PUTNAM MASTER INTERMEDIATE INCOME TRUST — Director's Dealing 2007

Jan 26, 2007

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: PUTNAM MASTER INTERMEDIATE INCOME TRUST (pim)
CIK: 0000830622
Period of Report: 2006-09-30

Reporting Person: HILL JOHN A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-30	Closed-end fund	J	46.266	$6.15	Acquired	436.985	Direct

Footnotes

F1: Late filing of dividend re-investments for fiscal years ending 2004, 2005 and 2006

F2: Price is as of Fund's 2006 FYE