Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 0

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 0
---
<div align='center'>UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05498

Putnam Master Intermediate Income Trust

(Exact name of registrant as specified in charter)

100 Federal Street, Boston, Massachusetts 02110

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street,

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

Registrant’s telephone number, including area
code: (617) 292-1000

Date of fiscal year end: September 30

Date of reporting period: September 30, 2025</div>

| ITEM 1. | REPORT TO STOCKHOLDERS. |

(a) The Report to Shareholders is filed herewith

#### Annual

#### Report

#### Putnam

#### Master

#### Intermediate

#### Income

#### Trust
September

30,

2025

#### Not

#### FDIC

#### Insured

#### No

#### Bank

#### Guarantee

#### May

#### Lose

#### Value
.

franklintempleton.com

Annual

Report

1

Contents

Fund

### Overview
2

Performance

Summary

5

### Financial
Highlights

and

Schedule

of

Investments

8

### Financial
Statements

39

Notes

to

### Financial
Statements

42

Report

of

Independent

Registered

Public

Accounting

Firm

59

Tax

Information

60

Important

Information

to

Shareholders

61

Annual

Meeting

of

Shareholders

70

Dividend

Reinvestment

and

Cash

Purchase

Plan

71

Board

Members

and

Officers

73

Shareholder

Information

77

Visit

#### franklintempleton.com
for

fund

updates,

to

access

your

account,

or

to

find

helpful

### financial
planning

tools.

2

franklintempleton.com

Annual

Report

Putnam