Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 87

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 87
---
the

Fund

for

collateral

on

certain

derivative

contracts.

See

Note

1

(

e

).

j

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

k

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

l

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7

.

m

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

1

(

d

).

n

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

September

30,

2025,

the

value

of

this

security

pledged

amounted

to

$647,927,

representing

0.4%

net

assets.

o

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

p

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

See

Note

1

(

d

).

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

### financial
statements.

Annual

Report

33

At

September

30,

2025,

the

Fund

had

the

following futures