Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 1

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 1
---

Master

Intermediate

Income

Trust

Dear

Shareholder,

This

annual

report

for

Putnam

Master

Intermediate

Income

Trust

covers

the

fiscal

year

ended

September

30,

2025

.

Fund

### Overview

#### Q.

#### What

#### is

#### the

#### Fund's

#### investment

#### strategy?

#### A.
The

Fund

seeks

to

provide,

with

equal

emphasis,

high

current

income

and

relative

stability

of

net

asset

value

by

allocating

its

investments

among

the

U.S.

investment-

grade

sector,

high-yield

sector,

and

international

sector.

We

invest

mainly

in

assignments

of

and

participations

in

fixed

and

floating-rate

bank

loans,

bonds

and

related

derivatives,

securitized

debt

instruments

(such

as

residential

mortgage-backed

securities

and

commercial

mortgage-

backed

securities),

and

other

obligations

of

companies

and

governments

worldwide

that

are

either

investment-grade

or

below-investment-grade

in

quality

(sometimes

referred

to

as

“junk

bonds”),

that

have

intermediate-

to

long-term

maturities

(three

years

or

longer),

and

that

are

from

multiple

sectors.

The

Fund,

under

normal

circumstances,

will

maintain

an

average

portfolio

rating

of

investment-grade,

as

measured

at

the

time

of

the

making

of

an

investment.

The

Fund

currently

has

significant

investment

exposure

to

residential

and

commercial

mortgage-backed

investments.

We

may

consider,

among

other

factors,

credit,

interest

rate

and

prepayment

risks,

as

well

as

general

market

conditions,

when

deciding

whether

to

buy

or

sell

investments.

We

typically

use

to

a

significant

extent

derivatives,

such

as

futures,

options,

certain

foreign

currency

transactions

and