

the

Broadridge

Expense

Information

generally

useful,

they

recognized

its

limitations,

including

that

the

data

may

vary

depending

on

the

selection

of

the

peer

group.

The

Broadridge

Expense

Information

showed

that

the

Fund’s

Contractual

### Management
Fee

was

equal

to

the

median.

The

Broadridge

Expense

Information

also

showed

that

the

Fund’s

Actual

### Management
Fee

was

below

the

median.

The

Broadridge

Expense

Information

also

showed

that

the

Fund’s

actual

total

expenses

were

below

the

median.

The

Board

took

into

account

management’s

### discussion
of

the

Fund’s

expenses.

The

Board

also

reviewed

Contract

Renewal

Information

regarding

fees

charged

by

the

Manager

and/or

the

Sub-

Advisers

to

other

U.S.

clients

investing

primarily

in

an

asset

class

similar

to

that

of

the

Fund,

including,

where

applicable,

institutional

and

separate

accounts.

The

Manager

reviewed

with

the

Board

the

differences

in

services

provided

to

these

different

types

of

accounts,

noting

that

the

Fund

is

provided

with

certain

administrative

services,

office

facilities,

and

Fund

officers,

and

that

the

Fund