Company: PIM
Filing Date: 2025-05-28
Form Type: N-CSRS
Source: 0000928816-25-000657
Chunk: 5

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-05-28
Form: N-CSRS
Chunk 5
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 by first adding up all the fund’s earnings — from dividends and interest income — and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings — as well as any unrealized gains or losses over the period — is added to or subtracted from the net investment result to determine the fund’s net gain or loss for the fiscal period. Statement of changes in net assets shows how the fund’s net assets were affected by the fund’s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund’s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund’s fiscal period. Financial highlights provide an overview of the fund’s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover (not required for money market funds) in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlights table also includes the current reporting period.

| Master Intermediate Income Trust 7 |

| The fund’s portfolio 3/31/25 (Unaudited) |

| MORTGAGE-BACKED SECURITIES (36.9%)*                                                             |     | Principal 
    amount |   Value |
| Agency collateralized mortgage obligations (12.7%)                                              |     |           |         |
| Federal Home Loan Mortgage Corporation                                                          |     |           |         |
| REMICs Ser. 4077, Class IK, IO, 5.00%, 7/15/42                                                  |     |  $373,588 | $80,204 |
| REMICs Ser. 4984, Class IL, IO, 4.50%, 6/25/50                                                  |     | 2,074,970 | 434,507 |
| REMICs Ser. 5093, Class YI, IO, 4.50%, 12/25/50                                                 |     | 1,587,380 |