Putnam Master Intermediate Income Trust (the Fund) is a diversified, closed-end management investment company. The fund's investment objective is to seek high current income and relative stability of net asset value, by allocating its investments among the United States investment grade sector, high-yield sector and international sector. The Fund invests in higher yielding, lower rated bonds that have a higher rate of default. The Fund may invest a significant portion of its assets in securitized debt instruments, including mortgage-backed and asset-backed investments. The Fund's investment manager is Putnam Investment Management, LLC. The Fund's sub-manager is Putnam Investments Limited.