Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 198

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 198
---
Performance

Universe”)

selected

by

Broadridge

### Financial
Solutions,

Inc.

(“Broadridge”),

an

independent

third-party

provider

of

investment

company

data.

The

Board

was

provided

with

a

description

of

the

methodology

Broadridge

used

to

determine

the

similarity

of

the

Fund

with

the

funds

included

in

the

Performance

Universe.

It

was

noted

that

while

the

Board

found

the

Broadridge

Performance

Information

generally

useful,

they

recognized

its

limitations,

including

that

the

data

may

vary

depending

on

the

end

date

selected,

and

that

the

results

of

the

performance

comparisons

may

vary

depending

on

the

selection

of

the

peer

group

and

its

composition

over

time.

The

Board

also

noted

that

Board

members

had

received

and

discussed

with

the

Manager

and

the

Sub-Advisers

information

throughout

the

year

at

periodic

intervals

comparing

the

Fund’s

performance

against

its

benchmark

and

against

the

Fund’s

peers.

In

addition,

the

Board

considered

the

Fund’s

performance

in

view

of

overall

### financial
market

conditions.

The

Broadridge

Performance

Information

comparing

the

Fund’s

performance

to

that

of

its

Performance

Universe,

consisting

of

the

Fund

and

all

closed-end

non-leveraged

general

bond

funds,

regardless

of

asset

size,

showed,

among

other

data,

that

based

on

net

asset

value

per

share,

the

Fund’s

performance

was

above

the

median

for

the

3-year

period

ended

December

31,

2024,

and

was

below

the

median

for

the

1-,

5-

and

10-year

periods

ended

December

31,

2024.

The

Board

noted

the

explanations