Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 8

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 8
---
#### significant

#### changes

#### to

#### the

#### Fund

#### during

#### the

#### reporting

#### period?

#### A.
No,

there

were

no

material

changes

to

the

Fund

during

the

reporting

period.

#### Q.

#### What

#### were

#### the

#### Fund’s

#### distributions

#### during

#### the

#### period?

#### A.
The

Fund's

distributions

are

fixed

at

a

targeted

rate.

The

targeted

rate

is

not

expected

to

vary

with

each

distribution

but

may

change

from

time

to

time.

During

the

last

fiscal

year

the

Fund

made

monthly

distributions

totaling

$0.264

per

share

from

October

2024,

to

September

2025,

which

were

characterized

as

$0.171

per

share

of

net

investment

income

and

$0.093

per

share

of

return

of

capital.

$0.093

of

the

Fund's

return

of

capital

was

the

result

of

the

Fund's

targeted

distribution

policy.

Distributions

of

capital

decrease

the

Fund's

total

assets

and

total

assets

per

share

and,

therefore,

could

have

the

effect

of

increasing

the

Fund's

expense

ratio.

In

general,

the

policy

of

fixing

the

Fund's

distributions

at

a

targeted

rate

does

not

affect

the

Fund's

investment

strategy.

However,

in

order

to

make

these

distributions,

on

occasion

the

Fund

may

have

to

sell

portfolio

securities

at

a

less

than

opportune

time.

Please

see

the

Distributions

to

shareholders

note

on

page

5

for

more

information

on

Fund

distributions.

Thank

you

for

your

continued

participation

in

Putnam

Master

Intermediate

Income

Trust.

We

look

forward

to

serving

your

future

investment

needs.

Sincerely,