Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 3

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 3
---

of

the

U.S.

labor

market.

#### Q.

#### How

#### did

#### we

#### respond

#### to

#### these

#### changing

#### market

#### conditions?

#### A
#### .

Leading

into

the

market

turmoil,

we

maintained

a

low-

risk

posture,

as

we

believed

risk

asset

valuations

were

tight

given

the

market

environment.

After

the

spread

widening

in

April,

relative

valuations

improved

and

offered

opportunities

to

modestly

increase

credit

risk,

particularly

in

corporate

credit

where

the

spread

widening

was

most

notable.

This

ultimately

helped

results

as

corporate

markets

recovered

from

the

sell-off

in

subsequent

months.

We

continued

to

favor

non-agency

residential

mortgage-

backed

securities

(RMBS)

opportunities

near

the

top

of

the

capital

stack,

such

as

recent

issue

non-qualified

mortgage

(non-QM)

bonds

and

senior

legacy

RMBS

bonds.

Meanwhile,

despite

challenges

in

commercial

mortgage-

backed

securities

(CMBS),

we

maintained

our

view

that

fundamentally

strong

commercial

real

estate

(CRE)

sectors

are

likely

to

receive

support

from

a

substantial

amount

of

investor

capital

sitting

on

the

sideline.

While

some

parts

of

the

market

are

at

fair

value

to

slightly

rich,

attractive

opportunities

for

security

selection

remain

available

but

#### Portfolio

#### Composition
9/30/25

#### %

#### of

#### Total

#### Investments
Corporate

Bonds

24.3%

Mortgage-Backed

Securities

16.3%

Agency

Commercial

Mortgage-Backed

Securities

10.3%

Foreign

Government

and

Agency

Securities

9.5%

Commercial

Mortgage-Backed

Securities

8.5%