PUTNAM MASTER INTERMEDIATE INCOME TRUST — Director's Dealing 2005

Nov 3, 2005

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: PUTNAM MASTER INTERMEDIATE INCOME TRUST (pim)
CIK: 0000830622
Period of Report: 2005-09-30

Reporting Person: BAXTER JAMESON A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-09-30	Closed-End Fund	J	7.5623	$6.62	Acquired	461.9716	Direct

Footnotes

F1: Dividends reinvested for fiscal year ending 9/30/05

F2: number of shares through end of January, 2005 (thereafter, dividends distributed in cash)

F3: price as of end of January, 2005

F4: amount of shares as of January, 2005