Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

38925-Q3PH

1

Schedule

of

Investments

(unaudited)

Putnam

Master

Intermediate

Income

Trust

2

Notes

to

Schedule

of

Investments

31

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited),

June

30,

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

$

4,181,229

Total

Management

Investment

Companies

(Cost

$4,152,124)

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

4,181,229

Principal

Amount

*

Convertible

Bonds

2.9%

Aerospace

&

Defense

0.0%

†

Axon

Enterprise,

Inc.

,

Senior

Note

,

0.5

%

,

12/15/27

..........

United

States

15,000

54,469

Automobile

Components

0.0%

†

Patrick

Industries,

Inc.

,

Senior

Note

,

1.75

%

,

12/01/28

........

United

States

38,000

56,482

Automobiles

0.0%

†

Rivian

Automotive,

Inc.

,

Senior

Note

,

4.625

%

,

3/15/29

........

United

States

55,000

56,066

Biotechnology

0.2%

Alnylam

Pharmaceuticals,

Inc.

,

Senior

Note

,

1

%

,

9/15/27

.....

United

States

63,000

81,994

BioMarin

Pharmaceutical,

Inc.

,

Senior

Sub.

Note

,

1.25

%

,

5/15/27

United

States

49,000

46,307

b

Exact

Sciences

Corp.

,

Senior

Note

,

144A,

1.75

%

,

4/15/31

.....

United

States

103,000

94,739

Halozyme

Therapeutics,

Inc.

,

Senior

Note

,

1

%

,

8/15/28

.......

United

States

65,000

74,165

297,205

Broadline

Retail

0.1%

Etsy,

Inc.

,

Senior

Note

,

0.25

%

,

6/15/28

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

United

States

111,000

95,543

Capital

Markets

0.0%

†

Coinbase

Global,

Inc.

,

Senior

Note

,

0.25

%

,

4/01/30

..........

United

States

40,000

52,420

b

Hercules

Capital,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

9/01/28

.....

United

States

33,000

31,977

84,397

Communications

Equipment

0.1%

Lumentum

Holdings,

Inc.

,

Senior

Note

,

0.5

%

,

6/15/28

........

United

States

112,000

116,144

Construction

&

Engineering

0.1%

Fluor

Corp.

,

Senior

Note

,

1.125

%

,

8/15/29

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

United

States

64,000

84,048

Consumer

Staples

Distribution

&

Retail

0.0%

†

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375

%

,

12/15/28

..

United

States

40,000

62,440

Diversified

REITs

0.1%

b

Digital

Realty

Trust

LP

,

Senior

Note

,

144A,

1.875

%

,

11/15/29

...

United

States

117,000

123,306

Electric

Utilities

0.4%

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

3

%

,

3/01/27

United

States

70,000

79,765

PG&E

Corp.

,

Senior

Secured

Note

,

4.25

%

,

12/01/27

.........

United

States

76,000

75,605

PPL

Capital

Funding,

Inc.

,

Senior

Note

,

2.875

%

,

3/15/28

......

United

States

92,000

99,595

Southern

Co.

(The)

,

Senior

Note

,

3.875

%

,

12/15/25

.........

United

States

94,000

104,157

359,122

Electronic

Equipment,

Instruments

&

Components

0.1%

Itron

,

Inc.

,

Senior

Note

,

1.375

%

,

7/15/30

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

United

States

92,000

109,848

b

OSI

Systems,

Inc.

,

Senior

Note

,

144A,

2.25

%

,

8/01/29

.......

United

States

49,000

66,591

176,439

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)

Entertainment

0.2%

Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

Senior

Note

,

2.25

%

,

8/15/27

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

United

States

91,000

$

121,166

Live

Nation

Entertainment,

Inc.

,

Senior

Note,

3.125%,

1/15/29

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

United

States

71,000

109,233

b

Senior

Note,

144A,

2.875%,

1/15/30

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

United

States

74,000

80,660

311,059

Financial

Services

0.1%

Block,

Inc.

,

Senior

Note

,

0.25

%

,

11/01/27

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

United

States

46,000

41,228

Global

Payments,

Inc.

,

Senior

Note

,

1.5

%

,

3/01/31

..........

United

States

81,000

72,738

Shift4

Payments,

Inc.

,

Senior

Note

,

0.5

%

,

8/01/27

...........

United

States

72,000

77,400

191,366

Food

Products

0.1%

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

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

United

States

72,000

82,368

Ground

Transportation

0.1%

Uber

Technologies,

Inc.

,

2028

,

Senior

Note

,

0.875

%

,

12/01/28

..

United

States

89,000

127,404

Health

Care

Equipment

&

Supplies

0.1%

Dexcom,

Inc.

,

Senior

Note

,

0.375

%

,

5/15/28

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

United

States

113,000

106,559

Haemonetics

Corp.

,

Senior

Note

,

2.5

%

,

6/01/29

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

United

States

49,000

48,866

b

Integer

Holdings

Corp.

,

Senior

Note

,

144A,

1.875

%

,

3/15/30

...

United

States

66,000

68,904

Lantheus

Holdings,

Inc.

,

Senior

Note

,

2.625

%

,

12/15/27

......

United

States

46,000

58,546

b

Merit

Medical

Systems,

Inc.

,

Senior

Note

,

144A,

3

%

,

2/01/29

...

United

States

37,000

46,334

329,209

Health

Care

REITs

0.1%

b

Welltower

OP

LLC

,

Senior

Note,

144A,

2.75%,

5/15/28

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

United

States

51,000

83,155

Senior

Note,

144A,

3.125%,

7/15/29

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

United

States

50,000

66,400

149,555

Hotels,

Restaurants

&

Leisure

0.2%

Carnival

Corp.

,

Senior

Note

,

5.75

%

,

12/01/27

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

United

States

42,000

92,484

b

DoorDash

,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn

.,

5/15/30

.......

United

States

100,000

108,586

Shake

Shack,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

3/01/28

.........

United

States

62,000

66,534

267,604

Household

Durables

0.0%

†

Meritage

Homes

Corp.

,

Senior

Note

,

1.75

%

,

5/15/28

.........

United

States

65,000

63,260

Household

Products

0.0%

†

Spectrum

Brands,

Inc.

,

Senior

Note

,

3.375

%

,

6/01/29

........

United

States

32,000

29,168

IT

Services

0.2%

Akamai

Technologies,

Inc.

,

Senior

Note

,

0.375

%

,

9/01/27

.....

United

States

84,000

81,669

b

Cloudflare,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn

.,

6/15/30

.......

United

States

66,000

71,379

b

Snowflake,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn

.,

10/01/27

......

United

States

100,000

152,200

305,248

Life

Sciences

Tools

&

Services

0.0%

†

Repligen

Corp.

,

Senior

Note

,

1

%

,

12/15/28

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

United

States

50,000

49,775

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)

Multi-Utilities

0.0%

†

CMS

Energy

Corp.

,

Senior

Note

,

3.375

%

,

5/01/28

...........

United

States

51,000

$

54,340

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Northern

Oil

&

Gas,

Inc.

,

Senior

Note

,

3.625

%

,

4/15/29

.......

United

States

61,000

63,821

Professional

Services

0.0%

†

Parsons

Corp.

,

Senior

Note

,

2.625

%

,

3/01/29

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

United

States

41,000

43,788

Semiconductors

&

Semiconductor

Equipment

0.1%

Impinj

,

Inc.

,

Senior

Note

,

1.125

%

,

5/15/27

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

United

States

24,000

29,980

Microchip

Technology,

Inc.

,

Senior

Note

,

0.75

%

,

6/01/30

......

United

States

48,000

47,376

MKS,

Inc.

,

Senior

Note

,

1.25

%

,

6/01/30

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

United

States

65,000

64,382

ON

Semiconductor

Corp.

,

Senior

Note

,

0.5

%

,

3/01/29

........

United

States

88,000

81,660

c

Wolfspeed

,

Inc.

,

Senior

Note

,

1.875

%

,

12/01/29

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

United

States

82,000

21,115

244,513

Software

0.4%

Bentley

Systems,

Inc.

,

Senior

Note

,

0.375

%

,

7/01/27

.........

United

States

72,000

68,076

b

Box,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

9/15/29

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

United

States

62,000

64,015

b,d

Datadog,

Inc.

,

Senior

Note

,

144A,

0.92%

,

12/01/29

..........

United

States

82,000

78,761

b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25

%

,

11/01/29

..

United

States

93,000

109,880

b,d

MicroStrategy,

Inc.

,

Senior

Note

,

144A,

0.407%

,

3/01/30

......

United

States

105,000

123,518

b

Nutanix,

Inc.

,

Senior

Note

,

144A,

0.5

%

,

12/15/29

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

United

States

66,000

74,956

Progress

Software

Corp.

,

Senior

Note

,

3.5

%

,

3/01/30

........

United

States

56,000

65,044

Tyler

Technologies,

Inc.

,

Senior

Note

,

0.25

%

,

3/15/26

........

United

States

90,000

111,060

Vertex,

Inc.

,

Senior

Note

,

0.75

%

,

5/01/29

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

United

States

41,000

49,221

Workiva,

Inc.

,

Senior

Note

,

1.25

%

,

8/15/28

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

United

States

39,000

36,221

780,752

Specialty

Retail

0.1%

Burlington

Stores,

Inc.

,

1.25

%

,

12/15/27

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

United

States

34,000

44,013

Wayfair,

Inc.

,

Senior

Note

,

3.25

%

,

9/15/27

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

United

States

79,000

90,218

134,231

Technology

Hardware,

Storage

&

Peripherals

0.1%

Seagate

HDD

Cayman

,

Senior

Note

,

3.5

%

,

6/01/28

..........

United

States

79,000

142,230

Total

Convertible

Bonds

(Cost

$4,594,575)

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

4,935,352

Corporate

Bonds

28.3%

Aerospace

&

Defense

1.0%

ATI,

Inc.

,

Senior

Note

,

4.875

%

,

10/01/29

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

United

States

490,000

480,338

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

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

United

States

14,000

12,985

Senior

Note,

2.7%,

2/01/27

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

United

States

137,000

133,204

Senior

Note,

6.298%,

5/01/29

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

United

States

41,000

43,357

b

Bombardier,

Inc.

,

Senior

Note

,

144A,

7

%

,

6/01/32

...........

Canada

465,000

484,825

b

Spirit

AeroSystems,

Inc.

,

Secured

Note,

144A,

9.75%,

11/15/30

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

United

States

126,000

139,117

Senior

Secured

Note,

144A,

9.375%,

11/30/29

...........

United

States

93,000

98,790

b

TransDigm

,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

190,000

197,277

Senior

Secured

Note,

144A,

6.625%,

3/01/32

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

United

States

65,000

67,382

1,657,275

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)

Automobile

Components

0.0%

†

b

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

7.5

%

,

2/15/33

.

United

States

35,000

$

35,822

Automobiles

0.4%

b

Hyundai

Capital

America

,

Senior

Note

,

144A,

4.55

%

,

9/26/29

..

United

States

425,000

421,316

b

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

1.625

%

,

11/24/27

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

Germany

230,000

214,192

635,508

Banks

1.5%

b

AIB

Group

plc

,

Senior

Note

,

144A,

6.608%

to

9/12/28,

FRN

thereafter

,

9/13/29

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

Ireland

200,000

211,701

Bank

of

America

Corp.

,

Senior

Note,

6.204%

to

11/09/27,

FRN

thereafter,

11/10/28

..

United

States

430,000

447,593

L,

Sub.

Bond,

4.183%,

11/25/27

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

United

States

215,000

214,182

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

6.208%

to

1/17/28,

FRN

thereafter

,

1/18/29

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

Spain

200,000

207,923

JPMorgan

Chase

&

Co.

,

Senior

Note

,

6.07%

to

10/21/26,

FRN

thereafter

,

10/22/27

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

United

States

820,000

838,040

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

5.264

%

,

12/11/26

..

Canada

145,000

147,033

Wells

Fargo

&

Co.

,

Senior

Note

,

5.574%

to

7/24/28,

FRN

thereafter

,

7/25/29

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

United

States

410,000

423,409

2,489,881

Building

Products

0.7%

b

Builders

FirstSource

,

Inc.

,

Senior

Bond

,

144A,

6.75

%

,

5/15/35

..

United

States

60,000

61,852

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

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

United

States

15,000

15,140

Senior

Secured

Note,

144A,

6.125%,

7/31/32

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

United

States

60,000

61,034

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

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

United

States

205,000

210,388

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

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

United

States

170,000

175,517

Senior

Secured

Note,

144A,

6.375%,

3/01/32

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

United

States

75,000

77,171

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

11/15/31

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

United

States

440,000

461,660

b

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

8/15/32

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

United

States

130,000

133,287

1,196,049

Capital

Markets

1.2%

Ares

Capital

Corp.

,

Senior

Note

,

7

%

,

1/15/27

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

United

States

410,000

423,175

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

5/01/33

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

United

States

435,000

447,541

Morgan

Stanley

,

Senior

Note

,

5.123%

to

1/31/28,

FRN

thereafter

,

2/01/29

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

United

States

610,000

620,787

b,e

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875

%

,

7/15/32

United

States

120,000

121,304

b

UBS

Group

AG

,

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

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

Switzerland

200,000

205,448

1,818,255

Chemicals

0.2%

b

Avient

Corp.

,

Senior

Note

,

144A,

6.25

%

,

11/01/31

...........

United

States

45,000

45,449

b

Braskem

Idesa

SAPI

,

Senior

Secured

Note

,

Reg

S,

7.45

%

,

11/15/29

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

Mexico

230,000

169,545

Celanese

US

Holdings

LLC

,

Senior

Bond

,

6.629

%

,

7/15/32

....

United

States

7,000

7,343

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)

Chemicals

(continued)

Huntsman

International

LLC

,

Senior

Bond

,

4.5

%

,

5/01/29

.....

United

States

220,000

$

208,805

431,142

Commercial

Services

&

Supplies

1.2%

b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

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

United

States

205,000

214,344

b

Ambipar

Lux

SARL

,

Senior

Note

,

144A,

10.875

%

,

2/05/33

.....

Brazil

200,000

189,513

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

5

%

,

2/01/28

......

United

States

208,000

207,363

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25

%

,

1/15/28

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

United

States

205,000

205,506

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

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

United

States

285,000

285,215

b

Verisure

Midholding

AB

,

Senior

Note

,

Reg

S,

5.25

%

,

2/15/29

...

Sweden

595,000

EUR

705,274

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

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

United

States

45,000

48,769

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

395,000

411,044

2,267,028

Communications

Equipment

0.1%

Motorola

Solutions,

Inc.

,

Senior

Note

,

5

%

,

4/15/29

...........

United

States

210,000

213,504

Construction

&

Engineering

0.0%

†

b

Arcosa

,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

8/15/32

...........

United

States

50,000

51,922

Consumer

Finance

0.8%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

4.625

%

,

9/10/29

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

Ireland

305,000

305,184

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

4/01/29

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

United

States

280,000

298,111

b

FirstCash

,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

397,000

411,309

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8

%

,

3/05/27

.......

United

States

210,000

211,735

1,226,339

Containers

&

Packaging

0.2%

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

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

United

States

200,000

205,379

b

Intelligent

Packaging

Ltd.

Finco

,

Inc.

/

Intelligent

Packaging

Ltd.

Co-Issuer

LLC

,

Senior

Secured

Note

,

144A,

6

%

,

9/15/28

....

Canada

210,000

210,000

415,379

Distributors

0.2%

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

3/15/31

..

Canada

276,000

290,493

Diversified

REITs

0.3%

VICI

Properties

LP

,

Senior

Note

,

4.95

%

,

2/15/30

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

United

States

425,000

427,673

Diversified

Telecommunication

Services

0.7%

AT&T,

Inc.

,

Senior

Note

,

4.1

%

,

2/15/28

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

United

States

410,000

408,379

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

2/01/32

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

United

States

469,000

445,152

b

IHS

Holding

Ltd.

,

Senior

Note

,

Reg

S,

8.25

%

,

11/29/31

.......

Nigeria

200,000

202,460

b

Level

3

Financing,

Inc.

,

Senior

Secured

Note

,

144A,

10.75

%

,

12/15/30

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

United

States

160,000

181,800

1,237,791

Electric

Utilities

1.8%

Duke

Energy

Carolinas

LLC

,

A

,

Senior

Bond

,

6

%

,

12/01/28

....

United

States

200,000

211,258

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)

Electric

Utilities

(continued)

b

Energo

-Pro

A/S

,

Senior

Note

,

144A,

11

%

,

11/02/28

..........

Czech

Republic

300,000

$

321,858

Eversource

Energy

,

Senior

Note

,

5.45

%

,

3/01/28

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

United

States

205,000

210,375

b

NRG

Energy,

Inc.

,

Senior

Bond

,

144A,

6.25

%

,

11/01/34

.......

United

States

400,000

407,789

Pacific

Gas

and

Electric

Co.

,

Senior

Note

,

6.1

%

,

1/15/29

......

United

States

200,000

207,284

PG&E

Corp.

,

Senior

Secured

Bond

,

5.25

%

,

7/01/30

.........

United

States

475,000

452,802

Southern

Co.

(The)

,

Senior

Note

,

5.5

%

,

3/15/29

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

United

States

260,000

270,768

Virginia

Electric

and

Power

Co.

,

A

,

Senior

Bond

,

2.875

%

,

7/15/29

United

States

455,000

432,189

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

4.375%,

5/01/29

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

United

States

270,000

263,330

Senior

Note,

144A,

6.875%,

4/15/32

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

United

States

210,000

219,688

2,997,341

Energy

Equipment

&

Services

0.3%

b

Aris

Water

Holdings

LLC

,

Senior

Note

,

144A,

7.25

%

,

4/01/30

..

United

States

210,000

216,837

b

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/27

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

United

States

107,625

107,872

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

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

United

States

90,476

91,970

416,679

Entertainment

0.2%

b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

360,000

373,790

Financial

Services

1.4%

b

Benteler

International

AG

,

Senior

Secured

Note

,

144A,

10.5

%

,

5/15/28

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

Austria

340,000

358,143

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25

%

,

10/01/30

United

States

355,000

393,940

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5

%

,

2/15/29

United

States

450,000

476,250

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

11/15/31

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

United

States

500,000

508,196

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95

%

,

1/03/31

.....

Malaysia

380,000

387,943

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/33

.......

United

States

205,000

210,012

2,334,484

Food

Products

0.2%

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

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

United

States

195,000

203,446

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note,

3%,

2/02/29

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

United

States

110,000

104,573

Senior

Note,

5.5%,

1/15/30

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

United

States

67,000

68,624

376,643

Ground

Transportation

0.4%

b

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

4

%

,

5/01/28

........

United

Kingdom

220,000

216,762

b

Transnet

SOC

Ltd.

,

Senior

Note

,

Reg

S,

8.25

%

,

2/06/28

......

South

Africa

300,000

310,696

527,458

Health

Care

Equipment

&

Supplies

0.1%

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8

%

,

8/14/29

.

United

States

210,000

213,139

Health

Care

Providers

&

Services

0.7%

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

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

United

States

180,000

186,625

Senior

Note,

144A,

6.75%,

7/15/33

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

United

States

25,000

25,830

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)

Health

Care

Providers

&

Services

(continued)

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

510,000

$

489,799

Tenet

Healthcare

Corp.

,

Senior

Secured

Note

,

6.75

%

,

5/15/31

..

United

States

455,000

471,029

1,173,283

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

256,603

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

210,970

Senior

Note,

144A,

6.5%,

6/15/33

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

United

States

75,000

77,203

b

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

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

United

States

180,000

183,621

471,794

Hotels,

Restaurants

&

Leisure

1.3%

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

6/15/31

......

United

States

225,000

215,791

b

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

7

%

,

2/15/30

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

United

States

232,000

240,400

b

Carnival

Corp.

,

Senior

Note

,

144A,

5.75

%

,

3/15/30

..........

United

States

70,000

71,230

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.625%,

9/30/31

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

United

States

80,000

80,539

Senior

Note,

144A,

6.25%,

3/15/32

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

United

States

127,000

130,620

Senior

Note,

144A,

6%,

2/01/33

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

United

States

248,000

252,936

b

Six

Flags

Entertainment

Corp.

,

Senior

Note

,

144A,

7.25

%

,

5/15/31

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

United

States

275,000

282,785

b

Station

Casinos

LLC

,

Senior

Bond

,

144A,

4.625

%

,

12/01/31

...

United

States

285,000

267,147

Viking

Cruises

Ltd.

,

b

Senior

Note,

144A,

9.125%,

7/15/31

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

United

States

380,000

409,498

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

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

United

States

380,000

405,493

2,356,439

Household

Durables

0.6%

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

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

United

States

54,000

52,668

Senior

Note,

6.625%,

5/15/32

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

United

States

16,000

15,303

b

Senior

Note,

144A,

8.5%,

6/01/28

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

United

States

75,000

78,953

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125

%

,

8/01/30

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

United

States

477,000

475,638

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

3.8

%

,

11/01/29

.....

United

States

220,000

213,609

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

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

United

States

205,000

198,692

1,034,863

Independent

Power

and

Renewable

Electricity

Producers

0.4%

b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25

%

,

3/14/32

..........

Chile

430,000

439,035

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6

%

,

3/01/28

United

States

205,000

212,178

651,213

Insurance

0.8%

b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

11/06/30

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

United

States

200,000

206,737

b

Athene

Global

Funding

,

Secured

Note

,

144A,

5.583

%

,

1/09/29

.

United

States

205,000

210,811

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

7.4

%

,

1/13/28

.......

United

States

200,000

209,584

b

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

4.4

%

,

9/23/27

..

United

States

225,000

224,639

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)

Insurance

(continued)

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

3/15/30

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

Canada

190,000

$

201,525

b

New

York

Life

Global

Funding

,

Senior

Secured

Note

,

144A,

4.9

%

,

6/13/28

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

United

States

205,000

209,320

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467

%

,

12/08/28

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

United

States

265,000

274,332

1,536,948

Interactive

Media

&

Services

0.2%

b

Snap,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/33

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

United

States

337,000

346,015

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

236,630

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.625

%

,

6/15/29

...........

United

States

450,000

428,179

664,809

Leisure

Products

0.2%

b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

4/01/29

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

United

States

265,000

254,188

Life

Sciences

Tools

&

Services

0.1%

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

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

United

States

117,000

117,170

Machinery

0.1%

b

Terex

Corp.

,

Senior

Note

,

144A,

6.25

%

,

10/15/32

...........

United

States

215,000

215,580

Media

0.9%

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/01/30

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

United

States

285,000

294,449

b

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note,

144A,

5.75%,

8/01/28

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

United

States

117,000

117,785

Senior

Secured

Note,

144A,

7.375%,

9/01/31

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

United

States

153,000

159,717

b

News

Corp.

,

Senior

Note

,

144A,

3.875

%

,

5/15/29

...........

United

States

150,000

143,628

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Note,

144A,

5%,

8/15/27

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

United

States

255,000

253,885

Senior

Secured

Note,

144A,

7.375%,

2/15/31

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

United

States

76,000

80,520

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

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

United

States

250,000

252,772

1,302,756

Metals

&

Mining

0.8%

b

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

7

%

,

3/15/32

........

United

States

92,000

86,840

Commercial

Metals

Co.

,

Senior

Bond

,

4.375

%

,

3/15/32

.......

United

States

267,000

246,146

b

Constellium

SE

,

Senior

Note,

Reg

S,

3.125%,

7/15/29

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

United

States

300,000

EUR

340,822

Senior

Note,

144A,

6.375%,

8/15/32

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

United

States

250,000

254,328

b

Novelis

Corp.

,

Senior

Note

,

144A,

6.875

%

,

1/30/30

..........

United

States

198,000

204,842

1,132,978

Multi-Utilities

0.1%

Ameren

Corp.

,

Senior

Note

,

5

%

,

1/15/29

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

United

States

170,000

173,143

Oil,

Gas

&

Consumable

Fuels

2.9%

b

Aker

BP

ASA

,

Senior

Note

,

144A,

5.6

%

,

6/13/28

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

Norway

205,000

210,676

b

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375

%

,

3/01/30

..

United

States

250,000

251,757

b,e

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375

%

,

1/15/34

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

United

States

195,000

195,255

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)

Oil,

Gas

&

Consumable

Fuels

(continued)

Energy

Transfer

LP

,

Senior

Bond

,

5.25

%

,

4/15/29

...........

United

States

410,000

$

420,020

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

5.875%,

3/01/28

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

United

States

65,000

66,009

Senior

Note,

144A,

4.25%,

2/15/30

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

United

States

270,000

259,814

Senior

Note,

144A,

5.5%,

10/15/30

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

United

States

85,000

85,435

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375

%

,

4/24/30

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

Kazakhstan

450,000

454,127

Kinder

Morgan,

Inc.

,

Senior

Note

,

5

%

,

2/01/29

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

United

States

250,000

253,978

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......

United

States

455,000

459,145

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.875

%

,

4/15/28

..

United

States

333,000

339,799

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25

%

,

5/21/30

.

Indonesia

200,000

202,151

b,e

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25

%

,

7/08/32

..

Brazil

320,000

318,000

b

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

144A,

5.026

%

,

10/01/29

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

Canada

210,000

210,746

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25

%

,

7/01/33

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

United

States

184,000

187,188

Targa

Resources

Corp.

,

Senior

Note

,

6.15

%

,

3/01/29

........

United

States

200,000

210,392

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5

%

,

10/15/29

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

United

States

217,000

210,441

b

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375

%

,

6/01/31

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

United

States

450,000

467,708

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

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

United

States

30,000

32,499

Senior

Secured

Note,

144A,

7.5%,

5/01/33

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

United

States

30,000

32,145

4,867,285

Paper

&

Forest

Products

0.1%

b

Magnera

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

.........

United

States

135,000

119,426

Passenger

Airlines

0.4%

b

Air

France-KLM

,

Senior

Note

,

Reg

S,

8.125

%

,

5/31/28

.......

France

200,000

EUR

264,608

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875

%

,

12/15/29

.....

United

States

200,000

208,421

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

United

States

140,000

135,990

609,019

Personal

Care

Products

0.1%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.375

%

,

3/24/29

.......

United

States

250,000

241,821

Pharmaceuticals

0.6%

Pharmacia

LLC

,

Senior

Bond

,

6.6

%

,

12/01/28

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

United

States

430,000

461,767

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

8.125

%

,

9/15/31

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

Israel

449,000

508,991

970,758

Professional

Services

0.1%

b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/33

..

United

States

185,000

191,142

Semiconductors

&

Semiconductor

Equipment

0.1%

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note

,

3.875

%

,

1/15/27

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

United

States

205,000

203,664

Specialized

REITs

0.2%

American

Tower

Corp.

,

Senior

Note

,

2.75

%

,

1/15/27

.........

United

States

410,000

400,396

Specialty

Retail

0.4%

Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875

%

,

11/01/35

.....

United

States

480,000

498,491

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)

Specialty

Retail

(continued)

b,f

Carvana

Co.

,

Senior

Secured

Note

,

144A,

PIK,

9

%

,

12/01/28

..

United

States

200,000

$

205,345

703,836

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

152,614

Seagate

HDD

Cayman

,

Senior

Bond

,

9.625

%

,

12/01/32

......

United

States

186,000

209,822

362,436

Textiles,

Apparel

&

Luxury

Goods

0.7%

b,e

Beach

Acquisition

Bidco

LLC

,

f

Senior

Note,

144A,

PIK,

10%,

7/15/33

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

United

States

200,000

207,803

Senior

Secured

Note,

144A,

5.25%,

7/15/32

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

United

States

105,000

EUR

124,724

b

Crocs,

Inc.

,

Senior

Bond

,

144A,

4.125

%

,

8/15/31

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

United

States

290,000

261,457

Levi

Strauss

&

Co.

,

Senior

Note

,

3.375

%

,

3/15/27

...........

United

States

305,000

EUR

359,802

b

Under

Armour

,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

7/15/30

.......

United

States

150,000

152,281

1,106,067

Tobacco

0.3%

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125

%

,

2/15/30

..

United

States

410,000

421,984

Trading

Companies

&

Distributors

1.3%

Air

Lease

Corp.

,

Senior

Note

,

5.85

%

,

12/15/27

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

United

States

450,000

465,624

b

Aircastle

Ltd.

,

Senior

Note

,

144A,

5.25

%

,

8/11/25

...........

United

States

205,000

204,990

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375

%

,

7/15/29

United

States

210,000

213,968

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875

%

,

7/01/30

.....

United

States

215,000

209,329

b

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

..

United

States

200,000

211,536

b

Herc

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

6/15/29

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

United

States

65,000

66,746

Senior

Note,

144A,

7%,

6/15/30

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

United

States

35,000

36,574

Senior

Note,

144A,

7.25%,

6/15/33

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

United

States

370,000

387,927

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/30/32

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

United

States

240,000

247,848

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

4

%

,

7/15/30

..

United

States

88,000

84,034

b

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

3/15/33

.

United

States

45,000

46,543

2,175,119

Wireless

Telecommunication

Services

0.9%

T-Mobile

USA,

Inc.

,

Senior

Note,

2.05%,

2/15/28

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

United

States

230,000

217,438

Senior

Note,

3.375%,

4/15/29

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

United

States

825,000

794,382

b

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

Reg

S,

3.25

%

,

1/31/31

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

United

Kingdom

275,000

EUR

309,120

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625

%

,

7/15/29

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

United

Kingdom

200,000

213,899

1,534,839

Total

Corporate

Bonds

(Cost

$45,883,869)

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

47,229,169

Senior

Floating

Rate

Interests

6.6%

Aerospace

&

Defense

0.1%

g

TransDigm

,

Inc.,

First

Lien,

CME

Term

Loan,

J,

6.796%,

(3-month

SOFR

+

2.5%),

2/28/31

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

United

States

118,503

118,847

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

Senior

Floating

Rate

Interests

(continued)

Automobile

Components

0.0%

†

g

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

CME

Term

Loan,

7.077%,

(1-month

SOFR

+

2.75%),

1/28/32

.........

United

States

59,983

$

60,114

g

Building

Products

0.2%

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

6.827%,

(1-month

SOFR

+

2.5%),

8/04/31

..

United

States

193,973

193,904

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

6.577%,

(1-month

SOFR

+

2.25%),

3/19/29

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

United

States

201,922

202,107

396,011

a

a

a

a

a

a

Chemicals

0.1%

g

Nouryon

Finance

BV,

First

Lien,

Term

Loan,

B,

5.736%,

(3-month

EURIBOR

+

3.5%),

4/03/28

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

Netherlands

200,000

EUR

236,597

g

Commercial

Services

&

Supplies

0.2%

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.762%,

(6-month

SOFR

+

2.5%),

6/21/28

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

United

States

197,436

197,806

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan,

7.046%,

(3-month

SOFR

+

2.75%),

3/26/31

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

Luxembourg

89,326

89,683

287,489

a

a

a

a

a

a

Communications

Equipment

0.1%

e,g

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

9.577%,

(1-month

SOFR

+

5.25%),

12/18/29

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

United

States

185,000

187,524

Distributors

0.0%

†

g

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.296%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

33,091

33,248

Electrical

Equipment

0.1%

g

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.574%,

(1-month

SOFR

+

2.25%),

1/27/31

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

United

States

198,500

198,773

g

Entertainment

0.1%

Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3,

7.072%,

(1-month

SOFR

+

2.75%),

3/01/28

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

France

80,560

80,845

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

7.191%,

(1-month

SOFR

+

2.75%),

3/13/28

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

United

States

199,479

196,579

277,424

a

a

a

a

a

a

Food

Products

0.2%

e,g

Chobani

LLC,

First

Lien,

2025

New

CME

Term

Loan,

6.827%,

(1-month

SOFR

+

2.5%),

10/25/27

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

United

States

229,424

230,523

Ground

Transportation

0.1%

g

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.046%,

(3-month

SOFR

+

1.75%),

4/10/31

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

United

States

133,988

133,446

g

Health

Care

Equipment

&

Supplies

0.4%

Bausch

+

Lomb

Corp.,

First

Lien,

Initial

CME

Term

Loan,

7.679%,

(1-month

SOFR

+

3.25%),

5/10/27

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

United

States

336,338

336,167

Bausch

+

Lomb

Corp.,

First

Lien,

New

CME

Term

Loan,

8.327%,

(1-month

SOFR

+

4%),

9/29/28

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

United

States

124,105

124,364

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

CME

Term

Loan,

6.577%,

(1-month

SOFR

+

2.25%),

10/23/28

........

United

States

179,448

179,856

640,387

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

13

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

g

Health

Care

Providers

&

Services

0.4%

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5,

6.827%,

(1-month

SOFR

+

2.5%),

2/21/31

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

United

States

202,445

$

203,342

Phoenix

Newco,

Inc.,

First

Lien,

Sixth

Amendment

CME

Term

Loan,

6.827%,

(1-month

SOFR

+

2.5%),

11/15/28

.........

United

States

240,199

240,536

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.577%,

(1-month

SOFR

+

2.25%),

10/22/29

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

United

States

92,091

92,552

536,430

a

a

a

a

a

a

g

Hotels,

Restaurants

&

Leisure

0.9%

Caesars

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.577%,

(1-month

SOFR

+

2.25%),

2/06/31

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

United

States

217,250

217,387

Carnival

Corp.,

First

Lien,

2025

Repricing

Advance

CME

Term

Loan,

6.312%,

(1-month

SOFR

+

2%),

10/18/28

...........

United

States

360,664

361,396

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.827%,

(1-month

SOFR

+

3.5%),

1/29/29

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

United

States

213,933

213,942

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

6.046%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

108,350

108,215

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

9.074%,

(3-month

SOFR

+

4.75%),

11/01/29

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

Canada

200,000

195,800

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B,

6.827%,

(1-month

SOFR

+

2.5%),

12/15/27

...

United

States

265,196

265,473

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

7.285%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

202,947

203,007

1,565,220

a

a

a

a

a

a

Household

Durables

0.1%

g

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

7.546%,

(3-month

SOFR

+

3.25%),

1/16/32

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

Netherlands

179,518

179,107

Insurance

0.1%

g

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.072%,

(1-month

SOFR

+

2.75%),

9/19/31

.........

United

States

197,505

197,774

g

IT

Services

0.2%

Ahead

DB

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B3,

7.299%,

(3-month

SOFR

+

3%),

2/03/31

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

United

States

93,697

93,892

Fortress

Intermediate

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.827%,

(1-month

SOFR

+

3.5%),

6/27/31

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

United

States

184,535

185,227

279,119

a

a

a

a

a

a

g

Machinery

0.6%

Chart

Industries,

Inc.,

First

Lien,

Amendment

No.

7

CME

Term

Loan,

6.788%,

(3-month

SOFR

+

2.5%),

3/15/30

..........

United

States

416,901

418,725

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.824%,

(1-month

SOFR

+

4.5%),

9/28/28

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

United

States

166,576

163,388

e

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

7.327%,

(1-month

SOFR

+

3%),

10/23/28

......

United

States

204,470

205,491

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

B1,

7.237%,

(3-month

SOFR

+

3%),

4/30/30

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

Germany

131,541

132,034

919,638

a

a

a

a

a

a

g

Media

0.6%

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.441%,

(1-month

SOFR

+

4%),

8/23/28

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

United

States

170,000

168,998

CSC

Holdings

LLC,

First

Lien,

Term

Loan,

B5,

9%,

(PRIME

+

1.5%),

4/15/27

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

United

States

207,266

202,196

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)

g

Media

(continued)

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.791%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

411,388

$

408,957

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D,

7.439%,

(1-month

SOFR

+

3%),

12/01/28

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

United

States

235,705

228,821

1,008,972

a

a

a

a

a

a

Oil,

Gas

&

Consumable

Fuels

0.4%

g

CQP

Holdco

LP,

First

Lien,

Initial

CME

Term

Loan,

6.299%,

(3-month

SOFR

+

2%),

12/31/30

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

United

States

689,587

690,476

Paper

&

Forest

Products

0.1%

g

Glatfelter

Corp.,

First

Lien,

CME

Term

Loan,

8.583%,

(3-month

SOFR

+

4.25%),

11/04/31

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

United

States

89,550

88,095

g

Passenger

Airlines

0.2%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

6.522%,

(3-month

SOFR

+

2.25%),

4/20/28

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

United

States

347,092

345,328

e

American

Airlines,

Inc.,

First

Lien,

2025

Incremental

CME

Term

Loan,

7.58%,

(3-month

SOFR

+

3.25%),

5/28/32

..........

United

States

20,000

20,155

365,483

a

a

a

a

a

a

Pharmaceuticals

0.1%

g

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.327%,

(1-month

SOFR

+

4%),

4/23/31

.......

United

States

174,560

174,669

g

Professional

Services

0.2%

Dun

&

Bradstreet

Corp.

(The),

First

Lien,

Incremental

CME

Term

Loan,

B2,

6.572%,

(1-month

SOFR

+

2.25%),

1/18/29

......

United

States

197,500

197,574

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan,

7.549%,

(3-month

SOFR

+

3.25%),

2/14/31

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

Canada

168,300

168,531

366,105

a

a

a

a

a

a

g

Software

0.6%

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B,

7.796%,

(3-month

SOFR

+

3.5%),

3/30/29

........

United

States

341,243

341,999

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1,

7.316%,

(1-month

SOFR

+

3%),

3/01/29

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

United

States

218,353

212,507

Proofpoint,

Inc.,

First

Lien,

CME

Term

Loan,

7.327%,

(1-month

SOFR

+

3%),

8/31/28

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

United

States

235,196

235,617

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.311%,

(1-month

SOFR

+

3%),

2/10/31

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

United

States

207,900

208,920

999,043

a

a

a

a

a

a

g

Specialty

Retail

0.4%

PetSmart

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.177%,

(1-month

SOFR

+

3.75%),

2/11/28

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

United

States

199,585

197,963

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.577%,

(1-month

SOFR

+

3.25%),

10/19/29

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

United

States

466,457

464,622

662,585

a

a

a

a

a

a

Textiles,

Apparel

&

Luxury

Goods

0.1%

g

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.776%,

(3-month

SOFR

+

3.5%),

3/02/28

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

United

States

197,997

186,220

Total

Senior

Floating

Rate

Interests

(Cost

$10,996,001)

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

11,019,319

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

Foreign

Government

and

Agency

Securities

10.7%

b

Armenia

Government

Bond

,

Senior

Bond

,

Reg

S,

3.6

%

,

2/02/31

Armenia

430,000

$

372,490

b

Benin

Government

Bond

,

Senior

Bond,

Reg

S,

4.875%,

1/19/32

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

Benin

157,000

EUR

168,848

Senior

Bond,

Reg

S,

4.95%,

1/22/35

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

Benin

460,000

EUR

463,997

Brazil

Government

Bond

,

Senior

Bond,

3.875%,

6/12/30

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

Brazil

1,060,000

1,000,721

Senior

Bond,

6%,

10/20/33

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

Brazil

200,000

198,779

b

Bulgaria

Government

Bond

,

Senior

Note

,

Reg

S,

3.625

%

,

9/05/32

Bulgaria

280,000

EUR

342,289

b

Cameroon

Government

Bond

,

Senior

Bond

,

Reg

S,

5.95

%

,

7/07/32

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

Cameroon

320,000

EUR

295,943

Chile

Government

Bond

,

Senior

Bond

,

4.95

%

,

1/05/36

.......

Chile

600,000

589,422

Colombia

Government

Bond

,

Senior

Bond

,

8

%

,

11/14/35

......

Colombia

560,000

563,803

b

Costa

Rica

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125

%

,

2/19/31

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

Costa

Rica

620,000

638,904

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

Reg

S,

5.95%,

1/25/27

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

Dominican

Republic

284,000

287,152

Senior

Bond,

Reg

S,

6%,

7/19/28

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

Dominican

Republic

480,000

488,400

Ecopetrol

SA

,

Senior

Bond

,

8.875

%

,

1/13/33

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

Colombia

230,000

237,430

b

Egypt

Government

Bond

,

Senior

Bond,

Reg

S,

7.6%,

3/01/29

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

Egypt

420,000

423,714

Senior

Note,

144A,

8.625%,

2/04/30

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

Egypt

310,000

313,759

b

Gabonese

Republic

,

Senior

Bond

,

Reg

S,

6.625

%

,

2/06/31

....

Gabon

370,000

295,418

b

Guatemala

Government

Bond

,

Senior

Bond,

Reg

S,

6.6%,

6/13/36

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

Guatemala

700,000

711,725

Senior

Note,

144A,

7.05%,

10/04/32

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

Guatemala

200,000

212,953

b

Hashemite

Kingdom

of

Jordan

,

Senior

Note

,

Reg

S,

7.5

%

,

1/13/29

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

Jordan

200,000

205,628

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25

%

,

6/16/29

Hungary

530,000

534,964

b

Indonesia

Government

Bond

,

Senior

Bond

,

144A,

4.35

%

,

1/08/27

Indonesia

410,000

411,613

b

Iraq

Government

Bond

,

Senior

Bond

,

Reg

S,

5.8

%

,

1/15/28

....

Iraq

521,250

516,757

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

5.875

%

,

10/17/31

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

Ivory

Coast

500,000

EUR

558,228

Mexico

Government

Bond

,

Senior

Bond,

2.659%,

5/24/31

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

Mexico

300,000

260,250

Senior

Bond,

3.5%,

2/12/34

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

Mexico

500,000

420,875

b

Montenegro

Government

Bond

,

Senior

Note

,

144A,

4.875

%

,

4/01/32

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

Montenegro

220,000

EUR

257,013

Panama

Government

Bond

,

Senior

Note

,

7.5

%

,

3/01/31

......

Panama

730,000

778,574

b

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

3.849

%

,

6/28/33

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

Paraguay

740,000

673,119

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

430,000

386,205

b

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45

%

,

5/21/28

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

Indonesia

200,000

203,828

Petroleos

Mexicanos

,

Senior

Note,

6.49%,

1/23/27

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

Mexico

250,000

248,895

Senior

Note,

6.7%,

2/16/32

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

Mexico

210,000

195,294

Philippines

Government

Bond

,

Senior

Bond

,

5.5

%

,

2/04/35

....

Philippines

350,000

363,043

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95

%

,

4/23/30

.

India

400,000

383,669

b

Romania

Government

Bond

,

Senior

Note

,

144A,

3

%

,

2/27/27

..

Romania

680,000

657,752

b

Romanian

Government

Bond

,

Senior

Bond

,

Reg

S,

7.125

%

,

1/17/33

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

Romania

420,000

438,008

b

Serbia

Government

Bond

,

Senior

Bond,

Reg

S,

6.5%,

9/26/33

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

Serbia

370,000

390,084

Senior

Note,

Reg

S,

6.25%,

5/26/28

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

Serbia

430,000

444,921

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

Foreign

Government

and

Agency

Securities

(continued)

South

Africa

Government

Bond

,

Senior

Bond,

5.875%,

6/22/30

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

South

Africa

300,000

$

299,048

Senior

Bond,

5.875%,

4/20/32

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

South

Africa

250,000

245,044

b

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875

%

,

3/24/26

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

Azerbaijan

360,000

365,185

Turkiye

Government

Bond

,

Senior

Note

,

9.125

%

,

7/13/30

.....

Turkiye

570,000

632,905

b

Uzbekistan

Government

Bond

,

Senior

Note

,

Reg

S,

6.9

%

,

2/28/32

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

Uzbekistan

330,000

340,196

Total

Foreign

Government

and

Agency

Securities

(Cost

$17,346,581)

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

17,816,845

U.S.

Government

and

Agency

Securities

0.1%

h

United

States

Treasury

Notes

,

0.625

%,

11/30/27

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

United

States

151,000

140,389

Total

U.S.

Government

and

Agency

Securities

(Cost

$140,389)

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

140,389

Asset-Backed

Securities

1.1%

Financial

Services

1.1%

b,g

BDS

Ltd.

,

2021-FL9

,

A

,

144A,

FRN

,

5.499

%

,

(

1-month

SOFR

+

1.184

%

),

11/16/38

.

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

United

States

56,321

56,408

g

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2007-AMC3

,

A2D

,

FRN

,

4.784

%

,

(

1-month

SOFR

+

0.464

%

),

3/25/37

.

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

United

States

626,554

541,955

g

GSAA

Home

Equity

Trust

,

2006-8

,

2A2

,

FRN

,

4.794

%

,

(

1-month

SOFR

+

0.474

%

),

5/25/36

.

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

United

States

475,455

100,356

g

Lehman

XS

Trust

,

2006-17

,

1A4A

,

FRN

,

4.774

%

,

(

1-month

SOFR

+

0.454

%

),

8/25/46

.

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

United

States

1,166,227

1,089,173

1,787,892

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$1,855,362)

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

1,787,892

Commercial

Mortgage-Backed

Securities

10.8%

Financial

Services

10.8%

i,j

BANK

,

2020-BN30,

XA,

IO,

FRN,

1.372%,

12/15/53

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

United

States

2,995,601

154,739

2024-BNK48,

XA,

IO,

FRN,

1.352%,

10/15/57

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

United

States

4,508,284

375,173

i,j

BANK5

,

2024-5YR10,

XA,

IO,

FRN,

1.402%,

10/15/57

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

United

States

6,913,028

306,509

2024-5YR12,

XA,

IO,

FRN,

0.696%,

12/15/57

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

United

States

5,935,611

121,080

2024-5YR7,

XA,

IO,

FRN,

1.57%,

6/15/57

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

United

States

5,186,810

240,379

i,j

BBCMS

Mortgage

Trust

,

2022-C14,

XA,

IO,

FRN,

0.812%,

2/15/55

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

United

States

4,817,417

163,802

2024-5C29,

XA,

IO,

FRN,

1.822%,

9/15/57

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

United

States

7,479,804

436,260

2024-C26,

XA,

IO,

FRN,

1.241%,

5/15/57

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

United

States

2,634,070

193,599

2025-C32,

XA,

IO,

FRN,

1.356%,

2/15/62

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

United

States

2,125,798

181,812

i,j

Benchmark

Mortgage

Trust

,

2024-V10,

XA,

IO,

FRN,

1.522%,

9/15/57

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

United

States

6,543,683

314,957

2024-V11,

XA,

IO,

FRN,

0.773%,

11/15/57

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

United

States

9,895,000

224,634

i,j

BMO

Mortgage

Trust

,

2024-5C6

,

XA

,

IO,

FRN

,

1.575

%

,

9/15/57

United

States

5,707,800

274,046

j

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947

%

,

5/10/50

.....

United

States

439,000

416,685

CFCRE

Commercial

Mortgage

Trust

,

b,j

2011-C2,

E,

144A,

FRN,

5.08%,

12/15/47

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

United

States

193,000

179,858

2016-C7,

A3,

3.839%,

12/10/54

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

United

States

405,000

399,412

b,j

Citigroup

Commercial

Mortgage

Trust

,

2015-GC27

,

D

,

144A,

FRN

,

4.543

%

,

2/10/48

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

United

States

284,231

274,423

COMM

Mortgage

Trust

,

b

2012-LC4,

E,

144A,

4.25%,

12/10/44

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

United

States

392,000

50,367

2013-CR12,

AM,

4.3%,

10/10/46

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

United

States

158,080

149,320

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

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

COMM

Mortgage

Trust,

(continued)

b,j

2013-CR7,

D,

144A,

FRN,

4.385%,

3/10/46

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

United

States

111,791

$

106,838

j

2014-CR16,

C,

FRN,

4.937%,

4/10/47

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

United

States

441,000

416,523

b,j

2014-CR17,

D,

144A,

FRN,

5.005%,

5/10/47

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

United

States

290,000

232,726

b,j

2014-CR19,

D,

144A,

FRN,

4.661%,

8/10/47

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

United

States

287,159

276,677

j

2014-CR20,

C,

FRN,

4.826%,

11/10/47

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

United

States

341,775

330,837

2014-UBS3,

AM,

4.012%,

6/10/47

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

United

States

251,463

241,378

j

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

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

United

States

220,454

218,110

j

2015-CR22,

B,

FRN,

3.926%,

3/10/48

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

United

States

175,000

167,120

j

2015-CR27,

C,

FRN,

4.596%,

10/10/48

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

United

States

212,000

198,464

2015-DC1,

AM,

3.724%,

2/10/48

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

United

States

182,226

179,484

j

2015-DC1,

B,

FRN,

4.035%,

2/10/48

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

United

States

447,000

426,326

j

2015-LC19,

B,

FRN,

3.829%,

2/10/48

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

United

States

253,000

249,899

CSAIL

Commercial

Mortgage

Trust

,

j

2015-C1,

AS,

FRN,

3.791%,

4/15/50

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

United

States

220,997

219,707

j

2015-C2,

B,

FRN,

4.208%,

6/15/57

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

United

States

216,000

209,024

2015-C3,

A4,

3.718%,

8/15/48

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

United

States

107,786

107,367

2016-C5,

A5,

3.757%,

11/15/48

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

United

States

204,282

203,239

j

GS

Mortgage

Securities

Trust

,

b

2013-GC13,

AS,

144A,

FRN,

4.012%,

7/10/46

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

United

States

261,989

258,177

2014-GC24,

B,

FRN,

4.521%,

9/10/47

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

United

States

469,000

441,611

b

2014-GC24,

D,

144A,

FRN,

4.542%,

9/10/47

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

United

States

221,000

140,886

i

2019-GC42,

XA,

IO,

FRN,

0.929%,

9/10/52

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

United

States

6,081,088

165,443

j

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

b

2007-CB20,

E,

144A,

FRN,

8.188%,

2/12/51

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

United

States

10,147

13,198

b

2012-C6,

E,

144A,

FRN,

5.129%,

5/15/45

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

United

States

163,000

157,050

2013-LC11,

D,

FRN,

4.296%,

4/15/46

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

United

States

194,000

42,777

b,c

2013-LC11,

E,

144A,

FRN,

3.25%,

4/15/46

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

United

States

647,000

28,057

JPMBB

Commercial

Mortgage

Securities

Trust

,

b,j

2013-C14,

D,

144A,

FRN,

4.172%,

8/15/46

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

United

States

228,000

176,579

b,j

2013-C14,

F,

144A,

FRN,

3.598%,

8/15/46

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

United

States

1,500,000

127,732

b,j

2014-C18,

D,

144A,

FRN,

4.652%,

2/15/47

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

United

States

232,000

205,552

j

2014-C23,

B,

FRN,

4.7%,

9/15/47

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

United

States

174,000

162,684

j

2014-C23,

C,

FRN,

4.7%,

9/15/47

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

United

States

201,000

184,008

b,j

2014-C23,

D,

144A,

FRN,

4.2%,

9/15/47

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

United

States

100,000

86,059

2015-C31,

A3,

3.801%,

8/15/48

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

United

States

63,075

62,939

2016-C1,

A5,

3.576%,

3/17/49

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

United

States

132,000

130,918

j

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8

,

C

,

FRN

,

4.915

%

,

6/15/51

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

United

States

190,000

171,143

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549

%

,

3/10/50

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

United

States

400,000

390,139

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

j

2013-C10,

B,

FRN,

4.112%,

7/15/46

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

United

States

143,460

135,488

b,j

2013-C10,

D,

144A,

FRN,

4.112%,

7/15/46

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

United

States

350,000

286,627

b,j

2013-C10,

F,

144A,

FRN,

4.112%,

7/15/46

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

United

States

975,000

86,580

b,j

2013-C12,

D,

144A,

FRN,

4.861%,

10/15/46

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

United

States

189,000

176,221

b,j

2013-C9,

D,

144A,

FRN,

3.927%,

5/15/46

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

United

States

196,000

180,492

2014-C19,

C,

4%,

12/15/47

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

United

States

83,141

80,627

j

2015-C22,

C,

FRN,

4.191%,

4/15/48

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

United

States

575,000

499,902

j

2015-C25,

C,

FRN,

4.66%,

10/15/48

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

United

States

253,000

243,168

j

Morgan

Stanley

Capital

I

Trust

,

2016-UB11,

C,

FRN,

3.691%,

8/15/49

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

United

States

286,000

276,914

2018-H3,

C,

FRN,

5.012%,

7/15/51

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

United

States

199,000

186,268

b,g

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01,

M10,

144A,

FRN,

7.67%,

(30-day

SOFR

Average

+

3.364%),

10/25/49

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

United

States

503,843

512,332

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

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

b,g

Multi-family

Connecticut

Avenue

Securities

Trust,

(continued)

2020-01,

M10,

144A,

FRN,

8.17%,

(30-day

SOFR

Average

+

3.864%),

3/25/50

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

United

States

645,635

$

656,833

SG

Commercial

Mortgage

Securities

Trust

,

2016-C5

,

A4

,

3.055

%

,

10/10/48

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

United

States

458,000

447,881

b,c

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

8

%

,

12/28/38

..

United

States

558,952

47

j

UBS

Commercial

Mortgage

Trust

,

2017-C3

,

C

,

FRN

,

4.503

%

,

8/15/50

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

United

States

247,000

233,994

Wells

Fargo

Commercial

Mortgage

Trust

,

b,j

2013-LC12,

D,

144A,

FRN,

3.915%,

7/15/46

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

United

States

188,000

106,224

b

2014-LC16,

D,

144A,

3.938%,

8/15/50

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

United

States

264,667

32,042

b,j

2015-C30,

D,

144A,

FRN,

4.644%,

9/15/58

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

United

States

121,000

117,605

2015-C31,

A4,

3.695%,

11/15/48

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

United

States

399,000

397,370

2015-C31,

D,

3.852%,

11/15/48

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

United

States

99,000

85,932

j

2015-LC22,

AS,

FRN,

4.207%,

9/15/58

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

United

States

175,000

174,269

2015-NXS3,

A4,

3.617%,

9/15/57

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

United

States

437,000

435,263

2015-NXS4,

A4,

3.718%,

12/15/48

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

United

States

178,000

177,167

j

2015-SG1,

B,

FRN,

4.568%,

9/15/48

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

United

States

273,000

263,818

j

2016-NXS5,

D,

FRN,

5.119%,

1/15/59

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

United

States

216,000

194,968

i,j

2019-C52,

XA,

IO,

FRN,

1.704%,

8/15/52

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

United

States

3,219,935

161,562

i,j

2024-5C1,

XA,

IO,

FRN,

1.258%,

7/15/57

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

United

States

6,115,207

223,289

j

WFRBS

Commercial

Mortgage

Trust

,

b

2013-C15,

D,

144A,

FRN,

4.286%,

8/15/46

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

United

States

235,831

121,453

2014-C21,

C,

FRN,

4.234%,

8/15/47

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

United

States

177,000

168,487

2014-C23,

B,

FRN,

4.372%,

10/15/57

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

United

States

125,000

117,269

17,965,818

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$20,333,730)

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

17,965,818

Mortgage-Backed

Securities

18.3%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

11.1%

FNMA,

30

Year,

5%,

1/01/49

-

8/01/49

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

United

States

45,318

45,147

k

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

7/25/55

.....

United

States

2,000,000

1,658,566

k

Uniform

Mortgage-Backed

Securities,

3%,

TBA,

7/25/55

......

United

States

1,000,000

865,453

k

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

7/25/55

.....

United

States

1,000,000

900,440

k

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

7/25/55

......

United

States

1,000,000

980,134

k

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

7/25/55

.....

United

States

10,000,000

9,999,275

k

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

7/25/55

......

United

States

4,000,000

4,065,116

18,514,131

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

7.2%

GNMA

II,

Single-family,

30

Year,

3.5%,

10/20/49

-

3/20/50

.....

United

States

207,640

186,970

k

GNMA

II,

Single-family,

30

Year,

4.5%,

7/15/55

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

United

States

3,000,000

2,872,111

GNMA

II,

Single-family,

30

Year,

5%,

5/20/49

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

United

States

49,535

49,221

k

GNMA

II,

Single-family,

30

Year,

5%,

7/15/55

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

United

States

4,000,000

3,929,839

GNMA

II,

Single-family,

30

Year,

5.5%,

5/20/49

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

United

States

16,977

17,233

k

GNMA

II,

Single-family,

30

Year,

5.5%,

7/15/55

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

United

States

5,000,000

5,008,124

12,063,498

Total

Mortgage-Backed

Securities

(Cost

$30,205,065)

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

30,577,629

Residential

Mortgage-Backed

Securities

10.0%

Financial

Services

10.0%

b

A&D

Mortgage

Trust

,

2024-NQM1

,

A1

,

144A,

6.195

%

,

2/25/69

.

United

States

586,481

590,053

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

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

Alternative

Loan

Trust

,

g

2005-38,

A1,

FRN,

5.899%,

(12-month

average

of

1-year

CMT

+

1.5%),

9/25/35

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

United

States

164,462

$

148,262

g

2005-38,

A3,

FRN,

5.134%,

(1-month

SOFR

+

0.814%),

9/25/35

United

States

202,373

184,837

g

2005-59,

1A1,

FRN,

5.096%,

(1-month

SOFR

+

0.774%),

11/20/35

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

United

States

220,674

216,978

g

2006-OA10,

1A1,

FRN,

5.359%,

(12-month

average

of

1-year

CMT

+

0.96%),

8/25/46

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

United

States

66,670

60,239

g

2006-OA10,

3A1,

FRN,

4.814%,

(1-month

SOFR

+

0.494%),

8/25/46

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

United

States

185,663

164,826

g

2006-OA10,

4A1,

FRN,

4.814%,

(1-month

SOFR

+

0.494%),

8/25/46

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

United

States

1,362,449

1,165,295

j

2006-OA7,

1A1,

FRN,

3.244%,

6/25/46

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

United

States

206,910

192,542

g

2006-OA7,

1A2,

FRN,

5.339%,

(12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

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

United

States

158,800

155,893

g

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

4.624

%

,

(

1-month

SOFR

+

0.304

%

),

5/25/47

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

United

States

339,888

199,877

g

Bear

Stearns

ALT-A

Trust

,

2005-10

,

11A1

,

FRN

,

4.934

%

,

(

1-month

SOFR

+

0.614

%

),

1/25/36

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

United

States

34,832

32,921

b,g

Chevy

Chase

Funding

LLC

,

2006-4A

,

A2

,

144A,

FRN

,

4.614

%

,

(

1-month

SOFR

+

0.294

%

),

11/25/47

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

United

States

142,973

126,961

b,j

COLT

Mortgage

Loan

Trust

,

2020-2

,

A3

,

144A,

FRN

,

3.698

%

,

3/25/65

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

United

States

1,000,000

977,772

b,g

Connecticut

Avenue

Securities

Trust

,

2020-SBT1,

1M2,

144A,

FRN,

8.07%,

(30-day

SOFR

Average

+

3.764%),

2/25/40

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

United

States

504,000

524,025

2022-R02,

2B1,

144A,

FRN,

8.805%,

(30-day

SOFR

Average

+

4.5%),

1/25/42

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

United

States

180,000

188,004

2022-R02,

2M2,

144A,

FRN,

7.305%,

(30-day

SOFR

Average

+

3%),

1/25/42

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

United

States

400,000

409,365

b,j

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

2017-3,

M2,

144A,

FRN,

4.75%,

7/25/56

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

United

States

371,857

364,936

2019-2,

M,

144A,

FRN,

4.75%,

8/25/58

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

United

States

192,000

186,249

2019-4,

M,

144A,

FRN,

4.5%,

2/25/59

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

United

States

636,000

606,083

g

FHLMC

STACR

Debt

Notes

,

2015-DNA3,

B,

FRN,

13.77%,

(30-day

SOFR

Average

+

9.464%),

4/25/28

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

United

States

560,882

573,071

2015-HQA2,

B,

FRN,

14.92%,

(30-day

SOFR

Average

+

10.614%),

5/25/28

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

United

States

265,919

273,872

2016-DNA1,

B,

FRN,

14.42%,

(30-day

SOFR

Average

+

10.114%),

7/25/28

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

United

States

1,270,682

1,328,661

b,g

FHLMC

STACR

REMIC

Trust

,

2020-DNA4,

B2,

144A,

FRN,

14.42%,

(30-day

SOFR

Average

+

10.114%),

8/25/50

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

United

States

609,000

807,882

2020-DNA5,

B2,

144A,

FRN,

15.805%,

(30-day

SOFR

Average

+

11.5%),

10/25/50

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

United

States

176,000

245,275

2020-HQA3,

B2,

144A,

FRN,

14.42%,

(30-day

SOFR

Average

+

10.114%),

7/25/50

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

United

States

430,000

568,810

2021-DNA3,

B2,

144A,

FRN,

10.555%,

(30-day

SOFR

Average

+

6.25%),

10/25/33

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

United

States

225,000

278,427

b,g

FHLMC

STACR

Trust

,

2018-DNA3,

B2,

144A,

FRN,

12.17%,

(30-day

SOFR

Average

+

7.864%),

9/25/48

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

United

States

174,000

201,271

2018-HQA2,

B2,

144A,

FRN,

15.42%,

(30-day

SOFR

Average

+

11.114%),

10/25/48

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

United

States

649,000

806,140

2019-DNA1,

B2,

144A,

FRN,

15.17%,

(30-day

SOFR

Average

+

10.864%),

1/25/49

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

United

States

141,000

174,600

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

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

b,g

FHLMC

STACR

Trust,

(continued)

2019-DNA2,

B2,

144A,

FRN,

14.92%,

(30-day

SOFR

Average

+

10.614%),

3/25/49

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

United

States

118,000

$

141,161

2019-HQA1,

B2,

144A,

FRN,

16.67%,

(30-day

SOFR

Average

+

12.364%),

2/25/49

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

United

States

85,000

104,729

2019-HQA2,

B2,

144A,

FRN,

15.67%,

(30-day

SOFR

Average

+

11.364%),

4/25/49

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

United

States

106,000

128,287

j

First

Horizon

Alternative

Mortgage

Securities

Trust

,

2006-AA6

,

2A1

,

FRN

,

5.155

%

,

11/25/36

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

United

States

403,364

279,430

g

FNMA

Connecticut

Avenue

Securities

,

2016-C01,

1B,

FRN,

16.17%,

(30-day

SOFR

Average

+

11.864%),

8/25/28

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

United

States

362,548

384,839

2016-C02,

1B,

FRN,

16.67%,

(30-day

SOFR

Average

+

12.364%),

9/25/28

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

United

States

1,091,547

1,169,920

2016-C03,

1B,

FRN,

16.17%,

(30-day

SOFR

Average

+

11.864%),

10/25/28

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

United

States

563,444

606,270

2016-C03,

2B,

FRN,

17.17%,

(30-day

SOFR

Average

+

12.864%),

10/25/28

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

United

States

89,030

96,620

2016-C05,

2B,

FRN,

15.17%,

(30-day

SOFR

Average

+

10.864%),

1/25/29

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

United

States

118,410

128,734

2016-C06,

1B,

FRN,

13.67%,

(30-day

SOFR

Average

+

9.364%),

4/25/29

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

United

States

19,697

21,404

g

GSR

Mortgage

Loan

Trust

,

2007-OA1

,

2A3A

,

FRN

,

4.744

%

,

(

1-month

SOFR

+

0.424

%

),

5/25/37

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

United

States

175,646

97,966

g

HarborView

Mortgage

Loan

Trust

,

2005-2

,

1A

,

FRN

,

4.952

%

,

(

1-month

SOFR

+

0.634

%

),

5/19/35

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

United

States

239,296

66,611

b,g

Home

RE

Ltd.

,

2021-2

,

B1

,

144A,

FRN

,

8.455

%

,

(

30-day

SOFR

Average

+

4.15

%

),

1/25/34

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

United

States

150,000

153,077

b,g

J.P.

Morgan

Mortgage

Trust

,

2024-9

,

A11

,

144A,

FRN

,

5.655

%

,

(

30-day

SOFR

Average

+

1.35

%

),

2/25/55

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

United

States

127,910

128,527

b

LHOME

Mortgage

Trust

,

2023-RTL2

,

A1

,

144A,

8

%

,

6/25/28

...

United

States

254,000

254,955

b,g

Morgan

Stanley

Re-REMIC

Trust

,

2010-R4

,

4B

,

144A,

FRN

,

3.262

%

,

(

1-month

SOFR

+

0.344

%

),

2/26/37

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

United

States

155,640

146,126

g

MortgageIT

Trust

,

2005-3

,

M2

,

FRN

,

5.229

%

,

(

1-month

SOFR

+

0.909

%

),

8/25/35

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

United

States

21,882

21,196

g

RALI

Trust

,

2006-QO5

,

1A1

,

FRN

,

4.864

%

,

(

1-month

SOFR

+

0.544

%

),

5/25/46

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

United

States

186,865

169,025

b

Saluda

Grade

Alternative

Mortgage

Trust

,

2024-RTL4

,

A1

,

144A,

7.5

%

,

2/25/30

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

United

States

555,000

558,803

g

Structured

Asset

Mortgage

Investments

II

Trust

,

2006-AR7

,

A1BG

,

FRN

,

4.554

%

,

(

1-month

SOFR

+

0.234

%

),

8/25/36

...

United

States

120,629

106,348

b,j

Towd

Point

Mortgage

Trust

,

2019-2

,

A2

,

144A,

FRN

,

3.75

%

,

12/25/58

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

United

States

216,000

195,322

g

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR13

,

A1C3

,

FRN

,

5.414

%

,

(

1-month

SOFR

+

1.094

%

),

10/25/45

..

United

States

65,661

65,148

16,777,625

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$15,830,158)

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

16,777,625

Agency

Commercial

Mortgage-Backed

Securities

13.1%

Financial

Services

13.1%

i

FHLMC

,

304,

C37,

IO,

3.5%,

12/15/27

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

United

States

23,346

479

4000,

PI,

IO,

4.5%,

1/15/42

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

United

States

112,556

15,364

4077,

IK,

IO,

5%,

7/15/42

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

United

States

361,021

77,154

4105,

HI,

IO,

3.5%,

7/15/41

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

United

States

128,704

7,053

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

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

i

FHLMC,

(continued)

g

4839,

WS,

IO,

FRN,

1.682%,

(30-day

SOFR

Average

+

5.986%),

8/15/56

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

United

States

2,014,823

$

292,795

g

4945,

SL,

IO,

FRN,

1.63%,

(30-day

SOFR

Average

+

5.936%),

1/25/50

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

United

States

2,002,873

247,394

4984,

IL,

IO,

4.5%,

6/25/50

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

United

States

2,025,137

426,828

g

5002,

SJ,

IO,

FRN,

1.68%,

(30-day

SOFR

Average

+

5.986%),

7/25/50

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

United

States

2,845,788

351,034

g

5011,

SA,

IO,

FRN,

1.83%,

(30-day

SOFR

Average

+

6.136%),

9/25/50

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

United

States

3,234,259

442,958

5024,

HI,

IO,

4.5%,

10/25/50

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

United

States

3,685,989

841,051

5093,

YI,

IO,

4.5%,

12/25/50

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

United

States

1,535,348

365,862

5134,

IC,

IO,

4%,

8/25/51

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

United

States

2,988,133

601,060

5349,

IB,

IO,

4%,

12/15/46

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

United

States

1,800,977

393,571

b,g

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

2021-MN1,

M2,

144A,

FRN,

8.055%,

(30-day

SOFR

Average

+

3.75%),

1/25/51

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

United

States

235,000

241,488

2021-MN3,

M2,

144A,

FRN,

8.305%,

(30-day

SOFR

Average

+

4%),

11/25/51

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

United

States

797,000

823,897

i

FNMA

,

g

2010-35,

SG,

IO,

FRN,

1.98%,

(30-day

SOFR

Average

+

6.286%),

4/25/40

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

United

States

213,517

24,107

g

2011-101,

SA,

IO,

FRN,

1.48%,

(30-day

SOFR

Average

+

5.786%),

10/25/41

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

United

States

513,679

50,435

2012-127,

BI,

IO,

4.5%,

11/25/42

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

United

States

108,360

22,460

2015-30,

IO,

5.5%,

5/25/45

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

United

States

817,158

113,963

2016-3,

NI,

IO,

6%,

2/25/46

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

United

States

675,720

100,839

g

2017-32,

SA,

IO,

FRN,

1.73%,

(30-day

SOFR

Average

+

6.036%),

5/25/47

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

United

States

2,548,818

291,036

g

2018-20,

SB,

IO,

FRN,

1.83%,

(30-day

SOFR

Average

+

6.136%),

3/25/48

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

United

States

1,184,040

116,770

g

2018-38,

SA,

IO,

FRN,

1.78%,

(30-day

SOFR

Average

+

6.086%),

6/25/48

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

United

States

2,097,770

260,473

g

2019-43,

JS,

IO,

FRN,

1.63%,

(30-day

SOFR

Average

+

5.936%),

8/25/49

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

United

States

1,139,532

124,087

g

2019-61,

S,

IO,

FRN,

1.58%,

(30-day

SOFR

Average

+

5.886%),

11/25/49

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

United

States

2,383,881

309,819

2020-76,

BI,

IO,

4.5%,

11/25/50

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

United

States

2,892,157

661,425

2021-14,

CI,

IO,

4.5%,

11/25/49

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

United

States

3,659,686

795,108

374,

6,

IO,

5.5%,

8/25/36

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

United

States

26,896

4,408

378,

19,

IO,

5%,

Strip,

6/25/35

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

United

States

71,054

10,016

427,

C93,

IO,

4.5%,

8/25/42

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

United

States

2,720,928

480,799

i

GNMA

,

2012-113,

ID,

IO,

3.5%,

9/20/42

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

United

States

341,106

51,921

2012-128,

IA,

IO,

3.5%,

10/20/42

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

United

States

719,828

117,748

2012-140,

IC,

IO,

3.5%,

11/20/42

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

United

States

725,750

119,424

2012-146,

IO,

5%,

12/20/42

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

United

States

186,701

39,462

2013-34,

IH,

IO,

4.5%,

3/20/43

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

United

States

382,108

73,464

j

2013-H08,

CI,

IO,

FRN,

1.537%,

2/20/63

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

United

States

524,892

18,152

g

2014-119,

SA,

IO,

FRN,

1.168%,

(1-month

SOFR

+

5.486%),

8/20/44

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

United

States

628,201

57,913

g

2014-60,

SD,

IO,

FRN,

1.748%,

(1-month

SOFR

+

6.066%),

4/20/44

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

United

States

1,402,181

167,349

2014-76,

IO,

5%,

5/20/44

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

United

States

285,864

60,063

j

2014-H21,

BI,

IO,

FRN,

1.568%,

10/20/64

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

United

States

1,617,375

34,309

2015-52,

KI,

IO,

3.5%,

11/20/40

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

United

States

280,129

12,418

2015-53,

MI,

IO,

4%,

4/16/45

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

United

States

664,565

132,701

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

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

i

GNMA,

(continued)

2015-64,

YI,

IO,

4%,

11/20/44

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

United

States

488,310

$

73,394

2015-79,

GI,

IO,

5%,

10/20/39

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

United

States

152,018

31,435

j

2015-H10,

BI,

IO,

FRN,

2.093%,

4/20/65

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

United

States

845,995

38,072

j

2015-H20,

AI,

IO,

FRN,

1.833%,

8/20/65

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

United

States

1,168,396

29,987

j

2015-H20,

CI,

IO,

FRN,

2.939%,

8/20/65

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

United

States

1,309,123

62,394

j

2015-H23,

BI,

IO,

FRN,

1.768%,

9/20/65

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

United

States

1,131,582

23,371

j

2015-H25,

EI,

IO,

FRN,

1.883%,

10/20/65

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

United

States

816,616

22,307

2016-42,

IO,

5%,

2/20/46

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

United

States

680,869

135,029

j

2016-H03,

AI,

IO,

FRN,

1.973%,

1/20/66

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

United

States

1,106,958

42,460

j

2016-H03,

DI,

IO,

FRN,

1.975%,

12/20/65

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

United

States

1,039,635

34,902

j

2016-H06,

DI,

IO,

FRN,

2.059%,

7/20/65

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

United

States

1,063,660

38,026

j

2016-H09,

BI,

IO,

FRN,

2.065%,

4/20/66

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

United

States

1,359,182

58,854

j

2016-H10,

AI,

IO,

FRN,

1.788%,

4/20/66

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

United

States

2,657,206

65,763

j

2016-H18,

QI,

IO,

FRN,

3.107%,

6/20/66

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

United

States

724,911

40,529

j

2016-H22,

AI,

IO,

FRN,

2.883%,

10/20/66

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

United

States

1,026,967

44,979

j

2016-H23,

NI,

IO,

FRN,

2.998%,

10/20/66

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

United

States

2,852,314

125,584

j

2016-H24,

CI,

IO,

FRN,

1.666%,

10/20/66

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

United

States

794,777

15,779

2017-26,

MI,

IO,

5%,

11/20/39

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

United

States

896,285

167,459

2017-42,

IC,

IO,

4.5%,

8/20/41

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

United

States

341,530

63,618

2017-93,

TI,

IO,

4%,

3/20/44

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

United

States

45,544

343

j

2017-H02,

BI,

IO,

FRN,

2.336%,

1/20/67

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

United

States

817,305

31,280

j

2017-H06,

BI,

IO,

FRN,

2.4%,

2/20/67

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

United

States

1,366,309

42,934

j

2017-H08,

NI,

IO,

FRN,

2.267%,

3/20/67

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

United

States

1,816,006

58,604

j

2017-H09,

IO,

FRN,

1.893%,

4/20/67

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

United

States

2,100,218

62,652

j

2017-H11,

DI,

IO,

FRN,

2.089%,

5/20/67

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

United

States

1,372,425

68,104

j

2017-H12,

QI,

IO,

FRN,

2.42%,

5/20/67

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

United

States

1,253,576

46,197

j

2017-H16,

IG,

IO,

FRN,

1.54%,

7/20/67

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

United

States

2,891,365

74,516

j

2017-H16,

JI,

IO,

FRN,

1.934%,

8/20/67

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

United

States

3,702,292

167,884

j

2017-H19,

MI,

IO,

FRN,

2.078%,

4/20/67

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

United

States

731,430

28,690

2018-127,

IC,

IO,

5%,

10/20/44

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

United

States

1,223,700

244,898

2018-94,

AI,

IO,

4.5%,

7/20/48

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

United

States

807,652

166,079

j

2018-H02,

EI,

IO,

FRN,

2.33%,

1/20/68

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

United

States

2,912,555

128,374

j

2018-H05,

BI,

IO,

FRN,

2.315%,

2/20/68

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

United

States

1,849,583

83,975

j

2018-H15,

KI,

IO,

FRN,

2.218%,

8/20/68

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

United

States

1,426,028

55,695

g

2019-110,

SQ,

IO,

FRN,

1.618%,

(1-month

SOFR

+

5.936%),

9/20/49

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

United

States

1,679,817

194,157

g

2019-152,

ES,

IO,

FRN,

1.618%,

(1-month

SOFR

+

5.936%),

12/20/49

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

United

States

1,035,816

119,625

g

2019-83,

SY,

IO,

FRN,

1.668%,

(1-month

SOFR

+

5.986%),

7/20/49

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

United

States

1,560,037

190,770

g

2019-89,

PS,

IO,

FRN,

1.668%,

(1-month

SOFR

+

5.986%),

7/20/49

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

United

States

1,959,081

224,007

g

2019-96,

SY,

IO,

FRN,

1.668%,

(1-month

SOFR

+

5.986%),

8/20/49

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

United

States

1,741,219

216,811

2020-13,

AI,

IO,

4%,

3/20/46

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

United

States

3,760,436

502,462

2020-167,

PI,

IO,

3.5%,

11/20/50

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

United

States

2,177,198

387,610

2020-175,

NI,

IO,

3%,

11/20/50

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

United

States

2,294,371

370,273

g

2020-63,

AS,

IO,

FRN,

1.568%,

(1-month

SOFR

+

5.886%),

8/20/43

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

United

States

1,818,963

221,778

g

2020-63,

PS,

IO,

FRN,

1.668%,

(1-month

SOFR

+

5.986%),

4/20/50

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

United

States

2,284,429

300,053

g

2020-63,

SP,

IO,

FRN,

1.668%,

(1-month

SOFR

+

5.986%),

5/20/50

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

United

States

1,769,988

226,160

g

2020-96,

KS,

IO,

FRN,

1.718%,

(1-month

SOFR

+

6.036%),

7/20/50

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

United

States

5,441,313

734,803

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)

i

GNMA,

(continued)

g

2020-97,

QS,

IO,

FRN,

1.718%,

(1-month

SOFR

+

6.036%),

7/20/50

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

United

States

1,629,021

$

233,929

g

2021-116,

ES,

IO,

FRN,

1.774%,

(1-month

SOFR

+

6.086%),

11/20/47

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

United

States

2,627,758

307,550

2021-122,

GI,

IO,

4.5%,

11/20/47

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

United

States

2,893,591

678,575

2021-156,

IO,

3.5%,

7/20/51

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

United

States

3,525,865

684,808

2021-214,

AI,

IO,

4%,

12/20/51

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

United

States

2,590,606

526,243

2021-59,

IP,

IO,

3%,

4/20/51

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

United

States

2,923,831

505,716

g

2021-59,

SM,

IO,

FRN,

1.868%,

(1-month

SOFR

+

6.186%),

4/20/51

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

United

States

5,303,904

710,571

g

2021-59,

SQ,

IO,

FRN,

1.868%,

(1-month

SOFR

+

6.186%),

4/20/51

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

United

States

1,739,315

236,580

g

2021-77,

SM,

IO,

FRN,

1.868%,

(1-month

SOFR

+

6.186%),

5/20/51

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

United

States

2,607,852

358,038

g

2021-98,

SK,

IO,

FRN,

1.868%,

(1-month

SOFR

+

6.186%),

6/20/51

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

United

States

4,363,199

596,283

g

2023-35,

SH,

IO,

FRN,

2.148%,

(30-day

SOFR

Average

+

6.45%),

2/20/53

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

United

States

5,576,260

509,887

2024-186,

IO,

3%,

9/20/51

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

United

States

3,526,841

544,914

j

2024-32,

IO,

FRN,

0.7%,

6/16/63

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

United

States

4,873,796

250,740

2024-4,

IG,

IO,

5%,

12/20/52

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

United

States

1,476,753

261,162

21,846,329

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$21,969,989)

.......

21,846,329

Total

Long

Term

Investments

(Cost

$173,307,843)

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

174,277,596

a

Short

Term

Investments

12.2%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.8%

d,l

U.S.

Treasury

Bills,

4.22%,

10/02/25

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

United

States

1,300,000

1,285,826

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,286,382)

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

1,285,826

a

a

a

Certificates

of

Deposit

2.5%

Bank

of

America

NA,

4.25%

3/02/26

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

United

States

750,000

749,514

Canadian

Imperial

Bank

of

Commerce,

4.69%

2/09/26

.......

Canada

800,000

800,464

DNB

Bank

ASA,

4.39%

7/28/25

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

Norway

750,000

750,022

Mizuho

Bank

Ltd.,

4.62%

8/06/25

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

Japan

1,000,000

1,000,135

Toronto-Dominion

Bank

(The),

4.66%

4/02/26

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

Canada

850,000

849,865

Total

Certificates

of

Deposit

(Cost

$4,149,990)

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

4,150,000

a

a

a

Commercial

Papers

2.8%

b,d

ABN

AMRO

Funding

USA

LLC,

144A,

4.46%,

9/03/25

........

Netherlands

825,000

818,413

d

BPCE

SA,

4.4%,

8/18/25

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

France

800,000

795,234

b

Commonwealth

Bank

of

Australia,

144A,

4.77%

4/09/26

......

Australia

750,000

750,054

b,d

NRW

Bank

,

144A,

4.33%,

7/07/25

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

Germany

750,000

749,369

144A,

4.35%,

10/02/25

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

Germany

750,000

741,580

1,490,949

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

24

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Commercial

Papers

(continued)

b,d

NRW

Bank,

(continued)

b

Royal

Bank

of

Canada,

144A,

4.66%

3/23/26

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

Canada

850,000

$

850,087

Total

Commercial

Papers

(Cost

$4,705,062)

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

4,704,737

Shares

Money

Market

Funds

6.1%

a,m

Putnam

Government

Money

Market

Fund,

Class

P,

4.114%

....

United

States

1,053,800

1,053,800

a,m

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

.......

United

States

9,178,028

9,178,028

Total

Money

Market

Funds

(Cost

$10,231,828)

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

10,231,828

Total

Short

Term

Investments

(Cost

$20,373,262

)

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

20,372,391

a

Total

Investments

(Cost

$193,681,105)

116.6%

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

$194,649,987

TBA

Sale

Commitments

(2.3)%

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

(3,799,929)

Other

Assets,

less

Liabilities

(14.3)%

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

(23,956,569)

Net

Assets

100.0%

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

$166,893,489

a

a

a

Principal

Amount

*

n

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,

7/25/55

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

United

States

(1,000,000)

(929,961)

4.5%,

TBA,

7/25/55

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

United

States

(3,000,000)

(2,869,968)

(3,799,929)

Total

TBA

Sale

Commitments

(Proceeds

$(3,735,156))

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

$(3,799,929)

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

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

June

30,

2025,

the

aggregate

value

of

these

securities

was

$63,748,823,

representing

38.2%

of

net

assets.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

d

The

rate

shown

represents

the

yield

at

period

end.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

h

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

i

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.

j

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

k

Security

purchased

on

a

to-be-announced

(TBA)

basis.

l

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

June

30,

2025,

the

value

of

this

security

pledged

amounted

to

$853,591,

representing

0.5%

net

assets.

m

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

n

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.

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

25

At

June

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

At

June

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

Euro-

Bobl

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

Short

26

$

3,604,150

9/08/25

$

10,146

U.S.

Treasury

10

Year

Ultra

Notes

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

Long

66

7,541,531

9/19/25

122,562

U.S.

Treasury

2

Year

Notes

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

Short

10

2,080,234

9/30/25

(8,054)

U.S.

Treasury

5

Year

Notes

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

Long

89

9,701,000

9/30/25

99,411

Total

Futures

Contracts

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

$224,065

*

As

of

period

end.

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

38,700

24,410

7/16/25

$

—

$

(1,067)

Australian

Dollar

....

HSBK

Sell

58,000

36,587

7/16/25

—

(1,596)

Australian

Dollar

....

MSCO

Sell

902,400

569,166

7/16/25

—

(24,897)

Australian

Dollar

....

TDOM

Sell

365,900

230,797

7/16/25

—

(10,081)

Australian

Dollar

....

UBSW

Sell

21,800

13,751

7/16/25

—

(600)

Australian

Dollar

....

WPAC

Sell

12,000

7,573

7/16/25

—

(327)

Canadian

Dollar

....

BOFA

Sell

400

281

7/16/25

—

(13)

Canadian

Dollar

....

BZWS

Sell

82,700

58,087

7/16/25

—

(2,690)

Canadian

Dollar

....

GSCO

Sell

9,000

6,321

7/16/25

—

(293)

Canadian

Dollar

....

HSBK

Sell

443,500

311,493

7/16/25

—

(14,441)

Canadian

Dollar

....

JPHQ

Sell

195,800

137,523

7/16/25

—

(6,373)

Canadian

Dollar

....

TDOM

Sell

415,000

291,482

7/16/25

—

(13,507)

Canadian

Dollar

....

UBSW

Sell

13,000

9,131

7/16/25

—

(423)

Canadian

Dollar

....

WPAC

Sell

343,500

241,251

7/16/25

—

(11,192)

New

Zealand

Dollar

.

BOFA

Sell

19,700

11,344

7/16/25

—

(670)

New

Zealand

Dollar

.

HSBK

Sell

439,200

252,900

7/16/25

—

(14,939)

New

Zealand

Dollar

.

MSCO

Sell

495,300

285,192

7/16/25

—

(16,860)

New

Zealand

Dollar

.

UBSW

Sell

75,800

43,648

7/16/25

—

(2,577)

Japanese

Yen

......

BOFA

Buy

64,500,800

440,345

8/20/25

10,146

—

Japanese

Yen

......

GSCO

Buy

117,505,400

802,194

8/20/25

18,495

—

Japanese

Yen

......

TDOM

Buy

612,100

4,178

8/20/25

97

—

Japanese

Yen

......

UBSW

Buy

59,663,400

407,312

8/20/25

9,394

—

British

Pound

......

BOFA

Sell

129,100

174,318

9/17/25

—

(2,981)

British

Pound

......

CITI

Sell

187,200

252,755

9/17/25

—

(4,334)

British

Pound

......

MSCO

Sell

90,900

122,767

9/17/25

—

(2,070)

British

Pound

......

TDOM

Sell

101,100

136,493

9/17/25

—

(2,352)

British

Pound

......

WPAC

Sell

9,000

12,153

9/17/25

—

(207)

Euro

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

BOFA

Sell

167,500

192,115

9/17/25

—

(6,221)

Euro

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

BZWS

Sell

113,200

129,820

9/17/25

—

(4,219)

Euro

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

CITI

Sell

871,100

999,070

9/17/25

—

(32,396)

Euro

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

HSBK

Sell

79,600

91,307

9/17/25

—

(2,947)

Euro

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

MSCO

Sell

903,100

1,040,061

9/17/25

—

(29,296)

Euro

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

SSBT

Sell

1,609,800

1,846,233

9/17/25

—

(59,925)

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

26

At

June

30,

2025,

the

Fund

had

the

following forward

premium

swap

options contracts

outstanding. 

Forward

Exchange

Contracts

(continued)

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

(continued)

Euro

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

TDOM

Sell

275,800

316,268

9/17/25

$

—

$

(10,306)

Euro

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

UBSW

Sell

298,700

342,632

9/17/25

—

(11,058)

Norwegian

Krone

...

BOFA

Sell

2,502,400

246,800

9/17/25

—

(1,588)

Norwegian

Krone

...

BZWS

Sell

125,400

12,367

9/17/25

—

(80)

Norwegian

Krone

...

CITI

Sell

1,067,500

105,280

9/17/25

—

(680)

Norwegian

Krone

...

HSBK

Sell

175,200

17,277

9/17/25

—

(113)

Norwegian

Krone

...

JPHQ

Sell

102,500

10,106

9/17/25

—

(68)

Norwegian

Krone

...

TDOM

Sell

2,166,500

213,575

9/17/25

—

(1,472)

Swedish

Krona

.....

BOFA

Sell

313,500

32,871

9/17/25

—

(437)

Swedish

Krona

.....

CITI

Sell

51,700

5,420

9/17/25

—

(73)

Swedish

Krona

.....

GSCO

Sell

2,040,600

213,946

9/17/25

—

(2,857)

Swedish

Krona

.....

HSBK

Sell

550,600

57,714

9/17/25

—

(784)

Swedish

Krona

.....

SSBT

Sell

3,107,200

325,683

9/17/25

—

(4,440)

Swedish

Krona

.....

UBSW

Sell

59,600

6,247

9/17/25

—

(85)

Swiss

Franc

.......

BOFA

Buy

35,600

43,860

9/17/25

1,451

—

Swiss

Franc

.......

BZWS

Buy

68,000

83,795

9/17/25

2,754

—

Swiss

Franc

.......

GSCO

Buy

127,000

156,498

9/17/25

5,146

—

Swiss

Franc

.......

HSBK

Buy

22,400

27,603

9/17/25

908

—

Swiss

Franc

.......

JPHQ

Buy

579,600

714,102

9/17/25

23,607

—

Total

Forward

Exchange

Contracts

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

$71,998

$(303,535)

Net

unrealized

appreciation

(depreciation)

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

$(231,537)

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

*

In

U.S.

dollars

unless

otherwise

indicated.

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

(3.833%)/1-day

SOFR/Sep-35/(Purchased)

BNDP

9/08/25

/

3.833%

4,174,800

$

99,569

$

(65,493)

3.833%/1-day

SOFR/Sep-35/(Purchased)

BNDP

9/08/25

/

3.833%

4,174,800

99,569

(13,844)

3.3%/1-day

SOFR/Feb-27/(Written)

BNDP

2/05/26

/

3.3%

63,150,000

(138,930)

(59,527)

3.85%/1-day

SOFR/Feb-27/(Purchased)

BNDP

2/05/26

/

3.85%

42,100,000

174,715

98,964

(4.125%)/1-day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

4.125%

477,100

22,090

(2,676)

3.625%/1-day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

3.625%

477,100

22,090

(4,359)

2.91%/1-day

SOFR/Apr-52/(Purchased)

BNDP

3/31/32

/

2.91%

966,000

58,926

(10,766)

(4.225%)/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

4.225%

3,079,100

157,650

(83,496)

3.725%/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

3.725%

3,079,100

150,568

(40,308)

(4%)/1-day

SOFR/Dec-30/(Purchased)

CITI

12/08/25

/

4%

7,438,800

84,059

(61,993)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

996,400

36,169

(15,389)

(4.495%)/6-month

AUD

BBR/Jul-35/

(Purchased)

DBAB

7/14/25

/

4.495%

AUD

7,377,200

162,551

(162,013)

4.495%/6-month

AUD

BBR/Jul-35/(Purchased)

DBAB

7/14/25

/

4.495%

AUD

7,377,200

162,551

4,922

3.965%/1-day

SOFR/Mar-38/(Purchased)

DBAB

3/06/28

/

3.965%

885,900

48,282

(2,288)

(3.965%)/1-day

SOFR/Mar-38/(Purchased)

DBAB

3/06/28

/

3.965%

885,900

48,282

(3,470)

2.35%/1-day

SOFR/Mar-59/(Purchased)

GSCO

3/12/29

/

2.35%

1,529,600

89,176

(47,502)

2.495%/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

2,376,500

147,412

(139,986)

(2.495%)/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

2,376,500

147,412

269,281

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

27

At

June

30,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

Forward

Premium

Swap

Option

Contracts

(continued)

Fixed

right

or

obligation

to

receive

or

(pay)/

Floating

rate

index/Maturity

date

Counter

party

Expiration

date/strike

Notional/

Contract

amount

*

Premium

receivable/

(payable)

Unrealized

appreciation/

(depreciation)

a

a

a

a

a

(4.201%)/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

4.201%

EUR

5,556,400

$

138,902

$

(19,197)

1.201%/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

1.201%

EUR

5,556,400

110,287

(63,625)

1.445%/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

1,940,600

74,212

(60,553)

(1.445%)/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

1,940,600

74,212

230,940

(4.5%)/1-day

SOFR/Oct-30/(Written)

MCM

10/09/25

/

4.5%

7,438,800

(24,219)

22,230

2.85%/1-day

SOFR/Oct-30/(Purchased)

MCM

10/09/25

/

2.85%

7,438,800

50,082

(32,181)

(4.01%)/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

215,700

25,862

1,950

4.01%/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

215,700

25,862

(2,227)

(2.952%)/6-month

EURIBOR/Jun-49/

(Purchased)

MSCO

6/18/29

/

2.952%

EUR

1,584,600

126,320

32,277

(2.98%)/6-month

EURIBOR/May-55/

(Purchased)

MSCO

5/08/35

/

2.98%

EUR

145,400

15,179

4,284

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

1,147,100

41,525

(2,845)

2%/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

2,078,300

110,235

(64,901)

(2%)/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

2,078,300

110,235

134,784

(2.7%)/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

997,300

60,506

37,235

2.7%/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

997,300

60,506

(32,248)

Unrealized

appreciation

836,867

Unrealized

(depreciation)

(990,887)

Total

$(154,020)

*

In

U.S.

dollars

unless

otherwise

indicated.

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.44

.

5.00%

Quarterly

6/20/30

8,893,000

$

682,533

$

428,439

$

254,094

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

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

$682,533

$428,439

$254,094

OTC

Swap

Contracts

Contracts

to

Buy

Protection

(c)

Traded

Index

CMBX.NA.BB.10

(5.00)%

Monthly

CITI

11/17/59

915,000

485,429

379,986

105,443

CMBX.NA.BB.10

(5.00)%

Monthly

MLCO

11/17/59

279,000

148,016

15,875

132,141

CMBX.NA.BB.13

(5.00)%

Monthly

GSCO

12/16/72

133,000

49,196

50,041

(845)

CMBX.NA.BB.8

.

(5.00)%

Monthly

CITI

10/17/57

148,000

66,746

64,084

2,662

CMBX.NA.BB.8

.

(5.00)%

Monthly

GSCO

10/17/57

42,000

18,941

17,149

1,792

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

CITI

11/17/59

465,000

87,575

139,762

(52,187)

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

28

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

Buy

Protection

(c)

(continued)

Traded

Index

(continued)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

MSCO

11/17/59

516,000

$

97,180

$

166,855

$

(69,675)

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

609,000

72,105

76,057

(3,952)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

203,000

35,140

36,845

(1,705)

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

406,000

80,896

85,124

(4,228)

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

223,000

7,326

41,772

(34,446)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

203,000

34,628

36,464

(1,836)

Contracts

to

Sell

Protection

(c)(d)

Traded

Index

CMBX.NA.A.13

.

2.00%

Monthly

MLCO

12/16/72

382,000

(23,808)

(50,319)

26,511

Investment

Grade

CMBX.NA.BB.10

5.00%

Monthly

JPHQ

11/17/59

120,000

(63,663)

(9,629)

(54,034)

Below

Investment

Grade

CMBX.NA.BB.13

5.00%

Monthly

CITI

12/16/72

133,000

(49,196)

(56,865)

7,669

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

285,000

(23,057)

(49,554)

26,497

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

GSCO

5/11/63

167,000

(13,511)

(28,991)

15,480

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MLCO

5/11/63

125,000

(10,113)

(13,977)

3,864

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MSCO

5/11/63

562,000

(45,467)

(100,044)

54,577

Below

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

CITI

4/17/65

34,000

(5,234)

(7,729)

2,495

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

GSCO

4/17/65

12,000

(1,847)

(2,464)

617

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

MSCO

4/17/65

19,000

(2,925)

(4,319)

1,394

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

223,000

(7,327)

(13,732)

6,405

Investment

Grade

CMBX.NA.BBB-.8

3.00%

Monthly

JPHQ

10/17/57

26,000

(4,235)

(4,054)

(181)

Investment

Grade

Total

OTC

Swap

Contracts

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

$932,795

$768,337

$164,458

Total

Credit

Default

Swap

Contracts

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

$1,615,328

$

1,196,776

$418,552

(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.

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

29

At

June

30,

2025,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

(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

Fixed

1.93%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

9/17/27

5,953,000

EUR

$

(10,125)

$

(1,469)

$

(8,656)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.58%

....

Annual

9/17/27

178,526,000

(780,897)

(234,930)

(545,967)

Receive

Fixed

2.48%

..

Semi-Annual

Pay

Floating

1-day

REPO_CORRA

.....

Semi-Annual

9/17/27

6,432,000

CAD

2,389

2,474

(85)

Receive

Fixed

3.23%

..

Quarterly

Pay

Floating

3-month

AUD

BBR

.........

Quarterly

9/17/27

3,027,000

AUD

4,661

1,139

3,522

Receive

Fixed

3.78%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

9/17/27

1,587,000

GBP

9,857

846

9,011

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

9/17/30

139,363,000

1,531,878

461,171

1,070,707

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

3.73%

....

Semi-Annual

9/17/30

6,323,000

AUD

(20,583)

(22,646)

2,063

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.18%

....

Annual

9/17/30

489,000

EUR

3,044

1,429

1,615

Receive

Fixed

0.4%

...

Annual

Pay

Floating

1-day

SARON

..........

Annual

9/17/35

1,715,000

CHF

(32,499)

9,364

(41,863)

Receive

Floating

1-day

REPO_CORRA

.......

Semi-Annual

Pay

Fixed

3.03%

....

Semi-Annual

9/17/35

3,327,000

CAD

(9,319)

(1,523)

(7,796)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.88%

....

Annual

9/17/35

46,998,000

(768,431)

(142,273)

(626,158)

Receive

Fixed

2.53%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

9/17/35

1,592,000

EUR

(16,034)

(3,329)

(12,705)

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

4.2%

.....

Semi-Annual

9/17/35

4,143,000

NZD

(18,431)

(5,716)

(12,715)

Receive

Floating

3-month

STIBOR

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

Quarterly

Pay

Fixed

2.7%

.....

Annual

9/17/35

17,768,000

SEK

(24,931)

(10,119)

(14,812)

Putnam

Master

Intermediate

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

30

At

June

30,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

abbreviations

on

page

34

.

Interest

Rate

Swap

Contracts

(continued)

Description

Payment

Frequency

Maturity

Date

Notional

Amount*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

(continued)

Receive

Fixed

4.18%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

9/17/35

1,539,000

GBP

$

30,543

$

3,755

$

26,788

Receive

Fixed

4.23%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

9/17/35

1,582,000

AUD

11,448

5,737

5,711

Receive

Floating

6-month

NIBOR

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

Semi-Annual

Pay

Fixed

4%

......

Annual

9/17/35

32,467,000

NOK

(62,914)

3,020

(65,934)

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

4.377%

...

Semi-Annual

7/02/45

688,000

AUD

1,322

—

1,322

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

4.03%

....

Annual

9/17/55

2,341,000

(49,864)

(2,985)

(46,879)

Receive

Fixed

2.58%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

9/17/55

813,000

EUR

(36,890)

(10,756)

(26,134)

Receive

Fixed

4.48%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

9/17/55

70,000

AUD

1,036

340

696

Total

Interest

Rate

Swap

Contracts

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

$(234,740)

$

53,529

$(288,269)

*

In

U.S.

dollars

unless

otherwise

indicated.

Total

Return

Swap

Contracts

Underlying

Instruments

Financing

Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value

*

Value/

Unrealized

Appreciation

(Depreciation)

OTC

Swap

Contracts

Long

(a)

Ephesus

Funding

DAC

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

0.165%

At

Maturity

MSCO

9/22/25

1,095,000

$

21,284

Total

Return

Swap

Contracts

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

$21,284

*

In

U.S.

dollars

unless

otherwise

indicated.

(a)

The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

variable

financing

rate.

Putnam

Master

Intermediate

Income

Trust

31

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.

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

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. 

Putnam

Master

Intermediate

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

32

Quarterly

Schedule

of

Investments

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.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

June

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

4. 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)

    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

.

$—

$4,152,125

$—

$—

$29,104

$4,181,229

166,982

$54,880

Putnam

Government

Money

Market

Fund,

Class

P,

4.114%

.

18,697,139

24,034,119

(41,677,458)

—

—

1,053,800

1,053,800

330,779

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

......

14,161,617

5,707,992

(10,691,581)

—

—

9,178,028

9,178,028

379,688

Total

Non-Controlled

Affiliates

$32,858,756

$33,894,236

$(52,369,039)

$—

$29,104

$14,413,057

$765,347

Total

Affiliated

Securities

...

$32,858,756

$33,894,236

$(52,369,039)

$—

$29,104

$14,413,057

$765,347

2. Financial

Instrument

Valuation

(continued)

Putnam

Master

Intermediate

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

33

Quarterly

Schedule

of

Investments

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

June

30,

2025,

in

valuing

the Fund's

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

Level

1

Level

2

Level

3

Total

Putnam

Master

Intermediate

Income

Trust

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

$

4,181,229

$

—

$

—

$

4,181,229

Convertible

Bonds

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

—

4,935,352

—

4,935,352

Corporate

Bonds

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

—

47,229,169

—

47,229,169

Senior

Floating

Rate

Interests

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

—

11,019,319

—

11,019,319

Foreign

Government

and

Agency

Securities

....

—

17,816,845

—

17,816,845

U.S.

Government

and

Agency

Securities

.......

—

140,389

—

140,389

Asset-Backed

Securities

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

—

1,787,892

—

1,787,892

Commercial

Mortgage-Backed

Securities

......

—

17,965,818

—

17,965,818

Mortgage-Backed

Securities

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

—

30,577,629

—

30,577,629

Residential

Mortgage-Backed

Securities

.......

—

16,777,625

—

16,777,625

Agency

Commercial

Mortgage-Backed

Securities

—

21,846,329

—

21,846,329

Short

Term

Investments

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

10,231,828

10,140,563

—

20,372,391

Total

Investments

in

Securities

...........

$14,413,057

$180,236,930

$—

$194,649,987

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$71,998

$—

$71,998

Forward

Premium

Swap

Option

Contracts

.....

—

836,867

—

836,867

Futures

Contracts

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

232,119

—

—

232,119

Swap

Contracts

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

—

1,784,360

—

1,784,360

Total

Other

Financial

Instruments

.........

$232,119

$2,693,225

$—

$2,925,344

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

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

$

—

$

3,799,929

$

—

$

3,799,929

Forward

Exchange

Contracts

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

—

303,535

—

303,535

Forward

Premium

Swap

Option

Contracts

......

—

990,887

—

990,887

Futures

Contracts

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

8,054

—

—

8,054

Swap

Contracts

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

—

1,632,793

—

1,632,793

Total

Other

Financial

Instruments

.........

$8,054

$6,727,144

$—

$6,735,198

4. Fair

Value

Measurements

(continued)

Putnam

Master

Intermediate

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

34

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

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

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

2.75%

1-day

SARON

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

(0.03)%

1-day

SOFR

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

4.45%

1-day

SONIA

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

4.22%

3-month

AUD

BBR

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

3.60%

3-month

STIBOR

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

2.13%

6-month

AUD

BBR

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

3.78%

6-month

EURIBOR

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

2.05%

6-month

NIBOR

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

4.37%

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.