Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 105

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 105
---
ominated

in

foreign

currencies

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

1,163

Unfunded

loan

commitments

(Note

8

)

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

74

Forward

exchange

contracts

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

197,001

Forward

premium

swap

option

contracts

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

(628,149)

Futures

contracts

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

78,737

TBA

sale

commitments

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

(26,932)

Swap

contracts

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

371,538

Net

change

in

unrealized

appreciation

(depreciation)

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

1,545,064

Net

realized

and

unrealized

gain

(loss)

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

1,926,349

Net

increase

(decrease)

in

net

assets

resulting

from

### operations
..........................................

$10,828,146

Putnam

Master

Intermediate

Income

Trust

### Financial
Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

### financial
statements.

Annual

Report

41

#### Putnam

#### Master

#### Intermediate

#### Income

#### Trust

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$8,901,797

$9,683,082

Net

realized

gain

(loss)

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

381,285

(4,922,629)

Net

change

in

unrealized

appreciation

(depreciation)

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

1,545,064

16,956,205

Net

increase

(decrease)

in

net

assets

resulting

from

### operations
................

10,828,146

21,716,658

Distributions

to

shareholders

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

(8,257,362)

(8,296,682)

Distributions

to

shareholders

from

tax

return

of

capital

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

(4,463,304)

(4,454,489)

Total

distributions

to

shareholders

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

(12,720,666)

(12