Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 131

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 131
---
Short

term

................................................................................

$

39,718,215

Long

term

................................................................................

68,340,068

Total

capital

loss

carryforwards

...............................................................

$108,058,283

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

..........................................................

$8,257,362

$8,296,682

Return

of

capital

...........................................................

4,463,304

4,454,489

$12,720,666

$12,751,171

#### 3.

#### Transactions

#### with

#### Affiliates
(continued)

#### e.

#### Investments

#### in

#### Affiliated

### Management

#### Investment

#### Companies
(continued)

Putnam

Master

Intermediate

Income

Trust

Notes

to

### Financial
Statements

51

franklintempleton.com

Annual

Report

At

September

30,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

foreign

currency

transactions

and

derivative

### financial
instruments.

#### 6.

#### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

September

30,

2025,

aggregated

$780,383,621 and

$767,272,828,

respectively.

#### 7.

#### Credit

#### Risk
At

September

30,

2025,

the

Fund

had 35.0%

of

its

portfolio

invested

in

high

yield

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of