PIM - Franklin Master Intermediate Income Trust

What this means for you

Sit Investment has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. Oct 1, 2026

   Sit Investment raised its stake to 48.2% (from 47.2%), as a passive investor.

   Original document →

2. March 30, 2026

   Sit Investment raised its stake to 47.2% (from 46.1%). It has said it may push for changes.

   Original document →

3. March 10, 2026

   Sit Investment cut its stake to 46.1% (from 47.5%). It has said it may push for changes.

   Original document →

4. Dec 23, 2025

   Sit Investment raised its stake to 47.5% (from 46.4%). It has said it may push for changes.

   Original document →

5. Dec 18, 2025

   Sit Investment cut its stake to 46.4% (from 47.5%). It has said it may push for changes.

   Original document →

About this fund

• Run by Franklin Advisers, Inc. Part of the Franklin Templeton Group of Funds fund family. As of Sept 30, 2025, from the fund's yearly report. Original document →
• Size: about $163 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 34% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.7% a year in management fees; 1% a year in total, including interest on borrowed money. Fiscal year ended Sept 30, 2025. As of Sept 30, 2025, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 15 charge a lower management fee and 7 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Sept 30, 2024) the fund paid $0.26 a share. $0.17 of that was income; $0.09 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Sept 30, 2024, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Sept 30, 2025): $3.47. The shares traded at $3.44, about 0.9% below that. As of Sept 30, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 2% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.26 in the fiscal year ended Sept 30, 2024; $0.26 in the year ended Sept 30, 2023; $0.26 in the year ended Sept 30, 2022.As of Sept 30, 2024, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.09 in the year ended Sept 30, 2024; $0.06 in the year ended Sept 30, 2023; none in the year ended Sept 30, 2022.As of Sept 30, 2024, from the fund's annual report. Original document →
• Size of the holdings: about $169 million at Sept 30, 2024; $161 million at Sept 30, 2023. From the fund's quarterly holdings reports. Original documents: Sept 30, 2024 →, Sept 30, 2023 →.
• Borrowing: about 32% on top of its own money at Sept 30, 2024; 47% at Sept 30, 2023. From the fund's quarterly holdings reports. Original documents: Sept 30, 2024 →, Sept 30, 2023 →.
• The fund had about 48.1 million shares at Sept 30, 2024, down 0.8% from Sept 30, 2023.As of Sept 30, 2024, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Sept 30, 2024: the shares returned +21.7%, counting payouts. As of Sept 30, 2024, from the fund's annual report. Original document →
• The year ended Sept 30, 2023: the shares returned +0.8%, counting payouts. As of Sept 30, 2023, from the fund's annual report. Original document →
• The year ended Sept 30, 2022: the shares returned -14.1%, counting payouts. As of Sept 30, 2022, from the fund's annual report. Original document →
• The year ended Sept 30, 2021: the shares returned +5.8%, counting payouts. As of Sept 30, 2021, from the fund's annual report. Original document →
• Those four years together: the shares returned +11.5%. $10,000 of shares bought at the start (Oct 1, 2020) would have become about $11,100 by Sept 30, 2024, with every payout counted, before tax. As of Sept 30, 2024, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +5.8%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly mortgage bonds (44%), the rest bonds, loans and other holdings. About 83% issued in the U.S.

1. FNMA or FHLMC, Uniform Mortgage-Backed Securities - 16.3%
2. GNMA II, Single-family, 30 Year - 5.5%
3. Franklin Ultra Short Bond ETF - 2.6%
4. FHLMC - 2.2%
5. Derivatives - 2.1%
6. Putnam Short Term Investment Fund class P shares - 1.8%
7. Alternative Loan Trust, Series 2006-OA10, Class 4A1 - 0.7%
8. Lehman XS Trust, Series 2006-17, Class 1A4A - 0.6%
9. VCAT LLC, Series 2026-NPL2, Class A1 - 0.6%
10. JPMorgan Chase & Co. - 0.5%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →