Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 7

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 7
---
4%

### Financial
Services,

United

States

GNMA

7.7%

### Financial
Services,

United

States

GNMA

II,

Single-family,

30

Year

5.5%

### Financial
Services,

United

States

Franklin

Ultra

Short

Bond

ETF

2.5%

Capital

Markets,

United

States

FHLMC

2.4%

### Financial
Services,

United

States

FNMA

Connecticut

Avenue

Securities

Trust

2.1%

### Financial
Services,

United

States

FNMA

2.0%

### Financial
Services,

United

States

COMM

Mortgage

Trust

1.6%

### Financial
Services,

United

States

Alternative

Loan

Trust

1.4%

### Financial
Services,

United

States

FHLMC

STACR

Debt

Notes

1.3%

### Financial
Services,

United

States

1.

Source:

FactSet.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund’s

portfolio.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

#### The

#### dollar

#### value,

#### number

#### of

#### shares

#### or

#### principal

#### amount,

#### and

#### names

#### of

#### all

#### portfolio

#### holdings

#### are

#### listed

#### in

#### the

#### Fund’s

#### Schedule

#### of

#### Investments
**(SOI).**

#### The

#### SOI

#### begins

#### on

#### page

#### 9.

### PUTNAM

### MASTER

### INTERMEDIATE

### INCOME
TRUST

4

franklintempleton.com

Annual

Report

in

2025

due

to

signs

of

economic

slowdown,

such

as

below-expectation

employment

figures,

and

the

Moody’s

downgrade

of

U.S.

debt.

#### Q.

#### Were

#### there

#### any