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. March 30, 2026

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

   Original document →

2. March 10, 2026

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

   Original document →

3. Dec 23, 2025

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

   Original document →

4. Dec 18, 2025

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

   Original document →

5. Dec 1, 2025

   Sit Investment cut its stake to 47.5% (from 49%). 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 →
• 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. 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. Over the last 12 months: +5.8%. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• How the share price did: the shares returned +21.7% over the last fiscal year (ended Sept 30, 2024), counting payouts and the change in the market price. As of Sept 30, 2024, from the fund's annual report. Original document →
• First reported to the regulator in 1994.

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. Derivatives - 2.1%
5. Putnam Short Term Investment Fund class P shares - 1.8%
6. FHLMC STACR REMIC Trust, Series 2022-HQA1, Class B2 - 0.8%
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 →