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Schedule
of
Investments
(unaudited)
Putnam
Master
Intermediate
Income
Trust
2
Notes
to
Schedule
of
Investments
34
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited),
June
30,
2026
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
2.6%
Capital
Markets
2.6%
a
Franklin
Ultra
Short
Bond
ETF
..........................
United
States
166,982
$
4,180,394
Total
Management
Investment
Companies
(Cost
$4,152,125)
...................
4,180,394
Principal
Amount
*
Convertible
Bonds
3.5%
Aerospace
&
Defense
0.1%
b
AeroVironment,
Inc.
,
Senior
Note
,
1.12%
,
7/15/30
...........
United
States
33,000
31,544
c
BWX
Technologies,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
11/01/30
United
States
123,000
126,260
157,804
Automobile
Components
0.0%
†
Patrick
Industries,
Inc.
,
Senior
Note
,
1.75
%
,
12/01/28
........
United
States
38,000
56,330
Automobiles
0.0%
†
Rivian
Automotive,
Inc.
,
Senior
Note
,
4.625
%
,
3/15/29
........
United
States
55,000
65,318
Biotechnology
0.4%
Alnylam
Pharmaceuticals,
Inc.
,
Senior
Note,
1%,
9/15/27
...........................
United
States
19,000
22,892
b,c
Senior
Note,
144A,
3.59%,
9/15/28
....................
United
States
50,000
46,253
c
Bridgebio
Pharma,
Inc.
,
Senior
Note
,
144A,
0.75
%
,
2/01/33
....
United
States
82,000
81,393
c
Cytokinetics,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
10/01/31
.......
United
States
81,000
121,500
c
Halozyme
Therapeutics,
Inc.
,
Senior
Note
,
144A,
0.875
%
,
11/15/32
........................................
United
States
116,000
127,751
c
Ionis
Pharmaceuticals,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
12/01/30
........................................
United
States
110,000
117,425
Revolution
Medicines,
Inc.
,
Senior
Note
,
0.5
%
,
5/01/33
.......
United
States
49,000
61,475
578,689
Broadline
Retail
0.1%
Etsy,
Inc.
,
Senior
Note
,
1
%
,
6/15/30
......................
United
States
101,000
117,332
Capital
Markets
0.0%
†
c
Hercules
Capital,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
9/01/28
.....
United
States
33,000
32,390
c
WisdomTree,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
8/15/30
.......
United
States
33,000
39,453
71,843
Communications
Equipment
0.1%
c
Ciena
Corp.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/31
.........
United
States
98,000
103,390
Consumer
Staples
Distribution
&
Retail
0.1%
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
..
United
States
40,000
89,524
Diversified
REITs
0.1%
c
Digital
Realty
Trust
LP
,
Senior
Note
,
144A,
1.875
%
,
11/15/29
...
United
States
117,000
125,658
Diversified
Telecommunication
Services
0.0%
†
c
Bandwidth,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
7/01/32
.......
United
States
32,000
36,784
Electric
Utilities
0.3%
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
3
%
,
3/01/27
United
States
70,000
92,015
PG&E
Corp.
,
Senior
Secured
Note
,
4.25
%
,
12/01/27
.........
United
States
76,000
77,767
PPL
Capital
Funding,
Inc.
,
Senior
Note
,
2.875
%
,
3/15/28
......
United
States
153,000
173,846
343,628
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)
Electrical
Equipment
0.1%
c
Bloom
Energy
Corp.
,
Senior
Note
,
144A,
Zero
Cpn.,
11/15/30
..
United
States
98,000
$
179,561
Electronic
Equipment,
Instruments
&
Components
0.1%
c
Advanced
Energy
Industries,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
5/15/31
.........................................
United
States
48,000
52,576
c
Avnet,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
9/01/30
.............
United
States
34,000
47,651
Itron,
Inc.
,
Senior
Note
,
1.375
%
,
7/15/30
..................
United
States
92,000
91,856
c
OSI
Systems,
Inc.
,
Senior
Note
,
144A,
0.5
%
,
2/01/31
........
United
States
49,000
46,104
238,187
Energy
Equipment
&
Services
0.0%
†
c
Liberty
Energy,
Inc.
,
Senior
Note,
144A,
Zero
Cpn.,
3/01/31
.................
United
States
33,000
34,064
b
Senior
Note,
144A,
0.56%,
3/01/32
....................
United
States
16,000
15,500
b,c
ProPetro
Holding
Corp.
,
Senior
Note
,
144A,
1.02%
,
11/15/31
...
United
States
32,000
30,299
79,863
Entertainment
0.2%
Liberty
Media
Corp.-Liberty
Formula
One
Corp.
,
Senior
Note
,
2.25
%
,
8/15/27
...................................
United
States
91,000
112,931
Live
Nation
Entertainment,
Inc.
,
Senior
Note,
3.125%,
1/15/29
........................
United
States
33,000
58,872
Senior
Note,
2.875%,
1/15/30
........................
United
States
74,000
88,504
260,307
Ground
Transportation
0.0%
†
c
Knight-Swift
Transportation
Holdings,
Inc.
,
Senior
Note
,
144A,
1
%
,
11/15/31
.....................................
United
States
33,000
38,453
Uber
Technologies,
Inc.
,
2028
,
Senior
Note
,
0.875
%
,
12/01/28
..
United
States
57,000
68,286
106,739
Health
Care
REITs
0.1%
c
Welltower
OP
LLC
,
Senior
Note
,
144A,
3.125
%
,
7/15/29
......
United
States
50,000
89,750
Hotels,
Restaurants
&
Leisure
0.1%
b
DoorDash,
Inc.
,
Senior
Note
,
0.36%
,
5/15/30
...............
United
States
100,000
98,625
NCL
Corp.
Ltd.
,
Senior
Note
,
0.875
%
,
4/15/30
..............
United
States
41,000
45,766
144,391
Household
Products
0.0%
†
Spectrum
Brands,
Inc.
,
Senior
Note
,
3.375
%
,
6/01/29
........
United
States
32,000
33,430
IT
Services
0.5%
Akamai
Technologies,
Inc.
,
Senior
Note,
1.125%,
2/15/29
........................
United
States
141,000
168,049
b,c
Senior
Note,
144A,
1.53%,
5/15/30
....................
United
States
32,000
30,173
Cloudflare,
Inc.
,
Senior
Note
,
Zero
Cpn.,
6/15/30
............
United
States
157,000
198,919
c
CoreWeave,
Inc.
,
Senior
Note,
144A,
1.75%,
12/01/31
...................
United
States
94,000
112,335
Senior
Note,
144A,
1.75%,
10/01/32
...................
United
States
115,000
126,937
Snowflake,
Inc.
,
Senior
Note
,
Zero
Cpn.,
10/01/29
...........
United
States
97,000
171,748
808,161
Life
Sciences
Tools
&
Services
0.1%
Repligen
Corp.
,
Senior
Note
,
1
%
,
12/15/28
................
United
States
79,000
81,202
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)
Machinery
0.1%
c
JBT
Marel
Corp.
,
Senior
Note
,
144A,
0.375
%
,
9/15/30
........
United
States
102,000
$
103,449
Metals
&
Mining
0.0%
†
c
Almonty
Industries,
Inc.
,
Senior
Note
,
144A,
2.25
%
,
7/01/31
...
Canada
32,000
34,240
Multi-Utilities
0.0%
†
CMS
Energy
Corp.
,
Senior
Note
,
3.375
%
,
5/01/28
...........
United
States
51,000
56,954
Office
REITs
0.0%
†
c
Boston
Properties
LP
,
Senior
Note
,
144A,
2
%
,
10/01/30
.......
United
States
50,000
48,600
Oil,
Gas
&
Consumable
Fuels
0.0%
†
c
Crescent
Energy
Co.
,
Senior
Note
,
144A,
2.75
%
,
3/15/31
.....
United
States
33,000
32,538
Pharmaceuticals
0.1%
c
Ligand
Pharmaceuticals,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/31
.........................................
United
States
66,000
74,580
c
Zoetis,
Inc.
,
Senior
Note
,
144A,
0.25
%
,
6/15/29
.............
United
States
71,000
64,612
139,192
Real
Estate
Management
&
Development
0.0%
†
c
Compass,
Inc.
,
Senior
Note
,
144A,
0.25
%
,
4/15/31
..........
United
States
49,000
53,307
Semiconductors
&
Semiconductor
Equipment
0.5%
MACOM
Technology
Solutions
Holdings,
Inc.
,
Senior
Note
,
Zero
Cpn.,
12/15/29
....................................
United
States
32,000
73,824
c
Microchip
Technology,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
2/15/30
.........................................
United
States
51,000
58,830
MKS,
Inc.
,
Senior
Note
,
1.25
%
,
6/01/30
...................
United
States
46,000
135,576
c
Nova
Ltd.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/30
...........
Israel
34,000
62,882
ON
Semiconductor
Corp.
,
Senior
Note,
0.5%,
3/01/29
..........................
United
States
55,000
66,413
b,c
Senior
Note,
144A,
0.07%,
5/01/31
....................
United
States
65,000
64,772
c
Onto
Innovation,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
6/01/31
...
United
States
65,000
85,858
c
Semtech
Corp.
,
Senior
Note
,
144A,
Zero
Cpn.,
10/15/30
......
United
States
42,000
77,301
SiTime
Corp.
,
Senior
Note
,
Zero
Cpn.,
6/15/31
.............
United
States
49,000
54,366
679,822
Software
0.4%
Box,
Inc.
,
Senior
Note
,
1.5
%
,
9/15/29
....................
United
States
62,000
60,667
c
Cipher
Digital,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
10/01/31
...
United
States
59,000
103,582
Datadog,
Inc.
,
Senior
Note
,
Zero
Cpn.,
12/01/29
............
United
States
82,000
116,768
Guidewire
Software,
Inc.
,
Senior
Note
,
1.25
%
,
11/01/29
.......
United
States
93,000
89,513
c
IREN
Ltd.
,
Senior
Note
,
144A,
1
%
,
12/01/33
...............
Australia
49,000
42,654
Nutanix,
Inc.
,
Senior
Note
,
0.5
%
,
12/15/29
.................
United
States
66,000
65,102
c
Terawulf,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
5/01/32
........
United
States
112,000
166,175
c
Tyler
Technologies,
Inc.
,
Senior
Note
,
144A,
0.5
%
,
7/15/31
....
United
States
49,000
48,596
693,057
Specialty
Retail
0.0%
†
Burlington
Stores,
Inc.
,
1.25
%
,
12/15/27
..................
United
States
34,000
54,281
Total
Convertible
Bonds
(Cost
$4,963,023)
...................................
5,663,331
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
37.6%
Aerospace
&
Defense
1.4%
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
14,000
$
13,176
Senior
Note,
2.7%,
2/01/27
..........................
United
States
137,000
135,521
Senior
Note,
6.298%,
5/01/29
........................
United
States
446,000
464,388
c
Bombardier,
Inc.
,
Senior
Bond
,
144A,
7.45
%
,
5/01/34
........
Canada
305,000
337,960
c
Efesto
Bidco
SpA
Efesto
US
LLC
,
XR
,
Senior
Secured
Note
,
144A,
7.5
%
,
2/15/32
...............................
Italy
245,000
245,397
c
Honeywell
Aerospace,
Inc.
,
Senior
Note
,
144A,
4.3
%
,
3/16/31
..
United
States
210,000
206,433
Spirit
AeroSystems,
Inc.
,
Senior
Bond
,
4.6
%
,
6/15/28
........
United
States
420,000
418,896
c
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.875%,
12/15/30
...........
United
States
190,000
195,391
Senior
Secured
Note,
144A,
6.625%,
3/01/32
............
United
States
65,000
66,747
Senior
Secured
Note,
144A,
6.25%,
1/31/34
.............
United
States
25,000
25,530
Senior
Sub.
Note,
144A,
6.75%,
1/31/34
................
United
States
65,000
66,718
2,176,157
Automobile
Components
0.3%
c
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
435,000
435,088
Automobiles
0.4%
c
Hyundai
Capital
America
,
Senior
Note
,
144A,
4.55
%
,
9/26/29
..
United
States
425,000
421,844
c
Volkswagen
Group
of
America
Finance
LLC
,
Senior
Note
,
144A,
1.625
%
,
11/24/27
..................................
Germany
230,000
220,536
642,380
Banks
1.6%
c
AIB
Group
plc
,
Senior
Note
,
144A,
6.608%
to
9/12/28,
FRN
thereafter
,
9/13/29
.................................
Ireland
200,000
207,539
Bank
of
America
Corp.
,
Senior
Note
,
4.695%
to
4/22/31,
FRN
thereafter
,
4/23/32
.................................
United
States
205,000
203,320
c
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
6.208%
to
1/17/28,
FRN
thereafter
,
1/18/29
......................
Spain
200,000
204,678
Citigroup,
Inc.
,
Senior
Note
,
4.503%
to
9/10/30,
FRN
thereafter
,
9/11/31
.........................................
United
States
450,000
444,242
c
Federation
des
Caisses
Desjardins
du
Quebec
,
Senior
Note
,
144A,
4.565
%
,
8/26/30
..............................
Canada
200,000
198,997
JPMorgan
Chase
&
Co.
,
Senior
Note,
6.07%
to
10/21/26,
FRN
thereafter,
10/22/27
...
United
States
820,000
824,025
Senior
Note,
4.622%
to
4/22/31,
FRN
thereafter,
4/23/32
....
United
States
205,000
202,679
Wells
Fargo
&
Co.
,
Senior
Note
,
5.574%
to
7/24/28,
FRN
thereafter
,
7/25/29
.................................
United
States
410,000
416,966
2,702,446
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Note
,
4.125
%
,
3/15/31
................
United
States
140,000
137,065
c
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
12/15/32
..............................
Denmark
315,000
321,194
458,259
Broadline
Retail
0.6%
Amazon.com,
Inc.
,
Senior
Note
,
4.25
%
,
3/13/31
............
United
States
155,000
152,668
c
Match
Group
Holdings
II
LLC
,
Senior
Bond
,
144A,
4.125
%
,
8/01/30
.........................................
United
States
345,000
324,927
c
Wayfair
LLC
,
Senior
Secured
Note,
144A,
7.75%,
9/15/30
.............
United
States
310,000
326,094
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)
Broadline
Retail
(continued)
c
Wayfair
LLC,
(continued)
Senior
Secured
Note,
144A,
6.75%,
11/15/32
............
United
States
175,000
$
179,851
983,540
Building
Products
0.7%
c
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note,
144A,
5.875%,
1/31/31
............
United
States
15,000
15,082
Senior
Secured
Note,
144A,
6.125%,
7/31/32
............
United
States
60,000
60,540
c
Quikrete
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
.........................................
United
States
335,000
342,255
c
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
..................................
United
States
305,000
321,760
c
Standard
Building
Solutions,
Inc.
,
Senior
Note,
144A,
6.5%,
8/15/32
.....................
United
States
130,000
130,870
Senior
Note,
144A,
6.25%,
8/01/33
....................
United
States
130,000
129,211
c
Standard
Industries,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
7/15/30
.
United
States
85,000
80,792
1,080,510
Capital
Markets
1.7%
Ares
Capital
Corp.
,
Senior
Note
,
7
%
,
1/15/27
..............
United
States
410,000
414,207
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note,
4.594%
to
4/19/29,
FRN
thereafter,
4/20/30
....
United
States
75,000
74,587
Senior
Note,
4.972%
to
6/02/31,
FRN
thereafter,
6/03/32
....
United
States
135,000
134,951
c
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
...............................
United
States
555,000
571,046
Morgan
Stanley
,
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
....
United
States
610,000
613,784
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
100,000
98,078
Senior
Note,
4.708%
to
3/11/31,
FRN
thereafter,
3/12/32
....
United
States
140,000
138,303
c
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
395,000
406,499
c
UBS
Group
AG
,
Senior
Note
,
144A,
5.428%
to
2/07/29,
FRN
thereafter
,
2/08/30
.................................
Switzerland
200,000
202,865
2,654,320
Chemicals
0.5%
c,d
Braskem
Idesa
SAPI
,
Senior
Secured
Note
,
Reg
S,
7.45
%
,
11/15/29
........................................
Mexico
230,000
147,826
c
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
355,000
346,615
c
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
265,000
282,976
777,417
Commercial
Services
&
Supplies
0.7%
c,d
Ambipar
Lux
SARL
,
Senior
Note
,
144A,
10.875
%
,
2/05/33
.....
Brazil
200,000
46,000
c
GFL
Environmental,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
8/15/29
..
United
States
350,000
340,499
c
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
285,000
295,772
c
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
225,000
230,396
c
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
395,000
405,187
1,317,854
Communications
Equipment
0.1%
Motorola
Solutions,
Inc.
,
Senior
Note
,
5
%
,
4/15/29
...........
United
States
210,000
212,317
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)
Construction
&
Engineering
0.2%
c
Arcosa,
Inc.
,
Senior
Note,
144A,
4.375%,
4/15/29
...................
United
States
200,000
$
196,853
Senior
Note,
144A,
6.875%,
8/15/32
...................
United
States
50,000
52,197
249,050
Consumer
Finance
1.8%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note
,
4.625
%
,
9/10/29
.........................
Ireland
305,000
303,667
Capital
One
Financial
Corp.
,
Senior
Note
,
4.493%
to
9/10/30,
FRN
thereafter
,
9/11/31
.............................
United
States
135,000
132,504
c
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
6.625
%
,
6/01/32
.........................................
United
States
285,000
285,602
c
FirstCash,
Inc.
,
Senior
Note,
144A,
6.875%,
3/01/32
...................
United
States
397,000
408,448
Senior
Note,
144A,
6.125%,
5/01/34
...................
United
States
125,000
124,490
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.8
%
,
3/05/27
.......
United
States
210,000
211,113
c
Gabx
Leasing
LLC
,
Senior
Note
,
144A,
4.625
%
,
4/15/31
......
United
States
165,000
162,763
General
Motors
Financial
Co.,
Inc.
,
Senior
Note
,
4.2
%
,
10/27/28
United
States
55,000
54,415
c
Jefferson
Capital
Holdings
LLC
,
Senior
Note,
144A,
9.5%,
2/15/29
.....................
United
States
230,000
241,090
Senior
Note,
144A,
8.25%,
5/15/30
....................
United
States
305,000
320,878
OneMain
Finance
Corp.
,
Senior
Note
,
7.125
%
,
11/15/31
......
United
States
335,000
342,058
c
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.......
United
States
470,000
458,405
3,045,433
Consumer
Staples
Distribution
&
Retail
0.1%
c
US
Foods,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
6/01/30
.........
United
States
245,000
239,359
Containers
&
Packaging
0.3%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
105,000
104,039
c
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
310,000
301,119
405,158
Distributors
0.1%
c
Gates
Corp.
,
Senior
Note
,
144A,
6.875
%
,
7/01/29
...........
United
States
235,000
240,647
Diversified
Consumer
Services
0.1%
Service
Corp.
International
,
Senior
Bond
,
3.375
%
,
8/15/30
....
United
States
175,000
162,459
Diversified
REITs
0.3%
VICI
Properties
LP
,
Senior
Note
,
4.95
%
,
2/15/30
............
United
States
425,000
423,934
Diversified
Telecommunication
Services
1.4%
c
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
435,000
469,519
AT&T,
Inc.
,
Senior
Note
,
4.1
%
,
2/15/28
...................
United
States
210,000
208,463
c
Black
Pearl
Compute
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
2/15/31
.........................................
United
States
160,000
162,250
c
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
2/01/32
...............................
United
States
599,000
534,695
c
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
230,000
239,378
c
IHS
Holding
Ltd.
,
Senior
Note
,
Reg
S,
8.25
%
,
11/29/31
.......
Nigeria
200,000
209,245
c
Space
Exploration
Technologies
Corp.
,
Senior
Note
,
144A,
5.35
%
,
7/15/31
...................................
United
States
115,000
114,730
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)
Diversified
Telecommunication
Services
(continued)
c
SV
RNO
Property
Owner
1
LLC
,
Senior
Secured
Note
,
144A,
5.875
%
,
3/01/31
...................................
United
States
195,000
$
192,313
c
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
310,000
325,799
2,456,392
Electric
Utilities
1.8%
Duke
Energy
Carolinas
LLC
,
A
,
Senior
Bond
,
6
%
,
12/01/28
....
United
States
200,000
206,720
c
Enel
Finance
International
NV
,
Senior
Note
,
144A,
4.375
%
,
9/30/30
.........................................
Italy
200,000
196,539
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
205,000
207,380
c
NRG
Energy,
Inc.
,
Senior
Bond,
144A,
6.25%,
11/01/34
...................
United
States
400,000
405,186
Senior
Bond,
144A,
6%,
1/15/36
......................
United
States
180,000
179,528
Pacific
Gas
and
Electric
Co.
,
Senior
Note,
6.1%,
1/15/29
..........................
United
States
200,000
205,971
Senior
Note,
5.05%,
11/15/31
........................
United
States
100,000
99,930
Southern
Co.
(The)
,
Senior
Note
,
5.5
%
,
3/15/29
............
United
States
260,000
265,938
Virginia
Electric
and
Power
Co.
,
A
,
Senior
Bond
,
2.875
%
,
7/15/29
United
States
455,000
434,149
c
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
270,000
265,379
Senior
Note,
144A,
4.7%,
1/31/31
.....................
United
States
105,000
103,048
Senior
Note,
144A,
6.875%,
4/15/32
...................
United
States
210,000
217,588
2,787,356
Energy
Equipment
&
Services
0.9%
c
Archrock
Services
LP
/
Archrock
Partners
Finance
Corp.
,
Senior
Note
,
144A,
6
%
,
2/01/34
............................
United
States
135,000
134,272
c
Kodiak
Gas
Services
LLC
,
Senior
Note
,
144A,
6.5
%
,
10/01/33
..
United
States
255,000
258,628
c,e
Oceaneering
International,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
7/15/34
.........................................
United
States
100,000
101,632
c
Transocean
International
Ltd.
,
Senior
Note,
144A,
7.875%,
10/15/32
..................
United
States
235,000
245,449
Senior
Secured
Note,
144A,
8.75%,
2/15/30
.............
United
States
210,000
218,353
c
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
6.75
%
,
10/15/33
........................................
United
States
385,000
393,028
1,351,362
Entertainment
0.4%
c
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
360,000
369,276
Discovery
Global
Holdings,
Inc.
,
Senior
Bond
,
5.05
%
,
3/15/42
..
United
States
230,000
168,779
c
OAK-Eagle
Acquireco,
Inc.
,
Senior
Secured
Note
,
144A,
7.25
%
,
7/01/33
.........................................
United
States
190,000
198,864
736,919
Financial
Services
0.9%
c
Freedom
Mortgage
Corp.
,
Senior
Note
,
144A,
12.25
%
,
10/01/30
United
States
355,000
383,285
c
Freedom
Mortgage
Holdings
LLC
,
Senior
Note
,
144A,
9.25
%
,
2/01/29
.........................................
United
States
155,000
160,740
c
Osaic
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/01/32
United
States
410,000
410,937
c
Rocket
Cos.,
Inc.
,
Senior
Note,
144A,
6.125%,
8/01/31
...................
United
States
150,000
153,307
Senior
Note,
144A,
6.375%,
8/01/33
...................
United
States
335,000
341,102
1,449,371
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)
Food
Products
0.8%
c
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
...................................
United
States
195,000
$
201,323
c
Froneri
Lux
FinCo
SARL
,
Senior
Secured
Note
,
144A,
6
%
,
8/01/32
.........................................
United
Kingdom
405,000
397,422
c
Industrial
F&B
Investments
III,
Inc.
,
Senior
Secured
Note
,
144A,
7.75
%
,
2/11/33
....................................
United
States
440,000
448,714
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
3
%
,
2/02/29
.................
United
States
110,000
105,609
McCormick
&
Co.,
Inc.
,
Senior
Note
,
4.15
%
,
2/15/29
.........
United
States
60,000
59,359
1,212,427
Ground
Transportation
0.5%
c
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4
%
,
5/01/28
........
United
Kingdom
220,000
216,574
c
Transnet
SOC
Ltd.
,
Senior
Note
,
Reg
S,
8.25
%
,
2/06/28
......
South
Africa
300,000
311,662
c
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
330,000
339,064
867,300
Health
Care
Equipment
&
Supplies
0.6%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note,
4.15%,
12/15/28
........................
United
States
90,000
89,212
Senior
Note,
4.8%,
8/14/29
..........................
United
States
210,000
211,147
c
Insulet
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/33
............
United
States
240,000
243,615
c
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
415,000
403,232
947,206
Health
Care
Providers
&
Services
0.7%
c
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note
,
144A,
9.75
%
,
1/15/34
...............................
United
States
335,000
350,186
CVS
Health
Corp.
,
Senior
Bond
,
1.875
%
,
2/28/31
...........
United
States
65,000
57,029
c
DaVita,
Inc.
,
Senior
Note,
144A,
6.875%,
9/01/32
...................
United
States
320,000
330,206
Senior
Note,
144A,
6.75%,
7/15/33
....................
United
States
25,000
25,811
c
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
510,000
503,677
1,266,909
Health
Care
REITs
0.3%
c
Diversified
Healthcare
Trust
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/15/30
........................................
United
States
440,000
453,428
Health
Care
Technology
0.2%
c
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
395,000
402,082
Hotel
&
Resort
REITs
0.4%
c
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note,
144A,
4.5%,
2/15/29
.....................
United
States
85,000
83,486
Senior
Note,
144A,
6.5%,
4/01/32
.....................
United
States
205,000
209,875
Senior
Note,
144A,
6.5%,
6/15/33
.....................
United
States
75,000
76,997
c
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
330,000
338,028
708,386
Hotels,
Restaurants
&
Leisure
2.4%
c
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.....................................
Canada
425,000
401,465
Airbnb,
Inc.
,
Senior
Note
,
4.65
%
,
3/16/31
.................
United
States
75,000
74,536
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)
Hotels,
Restaurants
&
Leisure
(continued)
c
Carnival
Corp.
Ltd.
,
Senior
Note,
144A,
5.125%,
5/01/29
...................
United
States
280,000
$
279,701
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
70,000
70,897
c
Carnival
UK
Ltd.
,
Senior
Note
,
144A,
4.125
%
,
7/15/31
........
United
States
135,000
EUR
155,371
c
Flutter
Treasury
DAC
,
Senior
Secured
Note
,
144A,
5.875
%
,
6/04/31
.........................................
United
Kingdom
200,000
199,396
c
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note,
144A,
3.75%,
5/01/29
....................
United
States
165,000
159,549
Senior
Note,
144A,
5.75%,
9/15/33
....................
United
States
185,000
185,785
c
Mohegan
Tribal
Gaming
Authority
/
MS
Digital
Entertainment
Holdings
LLC
,
Senior
Secured
Note
,
144A,
8.25
%
,
4/15/30
..
United
States
380,000
396,088
c
NCL
Corp.
Ltd.
,
Senior
Note,
144A,
5.875%,
1/15/31
...................
United
States
250,000
242,818
Senior
Note,
144A,
6.25%,
9/15/33
....................
United
States
260,000
252,658
c
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
330,000
334,312
c
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.625%,
9/30/31
...................
United
States
80,000
80,695
Senior
Note,
144A,
6.25%,
3/15/32
....................
United
States
127,000
129,835
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
248,000
251,567
c
Station
Casinos
LLC
,
Senior
Bond
,
144A,
4.625
%
,
12/01/31
...
United
States
440,000
418,030
c
Viking
Cruises
Ltd.
,
Senior
Note,
144A,
9.125%,
7/15/31
...................
United
States
155,000
162,493
Senior
Note,
144A,
5.875%,
10/15/33
..................
United
States
210,000
210,432
4,005,628
Household
Durables
0.4%
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
3.8
%
,
11/01/29
.....
United
States
220,000
213,813
c
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
..............................
United
States
335,000
330,631
Whirlpool
Corp.
,
Senior
Bond,
5.75%,
3/01/34
.........................
United
States
190,000
147,245
c
Senior
Secured
Note,
144A,
7.5%,
7/01/31
..............
United
States
25,000
25,361
c
Senior
Secured
Note,
144A,
7.875%,
7/01/34
............
United
States
45,000
45,297
762,347
Independent
Power
and
Renewable
Electricity
Producers
0.8%
c
AES
Andes
SA
,
Senior
Note
,
144A,
6.25
%
,
3/14/32
..........
Chile
230,000
238,900
c
Clearway
Energy
Operating
LLC
,
Senior
Bond
,
144A,
3.75
%
,
1/15/32
.........................................
United
States
265,000
241,299
Constellation
Energy
Generation
LLC
,
Senior
Note,
5.6%,
3/01/28
..........................
United
States
205,000
208,269
Senior
Note,
4.4%,
1/15/31
..........................
United
States
70,000
68,837
Southern
Power
Co.
,
A
,
Senior
Note
,
4.25
%
,
10/01/30
........
United
States
80,000
78,615
c
Talen
Energy
Supply
LLC
,
Senior
Note,
144A,
6.125%,
5/01/31
...................
United
States
195,000
195,085
Senior
Note,
144A,
6.25%,
2/01/34
....................
United
States
335,000
333,104
1,364,109
Insurance
1.3%
c
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
11/06/30
....................................
United
States
405,000
384,396
c
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Secured
Note,
144A,
6.75%,
4/15/28
.............
United
States
330,000
332,806
Senior
Secured
Note,
144A,
7%,
1/15/31
................
United
States
80,000
81,342
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)
Insurance
(continued)
c
Asurion
LLC
/
Asurion
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
8
%
,
12/31/32
................................
United
States
135,000
$
136,130
c
Athene
Global
Funding
,
Senior
Secured
Note
,
144A,
5.583
%
,
1/09/29
.........................................
United
States
205,000
207,998
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
7.4
%
,
1/13/28
.......
United
States
200,000
205,727
c
GA
Global
Funding
Trust
,
Secured
Note
,
144A,
4.4
%
,
9/23/27
..
United
States
225,000
224,095
c
HUB
International
Ltd.
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/15/30
.........................................
United
States
390,000
400,435
c
Protective
Life
Global
Funding
,
Secured
Note
,
144A,
5.467
%
,
12/08/28
........................................
United
States
265,000
269,590
2,242,519
IT
Services
0.3%
c
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
360,000
324,359
c
CoreWeave,
Inc.
,
Senior
Note
,
144A,
9.75
%
,
10/01/31
.......
United
States
85,000
84,873
409,232
Leisure
Products
0.2%
c
Mattel,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
4/01/29
.............
United
States
265,000
257,049
Life
Sciences
Tools
&
Services
0.1%
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
117,000
117,042
Machinery
0.3%
c
ESAB
Corp.
,
Senior
Note
,
144A,
5.625
%
,
4/01/31
...........
United
States
340,000
341,219
c
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
125,000
126,691
467,910
Media
0.9%
c
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/01/30
..............................
United
States
285,000
297,076
c
Nexstar
Media,
Inc.
,
Senior
Note,
144A,
7.25%,
4/15/34
....................
United
States
150,000
149,767
Senior
Secured
Note,
144A,
6.5%,
9/15/33
..............
United
States
195,000
195,117
c
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
315,000
323,951
c
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
8.875
%
,
4/15/33
...................................
United
States
165,000
162,542
c
VZ
Secured
Financing
BV
,
Senior
Secured
Note
,
144A,
5
%
,
1/15/32
.........................................
Netherlands
370,000
324,188
1,452,641
Metals
&
Mining
0.9%
c
Alumina
Pty.
Ltd.
,
Senior
Note
,
144A,
6.125
%
,
3/15/30
.......
United
States
240,000
244,096
c
Cleveland-Cliffs,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/32
........
United
States
165,000
163,902
Commercial
Metals
Co.
,
Senior
Bond,
4.375%,
3/15/32
........................
United
States
267,000
253,078
c
Senior
Note,
144A,
5.75%,
11/15/33
...................
United
States
130,000
129,303
c
Mineral
Resources
Ltd.
,
Senior
Note
,
144A,
7
%
,
4/01/31
......
Australia
240,000
248,599
c
Novelis
Corp.
,
Senior
Bond,
144A,
4.75%,
1/30/30
....................
United
States
205,000
198,411
Senior
Note,
144A,
6.875%,
1/30/30
...................
United
States
198,000
203,125
1,440,514
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)
Multi-Utilities
0.1%
Ameren
Corp.
,
Senior
Note
,
5
%
,
1/15/29
..................
United
States
170,000
$
171,448
Oil,
Gas
&
Consumable
Fuels
3.9%
c
Aker
BP
ASA
,
Senior
Note
,
144A,
5.6
%
,
6/13/28
............
Norway
205,000
207,972
c
Antero
Resources
Corp.
,
Senior
Note
,
144A,
5.375
%
,
3/01/30
..
United
States
250,000
251,911
c
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
8.375
%
,
1/15/34
.........................................
United
States
320,000
329,797
Energy
Transfer
LP
,
Senior
Bond
,
5.25
%
,
4/15/29
...........
United
States
410,000
415,550
c
Hess
Midstream
Operations
LP
,
Senior
Note,
144A,
5.875%,
3/01/28
...................
United
States
65,000
65,494
Senior
Note,
144A,
4.25%,
2/15/30
....................
United
States
270,000
260,589
Senior
Note,
144A,
5.5%,
10/15/30
....................
United
States
85,000
84,863
c
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6.875
%
,
5/15/34
...................................
United
States
325,000
316,437
c
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
450,000
454,384
Kinder
Morgan,
Inc.
,
Senior
Note
,
5
%
,
2/01/29
.............
United
States
250,000
252,298
c
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
455,000
457,851
Murphy
Oil
Corp.
,
Senior
Note,
6%,
10/01/32
..........................
United
States
115,000
114,598
Senior
Note,
6.5%,
2/15/34
..........................
United
States
45,000
44,606
c
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
410,000
409,412
c
Raizen
Fuels
Finance
SA
,
Senior
Note
,
144A,
6.25
%
,
7/08/32
..
Brazil
320,000
176,000
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
210,000
210,766
c
Sunoco
LP
,
Senior
Note,
144A,
6.25%,
7/01/33
....................
United
States
319,000
322,013
Senior
Note,
144A,
5.625%,
7/15/34
...................
United
States
40,000
39,063
Targa
Resources
Corp.
,
Senior
Note,
6.15%,
3/01/29
.........................
United
States
200,000
207,145
Senior
Note,
4.35%,
4/15/31
.........................
United
States
80,000
78,180
c
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
6
%
,
5/01/36
......................................
United
States
245,000
247,785
c
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
.........................................
United
States
540,000
562,304
c
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
30,000
33,658
Senior
Secured
Bond,
144A,
6.75%,
1/15/36
.............
United
States
70,000
74,255
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
290,000
318,406
Senior
Secured
Note,
144A,
6.5%,
1/15/34
..............
United
States
45,000
46,910
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
......
United
States
24,000
24,394
6,006,641
Paper
&
Forest
Products
0.2%
c
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
4.6
%
,
5/15/31
.......
United
States
235,000
233,107
c
Magnera
Corp.
,
Senior
Secured
Note
,
144A,
4.75
%
,
11/15/29
..
United
States
240,000
224,212
457,319
Passenger
Airlines
0.1%
c
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
240,000
236,826
Personal
Care
Products
0.4%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/29
.......
United
States
250,000
242,210
c
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
475,000
484,833
727,043
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
Corporate
Bonds
(continued)
Pharmaceuticals
0.7%
Novartis
Capital
Corp.
,
Senior
Note
,
4.1
%
,
11/05/30
.........
United
States
355,000
$
348,860
Royalty
Pharma
plc
,
Senior
Note
,
4.45
%
,
3/25/31
...........
United
States
260,000
255,744
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
8.125
%
,
9/15/31
...................................
Israel
449,000
506,498
1,111,102
Professional
Services
0.2%
c
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
330,000
334,891
Semiconductors
&
Semiconductor
Equipment
0.7%
c
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note
,
144A,
5.9
%
,
1/25/30
.........................................
United
States
220,000
227,086
NVIDIA
Corp.
,
Senior
Note
,
4.5
%
,
6/15/31
.................
United
States
705,000
702,658
c
Qnity
Electronics,
Inc.
,
Senior
Note,
144A,
6.25%,
8/15/33
....................
United
States
35,000
35,654
Senior
Secured
Note,
144A,
5.75%,
8/15/32
.............
United
States
320,000
322,104
1,287,502
Software
0.6%
c
Gen
Digital,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
4/01/33
.........
United
States
350,000
345,205
Oracle
Corp.
,
Senior
Note,
4.55%,
2/04/29
.........................
United
States
345,000
340,158
Senior
Note,
4.45%,
9/26/30
.........................
United
States
100,000
96,568
Senior
Note,
4.95%,
2/04/31
.........................
United
States
195,000
190,950
972,881
Specialized
REITs
0.6%
American
Tower
Corp.
,
Senior
Note
,
2.75
%
,
1/15/27
.........
United
States
410,000
406,179
c
Iron
Mountain,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
1/15/35
.......
United
States
125,000
125,644
c
Millrose
Properties,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/30
..
United
States
340,000
344,828
876,651
Specialty
Retail
0.4%
c
Dick's
Sporting
Goods,
Inc.
,
Senior
Note
,
144A,
4
%
,
10/01/29
..
United
States
405,000
394,427
c
PetSmart
LLC
/
PetSmart
Finance
Corp.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/15/32
...............................
United
States
340,000
340,319
734,746
Technology
Hardware,
Storage
&
Peripherals
0.1%
Dell
International
LLC
/
EMC
Corp.
,
Senior
Note
,
4.75
%
,
7/15/31
United
States
35,000
34,797
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
5.875
%
,
7/15/30
.........................................
United
States
150,000
152,756
187,553
Textiles,
Apparel
&
Luxury
Goods
0.2%
c
Beach
Acquisition
Bidco
LLC
,
f
Senior
Note,
144A,
PIK,
10%,
7/15/33
..................
United
States
210,809
228,963
Senior
Secured
Note,
144A,
5.25%,
7/15/32
.............
United
States
105,000
EUR
122,350
351,313
Tobacco
0.4%
BAT
Capital
Corp.
,
Senior
Bond,
4.906%,
4/02/30
........................
United
Kingdom
55,000
55,283
Senior
Note,
6.343%,
8/02/30
........................
United
Kingdom
155,000
163,889
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
Corporate
Bonds
(continued)
Tobacco
(continued)
Philip
Morris
International,
Inc.
,
Senior
Note
,
5.125
%
,
2/15/30
..
United
States
410,000
$
416,284
635,456
Trading
Companies
&
Distributors
0.8%
c
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
United
States
210,000
212,525
c
EquipmentShare.com,
Inc.
,
Secured
Note,
144A,
9%,
5/15/28
.....................
United
States
165,000
168,525
Secured
Note,
144A,
8.625%,
5/15/32
..................
United
States
180,000
187,467
e
Secured
Note,
144A,
7.125%,
7/01/34
..................
United
States
135,000
132,812
c
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
3/15/31
.......
United
States
95,000
94,954
Sumisho
Air
Lease
Corp.
,
Senior
Note
,
5.85
%
,
12/15/27
......
United
States
450,000
457,373
1,253,656
Wireless
Telecommunication
Services
0.5%
T-Mobile
USA,
Inc.
,
Senior
Note
,
3.375
%
,
4/15/29
...........
United
States
825,000
797,714
Total
Corporate
Bonds
(Cost
$61,571,094)
....................................
61,507,199
Senior
Floating
Rate
Interests
5.8%
g
Aerospace
&
Defense
0.2%
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
J,
6.12%,
(1-month
SOFR
+
2.5%),
2/28/31
.............................
United
States
117,306
117,460
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
N,
6.12%,
(1-month
SOFR
+
2.5%),
2/14/33
.............................
United
States
94,186
94,292
211,752
a
a
a
a
a
a
Air
Freight
&
Logistics
0.1%
g
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
6.732%,
(3-month
SOFR
+
3%),
3/18/30
.......................
United
States
120,756
120,647
Automobile
Components
0.0%
†
g
Clarios
Global
LP,
First
Lien,
Amendment
No.
7
Dollar
CME
Term
Loan,
6.144%,
(1-month
SOFR
+
2.5%),
1/28/32
..........
United
States
59,683
59,814
Biotechnology
0.1%
g
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
B,
5.428%,
(6-month
SOFR
+
1.75%),
4/27/33
............
United
States
84,937
85,022
Broadline
Retail
0.1%
g
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B8,
5.982%,
(3-month
SOFR
+
2.25%),
9/29/32
.....................
Netherlands
123,449
123,693
g
Building
Products
0.3%
Advanced
Drainage
Systems,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.245%,
(1-month
SOFR
+
1.625%),
2/11/33
........
United
States
96,000
96,960
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
5.894%,
(1-month
SOFR
+
2.25%),
8/04/31
.
United
States
192,033
192,101
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.894%,
(1-month
SOFR
+
2.25%),
3/19/29
.....................
United
States
199,878
200,194
Smyrna
Ready
Mix
Concrete
LLC,
First
Lien,
2025
CME
Term
Loan,
6.62%,
(1-month
SOFR
+
3%),
3/30/29
.............
United
States
30,123
30,273
519,528
a
a
a
a
a
a
g
Chemicals
0.3%
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.413%,
(1-month
SOFR
+
3.75;
3-month
SOFR
+
3.75),
4/06/29
.....
United
States
267,907
259,535
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)
g
Chemicals
(continued)
Lummus
Technology
Holdings
V
LLC,
First
Lien,
Amendment
No.
4
Refinancing
CME
Term
Loan,
B,
6.144%,
(1-month
SOFR
+
2.5%),
12/31/29
...................................
United
States
236,485
$
233,851
493,386
a
a
a
a
a
a
g
Commercial
Services
&
Supplies
0.3%
Clean
Harbors,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.12%,
(1-month
SOFR
+
1.5%),
10/11/32
.....................
United
States
139,271
140,005
Filtration
Group
Corp.,
First
Lien,
2025
Incremental
Dollar
CME
Term
Loan,
B,
6.144%,
(1-month
SOFR
+
2.5%),
10/23/28
...
United
States
116,964
117,162
Garda
World
Security
Corp.,
First
Lien,
Fifteenth
Additional
CME
Term
Loan,
6.419%,
(3-month
SOFR
+
2.75%),
2/01/29
.....
Canada
222,630
222,630
Rosen
International
SARL,
First
Lien,
Second
Amendment
Refinancing
CME
Term
Loan,
5.732%,
(3-month
SOFR
+
2%),
3/26/31
.........................................
Luxembourg
88,879
88,952
568,749
a
a
a
a
a
a
Consumer
Staples
Distribution
&
Retail
0.1%
g
Boots
Group
Finco
LP,
First
Lien,
Closing
Date
Dollar
CME
Term
Loan,
6.92%,
(3-month
SOFR
+
3.25%),
8/30/32
..........
United
Kingdom
93,367
93,814
g
Containers
&
Packaging
0.1%
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B,
6.894%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
197,927
190,587
Graham
Packaging
Co.,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.894%,
(1-month
SOFR
+
2.25%),
1/26/33
..............
United
States
34,770
34,831
225,418
a
a
a
a
a
a
Distributors
0.0%
†
g
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan,
7.732%,
(3-month
SOFR
+
4%),
11/30/30
...........
United
States
32,758
31,043
Electrical
Equipment
0.0%
†
g
Pinnacle
Buyer
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.182%,
(3-month
SOFR
+
2.5%),
10/01/32
..............
United
States
78,706
78,952
g
Entertainment
0.1%
Banijay
Entertainment
SAS,
First
Lien,
CME
Term
Loan,
B3,
6.37%,
(1-month
SOFR
+
2.75%),
3/01/28
...............
France
79,750
79,909
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.508%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
197,396
192,055
271,964
a
a
a
a
a
a
Financial
Services
0.1%
g
First
Eagle
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.2%,
(3-month
SOFR
+
3.5%),
8/16/32
......................
United
States
237,971
238,076
Food
Products
0.2%
g
Froneri
US,
Inc.,
First
Lien,
CME
Term
Loan,
B6,
6.127%,
(6-month
SOFR
+
2.5%),
9/30/32
......................
United
States
269,325
267,787
Ground
Transportation
0.1%
g
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.482%,
(3-month
SOFR
+
1.75%),
4/10/31
..............
United
States
132,638
132,240
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)
g
Health
Care
Equipment
&
Supplies
0.3%
Bausch
+
Lomb
Corp.,
First
Lien,
2025-2
Refinancing
CME
Term
Loan,
7.394%,
(1-month
SOFR
+
3.75%),
1/15/31
.........
United
States
223,505
$
224,316
TPG,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.995%,
(3-month
SOFR
+
2.25%),
4/07/33
............................
United
States
260,000
254,747
479,063
a
a
a
a
a
a
g
Health
Care
Providers
&
Services
0.2%
McKesson
Medical-Surgical
Top
Holdings,
Inc.,
First
Lien,
Amendment
No.
1
CME
Term
Loan,
B,
5.982%,
(3-month
SOFR
+
2.25%),
6/09/32
.................................
United
States
24,435
24,471
Paradigm
Parent
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.232%,
(3-month
SOFR
+
4.5%),
4/16/32
......................
United
States
99,499
85,694
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B6,
5.644%,
(1-month
SOFR
+
2%),
2/21/31
.......................
United
States
182,450
182,317
292,482
a
a
a
a
a
a
g
Hotels,
Restaurants
&
Leisure
0.5%
Caesars
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
5.894%,
(1-month
SOFR
+
2.25%),
2/06/31
..............
United
States
215,050
207,457
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.894%,
(1-month
SOFR
+
3.25%),
1/29/29
..............
United
States
211,722
211,745
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.482%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
107,250
106,472
IRB
Holding
Corp.,
First
Lien,
2025
Replacement
CME
Term
Loan,
B,
6.108%,
(1-month
SOFR
+
2.5%),
12/16/30
.......
United
States
251,710
252,055
777,729
a
a
a
a
a
a
g
Household
Durables
0.1%
e
AI
Aqua
Merger
Sub,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.592%,
(12-month
SOFR
+
2.75%),
6/24/33
....................
United
States
40,313
40,336
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.732%,
(3-month
SOFR
+
3%),
1/16/32
.......................
Netherlands
177,714
177,919
218,255
a
a
a
a
a
a
g
IT
Services
0.1%
Ahead
DB
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B3,
6.232%,
(3-month
SOFR
+
2.5%),
2/03/31
......................
United
States
92,428
91,088
Tempo
Acquisition
LLC,
First
Lien,
Seventh
Incremental
CME
Term
Loan,
5.394%,
(1-month
SOFR
+
1.75%),
8/31/28
.....
United
States
34,433
29,203
120,291
a
a
a
a
a
a
g
Machinery
0.3%
Chart
Industries,
Inc.,
First
Lien,
Amendment
No.
7
CME
Term
Loan,
6.182%,
(3-month
SOFR
+
2.5%),
3/15/30
..........
United
States
370,755
371,220
Columbus
McKinnon
Corp.,
First
Lien,
Initial
CME
Term
Loan,
7.232%,
(3-month
SOFR
+
3.5%),
2/03/33
...............
United
States
34,525
34,503
TK
Elevator
Midco
GmbH,
First
Lien,
CME
Term
Loan,
B1,
6.377%,
(6-month
SOFR
+
2.75%),
4/30/30
..............
Germany
130,230
130,949
536,672
a
a
a
a
a
a
g
Media
0.3%
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.735%,
(1-month
SOFR
+
4%),
8/23/28
.........................................
United
States
80,000
80,207
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
Senior
Floating
Rate
Interests
(continued)
g
Media
(continued)
DIRECTV
Financing
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
9.175%,
(3-month
SOFR
+
5.25%),
8/02/29
.......
United
States
368,585
$
371,121
451,328
a
a
a
a
a
a
g
Oil,
Gas
&
Consumable
Fuels
0.6%
CQP
Holdco
LP,
First
Lien,
CME
Term
Loan,
B,
5.45%,
(3-month
SOFR
+
1.75%),
12/31/32
...........................
United
States
686,130
683,098
Delek
US
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.62%,
(1-month
SOFR
+
3%),
5/17/32
.......................
United
States
248,410
248,585
931,683
a
a
a
a
a
a
g
Passenger
Airlines
0.3%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
2025
Incremental
CME
Term
Loan,
6.425%,
(3-month
SOFR
+
2.75%),
5/28/32
.....
United
States
19,800
19,829
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
5.925%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
343,621
343,701
WestJet
Loyalty
LP,
First
Lien,
Initial
CME
Term
Loan,
6.482%,
(3-month
SOFR
+
2.75%),
2/14/31
.....................
Canada
166,175
161,516
525,046
a
a
a
a
a
a
g
Pharmaceuticals
0.3%
Endo
Finance
Holdings
LP,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.37%,
(1-month
SOFR
+
3.75%),
4/23/31
......
United
States
172,802
173,126
Southern
Veterinary
Partners
LLC,
First
Lien,
2025
New
CME
Term
Loan,
6.156%,
(3-month
SOFR
+
2.5%),
12/04/31
.....
United
States
267,975
268,038
441,164
a
a
a
a
a
a
Semiconductors
&
Semiconductor
Equipment
0.1%
g
Altar
Bidco,
Inc.,
First
Lien,
CME
Term
Loan,
6.858%,
(12-month
SOFR
+
3.35%),
2/01/29
............................
United
States
222,330
222,492
g
Software
0.3%
e,h
CoreWeave
Financing
DDTL
V
LLC,
First
Lien,
Delayed
Draw
CME
Term
Loan,
8.1%,
(1-day
SOFR
+
4.5%),
11/17/31
.....
United
States
4,755
4,857
Tuple
US
Bidco
LLC,
First
Lien,
USD
CME
Term
Loan,
B1,
7.385%,
(6-month
SOFR
+
3.75%),
1/14/33
..............
United
States
132,788
127,476
UKG,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.913%,
(3-month
SOFR
+
2.25%),
2/10/31
............................
United
States
206,341
194,804
Waystar
Technologies,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.644%,
(1-month
SOFR
+
2%),
10/22/29
................
United
States
90,087
89,974
417,111
a
a
a
a
a
a
g
Specialty
Retail
0.3%
Chewy,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.092%,
(12-month
SOFR
+
2.25%),
6/23/33
............................
United
States
49,215
49,246
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C,
6.894%,
(1-month
SOFR
+
3.25%),
10/19/29
.............
United
States
461,769
461,617
510,863
a
a
a
a
a
a
Trading
Companies
&
Distributors
0.0%
†
g
DXP
Enterprises,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.894%,
(1-month
SOFR
+
3.25%),
10/11/30
....................
United
States
64,675
65,046
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
Senior
Floating
Rate
Interests
(continued)
Water
Utilities
0.0%
†
g
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan,
5.902%,
(3-month
SOFR
+
2.25%),
10/01/32
.............
United
States
53,565
$
53,800
Total
Senior
Floating
Rate
Interests
(Cost
$9,600,355)
.........................
9,564,910
Foreign
Government
and
Agency
Securities
9.3%
c
Angola
Government
Bond
,
Senior
Bond
,
144A,
8.75
%
,
4/14/32
.
Angola
370,000
373,799
c
Argentina
Provincia
de
Cordoba
,
Senior
Note
,
144A,
8.6
%
,
2/03/35
.........................................
Argentina
90,000
89,662
c
Argentina
Provincia
del
Chubut
,
Senior
Secured
Bond
,
144A,
9.45
%
,
4/29/36
...................................
Argentina
90,000
95,400
c
Armenia
Government
Bond
,
Senior
Bond
,
Reg
S,
3.6
%
,
2/02/31
Armenia
430,000
396,729
c
Benin
Government
Bond
,
Senior
Bond
,
Reg
S,
4.95
%
,
1/22/35
.
Benin
460,000
EUR
496,996
Brazil
Government
Bond
,
Senior
Bond,
3.875%,
6/12/30
........................
Brazil
770,000
734,080
Senior
Bond,
6%,
10/20/33
...........................
Brazil
200,000
201,400
c
Bulgaria
Government
Bond
,
Senior
Note
,
Reg
S,
3.625
%
,
9/05/32
Bulgaria
280,000
EUR
325,837
c
Cameroon
Government
Bond
,
Senior
Bond
,
Reg
S,
5.95
%
,
7/07/32
.........................................
Cameroon
220,000
EUR
225,216
Chile
Government
Bond
,
Senior
Note
,
4.85
%
,
1/22/29
........
Chile
350,000
353,220
Colombia
Government
Bond
,
Senior
Bond,
7.5%,
2/02/34
..........................
Colombia
340,000
363,800
Senior
Note,
4.5%,
11/26/30
..........................
Colombia
190,000
EUR
218,020
c
Costa
Rica
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
2/19/31
.........................................
Costa
Rica
260,000
268,949
c
Dominican
Republic
Government
Bond
,
Senior
Bond,
Reg
S,
6%,
7/19/28
......................
Dominican
Republic
330,000
334,818
Senior
Bond,
Reg
S,
4.875%,
9/23/32
..................
Dominican
Republic
380,000
361,703
c
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
250,000
251,325
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
200,000
183,606
c
Egypt
Government
Bond
,
Senior
Note
,
144A,
8.625
%
,
2/04/30
.
Egypt
310,000
331,855
c
El
Salvador
Government
Bond
,
Senior
Bond,
144A,
7.65%,
6/15/35
....................
El
Salvador
180,000
186,657
Senior
Bond,
Reg
S,
8.625%,
2/28/29
..................
El
Salvador
170,000
179,543
c
Gabon
Government
Bond
,
Senior
Bond
,
Reg
S,
6.625
%
,
2/06/31
Gabon
370,000
319,161
c
Ghana
Government
Bond
,
Senior
Bond
,
144A,
5
%
,
7/03/35
....
Ghana
190,000
176,405
c
Guatemala
Government
Bond
,
Senior
Bond
,
Reg
S,
6.6
%
,
6/13/36
.........................................
Guatemala
700,000
747,516
c
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
320,000
324,266
Indonesia
Government
Bond
,
Senior
Note
,
5.03
%
,
5/29/31
....
Indonesia
360,000
361,769
c
Iraq
Government
Bond
,
Senior
Bond
,
Reg
S,
5.8
%
,
1/15/28
....
Iraq
347,500
344,974
c
Istanbul
Metropolitan
Municipality
,
Senior
Note
,
Reg
S,
10.5
%
,
12/06/28
........................................
Turkiye
300,000
322,139
c
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
5.875
%
,
10/17/31
........................................
Ivory
Coast
500,000
EUR
589,553
c
Jordan
Government
Bond
,
Senior
Note
,
Reg
S,
7.5
%
,
1/13/29
..
Jordan
200,000
209,095
Mexico
Government
Bond
,
Senior
Bond
,
2.659
%
,
5/24/31
.....
Mexico
200,000
176,730
c
Montenegro
Government
Bond
,
Senior
Note
,
144A,
4.875
%
,
4/01/32
.........................................
Montenegro
220,000
EUR
255,549
c
Nigeria
Government
Bond
,
Senior
Bond
,
144A,
8.631
%
,
1/13/36
Nigeria
410,000
445,498
c
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
4.75
%
,
1/21/34
.........................................
North
Macedonia
100,000
EUR
113,885
c
Paraguay
Government
Bond
,
Senior
Bond
,
Reg
S,
3.849
%
,
6/28/33
.........................................
Paraguay
740,000
693,839
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
Foreign
Government
and
Agency
Securities
(continued)
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
430,000
$
397,256
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
90,000
90,853
c
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
400,000
384,278
c
Romania
Government
Bond
,
Senior
Bond,
Reg
S,
5.625%,
2/22/36
..................
Romania
460,000
EUR
531,203
Senior
Note,
144A,
3%,
2/27/27
.......................
Romania
460,000
454,519
c
Serbia
Government
Bond
,
Senior
Note
,
Reg
S,
6.25
%
,
5/26/28
.
Serbia
430,000
438,727
South
Africa
Government
Bond
,
Senior
Bond,
5.875%,
4/20/32
........................
South
Africa
450,000
461,323
c
Suriname
Government
Bond
,
Senior
Bond
,
144A,
8.5
%
,
11/06/35
Suriname
340,000
372,674
Turkiye
Government
Bond
,
Senior
Note
,
9.125
%
,
7/13/30
.....
Turkiye
570,000
628,323
c
Uzbekistan
Government
Bond
,
Senior
Note
,
Reg
S,
6.9
%
,
2/28/32
.........................................
Uzbekistan
330,000
352,900
Total
Foreign
Government
and
Agency
Securities
(Cost
$14,644,397)
............
15,165,050
U.S.
Government
and
Agency
Securities
0.1%
i
U.S.
Treasury
Notes
,
0.625
%,
11/30/27
...................
United
States
151,000
143,745
Total
U.S.
Government
and
Agency
Securities
(Cost
$143,745)
..................
143,745
Asset-Backed
Securities
5.0%
Financial
Services
5.0%
c,e
Aligned
Data
Centers
Issuer
LLC
,
2026-1A
,
A2I
,
144A,
5.909
%
,
6/15/56
.
.........................................
United
States
618,000
621,136
c,g
Allegro
CLO
XIII
Ltd.
,
2021-1A
,
D1R
,
144A,
FRN
,
6.825
%
,
(
3-month
SOFR
+
3.15
%
),
7/20/38
.
....................
United
States
550,000
551,638
c,g
Black
Diamond
CLO
Ltd.
,
2024-1A
,
D1
,
144A,
FRN
,
8.117
%
,
(
3-month
SOFR
+
4.45
%
),
10/25/37
.
...................
Jersey
410,000
413,007
c,g
CIFC
Funding
Ltd.
,
2017-1A
,
DR3
,
144A,
FRN
,
6.768
%
,
(
3-month
SOFR
+
3.1
%
),
4/21/37
.
.............................
United
States
480,000
480,502
g
Citigroup
Mortgage
Loan
Trust,
Inc.
,
2007-AMC3
,
A2D
,
FRN
,
4.113
%
,
(
1-month
SOFR
+
0.464
%
),
3/25/37
.
.............
United
States
581,898
511,090
c,g
Elmwood
CLO
29
Ltd.
,
2024-5A
,
D1R2
,
144A,
FRN
,
6.876
%
,
(
3-month
SOFR
+
3.25
%
),
4/20/37
.
....................
United
States
500,000
500,875
c
FIGRE
Trust
,
2025-FL1
,
A1
,
144A,
5.265
%
,
7/25/55
.
.........
United
States
111,429
111,165
g
GSAA
Home
Equity
Trust
,
2006-8
,
2A2
,
FRN
,
4.123
%
,
(
1-month
SOFR
+
0.474
%
),
5/25/36
.
...........................
United
States
475,455
93,237
g
Lehman
XS
Trust
,
2006-17
,
1A4A
,
FRN
,
4.103
%
,
(
1-month
SOFR
+
0.454
%
),
8/25/46
.
................................
United
States
1,075,097
1,039,004
c
Lendbuzz
Securitization
Trust
,
2026-1A,
C,
144A,
5.74%,
9/15/31
.....................
United
States
80,936
80,260
2026-1A,
D,
144A,
6.86%,
2/15/33
.....................
United
States
122,768
123,237
c
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
..................................
United
States
251,000
207,483
c,e,g
Northwoods
Capital
Ltd.
,
2018-11BAR
,
D1R2
,
144A,
FRN
,
Zero
Cpn.,
(
3-month
SOFR
+
3.55
%
),
7/19/37
.
................
United
States
550,000
550,550
c
PK
ALIFT
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
United
States
229,698
228,123
c
PRET
LLC
,
2026-NPL3,
A1,
144A,
4.968%,
2/25/56
.................
United
States
620,768
615,696
2026-NPL6,
A1,
144A,
5.693%,
5/25/56
.................
United
States
405,655
405,598
e
2026-RN2,
A1,
144A,
5.77%,
7/25/56
...................
United
States
423,000
424,187
c
PRET
Trust
,
2026-RN1
,
A1
,
144A,
5.668
%
,
6/25/66
.
.........
United
States
140,911
141,090
c
RCO
IX
Mortgage
LLC
,
2026-2
,
A1
,
144A,
5.765
%
,
5/25/31
.
...
United
States
267,307
267,046
c
Stack
Infrastructure
Issuer
LLC
,
2026-1A
,
A2
,
144A,
5
%
,
3/27/56
.
United
States
361,000
350,269
c
VCAT
LLC
,
2026-NPL1
,
A1
,
144A,
5.101
%
,
1/25/56
.
.........
United
States
88,304
87,701
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
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
c,g
Vibrant
CLO
XVI
Ltd.
,
2023-16A
,
C1R2
,
144A,
FRN
,
6.923
%
,
(
3-month
SOFR
+
3.25
%
),
7/15/36
.
....................
Jersey
450,000
$
450,896
8,253,790
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$8,280,527)
..............................
8,253,790
Commercial
Mortgage-Backed
Securities
10.6%
Financial
Services
10.6%
BANK
,
c
2018-BN11,
D,
144A,
3%,
3/15/61
.....................
United
States
125,000
107,771
j
2019-BN19,
C,
FRN,
4.165%,
8/15/61
..................
United
States
116,000
87,120
j,k
2020-BN30,
XA,
IO,
FRN,
1.35%,
12/15/53
..............
United
States
2,818,517
121,054
j,k
2024-BNK48,
XA,
IO,
FRN,
1.347%,
10/15/57
............
United
States
4,425,805
331,382
j
BANK5
Trust
,
k
2024-5YR10,
XA,
IO,
FRN,
1.399%,
10/15/57
.............
United
States
6,892,577
228,287
k
2024-5YR12,
XA,
IO,
FRN,
0.694%,
12/15/57
.............
United
States
5,930,684
91,390
k
2024-5YR7,
XA,
IO,
FRN,
1.571%,
6/15/57
..............
United
States
5,185,537
173,957
2026-5YR22,
C,
FRN,
5.962%,
6/15/59
.................
United
States
229,000
229,693
j,k
BBCMS
Mortgage
Trust
,
2022-C14,
XA,
IO,
FRN,
0.795%,
2/15/55
................
United
States
4,754,624
135,145
2024-5C29,
XA,
IO,
FRN,
1.819%,
9/15/57
...............
United
States
7,416,219
324,828
2024-C26,
XA,
IO,
FRN,
1.24%,
5/15/57
.................
United
States
2,626,845
172,840
2025-C32,
XA,
IO,
FRN,
1.343%,
2/15/62
................
United
States
2,105,233
161,248
Benchmark
Mortgage
Trust
,
c
2018-B1,
D,
144A,
2.75%,
1/15/51
.....................
United
States
476,000
189,664
j
2018-B6,
B,
FRN,
4.738%,
10/10/51
....................
United
States
173,000
163,802
j,k
2024-V10,
XA,
IO,
FRN,
1.522%,
9/15/57
................
United
States
6,543,183
234,585
j,k
2024-V11,
XA,
IO,
FRN,
0.773%,
11/15/57
...............
United
States
9,894,316
173,620
c
2025-V18,
D,
144A,
4.5%,
10/15/58
....................
United
States
264,000
223,918
c,j,k
2025-V18,
XD,
IO,
144A,
FRN,
2.164%,
10/15/58
..........
United
States
1,010,000
73,608
2026-V21,
AS,
5.506%,
3/15/59
.......................
United
States
163,000
164,447
j,k
2026-V21,
XA,
IO,
FRN,
1.648%,
3/15/59
................
United
States
1,782,729
105,236
c,g
BIKE
Pass-Through
Trust
,
2026-BAND
,
B
,
144A,
FRN
,
7.78
%
,
(
1-month
SOFR
+
4.15
%
),
7/15/43
.....................
United
States
116,000
116,308
j,k
BMO
Mortgage
Trust
,
2024-5C6
,
XA
,
IO,
FRN
,
1.574
%
,
9/15/57
United
States
5,704,743
205,149
c,j
BWAY
Mortgage
Trust
,
2022-26BW
,
E
,
144A,
FRN
,
5.029
%
,
2/10/44
.........................................
United
States
350,000
195,566
c,g
BX
Commercial
Mortgage
Trust
,
2026-CSMO
,
B
,
144A,
FRN
,
5.325
%
,
(
1-month
SOFR
+
1.7
%
),
2/15/43
...............
United
States
248,000
250,093
c
BX
Trust
,
j
2025-ARIA,
C,
144A,
FRN,
5.701%,
12/13/42
.............
United
States
228,000
227,685
g
2026-CLS,
D,
144A,
FRN,
7.075%,
(1-month
SOFR
+
3.45%),
5/15/43
.........................................
United
States
243,000
244,422
j
CD
Mortgage
Trust
,
2017-CD4
,
B
,
FRN
,
3.947
%
,
5/10/50
.....
United
States
439,000
420,598
CFCRE
Commercial
Mortgage
Trust
,
c,j
2011-C2,
E,
144A,
FRN,
5.08%,
12/15/47
................
United
States
193,000
181,599
2016-C7,
A3,
3.839%,
12/10/54
.......................
United
States
405,000
403,318
Citigroup
Commercial
Mortgage
Trust
,
c,j
2015-GC27,
D,
144A,
FRN,
4.522%,
2/10/48
.............
United
States
210,311
206,637
j
2015-GC33,
C,
FRN,
4.48%,
9/10/58
...................
United
States
223,000
194,394
2015-GC33,
D,
3.172%,
9/10/58
.......................
United
States
235,000
144,518
COMM
Mortgage
Trust
,
2012-CR4,
AM,
3.251%,
10/15/45
.....................
United
States
257,000
249,597
c
2012-LC4,
E,
144A,
4.25%,
12/10/44
...................
United
States
392,000
46,412
2013-CR12,
AM,
4.3%,
10/10/46
......................
United
States
87,914
84,328
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
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
COMM
Mortgage
Trust,
(continued)
c,j
2013-CR7,
D,
144A,
FRN,
4.388%,
3/10/46
..............
United
States
108,600
$
106,949
j
2014-CR14,
C,
FRN,
3.246%,
2/10/47
..................
United
States
288,000
281,700
j
2014-CR16,
C,
FRN,
4.887%,
4/10/47
..................
United
States
441,000
433,494
c,j
2014-CR17,
D,
144A,
FRN,
5.005%,
5/10/47
.............
United
States
290,000
256,937
j
2014-UBS5,
AM,
FRN,
4.193%,
9/10/47
.................
United
States
133,636
131,948
c,j
2014-UBS6,
D,
144A,
FRN,
3.958%,
12/10/47
............
United
States
175,586
170,891
j
2015-CR22,
B,
FRN,
3.926%,
3/10/48
..................
United
States
93,811
90,286
j
2015-CR27,
C,
FRN,
4.673%,
10/10/48
.................
United
States
6,800
6,518
2015-DC1,
AM,
3.724%,
2/10/48
......................
United
States
80,181
78,972
j
2015-DC1,
B,
FRN,
4.035%,
2/10/48
...................
United
States
447,000
428,758
j
2017-COR2,
C,
FRN,
4.739%,
9/10/50
..................
United
States
238,000
226,203
j
GS
Mortgage
Securities
Trust
,
2014-GC24,
B,
FRN,
4.449%,
9/10/47
..................
United
States
175,111
171,282
c
2014-GC24,
D,
144A,
FRN,
4.47%,
9/10/47
..............
United
States
221,000
156,360
k
2019-GC42,
XA,
IO,
FRN,
0.941%,
9/10/52
..............
United
States
5,996,679
128,446
c,j
IRV
Trust
,
2025-200P
,
C
,
144A,
FRN
,
5.921
%
,
3/14/47
.......
United
States
248,000
248,172
c,j
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
2007-CB20,
E,
144A,
FRN,
10.072%,
2/12/51
............
United
States
4,925
6,953
2012-C6,
E,
144A,
FRN,
5.138%,
5/15/45
...............
United
States
31,639
31,328
j
JPMBB
Commercial
Mortgage
Securities
Trust
,
c
2013-C14,
D,
144A,
FRN,
4.171%,
8/15/46
..............
United
States
228,000
181,973
c
2013-C14,
F,
144A,
FRN,
3.598%,
8/15/46
...............
United
States
1,500,000
125,213
c
2014-C18,
D,
144A,
FRN,
4.659%,
2/15/47
..............
United
States
232,000
211,514
2014-C23,
B,
FRN,
4.673%,
9/15/47
...................
United
States
154,457
152,961
2014-C23,
C,
FRN,
4.673%,
9/15/47
...................
United
States
201,000
195,427
c
2014-C23,
D,
144A,
FRN,
4.173%,
9/15/47
..............
United
States
100,000
92,900
j
JPMDB
Commercial
Mortgage
Securities
Trust
,
2018-C8
,
C
,
FRN
,
4.913
%
,
6/15/51
...................................
United
States
190,000
174,293
c
LSTAR
Commercial
Mortgage
Trust
,
2017-5
,
A5
,
144A,
3.549
%
,
3/10/50
.........................................
United
States
382,757
380,621
c,j
MAD
Commercial
Mortgage
Trust
,
2025-11MD
,
D
,
144A,
FRN
,
6.571
%
,
10/15/42
..................................
United
States
325,000
327,845
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
j
2013-C10,
B,
FRN,
4.081%,
7/15/46
...................
United
States
278,095
264,578
c,j
2013-C10,
D,
144A,
FRN,
4.081%,
7/15/46
..............
United
States
350,000
292,482
c,j
2013-C10,
F,
144A,
FRN,
4.081%,
7/15/46
...............
United
States
975,000
162,004
c,j
2013-C12,
D,
144A,
FRN,
4.848%,
10/15/46
.............
United
States
189,000
180,810
c,j
2013-C9,
D,
144A,
FRN,
3.915%,
5/15/46
...............
United
States
196,000
179,116
j
2015-C22,
B,
FRN,
3.883%,
4/15/48
...................
United
States
271,000
248,139
j
2015-C22,
C,
FRN,
4.094%,
4/15/48
...................
United
States
575,000
488,919
c
2015-C26,
D,
144A,
3.06%,
10/15/48
...................
United
States
198,209
190,389
Morgan
Stanley
Capital
I
Trust
,
c
2015-UBS8,
D,
144A,
3.18%,
12/15/48
..................
United
States
267,000
253,977
j
2016-UB11,
C,
FRN,
3.691%,
8/15/49
..................
United
States
286,000
284,012
j
2018-H3,
C,
FRN,
5.027%,
7/15/51
....................
United
States
199,000
191,914
c
2018-H3,
D,
144A,
3%,
7/15/51
.......................
United
States
144,000
122,769
j,k
Real
Estate
Asset
Liquidity
Trust
,
2024-RONA
,
X
,
IO,
FRN
,
1.051
%
,
12/12/41
..................................
Canada
8,854,905
CAD
160,771
SG
Commercial
Mortgage
Securities
Trust
,
2016-C5
,
A4
,
3.055
%
,
10/10/48
........................................
United
States
31,866
31,826
c,d
TIAA
Real
Estate
CDO
Ltd.
,
2003-1A
,
E
,
144A,
8
%
,
12/28/38
..
United
States
558,952
69
j
UBS
Commercial
Mortgage
Trust
,
2017-C3,
C,
FRN,
4.495%,
8/15/50
....................
United
States
247,000
232,935
c
2018-C15,
D,
144A,
FRN,
5.307%,
12/15/51
.............
United
States
110,000
99,961
c
VCAT
LLC
,
2026-NPL2
,
A1
,
144A,
5.062
%
,
2/25/56
..........
United
States
985,502
980,659
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
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
c,j
VEGAS
,
2024-GCS
,
D
,
144A,
FRN
,
6.424
%
,
7/10/36
.........
United
States
164,000
$
163,699
Wells
Fargo
Commercial
Mortgage
Trust
,
c,j
2013-LC12,
D,
144A,
FRN,
3.865%,
7/15/46
.............
United
States
188,000
130,190
c
2014-LC16,
D,
144A,
3.938%,
8/15/50
..................
United
States
245,391
29,664
2015-C31,
D,
3.852%,
11/15/48
.......................
United
States
121,000
110,107
c
2016-C33,
D,
144A,
3.123%,
3/15/59
...................
United
States
43,672
42,823
c,j
2016-C34,
D,
144A,
FRN,
5.424%,
6/15/49
..............
United
States
105,213
103,291
j
2016-NXS5,
D,
FRN,
4.955%,
1/15/59
..................
United
States
216,000
100,442
c
2019-C50,
D,
144A,
3%,
5/15/52
......................
United
States
111,000
89,051
j,k
2019-C52,
XA,
IO,
FRN,
1.688%,
8/15/52
................
United
States
2,928,505
114,523
j,k
2024-5C1,
XA,
IO,
FRN,
1.254%,
7/15/57
................
United
States
3,038,433
77,971
j
WFRBS
Commercial
Mortgage
Trust
,
c
2013-C15,
D,
144A,
FRN,
4.286%,
8/15/46
..............
United
States
235,831
166,378
2014-C21,
C,
FRN,
4.234%,
8/15/47
...................
United
States
177,000
170,973
2014-C23,
B,
FRN,
4.408%,
10/15/57
...................
United
States
125,000
122,874
17,249,479
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$19,133,450)
..............
17,249,479
Mortgage-Backed
Securities
25.1%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
19.6%
l
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
7/25/56
......
United
States
1,000,000
878,438
l
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
8/25/56
......
United
States
1,000,000
871,562
l
Uniform
Mortgage-Backed
Securities,
3.5%,
TBA,
8/25/56
.....
United
States
1,000,000
906,680
l
Uniform
Mortgage-Backed
Securities,
4%,
TBA,
7/25/56
......
United
States
1,000,000
939,062
l
Uniform
Mortgage-Backed
Securities,
4.5%,
TBA,
8/25/56
.....
United
States
7,100,000
6,796,309
l
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
8/25/56
......
United
States
500,000
490,782
l
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
8/25/56
.....
United
States
15,000,000
15,028,007
l
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
7/25/56
......
United
States
3,000,000
3,066,328
l
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
8/25/56
......
United
States
3,000,000
3,057,254
32,034,422
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
5.5%
l
GNMA
II,
Single-family,
30
Year,
5%,
8/15/56
...............
United
States
4,000,000
3,939,772
l
GNMA
II,
Single-family,
30
Year,
5.5%,
8/15/56
.............
United
States
5,000,000
5,018,710
8,958,482
Total
Mortgage-Backed
Securities
(Cost
$41,081,387)
..........................
40,992,904
Residential
Mortgage-Backed
Securities
7.7%
Financial
Services
7.7%
c
A&D
Mortgage
Trust
,
2024-NQM1
,
A1
,
144A,
6.195
%
,
2/25/69
.
United
States
413,134
414,033
Alternative
Loan
Trust
,
g
2005-38,
A3,
FRN,
4.463%,
(1-month
SOFR
+
0.814%),
9/25/35
United
States
169,820
159,275
g
2005-59,
1A1,
FRN,
4.418%,
(1-month
SOFR
+
0.774%),
11/20/35
........................................
United
States
202,007
192,545
g
2006-OA10,
1A1,
FRN,
4.704%,
(12-month
average
of
1-year
CMT
+
0.96%),
8/25/46
.............................
United
States
59,298
55,464
g
2006-OA10,
3A1,
FRN,
4.143%,
(1-month
SOFR
+
0.494%),
8/25/46
.........................................
United
States
177,547
171,964
g
2006-OA10,
4A1,
FRN,
4.143%,
(1-month
SOFR
+
0.494%),
8/25/46
.........................................
United
States
1,227,986
1,097,332
j
2006-OA7,
1A1,
FRN,
3.005%,
6/25/46
.................
United
States
185,690
174,113
g
2006-OA7,
1A2,
FRN,
4.684%,
(12-month
average
of
1-year
CMT
+
0.94%),
6/25/46
.............................
United
States
142,001
141,616
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
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
g
Bear
Stearns
ALT-A
Trust
,
2005-10
,
11A1
,
FRN
,
4.263
%
,
(
1-month
SOFR
+
0.614
%
),
1/25/36
....................
United
States
31,704
$
31,185
c,g
Chevy
Chase
Funding
LLC
,
2006-4A
,
A2
,
144A,
FRN
,
3.943
%
,
(
1-month
SOFR
+
0.294
%
),
11/25/47
...................
United
States
132,542
119,733
c,j
FHLMC
Seasoned
Credit
Risk
Transfer
Trust
,
2017-3,
M2,
144A,
FRN,
4.75%,
7/25/56
................
United
States
318,006
312,629
2019-2,
M,
144A,
FRN,
4.75%,
8/25/58
.................
United
States
167,830
163,728
2019-4,
M,
144A,
FRN,
4.5%,
2/25/59
..................
United
States
582,388
564,443
c,g
FHLMC
STACR
REMIC
Trust
,
2020-DNA4,
B2,
144A,
FRN,
13.742%,
(30-day
SOFR
Average
+
10.114%),
8/25/50
................................
United
States
609,000
798,484
2020-DNA5,
B2,
144A,
FRN,
15.128%,
(30-day
SOFR
Average
+
11.5%),
10/25/50
.................................
United
States
176,000
242,011
2020-HQA3,
B2,
144A,
FRN,
13.742%,
(30-day
SOFR
Average
+
10.114%),
7/25/50
................................
United
States
430,000
561,012
2021-DNA3,
B2,
144A,
FRN,
9.878%,
(30-day
SOFR
Average
+
6.25%),
10/25/33
..................................
United
States
225,000
282,065
2022-HQA1,
B2,
144A,
FRN,
14.628%,
(30-day
SOFR
Average
+
11%),
3/25/42
...................................
United
States
1,150,000
1,228,182
c,g
FHLMC
STACR
Trust
,
2018-DNA3,
B2,
144A,
FRN,
11.492%,
(30-day
SOFR
Average
+
7.864%),
9/25/48
................................
United
States
174,000
196,625
2018-HQA2,
B2,
144A,
FRN,
14.742%,
(30-day
SOFR
Average
+
11.114%),
10/25/48
...............................
United
States
649,000
782,669
2019-DNA1,
B2,
144A,
FRN,
14.492%,
(30-day
SOFR
Average
+
10.864%),
1/25/49
................................
United
States
141,000
170,614
2019-FTR3,
B2,
144A,
FRN,
8.542%,
(30-day
SOFR
Average
+
4.914%),
9/25/47
..................................
United
States
475,000
520,658
2019-HQA1,
B2,
144A,
FRN,
15.992%,
(30-day
SOFR
Average
+
12.364%),
2/25/49
................................
United
States
85,000
101,243
2019-HQA2,
B2,
144A,
FRN,
14.992%,
(30-day
SOFR
Average
+
11.364%),
4/25/49
................................
United
States
106,000
124,126
j
First
Horizon
Alternative
Mortgage
Securities
Trust
,
2006-AA6
,
2A1
,
FRN
,
4.755
%
,
11/25/36
.........................
United
States
380,443
252,773
g
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C05,
2B,
FRN,
14.492%,
(30-day
SOFR
Average
+
10.864%),
1/25/29
.................................
United
States
117,590
118,387
2016-C06,
1B,
FRN,
12.992%,
(30-day
SOFR
Average
+
9.364%),
4/25/29
..................................
United
States
19,650
20,124
c
2020-SBT1,
1M2,
144A,
FRN,
7.392%,
(30-day
SOFR
Average
+
3.764%),
2/25/40
................................
United
States
504,000
511,715
c
2022-R02,
2B1,
144A,
FRN,
8.128%,
(30-day
SOFR
Average
+
4.5%),
1/25/42
....................................
United
States
180,000
183,561
c
2022-R02,
2M2,
144A,
FRN,
6.628%,
(30-day
SOFR
Average
+
3%),
1/25/42
.....................................
United
States
365,938
369,823
c
2026-R01,
2M2,
144A,
FRN,
4.978%,
(30-day
SOFR
Average
+
1.35%),
1/25/46
...................................
United
States
161,000
160,830
g
GSR
Mortgage
Loan
Trust
,
2007-OA1
,
2A3A
,
FRN
,
4.073
%
,
(
1-month
SOFR
+
0.424
%
),
5/25/37
....................
United
States
167,168
91,849
g
HarborView
Mortgage
Loan
Trust
,
2005-2
,
1A
,
FRN
,
4.274
%
,
(
1-month
SOFR
+
0.634
%
),
5/19/35
....................
United
States
238,773
60,304
c,g
Home
RE
Ltd.
,
2021-2
,
B1
,
144A,
FRN
,
7.778
%
,
(
30-day
SOFR
Average
+
4.15
%
),
1/25/34
...........................
United
States
150,000
151,192
c
J.P.
Morgan
Mortgage
Trust
,
g
2024-9,
A11,
144A,
FRN,
4.978%,
(30-day
SOFR
Average
+
1.35%),
2/25/55
...................................
United
States
62,643
62,761
2026-NQX2,
A1FC,
144A,
5.628%,
10/25/66
.............
United
States
407,000
406,999
c
MFA
Trust
,
2025-NQM3
,
A1
,
144A,
5.261
%
,
8/25/70
.........
United
States
88,269
87,904
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
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
c,g
Morgan
Stanley
Re-REMIC
Trust
,
2010-R4
,
4B
,
144A,
FRN
,
3.06
%
,
(
1-month
SOFR
+
0.344
%
),
2/26/37
..............
United
States
137,000
$
133,207
g
MortgageIT
Trust
,
2005-3
,
M2
,
FRN
,
4.558
%
,
(
1-month
SOFR
+
0.909
%
),
8/25/35
..................................
United
States
16,670
16,404
c,e,j
OBX
Trust
,
2026-NQM9
,
A1
,
144A,
FRN
,
5.47
%
,
4/25/66
.....
United
States
472,000
472,408
c,j
Onity
Loan
Investment
Trust
,
2026-HB3
,
M2
,
144A,
FRN
,
3
%
,
6/25/39
.........................................
United
States
100,000
91,835
c
PRET
LLC
,
2026-NPL1
,
A1
,
144A,
5.18
%
,
1/25/56
..........
United
States
108,621
107,792
c
PRPM
LLC
,
2026-1
,
A1
,
144A,
5.185
%
,
2/25/31
............
United
States
231,062
228,325
g
RALI
Trust
,
2006-QO5
,
1A1
,
FRN
,
4.193
%
,
(
1-month
SOFR
+
0.544
%
),
5/25/46
..................................
United
States
174,372
157,302
g
Structured
Asset
Mortgage
Investments
II
Trust
,
2006-AR7
,
A1BG
,
FRN
,
3.883
%
,
(
1-month
SOFR
+
0.234
%
),
8/25/36
...
United
States
111,934
99,868
c,j
Towd
Point
Mortgage
Trust
,
2019-2
,
A2
,
144A,
FRN
,
3.75
%
,
12/25/58
........................................
United
States
216,000
196,142
g
WaMu
Mortgage
Pass-Through
Certificates
Trust
,
2005-AR13
,
A1C3
,
FRN
,
4.743
%
,
(
1-month
SOFR
+
1.094
%
),
10/25/45
..
United
States
55,081
53,432
12,640,686
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$11,836,735)
...............
12,640,686
Agency
Commercial
Mortgage-Backed
Securities
13.8%
Financial
Services
13.8%
k
FHLMC
,
304,
C37,
IO,
3.5%,
12/15/27
.........................
United
States
3,666
44
4000,
PI,
IO,
4.5%,
1/15/42
..........................
United
States
93,341
11,752
4077,
IK,
IO,
5%,
7/15/42
............................
United
States
323,117
66,453
4105,
HI,
IO,
3.5%,
7/15/41
..........................
United
States
88,813
3,706
g
4839,
WS,
IO,
FRN,
2.393%,
(-1
x
30-day
SOFR
Average
+
5.986%),
8/15/56
..................................
United
States
1,869,559
233,213
g
4945,
SL,
IO,
FRN,
2.308%,
(-1
x
30-day
SOFR
Average
+
5.936%),
1/25/50
..................................
United
States
1,836,221
196,258
4984,
IL,
IO,
4.5%,
6/25/50
...........................
United
States
1,818,890
417,466
g
5002,
SJ,
IO,
FRN,
2.358%,
(-1
x
30-day
SOFR
Average
+
5.986%),
7/25/50
..................................
United
States
2,555,092
270,433
g
5011,
SA,
IO,
FRN,
2.508%,
(-1
x
30-day
SOFR
Average
+
6.136%),
9/25/50
..................................
United
States
2,901,076
330,577
5024,
HI,
IO,
4.5%,
10/25/50
.........................
United
States
3,282,309
747,238
5036,
IB,
IO,
5%,
10/25/48
...........................
United
States
1,644,040
393,981
5093,
YI,
IO,
4.5%,
12/25/50
.........................
United
States
1,364,995
320,412
5134,
IC,
IO,
4%,
8/25/51
............................
United
States
2,668,484
524,712
5349,
IB,
IO,
4%,
12/15/46
...........................
United
States
1,654,557
343,847
c,g
FHLMC
Multi-family
Structured
Credit
Risk
Trust
,
2021-MN1,
M2,
144A,
FRN,
7.378%,
(30-day
SOFR
Average
+
3.75%),
1/25/51
...................................
United
States
235,000
239,615
2021-MN3,
M2,
144A,
FRN,
7.628%,
(30-day
SOFR
Average
+
4%),
11/25/51
....................................
United
States
797,000
818,838
k
FNMA
,
g
2010-35,
SG,
IO,
FRN,
2.658%,
(-1
x
30-day
SOFR
Average
+
6.286%),
4/25/40
..................................
United
States
183,974
17,951
g
2011-101,
SA,
IO,
FRN,
2.158%,
(-1
x
30-day
SOFR
Average
+
5.786%),
10/25/41
.................................
United
States
446,579
37,446
2012-127,
BI,
IO,
4.5%,
11/25/42
......................
United
States
92,908
18,465
2015-30,
IO,
5.5%,
5/25/45
..........................
United
States
648,647
81,273
2016-3,
NI,
IO,
6%,
2/25/46
..........................
United
States
540,164
73,238
g
2017-32,
SA,
IO,
FRN,
2.408%,
(-1
x
30-day
SOFR
Average
+
6.036%),
5/25/47
..................................
United
States
2,243,831
216,239
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
k
FNMA,
(continued)
g
2018-20,
SB,
IO,
FRN,
2.508%,
(-1
x
30-day
SOFR
Average
+
6.136%),
3/25/48
..................................
United
States
1,031,669
$
84,756
g
2018-38,
SA,
IO,
FRN,
2.458%,
(-1
x
30-day
SOFR
Average
+
6.086%),
6/25/48
..................................
United
States
1,881,198
200,537
g
2019-43,
JS,
IO,
FRN,
2.308%,
(-1
x
30-day
SOFR
Average
+
5.936%),
8/25/49
..................................
United
States
976,065
86,803
g
2019-61,
S,
IO,
FRN,
2.258%,
(-1
x
30-day
SOFR
Average
+
5.886%),
11/25/49
.................................
United
States
2,195,110
256,579
2020-76,
BI,
IO,
4.5%,
11/25/50
.......................
United
States
2,592,931
587,961
2021-14,
CI,
IO,
4.5%,
11/25/49
.......................
United
States
3,248,314
722,413
g
2025-52,
SB,
IO,
FRN,
2.172%,
(-1
x
30-day
SOFR
Average
+
5.8%),
7/25/55
....................................
United
States
7,443,925
405,514
374,
6,
IO,
5.5%,
8/25/36
............................
United
States
23,511
3,703
378,
19,
IO,
5%,
Strip,
6/25/35
........................
United
States
57,823
7,419
427,
C93,
IO,
4.5%,
8/25/42
..........................
United
States
2,353,079
397,078
c,g
FNMA
Multi-family
Connecticut
Avenue
Securities
Trust
,
2019-01,
M10,
144A,
FRN,
6.992%,
(30-day
SOFR
Average
+
3.364%),
10/25/49
.................................
United
States
424,406
428,967
2020-01,
M10,
144A,
FRN,
7.492%,
(30-day
SOFR
Average
+
3.864%),
3/25/50
..................................
United
States
534,259
543,011
k
GNMA
,
2012-113,
ID,
IO,
3.5%,
9/20/42
.......................
United
States
296,978
41,046
2012-128,
IA,
IO,
3.5%,
10/20/42
......................
United
States
652,352
101,271
2012-140,
IC,
IO,
3.5%,
11/20/42
......................
United
States
649,253
100,403
2012-146,
IO,
5%,
12/20/42
..........................
United
States
164,164
34,011
2013-34,
IH,
IO,
4.5%,
3/20/43
........................
United
States
340,277
60,664
j
2013-H08,
CI,
IO,
FRN,
1.45%,
2/20/63
.................
United
States
330,259
11,183
g
2014-119,
SA,
IO,
FRN,
1.846%,
(-1
x
1-month
SOFR
+
5.486%),
8/20/44
..................................
United
States
552,837
46,217
g
2014-60,
SD,
IO,
FRN,
2.426%,
(-1
x
1-month
SOFR
+
6.066%),
4/20/44
..................................
United
States
1,231,050
133,252
2014-76,
IO,
5%,
5/20/44
............................
United
States
251,774
49,890
j
2014-H21,
BI,
IO,
FRN,
1.528%,
10/20/64
...............
United
States
711,725
19,829
2015-52,
KI,
IO,
3.5%,
11/20/40
.......................
United
States
196,132
4,939
2015-53,
MI,
IO,
4%,
4/16/45
.........................
United
States
588,096
114,091
2015-64,
YI,
IO,
4%,
11/20/44
........................
United
States
414,868
57,624
2015-79,
GI,
IO,
5%,
10/20/39
........................
United
States
134,008
26,428
j
2015-H10,
BI,
IO,
FRN,
2.038%,
4/20/65
................
United
States
421,847
18,928
j
2015-H20,
AI,
IO,
FRN,
1.86%,
8/20/65
.................
United
States
464,722
17,512
j
2015-H20,
CI,
IO,
FRN,
2.564%,
8/20/65
................
United
States
460,883
29,009
j
2015-H23,
BI,
IO,
FRN,
1.772%,
9/20/65
................
United
States
411,216
11,670
j
2015-H25,
EI,
IO,
FRN,
1.854%,
10/20/65
...............
United
States
255,298
9,533
2016-42,
IO,
5%,
2/20/46
............................
United
States
593,140
112,241
j
2016-H03,
AI,
IO,
FRN,
1.975%,
1/20/66
................
United
States
469,126
20,891
j
2016-H03,
DI,
IO,
FRN,
1.754%,
12/20/65
...............
United
States
75,679
2,429
j
2016-H06,
DI,
IO,
FRN,
2.086%,
7/20/65
................
United
States
561,139
22,325
j
2016-H09,
BI,
IO,
FRN,
1.838%,
4/20/66
................
United
States
556,055
22,390
j
2016-H10,
AI,
IO,
FRN,
1.752%,
4/20/66
................
United
States
1,143,298
33,652
j
2016-H18,
QI,
IO,
FRN,
2.447%,
6/20/66
................
United
States
371,008
22,175
j
2016-H22,
AI,
IO,
FRN,
2.724%,
10/20/66
...............
United
States
430,278
25,771
j
2016-H23,
NI,
IO,
FRN,
2.732%,
10/20/66
...............
United
States
1,388,675
68,937
j
2016-H24,
CI,
IO,
FRN,
1.673%,
10/20/66
...............
United
States
312,499
8,821
2017-26,
MI,
IO,
5%,
11/20/39
........................
United
States
789,358
139,333
2017-42,
IC,
IO,
4.5%,
8/20/41
........................
United
States
304,411
58,872
j
2017-H02,
BI,
IO,
FRN,
2.296%,
1/20/67
................
United
States
406,819
17,569
j
2017-H06,
BI,
IO,
FRN,
2.379%,
2/20/67
................
United
States
613,235
23,496
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
k
GNMA,
(continued)
j
2017-H08,
NI,
IO,
FRN,
2.182%,
3/20/67
................
United
States
879,655
$
34,253
j
2017-H09,
IO,
FRN,
1.834%,
4/20/67
...................
United
States
1,126,755
34,036
j
2017-H11,
DI,
IO,
FRN,
2.019%,
5/20/67
................
United
States
675,125
34,833
j
2017-H12,
QI,
IO,
FRN,
2.123%,
5/20/67
................
United
States
675,120
25,615
j
2017-H16,
IG,
IO,
FRN,
1.727%,
7/20/67
................
United
States
1,656,893
41,205
j
2017-H16,
JI,
IO,
FRN,
2.141%,
8/20/67
.................
United
States
2,020,906
84,486
j
2017-H19,
MI,
IO,
FRN,
2.039%,
4/20/67
................
United
States
427,532
14,882
2018-127,
IC,
IO,
5%,
10/20/44
.......................
United
States
1,076,921
205,095
2018-94,
AI,
IO,
4.5%,
7/20/48
........................
United
States
709,148
145,033
j
2018-H02,
EI,
IO,
FRN,
2.504%,
1/20/68
................
United
States
1,728,762
72,601
j
2018-H05,
BI,
IO,
FRN,
2.39%,
2/20/68
.................
United
States
1,210,185
49,552
j
2018-H15,
KI,
IO,
FRN,
1.934%,
8/20/68
................
United
States
836,449
31,102
g
2019-110,
SQ,
IO,
FRN,
2.296%,
(-1
x
1-month
SOFR
+
5.936%),
9/20/49
..................................
United
States
1,521,777
158,940
g
2019-152,
ES,
IO,
FRN,
2.296%,
(-1
x
1-month
SOFR
+
5.936%),
12/20/49
.................................
United
States
935,175
95,428
g
2019-83,
SY,
IO,
FRN,
2.346%,
(-1
x
1-month
SOFR
+
5.986%),
7/20/49
.........................................
United
States
1,405,544
148,992
g
2019-89,
PS,
IO,
FRN,
2.346%,
(-1
x
1-month
SOFR
+
5.986%),
7/20/49
..................................
United
States
1,707,941
179,884
g
2019-96,
SY,
IO,
FRN,
2.346%,
(-1
x
1-month
SOFR
+
5.986%),
8/20/49
.........................................
United
States
1,562,723
169,694
2020-13,
AI,
IO,
4%,
3/20/46
.........................
United
States
3,280,492
415,896
2020-167,
PI,
IO,
3.5%,
11/20/50
......................
United
States
1,986,267
448,079
2020-175,
NI,
IO,
3%,
11/20/50
.......................
United
States
2,093,212
350,065
g
2020-63,
AS,
IO,
FRN,
2.246%,
(-1
x
1-month
SOFR
+
5.886%),
8/20/43
.........................................
United
States
1,600,024
158,184
g
2020-63,
PS,
IO,
FRN,
2.346%,
(-1
x
1-month
SOFR
+
5.986%),
4/20/50
..................................
United
States
2,034,297
229,176
g
2020-63,
SP,
IO,
FRN,
2.346%,
(-1
x
1-month
SOFR
+
5.986%),
5/20/50
.........................................
United
States
1,592,407
175,428
g
2020-96,
KS,
IO,
FRN,
2.396%,
(-1
x
1-month
SOFR
+
6.036%),
7/20/50
..................................
United
States
4,830,215
555,649
g
2020-97,
QS,
IO,
FRN,
2.396%,
(-1
x
1-month
SOFR
+
6.036%),
7/20/50
..................................
United
States
1,527,038
184,587
g
2021-116,
ES,
IO,
FRN,
2.452%,
(-1
x
1-month
SOFR
+
6.086%),
11/20/47
.................................
United
States
2,413,491
239,683
2021-122,
GI,
IO,
4.5%,
11/20/47
......................
United
States
2,549,266
575,900
2021-156,
IO,
3.5%,
7/20/51
.........................
United
States
3,172,404
590,735
2021-214,
AI,
IO,
4%,
12/20/51
.......................
United
States
2,326,806
450,947
2021-59,
IP,
IO,
3%,
4/20/51
.........................
United
States
2,653,451
440,539
g
2021-59,
SM,
IO,
FRN,
2.546%,
(-1
x
1-month
SOFR
+
6.186%),
4/20/51
..................................
United
States
4,773,288
557,572
g
2021-59,
SQ,
IO,
FRN,
2.546%,
(-1
x
1-month
SOFR
+
6.186%),
4/20/51
..................................
United
States
1,575,239
183,879
g
2021-77,
SM,
IO,
FRN,
2.546%,
(-1
x
1-month
SOFR
+
6.186%),
5/20/51
..................................
United
States
2,371,463
287,814
g
2021-98,
SK,
IO,
FRN,
2.546%,
(-1
x
1-month
SOFR
+
6.186%),
6/20/51
..................................
United
States
3,930,489
478,325
g
2023-35,
SH,
IO,
FRN,
2.841%,
(-1
x
30-day
SOFR
Average
+
6.45%),
2/20/53
...................................
United
States
4,447,662
362,919
2024-186,
IO,
3%,
9/20/51
...........................
United
States
3,163,233
489,735
j
2024-32,
IO,
FRN,
0.699%,
6/16/63
....................
United
States
4,743,942
248,173
g
2025-113,
SN,
IO,
FRN,
2.291%,
(-1
x
30-day
SOFR
Average
+
5.9%),
7/20/55
....................................
United
States
8,895,831
577,121
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
k
GNMA,
(continued)
g
2025-120,
SD,
IO,
FRN,
2.246%,
(-1
x
1-month
SOFR
+
5.886%),
10/20/49
.................................
United
States
3,858,991
$
384,763
2025-215,
CI,
IO,
5.5%,
8/20/51
.......................
United
States
3,752,836
520,149
2026-10,
IC,
IO,
5.5%,
4/20/53
........................
United
States
3,951,914
693,023
g
2026-2,
SB,
IO,
FRN,
2.511%,
(-1
x
30-day
SOFR
Average
+
6.12%),
1/20/56
...................................
United
States
2,976,198
310,022
g
2026-25,
PS,
IO,
FRN,
2.041%,
(-1
x
30-day
SOFR
Average
+
5.65%),
2/20/56
...................................
United
States
10,401,721
617,951
22,606,245
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$22,854,450)
.......
22,606,245
Total
Long
Term
Investments
(Cost
$198,261,288)
.............................
197,967,733
a
Short
Term
Investments
1.6%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
U.S.
Government
and
Agency
Securities
0.3%
b,m
U.S.
Treasury
Bills,
3.37%,
7/16/26
......................
United
States
475,000
474,289
Total
U.S.
Government
and
Agency
Securities
(Cost
$474,290)
..................
474,289
Shares
Management
Investment
Companies
1.3%
a,n
Putnam
Short
Term
Investment
Fund,
Class
P,
3.837%
.......
United
States
2,146,446
2,146,446
Total
Management
Investment
Companies
(Cost
$2,146,446)
...................
2,146,446
Total
Short
Term
Investments
(Cost
$2,620,736
)
...............................
2,620,735
a
Total
Investments
(Cost
$200,882,024)
122.7%
................................
$200,588,468
TBA
Sale
Commitments
(3.6)%
..............................................
(5,817,888)
Other
Assets,
less
Liabilities
(19.1)%
........................................
(31,288,951)
Net
Assets
100.0%
.........................................................
$163,481,629
a
a
a
Principal
Amount
*
o
TBA
Sale
Commitments
(3.6)%
Mortgage-Backed
Securities
(3.6)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(3.6)%
Uniform
Mortgage-Backed
Securities
,
3%,
TBA,
7/25/56
..................................
United
States
(1,000,000)
(878,438)
4%,
TBA,
7/25/56
..................................
United
States
(1,000,000)
(939,062)
4%,
TBA,
8/25/56
..................................
United
States
(1,000,000)
(934,060)
6%,
TBA,
7/25/56
..................................
United
States
(3,000,000)
(3,066,328)
(5,817,888)
Total
TBA
Sale
Commitments
(Proceeds
$(5,814,414))
.........................
$(5,817,888)
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
28
At
June
30,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
*
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
The
rate
shown
represents
the
yield
at
period
end.
c
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
June
30,
2026,
the
aggregate
value
of
these
securities
was
$84,114,699,
representing
51.5%
of
net
assets.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
e
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
f
Income
may
be
received
in
additional
securities
and/or
cash.
g
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
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
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.
k
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.
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
June
30,
2026,
the
value
of
this
security
pledged
amounted
to
$384,424,
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
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
5
$
562,344
9/21/26
$
(2,897)
U.S.
Treasury
2
Year
Notes
.....................
Short
6
1,236,797
9/30/26
2,223
U.S.
Treasury
5
Year
Notes
.....................
Long
12
1,284,562
9/30/26
(759)
Total
Futures
Contracts
......................................................................
$(1,433)
*
As
of
period
end.
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
29
At
June
30,
2026,
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
....
BOFA
Buy
310,600
219,734
7/15/26
$
—
$
(4,741)
Australian
Dollar
....
BZWS
Sell
103,100
72,958
7/15/26
1,593
—
Australian
Dollar
....
HSBK
Sell
58,000
41,024
7/15/26
878
—
Australian
Dollar
....
JPHQ
Sell
727,000
514,445
7/15/26
11,228
—
Australian
Dollar
....
MSCO
Buy
16,100
11,649
7/15/26
—
(505)
Australian
Dollar
....
MSCO
Sell
902,400
638,574
7/15/26
13,947
—
Australian
Dollar
....
TDOM
Sell
365,900
258,889
7/15/26
5,619
—
Australian
Dollar
....
UBSW
Sell
21,800
15,426
7/15/26
337
—
Australian
Dollar
....
WPAC
Sell
12,000
8,492
7/15/26
186
—
Canadian
Dollar
....
BOFA
Sell
400
291
7/15/26
9
—
Canadian
Dollar
....
BZWS
Sell
82,700
60,146
7/15/26
1,800
—
Canadian
Dollar
....
CITI
Buy
1,693,000
1,234,245
7/15/26
—
(39,811)
Canadian
Dollar
....
CITI
Sell
1,735,000
1,270,556
7/15/26
46,491
—
Canadian
Dollar
....
GSCO
Sell
9,000
6,546
7/15/26
196
—
Canadian
Dollar
....
HSBK
Sell
721,400
524,678
7/15/26
15,720
—
Canadian
Dollar
....
JPHQ
Sell
592,300
430,770
7/15/26
12,894
—
Canadian
Dollar
....
TDOM
Sell
414,700
301,635
7/15/26
9,059
—
Canadian
Dollar
....
UBSW
Sell
13,000
9,456
7/15/26
285
—
Canadian
Dollar
....
WPAC
Sell
343,500
249,832
7/15/26
7,488
—
New
Zealand
Dollar
.
BOFA
Sell
19,700
11,577
7/15/26
383
—
New
Zealand
Dollar
.
CITI
Sell
311,500
183,042
7/15/26
6,036
—
New
Zealand
Dollar
.
HSBK
Sell
439,200
258,107
7/15/26
8,537
—
New
Zealand
Dollar
.
MSCO
Sell
495,300
291,078
7/15/26
9,630
—
New
Zealand
Dollar
.
UBSW
Sell
75,800
44,543
7/15/26
1,471
—
Japanese
Yen
......
BOFA
Buy
64,500,800
411,231
8/19/26
—
(12,959)
Japanese
Yen
......
GSCO
Buy
187,258,800
1,193,218
8/19/26
—
(36,954)
Japanese
Yen
......
HSBK
Buy
33,644,500
214,533
8/19/26
—
(6,789)
Japanese
Yen
......
JPHQ
Buy
62,332,100
397,488
8/19/26
—
(12,607)
Japanese
Yen
......
TDOM
Buy
612,100
3,903
8/19/26
—
(124)
Japanese
Yen
......
UBSW
Buy
59,663,400
380,379
8/19/26
—
(11,977)
British
Pound
......
CITI
Sell
209,600
279,923
9/16/26
1,900
—
British
Pound
......
HSBK
Sell
99,100
132,354
9/16/26
903
—
British
Pound
......
JPHQ
Sell
238,700
318,674
9/16/26
2,052
—
Euro
.............
BZWS
Buy
222,800
257,701
9/16/26
—
(2,303)
Euro
.............
GSCO
Sell
470,600
544,335
9/16/26
4,880
—
Euro
.............
HSBK
Sell
3,669,700
4,244,283
9/16/26
37,664
—
Euro
.............
MSCO
Buy
302,400
349,719
9/16/26
—
(3,075)
Euro
.............
SSBT
Buy
640,600
740,901
9/16/26
—
(6,574)
Euro
.............
UBSW
Buy
228,500
265,176
9/16/26
—
(3,244)
Euro
.............
WPAC
Sell
784,800
907,704
9/16/26
8,079
—
Norwegian
Krone
...
BOFA
Sell
710,900
74,646
9/16/26
2,905
—
Norwegian
Krone
...
MSCO
Sell
6,139,500
644,668
9/16/26
25,095
—
Swedish
Krona
.....
MSCO
Sell
6,123,200
645,924
9/16/26
11,692
—
Swedish
Krona
.....
UBSW
Sell
348,500
36,767
9/16/26
670
—
Swiss
Franc
.......
SSBT
Buy
351,800
444,427
9/16/26
—
(5,286)
Swiss
Franc
.......
UBSW
Buy
832,600
1,052,569
9/16/26
—
(13,260)
Total
Forward
Exchange
Contracts
...................................................
$249,627
$(160,209)
Net
unrealized
appreciation
(depreciation)
............................................
$89,418
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
*
In
U.S.
dollars
unless
otherwise
indicated.
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
30
At
June
30,
2026,
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
(4.125%)/1-day
SOFR/Nov-37/(Purchased)
BNDP
11/12/27
/
4.125%
477,100
$
22,090
$
(8,346)
3.625%/1-day
SOFR/Nov-37/(Purchased)
BNDP
11/12/27
/
3.625%
477,100
22,090
(14,252)
2.91%/1-day
SOFR/Apr-52/(Purchased)
BNDP
3/31/32
/
2.91%
966,000
58,926
(27,614)
3.725%/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
3.725%
3,079,100
150,568
(131,927)
(4.225%)/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
4.225%
3,079,100
157,650
(127,715)
(2.765%)/3-month
EURIBOR/Mar-28/
(Purchased)
BOFA
3/19/27
/
2.765%
EUR
30,706,000
128,424
(75,158)
(3.165%)/3-month
EURIBOR/Mar-28/(Written)
BOFA
3/19/27
/
3.165%
EUR
30,706,000
(79,331)
55,567
(3.565%)/3-month
EURIBOR/Mar-28/(Written)
BOFA
3/19/27
/
3.565%
EUR
30,706,000
(52,650)
40,505
3.953%/1-day
SOFR/Jun-39/(Purchased)
BOFA
6/18/29
/
3.953%
1,301,200
46,355
(24)
(4.453%)/1-day
SOFR/Jun-39/(Purchased)
BOFA
6/18/29
/
4.453%
1,301,200
46,355
(201)
(4.2%)/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
158,800
19,802
(2,885)
4.2%/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
158,800
19,802
(2,908)
(4.3%)/1-day
SOFR/Jul-36/(Purchased)
CITI
7/10/26
/
4.3%
6,140,000
16,117
(15,838)
(4.09%)/1-day
SOFR/Jul-36/(Written)
CITI
7/10/26
/
4.09%
9,210,000
(52,651)
38,700
(3.88%)/1-day
SOFR/Jul-36/(Purchased)
CITI
7/10/26
/
3.88%
3,070,000
37,301
(177)
(4.296%)/1-day
SOFR/Jun-58/(Purchased)
CITI
6/12/28
/
4.296%
927,300
67,693
(9,732)
4.296%/1-day
SOFR/Jun-58/(Purchased)
CITI
6/12/28
/
4.296%
927,300
67,693
6,296
3.965%/1-day
SOFR/Mar-38/(Purchased)
DBAB
3/06/28
/
3.965%
885,900
48,282
(21,526)
(3.965%)/1-day
SOFR/Mar-38/(Purchased)
DBAB
3/06/28
/
3.965%
885,900
48,282
(13,478)
2.35%/1-day
SOFR/Mar-59/(Purchased)
GSCO
3/12/29
/
2.35%
1,529,600
89,176
(70,424)
(2.495%)/6-month
AUD
BBR/Nov-46/
(Purchased)
JPHQ
11/23/26
/
2.495%
AUD
2,376,500
147,412
386,920
2.495%/6-month
AUD
BBR/Nov-46/
(Purchased)
JPHQ
11/23/26
/
2.495%
AUD
2,376,500
147,412
(144,950)
4.13%/1-day
SOFR/Dec-57/(Purchased)
JPHQ
12/09/27
/
4.13%
861,400
67,491
(19,282)
(4.13%)/1-day
SOFR/Dec-57/(Purchased)
JPHQ
12/09/27
/
4.13%
861,400
67,491
(11,732)
1.201%/6-month
EURIBOR/Apr-39/
(Purchased)
JPHQ
4/11/29
/
1.201%
EUR
5,556,400
110,287
(86,252)
(4.201%)/6-month
EURIBOR/Apr-39/
(Purchased)
JPHQ
4/11/29
/
4.201%
EUR
5,556,400
138,902
(50,599)
1.445%/6-month
AUD
BBR/Mar-40/
(Purchased)
JPHQ
3/27/30
/
1.445%
AUD
1,940,600
74,212
(61,355)
(1.445%)/6-month
AUD
BBR/Mar-40/
(Purchased)
JPHQ
3/27/30
/
1.445%
AUD
1,940,600
74,212
272,116
(4.2%)/1-day
SOFR/Feb-39/(Purchased)
MCM
2/05/29
/
4.2%
1,480,000
65,860
(6,117)
4.2%/1-day
SOFR/Feb-39/(Purchased)
MCM
2/05/29
/
4.2%
1,480,000
65,860
(196)
4.01%/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
215,700
25,862
(8,276)
(4.01%)/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
215,700
25,862
(29)
(2.952%)/6-month
EURIBOR/Jun-49/
(Purchased)
MSCO
6/18/29
/
2.952%
EUR
1,584,600
126,320
24,252
(2.98%)/6-month
EURIBOR/May-55/
(Purchased)
MSCO
5/08/35
/
2.98%
EUR
145,400
15,179
4,500
(4.825%)/1-day
SOFR/May-57/(Purchased)
NATW
4/30/27
/
4.825%
1,147,100
41,525
(26,709)
(2%)/6-month
AUD
BBR/Sep-46/(Purchased)
UBSW
9/10/36
/
2%
AUD
2,078,300
110,235
167,049
2%/6-month
AUD
BBR/Sep-46/(Purchased)
UBSW
9/10/36
/
2%
AUD
2,078,300
110,235
(66,672)
(2.7%)/6-month
AUD
BBR/Apr-47/(Purchased)
UBSW
4/01/37
/
2.7%
AUD
997,300
60,506
51,264
2.7%/6-month
AUD
BBR/Apr-47/(Purchased)
UBSW
4/01/37
/
2.7%
AUD
997,300
60,506
(34,325)
Unrealized
appreciation
1,047,169
Unrealized
(depreciation)
(1,038,699)
Total
$8,470
*
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
31
At
June
30,
2026,
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.46
.
5.00%
Quarterly
6/20/31
10,463,000
$
849,346
$
586,289
$
263,057
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$849,346
$586,289
$263,057
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CMBX.NA.BB.10
(5.00)%
Monthly
CITI
11/17/59
915,000
510,876
379,986
130,890
CMBX.NA.BB.10
(5.00)%
Monthly
MLCO
11/17/59
279,000
155,775
15,875
139,900
CMBX.NA.BB.13
(5.00)%
Monthly
GSCO
12/16/72
133,000
54,313
50,041
4,272
CMBX.NA.BB.6
.
(5.00)%
Monthly
GSCO
5/11/63
167,000
20,800
7,525
13,275
CMBX.NA.BB.8
.
(5.00)%
Monthly
CITI
10/17/57
148,000
56,233
64,084
(7,851)
CMBX.NA.BB.8
.
(5.00)%
Monthly
GSCO
10/17/57
42,000
15,958
17,149
(1,191)
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
CITI
11/17/59
465,000
135,818
139,762
(3,944)
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
MSCO
11/17/59
516,000
150,715
166,855
(16,140)
CMBX.
NA.BBB-.11
..
(3.00)%
Monthly
GSCO
11/18/54
609,000
65,975
76,057
(10,082)
CMBX.
NA.BBB-.12
..
(3.00)%
Monthly
GSCO
8/17/61
203,000
41,023
36,845
4,178
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
GSCO
12/16/72
406,000
89,912
85,124
4,788
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
JPHQ
12/16/72
530,000
117,372
102,665
14,707
CMBX.NA.BBB-.6
(3.00)%
Monthly
CITI
5/11/63
223,000
16,033
41,772
(25,739)
CMBX.NA.BBB-.9
(3.00)%
Monthly
MSCO
9/17/58
203,000
46,420
36,464
9,956
Contracts
to
Sell
Protection
c,d
Traded
Index
CMBX.NA.A.13
.
2.00%
Monthly
MLCO
12/16/72
382,000
(21,944)
(50,319)
28,375
Investment
Grade
CMBX.NA.BB.10
5.00%
Monthly
JPHQ
11/17/59
120,000
(67,001)
(9,629)
(57,372)
Non-
Investment
Grade
CMBX.NA.BB.13
5.00%
Monthly
CITI
12/16/72
133,000
(54,313)
(56,865)
2,552
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
CITI
5/11/63
285,000
(35,496)
(49,554)
14,058
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
GSCO
5/11/63
138,000
(17,188)
(23,957)
6,769
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
MLCO
5/11/63
125,000
(15,568)
(13,977)
(1,591)
Non-
Investment
Grade
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
32
At
June
30,
2026,
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
$
(69,996)
$
(100,044)
$
30,048
Non-
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
CITI
4/17/65
34,000
(6,530)
(7,729)
1,199
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
GSCO
4/17/65
12,000
(2,304)
(2,464)
160
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
MSCO
4/17/65
19,000
(3,649)
(4,319)
670
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
BOFA
5/11/63
223,000
(16,034)
(13,732)
(2,302)
Investment
Grade
CMBX.NA.BBB-.8
3.00%
Monthly
JPHQ
10/17/57
26,000
(4,594)
(4,054)
(540)
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$1,162,606
$883,561
$279,045
Total
Credit
Default
Swap
Contracts
....................................
$2,011,952
$
1,469,850
$542,102
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
REPO_CORRA
.......
Semi-Annual
Pay
Fixed
2.86%
....
Semi-Annual
9/16/28
3,783,000
CAD
$
(7,068)
$
(4,603)
$
(2,465)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.04%
....
Annual
9/16/28
249,737,000
(71,461)
(539,423)
467,962
Receive
Floating
3-month
AUD
BBR
...........
Quarterly
Pay
Fixed
4.58%
....
Quarterly
9/16/28
13,917,000
AUD
(27,965)
(31,146)
3,181
Receive
Floating
6-month
EURIBOR
...........
Semi-Annual
Pay
Fixed
2.92%
....
Annual
9/16/28
4,567,000
EUR
(18,447)
(14,458)
(3,989)
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
33
See
Abbreviations
on
page
38
.
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
4.02%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/31
196,072,000
$
890,662
$
917,673
$
(27,011)
Receive
Floating
6-month
EURIBOR
...........
Semi-Annual
Pay
Fixed
2.94%
....
Annual
9/16/31
2,435,000
EUR
(24,602)
(15,632)
(8,970)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.06%
....
Annual
9/16/33
83,157,000
(551,755)
(419,341)
(132,414)
Receive
Fixed
0.7%
...
Annual
Pay
Floating
1-day
SARON
..........
Annual
9/16/36
1,176,000
CHF
20,905
12,583
8,322
Receive
Floating
1-day
REPO_CORRA
.......
Semi-Annual
Pay
Fixed
3.32%
....
Semi-Annual
9/16/36
314,000
CAD
(3,094)
(2,714)
(380)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.16%
....
Annual
9/16/36
1,989,000
(20,599)
(22,009)
1,410
Receive
Fixed
3.02%
..
Annual
Pay
Floating
3-month
STIBOR
..........
Quarterly
9/16/36
6,855,000
SEK
14,890
6,138
8,752
Receive
Fixed
3.12%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/36
2,731,000
EUR
50,928
29,329
21,599
Receive
Fixed
4.54%
..
Annual
Pay
Floating
1-day
SONIA
...........
Annual
9/16/36
1,618,000
GBP
29,190
23,267
5,923
Receive
Fixed
5%
.....
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
9/16/36
5,253,000
AUD
41,702
33,953
7,749
Receive
Floating
6-month
NIBOR
.............
Semi-Annual
Pay
Fixed
4.4%
.....
Annual
9/16/36
17,078,000
NOK
(18,659)
(13,004)
(5,655)
Receive
Fixed
3.24%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/16/56
1,024,000
EUR
36,170
10,665
25,505
Receive
Fixed
4.3%
...
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/16/56
1,042,000
19,098
15,135
3,963
Receive
Fixed
5.08%
..
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
9/16/56
1,377,000
AUD
16,028
13,219
2,809
Total
Interest
Rate
Swap
Contracts
.................................
$375,923
$
(368)
$376,291
*
In
U.S.
dollars
unless
otherwise
indicated.
Putnam
Master
Intermediate
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
34
Quarterly
Schedule
of
Investments
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)
35
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
Investments.
At
June
30,
2026,
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
June
30,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Borrower
Unfunded
Commitment
Putnam
Master
Intermediate
Income
Trust
CoreWeave,
Inc.
$
8,634
First
Eagle
Holdings,
Inc.
40,833
Pinnacle
Buyer
LLC
15,174
$
64,641
    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
$—
$—
$—
$(10,854)
$4,180,394
166,982
$128,800
Putnam
Government
Money
Market
Fund,
Class
P,
3.477%
.
5,822,971
29,680,321
(35,503,292)
—
—
—
—
78,970
2. Financial
Instrument
Valuation
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
36
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
June
30,
2026,
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,
3.837%
......
8,288,989
12,862,226
(19,004,769)
—
—
2,146,446
2,146,446
186,012
Total
Non-Controlled
Affiliates
$18,303,208
$42,542,547
$(54,508,061)
$—
$(10,854)
$6,326,840
$393,782
Total
Affiliated
Securities
...
$18,303,208
$42,542,547
$(54,508,061)
$—
$(10,854)
$6,326,840
$393,782
Level
1
Level
2
Level
3
Total
Putnam
Master
Intermediate
Income
Trust
Assets:
Investments
in
Securities:
a
Management
Investment
Companies
.........
$
4,180,394
$
—
$
—
$
4,180,394
Convertible
Bonds
.......................
—
5,663,331
—
5,663,331
Corporate
Bonds
........................
—
61,507,199
—
61,507,199
Senior
Floating
Rate
Interests
...............
—
9,564,910
—
9,564,910
Foreign
Government
and
Agency
Securities
....
—
15,165,050
—
15,165,050
U.S.
Government
and
Agency
Securities
.......
—
143,745
—
143,745
Asset-Backed
Securities
...................
—
8,253,790
—
8,253,790
Commercial
Mortgage-Backed
Securities
......
—
17,249,479
—
17,249,479
Mortgage-Backed
Securities
................
—
40,992,904
—
40,992,904
Residential
Mortgage-Backed
Securities
.......
—
12,640,686
—
12,640,686
Agency
Commercial
Mortgage-Backed
Securities
—
22,606,245
—
22,606,245
Short
Term
Investments
...................
2,146,446
474,289
—
2,620,735
Total
Investments
in
Securities
...........
$6,326,840
$194,261,628
$—
$200,588,468
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$249,627
$—
$249,627
Forward
Premium
Swap
Option
Contracts
.....
—
1,047,169
—
1,047,169
Futures
Contracts
.......................
2,223
—
—
2,223
Swap
Contracts
.........................
—
1,226,029
—
1,226,029
Unfunded
Loan
Commitments
..............
—
630
—
630
Total
Other
Financial
Instruments
.........
$2,223
$2,523,455
$—
$2,525,678
–
–
–
–
4.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
37
Quarterly
Schedule
of
Investments
Level
1
Level
2
Level
3
Total
Putnam
Master
Intermediate
Income
Trust
(continued)
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
5,817,888
$
—
$
5,817,888
Forward
Exchange
Contracts
...............
—
160,209
—
160,209
Forward
Premium
Swap
Option
Contracts
......
—
1,038,699
—
1,038,699
Futures
Contracts
........................
3,656
—
—
3,656
Swap
Contracts
.........................
—
307,636
—
307,636
Total
Other
Financial
Instruments
.........
$3,656
$7,324,432
$—
$7,328,088
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)
38
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
JPY
Japanese
Yen
NOK
Norwegian
Krone
SEK
Swedish
Krona
USD
United
States
Dollar
Index
CDX.NA.HY
CDX
North
America
High
Yield
Index
CMBX.NA
CMBX
North
America
Index
Selected
Portfolio
AUD
BBR
Australian
Bank
Bill
Rate
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
.................
2.34%
1-day
SARON
.......................
(0.04)%
1-day
SOFR
........................
3.68%
1-day
SONIA
........................
3.73%
3-month
AUD
BBR
...................
4.46%
3-month
EURIBOR
...................
2.32%
3-month
STIBOR
....................
1.97%
6-month
AUD
BBR
...................
4.80%
6-month
EURIBOR
...................
2.57%
6-month
NIBOR
.....................
4.81%
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.