Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 253

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 253
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30a-3(b) under the 1940 Act and 15d-15(b) under the Securities 
 Exchange Act of 1934.                                                                                                                         |

| (b) | During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting 
 and administrative services for the Registrant that are subject to Franklin Templeton’s oversight.                                          |

| Item 17. | Disclosure of Securities                                         
 Lending Activities for Closed-End Management Investment Company. |

Not applicable.

| ITEM 18. | RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION. |

| (a) | Not applicable. |

| (b) | Not applicable. |

| ITEM 19. | EXHIBITS. |

(a) (1) Code of Ethics attached hereto.

Exhibit 99.CODE ETH

(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.CERT

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.

Exhibit 99.906CERT

(c) Pursuant to the Securities and Exchange Commission’s
Order granting relief from Section 19(b) of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners are attached hereto
as Exhibit.

<div align='center'>SIGNATURES</div>

Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto
duly authorized.

Putnam Master Intermediate Income Trust

| By:   | /s/ Jane Trust              |
|       | Jane Trust                  |
|       | Principal Executive Officer |
| Date: | November 28, 2025           |

Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.

| By:   | /s/ Jane Trust              |
|       | Jane Trust                  |
|       | Principal Executive Officer |
| Date: | November 28, 2025           |

| By:   | /s/ Christopher Berard