Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 106

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 106
---
,751,171)

Capital

share

transactions

(Note

2

)

..........................................

—

(1,179,070)

Net

increase

(decrease)

in

net

assets

...................................

(1,892,520)

7,786,417

Net

assets:

Beginning

of

year

.......................................................

168,928,059

161,141,642

End

of

year

...........................................................

$167,035,539

$168,928,059

Putnam

Master

Intermediate

Income

Trust

Notes

to

### Financial
Statements

42

franklintempleton.com

Annual

Report

#### 1.

#### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Master

Intermediate

Income

Trust (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

### management
investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

### Financial
Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

### Financial
Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

The

following

summarizes

the

Fund

's

significant

accounting

policies.

#### a.

### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

### financial
instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

### each business
day as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the