NPORT-EX 2 PMIIT.htm PART F

Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

38925-Q1PH

1

Schedule

of

Investments

(unaudited)

Putnam

Master

Intermediate

Income

Trust

2

Notes

to

Schedule

of

Investments

33

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited),

December

31,

2025

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

2.5%

Capital

Markets

2.5%

a

Franklin

Ultra

Short

Bond

ETF

..........................

United

States

166,982

$

4,171,711

Total

Management

Investment

Companies

(Cost

$4,152,125)

...................

4,171,711

Principal

Amount

*

Convertible

Bonds

2.6%

Aerospace

&

Defense

0.0%

†

AeroVironment,

Inc.

,

Senior

Note

,

Zero

Cpn.,

7/15/30

........

United

States

33,000

35,888

b,c

BWX

Technologies,

Inc.

,

Senior

Note

,

144A,

0.95%

,

11/01/30

..

United

States

33,000

31,531

67,419

Automobile

Components

0.0%

†

Patrick

Industries,

Inc.

,

Senior

Note

,

1.75

%

,

12/01/28

........

United

States

38,000

64,676

Automobiles

0.0%

†

Rivian

Automotive,

Inc.

,

Senior

Note

,

4.625

%

,

3/15/29

........

United

States

55,000

69,266

Biotechnology

0.2%

Alnylam

Pharmaceuticals,

Inc.

,

Senior

Note,

1%,

9/15/27

...........................

United

States

19,000

27,983

b,c

Senior

Note,

144A,

1.23%,

9/15/28

....................

United

States

50,000

48,375

Halozyme

Therapeutics,

Inc.

,

Senior

Note

,

1

%

,

8/15/28

.......

United

States

65,000

86,417

b

Ionis

Pharmaceuticals,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

12/01/30

........................................

United

States

33,000

35,227

198,002

Broadline

Retail

0.1%

b

Etsy,

Inc.

,

Senior

Note

,

144A,

1

%

,

6/15/30

.................

United

States

101,000

102,565

Capital

Markets

0.0%

†

b,c

Coinbase

Global,

Inc.

,

Senior

Note

,

144A,

1.62%

,

10/01/32

....

United

States

50,000

44,850

b

Hercules

Capital,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

9/01/28

.....

United

States

33,000

33,142

b

WisdomTree,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

8/15/30

.......

United

States

33,000

33,940

111,932

Communications

Equipment

0.1%

b

Lumentum

Holdings,

Inc.

,

Senior

Note

,

144A,

0.375

%

,

3/15/32

.

United

States

62,000

132,835

Construction

&

Engineering

0.1%

Fluor

Corp.

,

Senior

Note

,

1.125

%

,

8/15/29

.................

United

States

64,000

73,069

Consumer

Staples

Distribution

&

Retail

0.0%

†

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375

%

,

12/15/28

..

United

States

40,000

60,848

Diversified

REITs

0.1%

b

Digital

Realty

Trust

LP

,

Senior

Note

,

144A,

1.875

%

,

11/15/29

...

United

States

117,000

118,931

Electric

Utilities

0.3%

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

3

%

,

3/01/27

United

States

70,000

87,045

PG&E

Corp.

,

Senior

Secured

Note

,

4.25

%

,

12/01/27

.........

United

States

76,000

78,288

PPL

Capital

Funding,

Inc.

,

Senior

Note

,

2.875

%

,

3/15/28

......

United

States

92,000

101,085

266,418

Electrical

Equipment

0.1%

b,c

Bloom

Energy

Corp.

,

Senior

Note

,

144A,

2.78%

,

11/15/30

.....

United

States

99,000

86,625

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Electronic

Equipment,

Instruments

&

Components

0.1%

b

Avnet,

Inc.

,

Senior

Note

,

144A,

1.75

%

,

9/01/30

.............

United

States

34,000

$

33,592

Itron,

Inc.

,

Senior

Note

,

1.375

%

,

7/15/30

..................

United

States

92,000

93,208

b

Mirion

Technologies,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

10/01/31

United

States

59,000

64,015

b

OSI

Systems,

Inc.

,

Senior

Note

,

144A,

0.5

%

,

2/01/31

........

United

States

49,000

48,299

239,114

Entertainment

0.2%

Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

Senior

Note

,

2.25

%

,

8/15/27

...................................

United

States

91,000

115,342

Live

Nation

Entertainment,

Inc.

,

Senior

Note,

3.125%,

1/15/29

........................

United

States

33,000

48,031

Senior

Note,

2.875%,

1/15/30

........................

United

States

74,000

77,922

241,295

Financial

Services

0.1%

Global

Payments,

Inc.

,

Senior

Note

,

1.5

%

,

3/01/31

..........

United

States

81,000

72,860

Shift4

Payments,

Inc.

,

Senior

Note

,

0.5

%

,

8/01/27

...........

United

States

72,000

69,372

142,232

Food

Products

0.1%

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

.............

United

States

72,000

77,652

Ground

Transportation

0.1%

Uber

Technologies,

Inc.

,

2028

,

Senior

Note

,

0.875

%

,

12/01/28

..

United

States

89,000

115,656

Health

Care

Equipment

&

Supplies

0.1%

Dexcom,

Inc.

,

Senior

Note

,

0.375

%

,

5/15/28

...............

United

States

113,000

104,045

b

Merit

Medical

Systems,

Inc.

,

Senior

Note

,

144A,

3

%

,

2/01/29

...

United

States

37,000

44,751

148,796

Health

Care

REITs

0.1%

b

Welltower

OP

LLC

,

Senior

Note,

144A,

2.75%,

5/15/28

....................

United

States

51,000

100,011

Senior

Note,

144A,

3.125%,

7/15/29

...................

United

States

50,000

75,625

175,636

Hotels,

Restaurants

&

Leisure

0.1%

b

DoorDash,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

5/15/30

.......

United

States

100,000

104,700

b

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

0.875

%

,

4/15/30

.........

United

States

41,000

45,843

150,543

Household

Durables

0.0%

†

Meritage

Homes

Corp.

,

Senior

Note

,

1.75

%

,

5/15/28

.........

United

States

65,000

64,252

Household

Products

0.0%

†

Spectrum

Brands,

Inc.

,

Senior

Note

,

3.375

%

,

6/01/29

........

United

States

32,000

30,344

IT

Services

0.2%

Akamai

Technologies,

Inc.

,

Senior

Note

,

0.375

%

,

9/01/27

.....

United

States

84,000

84,420

b

Cloudflare,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

6/15/30

.......

United

States

66,000

71,907

Snowflake,

Inc.

,

Senior

Note

,

Zero

Cpn.,

10/01/27

...........

United

States

100,000

148,700

305,027

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Life

Sciences

Tools

&

Services

0.1%

Repligen

Corp.

,

Senior

Note

,

1

%

,

12/15/28

................

United

States

79,000

$

86,703

Machinery

0.0%

†

b

JBT

Marel

Corp.

,

Senior

Note

,

144A,

0.375

%

,

9/15/30

........

United

States

34,000

35,292

Multi-Utilities

0.0%

†

CMS

Energy

Corp.

,

Senior

Note

,

3.375

%

,

5/01/28

...........

United

States

51,000

54,672

Office

REITs

0.0%

†

b

Boston

Properties

LP

,

Senior

Note

,

144A,

2

%

,

10/01/30

.......

United

States

50,000

48,525

Professional

Services

0.0%

†

Parsons

Corp.

,

Senior

Note

,

2.625

%

,

3/01/29

..............

United

States

41,000

42,251

Semiconductors

&

Semiconductor

Equipment

0.1%

Microchip

Technology,

Inc.

,

Senior

Note

,

0.75

%

,

6/01/30

......

United

States

48,000

47,165

MKS,

Inc.

,

Senior

Note

,

1.25

%

,

6/01/30

...................

United

States

65,000

83,070

b

Nova

Ltd.

,

Senior

Note

,

144A,

Zero

Cpn.,

9/15/30

...........

Israel

34,000

42,364

ON

Semiconductor

Corp.

,

Senior

Note

,

0.5

%

,

3/01/29

........

United

States

55,000

52,167

224,766

Software

0.2%

Box,

Inc.

,

Senior

Note

,

1.5

%

,

9/15/29

....................

United

States

62,000

60,450

b,c

Commvault

Systems,

Inc.

,

Senior

Note

,

144A,

2.58%

,

9/15/30

..

United

States

34,000

30,158

Datadog,

Inc.

,

Senior

Note

,

Zero

Cpn.,

12/01/29

............

United

States

82,000

82,102

Guidewire

Software,

Inc.

,

Senior

Note

,

1.25

%

,

11/01/29

.......

United

States

93,000

102,486

b,c

IREN

Ltd.

,

Senior

Note

,

144A,

5.55%

,

7/01/31

..............

Australia

16,000

11,888

Nutanix,

Inc.

,

Senior

Note

,

0.5

%

,

12/15/29

.................

United

States

66,000

63,822

Progress

Software

Corp.

,

Senior

Note

,

3.5

%

,

3/01/30

........

United

States

56,000

56,798

b,c

Rubrik,

Inc.

,

Senior

Note

,

144A,

0.35%

,

6/15/30

............

United

States

60,000

59,070

b,c

Terawulf,

Inc.

,

Senior

Note

,

144A,

2.27%

,

5/01/32

...........

United

States

50,000

43,375

Tyler

Technologies,

Inc.

,

Senior

Note

,

0.25

%

,

3/15/26

........

United

States

60,000

60,810

Workiva,

Inc.

,

Senior

Note

,

1.25

%

,

8/15/28

................

United

States

39,000

38,581

609,540

Specialty

Retail

0.1%

Burlington

Stores,

Inc.

,

1.25

%

,

12/15/27

..................

United

States

34,000

50,524

Wayfair,

Inc.

,

Senior

Note

,

3.25

%

,

9/15/27

.................

United

States

71,000

118,306

168,830

Technology

Hardware,

Storage

&

Peripherals

0.0%

†

Seagate

HDD

Cayman

,

Senior

Note

,

3.5

%

,

6/01/28

..........

United

States

15,000

50,453

Total

Convertible

Bonds

(Cost

$4,057,589)

...................................

4,364,165

Corporate

Bonds

29.1%

Aerospace

&

Defense

1.2%

ATI,

Inc.

,

Senior

Note

,

4.875

%

,

10/01/29

..................

United

States

490,000

490,645

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

.........................

United

States

14,000

13,270

Senior

Note,

2.7%,

2/01/27

..........................

United

States

137,000

135,065

Senior

Note,

6.298%,

5/01/29

........................

United

States

446,000

473,560

b

Bombardier,

Inc.

,

Senior

Note

,

144A,

7

%

,

6/01/32

...........

Canada

75,000

79,342

Spirit

AeroSystems,

Inc.

,

Senior

Bond

,

4.6

%

,

6/15/28

........

United

States

330,000

330,620

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Aerospace

&

Defense

(continued)

b

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

190,000

$

198,935

Senior

Secured

Note,

144A,

6.625%,

3/01/32

............

United

States

65,000

67,708

Senior

Secured

Note,

144A,

6.25%,

1/31/34

.............

United

States

25,000

25,955

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

................

United

States

65,000

67,751

1,882,851

Automobiles

0.4%

b

Hyundai

Capital

America

,

Senior

Note

,

144A,

4.55

%

,

9/26/29

..

United

States

425,000

427,722

b

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

1.625

%

,

11/24/27

..................................

Germany

230,000

219,496

647,218

Banks

1.9%

b

AIB

Group

plc

,

Senior

Note

,

144A,

6.608%

to

9/12/28,

FRN

thereafter

,

9/13/29

.................................

Ireland

200,000

212,452

Bank

of

America

Corp.

,

Senior

Note,

6.204%

to

11/09/27,

FRN

thereafter,

11/10/28

..

United

States

430,000

446,940

L,

Sub.

Bond,

4.183%,

11/25/27

......................

United

States

215,000

215,576

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

6.208%

to

1/17/28,

FRN

thereafter

,

1/18/29

......................

Spain

200,000

207,983

Citigroup,

Inc.

,

Senior

Note

,

4.503%

to

9/10/30,

FRN

thereafter

,

9/11/31

.........................................

United

States

450,000

451,516

b

Federation

des

Caisses

Desjardins

du

Quebec

,

Senior

Note

,

144A,

4.565

%

,

8/26/30

..............................

Canada

200,000

201,566

JPMorgan

Chase

&

Co.

,

Senior

Note

,

6.07%

to

10/21/26,

FRN

thereafter

,

10/22/27

................................

United

States

820,000

833,115

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

5.264

%

,

12/11/26

..

Canada

145,000

146,816

Wells

Fargo

&

Co.

,

Senior

Note

,

5.574%

to

7/24/28,

FRN

thereafter

,

7/25/29

.................................

United

States

410,000

424,901

3,140,865

Biotechnology

0.1%

b

Genmab

A/S

/

Genmab

Finance

LLC

,

Senior

Secured

Note

,

144A,

6.25

%

,

12/15/32

..............................

Denmark

200,000

205,108

Broadline

Retail

0.2%

Amazon.com,

Inc.

,

Senior

Note

,

4.1

%

,

11/20/30

............

United

States

110,000

110,153

b

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

11/15/32

....

United

States

175,000

180,119

290,272

Building

Products

0.8%

b

Builders

FirstSource,

Inc.

,

Senior

Bond

,

144A,

6.75

%

,

5/15/35

..

United

States

60,000

62,806

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

............

United

States

15,000

15,331

Senior

Secured

Note,

144A,

6.125%,

7/31/32

............

United

States

60,000

61,626

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

..............

United

States

205,000

210,292

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

....................

United

States

170,000

177,647

Senior

Secured

Note,

144A,

6.375%,

3/01/32

............

United

States

75,000

78,115

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

11/15/31

..................................

United

States

440,000

470,962

b

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%

,

8/15/32

.....................

United

States

130,000

133,932

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Building

Products

(continued)

b

Standard

Building

Solutions,

Inc.,

(continued)

Senior

Note,

144A,

6.25%,

8/01/33

....................

United

States

130,000

$

132,873

1,343,584

Capital

Markets

1.2%

Ares

Capital

Corp.

,

Senior

Note

,

7

%

,

1/15/27

..............

United

States

410,000

420,282

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

5/01/33

...............................

United

States

435,000

454,339

Morgan

Stanley

,

Senior

Note

,

5.123%

to

1/31/28,

FRN

thereafter

,

2/01/29

.........................................

United

States

610,000

622,769

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875

%

,

7/15/32

United

States

120,000

124,550

b

UBS

Group

AG

,

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

.................................

Switzerland

200,000

206,911

1,828,851

Chemicals

0.3%

b

Avient

Corp.

,

Senior

Note

,

144A,

6.25

%

,

11/01/31

...........

United

States

45,000

46,281

b,d

Braskem

Idesa

SAPI

,

Senior

Secured

Note

,

Reg

S,

7.45

%

,

11/15/29

........................................

Mexico

230,000

134,550

Celanese

US

Holdings

LLC

,

Senior

Bond

,

6.879

%

,

7/15/32

....

United

States

7,000

7,290

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

9/30/33

.........................................

United

States

270,000

272,542

460,663

Commercial

Services

&

Supplies

0.9%

b,d

Ambipar

Lux

SARL

,

Senior

Note

,

144A,

10.875

%

,

2/05/33

.....

Brazil

200,000

35,375

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

5

%

,

2/01/28

......

United

States

208,000

208,150

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

.........................................

United

States

285,000

294,760

b

Verisure

Midholding

AB

,

Senior

Note

,

Reg

S,

5.25

%

,

2/15/29

...

Sweden

595,000

EUR

702,872

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

........................................

United

States

45,000

48,441

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

395,000

407,567

1,697,165

Communications

Equipment

0.1%

Motorola

Solutions,

Inc.

,

Senior

Note

,

5

%

,

4/15/29

...........

United

States

210,000

215,232

Construction

&

Engineering

0.0%

†

b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

8/15/32

...........

United

States

50,000

52,900

Consumer

Finance

0.9%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

4.625

%

,

9/10/29

.........................

Ireland

305,000

308,485

Capital

One

Financial

Corp.

,

Senior

Note

,

4.493%

to

9/10/30,

FRN

thereafter

,

9/11/31

.............................

United

States

135,000

134,831

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

4/01/29

.........................................

United

States

280,000

295,400

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

397,000

413,456

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8

%

,

3/05/27

.......

United

States

210,000

212,703

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

4.2

%

,

10/27/28

United

States

55,000

55,091

1,419,966

Containers

&

Packaging

0.2%

AptarGroup,

Inc.

,

Senior

Note

,

4.75

%

,

3/30/31

.............

United

States

105,000

105,934

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Containers

&

Packaging

(continued)

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

...............................

United

States

200,000

$

205,789

311,723

Distributors

0.2%

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

3/15/31

..

Canada

276,000

288,893

Diversified

REITs

0.3%

VICI

Properties

LP

,

Senior

Note

,

4.95

%

,

2/15/30

............

United

States

425,000

430,214

Diversified

Telecommunication

Services

0.8%

b

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25

%

,

12/15/30

........................................

United

States

225,000

220,877

AT&T,

Inc.

,

Senior

Note

,

4.1

%

,

2/15/28

...................

United

States

410,000

410,426

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

2/01/32

...............................

United

States

469,000

428,986

b

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125

%

,

11/15/30

........................................

United

States

60,000

61,184

b

IHS

Holding

Ltd.

,

Senior

Note

,

Reg

S,

8.25

%

,

11/29/31

.......

Nigeria

200,000

209,436

b

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75

%

,

10/15/30

........................................

United

States

130,000

134,031

1,464,940

Electric

Utilities

1.9%

Duke

Energy

Carolinas

LLC

,

A

,

Senior

Bond

,

6

%

,

12/01/28

....

United

States

200,000

211,383

b

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.375

%

,

9/30/30

.........................................

Italy

200,000

199,310

Eversource

Energy

,

Senior

Note

,

5.45

%

,

3/01/28

............

United

States

205,000

210,217

b

NRG

Energy,

Inc.

,

Senior

Bond,

144A,

6.25%,

11/01/34

...................

United

States

400,000

411,182

Senior

Bond,

144A,

6%,

1/15/36

......................

United

States

180,000

182,478

Pacific

Gas

and

Electric

Co.

,

Senior

Note

,

6.1

%

,

1/15/29

......

United

States

200,000

209,453

PG&E

Corp.

,

Senior

Secured

Bond

,

5.25

%

,

7/01/30

.........

United

States

475,000

471,921

Southern

Co.

(The)

,

Senior

Note

,

5.5

%

,

3/15/29

............

United

States

260,000

269,947

Virginia

Electric

and

Power

Co.

,

A

,

Senior

Bond

,

2.875

%

,

7/15/29

United

States

455,000

436,889

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

4.375%,

5/01/29

...................

United

States

270,000

266,744

Senior

Note,

144A,

6.875%,

4/15/32

...................

United

States

210,000

221,317

3,090,841

Electronic

Equipment,

Instruments

&

Components

0.1%

Amphenol

Corp.

,

Senior

Note

,

3.9

%

,

11/15/28

..............

United

States

120,000

119,901

Energy

Equipment

&

Services

0.2%

b

Kodiak

Gas

Services

LLC

,

Senior

Bond,

144A,

6.75%,

10/01/35

...................

United

States

85,000

87,438

Senior

Note,

144A,

6.5%,

10/01/33

....................

United

States

115,000

117,499

b

Transocean

International

Ltd.

,

Senior

Secured

Note

,

144A,

8.75

%

,

2/15/30

...................................

United

States

225,000

235,212

440,149

Entertainment

0.2%

b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

.........................................

France

360,000

375,261

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Financial

Services

0.9%

b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5

%

,

10/01/30

...................................

United

States

60,000

$

61,275

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25

%

,

10/01/30

United

States

355,000

393,975

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5

%

,

2/15/29

United

States

450,000

474,693

b

Osaic

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

8/01/32

United

States

65,000

67,937

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95

%

,

1/03/31

.....

Malaysia

380,000

392,421

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/33

.......

United

States

205,000

213,993

1,604,294

Food

Products

0.2%

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

...................................

United

States

195,000

203,653

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3

%

,

2/02/29

......................

United

States

110,000

105,983

309,636

Ground

Transportation

0.3%

b

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

4

%

,

5/01/28

........

United

Kingdom

220,000

217,679

b

Transnet

SOC

Ltd.

,

Senior

Note

,

Reg

S,

8.25

%

,

2/06/28

......

South

Africa

300,000

317,194

534,873

Health

Care

Equipment

&

Supplies

0.2%

GE

HealthCare

Technologies,

Inc.

,

Senior

Note,

4.15%,

12/15/28

........................

United

States

90,000

90,260

Senior

Note,

4.8%,

8/14/29

..........................

United

States

210,000

214,708

304,968

Health

Care

Providers

&

Services

0.7%

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

...................

United

States

180,000

187,482

Senior

Note,

144A,

6.75%,

7/15/33

....................

United

States

25,000

25,942

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

510,000

502,878

Tenet

Healthcare

Corp.

,

b

Senior

Note,

144A,

6%,

11/15/33

......................

United

States

80,000

82,418

Senior

Secured

Note,

6.75%,

5/15/31

..................

United

States

455,000

473,677

1,272,397

Health

Care

REITs

0.2%

b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/32

....................

United

States

245,000

261,826

Hotel

&

Resort

REITs

0.3%

b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

6.5%,

4/01/32

.....................

United

States

205,000

212,743

Senior

Note,

144A,

6.5%,

6/15/33

.....................

United

States

75,000

78,267

b

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

..............

United

States

180,000

186,000

477,010

Hotels,

Restaurants

&

Leisure

1.6%

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

6/15/31

......

United

States

225,000

219,989

b

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

7

%

,

2/15/30

.........................................

United

States

232,000

240,381

b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

...................

United

States

205,000

207,376

Senior

Note,

144A,

5.75%,

3/15/30

....................

United

States

70,000

72,048

b

Carnival

plc

,

Senior

Note

,

144A,

4.125

%

,

7/15/31

...........

United

States

135,000

EUR

160,901

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

9/15/33

.........................................

United

States

185,000

$

189,425

b

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.25

%

,

9/15/33

..........

United

States

190,000

190,009

b

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

,

Senior

Secured

Note

,

144A,

6.25

%

,

10/15/30

.............

United

States

70,000

71,484

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.625%,

9/30/31

...................

United

States

80,000

81,812

Senior

Note,

144A,

6.25%,

3/15/32

....................

United

States

127,000

131,459

Senior

Note,

144A,

6%,

2/01/33

......................

United

States

248,000

254,906

b

Station

Casinos

LLC

,

Senior

Bond

,

144A,

4.625

%

,

12/01/31

...

United

States

285,000

270,431

Viking

Cruises

Ltd.

,

b

Senior

Note,

144A,

9.125%,

7/15/31

...................

United

States

380,000

407,130

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

.........................

United

States

380,000

411,427

2,908,778

Household

Durables

0.5%

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

........................

United

States

54,000

52,805

Senior

Note,

6.625%,

5/15/32

........................

United

States

16,000

15,545

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125

%

,

8/01/30

.........................................

United

States

477,000

480,293

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

3.8

%

,

11/01/29

.....

United

States

220,000

216,504

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

..............................

United

States

205,000

202,332

967,479

Independent

Power

and

Renewable

Electricity

Producers

0.4%

b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25

%

,

3/14/32

..........

Chile

430,000

448,652

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6

%

,

3/01/28

United

States

205,000

211,602

Southern

Power

Co.

,

A

,

Senior

Note

,

4.25

%

,

10/01/30

........

United

States

80,000

79,825

740,079

Insurance

0.9%

b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

11/06/30

....................................

United

States

200,000

209,094

b

Asurion

LLC

and

Asurion

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

8

%

,

12/31/32

................................

United

States

135,000

140,147

b

Athene

Global

Funding

,

Secured

Note

,

144A,

5.583

%

,

1/09/29

.

United

States

205,000

210,676

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

7.4

%

,

1/13/28

.......

United

States

200,000

209,496

b

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

4.4

%

,

9/23/27

..

United

States

225,000

225,983

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

3/15/30

...........................

Canada

190,000

199,273

b

New

York

Life

Global

Funding

,

Senior

Secured

Note

,

144A,

4.9

%

,

6/13/28

.........................................

United

States

205,000

209,802

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467

%

,

12/08/28

........................................

United

States

265,000

274,905

1,679,376

Interactive

Media

&

Services

0.1%

Alphabet,

Inc.

,

Senior

Note

,

4.1

%

,

11/15/30

................

United

States

245,000

245,805

IT

Services

0.4%

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

7/01/32

...............

United

States

240,000

224,750

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

IT

Services

(continued)

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.625

%

,

6/15/29

...........

United

States

450,000

$

434,305

659,055

Leisure

Products

0.2%

b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

4/01/29

.............

United

States

265,000

258,677

Life

Sciences

Tools

&

Services

0.1%

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

................

United

States

117,000

117,414

Machinery

0.1%

b

Terex

Corp.

,

Senior

Note

,

144A,

6.25

%

,

10/15/32

...........

United

States

125,000

128,338

Media

0.6%

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/01/30

..............................

United

States

285,000

301,358

b

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note,

144A,

5.75%,

8/01/28

.............

United

States

117,000

117,681

Senior

Secured

Note,

144A,

7.375%,

9/01/31

............

United

States

153,000

161,541

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Secured

Note

,

144A,

7.375

%

,

2/15/31

..................

United

States

76,000

80,490

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

...................................

United

States

250,000

261,280

922,350

Metals

&

Mining

0.8%

b

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

......................

United

States

92,000

94,415

Senior

Note,

144A,

7.625%,

1/15/34

...................

United

States

50,000

52,289

Commercial

Metals

Co.

,

Senior

Bond

,

4.375

%

,

3/15/32

.......

United

States

267,000

257,894

b

Constellium

SE

,

Senior

Note,

Reg

S,

3.125%,

7/15/29

..................

United

States

300,000

EUR

348,099

Senior

Note,

144A,

6.375%,

8/15/32

...................

United

States

250,000

259,217

b

Novelis

Corp.

,

Senior

Note

,

144A,

6.875

%

,

1/30/30

..........

United

States

198,000

205,691

1,217,605

Multi-Utilities

0.1%

Ameren

Corp.

,

Senior

Note

,

5

%

,

1/15/29

..................

United

States

170,000

173,853

Oil,

Gas

&

Consumable

Fuels

3.1%

b

Aker

BP

ASA

,

Senior

Note

,

144A,

5.6

%

,

6/13/28

............

Norway

205,000

211,241

b

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375

%

,

3/01/30

..

United

States

250,000

253,608

b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375

%

,

1/15/34

.........................................

United

States

195,000

193,820

Energy

Transfer

LP

,

Senior

Bond

,

5.25

%

,

4/15/29

...........

United

States

410,000

421,443

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

5.875%,

3/01/28

...................

United

States

65,000

66,455

Senior

Note,

144A,

4.25%,

2/15/30

....................

United

States

270,000

265,009

Senior

Note,

144A,

5.5%,

10/15/30

....................

United

States

85,000

86,385

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375

%

,

4/24/30

.........................................

Kazakhstan

450,000

460,254

Kinder

Morgan,

Inc.

,

Senior

Note

,

5

%

,

2/01/29

.............

United

States

250,000

255,860

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......

United

States

455,000

459,354

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.875

%

,

4/15/28

..

United

States

333,000

341,583

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25

%

,

5/21/30

.

Indonesia

200,000

204,067

b

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25

%

,

7/08/32

..

Brazil

320,000

269,200

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026

%

,

10/01/29

..................................

Canada

210,000

213,097

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25

%

,

7/01/33

.............

United

States

184,000

$

188,569

Targa

Resources

Corp.

,

Senior

Note

,

6.15

%

,

3/01/29

........

United

States

200,000

210,613

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5

%

,

10/15/29

........................................

United

States

217,000

215,661

b

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375

%

,

6/01/31

.........................................

United

States

450,000

447,753

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

.............

United

States

30,000

32,864

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

.............

United

States

70,000

71,733

Senior

Secured

Note,

144A,

7.5%,

5/01/33

..............

United

States

30,000

32,432

Senior

Secured

Note,

144A,

6.5%,

1/15/34

..............

United

States

45,000

46,114

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7

%

,

8/01/35

......

United

States

24,000

24,508

4,971,623

Paper

&

Forest

Products

0.1%

b

Magnera

Corp.

,

Senior

Secured

Note

,

144A,

4.75

%

,

11/15/29

..

United

States

240,000

222,184

Passenger

Airlines

0.4%

b

Air

France-KLM

,

Senior

Note

,

Reg

S,

8.125

%

,

5/31/28

.......

France

200,000

EUR

261,148

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875

%

,

12/15/29

.....

United

States

200,000

214,171

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

United

States

140,000

139,491

614,810

Personal

Care

Products

0.1%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.375

%

,

3/24/29

.......

United

States

250,000

244,419

Pharmaceuticals

1.0%

Novartis

Capital

Corp.

,

Senior

Note

,

4.1

%

,

11/05/30

.........

United

States

355,000

354,735

Pharmacia

LLC

,

Senior

Bond

,

6.6

%

,

12/01/28

..............

United

States

430,000

461,548

Royalty

Pharma

plc

,

Senior

Note

,

4.45

%

,

3/25/31

...........

United

States

260,000

259,334

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

8.125

%

,

9/15/31

...................................

Israel

449,000

517,558

1,593,175

Professional

Services

0.1%

b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/33

..

United

States

185,000

191,647

Semiconductors

&

Semiconductor

Equipment

0.2%

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

5.9

%

,

1/25/30

.........................................

United

States

220,000

230,214

b

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

....................

United

States

35,000

36,323

Senior

Secured

Note,

144A,

5.75%,

8/15/32

.............

United

States

60,000

61,422

327,959

Software

0.1%

Oracle

Corp.

,

Senior

Note

,

4.45

%

,

9/26/30

................

United

States

100,000

97,856

Specialized

REITs

0.2%

American

Tower

Corp.

,

Senior

Note

,

2.75

%

,

1/15/27

.........

United

States

410,000

404,759

Specialty

Retail

0.3%

Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875

%

,

11/01/35

.....

United

States

480,000

486,100

Technology

Hardware,

Storage

&

Peripherals

0.2%

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note,

144A,

5.875%,

7/15/30

...................

United

States

150,000

154,817

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Technology

Hardware,

Storage

&

Peripherals

(continued)

b

Seagate

Data

Storage

Technology

Pte.

Ltd.,

(continued)

Senior

Note,

144A,

9.625%,

12/01/32

..................

United

States

186,000

$

211,265

366,082

Textiles,

Apparel

&

Luxury

Goods

0.5%

b

Beach

Acquisition

Bidco

LLC

,

e

Senior

Note,

144A,

PIK,

10%,

7/15/33

..................

United

States

200,000

210,774

Senior

Secured

Note,

144A,

5.25%,

7/15/32

.............

United

States

105,000

EUR

125,925

b

Crocs,

Inc.

,

Senior

Bond

,

144A,

4.125

%

,

8/15/31

............

United

States

290,000

269,344

b

Under

Armour,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

7/15/30

.......

United

States

105,000

105,364

711,407

Tobacco

0.5%

BAT

Capital

Corp.

,

Senior

Bond,

4.906%,

4/02/30

........................

United

Kingdom

55,000

56,241

Senior

Note,

6.343%,

8/02/30

........................

United

Kingdom

155,000

167,698

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125

%

,

2/15/30

..

United

States

410,000

423,962

647,901

Trading

Companies

&

Distributors

0.9%

Air

Lease

Corp.

,

Senior

Note

,

5.85

%

,

12/15/27

.............

United

States

450,000

462,908

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375

%

,

7/15/29

United

States

210,000

215,276

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875

%

,

7/01/30

.....

United

States

215,000

213,589

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

.....................

United

States

165,000

171,671

Secured

Note,

144A,

8.625%,

5/15/32

..................

United

States

35,000

37,013

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

6/15/29

......

United

States

65,000

67,716

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/30/32

.........................................

United

States

240,000

250,852

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

4

%

,

7/15/30

..

United

States

88,000

85,362

b

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

3/15/33

.

United

States

45,000

47,012

1,551,399

Wireless

Telecommunication

Services

0.9%

T-Mobile

USA,

Inc.

,

Senior

Note,

2.05%,

2/15/28

.........................

United

States

230,000

220,876

Senior

Note,

3.375%,

4/15/29

........................

United

States

825,000

804,285

b

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

Reg

S,

3.25

%

,

1/31/31

...................................

United

Kingdom

275,000

EUR

309,513

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625

%

,

7/15/29

.........................................

United

Kingdom

200,000

212,745

1,547,419

Total

Corporate

Bonds

(Cost

$47,249,574)

....................................

48,469,150

Senior

Floating

Rate

Interests

7.5%

Aerospace

&

Defense

0.1%

f

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J,

6.216%,

(1-month

SOFR

+

2.5%),

2/28/31

.............................

United

States

117,905

118,480

Air

Freight

&

Logistics

0.2%

f

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

6.672%,

(3-month

SOFR

+

3%),

3/18/30

.......................

United

States

241,062

242,083

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Automobile

Components

0.0%

†

f

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

CME

Term

Loan,

6.466%,

(1-month

SOFR

+

2.75%),

1/28/32

.........

United

States

59,833

$

60,216

Broadline

Retail

0.1%

f

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B8,

6.193%,

(3-month

SOFR

+

2.25%),

9/29/32

.....................

Netherlands

123,449

123,835

f

Building

Products

0.2%

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

6.122%,

(6-month

SOFR

+

2.25%),

8/04/31

.

United

States

193,003

193,623

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

5.966%,

(1-month

SOFR

+

2.25%),

3/19/29

.....................

United

States

200,900

201,852

Smyrna

Ready

Mix

Concrete

LLC,

First

Lien,

2025

CME

Term

Loan,

6.916%,

(1-month

SOFR

+

3%),

3/30/29

............

United

States

30,199

30,425

425,900

a

a

a

a

a

a

f

Chemicals

0.4%

Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.466%,

(1-month

SOFR

+

3.75%),

4/06/29

.....................

United

States

268,605

264,127

Lummus

Technology

Holdings

V

LLC,

First

Lien,

Add-on

CME

Term

Loan,

B,

6.183%,

(12-month

SOFR

+

2.5%),

12/31/29

..

United

States

237,676

238,164

Nouryon

Finance

BV,

First

Lien,

Term

Loan,

B,

5.515%,

(3-month

EURIBOR

+

3.5%),

4/03/28

..........................

Netherlands

200,000

EUR

236,950

739,241

a

a

a

a

a

a

f

Commercial

Services

&

Supplies

0.5%

Clean

Harbors,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.216%,

(1-month

SOFR

+

1.5%),

10/11/32

.....................

United

States

269,620

272,372

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B,

6.466%,

(1-month

SOFR

+

2.75%),

10/23/28

..

United

States

195,816

197,100

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.702%,

(6-month

SOFR

+

2.5%),

6/21/28

......................

United

States

196,410

197,581

URSA

Minor

US

Bidco

LLC,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan,

6.091%,

(1-month

SOFR

+

2.25%),

3/26/31

...................................

United

States

89,102

89,512

756,565

a

a

a

a

a

a

Communications

Equipment

0.1%

f

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.466%,

(1-month

SOFR

+

4.75%),

12/18/29

....................

United

States

185,000

185,588

Consumer

Staples

Distribution

&

Retail

0.1%

f

Boots

Group

Bidco

Ltd.

(The),

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

7.206%,

(3-month

SOFR

+

3.5%),

8/30/32

..

United

Kingdom

93,836

94,462

f

Containers

&

Packaging

0.4%

g

Bradyplus

Holdings

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.19%,

(3-month

SOFR

+

3.5%),

12/13/32

...............

United

States

260,000

257,670

g

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B,

6.966%,

(1-month

SOFR

+

3.25%),

4/01/32

...................................

United

States

196,071

196,141

g,h

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Delayed

Draw

CME

Term

Loan,

B,

7.034%,

(1-month

SOFR

+

3.25%),

4/01/32

...................................

United

States

103

103

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.838%,

(3-month

SOFR

+

3%),

9/30/32

.........

United

States

133,531

134,846

588,760

a

a

a

a

a

a

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Distributors

0.0%

†

f

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

7.672%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

32,924

$

32,967

Electrical

Equipment

0.1%

f

Pinnacle

Buyer

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

6.485%,

(3-month

SOFR

+

2.5%),

10/01/32

..............

United

States

78,903

79,298

f

Entertainment

0.1%

Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3,

6.614%,

(1-month

SOFR

+

2.75%),

3/01/28

..............

France

80,155

80,906

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

6.581%,

(1-month

SOFR

+

2.75%),

3/13/28

.....................

United

States

198,438

192,206

273,112

a

a

a

a

a

a

Financial

Services

0.1%

f

First

Eagle

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.459%,

(1-month

SOFR

+

3.5%),

8/16/32

...............

United

States

239,167

239,151

Food

Products

0.2%

f,g

Froneri

US,

Inc.,

First

Lien,

CME

Term

Loan,

B6,

6.122%,

(6-month

SOFR

+

2.25%),

9/30/32

.....................

United

States

270,000

270,377

f

Ground

Transportation

0.3%

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.422%,

(3-month

SOFR

+

1.75%),

4/10/31

..............

United

States

133,313

133,457

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4,

6.966%,

(1-month

SOFR

+

3.25%),

1/25/29

......

United

States

269,316

267,431

400,888

a

a

a

a

a

a

f

Health

Care

Equipment

&

Supplies

0.3%

Bausch

+

Lomb

Corp.,

First

Lien,

New

CME

Term

Loan,

7.716%,

(1-month

SOFR

+

4%),

9/29/28

.......................

United

States

123,474

123,782

Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan,

7.966%,

(1-month

SOFR

+

4.25%),

1/15/31

.........

United

States

320,032

323,792

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

5.466%,

(1-month

SOFR

+

1.75%),

10/23/28

........

United

States

33,163

33,299

480,873

a

a

a

a

a

a

Health

Care

Providers

&

Services

0.1%

f

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5,

6.216%,

(1-month

SOFR

+

2.5%),

2/21/31

......................

United

States

201,425

202,639

f

Hotels,

Restaurants

&

Leisure

0.7%

Caesars

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

5.966%,

(1-month

SOFR

+

2.25%),

2/06/31

..............

United

States

216,150

214,529

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

6.966%,

(1-month

SOFR

+

3.25%),

1/29/29

..............

United

States

212,827

213,021

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

5.422%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

107,800

107,845

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

8.445%,

(3-month

SOFR

+

4.75%),

11/01/29

.............

Canada

200,000

197,125

IRB

Holding

Corp.,

First

Lien,

2025

Replacement

CME

Term

Loan,

B,

6.216%,

(1-month

SOFR

+

2.5%),

12/16/30

.......

United

States

263,868

264,781

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

6.934%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

201,925

198,645

1,195,946

a

a

a

a

a

a

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Household

Durables

0.1%

f

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.672%,

(3-month

SOFR

+

3%),

1/16/32

.......................

Netherlands

178,616

$

179,828

f

Insurance

0.3%

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.216%,

(1-month

SOFR

+

2.5%),

9/19/31

..........

United

States

196,517

197,183

g

CRC

Insurance

Group

LLC,

First

Lien,

CME

Term

Loan,

B,

6.422%,

(3-month

SOFR

+

2.75%),

5/06/31

..............

United

States

270,000

270,788

467,971

a

a

a

a

a

a

IT

Services

0.1%

f

Ahead

DB

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B3,

6.172%,

(3-month

SOFR

+

2.5%),

2/03/31

......................

United

States

92,994

93,010

f

Machinery

0.4%

Chart

Industries,

Inc.,

First

Lien,

Amendment

No.

7

CME

Term

Loan,

6.476%,

(3-month

SOFR

+

2.5%),

3/15/30

..........

United

States

370,755

372,981

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.343%,

(1-month

SOFR

+

4.5%),

9/28/28

......................

United

States

165,731

165,178

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

B1,

6.947%,

(6-month

SOFR

+

2.75%),

4/30/30

..............

Germany

130,884

131,846

670,005

a

a

a

a

a

a

f

Media

0.3%

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.831%,

(1-month

SOFR

+

4%),

8/23/28

.........................................

United

States

170,000

170,668

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.352%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

400,687

402,575

573,243

a

a

a

a

a

a

f

Oil,

Gas

&

Consumable

Fuels

0.6%

CQP

Holdco

LP,

First

Lien,

Initial

CME

Term

Loan,

5.672%,

(3-month

SOFR

+

2%),

12/31/30

......................

United

States

686,130

689,317

Delek

US

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B,

7.316%,

(1-month

SOFR

+

3.5%),

11/09/29

.....................

United

States

269,306

269,885

959,202

a

a

a

a

a

a

f

Passenger

Airlines

0.3%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan,

7.134%,

(3-month

SOFR

+

3.25%),

5/28/32

.....

United

States

19,900

20,025

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

6.134%,

(3-month

SOFR

+

2.25%),

4/20/28

.....................

United

States

345,356

346,608

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan,

6.922%,

(3-month

SOFR

+

3.25%),

2/14/31

.....................

Canada

167,025

167,990

534,623

a

a

a

a

a

a

f

Pharmaceuticals

0.3%

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.466%,

(1-month

SOFR

+

3.75%),

4/23/31

.....

United

States

173,681

172,552

Southern

Veterinary

Partners

LLC,

First

Lien,

2025

New

CME

Term

Loan,

6.365%,

(3-month

SOFR

+

2.5%),

12/04/31

.....

United

States

269,325

269,302

441,854

a

a

a

a

a

a

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

16

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Semiconductors

&

Semiconductor

Equipment

0.1%

f

Altar

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

6.783%,

(12-month

SOFR

+

3.1%),

2/01/29

.............................

United

States

224,066

$

222,087

f

Software

0.6%

EverCommerce

Solutions,

Inc.,

First

Lien,

CME

Term

Loan,

5.966%,

(1-month

SOFR

+

2.25%),

7/07/31

..............

United

States

269,297

270,392

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1,

6.716%,

(1-month

SOFR

+

3%),

3/01/29

...............................

United

States

217,255

201,208

Ping

Identity

Holding

Corp.,

First

Lien,

Initial

CME

Term

Loan,

6.591%,

(3-month

SOFR

+

2.75%),

11/15/32

.............

United

States

63,981

64,221

Proofpoint,

Inc.,

First

Lien,

CME

Term

Loan,

6.916%,

(1-month

SOFR

+

3%),

8/31/28

...............................

United

States

234,600

236,197

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.338%,

(3-month

SOFR

+

2.5%),

2/10/31

.............................

United

States

207,375

207,832

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.716%,

(1-month

SOFR

+

2%),

10/22/29

................

United

States

91,627

92,314

1,072,164

a

a

a

a

a

a

Specialty

Retail

0.3%

f

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

6.966%,

(1-month

SOFR

+

3.25%),

10/19/29

.............

United

States

464,113

466,529

Textiles,

Apparel

&

Luxury

Goods

0.1%

f

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.354%,

(3-month

SOFR

+

3.5%),

3/02/28

......................

United

States

196,991

184,323

Trading

Companies

&

Distributors

0.0%

†

f

DXP

Enterprises,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.166%,

(1-month

SOFR

+

3.25%),

10/11/30

....................

United

States

64,838

65,486

Water

Utilities

0.0%

†

f

Deep

Blue

Operating

I

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.593%,

(1-month

SOFR

+

2.75%),

10/01/32

.............

United

States

53,699

53,957

Total

Senior

Floating

Rate

Interests

(Cost

$12,441,039)

........................

12,494,663

Foreign

Government

and

Agency

Securities

11.0%

b

Armenia

Government

Bond

,

Senior

Bond

,

Reg

S,

3.6

%

,

2/02/31

Armenia

430,000

392,189

b

Benin

Government

Bond

,

Senior

Bond,

Reg

S,

4.875%,

1/19/32

..................

Benin

157,000

EUR

177,365

Senior

Bond,

Reg

S,

4.95%,

1/22/35

...................

Benin

460,000

EUR

503,649

Brazil

Government

Bond

,

Senior

Bond,

3.875%,

6/12/30

........................

Brazil

1,060,000

1,014,102

Senior

Bond,

6%,

10/20/33

...........................

Brazil

200,000

202,600

b

Bulgaria

Government

Bond

,

Senior

Note

,

Reg

S,

3.625

%

,

9/05/32

Bulgaria

280,000

EUR

339,169

b

Cameroon

Government

Bond

,

Senior

Bond

,

Reg

S,

5.95

%

,

7/07/32

.........................................

Cameroon

220,000

EUR

219,130

Chile

Government

Bond

,

Senior

Bond

,

4.95

%

,

1/05/36

.......

Chile

600,000

606,390

Colombia

Government

Bond

,

Senior

Bond,

8%,

11/14/35

...........................

Colombia

437,000

466,716

Senior

Note,

7.375%,

4/25/30

.........................

Colombia

210,000

222,285

Senior

Note,

4.5%,

11/26/30

..........................

Colombia

190,000

EUR

219,258

b

Costa

Rica

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125

%

,

2/19/31

.........................................

Costa

Rica

620,000

654,875

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

Reg

S,

5.95%,

1/25/27

...................

Dominican

Republic

284,000

287,422

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

b

Dominican

Republic

Government

Bond,

(continued)

Senior

Bond,

Reg

S,

6%,

7/19/28

......................

Dominican

Republic

480,000

$

492,312

b

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5

%

,

8/17/30

.

Mexico

250,000

254,960

Ecopetrol

SA

,

Senior

Bond

,

4.625

%

,

11/02/31

..............

Colombia

240,000

215,298

b

Egypt

Government

Bond

,

Senior

Bond,

Reg

S,

7.6%,

3/01/29

....................

Egypt

420,000

449,441

Senior

Note,

144A,

8.625%,

2/04/30

....................

Egypt

310,000

344,875

b

Gabon

Government

Bond

,

Senior

Bond

,

Reg

S,

6.625

%

,

2/06/31

Gabon

370,000

287,956

b

Ghana

Government

Bond

,

Senior

Bond

,

144A,

5

%

,

7/03/35

....

Ghana

190,000

174,298

b

Guatemala

Government

Bond

,

Senior

Bond,

Reg

S,

6.6%,

6/13/36

....................

Guatemala

700,000

754,250

Senior

Note,

144A,

7.05%,

10/04/32

....................

Guatemala

200,000

220,025

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25

%

,

6/16/29

Hungary

530,000

541,363

b

Indonesia

Government

Bond

,

Senior

Bond

,

144A,

4.35

%

,

1/08/27

Indonesia

410,000

411,627

b

Iraq

Government

Bond

,

Senior

Bond

,

Reg

S,

5.8

%

,

1/15/28

....

Iraq

434,375

433,064

b

Istanbul

Metropolitan

Municipality

,

Senior

Note

,

Reg

S,

10.5

%

,

12/06/28

........................................

Turkiye

300,000

329,765

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

5.875

%

,

10/17/31

........................................

Ivory

Coast

500,000

EUR

592,436

b

Jordan

Government

Bond

,

Senior

Note

,

Reg

S,

7.5

%

,

1/13/29

..

Jordan

200,000

210,607

Mexico

Government

Bond

,

Senior

Bond

,

3.5

%

,

2/12/34

.......

Mexico

500,000

433,500

b

Montenegro

Government

Bond

,

Senior

Note

,

144A,

4.875

%

,

4/01/32

.........................................

Montenegro

320,000

EUR

380,781

b

Nigeria

Government

Bond

,

Senior

Bond

,

144A,

8.631

%

,

1/13/36

Nigeria

200,000

215,043

Panama

Government

Bond

,

Senior

Note

,

7.5

%

,

3/01/31

......

Panama

390,000

433,329

b

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

3.849

%

,

6/28/33

.........................................

Paraguay

740,000

701,541

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

430,000

397,879

b

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45

%

,

5/21/28

...................

Indonesia

200,000

205,138

Petroleos

Mexicanos

,

Senior

Note

,

6.7

%

,

2/16/32

...........

Mexico

210,000

209,570

Philippines

Government

Bond

,

Senior

Bond

,

5.5

%

,

2/04/35

....

Philippines

350,000

371,054

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95

%

,

4/23/30

.

India

400,000

390,193

b

Romania

Government

Bond

,

Senior

Bond,

Reg

S,

5.625%,

2/22/36

..................

Romania

460,000

EUR

535,755

Senior

Note,

144A,

3%,

2/27/27

.......................

Romania

680,000

669,900

b

Serbia

Government

Bond

,

Senior

Bond

,

Reg

S,

6.5

%

,

9/26/33

..

Serbia

370,000

396,773

South

Africa

Government

Bond

,

Senior

Bond,

5.875%,

6/22/30

........................

South

Africa

300,000

311,027

Senior

Bond,

5.875%,

4/20/32

........................

South

Africa

250,000

258,043

b

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875

%

,

3/24/26

.........................................

Azerbaijan

360,000

363,117

Turkiye

Government

Bond

,

Senior

Note

,

9.125

%

,

7/13/30

.....

Turkiye

570,000

653,075

b

Uzbekistan

Government

Bond

,

Senior

Note

,

Reg

S,

6.9

%

,

2/28/32

.........................................

Uzbekistan

330,000

355,847

Total

Foreign

Government

and

Agency

Securities

(Cost

$17,373,000)

............

18,298,992

U.S.

Government

and

Agency

Securities

0.1%

i

United

States

Treasury

Notes

,

0.625

%,

11/30/27

............

United

States

151,000

143,108

Total

U.S.

Government

and

Agency

Securities

(Cost

$143,108)

..................

143,108

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

18

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Asset-Backed

Securities

2.1%

Financial

Services

2.1%

b,f

Black

Diamond

CLO

Ltd.

,

2024-1A

,

D1

,

144A,

FRN

,

8.308

%

,

(

3-month

SOFR

+

4.45

%

),

10/25/37

.

...................

Jersey

410,000

$

413,156

f

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2007-AMC3

,

A2D

,

FRN

,

4.196

%

,

(

1-month

SOFR

+

0.464

%

),

3/25/37

.

.............

United

States

611,264

542,153

b

DataBank

Issuer

II

LLC

,

2025-1A

,

A2

,

144A,

5.18

%

,

9/27/55

.

...

United

States

333,000

328,655

b

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265

%

,

7/25/55

.

.........

United

States

130,943

131,457

f

GSAA

Home

Equity

Trust

,

2006-8

,

2A2

,

FRN

,

4.206

%

,

(

1-month

SOFR

+

0.474

%

),

5/25/36

.

...........................

United

States

475,455

98,534

f

Lehman

XS

Trust

,

2006-17

,

1A4A

,

FRN

,

4.186

%

,

(

1-month

SOFR

+

0.454

%

),

8/25/46

.

................................

United

States

1,137,424

1,075,484

b

New

Economy

Assets

-

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

..................................

United

States

251,000

210,278

b,f

Northwoods

Capital

22

Ltd.

,

2020-22A

,

DRR

,

144A,

FRN

,

8.656

%

,

(

3-month

SOFR

+

4.95

%

),

9/16/31

.

..............

United

States

400,000

406,902

b

PK

Alift

Loan

Funding

7

LP

,

2025-2

,

A

,

144A,

4.75

%

,

3/15/43

.

..

United

States

244,196

245,048

3,451,667

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$3,487,848)

..............................

3,451,667

Commercial

Mortgage-Backed

Securities

7.9%

Financial

Services

7.9%

j,k

BANK

,

2020-BN30,

XA,

IO,

FRN,

1.249%,

12/15/53

.............

United

States

2,949,037

139,008

2024-BNK48,

XA,

IO,

FRN,

1.144%,

10/15/57

............

United

States

4,502,351

359,880

j,k

BANK5

Trust

,

2024-5YR10,

XA,

IO,

FRN,

1.188%,

10/15/57

.............

United

States

6,903,113

268,884

2024-5YR12,

XA,

IO,

FRN,

0.497%,

12/15/57

.............

United

States

5,933,264

106,339

2024-5YR7,

XA,

IO,

FRN,

1.334%,

6/15/57

..............

United

States

5,186,196

208,612

j,k

BBCMS

Mortgage

Trust

,

2022-C14,

XA,

IO,

FRN,

0.686%,

2/15/55

................

United

States

4,786,872

150,012

2024-5C29,

XA,

IO,

FRN,

1.599%,

9/15/57

...............

United

States

7,474,790

384,802

2024-C26,

XA,

IO,

FRN,

1.013%,

5/15/57

................

United

States

2,630,352

183,812

2025-C32,

XA,

IO,

FRN,

1.128%,

2/15/62

................

United

States

2,124,184

174,613

j,k

Benchmark

Mortgage

Trust

,

2024-V10,

XA,

IO,

FRN,

1.305%,

9/15/57

................

United

States

6,543,443

275,945

2024-V11,

XA,

IO,

FRN,

0.56%,

11/15/57

................

United

States

9,894,837

197,918

j,k

BMO

Mortgage

Trust

,

2024-5C6

,

XA

,

IO,

FRN

,

1.353

%

,

9/15/57

United

States

5,706,330

240,421

b,k

BWAY

Mortgage

Trust

,

2022-26BW

,

E

,

144A,

FRN

,

4.866

%

,

2/10/44

.........................................

United

States

350,000

194,744

k

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947

%

,

5/10/50

.....

United

States

439,000

420,371

CFCRE

Commercial

Mortgage

Trust

,

b,k

2011-C2,

E,

144A,

FRN,

5.08%,

12/15/47

................

United

States

193,000

183,543

2016-C7,

A3,

3.839%,

12/10/54

.......................

United

States

405,000

402,465

Citigroup

Commercial

Mortgage

Trust

,

b,k

2015-GC27,

D,

144A,

FRN,

4.376%,

2/10/48

.............

United

States

222,856

216,824

k

2015-GC33,

C,

FRN,

4.335%,

9/10/58

..................

United

States

223,000

195,193

2015-GC33,

D,

3.172%,

9/10/58

.......................

United

States

102,000

63,111

COMM

Mortgage

Trust

,

b

2012-LC4,

E,

144A,

4.25%,

12/10/44

...................

United

States

392,000

46,305

2013-CR12,

AM,

4.3%,

10/10/46

......................

United

States

157,998

150,116

b,k

2013-CR7,

D,

144A,

FRN,

4.245%,

3/10/46

..............

United

States

109,789

104,982

k

2014-CR16,

C,

FRN,

4.777%,

4/10/47

..................

United

States

441,000

420,604

b,k

2014-CR17,

D,

144A,

FRN,

4.845%,

5/10/47

.............

United

States

290,000

243,170

k

2014-CR20,

C,

FRN,

4.665%,

11/10/47

.................

United

States

278,095

269,308

k

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

.................

United

States

153,554

151,319

k

2015-CR22,

B,

FRN,

3.926%,

3/10/48

..................

United

States

172,483

166,014

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

COMM

Mortgage

Trust,

(continued)

k

2015-CR27,

C,

FRN,

4.543%,

10/10/48

.................

United

States

23,838

$

22,852

2015-DC1,

AM,

3.724%,

2/10/48

......................

United

States

177,645

174,968

k

2015-DC1,

B,

FRN,

4.035%,

2/10/48

...................

United

States

447,000

428,762

k

GS

Mortgage

Securities

Trust

,

b

2013-GC13,

AS,

144A,

FRN,

3.859%,

7/10/46

............

United

States

122,573

121,094

2014-GC24,

B,

FRN,

4.43%,

9/10/47

...................

United

States

469,000

452,723

b

2014-GC24,

D,

144A,

FRN,

4.451%,

9/10/47

.............

United

States

221,000

140,333

j

2019-GC42,

XA,

IO,

FRN,

0.804%,

9/10/52

..............

United

States

6,065,013

148,700

k

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

b

2007-CB20,

E,

144A,

FRN,

8.525%,

2/12/51

.............

United

States

7,578

10,725

b

2012-C6,

E,

144A,

FRN,

4.964%,

5/15/45

...............

United

States

163,000

160,589

2013-LC11,

D,

FRN,

4.19%,

4/15/46

...................

United

States

194,000

12,224

b,d

2013-LC11,

E,

144A,

FRN,

3.25%,

4/15/46

...............

United

States

647,000

20,387

JPMBB

Commercial

Mortgage

Securities

Trust

,

b,k

2013-C14,

D,

144A,

FRN,

4.037%,

8/15/46

..............

United

States

228,000

178,513

b,k

2013-C14,

F,

144A,

FRN,

3.598%,

8/15/46

...............

United

States

1,500,000

127,858

b,k

2014-C18,

D,

144A,

FRN,

4.505%,

2/15/47

..............

United

States

232,000

211,089

k

2014-C23,

B,

FRN,

4.536%,

9/15/47

...................

United

States

174,000

169,293

k

2014-C23,

C,

FRN,

4.536%,

9/15/47

...................

United

States

201,000

193,740

b,k

2014-C23,

D,

144A,

FRN,

4.036%,

9/15/47

..............

United

States

100,000

92,722

2016-C1,

A5,

3.576%,

3/17/49

........................

United

States

39,761

39,689

k

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8

,

C

,

FRN

,

4.755

%

,

6/15/51

...................................

United

States

190,000

173,333

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549

%

,

3/10/50

.........................................

United

States

400,000

394,936

k

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2013-C10,

B,

FRN,

3.952%,

7/15/46

...................

United

States

298,595

285,182

b

2013-C10,

D,

144A,

FRN,

3.952%,

7/15/46

..............

United

States

350,000

294,692

b

2013-C10,

F,

144A,

FRN,

3.952%,

7/15/46

...............

United

States

975,000

119,369

b

2013-C12,

D,

144A,

FRN,

4.699%,

10/15/46

.............

United

States

189,000

176,724

b

2013-C9,

D,

144A,

FRN,

3.795%,

5/15/46

...............

United

States

196,000

181,391

2015-C22,

C,

FRN,

3.972%,

4/15/48

...................

United

States

575,000

509,510

2015-C25,

C,

FRN,

4.374%,

10/15/48

..................

United

States

106,881

106,626

k

Morgan

Stanley

Capital

I

Trust

,

2016-UB11,

C,

FRN,

3.691%,

8/15/49

..................

United

States

286,000

281,125

2018-H3,

C,

FRN,

4.848%,

7/15/51

....................

United

States

199,000

185,976

SG

Commercial

Mortgage

Securities

Trust

,

2016-C5

,

A4

,

3.055

%

,

10/10/48

........................................

United

States

458,000

453,569

b,d

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

8

%

,

12/28/38

..

United

States

558,952

54

k

UBS

Commercial

Mortgage

Trust

,

2017-C3

,

C

,

FRN

,

4.355

%

,

8/15/50

.........................................

United

States

247,000

232,184

Wells

Fargo

Commercial

Mortgage

Trust

,

b,k

2013-LC12,

D,

144A,

FRN,

3.785%,

7/15/46

.............

United

States

188,000

128,310

b

2014-LC16,

D,

144A,

3.938%,

8/15/50

..................

United

States

247,073

29,899

2015-C31,

D,

3.852%,

11/15/48

.......................

United

States

121,000

107,206

k

2016-NXS5,

D,

FRN,

4.908%,

1/15/59

..................

United

States

216,000

166,964

j,k

2019-C52,

XA,

IO,

FRN,

1.566%,

8/15/52

................

United

States

3,172,916

139,621

j,k

2024-5C1,

XA,

IO,

FRN,

1.026%,

7/15/57

................

United

States

6,089,322

194,019

k

WFRBS

Commercial

Mortgage

Trust

,

b

2013-C15,

D,

144A,

FRN,

4.145%,

8/15/46

..............

United

States

235,831

135,605

2014-C21,

C,

FRN,

4.234%,

8/15/47

...................

United

States

177,000

167,088

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

20

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

k

WFRBS

Commercial

Mortgage

Trust,

(continued)

2014-C23,

B,

FRN,

4.279%,

10/15/57

...................

United

States

125,000

$

121,227

13,209,186

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$15,644,684)

..............

13,209,186

Mortgage-Backed

Securities

27.9%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

22.3%

FNMA,

30

Year,

5%,

1/01/49

-

8/01/49

....................

United

States

44,771

45,396

l

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

1/25/56

.....

United

States

2,000,000

1,691,094

l

Uniform

Mortgage-Backed

Securities,

3%,

TBA,

1/25/56

......

United

States

1,000,000

884,649

l

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

1/25/56

.....

United

States

1,000,000

924,648

l

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

1/25/56

......

United

States

1,000,000

997,422

l

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

1/25/56

.....

United

States

29,000,000

29,410,026

l

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

1/25/56

......

United

States

3,000,000

3,080,651

37,033,886

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

5.6%

GNMA

II,

Single-family,

30

Year,

3.5%,

10/20/49

-

3/20/50

.....

United

States

205,052

184,843

GNMA

II,

Single-family,

30

Year,

5%,

5/20/49

...............

United

States

37,488

37,821

l

GNMA

II,

Single-family,

30

Year,

5%,

1/15/56

...............

United

States

4,000,000

3,991,483

GNMA

II,

Single-family,

30

Year,

5.5%,

5/20/49

.............

United

States

14,520

14,822

l

GNMA

II,

Single-family,

30

Year,

5.5%,

1/15/56

.............

United

States

5,000,000

5,049,263

9,278,232

Total

Mortgage-Backed

Securities

(Cost

$46,160,815)

..........................

46,312,118

Residential

Mortgage-Backed

Securities

8.6%

Financial

Services

8.6%

b

A&D

Mortgage

Trust

,

2024-NQM1

,

A1

,

144A,

6.195

%

,

2/25/69

.

United

States

503,831

507,896

Alternative

Loan

Trust

,

f

2005-38,

A1,

FRN,

5.529%,

(

12-month

average

of

1-year

CMT

+

1.5%),

9/25/35

..................................

United

States

156,170

144,139

f

2005-38,

A3,

FRN,

4.546%,

(1-month

SOFR

+

0.814%),

9/25/35

United

States

192,170

175,373

f

2005-59,

1A1,

FRN,

4.508%,

(1-month

SOFR

+

0.774%),

11/20/35

........................................

United

States

211,264

207,309

f

2006-OA10,

1A1,

FRN,

4.989%,

(12-month

average

of

1-year

CMT

+

0.96%),

8/25/46

.............................

United

States

64,858

60,022

f

2006-OA10,

3A1,

FRN,

4.226%,

(1-month

SOFR

+

0.494%),

8/25/46

.........................................

United

States

181,656

171,285

f

2006-OA10,

4A1,

FRN,

4.226%,

(1-month

SOFR

+

0.494%),

8/25/46

.........................................

United

States

1,302,622

1,161,714

k

2006-OA7,

1A1,

FRN,

3.116%,

6/25/46

.................

United

States

196,489

182,772

f

2006-OA7,

1A2,

FRN,

4.969%,

(

12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

.............................

United

States

150,624

150,990

f

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

4.036

%

,

(

1-month

SOFR

+

0.304

%

),

5/25/47

.............

United

States

334,074

203,666

f

Bear

Stearns

ALT-A

Trust

,

2005-10

,

11A1

,

FRN

,

4.346

%

,

(

1-month

SOFR

+

0.614

%

),

1/25/36

....................

United

States

34,011

32,640

b,f

Chevy

Chase

Funding

LLC

,

2006-4A

,

A2

,

144A,

FRN

,

4.026

%

,

(

1-month

SOFR

+

0.294

%

),

11/25/47

...................

United

States

138,009

125,868

b,k

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

2017-3,

M2,

144A,

FRN,

4.75%,

7/25/56

................

United

States

341,824

337,634

2019-2,

M,

144A,

FRN,

4.75%,

8/25/58

.................

United

States

181,665

177,521

2019-4,

M,

144A,

FRN,

4.5%,

2/25/59

..................

United

States

621,525

598,543

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

f

FHLMC

STACR

Debt

Notes

,

2016-DNA1

,

B

,

FRN

,

13.989

%

,

(

30-

day

SOFR

Average

+

10.114

%

),

7/25/28

................

United

States

1,270,547

$

1,277,652

b,f

FHLMC

STACR

REMIC

Trust

,

2020-DNA4,

B2,

144A,

FRN,

13.989%,

(

30-day

SOFR

Average

+

10.114%),

8/25/50

................................

United

States

609,000

812,889

2020-DNA5,

B2,

144A,

FRN,

15.374%,

(30-day

SOFR

Average

+

11.5%),

10/25/50

.................................

United

States

176,000

244,086

2020-HQA3,

B2,

144A,

FRN,

13.989%,

(

30-day

SOFR

Average

+

10.114%),

7/25/50

................................

United

States

430,000

568,827

2021-DNA3,

B2,

144A,

FRN,

10.124%,

(30-day

SOFR

Average

+

6.25%),

10/25/33

................................

United

States

225,000

281,394

b,f

FHLMC

STACR

Trust

,

2018-DNA3,

B2,

144A,

FRN,

11.739%,

(

30-day

SOFR

Average

+

7.864%),

9/25/48

................................

United

States

174,000

199,402

2018-HQA2,

B2,

144A,

FRN,

14.989%,

(30-day

SOFR

Average

+

11.114%),

10/25/48

...............................

United

States

649,000

806,201

2019-DNA1,

B2,

144A,

FRN,

14.739%,

(

30-day

SOFR

Average

+

10.864%),

1/25/49

................................

United

States

141,000

173,748

2019-HQA1,

B2,

144A,

FRN,

16.239%,

(30-day

SOFR

Average

+

12.364%),

2/25/49

................................

United

States

85,000

103,546

2019-HQA2,

B2,

144A,

FRN,

15.239%,

(

30-day

SOFR

Average

+

11.364%),

4/25/49

................................

United

States

106,000

125,876

k

First

Horizon

Alternative

Mortgage

Securities

Trust

,

2006-AA6

,

2A1

,

FRN

,

5.118

%

,

11/25/36

.........................

United

States

392,348

267,095

f

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C01,

1B,

FRN,

15.739%,

(30-day

SOFR

Average

+

11.864%),

8/25/28

.................................

United

States

362,368

367,785

2016-C02,

1B,

FRN,

16.239%,

(30-day

SOFR

Average

+

12.364%),

9/25/28

.................................

United

States

1,105,732

1,132,081

2016-C03,

1B,

FRN,

15.739%,

(30-day

SOFR

Average

+

11.864%),

10/25/28

................................

United

States

561,670

579,025

2016-C03,

2B,

FRN,

16.739%,

(30-day

SOFR

Average

+

12.864%),

10/25/28

................................

United

States

89,098

92,101

2016-C05,

2B,

FRN,

14.739%,

(

30-day

SOFR

Average

+

10.864%),

1/25/29

.................................

United

States

117,940

123,483

2016-C06,

1B,

FRN,

13.239%,

(30-day

SOFR

Average

+

9.364%),

4/25/29

..................................

United

States

19,689

20,824

b

2020-SBT1,

1M2,

144A,

FRN,

7.639%,

(30-day

SOFR

Average

+

3.764%),

2/25/40

................................

United

States

504,000

519,660

b

2022-R02,

2B1,

144A,

FRN,

8.374%,

(30-day

SOFR

Average

+

4.5%),

1/25/42

....................................

United

States

180,000

186,108

b

2022-R02,

2M2,

144A,

FRN,

6.874%,

(30-day

SOFR

Average

+

3%),

1/25/42

.....................................

United

States

400,000

407,353

f

GSR

Mortgage

Loan

Trust

,

2007-OA1

,

2A3A

,

FRN

,

4.156

%

,

(

1-month

SOFR

+

0.424

%

),

5/25/37

....................

United

States

171,384

95,509

f

HarborView

Mortgage

Loan

Trust

,

2005-2

,

1A

,

FRN

,

4.366

%

,

(

1-month

SOFR

+

0.634

%

),

5/19/35

....................

United

States

239,079

64,956

b,f

Home

RE

Ltd.

,

2021-2

,

B1

,

144A,

FRN

,

8.024

%

,

(

30-day

SOFR

Average

+

4.15

%

),

1/25/34

...........................

United

States

150,000

152,485

b,f

J.P.

Morgan

Mortgage

Trust

,

2024-9

,

A11

,

144A,

FRN

,

5.224

%

,

(

30-day

SOFR

Average

+

1.35

%

),

2/25/55

...............

United

States

90,602

90,836

b

MFA

Trust

,

2025-NQM3

,

A1

,

144A,

5.261

%

,

8/25/70

.........

United

States

96,541

96,854

b,f

Morgan

Stanley

Re-REMIC

Trust

,

2010-R4

,

4B

,

144A,

FRN

,

3.161

%

,

(

1-month

SOFR

+

0.344

%

),

2/26/37

.............

United

States

144,572

140,146

f

MortgageIT

Trust

,

2005-3

,

M2

,

FRN

,

4.641

%

,

(

1-month

SOFR

+

0.909

%

),

8/25/35

..................................

United

States

19,702

19,302

f

RALI

Trust

,

2006-QO5

,

1A1

,

FRN

,

4.276

%

,

(

1-month

SOFR

+

0.544

%

),

5/25/46

..................................

United

States

180,328

163,782

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

22

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

b

Saluda

Grade

Alternative

Mortgage

Trust

,

2024-RTL4

,

A1

,

144A,

7.5

%

,

2/25/30

....................................

United

States

555,000

$

556,191

f

Structured

Asset

Mortgage

Investments

II

Trust

,

2006-AR7

,

A1BG

,

FRN

,

3.966

%

,

(

1-month

SOFR

+

0.234

%

),

8/25/36

...

United

States

116,445

104,702

b,k

Towd

Point

Mortgage

Trust

,

2019-2

,

A2

,

144A,

FRN

,

3.75

%

,

12/25/58

........................................

United

States

216,000

198,707

f

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR13

,

A1C3

,

FRN

,

4.826

%

,

(

1-month

SOFR

+

1.094

%

),

10/25/45

..

United

States

58,658

56,836

14,266,814

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$13,347,807)

...............

14,266,814

Agency

Commercial

Mortgage-Backed

Securities

12.8%

Financial

Services

12.8%

j

FHLMC

,

304,

C37,

IO,

3.5%

,

12/15/27

.........................

United

States

9,274

146

4000,

PI,

IO,

4.5%,

1/15/42

..........................

United

States

102,345

13,399

4077,

IK,

IO,

5%,

7/15/42

............................

United

States

351,168

74,142

4105,

HI,

IO,

3.5%,

7/15/41

..........................

United

States

107,756

5,173

f

4839,

WS,

IO,

FRN,

2.002%,

(

30-day

SOFR

Average

+

5.986%),

8/15/56

..................................

United

States

1,938,190

273,765

f

4945,

SL,

IO,

FRN,

2.061%,

(30-day

SOFR

Average

+

5.936%),

1/25/50

.........................................

United

States

1,898,891

229,230

4984,

IL,

IO,

4.5%,

6/25/50

...........................

United

States

1,904,994

398,941

f

5002,

SJ,

IO,

FRN,

2.111%,

(30-day

SOFR

Average

+

5.986%),

7/25/50

.........................................

United

States

2,719,816

323,838

f

5011,

SA,

IO,

FRN,

2.261%,

(30-day

SOFR

Average

+

6.136%),

9/25/50

.........................................

United

States

3,080,185

391,561

5024,

HI,

IO,

4.5%,

10/25/50

.........................

United

States

3,458,021

821,854

5093,

YI,

IO,

4.5%,

12/25/50

.........................

United

States

1,442,422

343,195

5134,

IC,

IO,

4%,

8/25/51

............................

United

States

2,808,277

559,307

5349,

IB,

IO,

4%,

12/15/46

...........................

United

States

1,727,524

377,679

b,f

FHLMC

Multi-family

Structured

Credit

Risk

Trust

,

2021-MN1,

M2,

144A,

FRN,

7.624%,

(30-day

SOFR

Average

+

3.75%),

1/25/51

...................................

United

States

235,000

243,105

2021-MN3,

M2,

144A,

FRN,

7.874%,

(30-day

SOFR

Average

+

4%),

11/25/51

....................................

United

States

797,000

827,897

j

FNMA

,

f

2010-35,

SG,

IO,

FRN,

2.411%,

(30-day

SOFR

Average

+

6.286%),

4/25/40

..................................

United

States

198,696

22,415

f

2011-101,

SA,

IO,

FRN,

1.911%,

(30-day

SOFR

Average

+

5.786%),

10/25/41

.................................

United

States

486,849

47,348

2012-127,

BI,

IO,

4.5%,

11/25/42

......................

United

States

99,328

20,413

2015-30,

IO,

5.5%,

5/25/45

..........................

United

States

730,647

97,265

2016-3,

NI,

IO,

6%,

2/25/46

..........................

United

States

606,787

86,602

f

2017-32,

SA,

IO,

FRN,

2.161%,

(

30-day

SOFR

Average

+

6.036%),

5/25/47

..................................

United

States

2,404,211

270,208

f

2018-20,

SB,

IO,

FRN,

2.261%,

(30-day

SOFR

Average

+

6.136%),

3/25/48

..................................

United

States

1,106,900

107,900

f

2018-38,

SA,

IO,

FRN,

2.211%,

(30-day

SOFR

Average

+

6.086%),

6/25/48

..................................

United

States

1,990,077

239,186

f

2019-43,

JS,

IO,

FRN,

2.061%,

(30-day

SOFR

Average

+

5.936%),

8/25/49

..................................

United

States

1,052,439

114,927

f

2019-61,

S,

IO,

FRN,

2.011%,

(30-day

SOFR

Average

+

5.886%),

11/25/49

.................................

United

States

2,283,174

313,397

2020-76,

BI,

IO,

4.5%,

11/25/50

.......................

United

States

2,747,647

630,746

2021-14,

CI,

IO,

4.5%,

11/25/49

.......................

United

States

3,467,926

778,371

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

23

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

j

FNMA,

(continued)

374,

6,

IO,

5.5%,

8/25/36

............................

United

States

25,489

$

4,106

378,

19,

IO,

5%,

Strip,

6/25/35

........................

United

States

63,995

8,667

427,

C93,

IO,

4.5%,

8/25/42

..........................

United

States

2,534,661

441,612

b,f

FNMA

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01,

M10,

144A,

FRN,

7.239%,

(30-day

SOFR

Average

+

3.364%),

10/25/49

.................................

United

States

440,446

448,326

2020-01,

M10,

144A,

FRN,

7.739%,

(30-day

SOFR

Average

+

3.864%),

3/25/50

..................................

United

States

598,592

611,836

j

GNMA

,

2012-113,

ID,

IO,

3.5%,

9/20/42

.......................

United

States

317,417

46,680

2012-128,

IA,

IO,

3.5%,

10/20/42

......................

United

States

687,130

111,379

2012-140,

IC,

IO,

3.5%,

11/20/42

......................

United

States

686,031

111,689

2012-146,

IO,

5%,

12/20/42

..........................

United

States

175,365

37,408

2013-34,

IH,

IO,

4.5%,

3/20/43

........................

United

States

361,144

68,471

k

2013-H08,

CI,

IO,

FRN,

1.543%,

2/20/63

................

United

States

458,747

15,828

f

2014-119,

SA,

IO,

FRN,

1.752%,

(1-month

SOFR

+

5.486%),

8/20/44

.........................................

United

States

585,690

59,383

f

2014-60,

SD,

IO,

FRN,

2.332%,

(1-month

SOFR

+

6.066%),

4/20/44

.........................................

United

States

1,329,612

167,039

2014-76,

IO,

5%,

5/20/44

............................

United

States

268,481

55,698

k

2014-H21,

BI,

IO,

FRN,

1.593%,

10/20/64

...............

United

States

1,140,437

25,821

2015-52,

KI,

IO,

3.5%,

11/20/40

.......................

United

States

245,793

8,463

2015-53,

MI,

IO,

4%,

4/16/45

.........................

United

States

623,568

123,745

2015-64,

YI,

IO,

4%,

11/20/44

........................

United

States

450,608

65,552

2015-79,

GI,

IO,

5%,

10/20/39

........................

United

States

143,206

29,348

k

2015-H10,

BI,

IO,

FRN,

2.315%,

4/20/65

................

United

States

641,052

30,472

k

2015-H20,

AI,

IO,

FRN,

1.905%,

8/20/65

................

United

States

665,059

22,285

k

2015-H20,

CI,

IO,

FRN,

2.113%,

8/20/65

................

United

States

841,065

43,979

k

2015-H23,

BI,

IO,

FRN,

1.813%,

9/20/65

................

United

States

650,828

16,681

k

2015-H25,

EI,

IO,

FRN,

1.931%,

10/20/65

...............

United

States

349,899

13,778

2016-42,

IO,

5%,

2/20/46

............................

United

States

635,876

125,015

k

2016-H03,

AI,

IO,

FRN,

2.163%,

1/20/66

................

United

States

685,075

29,893

k

2016-H03,

DI,

IO,

FRN,

2.003%,

12/20/65

...............

United

States

510,110

16,156

k

2016-H06,

DI,

IO,

FRN,

1.775%,

7/20/65

................

United

States

743,153

30,366

k

2016-H09,

BI,

IO,

FRN,

2.234%,

4/20/66

................

United

States

868,433

36,868

k

2016-H10,

AI,

IO,

FRN,

1.835%,

4/20/66

................

United

States

1,670,453

50,324

k

2016-H18,

QI,

IO,

FRN,

2.691%,

6/20/66

................

United

States

588,021

31,367

k

2016-H22,

AI,

IO,

FRN,

2.305%,

10/20/66

...............

United

States

653,214

34,821

k

2016-H23,

NI,

IO,

FRN,

2.306%,

10/20/66

...............

United

States

1,941,174

95,861

k

2016-H24,

CI,

IO,

FRN,

1.707%,

10/20/66

...............

United

States

463,677

11,673

2017-26,

MI,

IO,

5%,

11/20/39

........................

United

States

841,961

160,323

2017-42,

IC,

IO,

4.5%,

8/20/41

........................

United

States

322,672

60,121

k

2017-H02,

BI,

IO,

FRN,

2.226%,

1/20/67

................

United

States

580,381

23,982

k

2017-H06,

BI,

IO,

FRN,

2.341%,

2/20/67

................

United

States

891,188

30,516

k

2017-H08,

NI,

IO,

FRN,

2.192%,

3/20/67

................

United

States

1,328,010

41,893

k

2017-H09,

IO,

FRN,

1.887%,

4/20/67

...................

United

States

1,568,598

45,991

k

2017-H11,

DI,

IO,

FRN,

2.079%,

5/20/67

................

United

States

934,964

47,790

k

2017-H12,

QI,

IO,

FRN,

2.377%,

5/20/67

................

United

States

898,750

34,001

k

2017-H16,

IG,

IO,

FRN,

1.845%,

7/20/67

................

United

States

2,129,343

56,479

k

2017-H16,

JI,

IO,

FRN,

2.417%,

8/20/67

.................

United

States

2,894,169

119,515

k

2017-H19,

MI,

IO,

FRN,

2.063%,

4/20/67

................

United

States

531,648

19,774

2018-127,

IC,

IO,

5%,

10/20/44

.......................

United

States

1,148,853

227,619

2018-94,

AI,

IO,

4.5%,

7/20/48

........................

United

States

746,735

154,347

k

2018-H02,

EI,

IO,

FRN,

2.3%,

1/20/68

..................

United

States

2,295,836

99,669

k

2018-H05,

BI,

IO,

FRN,

2.27%,

2/20/68

.................

United

States

1,526,295

65,409

k

2018-H15,

KI,

IO,

FRN,

2.202%,

8/20/68

................

United

States

1,118,311

40,002

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

j

GNMA,

(continued)

f

2019-110,

SQ,

IO,

FRN,

2.202%,

(1-month

SOFR

+

5.936%),

9/20/49

.........................................

United

States

1,596,379

$

181,598

f

2019-152,

ES,

IO,

FRN,

2.202%,

(1-month

SOFR

+

5.936%),

12/20/49

........................................

United

States

994,284

115,898

f

2019-83,

SY,

IO,

FRN,

2.252%,

(1-month

SOFR

+

5.986%),

7/20/49

.........................................

United

States

1,475,741

177,323

f

2019-89,

PS,

IO,

FRN,

2.252%,

(1-month

SOFR

+

5.986%),

7/20/49

.........................................

United

States

1,836,319

232,739

f

2019-96,

SY,

IO,

FRN,

2.252%,

(1-month

SOFR

+

5.986%),

8/20/49

.........................................

United

States

1,646,014

202,272

2020-13,

AI,

IO,

4%,

3/20/46

.........................

United

States

3,511,201

463,440

2020-167,

PI,

IO,

3.5%,

11/20/50

......................

United

States

2,102,221

438,252

2020-175,

NI,

IO,

3%,

11/20/50

.......................

United

States

2,195,869

355,688

f

2020-63,

AS,

IO,

FRN,

2.152%,

(1-month

SOFR

+

5.886%),

8/20/43

.........................................

United

States

1,706,394

201,123

f

2020-63,

PS,

IO,

FRN,

2.252%,

(1-month

SOFR

+

5.986%),

4/20/50

.........................................

United

States

2,144,557

274,073

f

2020-63,

SP,

IO,

FRN,

2.252%,

(1-month

SOFR

+

5.986%),

5/20/50

.........................................

United

States

1,677,351

208,037

f

2020-96,

KS,

IO,

FRN,

2.302%,

(1-month

SOFR

+

6.036%),

7/20/50

.........................................

United

States

5,100,685

661,008

f

2020-97,

QS,

IO,

FRN,

2.302%,

(1-month

SOFR

+

6.036%),

7/20/50

.........................................

United

States

1,590,677

218,173

f

2021-116,

ES,

IO,

FRN,

2.351%,

(1-month

SOFR

+

6.086%),

11/20/47

........................................

United

States

2,524,440

289,710

2021-122,

GI,

IO,

4.5%,

11/20/47

......................

United

States

2,720,967

622,674

2021-156,

IO,

3.5%,

7/20/51

.........................

United

States

3,347,713

635,468

2021-214,

AI,

IO,

4%,

12/20/51

.......................

United

States

2,453,188

493,743

2021-59,

IP,

IO,

3%,

4/20/51

.........................

United

States

2,778,957

474,186

f

2021-59,

SM,

IO,

FRN,

2.452%,

(1-month

SOFR

+

6.186%),

4/20/51

.........................................

United

States

5,012,492

667,380

f

2021-59,

SQ,

IO,

FRN,

2.452%,

(1-month

SOFR

+

6.186%),

4/20/51

.........................................

United

States

1,648,667

215,675

f

2021-77,

SM,

IO,

FRN,

2.452%,

(1-month

SOFR

+

6.186%),

5/20/51

.........................................

United

States

2,476,449

335,789

f

2021-98,

SK,

IO,

FRN,

2.452%,

(1-month

SOFR

+

6.186%),

6/20/51

.........................................

United

States

4,127,183

562,812

f

2023-35,

SH,

IO,

FRN,

2.532%,

(30-day

SOFR

Average

+

6.45%),

2/20/53

...................................

United

States

4,923,601

420,348

2024-186,

IO,

3%,

9/20/51

...........................

United

States

3,351,312

507,965

k

2024-32,

IO,

FRN,

0.7%,

6/16/63

......................

United

States

4,806,326

246,467

2024-4,

IG,

IO,

5%,

12/20/52

.........................

United

States

1,385,352

267,809

21,339,681

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$21,004,680)

.......

21,339,681

Total

Long

Term

Investments

(Cost

$185,062,269)

.............................

186,521,255

a

Short

Term

Investments

12.9%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Certificates

of

Deposit

1.5%

Bank

of

America

NA,

4.25%,

3/02/26

.....................

United

States

750,000

750,480

Canadian

Imperial

Bank

of

Commerce,

4.01%,

2/09/26

.......

Canada

800,000

800,212

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

25

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Certificates

of

Deposit

(continued)

Toronto-Dominion

Bank

(The),

4.03%,

4/02/26

..............

Canada

850,000

$

850,196

Total

Certificates

of

Deposit

(Cost

$2,400,000)

................................

2,400,888

a

a

a

Commercial

Papers

4.3%

c

Banco

Santander

SA

,

3.76%

,

2/09/26

....................

Spain

550,000

547,710

b,c

BPCE

SA

,

144A,

3.76%

,

2/26/26

........................

France

750,000

745,567

b

Commonwealth

Bank

of

Australia

,

144A,

4.09

%

,

4/09/26

......

Australia

750,000

750,041

c

Credit

Agricole

Corporate

and

Investment

Bank

SA

,

3.7%,

2/05/26

......................................

France

750,000

747,234

3.72%,

3/09/26

.....................................

France

850,000

844,076

1,591,310

c

NRW

Bank

,

b

144A,

3.77%,

2/09/26

................................

Germany

850,000

846,452

3

.58%,

1/06/26

.....................................

Germany

750,000

749,553

1,596,005

b,c

Royal

Bank

of

Canada

,

144A,

0

%,

3/23/26

................

Canada

850,000

850,187

b,c

Sumitomo

Mitsui

Trust

NY

,

144A,

3.76%

,

3/10/26

............

Japan

1,000,000

992,852

Total

Commercial

Papers

(Cost

$7,072,880)

...................................

7,073,672

a

a

a

U.S.

Government

and

Agency

Securities

0.2%

c,m

U.S.

Treasury

Bills,

3.18%,

1/20/26

......................

United

States

359,000

358,366

Total

U.S.

Government

and

Agency

Securities

(Cost

$358,279)

..................

358,366

Shares

Management

Investment

Companies

5.0%

a,n

Putnam

Short

Term

Investment

Fund,

Class

P,

3.967%

.......

United

States

8,332,402

8,332,402

Total

Management

Investment

Companies

(Cost

$8,332,402)

...................

8,332,402

Money

Market

Funds

1.9%

a,n

Putnam

Government

Money

Market

Fund,

Class

P,

3.576%

....

United

States

3,215,829

3,215,829

Total

Money

Market

Funds

(Cost

$3,215,829)

.................................

3,215,829

Total

Short

Term

Investments

(Cost

$21,379,390

)

..............................

21,381,157

a

Total

Investments

(Cost

$206,441,659)

125.0%

................................

$207,902,412

TBA

Sale

Commitments

(2.3)%

..............................................

(3,877,789)

Other

Assets,

less

Liabilities

(22.7)%

........................................

(37,726,918)

Net

Assets

100.0%

.........................................................

$166,297,705

a

a

a

Principal

Amount

*

o

TBA

Sale

Commitments

(2.3)%

Mortgage-Backed

Securities

(2.3)%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(2.3)%

Uniform

Mortgage-Backed

Securities

,

4%,

TBA,

1/25/56

..................................

United

States

(1,000,000)

(948,659)

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

26

At

December

31,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

a

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Mortgage-Backed

Securities

(continued)

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(continued)

Uniform

Mortgage-Backed

Securities,

(continued)

4.5%,

TBA,

1/25/56

................................

United

States

(3,000,000)

$

(2,929,130)

(3,877,789)

Total

TBA

Sale

Commitments

(Proceeds

$(3,858,594))

.........................

$(3,877,789)

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

December

31,

2025,

the

aggregate

value

of

these

securities

was

$63,695,162,

representing

38.3%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

g

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

h

See

Note

3

regarding

unfunded

loan

commitments.

i

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

j

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

k

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

l

Security

purchased

on

a

to-be-announced

(TBA)

basis.

m

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

December

31,

2025,

the

value

of

this

security

pledged

amounted

to

$358,366,

representing

0.2%

of

net

assets.

n

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

o

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

Euro-Bobl

..................................

Short

24

$

3,276,270

3/06/26

$

16,109

U.S.

Treasury

10

Year

Ultra

Notes

................

Long

64

7,361,000

3/20/26

(60,009)

U.S.

Treasury

2

Year

Notes

.....................

Short

8

1,670,312

3/31/26

716

U.S.

Treasury

5

Year

Notes

.....................

Long

80

8,744,375

3/31/26

(35,019)

Total

Futures

Contracts

......................................................................

$(78,203)

*

As

of

period

end.

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

27

At

December

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Australian

Dollar

....

BZWS

Sell

103,100

67,750

1/21/26

$

—

$

(1,061)

Australian

Dollar

....

HSBK

Sell

58,000

38,116

1/21/26

—

(594)

Australian

Dollar

....

JPHQ

Sell

727,000

477,739

1/21/26

—

(7,475)

Australian

Dollar

....

MSCO

Sell

902,400

592,962

1/21/26

—

(9,317)

Australian

Dollar

....

TDOM

Sell

365,900

240,481

1/21/26

—

(3,728)

Australian

Dollar

....

UBSW

Sell

21,800

14,327

1/21/26

—

(223)

Australian

Dollar

....

WPAC

Sell

12,000

7,886

1/21/26

—

(123)

Canadian

Dollar

....

BOFA

Sell

400

287

1/21/26

—

(5)

Canadian

Dollar

....

BZWS

Sell

82,700

59,293

1/21/26

—

(1,004)

Canadian

Dollar

....

GSCO

Sell

9,000

6,452

1/21/26

—

(110)

Canadian

Dollar

....

HSBK

Sell

443,500

317,917

1/21/26

—

(5,447)

Canadian

Dollar

....

JPHQ

Sell

195,800

140,366

1/21/26

—

(2,395)

Canadian

Dollar

....

TDOM

Sell

415,000

297,479

1/21/26

—

(5,104)

Canadian

Dollar

....

UBSW

Sell

13,000

9,319

1/21/26

—

(160)

Canadian

Dollar

....

WPAC

Sell

343,500

246,206

1/21/26

—

(4,245)

New

Zealand

Dollar

.

BOFA

Sell

19,700

11,381

1/21/26

31

—

New

Zealand

Dollar

.

HSBK

Sell

439,200

253,783

1/21/26

738

—

New

Zealand

Dollar

.

MSCO

Sell

495,300

286,206

1/21/26

838

—

New

Zealand

Dollar

.

UBSW

Sell

75,800

43,801

1/21/26

129

—

Japanese

Yen

......

BOFA

Buy

64,500,800

421,988

2/13/26

—

(8,773)

Japanese

Yen

......

GSCO

Buy

187,258,800

1,215,072

2/13/26

646

(16,073)

Japanese

Yen

......

JPHQ

Buy

62,332,100

407,893

2/13/26

—

(

8,571)

Japanese

Yen

......

TDOM

Buy

612,100

4,004

2/13/26

—

(83)

Japanese

Yen

......

UBSW

Buy

59,663,400

390,382

2/13/26

—

(8,157)

British

Pound

......

HSBK

Sell

517,300

691,198

3/17/26

—

(5,971)

Euro

.............

GSCO

Sell

470,600

554,306

3/17/26

—

(586)

Euro

.............

HSBK

Sell

4,637,500

5,464,227

3/17/26

—

(3,920)

Euro

.............

MSCO

Sell

22,200

26,150

3/17/26

—

(27)

Norwegian

Krone

...

MSCO

Sell

6,139,500

605,572

3/17/26

—

(3,365)

Swedish

Krona

.....

MSCO

Sell

6,123,200

662,940

3/17/26

—

(4,647)

Swiss

Franc

.......

SSBT

Buy

336,900

428,003

3/17/26

549

—

Swiss

Franc

.......

UBSW

Buy

832,600

1,057,843

3/17/26

1,261

—

Total

Forward

Exchange

Contracts

...................................................

$4,192

$(101,164)

Net

unrealized

appreciation

(depreciation)

............................................

$(96,972)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

28

At

December

31,

2025,

the

Fund

had

the

following forward

premium

swap

options contracts

outstanding.

Forward

Premium

Swap

Option

Contracts

Fixed

right

or

obligation

to

receive

or

(pay)/

Floating

rate

index/Maturity

date

Counter

par

t

y

Expiration

date/strike

Notional/

Contract

amount

*

Premium

receivable/

(payable)

Unrealized

appreciation/

(depreciation)

a

a

a

a

a

3.3%/1-day

SOFR/Feb-27/(Written)

BNDP

2/05/26

/

3.3%

63,150,000

$

(138,930)

$

109,877

3.85%/1-day

SOFR/Feb-27/(Purchased)

BNDP

2/05/26

/

3.85%

42,100,000

174,715

21,809

(3.438%)/1-day

SOFR/Mar-31/(Written)

BNDP

3/17/26

/

3.438%

24,247,500

(162,943)

(3,011)

(3.788%)/1-day

SOFR/Mar-36/(Purchased)

BNDP

3/17/26

/

3.788%

14,063,600

165,126

(3,102)

(4.125%)/1-day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

4.125%

477,100

22,090

(6,013)

3.625%/1-day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

3.625%

477,100

22,090

(11,678)

2.91%/1-day

SOFR/Apr-52/(Purchased)

BNDP

3/31/32

/

2.91%

966,000

58,926

(29,200)

3.725%/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

3.725%

3,079,100

150,568

(93,260)

(4.225%)/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

4.225%

3,079,100

157,650

(111,728)

(4.2%)/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

158,800

19,802

(607)

4.2%/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

158,800

19,802

(3,577)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

996,400

36,169

(28,211)

3.965%/1-day

SOFR/Mar-38/(Purchased)

DBAB

3/06/28

/

3.965%

885,900

48,282

(17,494)

(3.965%)/1-day

SOFR/Mar-38/(Purchased)

DBAB

3/06/28

/

3.965%

885,900

48,282

(8,695)

2.35%/1-day

SOFR/Mar-59/(Purchased)

GSCO

3/12/29

/

2.35%

1,529,600

89,176

(69,047)

(2.495%)/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

2,376,500

147,412

369,536

2.495%/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

2,376,500

147,412

(142,756)

4.13%/1-day

SOFR/Dec-57/(Purchased)

JPHQ

12/09/27

/

4.13%

861,400

67,491

(13,769)

(4.13%)/1-day

SOFR/Dec-57/(Purchased)

JPHQ

12/09/27

/

4.13%

861,400

67,491

2,567

(4.201%)/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

4.201%

EUR

5,556,400

138,902

(24,436)

1.201%/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

1.201%

EUR

5,556,400

110,287

(89,165)

1.445%/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

1,940,600

74,212

(60,557)

(1.445%)/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

1,940,600

74,212

263,255

(4.01%)/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

215,700

25,862

2,469

4.01%/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

215,700

25,862

(9,236)

(2.952%)/6-month

EURIBOR/Jun-49/

(Purchased)

MSCO

6/18/29

/

2.952%

EUR

1,584,600

126,320

74,979

(2.98%)/6-month

EURIBOR/May-55/

(Purchased)

MSCO

5/08/35

/

2.98%

EUR

145,400

15,179

7,950

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

1,147,100

41,525

(12,947)

2%/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

2,078,300

110,235

(66,749)

(2%)/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

2,078,300

110,235

159,024

(2.7%)/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

997,300

60,506

48,566

2.7%/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

997,300

60,506

(34,520)

Unrealized

appreciation

1,060,032

Unrealized

(depreciation)

(839,758)

Total

$220,274

*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

29

At

December

31,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

a

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

b

Centrally

Cleared

Swap

Contracts

Contracts

to

Sell

Protection

c,d

Traded

Index

CDX.NA.HY.45

.

5.00%

Quarterly

12/20/30

8,893,000

$

690,020

$

710,081

$

(20,061)

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$690,020

$710,081

$(20,061)

OTC

Swap

Contracts

Contracts

to

Buy

Protection

c

Traded

Index

CMBX.NA.BB.10

(5.00)%

Monthly

CITI

11/17/59

915,000

479,775

379,986

99,789

CMBX.NA.BB.10

(5.00)%

Monthly

MLCO

11/17/59

279,000

146,292

15,875

130,417

CMBX.NA.BB.13

(5.00)%

Monthly

GSCO

12/16/72

133,000

49,154

50,041

(887)

CMBX.NA.BB.6

.

(5.00)%

Monthly

GSCO

5/11/63

167,000

12,865

7,525

5,340

CMBX.NA.BB.8

.

(5.00)%

Monthly

CITI

10/17/57

148,000

64,229

64,084

145

CMBX.NA.BB.8

.

(5.00)%

Monthly

GSCO

10/17/57

42,000

18,227

17,149

1,078

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

CITI

11/17/59

465,000

102,015

139,762

(37,747)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

MSCO

11/17/59

516,000

113,204

166,855

(53,651)

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

609,000

74,288

76,057

(1,769)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

203,000

35,509

36,845

(1,336)

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

406,000

78,037

85,125

(7,088)

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

JPHQ

12/16/72

530,000

101,870

102,665

(795)

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

223,000

9,372

41,772

(32,400)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

203,000

39,935

36,464

3,471

Contracts

to

Sell

Protection

c,d

Traded

Index

CMBX.NA.A.13

.

2.00%

Monthly

MLCO

12/16/72

382,000

(24,106)

(50,319)

26,213

Investment

Grade

CMBX.NA.BB.10

5.00%

Monthly

JPHQ

11/17/59

120,000

(62,922)

(9,629)

(53,293)

Non-

Investment

Grade

CMBX.NA.BB.13

5.00%

Monthly

CITI

12/16/72

133,000

(49,154)

(56,865)

7,711

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

285,000

(21,954)

(

49,554)

27,600

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

GSCO

5/11/63

138,000

(10,631)

(23,957)

13,326

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MLCO

5/11/63

125,000

(9,629)

(13,977)

4,348

Non-

Investment

Grade

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

30

At

December

31,

2025,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

Credit

Default

Swap

Contracts

(continued)

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

a

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

b

OTC

Swap

Contracts

(continued)

Contracts

to

Sell

Protection

c,d

(continued)

Traded

Index

(continued)

CMBX.NA.BB.6

.

5.00%

Monthly

MSCO

5/11/63

562,000

$

(43,293)

$

(100,044)

$

56,751

Non-

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

CITI

4/17/65

34,000

(5,664)

(7,729)

2,065

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

GSCO

4/17/65

12,000

(

1,999)

(2,464)

465

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

MSCO

4/17/65

19,000

(3,165)

(4,319)

1,154

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

223,000

(9,373)

(13,732)

4,359

Investment

Grade

CMBX.NA.BBB-.8

3.00%

Monthly

JPHQ

10/17/57

26,000

(4,610)

(4,054)

(556)

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$1,078,272

$883,562

$194,710

Total

Credit

Default

Swap

Contracts

....................................

$1,768,292

$

1,593,643

$174,649

a

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

b

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

c

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

d

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

Maturity

Date

Notional

Amount

*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.58%

....

Annual

9/17/27

170,842,000

$

(459,666)

$

(212,325)

$

(247,341)

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

3.23%

....

Quarterly

9/17/27

1,991,000

AUD

17,205

1,667

15,538

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.13%

....

Annual

12/17/27

17,022,000

64,476

56,317

8,159

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.3%

.....

Annual

3/18/28

9,945,000

(3,697)

(14,892)

11,195

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

31

Interest

Rate

Swap

Contracts

(continued)

Description

Payment

Frequency

Maturity

Date

Notional

Amount*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

(continued)

Receive

Fixed

2.6%

...

Semi-Annual

Pay

Floating

1-day

REPO_CORRA

.....

Semi-Annual

3/18/28

3,719,000

CAD

$

2,712

$

2,071

$

641

Receive

Fixed

3.6%

...

Annual

Pay

Floating

1-day

SONIA

...........

Annual

3/18/28

1,587,000

GBP

5,031

4,610

421

Receive

Fixed

4.1%

...

Quarterly

Pay

Floating

3-month

AUD

BBR

.........

Quarterly

3/18/28

1,835,000

AUD

265

1,932

(1,667)

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/30

10,497,000

69,554

83,511

(13,957)

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

3.73%

....

Semi-Annual

9/17/30

6,323,000

AUD

128,031

(22,646)

150,677

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.18%

....

Annual

9/17/30

489,000

EUR

9,245

1,429

7,816

Receive

Fixed

3.18%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

12/17/30

129,000

(1,698)

(362)

(1,336)

Receive

Fixed

3.45%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/31

130,185,000

(122,755)

(135,985)

13,230

Receive

Fixed

4.166%

.

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

7/15/35

7,377,200

AUD

(216,970)

—

(216,970)

Receive

Fixed

3.833%

.

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/10/35

4,174,800

13,476

—

13,476

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.88%

....

Annual

9/17/35

46,623,000

(339,712)

(169,303)

(170,409)

Receive

Fixed

4.23%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

9/17/35

3,210,000

AUD

(85,176)

7,058

(92,234)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.53%

....

Annual

12/17/35

7,503,000

168,688

146,508

22,180

Receive

Fixed

0.65%

..

Annual

Pay

Floating

1-day

SARON

..........

Annual

3/18/36

446,000

CHF

(1,954)

(1,235)

(719)

Receive

Floating

1-day

REPO_CORRA

.......

Semi-Annual

Pay

Fixed

3.25%

....

Semi-Annual

3/18/36

2,594,000

CAD

(7,892)

(467)

(7,425)

Receive

Fixed

3.01%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

3/18/36

613,000

EUR

3,047

252

2,795

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

32

See

A

bbreviations

on

page

37

.

Interest

Rate

Swap

Contracts

(continued)

Description

Payment

Frequency

Maturity

Date

Notional

Amount*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

(continued)

Receive

Fixed

3.75%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

3/18/36

5,239,000

$

(28,878)

$

(4,821)

$

(24,057)

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

4.25%

....

Semi-Annual

3/18/36

1,772,000

NZD

(9,049)

(1,724)

(7,325)

Receive

Floating

3-month

STIBOR

............

Quarterly

Pay

Fixed

3.05%

....

Annual

3/18/36

10,741,000

SEK

(9,449)

(3,087)

(6,362)

Receive

Fixed

4.05%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

3/18/36

1,243,000

GBP

4,672

3,296

1,376

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

4.8%

.....

Semi-Annual

3/18/36

2,374,000

AUD

707

(2,463)

3,170

Receive

Floating

6-month

NIBOR

.............

Semi-Annual

Pay

Fixed

4.15%

....

Annual

3/18/36

23,811,000

NOK

(1,772)

685

(2,457)

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

4.377%

...

Semi-Annual

7/02/45

688,000

AUD

36,183

—

36,183

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.03%

....

Annual

9/17/55

3,649,000

87,661

(4,615)

92,276

Receive

Fixed

2.58%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

9/17/55

813,000

EUR

(123,453)

(10,756)

(112,697)

Receive

Fixed

4.48%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

9/17/55

70,000

AUD

(3,542)

340

(3,882)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.88%

....

Annual

12/17/55

2,540,000

125,335

63,879

61,456

Total

Interest

Rate

Swap

Contracts

.................................

$(679,375)

$

(211,126)

$(468,249)

*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Master

Intermediate

Income

Trust

33

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(unaudited)

1.

Organization

Putnam

Master

Intermediate

Income

Trust (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities,

exchange

traded

funds,

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively. Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the

OTC

market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The Fund’s

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The Fund’s

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

Putnam

Master

Intermediate

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

34

Quarterly

Schedule

of

Investments

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund’s

portfolio securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund for

financial

reporting

purposes.

3.

Unfunded

Loan

Commitments

The

Fund enters

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily.

Funded

portions

of

credit

agreements

are

presented

in

the Schedule

of of

Investments.

At

December

31,

2025,

unfunded

commitments

were

as

follows:

4.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

December

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Borrower

Unfunded

Commitment

Putnam

Master

Intermediate

Income

Trust

Clydesdale

Acquisition

Holdings,

Inc.

$

3,333

GC

Ferry

Acquisition

I,

Inc.

40,833

Pinnacle

Buyer

LLC

15,174

$

59,340

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Putnam

Master

Intermediate

Income

Trust

Non-Controlled

Affiliates

Dividends

Franklin

Ultra

Short

Bond

ETF

.

$4,191,248

$—

$—

$—

$(19,537)

$4,171,711

166,982

$63,595

Putnam

Government

Money

Market

Fund,

Class

P,

3.576%

.

5,822,971

12,406,974

(15,014,116)

—

—

3,215,829

3,215,829

46,613

2. Financial

Instrument

Valuation

(continued)

Putnam

Master

Intermediate

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

35

Quarterly

Schedule

of

Investments

5. Fair

Value

Measurements

The Fund

follows a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

December

31,

2025,

in

valuing

the Fund's

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Putnam

Master

Intermediate

Income

Trust

(continued)

Putnam

Short

Term

Investment

Fund,

Class

P,

3.967%

......

8,288,989

673,456

(630,043)

—

—

8,332,402

8,332,402

84,596

Total

Non-Controlled

Affiliates

$18,303,208

$13,080,430

$(15,644,159)

$—

$(19,537)

$15,719,942

$194,804

Total

Affiliated

Securities

...

$18,303,208

$13,080,430

$(15,644,159)

$—

$(19,537)

$15,719,942

$194,804

Level

1

Level

2

Level

3

Total

Putnam

Master

Intermediate

Income

Trust

Assets:

Investments

in

Securities:

a

Management

Investment

Companies

.........

$

4,171,711

$

—

$

—

$

4,171,711

Convertible

Bonds

.......................

—

4,364,165

—

4,364,165

Corporate

Bonds

........................

—

48,469,150

—

48,469,150

Senior

Floating

Rate

Interests

...............

—

12,494,663

—

12,494,663

Foreign

Government

and

Agency

Securities

....

—

18,298,992

—

18,298,992

U.S.

Government

and

Agency

Securities

.......

—

143,108

—

143,108

Asset-Backed

Securities

...................

—

3,451,667

—

3,451,667

Commercial

Mortgage-Backed

Securities

......

—

13,209,186

—

13,209,186

Mortgage-Backed

Securities

................

—

46,312,118

—

46,312,118

Residential

Mortgage-Backed

Securities

.......

—

14,266,814

—

14,266,814

Agency

Commercial

Mortgage-Backed

Securities

—

21,339,681

—

21,339,681

Short

Term

Investments

...................

11,548,231

9,832,926

—

21,381,157

Total

Investments

in

Securities

...........

$15,719,942

$192,182,470

$—

$207,902,412

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$4,192

$—

$4,192

Forward

Premium

Swap

Option

Contracts

.....

—

1,060,032

—

1,060,032

Futures

Contracts

.......................

16,825

—

—

16,825

Swap

Contracts

.........................

—

824,821

—

824,821

Unfunded

Loan

Commitments

..............

—

368

—

368

Total

Other

Financial

Instruments

.........

$16,825

$1,889,413

$—

$1,906,238

4.

Investments

in

Affiliated

Management

Investment

Companies

(continued)

Putnam

Master

Intermediate

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

36

Quarterly

Schedule

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

Master

Intermediate

Income

Trust

(continued)

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

3,877,789

$

—

$

3,877,789

Forward

Exchange

Contracts

...............

—

101,164

—

101,164

Forward

Premium

Swap

Option

Contracts

......

—

839,758

—

839,758

Futures

Contracts

........................

95,028

—

—

95,028

Swap

Contracts

.........................

—

1,118,421

—

1,118,421

Total

Other

Financial

Instruments

.........

$95,028

$5,937,132

$—

$6,032,160

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

5. Fair

Value

Measurements

(continued)

Putnam

Master

Intermediate

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

37

Quarterly

Schedule

of

Investments

Abbreviations

Counterparty

BNDP

BNP

Paribas

SA

BOFA

Bank

of

America

NA

BZWS

Barclays

Bank

plc

CITI

Citibank

NA

DBAB

Deutsche

Bank

AG

GSCO

Goldman

Sachs

Group,

Inc.

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MCM

Mizuho

Capital

Markets

LLC

MLCO

Merrill

Lynch

International

&

Co.

MSCO

Morgan

Stanley

NATW

NatWest

Markets

plc

SSBT

State

Street

Bank

and

Trust

Co.

TDOM

Toronto

Dominion

Bank

UBSW

UBS

AG

WPAC

Westpac

Banking

Corp.

Cu

r

rency

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

SEK

Swedish

Krona

Index

CDX.NA.HY.

Series

number

CDX

North

America

High

Yield

Index

CMBX.NA.

Series

number

CMBX

North

America

Index

Selected

Portfolio

BBR

Bank

of

England

Base

Rate

CLO

Collateralized

Loan

Obligation

CME

Chicago

Mercantile

Exchange

CMT

Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

CORRA

Canadian

Overnight

Repo

Rate

Average

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Inter-Bank

Offer

Rate

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

IO

Interest

Only

NIBOR

Norwegian

Interbank

Offered

Rate

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SARON

Swiss

Average

Rate

Overnight

SOFR

Secured

Overnight

Financing

Rate

SONIA

Sterling

Overnight

Index

Average

STACR

Structured

Agency

Credit

Risk

STIBOR

Stockholm

Interbank

Offered

Rate

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

REPO_CORRA

.................

2.30%

1-day

SARON

.......................

(0.05)%

1-day

SOFR

........................

3.87%

1-day

SONIA

........................

3.73%

3-month

AUD

BBR

...................

3.74%

3-month

STIBOR

....................

1.96%

6-month

AUD

BBR

...................

4.12%

6-month

EURIBOR

...................

2.11%

6-month

NIBOR

.....................

4.23%

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.