Company: PIM
Filing Date: 2025-05-28
Form Type: N-CSRS
Source: 0000928816-25-000657
Chunk: 11

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-05-28
Form: N-CSRS
Chunk 11
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176,942 | $208,743 | $220,091 |
| Ratio of expenses to average         |           |          |          |            |          |          |
| net assets (%) d                     |   .52*g,h |    1.02g |     1.09 |       1.04 |     1.01 |     1.01 |
| Ratio of net investment income       |           |          |          |            |          |          |
| to average net assets (%)            |  2.61*g,h |    5.85g |     4.45 |       4.83 |     4.35 |     3.98 |
| Portfolio turnover (%) e             |      302* |      971 |    1,295 |        949 |    1,073 |      995 |

* Not annualized. ** Unaudited. a Per share net investment income has been determined on the basis of the weighted average number of shares outstanding during the period. b See Note 4. c Total return assumes dividend reinvestment. d Includes amounts paid through expense offset arrangements, if any (Note 2). e Portfolio turnover includes TBA purchase and sales commitments. f Amount represents less than $0.01 per share. g Reflects waivers of certain fund expenses in connection with investments in Putnam Government Money Market Fund in effect during the period. As a result of such waivers, the expenses of the fund reflect a reduction of the following amounts (Notes 2 and 5):

h Reflects a waiver of certain fund expenses in connection with investments in Franklin Ultra Short Bond ETF during the period. As a result of such waiver, the expenses of the fund reflect a reduction of less than 0.01% as a percentage of average net assets (Notes 2 and 5). The accompanying notes are an integral part of these financial statements.

| 44 Master Intermediate Income Trust |

Notes to financial statements 3/31/25 (Unaudited) Unless otherwise noted, the “reporting period” represents the period from October 1, 2024 through March 31, 2025. The following table defines commonly used references within the Notes to financial statements:

| References to         | Represent                                                                                   |
| 1940 Act              | Investment Company Act of 1940, as amended                                                  |
| Franklin Advisers     | Franklin Advisers, Inc., the fund’s investment manager, a direct wholly-owned subsidiary of