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FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
38925-Q1PH
1
Schedule
of
Investments
(unaudited)
Putnam
Master
Intermediate
Income
Trust
2
Notes
to
Schedule
of
Investments
33
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited),
December
31,
2025
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
2
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Management
Investment
Companies
2.5%
Capital
Markets
2.5%
a
Franklin
Ultra
Short
Bond
ETF
..........................
United
States
166,982
$
4,171,711
Total
Management
Investment
Companies
(Cost
$4,152,125)
...................
4,171,711
Principal
Amount
*
Convertible
Bonds
2.6%
Aerospace
&
Defense
0.0%
†
AeroVironment,
Inc.
,
Senior
Note
,
Zero
Cpn.,
7/15/30
........
United
States
33,000
35,888
b,c
BWX
Technologies,
Inc.
,
Senior
Note
,
144A,
0.95%
,
11/01/30
..
United
States
33,000
31,531
67,419
Automobile
Components
0.0%
†
Patrick
Industries,
Inc.
,
Senior
Note
,
1.75
%
,
12/01/28
........
United
States
38,000
64,676
Automobiles
0.0%
†
Rivian
Automotive,
Inc.
,
Senior
Note
,
4.625
%
,
3/15/29
........
United
States
55,000
69,266
Biotechnology
0.2%
Alnylam
Pharmaceuticals,
Inc.
,
Senior
Note,
1%,
9/15/27
...........................
United
States
19,000
27,983
b,c
Senior
Note,
144A,
1.23%,
9/15/28
....................
United
States
50,000
48,375
Halozyme
Therapeutics,
Inc.
,
Senior
Note
,
1
%
,
8/15/28
.......
United
States
65,000
86,417
b
Ionis
Pharmaceuticals,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
12/01/30
........................................
United
States
33,000
35,227
198,002
Broadline
Retail
0.1%
b
Etsy,
Inc.
,
Senior
Note
,
144A,
1
%
,
6/15/30
.................
United
States
101,000
102,565
Capital
Markets
0.0%
†
b,c
Coinbase
Global,
Inc.
,
Senior
Note
,
144A,
1.62%
,
10/01/32
....
United
States
50,000
44,850
b
Hercules
Capital,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
9/01/28
.....
United
States
33,000
33,142
b
WisdomTree,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
8/15/30
.......
United
States
33,000
33,940
111,932
Communications
Equipment
0.1%
b
Lumentum
Holdings,
Inc.
,
Senior
Note
,
144A,
0.375
%
,
3/15/32
.
United
States
62,000
132,835
Construction
&
Engineering
0.1%
Fluor
Corp.
,
Senior
Note
,
1.125
%
,
8/15/29
.................
United
States
64,000
73,069
Consumer
Staples
Distribution
&
Retail
0.0%
†
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
..
United
States
40,000
60,848
Diversified
REITs
0.1%
b
Digital
Realty
Trust
LP
,
Senior
Note
,
144A,
1.875
%
,
11/15/29
...
United
States
117,000
118,931
Electric
Utilities
0.3%
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
3
%
,
3/01/27
United
States
70,000
87,045
PG&E
Corp.
,
Senior
Secured
Note
,
4.25
%
,
12/01/27
.........
United
States
76,000
78,288
PPL
Capital
Funding,
Inc.
,
Senior
Note
,
2.875
%
,
3/15/28
......
United
States
92,000
101,085
266,418
Electrical
Equipment
0.1%
b,c
Bloom
Energy
Corp.
,
Senior
Note
,
144A,
2.78%
,
11/15/30
.....
United
States
99,000
86,625
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
3
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Electronic
Equipment,
Instruments
&
Components
0.1%
b
Avnet,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
9/01/30
.............
United
States
34,000
$
33,592
Itron,
Inc.
,
Senior
Note
,
1.375
%
,
7/15/30
..................
United
States
92,000
93,208
b
Mirion
Technologies,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
10/01/31
United
States
59,000
64,015
b
OSI
Systems,
Inc.
,
Senior
Note
,
144A,
0.5
%
,
2/01/31
........
United
States
49,000
48,299
239,114
Entertainment
0.2%
Liberty
Media
Corp.-Liberty
Formula
One
Corp.
,
Senior
Note
,
2.25
%
,
8/15/27
...................................
United
States
91,000
115,342
Live
Nation
Entertainment,
Inc.
,
Senior
Note,
3.125%,
1/15/29
........................
United
States
33,000
48,031
Senior
Note,
2.875%,
1/15/30
........................
United
States
74,000
77,922
241,295
Financial
Services
0.1%
Global
Payments,
Inc.
,
Senior
Note
,
1.5
%
,
3/01/31
..........
United
States
81,000
72,860
Shift4
Payments,
Inc.
,
Senior
Note
,
0.5
%
,
8/01/27
...........
United
States
72,000
69,372
142,232
Food
Products
0.1%
Post
Holdings,
Inc.
,
Senior
Note
,
2.5
%
,
8/15/27
.............
United
States
72,000
77,652
Ground
Transportation
0.1%
Uber
Technologies,
Inc.
,
2028
,
Senior
Note
,
0.875
%
,
12/01/28
..
United
States
89,000
115,656
Health
Care
Equipment
&
Supplies
0.1%
Dexcom,
Inc.
,
Senior
Note
,
0.375
%
,
5/15/28
...............
United
States
113,000
104,045
b
Merit
Medical
Systems,
Inc.
,
Senior
Note
,
144A,
3
%
,
2/01/29
...
United
States
37,000
44,751
148,796
Health
Care
REITs
0.1%
b
Welltower
OP
LLC
,
Senior
Note,
144A,
2.75%,
5/15/28
....................
United
States
51,000
100,011
Senior
Note,
144A,
3.125%,
7/15/29
...................
United
States
50,000
75,625
175,636
Hotels,
Restaurants
&
Leisure
0.1%
b
DoorDash,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
5/15/30
.......
United
States
100,000
104,700
b
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
0.875
%
,
4/15/30
.........
United
States
41,000
45,843
150,543
Household
Durables
0.0%
†
Meritage
Homes
Corp.
,
Senior
Note
,
1.75
%
,
5/15/28
.........
United
States
65,000
64,252
Household
Products
0.0%
†
Spectrum
Brands,
Inc.
,
Senior
Note
,
3.375
%
,
6/01/29
........
United
States
32,000
30,344
IT
Services
0.2%
Akamai
Technologies,
Inc.
,
Senior
Note
,
0.375
%
,
9/01/27
.....
United
States
84,000
84,420
b
Cloudflare,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
6/15/30
.......
United
States
66,000
71,907
Snowflake,
Inc.
,
Senior
Note
,
Zero
Cpn.,
10/01/27
...........
United
States
100,000
148,700
305,027
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
4
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Life
Sciences
Tools
&
Services
0.1%
Repligen
Corp.
,
Senior
Note
,
1
%
,
12/15/28
................
United
States
79,000
$
86,703
Machinery
0.0%
†
b
JBT
Marel
Corp.
,
Senior
Note
,
144A,
0.375
%
,
9/15/30
........
United
States
34,000
35,292
Multi-Utilities
0.0%
†
CMS
Energy
Corp.
,
Senior
Note
,
3.375
%
,
5/01/28
...........
United
States
51,000
54,672
Office
REITs
0.0%
†
b
Boston
Properties
LP
,
Senior
Note
,
144A,
2
%
,
10/01/30
.......
United
States
50,000
48,525
Professional
Services
0.0%
†
Parsons
Corp.
,
Senior
Note
,
2.625
%
,
3/01/29
..............
United
States
41,000
42,251
Semiconductors
&
Semiconductor
Equipment
0.1%
Microchip
Technology,
Inc.
,
Senior
Note
,
0.75
%
,
6/01/30
......
United
States
48,000
47,165
MKS,
Inc.
,
Senior
Note
,
1.25
%
,
6/01/30
...................
United
States
65,000
83,070
b
Nova
Ltd.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/30
...........
Israel
34,000
42,364
ON
Semiconductor
Corp.
,
Senior
Note
,
0.5
%
,
3/01/29
........
United
States
55,000
52,167
224,766
Software
0.2%
Box,
Inc.
,
Senior
Note
,
1.5
%
,
9/15/29
....................
United
States
62,000
60,450
b,c
Commvault
Systems,
Inc.
,
Senior
Note
,
144A,
2.58%
,
9/15/30
..
United
States
34,000
30,158
Datadog,
Inc.
,
Senior
Note
,
Zero
Cpn.,
12/01/29
............
United
States
82,000
82,102
Guidewire
Software,
Inc.
,
Senior
Note
,
1.25
%
,
11/01/29
.......
United
States
93,000
102,486
b,c
IREN
Ltd.
,
Senior
Note
,
144A,
5.55%
,
7/01/31
..............
Australia
16,000
11,888
Nutanix,
Inc.
,
Senior
Note
,
0.5
%
,
12/15/29
.................
United
States
66,000
63,822
Progress
Software
Corp.
,
Senior
Note
,
3.5
%
,
3/01/30
........
United
States
56,000
56,798
b,c
Rubrik,
Inc.
,
Senior
Note
,
144A,
0.35%
,
6/15/30
............
United
States
60,000
59,070
b,c
Terawulf,
Inc.
,
Senior
Note
,
144A,
2.27%
,
5/01/32
...........
United
States
50,000
43,375
Tyler
Technologies,
Inc.
,
Senior
Note
,
0.25
%
,
3/15/26
........
United
States
60,000
60,810
Workiva,
Inc.
,
Senior
Note
,
1.25
%
,
8/15/28
................
United
States
39,000
38,581
609,540
Specialty
Retail
0.1%
Burlington
Stores,
Inc.
,
1.25
%
,
12/15/27
..................
United
States
34,000
50,524
Wayfair,
Inc.
,
Senior
Note
,
3.25
%
,
9/15/27
.................
United
States
71,000
118,306
168,830
Technology
Hardware,
Storage
&
Peripherals
0.0%
†
Seagate
HDD
Cayman
,
Senior
Note
,
3.5
%
,
6/01/28
..........
United
States
15,000
50,453
Total
Convertible
Bonds
(Cost
$4,057,589)
...................................
4,364,165
Corporate
Bonds
29.1%
Aerospace
&
Defense
1.2%
ATI,
Inc.
,
Senior
Note
,
4.875
%
,
10/01/29
..................
United
States
490,000
490,645
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
14,000
13,270
Senior
Note,
2.7%,
2/01/27
..........................
United
States
137,000
135,065
Senior
Note,
6.298%,
5/01/29
........................
United
States
446,000
473,560
b
Bombardier,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/01/32
...........
Canada
75,000
79,342
Spirit
AeroSystems,
Inc.
,
Senior
Bond
,
4.6
%
,
6/15/28
........
United
States
330,000
330,620
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
5
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Aerospace
&
Defense
(continued)
b
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.875%,
12/15/30
...........
United
States
190,000
$
198,935
Senior
Secured
Note,
144A,
6.625%,
3/01/32
............
United
States
65,000
67,708
Senior
Secured
Note,
144A,
6.25%,
1/31/34
.............
United
States
25,000
25,955
Senior
Sub.
Note,
144A,
6.75%,
1/31/34
................
United
States
65,000
67,751
1,882,851
Automobiles
0.4%
b
Hyundai
Capital
America
,
Senior
Note
,
144A,
4.55
%
,
9/26/29
..
United
States
425,000
427,722
b
Volkswagen
Group
of
America
Finance
LLC
,
Senior
Note
,
144A,
1.625
%
,
11/24/27
..................................
Germany
230,000
219,496
647,218
Banks
1.9%
b
AIB
Group
plc
,
Senior
Note
,
144A,
6.608%
to
9/12/28,
FRN
thereafter
,
9/13/29
.................................
Ireland
200,000
212,452
Bank
of
America
Corp.
,
Senior
Note,
6.204%
to
11/09/27,
FRN
thereafter,
11/10/28
..
United
States
430,000
446,940
L,
Sub.
Bond,
4.183%,
11/25/27
......................
United
States
215,000
215,576
b
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
6.208%
to
1/17/28,
FRN
thereafter
,
1/18/29
......................
Spain
200,000
207,983
Citigroup,
Inc.
,
Senior
Note
,
4.503%
to
9/10/30,
FRN
thereafter
,
9/11/31
.........................................
United
States
450,000
451,516
b
Federation
des
Caisses
Desjardins
du
Quebec
,
Senior
Note
,
144A,
4.565
%
,
8/26/30
..............................
Canada
200,000
201,566
JPMorgan
Chase
&
Co.
,
Senior
Note
,
6.07%
to
10/21/26,
FRN
thereafter
,
10/22/27
................................
United
States
820,000
833,115
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
5.264
%
,
12/11/26
..
Canada
145,000
146,816
Wells
Fargo
&
Co.
,
Senior
Note
,
5.574%
to
7/24/28,
FRN
thereafter
,
7/25/29
.................................
United
States
410,000
424,901
3,140,865
Biotechnology
0.1%
b
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
12/15/32
..............................
Denmark
200,000
205,108
Broadline
Retail
0.2%
Amazon.com,
Inc.
,
Senior
Note
,
4.1
%
,
11/20/30
............
United
States
110,000
110,153
b
Wayfair
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
11/15/32
....
United
States
175,000
180,119
290,272
Building
Products
0.8%
b
Builders
FirstSource,
Inc.
,
Senior
Bond
,
144A,
6.75
%
,
5/15/35
..
United
States
60,000
62,806
b
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note,
144A,
5.875%,
1/31/31
............
United
States
15,000
15,331
Senior
Secured
Note,
144A,
6.125%,
7/31/32
............
United
States
60,000
61,626
b
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
..............
United
States
205,000
210,292
b
Quikrete
Holdings,
Inc.
,
Senior
Note,
144A,
6.75%,
3/01/33
....................
United
States
170,000
177,647
Senior
Secured
Note,
144A,
6.375%,
3/01/32
............
United
States
75,000
78,115
b
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
..................................
United
States
440,000
470,962
b
Standard
Building
Solutions,
Inc.
,
Senior
Note,
144A,
6.5%
,
8/15/32
.....................
United
States
130,000
133,932
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
6
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Building
Products
(continued)
b
Standard
Building
Solutions,
Inc.,
(continued)
Senior
Note,
144A,
6.25%,
8/01/33
....................
United
States
130,000
$
132,873
1,343,584
Capital
Markets
1.2%
Ares
Capital
Corp.
,
Senior
Note
,
7
%
,
1/15/27
..............
United
States
410,000
420,282
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
...............................
United
States
435,000
454,339
Morgan
Stanley
,
Senior
Note
,
5.123%
to
1/31/28,
FRN
thereafter
,
2/01/29
.........................................
United
States
610,000
622,769
b
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
120,000
124,550
b
UBS
Group
AG
,
Senior
Note
,
144A,
5.428%
to
2/07/29,
FRN
thereafter
,
2/08/30
.................................
Switzerland
200,000
206,911
1,828,851
Chemicals
0.3%
b
Avient
Corp.
,
Senior
Note
,
144A,
6.25
%
,
11/01/31
...........
United
States
45,000
46,281
b,d
Braskem
Idesa
SAPI
,
Senior
Secured
Note
,
Reg
S,
7.45
%
,
11/15/29
........................................
Mexico
230,000
134,550
Celanese
US
Holdings
LLC
,
Senior
Bond
,
6.879
%
,
7/15/32
....
United
States
7,000
7,290
b
Solstice
Advanced
Materials,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
9/30/33
.........................................
United
States
270,000
272,542
460,663
Commercial
Services
&
Supplies
0.9%
b,d
Ambipar
Lux
SARL
,
Senior
Note
,
144A,
10.875
%
,
2/05/33
.....
Brazil
200,000
35,375
b
Aramark
Services,
Inc.
,
Senior
Bond
,
144A,
5
%
,
2/01/28
......
United
States
208,000
208,150
b
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
285,000
294,760
b
Verisure
Midholding
AB
,
Senior
Note
,
Reg
S,
5.25
%
,
2/15/29
...
Sweden
595,000
EUR
702,872
b
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
45,000
48,441
b
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
395,000
407,567
1,697,165
Communications
Equipment
0.1%
Motorola
Solutions,
Inc.
,
Senior
Note
,
5
%
,
4/15/29
...........
United
States
210,000
215,232
Construction
&
Engineering
0.0%
†
b
Arcosa,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
8/15/32
...........
United
States
50,000
52,900
Consumer
Finance
0.9%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note
,
4.625
%
,
9/10/29
.........................
Ireland
305,000
308,485
Capital
One
Financial
Corp.
,
Senior
Note
,
4.493%
to
9/10/30,
FRN
thereafter
,
9/11/31
.............................
United
States
135,000
134,831
b
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
4/01/29
.........................................
United
States
280,000
295,400
b
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
.........
United
States
397,000
413,456
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.8
%
,
3/05/27
.......
United
States
210,000
212,703
General
Motors
Financial
Co.,
Inc.
,
Senior
Note
,
4.2
%
,
10/27/28
United
States
55,000
55,091
1,419,966
Containers
&
Packaging
0.2%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
105,000
105,934
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
7
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Containers
&
Packaging
(continued)
b
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
200,000
$
205,789
311,723
Distributors
0.2%
b
RB
Global
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
3/15/31
..
Canada
276,000
288,893
Diversified
REITs
0.3%
VICI
Properties
LP
,
Senior
Note
,
4.95
%
,
2/15/30
............
United
States
425,000
430,214
Diversified
Telecommunication
Services
0.8%
b
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
225,000
220,877
AT&T,
Inc.
,
Senior
Note
,
4.1
%
,
2/15/28
...................
United
States
410,000
410,426
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
2/01/32
...............................
United
States
469,000
428,986
b
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
60,000
61,184
b
IHS
Holding
Ltd.
,
Senior
Note
,
Reg
S,
8.25
%
,
11/29/31
.......
Nigeria
200,000
209,436
b
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
130,000
134,031
1,464,940
Electric
Utilities
1.9%
Duke
Energy
Carolinas
LLC
,
A
,
Senior
Bond
,
6
%
,
12/01/28
....
United
States
200,000
211,383
b
Enel
Finance
International
NV
,
Senior
Note
,
144A,
4.375
%
,
9/30/30
.........................................
Italy
200,000
199,310
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
205,000
210,217
b
NRG
Energy,
Inc.
,
Senior
Bond,
144A,
6.25%,
11/01/34
...................
United
States
400,000
411,182
Senior
Bond,
144A,
6%,
1/15/36
......................
United
States
180,000
182,478
Pacific
Gas
and
Electric
Co.
,
Senior
Note
,
6.1
%
,
1/15/29
......
United
States
200,000
209,453
PG&E
Corp.
,
Senior
Secured
Bond
,
5.25
%
,
7/01/30
.........
United
States
475,000
471,921
Southern
Co.
(The)
,
Senior
Note
,
5.5
%
,
3/15/29
............
United
States
260,000
269,947
Virginia
Electric
and
Power
Co.
,
A
,
Senior
Bond
,
2.875
%
,
7/15/29
United
States
455,000
436,889
b
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
270,000
266,744
Senior
Note,
144A,
6.875%,
4/15/32
...................
United
States
210,000
221,317
3,090,841
Electronic
Equipment,
Instruments
&
Components
0.1%
Amphenol
Corp.
,
Senior
Note
,
3.9
%
,
11/15/28
..............
United
States
120,000
119,901
Energy
Equipment
&
Services
0.2%
b
Kodiak
Gas
Services
LLC
,
Senior
Bond,
144A,
6.75%,
10/01/35
...................
United
States
85,000
87,438
Senior
Note,
144A,
6.5%,
10/01/33
....................
United
States
115,000
117,499
b
Transocean
International
Ltd.
,
Senior
Secured
Note
,
144A,
8.75
%
,
2/15/30
...................................
United
States
225,000
235,212
440,149
Entertainment
0.2%
b
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
360,000
375,261
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
8
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Financial
Services
0.9%
b
CrossCountry
Intermediate
HoldCo
LLC
,
Senior
Note
,
144A,
6.5
%
,
10/01/30
...................................
United
States
60,000
$
61,275
b
Freedom
Mortgage
Corp.
,
Senior
Note
,
144A,
12.25
%
,
10/01/30
United
States
355,000
393,975
b
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
9.5
%
,
2/15/29
United
States
450,000
474,693
b
Osaic
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/01/32
United
States
65,000
67,937
b
Petronas
Capital
Ltd.
,
Senior
Note
,
144A,
4.95
%
,
1/03/31
.....
Malaysia
380,000
392,421
b
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/33
.......
United
States
205,000
213,993
1,604,294
Food
Products
0.2%
b
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
...................................
United
States
195,000
203,653
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
Senior
Note
,
3
%
,
2/02/29
......................
United
States
110,000
105,983
309,636
Ground
Transportation
0.3%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4
%
,
5/01/28
........
United
Kingdom
220,000
217,679
b
Transnet
SOC
Ltd.
,
Senior
Note
,
Reg
S,
8.25
%
,
2/06/28
......
South
Africa
300,000
317,194
534,873
Health
Care
Equipment
&
Supplies
0.2%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note,
4.15%,
12/15/28
........................
United
States
90,000
90,260
Senior
Note,
4.8%,
8/14/29
..........................
United
States
210,000
214,708
304,968
Health
Care
Providers
&
Services
0.7%
b
DaVita,
Inc.
,
Senior
Note,
144A,
6.875%,
9/01/32
...................
United
States
180,000
187,482
Senior
Note,
144A,
6.75%,
7/15/33
....................
United
States
25,000
25,942
b
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
510,000
502,878
Tenet
Healthcare
Corp.
,
b
Senior
Note,
144A,
6%,
11/15/33
......................
United
States
80,000
82,418
Senior
Secured
Note,
6.75%,
5/15/31
..................
United
States
455,000
473,677
1,272,397
Health
Care
REITs
0.2%
b
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/32
....................
United
States
245,000
261,826
Hotel
&
Resort
REITs
0.3%
b
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note,
144A,
6.5%,
4/01/32
.....................
United
States
205,000
212,743
Senior
Note,
144A,
6.5%,
6/15/33
.....................
United
States
75,000
78,267
b
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
180,000
186,000
477,010
Hotels,
Restaurants
&
Leisure
1.6%
b
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
......
United
States
225,000
219,989
b
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
.........................................
United
States
232,000
240,381
b
Carnival
Corp.
,
Senior
Note,
144A,
5.125%,
5/01/29
...................
United
States
205,000
207,376
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
70,000
72,048
b
Carnival
plc
,
Senior
Note
,
144A,
4.125
%
,
7/15/31
...........
United
States
135,000
EUR
160,901
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
9
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
b
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
9/15/33
.........................................
United
States
185,000
$
189,425
b
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
6.25
%
,
9/15/33
..........
United
States
190,000
190,009
b
Rivers
Enterprise
Lender
LLC
/
Rivers
Enterprise
Lender
Corp.
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
.............
United
States
70,000
71,484
b
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.625%,
9/30/31
...................
United
States
80,000
81,812
Senior
Note,
144A,
6.25%,
3/15/32
....................
United
States
127,000
131,459
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
248,000
254,906
b
Station
Casinos
LLC
,
Senior
Bond
,
144A,
4.625
%
,
12/01/31
...
United
States
285,000
270,431
Viking
Cruises
Ltd.
,
b
Senior
Note,
144A,
9.125%,
7/15/31
...................
United
States
380,000
407,130
b
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
.........................
United
States
380,000
411,427
2,908,778
Household
Durables
0.5%
Newell
Brands,
Inc.
,
Senior
Note,
6.375%,
5/15/30
........................
United
States
54,000
52,805
Senior
Note,
6.625%,
5/15/32
........................
United
States
16,000
15,545
b
Taylor
Morrison
Communities,
Inc.
,
Senior
Bond
,
144A,
5.125
%
,
8/01/30
.........................................
United
States
477,000
480,293
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
3.8
%
,
11/01/29
.....
United
States
220,000
216,504
b
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
..............................
United
States
205,000
202,332
967,479
Independent
Power
and
Renewable
Electricity
Producers
0.4%
b
AES
Andes
SA
,
Senior
Note
,
144A,
6.25
%
,
3/14/32
..........
Chile
430,000
448,652
Constellation
Energy
Generation
LLC
,
Senior
Note
,
5.6
%
,
3/01/28
United
States
205,000
211,602
Southern
Power
Co.
,
A
,
Senior
Note
,
4.25
%
,
10/01/30
........
United
States
80,000
79,825
740,079
Insurance
0.9%
b
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
11/06/30
....................................
United
States
200,000
209,094
b
Asurion
LLC
and
Asurion
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
8
%
,
12/31/32
................................
United
States
135,000
140,147
b
Athene
Global
Funding
,
Secured
Note
,
144A,
5.583
%
,
1/09/29
.
United
States
205,000
210,676
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
7.4
%
,
1/13/28
.......
United
States
200,000
209,496
b
GA
Global
Funding
Trust
,
Secured
Note
,
144A,
4.4
%
,
9/23/27
..
United
States
225,000
225,983
b
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
3/15/30
...........................
Canada
190,000
199,273
b
New
York
Life
Global
Funding
,
Senior
Secured
Note
,
144A,
4.9
%
,
6/13/28
.........................................
United
States
205,000
209,802
b
Protective
Life
Global
Funding
,
Secured
Note
,
144A,
5.467
%
,
12/08/28
........................................
United
States
265,000
274,905
1,679,376
Interactive
Media
&
Services
0.1%
Alphabet,
Inc.
,
Senior
Note
,
4.1
%
,
11/15/30
................
United
States
245,000
245,805
IT
Services
0.4%
b
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
240,000
224,750
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
IT
Services
(continued)
b
Gartner,
Inc.
,
Senior
Note
,
144A,
3.625
%
,
6/15/29
...........
United
States
450,000
$
434,305
659,055
Leisure
Products
0.2%
b
Mattel,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
4/01/29
.............
United
States
265,000
258,677
Life
Sciences
Tools
&
Services
0.1%
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
117,000
117,414
Machinery
0.1%
b
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
125,000
128,338
Media
0.6%
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/01/30
..............................
United
States
285,000
301,358
b
McGraw-Hill
Education,
Inc.
,
Senior
Secured
Note,
144A,
5.75%,
8/01/28
.............
United
States
117,000
117,681
Senior
Secured
Note,
144A,
7.375%,
9/01/31
............
United
States
153,000
161,541
b
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Secured
Note
,
144A,
7.375
%
,
2/15/31
..................
United
States
76,000
80,490
b
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
250,000
261,280
922,350
Metals
&
Mining
0.8%
b
Cleveland-Cliffs,
Inc.
,
Senior
Note,
144A,
7%,
3/15/32
......................
United
States
92,000
94,415
Senior
Note,
144A,
7.625%,
1/15/34
...................
United
States
50,000
52,289
Commercial
Metals
Co.
,
Senior
Bond
,
4.375
%
,
3/15/32
.......
United
States
267,000
257,894
b
Constellium
SE
,
Senior
Note,
Reg
S,
3.125%,
7/15/29
..................
United
States
300,000
EUR
348,099
Senior
Note,
144A,
6.375%,
8/15/32
...................
United
States
250,000
259,217
b
Novelis
Corp.
,
Senior
Note
,
144A,
6.875
%
,
1/30/30
..........
United
States
198,000
205,691
1,217,605
Multi-Utilities
0.1%
Ameren
Corp.
,
Senior
Note
,
5
%
,
1/15/29
..................
United
States
170,000
173,853
Oil,
Gas
&
Consumable
Fuels
3.1%
b
Aker
BP
ASA
,
Senior
Note
,
144A,
5.6
%
,
6/13/28
............
Norway
205,000
211,241
b
Antero
Resources
Corp.
,
Senior
Note
,
144A,
5.375
%
,
3/01/30
..
United
States
250,000
253,608
b
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
8.375
%
,
1/15/34
.........................................
United
States
195,000
193,820
Energy
Transfer
LP
,
Senior
Bond
,
5.25
%
,
4/15/29
...........
United
States
410,000
421,443
b
Hess
Midstream
Operations
LP
,
Senior
Note,
144A,
5.875%,
3/01/28
...................
United
States
65,000
66,455
Senior
Note,
144A,
4.25%,
2/15/30
....................
United
States
270,000
265,009
Senior
Note,
144A,
5.5%,
10/15/30
....................
United
States
85,000
86,385
b
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
450,000
460,254
Kinder
Morgan,
Inc.
,
Senior
Note
,
5
%
,
2/01/29
.............
United
States
250,000
255,860
b
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
455,000
459,354
b
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.875
%
,
4/15/28
..
United
States
333,000
341,583
b
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
200,000
204,067
b
Raizen
Fuels
Finance
SA
,
Senior
Note
,
144A,
6.25
%
,
7/08/32
..
Brazil
320,000
269,200
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
210,000
213,097
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
b
Sunoco
LP
,
Senior
Note
,
144A,
6.25
%
,
7/01/33
.............
United
States
184,000
$
188,569
Targa
Resources
Corp.
,
Senior
Note
,
6.15
%
,
3/01/29
........
United
States
200,000
210,613
b
TGNR
Intermediate
Holdings
LLC
,
Senior
Note
,
144A,
5.5
%
,
10/15/29
........................................
United
States
217,000
215,661
b
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
.........................................
United
States
450,000
447,753
b
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
30,000
32,864
Senior
Secured
Bond,
144A,
6.75%,
1/15/36
.............
United
States
70,000
71,733
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
30,000
32,432
Senior
Secured
Note,
144A,
6.5%,
1/15/34
..............
United
States
45,000
46,114
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
......
United
States
24,000
24,508
4,971,623
Paper
&
Forest
Products
0.1%
b
Magnera
Corp.
,
Senior
Secured
Note
,
144A,
4.75
%
,
11/15/29
..
United
States
240,000
222,184
Passenger
Airlines
0.4%
b
Air
France-KLM
,
Senior
Note
,
Reg
S,
8.125
%
,
5/31/28
.......
France
200,000
EUR
261,148
b
OneSky
Flight
LLC
,
Senior
Note
,
144A,
8.875
%
,
12/15/29
.....
United
States
200,000
214,171
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
140,000
139,491
614,810
Personal
Care
Products
0.1%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/29
.......
United
States
250,000
244,419
Pharmaceuticals
1.0%
Novartis
Capital
Corp.
,
Senior
Note
,
4.1
%
,
11/05/30
.........
United
States
355,000
354,735
Pharmacia
LLC
,
Senior
Bond
,
6.6
%
,
12/01/28
..............
United
States
430,000
461,548
Royalty
Pharma
plc
,
Senior
Note
,
4.45
%
,
3/25/31
...........
United
States
260,000
259,334
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
8.125
%
,
9/15/31
...................................
Israel
449,000
517,558
1,593,175
Professional
Services
0.1%
b
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
185,000
191,647
Semiconductors
&
Semiconductor
Equipment
0.2%
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note
,
144A,
5.9
%
,
1/25/30
.........................................
United
States
220,000
230,214
b
Qnity
Electronics,
Inc.
,
Senior
Note,
144A,
6.25%,
8/15/33
....................
United
States
35,000
36,323
Senior
Secured
Note,
144A,
5.75%,
8/15/32
.............
United
States
60,000
61,422
327,959
Software
0.1%
Oracle
Corp.
,
Senior
Note
,
4.45
%
,
9/26/30
................
United
States
100,000
97,856
Specialized
REITs
0.2%
American
Tower
Corp.
,
Senior
Note
,
2.75
%
,
1/15/27
.........
United
States
410,000
404,759
Specialty
Retail
0.3%
Bath
&
Body
Works,
Inc.
,
Senior
Bond
,
6.875
%
,
11/01/35
.....
United
States
480,000
486,100
Technology
Hardware,
Storage
&
Peripherals
0.2%
b
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note,
144A,
5.875%,
7/15/30
...................
United
States
150,000
154,817
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Technology
Hardware,
Storage
&
Peripherals
(continued)
b
Seagate
Data
Storage
Technology
Pte.
Ltd.,
(continued)
Senior
Note,
144A,
9.625%,
12/01/32
..................
United
States
186,000
$
211,265
366,082
Textiles,
Apparel
&
Luxury
Goods
0.5%
b
Beach
Acquisition
Bidco
LLC
,
e
Senior
Note,
144A,
PIK,
10%,
7/15/33
..................
United
States
200,000
210,774
Senior
Secured
Note,
144A,
5.25%,
7/15/32
.............
United
States
105,000
EUR
125,925
b
Crocs,
Inc.
,
Senior
Bond
,
144A,
4.125
%
,
8/15/31
............
United
States
290,000
269,344
b
Under
Armour,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
7/15/30
.......
United
States
105,000
105,364
711,407
Tobacco
0.5%
BAT
Capital
Corp.
,
Senior
Bond,
4.906%,
4/02/30
........................
United
Kingdom
55,000
56,241
Senior
Note,
6.343%,
8/02/30
........................
United
Kingdom
155,000
167,698
Philip
Morris
International,
Inc.
,
Senior
Note
,
5.125
%
,
2/15/30
..
United
States
410,000
423,962
647,901
Trading
Companies
&
Distributors
0.9%
Air
Lease
Corp.
,
Senior
Note
,
5.85
%
,
12/15/27
.............
United
States
450,000
462,908
b
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
United
States
210,000
215,276
b
Boise
Cascade
Co.
,
Senior
Note
,
144A,
4.875
%
,
7/01/30
.....
United
States
215,000
213,589
b
EquipmentShare.com,
Inc.
,
Secured
Note,
144A,
9%,
5/15/28
.....................
United
States
165,000
171,671
Secured
Note,
144A,
8.625%,
5/15/32
..................
United
States
35,000
37,013
b
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
6/15/29
......
United
States
65,000
67,716
b
QXO
Building
Products,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/30/32
.........................................
United
States
240,000
250,852
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
4
%
,
7/15/30
..
United
States
88,000
85,362
b
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/33
.
United
States
45,000
47,012
1,551,399
Wireless
Telecommunication
Services
0.9%
T-Mobile
USA,
Inc.
,
Senior
Note,
2.05%,
2/15/28
.........................
United
States
230,000
220,876
Senior
Note,
3.375%,
4/15/29
........................
United
States
825,000
804,285
b
Vmed
O2
UK
Financing
I
plc
,
Senior
Secured
Bond
,
Reg
S,
3.25
%
,
1/31/31
...................................
United
Kingdom
275,000
EUR
309,513
b
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
200,000
212,745
1,547,419
Total
Corporate
Bonds
(Cost
$47,249,574)
....................................
48,469,150
Senior
Floating
Rate
Interests
7.5%
Aerospace
&
Defense
0.1%
f
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
J,
6.216%,
(1-month
SOFR
+
2.5%),
2/28/31
.............................
United
States
117,905
118,480
Air
Freight
&
Logistics
0.2%
f
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
6.672%,
(3-month
SOFR
+
3%),
3/18/30
.......................
United
States
241,062
242,083
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Automobile
Components
0.0%
†
f
Clarios
Global
LP,
First
Lien,
Amendment
No.
6
Dollar
CME
Term
Loan,
6.466%,
(1-month
SOFR
+
2.75%),
1/28/32
.........
United
States
59,833
$
60,216
Broadline
Retail
0.1%
f
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B8,
6.193%,
(3-month
SOFR
+
2.25%),
9/29/32
.....................
Netherlands
123,449
123,835
f
Building
Products
0.2%
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
6.122%,
(6-month
SOFR
+
2.25%),
8/04/31
.
United
States
193,003
193,623
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.966%,
(1-month
SOFR
+
2.25%),
3/19/29
.....................
United
States
200,900
201,852
Smyrna
Ready
Mix
Concrete
LLC,
First
Lien,
2025
CME
Term
Loan,
6.916%,
(1-month
SOFR
+
3%),
3/30/29
............
United
States
30,199
30,425
425,900
a
a
a
a
a
a
f
Chemicals
0.4%
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.466%,
(1-month
SOFR
+
3.75%),
4/06/29
.....................
United
States
268,605
264,127
Lummus
Technology
Holdings
V
LLC,
First
Lien,
Add-on
CME
Term
Loan,
B,
6.183%,
(12-month
SOFR
+
2.5%),
12/31/29
..
United
States
237,676
238,164
Nouryon
Finance
BV,
First
Lien,
Term
Loan,
B,
5.515%,
(3-month
EURIBOR
+
3.5%),
4/03/28
..........................
Netherlands
200,000
EUR
236,950
739,241
a
a
a
a
a
a
f
Commercial
Services
&
Supplies
0.5%
Clean
Harbors,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.216%,
(1-month
SOFR
+
1.5%),
10/11/32
.....................
United
States
269,620
272,372
Filtration
Group
Corp.,
First
Lien,
2025
Incremental
Dollar
CME
Term
Loan,
B,
6.466%,
(1-month
SOFR
+
2.75%),
10/23/28
..
United
States
195,816
197,100
Madison
IAQ
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.702%,
(6-month
SOFR
+
2.5%),
6/21/28
......................
United
States
196,410
197,581
URSA
Minor
US
Bidco
LLC,
First
Lien,
Second
Amendment
Refinancing
CME
Term
Loan,
6.091%,
(1-month
SOFR
+
2.25%),
3/26/31
...................................
United
States
89,102
89,512
756,565
a
a
a
a
a
a
Communications
Equipment
0.1%
f
CommScope,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.466%,
(1-month
SOFR
+
4.75%),
12/18/29
....................
United
States
185,000
185,588
Consumer
Staples
Distribution
&
Retail
0.1%
f
Boots
Group
Bidco
Ltd.
(The),
First
Lien,
Closing
Date
Dollar
CME
Term
Loan,
7.206%,
(3-month
SOFR
+
3.5%),
8/30/32
..
United
Kingdom
93,836
94,462
f
Containers
&
Packaging
0.4%
g
Bradyplus
Holdings
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.19%,
(3-month
SOFR
+
3.5%),
12/13/32
...............
United
States
260,000
257,670
g
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B,
6.966%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
196,071
196,141
g,h
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Delayed
Draw
CME
Term
Loan,
B,
7.034%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
103
103
Owens-Brockway
Glass
Container,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.838%,
(3-month
SOFR
+
3%),
9/30/32
.........
United
States
133,531
134,846
588,760
a
a
a
a
a
a
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Distributors
0.0%
†
f
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan,
7.672%,
(3-month
SOFR
+
4%),
11/30/30
...........
United
States
32,924
$
32,967
Electrical
Equipment
0.1%
f
Pinnacle
Buyer
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.485%,
(3-month
SOFR
+
2.5%),
10/01/32
..............
United
States
78,903
79,298
f
Entertainment
0.1%
Banijay
Entertainment
SAS,
First
Lien,
CME
Term
Loan,
B3,
6.614%,
(1-month
SOFR
+
2.75%),
3/01/28
..............
France
80,155
80,906
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.581%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
198,438
192,206
273,112
a
a
a
a
a
a
Financial
Services
0.1%
f
First
Eagle
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.459%,
(1-month
SOFR
+
3.5%),
8/16/32
...............
United
States
239,167
239,151
Food
Products
0.2%
f,g
Froneri
US,
Inc.,
First
Lien,
CME
Term
Loan,
B6,
6.122%,
(6-month
SOFR
+
2.25%),
9/30/32
.....................
United
States
270,000
270,377
f
Ground
Transportation
0.3%
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.422%,
(3-month
SOFR
+
1.75%),
4/10/31
..............
United
States
133,313
133,457
Kenan
Advantage
Group,
Inc.
(The),
First
Lien,
U.S.
CME
Term
Loan,
B4,
6.966%,
(1-month
SOFR
+
3.25%),
1/25/29
......
United
States
269,316
267,431
400,888
a
a
a
a
a
a
f
Health
Care
Equipment
&
Supplies
0.3%
Bausch
+
Lomb
Corp.,
First
Lien,
New
CME
Term
Loan,
7.716%,
(1-month
SOFR
+
4%),
9/29/28
.......................
United
States
123,474
123,782
Bausch
+
Lomb
Corp.,
First
Lien,
Third
Amendment
CME
Term
Loan,
7.966%,
(1-month
SOFR
+
4.25%),
1/15/31
.........
United
States
320,032
323,792
Medline
Borrower
LP,
First
Lien,
2028
Refinancing
CME
Term
Loan,
5.466%,
(1-month
SOFR
+
1.75%),
10/23/28
........
United
States
33,163
33,299
480,873
a
a
a
a
a
a
Health
Care
Providers
&
Services
0.1%
f
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B5,
6.216%,
(1-month
SOFR
+
2.5%),
2/21/31
......................
United
States
201,425
202,639
f
Hotels,
Restaurants
&
Leisure
0.7%
Caesars
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
5.966%,
(1-month
SOFR
+
2.25%),
2/06/31
..............
United
States
216,150
214,529
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.966%,
(1-month
SOFR
+
3.25%),
1/29/29
..............
United
States
212,827
213,021
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.422%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
107,800
107,845
Great
Canadian
Gaming
Corp.,
First
Lien,
CME
Term
Loan,
B,
8.445%,
(3-month
SOFR
+
4.75%),
11/01/29
.............
Canada
200,000
197,125
IRB
Holding
Corp.,
First
Lien,
2025
Replacement
CME
Term
Loan,
B,
6.216%,
(1-month
SOFR
+
2.5%),
12/16/30
.......
United
States
263,868
264,781
Scientific
Games
Holdings
LP,
First
Lien,
2024
Refinancing
Dollar
CME
Term
Loan,
6.934%,
(3-month
SOFR
+
3%),
4/04/29
...
United
States
201,925
198,645
1,195,946
a
a
a
a
a
a
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Household
Durables
0.1%
f
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.672%,
(3-month
SOFR
+
3%),
1/16/32
.......................
Netherlands
178,616
$
179,828
f
Insurance
0.3%
Alliant
Holdings
Intermediate
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.216%,
(1-month
SOFR
+
2.5%),
9/19/31
..........
United
States
196,517
197,183
g
CRC
Insurance
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
6.422%,
(3-month
SOFR
+
2.75%),
5/06/31
..............
United
States
270,000
270,788
467,971
a
a
a
a
a
a
IT
Services
0.1%
f
Ahead
DB
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B3,
6.172%,
(3-month
SOFR
+
2.5%),
2/03/31
......................
United
States
92,994
93,010
f
Machinery
0.4%
Chart
Industries,
Inc.,
First
Lien,
Amendment
No.
7
CME
Term
Loan,
6.476%,
(3-month
SOFR
+
2.5%),
3/15/30
..........
United
States
370,755
372,981
CPM
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.343%,
(1-month
SOFR
+
4.5%),
9/28/28
......................
United
States
165,731
165,178
TK
Elevator
Midco
GmbH,
First
Lien,
CME
Term
Loan,
B1,
6.947%,
(6-month
SOFR
+
2.75%),
4/30/30
..............
Germany
130,884
131,846
670,005
a
a
a
a
a
a
f
Media
0.3%
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.831%,
(1-month
SOFR
+
4%),
8/23/28
.........................................
United
States
170,000
170,668
DIRECTV
Financing
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
9.352%,
(3-month
SOFR
+
5.25%),
8/02/29
.......
United
States
400,687
402,575
573,243
a
a
a
a
a
a
f
Oil,
Gas
&
Consumable
Fuels
0.6%
CQP
Holdco
LP,
First
Lien,
Initial
CME
Term
Loan,
5.672%,
(3-month
SOFR
+
2%),
12/31/30
......................
United
States
686,130
689,317
Delek
US
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B,
7.316%,
(1-month
SOFR
+
3.5%),
11/09/29
.....................
United
States
269,306
269,885
959,202
a
a
a
a
a
a
f
Passenger
Airlines
0.3%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
2025
Incremental
CME
Term
Loan,
7.134%,
(3-month
SOFR
+
3.25%),
5/28/32
.....
United
States
19,900
20,025
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
6.134%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
345,356
346,608
WestJet
Loyalty
LP,
First
Lien,
Initial
CME
Term
Loan,
6.922%,
(3-month
SOFR
+
3.25%),
2/14/31
.....................
Canada
167,025
167,990
534,623
a
a
a
a
a
a
f
Pharmaceuticals
0.3%
Endo
Finance
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.466%,
(1-month
SOFR
+
3.75%),
4/23/31
.....
United
States
173,681
172,552
Southern
Veterinary
Partners
LLC,
First
Lien,
2025
New
CME
Term
Loan,
6.365%,
(3-month
SOFR
+
2.5%),
12/04/31
.....
United
States
269,325
269,302
441,854
a
a
a
a
a
a
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Senior
Floating
Rate
Interests
(continued)
Semiconductors
&
Semiconductor
Equipment
0.1%
f
Altar
Bidco,
Inc.,
First
Lien,
CME
Term
Loan,
6.783%,
(12-month
SOFR
+
3.1%),
2/01/29
.............................
United
States
224,066
$
222,087
f
Software
0.6%
EverCommerce
Solutions,
Inc.,
First
Lien,
CME
Term
Loan,
5.966%,
(1-month
SOFR
+
2.25%),
7/07/31
..............
United
States
269,297
270,392
McAfee
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.716%,
(1-month
SOFR
+
3%),
3/01/29
...............................
United
States
217,255
201,208
Ping
Identity
Holding
Corp.,
First
Lien,
Initial
CME
Term
Loan,
6.591%,
(3-month
SOFR
+
2.75%),
11/15/32
.............
United
States
63,981
64,221
Proofpoint,
Inc.,
First
Lien,
CME
Term
Loan,
6.916%,
(1-month
SOFR
+
3%),
8/31/28
...............................
United
States
234,600
236,197
UKG,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.338%,
(3-month
SOFR
+
2.5%),
2/10/31
.............................
United
States
207,375
207,832
Waystar
Technologies,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.716%,
(1-month
SOFR
+
2%),
10/22/29
................
United
States
91,627
92,314
1,072,164
a
a
a
a
a
a
Specialty
Retail
0.3%
f
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C,
6.966%,
(1-month
SOFR
+
3.25%),
10/19/29
.............
United
States
464,113
466,529
Textiles,
Apparel
&
Luxury
Goods
0.1%
f
Flash
Charm,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
7.354%,
(3-month
SOFR
+
3.5%),
3/02/28
......................
United
States
196,991
184,323
Trading
Companies
&
Distributors
0.0%
†
f
DXP
Enterprises,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.166%,
(1-month
SOFR
+
3.25%),
10/11/30
....................
United
States
64,838
65,486
Water
Utilities
0.0%
†
f
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.593%,
(1-month
SOFR
+
2.75%),
10/01/32
.............
United
States
53,699
53,957
Total
Senior
Floating
Rate
Interests
(Cost
$12,441,039)
........................
12,494,663
Foreign
Government
and
Agency
Securities
11.0%
b
Armenia
Government
Bond
,
Senior
Bond
,
Reg
S,
3.6
%
,
2/02/31
Armenia
430,000
392,189
b
Benin
Government
Bond
,
Senior
Bond,
Reg
S,
4.875%,
1/19/32
..................
Benin
157,000
EUR
177,365
Senior
Bond,
Reg
S,
4.95%,
1/22/35
...................
Benin
460,000
EUR
503,649
Brazil
Government
Bond
,
Senior
Bond,
3.875%,
6/12/30
........................
Brazil
1,060,000
1,014,102
Senior
Bond,
6%,
10/20/33
...........................
Brazil
200,000
202,600
b
Bulgaria
Government
Bond
,
Senior
Note
,
Reg
S,
3.625
%
,
9/05/32
Bulgaria
280,000
EUR
339,169
b
Cameroon
Government
Bond
,
Senior
Bond
,
Reg
S,
5.95
%
,
7/07/32
.........................................
Cameroon
220,000
EUR
219,130
Chile
Government
Bond
,
Senior
Bond
,
4.95
%
,
1/05/36
.......
Chile
600,000
606,390
Colombia
Government
Bond
,
Senior
Bond,
8%,
11/14/35
...........................
Colombia
437,000
466,716
Senior
Note,
7.375%,
4/25/30
.........................
Colombia
210,000
222,285
Senior
Note,
4.5%,
11/26/30
..........................
Colombia
190,000
EUR
219,258
b
Costa
Rica
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
2/19/31
.........................................
Costa
Rica
620,000
654,875
b
Dominican
Republic
Government
Bond
,
Senior
Bond,
Reg
S,
5.95%,
1/25/27
...................
Dominican
Republic
284,000
287,422
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
b
Dominican
Republic
Government
Bond,
(continued)
Senior
Bond,
Reg
S,
6%,
7/19/28
......................
Dominican
Republic
480,000
$
492,312
b
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
250,000
254,960
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
240,000
215,298
b
Egypt
Government
Bond
,
Senior
Bond,
Reg
S,
7.6%,
3/01/29
....................
Egypt
420,000
449,441
Senior
Note,
144A,
8.625%,
2/04/30
....................
Egypt
310,000
344,875
b
Gabon
Government
Bond
,
Senior
Bond
,
Reg
S,
6.625
%
,
2/06/31
Gabon
370,000
287,956
b
Ghana
Government
Bond
,
Senior
Bond
,
144A,
5
%
,
7/03/35
....
Ghana
190,000
174,298
b
Guatemala
Government
Bond
,
Senior
Bond,
Reg
S,
6.6%,
6/13/36
....................
Guatemala
700,000
754,250
Senior
Note,
144A,
7.05%,
10/04/32
....................
Guatemala
200,000
220,025
b
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
530,000
541,363
b
Indonesia
Government
Bond
,
Senior
Bond
,
144A,
4.35
%
,
1/08/27
Indonesia
410,000
411,627
b
Iraq
Government
Bond
,
Senior
Bond
,
Reg
S,
5.8
%
,
1/15/28
....
Iraq
434,375
433,064
b
Istanbul
Metropolitan
Municipality
,
Senior
Note
,
Reg
S,
10.5
%
,
12/06/28
........................................
Turkiye
300,000
329,765
b
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
5.875
%
,
10/17/31
........................................
Ivory
Coast
500,000
EUR
592,436
b
Jordan
Government
Bond
,
Senior
Note
,
Reg
S,
7.5
%
,
1/13/29
..
Jordan
200,000
210,607
Mexico
Government
Bond
,
Senior
Bond
,
3.5
%
,
2/12/34
.......
Mexico
500,000
433,500
b
Montenegro
Government
Bond
,
Senior
Note
,
144A,
4.875
%
,
4/01/32
.........................................
Montenegro
320,000
EUR
380,781
b
Nigeria
Government
Bond
,
Senior
Bond
,
144A,
8.631
%
,
1/13/36
Nigeria
200,000
215,043
Panama
Government
Bond
,
Senior
Note
,
7.5
%
,
3/01/31
......
Panama
390,000
433,329
b
Paraguay
Government
Bond
,
Senior
Bond
,
Reg
S,
3.849
%
,
6/28/33
.........................................
Paraguay
740,000
701,541
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
430,000
397,879
b
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
,
Senior
Bond
,
Reg
S,
5.45
%
,
5/21/28
...................
Indonesia
200,000
205,138
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
210,000
209,570
Philippines
Government
Bond
,
Senior
Bond
,
5.5
%
,
2/04/35
....
Philippines
350,000
371,054
b
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
400,000
390,193
b
Romania
Government
Bond
,
Senior
Bond,
Reg
S,
5.625%,
2/22/36
..................
Romania
460,000
EUR
535,755
Senior
Note,
144A,
3%,
2/27/27
.......................
Romania
680,000
669,900
b
Serbia
Government
Bond
,
Senior
Bond
,
Reg
S,
6.5
%
,
9/26/33
..
Serbia
370,000
396,773
South
Africa
Government
Bond
,
Senior
Bond,
5.875%,
6/22/30
........................
South
Africa
300,000
311,027
Senior
Bond,
5.875%,
4/20/32
........................
South
Africa
250,000
258,043
b
Southern
Gas
Corridor
CJSC
,
Senior
Bond
,
Reg
S,
6.875
%
,
3/24/26
.........................................
Azerbaijan
360,000
363,117
Turkiye
Government
Bond
,
Senior
Note
,
9.125
%
,
7/13/30
.....
Turkiye
570,000
653,075
b
Uzbekistan
Government
Bond
,
Senior
Note
,
Reg
S,
6.9
%
,
2/28/32
.........................................
Uzbekistan
330,000
355,847
Total
Foreign
Government
and
Agency
Securities
(Cost
$17,373,000)
............
18,298,992
U.S.
Government
and
Agency
Securities
0.1%
i
United
States
Treasury
Notes
,
0.625
%,
11/30/27
............
United
States
151,000
143,108
Total
U.S.
Government
and
Agency
Securities
(Cost
$143,108)
..................
143,108
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Asset-Backed
Securities
2.1%
Financial
Services
2.1%
b,f
Black
Diamond
CLO
Ltd.
,
2024-1A
,
D1
,
144A,
FRN
,
8.308
%
,
(
3-month
SOFR
+
4.45
%
),
10/25/37
.
...................
Jersey
410,000
$
413,156
f
Citigroup
Mortgage
Loan
Trust,
Inc.
,
2007-AMC3
,
A2D
,
FRN
,
4.196
%
,
(
1-month
SOFR
+
0.464
%
),
3/25/37
.
.............
United
States
611,264
542,153
b
DataBank
Issuer
II
LLC
,
2025-1A
,
A2
,
144A,
5.18
%
,
9/27/55
.
...
United
States
333,000
328,655
b
FIGRE
Trust
,
2025-FL1
,
A1
,
144A,
5.265
%
,
7/25/55
.
.........
United
States
130,943
131,457
f
GSAA
Home
Equity
Trust
,
2006-8
,
2A2
,
FRN
,
4.206
%
,
(
1-month
SOFR
+
0.474
%
),
5/25/36
.
...........................
United
States
475,455
98,534
f
Lehman
XS
Trust
,
2006-17
,
1A4A
,
FRN
,
4.186
%
,
(
1-month
SOFR
+
0.454
%
),
8/25/46
.
................................
United
States
1,137,424
1,075,484
b
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
..................................
United
States
251,000
210,278
b,f
Northwoods
Capital
22
Ltd.
,
2020-22A
,
DRR
,
144A,
FRN
,
8.656
%
,
(
3-month
SOFR
+
4.95
%
),
9/16/31
.
..............
United
States
400,000
406,902
b
PK
Alift
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
..
United
States
244,196
245,048
3,451,667
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$3,487,848)
..............................
3,451,667
Commercial
Mortgage-Backed
Securities
7.9%
Financial
Services
7.9%
j,k
BANK
,
2020-BN30,
XA,
IO,
FRN,
1.249%,
12/15/53
.............
United
States
2,949,037
139,008
2024-BNK48,
XA,
IO,
FRN,
1.144%,
10/15/57
............
United
States
4,502,351
359,880
j,k
BANK5
Trust
,
2024-5YR10,
XA,
IO,
FRN,
1.188%,
10/15/57
.............
United
States
6,903,113
268,884
2024-5YR12,
XA,
IO,
FRN,
0.497%,
12/15/57
.............
United
States
5,933,264
106,339
2024-5YR7,
XA,
IO,
FRN,
1.334%,
6/15/57
..............
United
States
5,186,196
208,612
j,k
BBCMS
Mortgage
Trust
,
2022-C14,
XA,
IO,
FRN,
0.686%,
2/15/55
................
United
States
4,786,872
150,012
2024-5C29,
XA,
IO,
FRN,
1.599%,
9/15/57
...............
United
States
7,474,790
384,802
2024-C26,
XA,
IO,
FRN,
1.013%,
5/15/57
................
United
States
2,630,352
183,812
2025-C32,
XA,
IO,
FRN,
1.128%,
2/15/62
................
United
States
2,124,184
174,613
j,k
Benchmark
Mortgage
Trust
,
2024-V10,
XA,
IO,
FRN,
1.305%,
9/15/57
................
United
States
6,543,443
275,945
2024-V11,
XA,
IO,
FRN,
0.56%,
11/15/57
................
United
States
9,894,837
197,918
j,k
BMO
Mortgage
Trust
,
2024-5C6
,
XA
,
IO,
FRN
,
1.353
%
,
9/15/57
United
States
5,706,330
240,421
b,k
BWAY
Mortgage
Trust
,
2022-26BW
,
E
,
144A,
FRN
,
4.866
%
,
2/10/44
.........................................
United
States
350,000
194,744
k
CD
Mortgage
Trust
,
2017-CD4
,
B
,
FRN
,
3.947
%
,
5/10/50
.....
United
States
439,000
420,371
CFCRE
Commercial
Mortgage
Trust
,
b,k
2011-C2,
E,
144A,
FRN,
5.08%,
12/15/47
................
United
States
193,000
183,543
2016-C7,
A3,
3.839%,
12/10/54
.......................
United
States
405,000
402,465
Citigroup
Commercial
Mortgage
Trust
,
b,k
2015-GC27,
D,
144A,
FRN,
4.376%,
2/10/48
.............
United
States
222,856
216,824
k
2015-GC33,
C,
FRN,
4.335%,
9/10/58
..................
United
States
223,000
195,193
2015-GC33,
D,
3.172%,
9/10/58
.......................
United
States
102,000
63,111
COMM
Mortgage
Trust
,
b
2012-LC4,
E,
144A,
4.25%,
12/10/44
...................
United
States
392,000
46,305
2013-CR12,
AM,
4.3%,
10/10/46
......................
United
States
157,998
150,116
b,k
2013-CR7,
D,
144A,
FRN,
4.245%,
3/10/46
..............
United
States
109,789
104,982
k
2014-CR16,
C,
FRN,
4.777%,
4/10/47
..................
United
States
441,000
420,604
b,k
2014-CR17,
D,
144A,
FRN,
4.845%,
5/10/47
.............
United
States
290,000
243,170
k
2014-CR20,
C,
FRN,
4.665%,
11/10/47
.................
United
States
278,095
269,308
k
2014-UBS5,
AM,
FRN,
4.193%,
9/10/47
.................
United
States
153,554
151,319
k
2015-CR22,
B,
FRN,
3.926%,
3/10/48
..................
United
States
172,483
166,014
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
COMM
Mortgage
Trust,
(continued)
k
2015-CR27,
C,
FRN,
4.543%,
10/10/48
.................
United
States
23,838
$
22,852
2015-DC1,
AM,
3.724%,
2/10/48
......................
United
States
177,645
174,968
k
2015-DC1,
B,
FRN,
4.035%,
2/10/48
...................
United
States
447,000
428,762
k
GS
Mortgage
Securities
Trust
,
b
2013-GC13,
AS,
144A,
FRN,
3.859%,
7/10/46
............
United
States
122,573
121,094
2014-GC24,
B,
FRN,
4.43%,
9/10/47
...................
United
States
469,000
452,723
b
2014-GC24,
D,
144A,
FRN,
4.451%,
9/10/47
.............
United
States
221,000
140,333
j
2019-GC42,
XA,
IO,
FRN,
0.804%,
9/10/52
..............
United
States
6,065,013
148,700
k
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
b
2007-CB20,
E,
144A,
FRN,
8.525%,
2/12/51
.............
United
States
7,578
10,725
b
2012-C6,
E,
144A,
FRN,
4.964%,
5/15/45
...............
United
States
163,000
160,589
2013-LC11,
D,
FRN,
4.19%,
4/15/46
...................
United
States
194,000
12,224
b,d
2013-LC11,
E,
144A,
FRN,
3.25%,
4/15/46
...............
United
States
647,000
20,387
JPMBB
Commercial
Mortgage
Securities
Trust
,
b,k
2013-C14,
D,
144A,
FRN,
4.037%,
8/15/46
..............
United
States
228,000
178,513
b,k
2013-C14,
F,
144A,
FRN,
3.598%,
8/15/46
...............
United
States
1,500,000
127,858
b,k
2014-C18,
D,
144A,
FRN,
4.505%,
2/15/47
..............
United
States
232,000
211,089
k
2014-C23,
B,
FRN,
4.536%,
9/15/47
...................
United
States
174,000
169,293
k
2014-C23,
C,
FRN,
4.536%,
9/15/47
...................
United
States
201,000
193,740
b,k
2014-C23,
D,
144A,
FRN,
4.036%,
9/15/47
..............
United
States
100,000
92,722
2016-C1,
A5,
3.576%,
3/17/49
........................
United
States
39,761
39,689
k
JPMDB
Commercial
Mortgage
Securities
Trust
,
2018-C8
,
C
,
FRN
,
4.755
%
,
6/15/51
...................................
United
States
190,000
173,333
b
LSTAR
Commercial
Mortgage
Trust
,
2017-5
,
A5
,
144A,
3.549
%
,
3/10/50
.........................................
United
States
400,000
394,936
k
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
2013-C10,
B,
FRN,
3.952%,
7/15/46
...................
United
States
298,595
285,182
b
2013-C10,
D,
144A,
FRN,
3.952%,
7/15/46
..............
United
States
350,000
294,692
b
2013-C10,
F,
144A,
FRN,
3.952%,
7/15/46
...............
United
States
975,000
119,369
b
2013-C12,
D,
144A,
FRN,
4.699%,
10/15/46
.............
United
States
189,000
176,724
b
2013-C9,
D,
144A,
FRN,
3.795%,
5/15/46
...............
United
States
196,000
181,391
2015-C22,
C,
FRN,
3.972%,
4/15/48
...................
United
States
575,000
509,510
2015-C25,
C,
FRN,
4.374%,
10/15/48
..................
United
States
106,881
106,626
k
Morgan
Stanley
Capital
I
Trust
,
2016-UB11,
C,
FRN,
3.691%,
8/15/49
..................
United
States
286,000
281,125
2018-H3,
C,
FRN,
4.848%,
7/15/51
....................
United
States
199,000
185,976
SG
Commercial
Mortgage
Securities
Trust
,
2016-C5
,
A4
,
3.055
%
,
10/10/48
........................................
United
States
458,000
453,569
b,d
TIAA
Real
Estate
CDO
Ltd.
,
2003-1A
,
E
,
144A,
8
%
,
12/28/38
..
United
States
558,952
54
k
UBS
Commercial
Mortgage
Trust
,
2017-C3
,
C
,
FRN
,
4.355
%
,
8/15/50
.........................................
United
States
247,000
232,184
Wells
Fargo
Commercial
Mortgage
Trust
,
b,k
2013-LC12,
D,
144A,
FRN,
3.785%,
7/15/46
.............
United
States
188,000
128,310
b
2014-LC16,
D,
144A,
3.938%,
8/15/50
..................
United
States
247,073
29,899
2015-C31,
D,
3.852%,
11/15/48
.......................
United
States
121,000
107,206
k
2016-NXS5,
D,
FRN,
4.908%,
1/15/59
..................
United
States
216,000
166,964
j,k
2019-C52,
XA,
IO,
FRN,
1.566%,
8/15/52
................
United
States
3,172,916
139,621
j,k
2024-5C1,
XA,
IO,
FRN,
1.026%,
7/15/57
................
United
States
6,089,322
194,019
k
WFRBS
Commercial
Mortgage
Trust
,
b
2013-C15,
D,
144A,
FRN,
4.145%,
8/15/46
..............
United
States
235,831
135,605
2014-C21,
C,
FRN,
4.234%,
8/15/47
...................
United
States
177,000
167,088
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
k
WFRBS
Commercial
Mortgage
Trust,
(continued)
2014-C23,
B,
FRN,
4.279%,
10/15/57
...................
United
States
125,000
$
121,227
13,209,186
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$15,644,684)
..............
13,209,186
Mortgage-Backed
Securities
27.9%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
22.3%
FNMA,
30
Year,
5%,
1/01/49
-
8/01/49
....................
United
States
44,771
45,396
l
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
1/25/56
.....
United
States
2,000,000
1,691,094
l
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
1/25/56
......
United
States
1,000,000
884,649
l
Uniform
Mortgage-Backed
Securities,
3.5%,
TBA,
1/25/56
.....
United
States
1,000,000
924,648
l
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
1/25/56
......
United
States
1,000,000
997,422
l
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
1/25/56
.....
United
States
29,000,000
29,410,026
l
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
1/25/56
......
United
States
3,000,000
3,080,651
37,033,886
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
5.6%
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/49
-
3/20/50
.....
United
States
205,052
184,843
GNMA
II,
Single-family,
30
Year,
5%,
5/20/49
...............
United
States
37,488
37,821
l
GNMA
II,
Single-family,
30
Year,
5%,
1/15/56
...............
United
States
4,000,000
3,991,483
GNMA
II,
Single-family,
30
Year,
5.5%,
5/20/49
.............
United
States
14,520
14,822
l
GNMA
II,
Single-family,
30
Year,
5.5%,
1/15/56
.............
United
States
5,000,000
5,049,263
9,278,232
Total
Mortgage-Backed
Securities
(Cost
$46,160,815)
..........................
46,312,118
Residential
Mortgage-Backed
Securities
8.6%
Financial
Services
8.6%
b
A&D
Mortgage
Trust
,
2024-NQM1
,
A1
,
144A,
6.195
%
,
2/25/69
.
United
States
503,831
507,896
Alternative
Loan
Trust
,
f
2005-38,
A1,
FRN,
5.529%,
(
12-month
average
of
1-year
CMT
+
1.5%),
9/25/35
..................................
United
States
156,170
144,139
f
2005-38,
A3,
FRN,
4.546%,
(1-month
SOFR
+
0.814%),
9/25/35
United
States
192,170
175,373
f
2005-59,
1A1,
FRN,
4.508%,
(1-month
SOFR
+
0.774%),
11/20/35
........................................
United
States
211,264
207,309
f
2006-OA10,
1A1,
FRN,
4.989%,
(12-month
average
of
1-year
CMT
+
0.96%),
8/25/46
.............................
United
States
64,858
60,022
f
2006-OA10,
3A1,
FRN,
4.226%,
(1-month
SOFR
+
0.494%),
8/25/46
.........................................
United
States
181,656
171,285
f
2006-OA10,
4A1,
FRN,
4.226%,
(1-month
SOFR
+
0.494%),
8/25/46
.........................................
United
States
1,302,622
1,161,714
k
2006-OA7,
1A1,
FRN,
3.116%,
6/25/46
.................
United
States
196,489
182,772
f
2006-OA7,
1A2,
FRN,
4.969%,
(
12-month
average
of
1-year
CMT
+
0.94%),
6/25/46
.............................
United
States
150,624
150,990
f
American
Home
Mortgage
Investment
Trust
,
2007-1
,
GA1C
,
FRN
,
4.036
%
,
(
1-month
SOFR
+
0.304
%
),
5/25/47
.............
United
States
334,074
203,666
f
Bear
Stearns
ALT-A
Trust
,
2005-10
,
11A1
,
FRN
,
4.346
%
,
(
1-month
SOFR
+
0.614
%
),
1/25/36
....................
United
States
34,011
32,640
b,f
Chevy
Chase
Funding
LLC
,
2006-4A
,
A2
,
144A,
FRN
,
4.026
%
,
(
1-month
SOFR
+
0.294
%
),
11/25/47
...................
United
States
138,009
125,868
b,k
FHLMC
Seasoned
Credit
Risk
Transfer
Trust
,
2017-3,
M2,
144A,
FRN,
4.75%,
7/25/56
................
United
States
341,824
337,634
2019-2,
M,
144A,
FRN,
4.75%,
8/25/58
.................
United
States
181,665
177,521
2019-4,
M,
144A,
FRN,
4.5%,
2/25/59
..................
United
States
621,525
598,543
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
f
FHLMC
STACR
Debt
Notes
,
2016-DNA1
,
B
,
FRN
,
13.989
%
,
(
30-
day
SOFR
Average
+
10.114
%
),
7/25/28
................
United
States
1,270,547
$
1,277,652
b,f
FHLMC
STACR
REMIC
Trust
,
2020-DNA4,
B2,
144A,
FRN,
13.989%,
(
30-day
SOFR
Average
+
10.114%),
8/25/50
................................
United
States
609,000
812,889
2020-DNA5,
B2,
144A,
FRN,
15.374%,
(30-day
SOFR
Average
+
11.5%),
10/25/50
.................................
United
States
176,000
244,086
2020-HQA3,
B2,
144A,
FRN,
13.989%,
(
30-day
SOFR
Average
+
10.114%),
7/25/50
................................
United
States
430,000
568,827
2021-DNA3,
B2,
144A,
FRN,
10.124%,
(30-day
SOFR
Average
+
6.25%),
10/25/33
................................
United
States
225,000
281,394
b,f
FHLMC
STACR
Trust
,
2018-DNA3,
B2,
144A,
FRN,
11.739%,
(
30-day
SOFR
Average
+
7.864%),
9/25/48
................................
United
States
174,000
199,402
2018-HQA2,
B2,
144A,
FRN,
14.989%,
(30-day
SOFR
Average
+
11.114%),
10/25/48
...............................
United
States
649,000
806,201
2019-DNA1,
B2,
144A,
FRN,
14.739%,
(
30-day
SOFR
Average
+
10.864%),
1/25/49
................................
United
States
141,000
173,748
2019-HQA1,
B2,
144A,
FRN,
16.239%,
(30-day
SOFR
Average
+
12.364%),
2/25/49
................................
United
States
85,000
103,546
2019-HQA2,
B2,
144A,
FRN,
15.239%,
(
30-day
SOFR
Average
+
11.364%),
4/25/49
................................
United
States
106,000
125,876
k
First
Horizon
Alternative
Mortgage
Securities
Trust
,
2006-AA6
,
2A1
,
FRN
,
5.118
%
,
11/25/36
.........................
United
States
392,348
267,095
f
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C01,
1B,
FRN,
15.739%,
(30-day
SOFR
Average
+
11.864%),
8/25/28
.................................
United
States
362,368
367,785
2016-C02,
1B,
FRN,
16.239%,
(30-day
SOFR
Average
+
12.364%),
9/25/28
.................................
United
States
1,105,732
1,132,081
2016-C03,
1B,
FRN,
15.739%,
(30-day
SOFR
Average
+
11.864%),
10/25/28
................................
United
States
561,670
579,025
2016-C03,
2B,
FRN,
16.739%,
(30-day
SOFR
Average
+
12.864%),
10/25/28
................................
United
States
89,098
92,101
2016-C05,
2B,
FRN,
14.739%,
(
30-day
SOFR
Average
+
10.864%),
1/25/29
.................................
United
States
117,940
123,483
2016-C06,
1B,
FRN,
13.239%,
(30-day
SOFR
Average
+
9.364%),
4/25/29
..................................
United
States
19,689
20,824
b
2020-SBT1,
1M2,
144A,
FRN,
7.639%,
(30-day
SOFR
Average
+
3.764%),
2/25/40
................................
United
States
504,000
519,660
b
2022-R02,
2B1,
144A,
FRN,
8.374%,
(30-day
SOFR
Average
+
4.5%),
1/25/42
....................................
United
States
180,000
186,108
b
2022-R02,
2M2,
144A,
FRN,
6.874%,
(30-day
SOFR
Average
+
3%),
1/25/42
.....................................
United
States
400,000
407,353
f
GSR
Mortgage
Loan
Trust
,
2007-OA1
,
2A3A
,
FRN
,
4.156
%
,
(
1-month
SOFR
+
0.424
%
),
5/25/37
....................
United
States
171,384
95,509
f
HarborView
Mortgage
Loan
Trust
,
2005-2
,
1A
,
FRN
,
4.366
%
,
(
1-month
SOFR
+
0.634
%
),
5/19/35
....................
United
States
239,079
64,956
b,f
Home
RE
Ltd.
,
2021-2
,
B1
,
144A,
FRN
,
8.024
%
,
(
30-day
SOFR
Average
+
4.15
%
),
1/25/34
...........................
United
States
150,000
152,485
b,f
J.P.
Morgan
Mortgage
Trust
,
2024-9
,
A11
,
144A,
FRN
,
5.224
%
,
(
30-day
SOFR
Average
+
1.35
%
),
2/25/55
...............
United
States
90,602
90,836
b
MFA
Trust
,
2025-NQM3
,
A1
,
144A,
5.261
%
,
8/25/70
.........
United
States
96,541
96,854
b,f
Morgan
Stanley
Re-REMIC
Trust
,
2010-R4
,
4B
,
144A,
FRN
,
3.161
%
,
(
1-month
SOFR
+
0.344
%
),
2/26/37
.............
United
States
144,572
140,146
f
MortgageIT
Trust
,
2005-3
,
M2
,
FRN
,
4.641
%
,
(
1-month
SOFR
+
0.909
%
),
8/25/35
..................................
United
States
19,702
19,302
f
RALI
Trust
,
2006-QO5
,
1A1
,
FRN
,
4.276
%
,
(
1-month
SOFR
+
0.544
%
),
5/25/46
..................................
United
States
180,328
163,782
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b
Saluda
Grade
Alternative
Mortgage
Trust
,
2024-RTL4
,
A1
,
144A,
7.5
%
,
2/25/30
....................................
United
States
555,000
$
556,191
f
Structured
Asset
Mortgage
Investments
II
Trust
,
2006-AR7
,
A1BG
,
FRN
,
3.966
%
,
(
1-month
SOFR
+
0.234
%
),
8/25/36
...
United
States
116,445
104,702
b,k
Towd
Point
Mortgage
Trust
,
2019-2
,
A2
,
144A,
FRN
,
3.75
%
,
12/25/58
........................................
United
States
216,000
198,707
f
WaMu
Mortgage
Pass-Through
Certificates
Trust
,
2005-AR13
,
A1C3
,
FRN
,
4.826
%
,
(
1-month
SOFR
+
1.094
%
),
10/25/45
..
United
States
58,658
56,836
14,266,814
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$13,347,807)
...............
14,266,814
Agency
Commercial
Mortgage-Backed
Securities
12.8%
Financial
Services
12.8%
j
FHLMC
,
304,
C37,
IO,
3.5%
,
12/15/27
.........................
United
States
9,274
146
4000,
PI,
IO,
4.5%,
1/15/42
..........................
United
States
102,345
13,399
4077,
IK,
IO,
5%,
7/15/42
............................
United
States
351,168
74,142
4105,
HI,
IO,
3.5%,
7/15/41
..........................
United
States
107,756
5,173
f
4839,
WS,
IO,
FRN,
2.002%,
(
30-day
SOFR
Average
+
5.986%),
8/15/56
..................................
United
States
1,938,190
273,765
f
4945,
SL,
IO,
FRN,
2.061%,
(30-day
SOFR
Average
+
5.936%),
1/25/50
.........................................
United
States
1,898,891
229,230
4984,
IL,
IO,
4.5%,
6/25/50
...........................
United
States
1,904,994
398,941
f
5002,
SJ,
IO,
FRN,
2.111%,
(30-day
SOFR
Average
+
5.986%),
7/25/50
.........................................
United
States
2,719,816
323,838
f
5011,
SA,
IO,
FRN,
2.261%,
(30-day
SOFR
Average
+
6.136%),
9/25/50
.........................................
United
States
3,080,185
391,561
5024,
HI,
IO,
4.5%,
10/25/50
.........................
United
States
3,458,021
821,854
5093,
YI,
IO,
4.5%,
12/25/50
.........................
United
States
1,442,422
343,195
5134,
IC,
IO,
4%,
8/25/51
............................
United
States
2,808,277
559,307
5349,
IB,
IO,
4%,
12/15/46
...........................
United
States
1,727,524
377,679
b,f
FHLMC
Multi-family
Structured
Credit
Risk
Trust
,
2021-MN1,
M2,
144A,
FRN,
7.624%,
(30-day
SOFR
Average
+
3.75%),
1/25/51
...................................
United
States
235,000
243,105
2021-MN3,
M2,
144A,
FRN,
7.874%,
(30-day
SOFR
Average
+
4%),
11/25/51
....................................
United
States
797,000
827,897
j
FNMA
,
f
2010-35,
SG,
IO,
FRN,
2.411%,
(30-day
SOFR
Average
+
6.286%),
4/25/40
..................................
United
States
198,696
22,415
f
2011-101,
SA,
IO,
FRN,
1.911%,
(30-day
SOFR
Average
+
5.786%),
10/25/41
.................................
United
States
486,849
47,348
2012-127,
BI,
IO,
4.5%,
11/25/42
......................
United
States
99,328
20,413
2015-30,
IO,
5.5%,
5/25/45
..........................
United
States
730,647
97,265
2016-3,
NI,
IO,
6%,
2/25/46
..........................
United
States
606,787
86,602
f
2017-32,
SA,
IO,
FRN,
2.161%,
(
30-day
SOFR
Average
+
6.036%),
5/25/47
..................................
United
States
2,404,211
270,208
f
2018-20,
SB,
IO,
FRN,
2.261%,
(30-day
SOFR
Average
+
6.136%),
3/25/48
..................................
United
States
1,106,900
107,900
f
2018-38,
SA,
IO,
FRN,
2.211%,
(30-day
SOFR
Average
+
6.086%),
6/25/48
..................................
United
States
1,990,077
239,186
f
2019-43,
JS,
IO,
FRN,
2.061%,
(30-day
SOFR
Average
+
5.936%),
8/25/49
..................................
United
States
1,052,439
114,927
f
2019-61,
S,
IO,
FRN,
2.011%,
(30-day
SOFR
Average
+
5.886%),
11/25/49
.................................
United
States
2,283,174
313,397
2020-76,
BI,
IO,
4.5%,
11/25/50
.......................
United
States
2,747,647
630,746
2021-14,
CI,
IO,
4.5%,
11/25/49
.......................
United
States
3,467,926
778,371
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
j
FNMA,
(continued)
374,
6,
IO,
5.5%,
8/25/36
............................
United
States
25,489
$
4,106
378,
19,
IO,
5%,
Strip,
6/25/35
........................
United
States
63,995
8,667
427,
C93,
IO,
4.5%,
8/25/42
..........................
United
States
2,534,661
441,612
b,f
FNMA
Multi-family
Connecticut
Avenue
Securities
Trust
,
2019-01,
M10,
144A,
FRN,
7.239%,
(30-day
SOFR
Average
+
3.364%),
10/25/49
.................................
United
States
440,446
448,326
2020-01,
M10,
144A,
FRN,
7.739%,
(30-day
SOFR
Average
+
3.864%),
3/25/50
..................................
United
States
598,592
611,836
j
GNMA
,
2012-113,
ID,
IO,
3.5%,
9/20/42
.......................
United
States
317,417
46,680
2012-128,
IA,
IO,
3.5%,
10/20/42
......................
United
States
687,130
111,379
2012-140,
IC,
IO,
3.5%,
11/20/42
......................
United
States
686,031
111,689
2012-146,
IO,
5%,
12/20/42
..........................
United
States
175,365
37,408
2013-34,
IH,
IO,
4.5%,
3/20/43
........................
United
States
361,144
68,471
k
2013-H08,
CI,
IO,
FRN,
1.543%,
2/20/63
................
United
States
458,747
15,828
f
2014-119,
SA,
IO,
FRN,
1.752%,
(1-month
SOFR
+
5.486%),
8/20/44
.........................................
United
States
585,690
59,383
f
2014-60,
SD,
IO,
FRN,
2.332%,
(1-month
SOFR
+
6.066%),
4/20/44
.........................................
United
States
1,329,612
167,039
2014-76,
IO,
5%,
5/20/44
............................
United
States
268,481
55,698
k
2014-H21,
BI,
IO,
FRN,
1.593%,
10/20/64
...............
United
States
1,140,437
25,821
2015-52,
KI,
IO,
3.5%,
11/20/40
.......................
United
States
245,793
8,463
2015-53,
MI,
IO,
4%,
4/16/45
.........................
United
States
623,568
123,745
2015-64,
YI,
IO,
4%,
11/20/44
........................
United
States
450,608
65,552
2015-79,
GI,
IO,
5%,
10/20/39
........................
United
States
143,206
29,348
k
2015-H10,
BI,
IO,
FRN,
2.315%,
4/20/65
................
United
States
641,052
30,472
k
2015-H20,
AI,
IO,
FRN,
1.905%,
8/20/65
................
United
States
665,059
22,285
k
2015-H20,
CI,
IO,
FRN,
2.113%,
8/20/65
................
United
States
841,065
43,979
k
2015-H23,
BI,
IO,
FRN,
1.813%,
9/20/65
................
United
States
650,828
16,681
k
2015-H25,
EI,
IO,
FRN,
1.931%,
10/20/65
...............
United
States
349,899
13,778
2016-42,
IO,
5%,
2/20/46
............................
United
States
635,876
125,015
k
2016-H03,
AI,
IO,
FRN,
2.163%,
1/20/66
................
United
States
685,075
29,893
k
2016-H03,
DI,
IO,
FRN,
2.003%,
12/20/65
...............
United
States
510,110
16,156
k
2016-H06,
DI,
IO,
FRN,
1.775%,
7/20/65
................
United
States
743,153
30,366
k
2016-H09,
BI,
IO,
FRN,
2.234%,
4/20/66
................
United
States
868,433
36,868
k
2016-H10,
AI,
IO,
FRN,
1.835%,
4/20/66
................
United
States
1,670,453
50,324
k
2016-H18,
QI,
IO,
FRN,
2.691%,
6/20/66
................
United
States
588,021
31,367
k
2016-H22,
AI,
IO,
FRN,
2.305%,
10/20/66
...............
United
States
653,214
34,821
k
2016-H23,
NI,
IO,
FRN,
2.306%,
10/20/66
...............
United
States
1,941,174
95,861
k
2016-H24,
CI,
IO,
FRN,
1.707%,
10/20/66
...............
United
States
463,677
11,673
2017-26,
MI,
IO,
5%,
11/20/39
........................
United
States
841,961
160,323
2017-42,
IC,
IO,
4.5%,
8/20/41
........................
United
States
322,672
60,121
k
2017-H02,
BI,
IO,
FRN,
2.226%,
1/20/67
................
United
States
580,381
23,982
k
2017-H06,
BI,
IO,
FRN,
2.341%,
2/20/67
................
United
States
891,188
30,516
k
2017-H08,
NI,
IO,
FRN,
2.192%,
3/20/67
................
United
States
1,328,010
41,893
k
2017-H09,
IO,
FRN,
1.887%,
4/20/67
...................
United
States
1,568,598
45,991
k
2017-H11,
DI,
IO,
FRN,
2.079%,
5/20/67
................
United
States
934,964
47,790
k
2017-H12,
QI,
IO,
FRN,
2.377%,
5/20/67
................
United
States
898,750
34,001
k
2017-H16,
IG,
IO,
FRN,
1.845%,
7/20/67
................
United
States
2,129,343
56,479
k
2017-H16,
JI,
IO,
FRN,
2.417%,
8/20/67
.................
United
States
2,894,169
119,515
k
2017-H19,
MI,
IO,
FRN,
2.063%,
4/20/67
................
United
States
531,648
19,774
2018-127,
IC,
IO,
5%,
10/20/44
.......................
United
States
1,148,853
227,619
2018-94,
AI,
IO,
4.5%,
7/20/48
........................
United
States
746,735
154,347
k
2018-H02,
EI,
IO,
FRN,
2.3%,
1/20/68
..................
United
States
2,295,836
99,669
k
2018-H05,
BI,
IO,
FRN,
2.27%,
2/20/68
.................
United
States
1,526,295
65,409
k
2018-H15,
KI,
IO,
FRN,
2.202%,
8/20/68
................
United
States
1,118,311
40,002
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
j
GNMA,
(continued)
f
2019-110,
SQ,
IO,
FRN,
2.202%,
(1-month
SOFR
+
5.936%),
9/20/49
.........................................
United
States
1,596,379
$
181,598
f
2019-152,
ES,
IO,
FRN,
2.202%,
(1-month
SOFR
+
5.936%),
12/20/49
........................................
United
States
994,284
115,898
f
2019-83,
SY,
IO,
FRN,
2.252%,
(1-month
SOFR
+
5.986%),
7/20/49
.........................................
United
States
1,475,741
177,323
f
2019-89,
PS,
IO,
FRN,
2.252%,
(1-month
SOFR
+
5.986%),
7/20/49
.........................................
United
States
1,836,319
232,739
f
2019-96,
SY,
IO,
FRN,
2.252%,
(1-month
SOFR
+
5.986%),
8/20/49
.........................................
United
States
1,646,014
202,272
2020-13,
AI,
IO,
4%,
3/20/46
.........................
United
States
3,511,201
463,440
2020-167,
PI,
IO,
3.5%,
11/20/50
......................
United
States
2,102,221
438,252
2020-175,
NI,
IO,
3%,
11/20/50
.......................
United
States
2,195,869
355,688
f
2020-63,
AS,
IO,
FRN,
2.152%,
(1-month
SOFR
+
5.886%),
8/20/43
.........................................
United
States
1,706,394
201,123
f
2020-63,
PS,
IO,
FRN,
2.252%,
(1-month
SOFR
+
5.986%),
4/20/50
.........................................
United
States
2,144,557
274,073
f
2020-63,
SP,
IO,
FRN,
2.252%,
(1-month
SOFR
+
5.986%),
5/20/50
.........................................
United
States
1,677,351
208,037
f
2020-96,
KS,
IO,
FRN,
2.302%,
(1-month
SOFR
+
6.036%),
7/20/50
.........................................
United
States
5,100,685
661,008
f
2020-97,
QS,
IO,
FRN,
2.302%,
(1-month
SOFR
+
6.036%),
7/20/50
.........................................
United
States
1,590,677
218,173
f
2021-116,
ES,
IO,
FRN,
2.351%,
(1-month
SOFR
+
6.086%),
11/20/47
........................................
United
States
2,524,440
289,710
2021-122,
GI,
IO,
4.5%,
11/20/47
......................
United
States
2,720,967
622,674
2021-156,
IO,
3.5%,
7/20/51
.........................
United
States
3,347,713
635,468
2021-214,
AI,
IO,
4%,
12/20/51
.......................
United
States
2,453,188
493,743
2021-59,
IP,
IO,
3%,
4/20/51
.........................
United
States
2,778,957
474,186
f
2021-59,
SM,
IO,
FRN,
2.452%,
(1-month
SOFR
+
6.186%),
4/20/51
.........................................
United
States
5,012,492
667,380
f
2021-59,
SQ,
IO,
FRN,
2.452%,
(1-month
SOFR
+
6.186%),
4/20/51
.........................................
United
States
1,648,667
215,675
f
2021-77,
SM,
IO,
FRN,
2.452%,
(1-month
SOFR
+
6.186%),
5/20/51
.........................................
United
States
2,476,449
335,789
f
2021-98,
SK,
IO,
FRN,
2.452%,
(1-month
SOFR
+
6.186%),
6/20/51
.........................................
United
States
4,127,183
562,812
f
2023-35,
SH,
IO,
FRN,
2.532%,
(30-day
SOFR
Average
+
6.45%),
2/20/53
...................................
United
States
4,923,601
420,348
2024-186,
IO,
3%,
9/20/51
...........................
United
States
3,351,312
507,965
k
2024-32,
IO,
FRN,
0.7%,
6/16/63
......................
United
States
4,806,326
246,467
2024-4,
IG,
IO,
5%,
12/20/52
.........................
United
States
1,385,352
267,809
21,339,681
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$21,004,680)
.......
21,339,681
Total
Long
Term
Investments
(Cost
$185,062,269)
.............................
186,521,255
a
Short
Term
Investments
12.9%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Certificates
of
Deposit
1.5%
Bank
of
America
NA,
4.25%,
3/02/26
.....................
United
States
750,000
750,480
Canadian
Imperial
Bank
of
Commerce,
4.01%,
2/09/26
.......
Canada
800,000
800,212
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
25
Short
Term
Investments
(continued)
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Certificates
of
Deposit
(continued)
Toronto-Dominion
Bank
(The),
4.03%,
4/02/26
..............
Canada
850,000
$
850,196
Total
Certificates
of
Deposit
(Cost
$2,400,000)
................................
2,400,888
a
a
a
Commercial
Papers
4.3%
c
Banco
Santander
SA
,
3.76%
,
2/09/26
....................
Spain
550,000
547,710
b,c
BPCE
SA
,
144A,
3.76%
,
2/26/26
........................
France
750,000
745,567
b
Commonwealth
Bank
of
Australia
,
144A,
4.09
%
,
4/09/26
......
Australia
750,000
750,041
c
Credit
Agricole
Corporate
and
Investment
Bank
SA
,
3.7%,
2/05/26
......................................
France
750,000
747,234
3.72%,
3/09/26
.....................................
France
850,000
844,076
1,591,310
c
NRW
Bank
,
b
144A,
3.77%,
2/09/26
................................
Germany
850,000
846,452
3
.58%,
1/06/26
.....................................
Germany
750,000
749,553
1,596,005
b,c
Royal
Bank
of
Canada
,
144A,
0
%,
3/23/26
................
Canada
850,000
850,187
b,c
Sumitomo
Mitsui
Trust
NY
,
144A,
3.76%
,
3/10/26
............
Japan
1,000,000
992,852
Total
Commercial
Papers
(Cost
$7,072,880)
...................................
7,073,672
a
a
a
U.S.
Government
and
Agency
Securities
0.2%
c,m
U.S.
Treasury
Bills,
3.18%,
1/20/26
......................
United
States
359,000
358,366
Total
U.S.
Government
and
Agency
Securities
(Cost
$358,279)
..................
358,366
Shares
Management
Investment
Companies
5.0%
a,n
Putnam
Short
Term
Investment
Fund,
Class
P,
3.967%
.......
United
States
8,332,402
8,332,402
Total
Management
Investment
Companies
(Cost
$8,332,402)
...................
8,332,402
Money
Market
Funds
1.9%
a,n
Putnam
Government
Money
Market
Fund,
Class
P,
3.576%
....
United
States
3,215,829
3,215,829
Total
Money
Market
Funds
(Cost
$3,215,829)
.................................
3,215,829
Total
Short
Term
Investments
(Cost
$21,379,390
)
..............................
21,381,157
a
Total
Investments
(Cost
$206,441,659)
125.0%
................................
$207,902,412
TBA
Sale
Commitments
(2.3)%
..............................................
(3,877,789)
Other
Assets,
less
Liabilities
(22.7)%
........................................
(37,726,918)
Net
Assets
100.0%
.........................................................
$166,297,705
a
a
a
Principal
Amount
*
o
TBA
Sale
Commitments
(2.3)%
Mortgage-Backed
Securities
(2.3)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(2.3)%
Uniform
Mortgage-Backed
Securities
,
4%,
TBA,
1/25/56
..................................
United
States
(1,000,000)
(948,659)
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
26
At
December
31,
2025,
the
Fund
had
the
following futures
contracts
outstanding.
a
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Mortgage-Backed
Securities
(continued)
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(continued)
Uniform
Mortgage-Backed
Securities,
(continued)
4.5%,
TBA,
1/25/56
................................
United
States
(3,000,000)
$
(2,929,130)
(3,877,789)
Total
TBA
Sale
Commitments
(Proceeds
$(3,858,594))
.........................
$(3,877,789)
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
4
regarding
investments
in
affiliated
management
investment
companies.
b
Security
was
purchased
pursuant
to
Rule
144A
or
Regulation
S
under
the
Securities
Act
of
1933.
144A
securities
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
a
public
offering
registered
under
the
Securities
Act
of
1933.
Regulation
S
securities
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
At
December
31,
2025,
the
aggregate
value
of
these
securities
was
$63,695,162,
representing
38.3%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
g
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
h
See
Note
3
regarding
unfunded
loan
commitments.
i
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
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
Security
purchased
on
a
to-be-announced
(TBA)
basis.
m
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
December
31,
2025,
the
value
of
this
security
pledged
amounted
to
$358,366,
representing
0.2%
of
net
assets.
n
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
o
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.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
Euro-Bobl
..................................
Short
24
$
3,276,270
3/06/26
$
16,109
U.S.
Treasury
10
Year
Ultra
Notes
................
Long
64
7,361,000
3/20/26
(60,009)
U.S.
Treasury
2
Year
Notes
.....................
Short
8
1,670,312
3/31/26
716
U.S.
Treasury
5
Year
Notes
.....................
Long
80
8,744,375
3/31/26
(35,019)
Total
Futures
Contracts
......................................................................
$(78,203)
*
As
of
period
end.
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
27
At
December
31,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Forward
Exchange
Contracts
Currency
Counter-
party
a
Type
Quantity
Contract
Amount
*
Settlement
Date
Unrealized
Appreciation
Unrealized
Depreciation
a
a
a
a
a
a
a
a
OTC
Forward
Exchange
Contracts
Australian
Dollar
....
BZWS
Sell
103,100
67,750
1/21/26
$
—
$
(1,061)
Australian
Dollar
....
HSBK
Sell
58,000
38,116
1/21/26
—
(594)
Australian
Dollar
....
JPHQ
Sell
727,000
477,739
1/21/26
—
(7,475)
Australian
Dollar
....
MSCO
Sell
902,400
592,962
1/21/26
—
(9,317)
Australian
Dollar
....
TDOM
Sell
365,900
240,481
1/21/26
—
(3,728)
Australian
Dollar
....
UBSW
Sell
21,800
14,327
1/21/26
—
(223)
Australian
Dollar
....
WPAC
Sell
12,000
7,886
1/21/26
—
(123)
Canadian
Dollar
....
BOFA
Sell
400
287
1/21/26
—
(5)
Canadian
Dollar
....
BZWS
Sell
82,700
59,293
1/21/26
—
(1,004)
Canadian
Dollar
....
GSCO
Sell
9,000
6,452
1/21/26
—
(110)
Canadian
Dollar
....
HSBK
Sell
443,500
317,917
1/21/26
—
(5,447)
Canadian
Dollar
....
JPHQ
Sell
195,800
140,366
1/21/26
—
(2,395)
Canadian
Dollar
....
TDOM
Sell
415,000
297,479
1/21/26
—
(5,104)
Canadian
Dollar
....
UBSW
Sell
13,000
9,319
1/21/26
—
(160)
Canadian
Dollar
....
WPAC
Sell
343,500
246,206
1/21/26
—
(4,245)
New
Zealand
Dollar
.
BOFA
Sell
19,700
11,381
1/21/26
31
—
New
Zealand
Dollar
.
HSBK
Sell
439,200
253,783
1/21/26
738
—
New
Zealand
Dollar
.
MSCO
Sell
495,300
286,206
1/21/26
838
—
New
Zealand
Dollar
.
UBSW
Sell
75,800
43,801
1/21/26
129
—
Japanese
Yen
......
BOFA
Buy
64,500,800
421,988
2/13/26
—
(8,773)
Japanese
Yen
......
GSCO
Buy
187,258,800
1,215,072
2/13/26
646
(16,073)
Japanese
Yen
......
JPHQ
Buy
62,332,100
407,893
2/13/26
—
(
8,571)
Japanese
Yen
......
TDOM
Buy
612,100
4,004
2/13/26
—
(83)
Japanese
Yen
......
UBSW
Buy
59,663,400
390,382
2/13/26
—
(8,157)
British
Pound
......
HSBK
Sell
517,300
691,198
3/17/26
—
(5,971)
Euro
.............
GSCO
Sell
470,600
554,306
3/17/26
—
(586)
Euro
.............
HSBK
Sell
4,637,500
5,464,227
3/17/26
—
(3,920)
Euro
.............
MSCO
Sell
22,200
26,150
3/17/26
—
(27)
Norwegian
Krone
...
MSCO
Sell
6,139,500
605,572
3/17/26
—
(3,365)
Swedish
Krona
.....
MSCO
Sell
6,123,200
662,940
3/17/26
—
(4,647)
Swiss
Franc
.......
SSBT
Buy
336,900
428,003
3/17/26
549
—
Swiss
Franc
.......
UBSW
Buy
832,600
1,057,843
3/17/26
1,261
—
Total
Forward
Exchange
Contracts
...................................................
$4,192
$(101,164)
Net
unrealized
appreciation
(depreciation)
............................................
$(96,972)
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
28
At
December
31,
2025,
the
Fund
had
the
following forward
premium
swap
options contracts
outstanding.
Forward
Premium
Swap
Option
Contracts
Fixed
right
or
obligation
to
receive
or
(pay)/
Floating
rate
index/Maturity
date
Counter
par
t
y
Expiration
date/strike
Notional/
Contract
amount
*
Premium
receivable/
(payable)
Unrealized
appreciation/
(depreciation)
a
a
a
a
a
3.3%/1-day
SOFR/Feb-27/(Written)
BNDP
2/05/26
/
3.3%
63,150,000
$
(138,930)
$
109,877
3.85%/1-day
SOFR/Feb-27/(Purchased)
BNDP
2/05/26
/
3.85%
42,100,000
174,715
21,809
(3.438%)/1-day
SOFR/Mar-31/(Written)
BNDP
3/17/26
/
3.438%
24,247,500
(162,943)
(3,011)
(3.788%)/1-day
SOFR/Mar-36/(Purchased)
BNDP
3/17/26
/
3.788%
14,063,600
165,126
(3,102)
(4.125%)/1-day
SOFR/Nov-37/(Purchased)
BNDP
11/12/27
/
4.125%
477,100
22,090
(6,013)
3.625%/1-day
SOFR/Nov-37/(Purchased)
BNDP
11/12/27
/
3.625%
477,100
22,090
(11,678)
2.91%/1-day
SOFR/Apr-52/(Purchased)
BNDP
3/31/32
/
2.91%
966,000
58,926
(29,200)
3.725%/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
3.725%
3,079,100
150,568
(93,260)
(4.225%)/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
4.225%
3,079,100
157,650
(111,728)
(4.2%)/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
158,800
19,802
(607)
4.2%/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
158,800
19,802
(3,577)
(4.608%)/1-day
SOFR/May-56/(Purchased)
CITI
5/26/26
/
4.608%
996,400
36,169
(28,211)
3.965%/1-day
SOFR/Mar-38/(Purchased)
DBAB
3/06/28
/
3.965%
885,900
48,282
(17,494)
(3.965%)/1-day
SOFR/Mar-38/(Purchased)
DBAB
3/06/28
/
3.965%
885,900
48,282
(8,695)
2.35%/1-day
SOFR/Mar-59/(Purchased)
GSCO
3/12/29
/
2.35%
1,529,600
89,176
(69,047)
(2.495%)/6-month
AUD
BBR/Nov-46/
(Purchased)
JPHQ
11/23/26
/
2.495%
AUD
2,376,500
147,412
369,536
2.495%/6-month
AUD
BBR/Nov-46/
(Purchased)
JPHQ
11/23/26
/
2.495%
AUD
2,376,500
147,412
(142,756)
4.13%/1-day
SOFR/Dec-57/(Purchased)
JPHQ
12/09/27
/
4.13%
861,400
67,491
(13,769)
(4.13%)/1-day
SOFR/Dec-57/(Purchased)
JPHQ
12/09/27
/
4.13%
861,400
67,491
2,567
(4.201%)/6-month
EURIBOR/Apr-39/
(Purchased)
JPHQ
4/11/29
/
4.201%
EUR
5,556,400
138,902
(24,436)
1.201%/6-month
EURIBOR/Apr-39/
(Purchased)
JPHQ
4/11/29
/
1.201%
EUR
5,556,400
110,287
(89,165)
1.445%/6-month
AUD
BBR/Mar-40/
(Purchased)
JPHQ
3/27/30
/
1.445%
AUD
1,940,600
74,212
(60,557)
(1.445%)/6-month
AUD
BBR/Mar-40/
(Purchased)
JPHQ
3/27/30
/
1.445%
AUD
1,940,600
74,212
263,255
(4.01%)/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
215,700
25,862
2,469
4.01%/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
215,700
25,862
(9,236)
(2.952%)/6-month
EURIBOR/Jun-49/
(Purchased)
MSCO
6/18/29
/
2.952%
EUR
1,584,600
126,320
74,979
(2.98%)/6-month
EURIBOR/May-55/
(Purchased)
MSCO
5/08/35
/
2.98%
EUR
145,400
15,179
7,950
(4.825%)/1-day
SOFR/May-57/(Purchased)
NATW
4/30/27
/
4.825%
1,147,100
41,525
(12,947)
2%/6-month
AUD
BBR/Sep-46/(Purchased)
UBSW
9/10/36
/
2%
AUD
2,078,300
110,235
(66,749)
(2%)/6-month
AUD
BBR/Sep-46/(Purchased)
UBSW
9/10/36
/
2%
AUD
2,078,300
110,235
159,024
(2.7%)/6-month
AUD
BBR/Apr-47/(Purchased)
UBSW
4/01/37
/
2.7%
AUD
997,300
60,506
48,566
2.7%/6-month
AUD
BBR/Apr-47/(Purchased)
UBSW
4/01/37
/
2.7%
AUD
997,300
60,506
(34,520)
Unrealized
appreciation
1,060,032
Unrealized
(depreciation)
(839,758)
Total
$220,274
*
In
U.S.
dollars
unless
otherwise
indicated.
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
29
At
December
31,
2025,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
Credit
Default
Swap
Contracts
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
Centrally
Cleared
Swap
Contracts
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.45
.
5.00%
Quarterly
12/20/30
8,893,000
$
690,020
$
710,081
$
(20,061)
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$690,020
$710,081
$(20,061)
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CMBX.NA.BB.10
(5.00)%
Monthly
CITI
11/17/59
915,000
479,775
379,986
99,789
CMBX.NA.BB.10
(5.00)%
Monthly
MLCO
11/17/59
279,000
146,292
15,875
130,417
CMBX.NA.BB.13
(5.00)%
Monthly
GSCO
12/16/72
133,000
49,154
50,041
(887)
CMBX.NA.BB.6
.
(5.00)%
Monthly
GSCO
5/11/63
167,000
12,865
7,525
5,340
CMBX.NA.BB.8
.
(5.00)%
Monthly
CITI
10/17/57
148,000
64,229
64,084
145
CMBX.NA.BB.8
.
(5.00)%
Monthly
GSCO
10/17/57
42,000
18,227
17,149
1,078
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
CITI
11/17/59
465,000
102,015
139,762
(37,747)
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
MSCO
11/17/59
516,000
113,204
166,855
(53,651)
CMBX.
NA.BBB-.11
..
(3.00)%
Monthly
GSCO
11/18/54
609,000
74,288
76,057
(1,769)
CMBX.
NA.BBB-.12
..
(3.00)%
Monthly
GSCO
8/17/61
203,000
35,509
36,845
(1,336)
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
GSCO
12/16/72
406,000
78,037
85,125
(7,088)
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
JPHQ
12/16/72
530,000
101,870
102,665
(795)
CMBX.NA.BBB-.6
(3.00)%
Monthly
CITI
5/11/63
223,000
9,372
41,772
(32,400)
CMBX.NA.BBB-.9
(3.00)%
Monthly
MSCO
9/17/58
203,000
39,935
36,464
3,471
Contracts
to
Sell
Protection
c,d
Traded
Index
CMBX.NA.A.13
.
2.00%
Monthly
MLCO
12/16/72
382,000
(24,106)
(50,319)
26,213
Investment
Grade
CMBX.NA.BB.10
5.00%
Monthly
JPHQ
11/17/59
120,000
(62,922)
(9,629)
(53,293)
Non-
Investment
Grade
CMBX.NA.BB.13
5.00%
Monthly
CITI
12/16/72
133,000
(49,154)
(56,865)
7,711
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
CITI
5/11/63
285,000
(21,954)
(
49,554)
27,600
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
GSCO
5/11/63
138,000
(10,631)
(23,957)
13,326
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
MLCO
5/11/63
125,000
(9,629)
(13,977)
4,348
Non-
Investment
Grade
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
30
At
December
31,
2025,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
a
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
b
OTC
Swap
Contracts
(continued)
Contracts
to
Sell
Protection
c,d
(continued)
Traded
Index
(continued)
CMBX.NA.BB.6
.
5.00%
Monthly
MSCO
5/11/63
562,000
$
(43,293)
$
(100,044)
$
56,751
Non-
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
CITI
4/17/65
34,000
(5,664)
(7,729)
2,065
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
GSCO
4/17/65
12,000
(
1,999)
(2,464)
465
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
MSCO
4/17/65
19,000
(3,165)
(4,319)
1,154
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
BOFA
5/11/63
223,000
(9,373)
(13,732)
4,359
Investment
Grade
CMBX.NA.BBB-.8
3.00%
Monthly
JPHQ
10/17/57
26,000
(4,610)
(4,054)
(556)
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$1,078,272
$883,562
$194,710
Total
Credit
Default
Swap
Contracts
....................................
$1,768,292
$
1,593,643
$174,649
a
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
b
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
c
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
d
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.58%
....
Annual
9/17/27
170,842,000
$
(459,666)
$
(212,325)
$
(247,341)
Receive
Floating
3-month
AUD
BBR
...........
Quarterly
Pay
Fixed
3.23%
....
Quarterly
9/17/27
1,991,000
AUD
17,205
1,667
15,538
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.13%
....
Annual
12/17/27
17,022,000
64,476
56,317
8,159
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.3%
.....
Annual
3/18/28
9,945,000
(3,697)
(14,892)
11,195
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
31
Interest
Rate
Swap
Contracts
(continued)
Description
Payment
Frequency
Maturity
Date
Notional
Amount*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
(continued)
Receive
Fixed
2.6%
...
Semi-Annual
Pay
Floating
1-day
REPO_CORRA
.....
Semi-Annual
3/18/28
3,719,000
CAD
$
2,712
$
2,071
$
641
Receive
Fixed
3.6%
...
Annual
Pay
Floating
1-day
SONIA
...........
Annual
3/18/28
1,587,000
GBP
5,031
4,610
421
Receive
Fixed
4.1%
...
Quarterly
Pay
Floating
3-month
AUD
BBR
.........
Quarterly
3/18/28
1,835,000
AUD
265
1,932
(1,667)
Receive
Fixed
3.63%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/17/30
10,497,000
69,554
83,511
(13,957)
Receive
Floating
6-month
AUD
BBR
...........
Semi-Annual
Pay
Fixed
3.73%
....
Semi-Annual
9/17/30
6,323,000
AUD
128,031
(22,646)
150,677
Receive
Floating
6-month
EURIBOR
...........
Semi-Annual
Pay
Fixed
2.18%
....
Annual
9/17/30
489,000
EUR
9,245
1,429
7,816
Receive
Fixed
3.18%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
12/17/30
129,000
(1,698)
(362)
(1,336)
Receive
Fixed
3.45%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
3/18/31
130,185,000
(122,755)
(135,985)
13,230
Receive
Fixed
4.166%
.
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
7/15/35
7,377,200
AUD
(216,970)
—
(216,970)
Receive
Fixed
3.833%
.
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/10/35
4,174,800
13,476
—
13,476
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.88%
....
Annual
9/17/35
46,623,000
(339,712)
(169,303)
(170,409)
Receive
Fixed
4.23%
..
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
9/17/35
3,210,000
AUD
(85,176)
7,058
(92,234)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.53%
....
Annual
12/17/35
7,503,000
168,688
146,508
22,180
Receive
Fixed
0.65%
..
Annual
Pay
Floating
1-day
SARON
..........
Annual
3/18/36
446,000
CHF
(1,954)
(1,235)
(719)
Receive
Floating
1-day
REPO_CORRA
.......
Semi-Annual
Pay
Fixed
3.25%
....
Semi-Annual
3/18/36
2,594,000
CAD
(7,892)
(467)
(7,425)
Receive
Fixed
3.01%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
3/18/36
613,000
EUR
3,047
252
2,795
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
32
See
A
bbreviations
on
page
37
.
Interest
Rate
Swap
Contracts
(continued)
Description
Payment
Frequency
Maturity
Date
Notional
Amount*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
(continued)
Receive
Fixed
3.75%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
3/18/36
5,239,000
$
(28,878)
$
(4,821)
$
(24,057)
Receive
Floating
3-month
AUD
BBR
...........
Quarterly
Pay
Fixed
4.25%
....
Semi-Annual
3/18/36
1,772,000
NZD
(9,049)
(1,724)
(7,325)
Receive
Floating
3-month
STIBOR
............
Quarterly
Pay
Fixed
3.05%
....
Annual
3/18/36
10,741,000
SEK
(9,449)
(3,087)
(6,362)
Receive
Fixed
4.05%
..
Annual
Pay
Floating
1-day
SONIA
...........
Annual
3/18/36
1,243,000
GBP
4,672
3,296
1,376
Receive
Floating
6-month
AUD
BBR
...........
Semi-Annual
Pay
Fixed
4.8%
.....
Semi-Annual
3/18/36
2,374,000
AUD
707
(2,463)
3,170
Receive
Floating
6-month
NIBOR
.............
Semi-Annual
Pay
Fixed
4.15%
....
Annual
3/18/36
23,811,000
NOK
(1,772)
685
(2,457)
Receive
Floating
6-month
AUD
BBR
...........
Semi-Annual
Pay
Fixed
4.377%
...
Semi-Annual
7/02/45
688,000
AUD
36,183
—
36,183
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.03%
....
Annual
9/17/55
3,649,000
87,661
(4,615)
92,276
Receive
Fixed
2.58%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/17/55
813,000
EUR
(123,453)
(10,756)
(112,697)
Receive
Fixed
4.48%
..
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
9/17/55
70,000
AUD
(3,542)
340
(3,882)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.88%
....
Annual
12/17/55
2,540,000
125,335
63,879
61,456
Total
Interest
Rate
Swap
Contracts
.................................
$(679,375)
$
(211,126)
$(468,249)
*
In
U.S.
dollars
unless
otherwise
indicated.
Putnam
Master
Intermediate
Income
Trust
33
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Putnam
Master
Intermediate
Income
Trust (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-end
management
investment
company.
The
Fund
follows
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and
applies
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946.
2. Financial
Instrument
Valuation
The
Fund's investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The
Fund
calculates the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier.
Under
compliance
policies
and
procedures
approved
by
the Fund's
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Fund's
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Fund's administrator
in
performing
this responsibility,
including
leading
the
cross-functional
Valuation
Committee
(VC).
The
Fund
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value.
Equity
securities,
exchange
traded
funds,
and
derivative
financial
instruments
listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price
of
the
day,
respectively. Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the
OTC
market
rather
than
on
a
securities
exchange.
The Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
trade
in
the
OTC
market.
The Fund’s
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The Fund’s
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
Putnam
Master
Intermediate
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
34
Quarterly
Schedule
of
Investments
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed. 
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Fund’s
business
day.
Events
can
occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Fund.
As
a
result,
differences
may
arise
between
the
value
of
the
Fund’s
portfolio securities
as
determined
at
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Fund's
portfolio
securities
to
the
latest
indications
of
fair
value
at 4
p.m.
Eastern
time.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Fund’s
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Fund’s
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Fund for
financial
reporting
purposes.
3.
Unfunded
Loan
Commitments
The
Fund enters
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The
Fund
is
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily.
Funded
portions
of
credit
agreements
are
presented
in
the Schedule
of of
Investments.
At
December
31,
2025,
unfunded
commitments
were
as
follows:
4.
Investments
in
Affiliated
Management
Investment
Companies
The
Fund
invests
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
"Controlled
Affiliate"
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund's
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Fund
does
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
During
the
period
ended
December
31,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Borrower
Unfunded
Commitment
Putnam
Master
Intermediate
Income
Trust
Clydesdale
Acquisition
Holdings,
Inc.
$
3,333
GC
Ferry
Acquisition
I,
Inc.
40,833
Pinnacle
Buyer
LLC
15,174
$
59,340
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Master
Intermediate
Income
Trust
Non-Controlled
Affiliates
Dividends
Franklin
Ultra
Short
Bond
ETF
.
$4,191,248
$—
$—
$—
$(19,537)
$4,171,711
166,982
$63,595
Putnam
Government
Money
Market
Fund,
Class
P,
3.576%
.
5,822,971
12,406,974
(15,014,116)
—
—
3,215,829
3,215,829
46,613
2. Financial
Instrument
Valuation
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
35
Quarterly
Schedule
of
Investments
5. Fair
Value
Measurements
The Fund
follows a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Fund's
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Fund's
financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
• Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
• Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
• Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
December
31,
2025,
in
valuing
the Fund's
assets
and
liabilities carried
at
fair
value,
is
as
follows:  
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Putnam
Master
Intermediate
Income
Trust
(continued)
Putnam
Short
Term
Investment
Fund,
Class
P,
3.967%
......
8,288,989
673,456
(630,043)
—
—
8,332,402
8,332,402
84,596
Total
Non-Controlled
Affiliates
$18,303,208
$13,080,430
$(15,644,159)
$—
$(19,537)
$15,719,942
$194,804
Total
Affiliated
Securities
...
$18,303,208
$13,080,430
$(15,644,159)
$—
$(19,537)
$15,719,942
$194,804
Level
1
Level
2
Level
3
Total
Putnam
Master
Intermediate
Income
Trust
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
$
4,171,711
$
—
$
—
$
4,171,711
Convertible
Bonds
.......................
—
4,364,165
—
4,364,165
Corporate
Bonds
........................
—
48,469,150
—
48,469,150
Senior
Floating
Rate
Interests
...............
—
12,494,663
—
12,494,663
Foreign
Government
and
Agency
Securities
....
—
18,298,992
—
18,298,992
U.S.
Government
and
Agency
Securities
.......
—
143,108
—
143,108
Asset-Backed
Securities
...................
—
3,451,667
—
3,451,667
Commercial
Mortgage-Backed
Securities
......
—
13,209,186
—
13,209,186
Mortgage-Backed
Securities
................
—
46,312,118
—
46,312,118
Residential
Mortgage-Backed
Securities
.......
—
14,266,814
—
14,266,814
Agency
Commercial
Mortgage-Backed
Securities
—
21,339,681
—
21,339,681
Short
Term
Investments
...................
11,548,231
9,832,926
—
21,381,157
Total
Investments
in
Securities
...........
$15,719,942
$192,182,470
$—
$207,902,412
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$4,192
$—
$4,192
Forward
Premium
Swap
Option
Contracts
.....
—
1,060,032
—
1,060,032
Futures
Contracts
.......................
16,825
—
—
16,825
Swap
Contracts
.........................
—
824,821
—
824,821
Unfunded
Loan
Commitments
..............
—
368
—
368
Total
Other
Financial
Instruments
.........
$16,825
$1,889,413
$—
$1,906,238
4.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
36
Quarterly
Schedule
of
Investments
Level
1
Level
2
Level
3
Total
Putnam
Master
Intermediate
Income
Trust
(continued)
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
3,877,789
$
—
$
3,877,789
Forward
Exchange
Contracts
...............
—
101,164
—
101,164
Forward
Premium
Swap
Option
Contracts
......
—
839,758
—
839,758
Futures
Contracts
........................
95,028
—
—
95,028
Swap
Contracts
.........................
—
1,118,421
—
1,118,421
Total
Other
Financial
Instruments
.........
$95,028
$5,937,132
$—
$6,032,160
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
5. Fair
Value
Measurements
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
37
Quarterly
Schedule
of
Investments
Abbreviations
Counterparty
BNDP
BNP
Paribas
SA
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
DBAB
Deutsche
Bank
AG
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MCM
Mizuho
Capital
Markets
LLC
MLCO
Merrill
Lynch
International
&
Co.
MSCO
Morgan
Stanley
NATW
NatWest
Markets
plc
SSBT
State
Street
Bank
and
Trust
Co.
TDOM
Toronto
Dominion
Bank
UBSW
UBS
AG
WPAC
Westpac
Banking
Corp.
Cu
r
rency
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
British
Pound
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
SEK
Swedish
Krona
Index
CDX.NA.HY.
Series
number
CDX
North
America
High
Yield
Index
CMBX.NA.
Series
number
CMBX
North
America
Index
Selected
Portfolio
BBR
Bank
of
England
Base
Rate
CLO
Collateralized
Loan
Obligation
CME
Chicago
Mercantile
Exchange
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
CORRA
Canadian
Overnight
Repo
Rate
Average
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Inter-Bank
Offer
Rate
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
IO
Interest
Only
NIBOR
Norwegian
Interbank
Offered
Rate
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SARON
Swiss
Average
Rate
Overnight
SOFR
Secured
Overnight
Financing
Rate
SONIA
Sterling
Overnight
Index
Average
STACR
Structured
Agency
Credit
Risk
STIBOR
Stockholm
Interbank
Offered
Rate
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
REPO_CORRA
.................
2.30%
1-day
SARON
.......................
(0.05)%
1-day
SOFR
........................
3.87%
1-day
SONIA
........................
3.73%
3-month
AUD
BBR
...................
3.74%
3-month
STIBOR
....................
1.96%
6-month
AUD
BBR
...................
4.12%
6-month
EURIBOR
...................
2.11%
6-month
NIBOR
.....................
4.23%
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.