Company Franklin Master Intermediate Income Trust

Franklin Master Intermediate Income Trust, formerly Putnam Master Intermediate Income Trust, is a closed-end management investment company. It seeks, with equal emphasis, high current income and relative stability of net asset value by allocating assets to the United States investment-grade, high-yield, and international sector. It seeks multiple sources of return outside the constraints of its benchmark, investing across traditional and alternative bond markets. It invests mainly in assignments of and participations in fixed and floating-rate bank loans, bonds and related derivatives, securitized debt instruments (such as residential mortgage-backed securities and commercial mortgage-backed securities), and other obligations of companies and governments worldwide that are either investment-grade or below-investment-grade in quality (sometimes referred to as junk bonds), that have intermediate- to long-term maturities (three years or longer), and that are from multiple sectors.