Company: PIM
Filing Date: 2025-05-28
Form Type: N-CSRS
Source: 0000928816-25-000657
Chunk: 0

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-05-28
Form: N-CSRS
Chunk 0
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| 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 |

| Exact name of registrant as specified in charter: | Putnam Master Intermediate Income Trust |

| Address of principal executive offices: | 100 Federal Street, Boston, Massachusetts 02110 |

| Name and address of agent for service: | Marc A. De Oliveira |

| Franklin Templeton |

| 100 First Stamford Place |

| Stamford, CT 06902 |

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

| Item 1. Report to Stockholders: |

| (a) The Report to Shareholders is filed herewith |

| (b) Not applicable |

Putnam Master Intermediate
Income Trust

Semi-Annual report
3 | 31 | 25

| Letter from the President                          |  1 |
| Your fund at a glance                              |  2 |
| Other information for shareholders                 |  3 |
| Important notice regarding Putnam’s privacy policy |  4 |
| Summary of dividend reinvestment plans             |  5 |
| Financial statements                               |  7 |
| Results of any shareholder votes                   | 63 |

Letter from the President

May 20, 2025

Dear Shareholder:

We are pleased to provide the semi-annual report of Putnam Master Intermediate Income Trust for the six-month reporting period ended March 31, 2025. Please read on for Fund performance information during the Fund’s reporting period.

Effective April 25, 2025, Robert D. Agdern, Carol L. Colman, Anthony Grillo, Eileen A. Kamerick, Nisha Kumar, Peter Mason, Hillary A. Sale and Jane E. Trust were elected Trustees of the Fund at the Annual Meeting of Shareholders. We extend our sincere thanks to the outgoing Trustees for their service to the Fund.

As always, we remain committed to providing you with excellent service and a full spectrum of investment choices. For more information on your Fund, visit www.franklintempleton.com. Here you can gain immediate access to market and investment information, including:

• Fund prices and performance,
• Market insights and commentaries from our portfolio managers, and
• A host of educational resources