Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 4

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 4
---
Residential

Mortgage-Backed

Securities

8.4%

Senior

Floating

Rate

Interests

5.5%

Convertible

Bonds

2.5%

### Management
Investment

Companies

2.1%

Asset-Backed

Securities

*

1.8%

Other

†

0.1%

Short-Term

Investments

10.7%

*

Includes

non-agency

residential

mortgage-backed

securities,

collateralized

loan

obligations

and

consumer

loan

certificates.

†

Categories

within

the

Other

category

are

listed

in

full

in

the

Fund’s

Schedule

of

Investments

(SOI),

which

can

be

found

later

in

this

report.

### PUTNAM

### MASTER

### INTERMEDIATE

### INCOME
TRUST

3

franklintempleton.com

Annual

Report

require

rigorous

loan-level

analysis.

Finally,

we

found

the

prepayment

market

attractive

and

were

focused

primarily

on

seasoned

collateral

with

minimal

prepayment

risk

as

the

underlying

borrowers

remained

well

“out-of-the-money”

at

elevated

mortgage

rates.

Performance

### Overview
For

the

12

months

under

review,

the

Fund

posted

cumulative

total

returns

of

+9.75%

in

market

price

terms

and

+6.75%

in

net

asset

value

terms.

In

comparison,

the

ICE

BofA

U.S.

Treasury

Bill

Index,

which

is

an

unmanaged

index

that

tracks

the

performance

of

U.S.

dollar-denominated

U.S.

Treasury

bills

publicly

issued

in

the

U.S.

domestic

market,

posted

a

+4.44%

total

return

for

the

same

period.

1

You

can

find

the

Fund's

long-term

performance

data

in

the

Performance

Summary

on

page

5.

Performance

data

represent

past

performance,

which

does

not

guarantee

future

results.

Investment

return