Annual
Report
Putnam
Master
Intermediate
Income
Trust
September
30,
2025
Not
FDIC
Insured
No
Bank
Guarantee
May
Lose
Value
.
franklintempleton.com
Annual
Report
1
Contents
Fund
Overview
2
Performance
Summary
5
Financial
Highlights
and
Schedule
of
Investments
8
Financial
Statements
39
Notes
to
Financial
Statements
42
Report
of
Independent
Registered
Public
Accounting
Firm
59
Tax
Information
60
Important
Information
to
Shareholders
61
Annual
Meeting
of
Shareholders
70
Dividend
Reinvestment
and
Cash
Purchase
Plan
71
Board
Members
and
Officers
73
Shareholder
Information
77
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
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planning
tools.
2
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Annual
Report
Putnam
Master
Intermediate
Income
Trust
Dear
Shareholder,
This
annual
report
for
Putnam
Master
Intermediate
Income
Trust
covers
the
fiscal
year
ended
September
30,
2025
.
Fund
Overview
Q.
What
is
the
Fund's
investment
strategy?
A.
The
Fund
seeks
to
provide,
with
equal
emphasis,
high
current
income
and
relative
stability
of
net
asset
value
by
allocating
its
investments
among
the
U.S.
investment-
grade
sector,
high-yield
sector,
and
international
sector.
We
invest
mainly
in
assignments
of
and
participations
in
fixed
and
floating-rate
bank
loans,
bonds
and
related
derivatives,
securitized
debt
instruments
(such
as
residential
mortgage-backed
securities
and
commercial
mortgage-
backed
securities),
and
other
obligations
of
companies
and
governments
worldwide
that
are
either
investment-grade
or
below-investment-grade
in
quality
(sometimes
referred
to
as
“junk
bonds”),
that
have
intermediate-
to
long-term
maturities
(three
years
or
longer),
and
that
are
from
multiple
sectors.
The
Fund,
under
normal
circumstances,
will
maintain
an
average
portfolio
rating
of
investment-grade,
as
measured
at
the
time
of
the
making
of
an
investment.
The
Fund
currently
has
significant
investment
exposure
to
residential
and
commercial
mortgage-backed
investments.
We
may
consider,
among
other
factors,
credit,
interest
rate
and
prepayment
risks,
as
well
as
general
market
conditions,
when
deciding
whether
to
buy
or
sell
investments.
We
typically
use
to
a
significant
extent
derivatives,
such
as
futures,
options,
certain
foreign
currency
transactions
and
credit
default,
total
return
and
interest
rate
swap
contracts,
for
hedging
and
non-hedging
purposes
and
to
obtain
leverage.
Q.
What
were
the
overall
market
conditions
during
the
Fund's
reporting
period?
A.
Over
the
past
12
months,
market
conditions
were
shaped
by
shifting
sentiment
around
U.S.
trade
policy
and
fiscal
dynamics.
In
late
2024,
attention
centered
on
the
presidential
election,
leading
to
increased
volatility
and
spread
widening
in
corporate
credit.
Following
the
election,
markets
shifted
to
a
risk-on
tone,
volatility
declined,
and
investment-grade
corporate
spreads
returned
to
20-year
lows.
In
early
2025,
sentiment
reversed
as
investors
assessed
the
new
administration’s
actions.
Spreads
widened,
particularly
in
corporate
credit,
pressuring
fixed
income
returns.
In
early
April,
trade
policy
dominated
headlines
as
the
President
announced
broad
tariff
increases,
impacting
major
trading
partners.
This
triggered
a
global
sell-off
in
equities
and
spread
products.
However,
most
tariffs
were
paused
for
90
days
to
allow
negotiations,
prompting
a
market
rebound
and
strong
second
quarter
finish.
Market
sentiment
improved
across
the
third
quarter
of
2025
due
to
a
partial
resolution
of
some
of
the
outstanding
trade
policy
concerns
and
a
25-basis
point
(bps)
rate
cut
by
the
U.S.
Federal
Reserve
(Fed).
This
bolstered
markets
which
viewed
that
the
cut
was
addressing
some
of
the
weakening
economic
measures,
such
as
the
status
of
the
U.S.
labor
market.
Q.
How
did
we
respond
to
these
changing
market
conditions?
A
.
Leading
into
the
market
turmoil,
we
maintained
a
low-
risk
posture,
as
we
believed
risk
asset
valuations
were
tight
given
the
market
environment.
After
the
spread
widening
in
April,
relative
valuations
improved
and
offered
opportunities
to
modestly
increase
credit
risk,
particularly
in
corporate
credit
where
the
spread
widening
was
most
notable.
This
ultimately
helped
results
as
corporate
markets
recovered
from
the
sell-off
in
subsequent
months.
We
continued
to
favor
non-agency
residential
mortgage-
backed
securities
(RMBS)
opportunities
near
the
top
of
the
capital
stack,
such
as
recent
issue
non-qualified
mortgage
(non-QM)
bonds
and
senior
legacy
RMBS
bonds.
Meanwhile,
despite
challenges
in
commercial
mortgage-
backed
securities
(CMBS),
we
maintained
our
view
that
fundamentally
strong
commercial
real
estate
(CRE)
sectors
are
likely
to
receive
support
from
a
substantial
amount
of
investor
capital
sitting
on
the
sideline.
While
some
parts
of
the
market
are
at
fair
value
to
slightly
rich,
attractive
opportunities
for
security
selection
remain
available
but
Portfolio
Composition
9/30/25
%
of
Total
Investments
Corporate
Bonds
24.3%
Mortgage-Backed
Securities
16.3%
Agency
Commercial
Mortgage-Backed
Securities
10.3%
Foreign
Government
and
Agency
Securities
9.5%
Commercial
Mortgage-Backed
Securities
8.5%
Residential
Mortgage-Backed
Securities
8.4%
Senior
Floating
Rate
Interests
5.5%
Convertible
Bonds
2.5%
Management
Investment
Companies
2.1%
Asset-Backed
Securities
*
1.8%
Other
†
0.1%
Short-Term
Investments
10.7%
*
Includes
non-agency
residential
mortgage-backed
securities,
collateralized
loan
obligations
and
consumer
loan
certificates.
†
Categories
within
the
Other
category
are
listed
in
full
in
the
Fund’s
Schedule
of
Investments
(SOI),
which
can
be
found
later
in
this
report.
PUTNAM
MASTER
INTERMEDIATE
INCOME
TRUST
3
franklintempleton.com
Annual
Report
require
rigorous
loan-level
analysis.
Finally,
we
found
the
prepayment
market
attractive
and
were
focused
primarily
on
seasoned
collateral
with
minimal
prepayment
risk
as
the
underlying
borrowers
remained
well
“out-of-the-money”
at
elevated
mortgage
rates.
Performance
Overview
For
the
12
months
under
review,
the
Fund
posted
cumulative
total
returns
of
+9.75%
in
market
price
terms
and
+6.75%
in
net
asset
value
terms.
In
comparison,
the
ICE
BofA
U.S.
Treasury
Bill
Index,
which
is
an
unmanaged
index
that
tracks
the
performance
of
U.S.
dollar-denominated
U.S.
Treasury
bills
publicly
issued
in
the
U.S.
domestic
market,
posted
a
+4.44%
total
return
for
the
same
period.
1
You
can
find
the
Fund's
long-term
performance
data
in
the
Performance
Summary
on
page
5.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Q.
What
were
the
leading
contributors
to
performance?
A.
Corporate
credit
exposures,
both
investment-grade
and
high-yield,
were
the
largest
contributors
to
performance.
Spread
tightening
in
late
2024
and
mid-2025
drove
gains,
despite
early
2025
volatility
from
tariff
concerns.
Improving
fiscal
clarity
and
delayed
tariff
implementation
helped
spreads
recover.
Investment-grade
credit
fundamentals
remained
supportive
and
continued
to
offer
relatively
attractive
yield.
Mortgage
credit
exposures
were
also
significant
contributors
to
performance,
mainly
due
to
CMBS
and
RMBS.
CRE
showed
signs
of
optimism,
including
payoff
and
refinancing
rates
that
continued
to
surprise
to
the
upside
amongst
all
property
types,
and
the
potential
for
higher
economic
growth
and
bank
deregulation
under
the
new
administration.
The
RMBS
market
continued
to
benefit
as
U.S.
homeowner
balance
sheets
remained
well
positioned,
supported
by
locked
in
home
price
appreciation,
lower
household
leverage,
strong
underwriting
standards,
and
a
healthy
labor
market.
Prepayment
strategies,
particularly
agency
interest-only
(IO)
securities,
contributed
positively.
Emerging
market
(EM)
exposures
were
additive
late
in
the
period,
as
easing
tariff
concerns
and
resilient
economic
data
led
to
a
rally
in
EM
hard-currency
sovereign
bond
indexes.
Q.
What
were
the
leading
detractors
from
performance?
A.
Interest
rate
and
yield
curve
strategies
detracted
from
performance,
particularly
in
the
fourth
quarter
of
2024.
The
Fed
delivered
a
well
forecasted
25-basis
point
(bp)
cut
at
its
December
2024
meeting.
A
positive
tone
accompanied
the
meeting
with
a
very
significant
change
in
the
Fed’s
stance:
Fed
Chair
Jerome
Powell
signaled
that
further
rate
cuts
will
likely
be
few
and
far
between.
He
noted
uncertainty
on
inflation
is
now
higher
due
both
to
policy
uncertainty
and
to
the
recent
higher-than-expected
inflation
readings.
And
while
insisting
that
monetary
policy
is
still
“meaningfully
restrictive,”
he
also
said
it
is
now
closer
to
neutral.
This
negative
performance
was
partially
offset
in
2025,
as
the
Fund’s
positive
structural
duration
positioning
benefited
from
declining
treasury
yields.
Currency
risk
strategies
modestly
detracted
from
Fund
performance
over
the
period.
This
strategy
employs
a
hedge
of
safe-haven
currencies
that
typically
do
well
in
risk-
averse
investing
environments.
We
held
a
long
position
to
the
U.S.
dollar,
Japanese
yen,
and
Swiss
franc
versus
the
remaining
G10
currencies
(the
top
10
most
traded
currencies
in
the
world).
The
U.S.
dollar
has
weakened
significantly
Top
10
Holdings
9/30/25
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
Uniform
Mortgage-Backed
Securities
9.4%
Financial
Services,
United
States
GNMA
7.7%
Financial
Services,
United
States
GNMA
II,
Single-family,
30
Year
5.5%
Financial
Services,
United
States
Franklin
Ultra
Short
Bond
ETF
2.5%
Capital
Markets,
United
States
FHLMC
2.4%
Financial
Services,
United
States
FNMA
Connecticut
Avenue
Securities
Trust
2.1%
Financial
Services,
United
States
FNMA
2.0%
Financial
Services,
United
States
COMM
Mortgage
Trust
1.6%
Financial
Services,
United
States
Alternative
Loan
Trust
1.4%
Financial
Services,
United
States
FHLMC
STACR
Debt
Notes
1.3%
Financial
Services,
United
States
1.
Source:
FactSet.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
9.
PUTNAM
MASTER
INTERMEDIATE
INCOME
TRUST
4
franklintempleton.com
Annual
Report
in
2025
due
to
signs
of
economic
slowdown,
such
as
below-expectation
employment
figures,
and
the
Moody’s
downgrade
of
U.S.
debt.
Q.
Were
there
any
significant
changes
to
the
Fund
during
the
reporting
period?
A.
No,
there
were
no
material
changes
to
the
Fund
during
the
reporting
period.
Q.
What
were
the
Fund’s
distributions
during
the
period?
A.
The
Fund's
distributions
are
fixed
at
a
targeted
rate.
The
targeted
rate
is
not
expected
to
vary
with
each
distribution
but
may
change
from
time
to
time.
During
the
last
fiscal
year
the
Fund
made
monthly
distributions
totaling
$0.264
per
share
from
October
2024,
to
September
2025,
which
were
characterized
as
$0.171
per
share
of
net
investment
income
and
$0.093
per
share
of
return
of
capital.
$0.093
of
the
Fund's
return
of
capital
was
the
result
of
the
Fund's
targeted
distribution
policy.
Distributions
of
capital
decrease
the
Fund's
total
assets
and
total
assets
per
share
and,
therefore,
could
have
the
effect
of
increasing
the
Fund's
expense
ratio.
In
general,
the
policy
of
fixing
the
Fund's
distributions
at
a
targeted
rate
does
not
affect
the
Fund's
investment
strategy.
However,
in
order
to
make
these
distributions,
on
occasion
the
Fund
may
have
to
sell
portfolio
securities
at
a
less
than
opportune
time.
Please
see
the
Distributions
to
shareholders
note
on
page
5
for
more
information
on
Fund
distributions.
Thank
you
for
your
continued
participation
in
Putnam
Master
Intermediate
Income
Trust.
We
look
forward
to
serving
your
future
investment
needs.
Sincerely,
Albert
W
Chan,
CFA
Patrick
A.
Klein,
Ph.D.
Michael
V
Salm
Matthew
J
Walkup
Portfolio
Management
Team
The
foregoing
information
reflects
our
analysis,
opinions
and
portfolio
holdings
as
of
September
30,
2025,
the
end
of
the
reporting
period.
The
way
we
implement
our
main
investment
strategies
and
the
resulting
portfolio
holdings
may
change
depending
on
factors
such
as
market
and
economic
conditions.
These
opinions
may
not
be
relied
upon
as
investment
advice
or
an
offer
for
a
particular
security.
The
information
is
not
a
complete
analysis
of
every
aspect
of
any
market,
country,
industry,
security
or
the
Fund.
Statements
of
fact
are
from
sources
considered
reliable,
but
the
investment
manager
makes
no
representation
or
warranty
as
to
their
completeness
or
accuracy.
Although
historical
performance
is
no
guarantee
of
future
results,
these
insights
may
help
you
understand
our
investment
management
philosophy.
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Performance
Summary
as
of
September
30,
2025
PUTNAM
MASTER
INTERMEDIATE
INCOME
TRUST
5
franklintempleton.com
Annual
Report
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Total
returns
do
not
reflect
any
sales
charges
paid
at
inception
or
brokerage
commissions
paid
on
secondary
market
purchases.
The
performance
tables
and
graph
do
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
9/30/25
1
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
Share
Prices
Cumulative
Total
Return
2
Average
Annual
Total
Return
2
Based
on
NAV
3
Based
on
market
price
4
Based
on
NAV
3
Based
on
market
price
4
1-Year
+6.75%
+9.75%
+6.75%
+9.75%
5-Year
+16.06%
+22.33%
+3.02%
+4.11%
10-Year
+39.06%
+58.88%
+3.35%
+4.74%
Symbol:
PIM
9/30/25
9/30/24
Change
Net
Asset
Value
(NAV)
$3.47
$3.51
-$0.04
Market
Price
(NYSE)
$3.44
$3.39
+$0.05
Distributions
Per
Share
(10/1/24–9/30/25)
Net
Investment
Income
Tax
Return
of
Capital
Total
$0.1714
$0.0926
$0.2640
See
page
7
for
Performance
Summary
footnotes.
PUTNAM
MASTER
INTERMEDIATE
INCOME
TRUST
Performance
Summary
6
franklintempleton.com
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Report
See
page
7
for
Performance
Summary
footnotes.
Total
Return
Index
Comparison
for
a
Hypothetical
$10,000
Investment
Total
return
represents
the
change
in
value
of
an
investment
over
the
periods
shown.
It
includes
any
applicable
maximum
sales
charge,
Fund
expenses,
account
fees
and
reinvested
distributions.
The
unmanaged
index
includes
reinvestment
of
any
income
or
distributions.
It
differs
from
the
Fund
in
composition
and
does
not
pay
management
fees
or
expenses.
One
cannot
invest
directly
in
an
index.
09/30/15–09/30/25
PUTNAM
MASTER
INTERMEDIATE
INCOME
TRUST
Performance
Summary
7
franklintempleton.com
Annual
Report
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions
may
heighten
risks
and
adversely
affect
performance.
The
Fund
is
actively
managed
but
there
is
no
guarantee
that
the
manager's
investment
decisions
will
produce
the
desired
results.
All
investments
involve
risks,
including
possible
loss
of
principal.
Fixed
income
securities
involve
interest
rate,
credit,
inflation
and
reinvestment
risks,
and
possible
loss
of
principal.
As
interest
rates
rise,
the
value
of
fixed
income
securities
falls.
Low-rated,
high-yield
bonds
are
subject
to
greater
price
volatility,
illiquidity
and
possibility
of
default.
Asset-backed,
mortgage-backed
or
mortgage-related
securities
are
subject
to
prepayment
and
extension
risks.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
Deriv-
ative
instruments
can
be
illiquid,
may
disproportionately
increase
losses,
and
have
a
potentially
large
impact
on
performance.
Active
management
does
not
ensure
gains
or
protect
against
market
declines.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
The
total
annual
operating
expenses
are
as
of
the
Fund's
annual
report
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
2.
Total
return
calculations
represent
the
cumulative
and
average
annual
changes
in
the
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
3.
Assumes
reinvestment
of
distributions
based
on
net
asset
value.
4.
Assumes
reinvestment
of
distributions
based
on
the
dividend
reinvestment
and
cash
purchase
plan.
5.
Source:
FactSet.
ICE
BofA
U.S.
Treasury
Bill
Index
tracks
the
performance
of
U.S.
dollar-denominated
U.S.
Treasury
bills
publicly
issued
in
the
U.S.
domestic
market.
Qualifying
securities
must
have
a
remaining
term
of
at
least
one
month
to
final
maturity
and
a
minimum
amount
outstanding
of
$1
billion.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Putnam
Master
Intermediate
Income
Trust
Financial
Highlights
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
a
Year
Ended
September
30,
2025
2024
2023
2022
2021
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
year)
Net
asset
value,
beginning
of
year
...................
$3.51
$3.32
$3.52
$4.08
$4.30
Income
from
investment
operations:
Net
investment
income
a
.........................
0.18
0.20
0.16
0.18
0.19
Net
realized
and
unrealized
gains
(losses)
...........
0.04
0.25
(0.11)
(0.49)
(0.13)
Total
from
investment
operations
....................
0.22
0.45
0.05
(0.31)
0.06
Less
distributions
from:
Net
investment
income
..........................
(0.17)
(0.17)
(0.20)
(0.26)
(0.03)
Tax
return
of
capital
............................
(0.09)
(0.09)
(0.06)
—
(0.25)
Total
distributions
...............................
(0.26)
(0.26)
(0.26)
(0.26)
(0.28)
Repurchase
of
shares
(Note
2)
.....................
—
—
b
0.01
0.01
—
b
Net
asset
value,
end
of
year
.......................
$3.47
$3.51
$3.32
$3.52
$4.08
Market
value,
end
of
year
c
.........................
$3.44
$3.39
$3.02
$3.25
$4.07
Total
return
(based
on
net
asset
value
per
share)
d
.......
6.75%
14.20%
1.75%
(7.53)%
1.18%
Total
return
(based
on
market
value
per
share)
d
.........
9.75%
21.73%
0.77%
(14.14)%
5.82%
Ratios
to
average
net
assets
Expenses
before
waiver
and
payments
by
affiliates
......
1.02%
1.05%
1.09%
1.04%
1.01%
Expenses
net
of
waiver
and
payments
by
affiliates
.......
1.02%
e,f
1.02%
1.09%
1.04%
1.01%
Net
investment
income
...........................
5.36%
5.85%
4.45%
4.83%
4.35%
Supplemental
data
Net
assets,
end
of
year
(000’s)
.....................
$167,036
$168,928
$161,142
$176,942
$208,743
Portfolio
turnover
rate
g
............................
454%
971%
1295%
949%
1073%
a
Based
on
average
daily
shares
outstanding.
b
Amount
rounds
to
less
than
$0.01
per
share.
c
Based
on
the
last
sale
on
the
New
York
Stock
Exchange.
d
The
Market
Value
Total
Return
is
calculated
assuming
a
purchase
of
common
shares
on
the
opening
of
the
first
business
day
and
a
sale
on
the
closing
of
the
last
business
day
of
each
period.
Dividends
and
distributions
are
assumed
for
the
purposes
of
this
calculation
to
be
reinvested
at
prices
obtained
under
the
Fund's
Dividend
Reinvestment
and
Cash
Purchase
Plan.
Net
Asset
Value
Total
Return
is
calculated
on
the
same
basis,
except
that
the
Fund's
net
asset
value
is
used
on
the
purchase,
sale
and
dividend
reinvestment
dates
instead
of
market
value.
Total
return
does
not
reflect
brokerage
commissions
or
sales
charges
in
connection
with
the
purchase
or
sale
of
Fund
shares.
e
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
f
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
g
Portfolio
turnover
includes
TBA
purchase
and
sales
commitments.
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments,
September
30,
2025
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
9
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
$
4,191,248
Total
Management
Investment
Companies
(Cost
$4,152,125)
...................
4,191,248
Principal
Amount
*
Convertible
Bonds
3.0%
Aerospace
&
Defense
0.0%
†
AeroVironment,
Inc.
,
Senior
Note
,
Zero
Cpn.,
7/15/30
........
United
States
33,000
40,970
Axon
Enterprise,
Inc.
,
Senior
Note
,
0.5
%
,
12/15/27
..........
United
States
15,000
47,081
88,051
Automobile
Components
0.0%
†
Patrick
Industries,
Inc.
,
Senior
Note
,
1.75
%
,
12/01/28
........
United
States
38,000
61,788
Automobiles
0.0%
†
Rivian
Automotive,
Inc.
,
Senior
Note
,
4.625
%
,
3/15/29
........
United
States
55,000
57,124
Biotechnology
0.3%
Alnylam
Pharmaceuticals,
Inc.
,
Senior
Note,
1%,
9/15/27
...........................
United
States
19,000
31,274
b,c
Senior
Note,
144A,
0.19%,
9/15/28
....................
United
States
50,000
49,719
BioMarin
Pharmaceutical,
Inc.
,
Senior
Sub.
Note
,
1.25
%
,
5/15/27
United
States
49,000
46,575
b
Exact
Sciences
Corp.
,
Senior
Note
,
144A,
1.75
%
,
4/15/31
.....
United
States
103,000
96,353
Halozyme
Therapeutics,
Inc.
,
Senior
Note
,
1
%
,
8/15/28
.......
United
States
65,000
91,487
315,408
Broadline
Retail
0.1%
Etsy,
Inc.
,
Senior
Note
,
0.25
%
,
6/15/28
...................
United
States
111,000
98,318
Capital
Markets
0.1%
Coinbase
Global,
Inc.
,
Senior
Note,
0.25%,
4/01/30
.........................
United
States
40,000
50,370
b
Senior
Note,
144A,
Zero
Cpn.,
10/01/32
................
United
States
50,000
55,350
b
Hercules
Capital,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
9/01/28
.....
United
States
33,000
32,866
b
WisdomTree,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
8/15/30
.......
United
States
33,000
35,117
173,703
Communications
Equipment
0.1%
b
Lumentum
Holdings,
Inc.
,
Senior
Note
,
144A,
0.375
%
,
3/15/32
.
United
States
100,000
115,050
Construction
&
Engineering
0.1%
Fluor
Corp.
,
Senior
Note
,
1.125
%
,
8/15/29
.................
United
States
64,000
76,096
Consumer
Staples
Distribution
&
Retail
0.0%
†
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
..
United
States
40,000
57,920
Diversified
REITs
0.1%
b
Digital
Realty
Trust
LP
,
Senior
Note
,
144A,
1.875
%
,
11/15/29
...
United
States
117,000
123,142
Electric
Utilities
0.4%
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
3
%
,
3/01/27
United
States
70,000
82,845
PG&E
Corp.
,
Senior
Secured
Note
,
4.25
%
,
12/01/27
.........
United
States
76,000
77,049
PPL
Capital
Funding,
Inc.
,
Senior
Note
,
2.875
%
,
3/15/28
......
United
States
92,000
105,133
Southern
Co.
(The)
,
Senior
Note
,
3.875
%
,
12/15/25
.........
United
States
94,000
105,915
370,942
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Electronic
Equipment,
Instruments
&
Components
0.1%
b
Avnet,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
9/01/30
.............
United
States
34,000
$
34,408
Itron,
Inc.
,
Senior
Note
,
1.375
%
,
7/15/30
..................
United
States
92,000
105,662
OSI
Systems,
Inc.
,
Senior
Note
,
2.25
%
,
8/01/29
............
United
States
49,000
71,209
211,279
Entertainment
0.2%
Liberty
Media
Corp.-Liberty
Formula
One
Corp.
,
Senior
Note
,
2.25
%
,
8/15/27
...................................
United
States
91,000
120,894
Live
Nation
Entertainment,
Inc.
,
Senior
Note,
3.125%,
1/15/29
........................
United
States
33,000
53,315
b
Senior
Note,
144A,
2.875%,
1/15/30
...................
United
States
74,000
82,214
256,423
Financial
Services
0.1%
Block,
Inc.
,
Senior
Note
,
0.25
%
,
11/01/27
.................
United
States
46,000
42,010
Global
Payments,
Inc.
,
Senior
Note
,
1.5
%
,
3/01/31
..........
United
States
81,000
74,338
Shift4
Payments,
Inc.
,
Senior
Note
,
0.5
%
,
8/01/27
...........
United
States
72,000
71,034
187,382
Food
Products
0.1%
Post
Holdings,
Inc.
,
Senior
Note
,
2.5
%
,
8/15/27
.............
United
States
72,000
80,964
Ground
Transportation
0.1%
Uber
Technologies,
Inc.
,
2028
,
Senior
Note
,
0.875
%
,
12/01/28
..
United
States
89,000
131,052
Health
Care
Equipment
&
Supplies
0.1%
Dexcom,
Inc.
,
Senior
Note
,
0.375
%
,
5/15/28
...............
United
States
113,000
103,141
Haemonetics
Corp.
,
Senior
Note
,
2.5
%
,
6/01/29
............
United
States
49,000
45,455
b
Integer
Holdings
Corp.
,
Senior
Note
,
144A,
1.875
%
,
3/15/30
...
United
States
66,000
64,284
b
Merit
Medical
Systems,
Inc.
,
Senior
Note
,
144A,
3
%
,
2/01/29
...
United
States
37,000
43,087
255,967
Health
Care
REITs
0.1%
b
Welltower
OP
LLC
,
Senior
Note,
144A,
2.75%,
5/15/28
....................
United
States
51,000
95,548
Senior
Note,
144A,
3.125%,
7/15/29
...................
United
States
50,000
73,550
169,098
Hotels,
Restaurants
&
Leisure
0.1%
b
DoorDash,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
5/15/30
.......
United
States
100,000
113,900
b
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
0.875
%
,
4/15/30
.........
United
States
41,000
48,457
162,357
Household
Durables
0.0%
†
Meritage
Homes
Corp.
,
Senior
Note
,
1.75
%
,
5/15/28
.........
United
States
65,000
66,850
Household
Products
0.0%
†
Spectrum
Brands,
Inc.
,
Senior
Note
,
3.375
%
,
6/01/29
........
United
States
32,000
29,816
IT
Services
0.3%
Akamai
Technologies,
Inc.
,
Senior
Note
,
0.375
%
,
9/01/27
.....
United
States
84,000
80,556
b
Cloudflare,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
6/15/30
.......
United
States
66,000
75,108
Snowflake,
Inc.
,
Senior
Note
,
Zero
Cpn.,
10/01/27
...........
United
States
100,000
151,950
307,614
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
11
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Convertible
Bonds
(continued)
Life
Sciences
Tools
&
Services
0.0%
†
Repligen
Corp.
,
Senior
Note
,
1
%
,
12/15/28
................
United
States
50,000
$
50,400
Machinery
0.0%
†
b
JBT
Marel
Corp.
,
Senior
Note
,
144A,
0.375
%
,
9/15/30
........
United
States
34,000
33,116
Multi-Utilities
0.0%
†
CMS
Energy
Corp.
,
Senior
Note
,
3.375
%
,
5/01/28
...........
United
States
51,000
55,973
Office
REITs
0.0%
†
b
Boston
Properties
LP
,
Senior
Note
,
144A,
2
%
,
10/01/30
.......
United
States
50,000
50,050
Oil,
Gas
&
Consumable
Fuels
0.0%
†
Northern
Oil
&
Gas,
Inc.
,
Senior
Note
,
3.625
%
,
4/15/29
.......
United
States
61,000
61,320
Professional
Services
0.0%
†
Parsons
Corp.
,
Senior
Note
,
2.625
%
,
3/01/29
..............
United
States
41,000
46,842
Semiconductors
&
Semiconductor
Equipment
0.1%
Microchip
Technology,
Inc.
,
Senior
Note
,
0.75
%
,
6/01/30
......
United
States
48,000
46,656
MKS,
Inc.
,
Senior
Note
,
1.25
%
,
6/01/30
...................
United
States
65,000
71,338
b
Nova
Ltd.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/30
...........
Israel
34,000
40,958
ON
Semiconductor
Corp.
,
Senior
Note
,
0.5
%
,
3/01/29
........
United
States
55,000
50,884
209,836
Software
0.3%
Bentley
Systems,
Inc.
,
Senior
Note
,
0.375
%
,
7/01/27
.........
United
States
72,000
67,968
Box,
Inc.
,
Senior
Note
,
1.5
%
,
9/15/29
....................
United
States
62,000
62,465
b
Commvault
Systems,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/30
United
States
34,000
35,173
b,c
Datadog,
Inc.
,
Senior
Note
,
144A,
0.18%
,
12/01/29
..........
United
States
82,000
81,385
b
Guidewire
Software,
Inc.
,
Senior
Note
,
144A,
1.25
%
,
11/01/29
..
United
States
93,000
108,394
b
Nutanix,
Inc.
,
Senior
Note
,
144A,
0.5
%
,
12/15/29
............
United
States
66,000
74,461
Progress
Software
Corp.
,
Senior
Note
,
3.5
%
,
3/01/30
........
United
States
56,000
56,462
b
Rubrik,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
6/15/30
..........
United
States
60,000
60,840
b,c
Strategy,
Inc.
,
Senior
Note
,
144A,
0.407%
,
3/01/30
..........
United
States
64,000
67,520
Tyler
Technologies,
Inc.
,
Senior
Note
,
0.25
%
,
3/15/26
........
United
States
60,000
66,000
Vertex,
Inc.
,
Senior
Note
,
0.75
%
,
5/01/29
.................
United
States
41,000
41,820
Workiva,
Inc.
,
Senior
Note
,
1.25
%
,
8/15/28
................
United
States
39,000
38,561
761,049
Specialty
Retail
0.1%
Burlington
Stores,
Inc.
,
1.25
%
,
12/15/27
..................
United
States
34,000
45,951
Wayfair,
Inc.
,
Senior
Note
,
3.25
%
,
9/15/27
.................
United
States
79,000
120,576
166,527
Technology
Hardware,
Storage
&
Peripherals
0.1%
Seagate
HDD
Cayman
,
Senior
Note
,
3.5
%
,
6/01/28
..........
United
States
50,000
144,094
Total
Convertible
Bonds
(Cost
$4,544,046)
...................................
4,975,551
Corporate
Bonds
28.6%
Aerospace
&
Defense
1.3%
ATI,
Inc.
,
Senior
Note
,
4.875
%
,
10/01/29
..................
United
States
490,000
482,163
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
14,000
13,187
Senior
Note,
2.7%,
2/01/27
..........................
United
States
137,000
134,258
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Aerospace
&
Defense
(continued)
Boeing
Co.
(The),
(continued)
Senior
Note,
6.298%,
5/01/29
........................
United
States
446,000
$
473,443
b
Bombardier,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/01/32
...........
Canada
420,000
439,502
b
Spirit
AeroSystems,
Inc.
,
Secured
Note,
144A,
9.75%,
11/15/30
..................
United
States
126,000
138,731
Senior
Secured
Note,
144A,
9.375%,
11/30/29
...........
United
States
93,000
98,066
b
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.875%,
12/15/30
...........
United
States
190,000
197,036
Senior
Secured
Note,
144A,
6.625%,
3/01/32
............
United
States
65,000
67,001
Senior
Secured
Note,
144A,
6.25%,
1/31/34
.............
United
States
25,000
25,729
Senior
Sub.
Note,
144A,
6.75%,
1/31/34
................
United
States
65,000
67,254
2,136,370
Automobile
Components
0.0%
†
b
Adient
Global
Holdings
Ltd.
,
Senior
Note
,
144A,
7.5
%
,
2/15/33
.
United
States
35,000
36,268
Automobiles
0.4%
b
Hyundai
Capital
America
,
Senior
Note
,
144A,
4.55
%
,
9/26/29
..
United
States
425,000
426,031
b
Volkswagen
Group
of
America
Finance
LLC
,
Senior
Note
,
144A,
1.625
%
,
11/24/27
..................................
Germany
230,000
217,445
643,476
Banks
1.9%
b
AIB
Group
plc
,
Senior
Note
,
144A,
6.608%
to
9/12/28,
FRN
thereafter
,
9/13/29
.................................
Ireland
200,000
212,372
Bank
of
America
Corp.
,
Senior
Note,
6.204%
to
11/09/27,
FRN
thereafter,
11/10/28
..
United
States
430,000
448,207
L,
Sub.
Bond,
4.183%,
11/25/27
......................
United
States
215,000
215,130
b
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
6.208%
to
1/17/28,
FRN
thereafter
,
1/18/29
......................
Spain
200,000
208,050
Citigroup,
Inc.
,
Senior
Note
,
4.503%
to
9/10/30,
FRN
thereafter
,
9/11/31
.........................................
United
States
450,000
450,347
b
Federation
des
Caisses
Desjardins
du
Quebec
,
Senior
Note
,
144A,
4.565
%
,
8/26/30
..............................
Canada
200,000
201,183
JPMorgan
Chase
&
Co.
,
Senior
Note
,
6.07%
to
10/21/26,
FRN
thereafter
,
10/22/27
................................
United
States
820,000
836,452
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
5.264
%
,
12/11/26
..
Canada
145,000
147,050
Wells
Fargo
&
Co.
,
Senior
Note
,
5.574%
to
7/24/28,
FRN
thereafter
,
7/25/29
.................................
United
States
410,000
424,995
3,143,786
Building
Products
0.8%
b
Builders
FirstSource,
Inc.
,
Senior
Bond
,
144A,
6.75
%
,
5/15/35
..
United
States
60,000
62,723
b
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note,
144A,
5.875%,
1/31/31
............
United
States
15,000
15,243
Senior
Secured
Note,
144A,
6.125%,
7/31/32
............
United
States
60,000
61,509
b
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
..............
United
States
205,000
210,715
b
Quikrete
Holdings,
Inc.
,
Senior
Note,
144A,
6.75%,
3/01/33
....................
United
States
170,000
176,876
Senior
Secured
Note,
144A,
6.375%,
3/01/32
............
United
States
75,000
77,747
b
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
..................................
United
States
440,000
465,050
b
Standard
Building
Solutions,
Inc.
,
Senior
Note,
144A,
6.5%,
8/15/32
.....................
United
States
130,000
133,516
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
13
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Building
Products
(continued)
b
Standard
Building
Solutions,
Inc.,
(continued)
Senior
Note,
144A,
6.25%,
8/01/33
....................
United
States
130,000
$
131,860
1,335,239
Capital
Markets
1.2%
Ares
Capital
Corp.
,
Senior
Note
,
7
%
,
1/15/27
..............
United
States
410,000
422,157
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
...............................
United
States
435,000
452,145
Morgan
Stanley
,
Senior
Note
,
5.123%
to
1/31/28,
FRN
thereafter
,
2/01/29
.........................................
United
States
610,000
623,212
b
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
120,000
123,614
b
UBS
Group
AG
,
Senior
Note
,
144A,
5.428%
to
2/07/29,
FRN
thereafter
,
2/08/30
.................................
Switzerland
200,000
206,675
1,827,803
Chemicals
0.5%
b
Avient
Corp.
,
Senior
Note
,
144A,
6.25
%
,
11/01/31
...........
United
States
45,000
45,732
b
Braskem
Idesa
SAPI
,
Senior
Secured
Note
,
Reg
S,
7.45
%
,
11/15/29
........................................
Mexico
230,000
140,714
Celanese
US
Holdings
LLC
,
Senior
Bond
,
6.879
%
,
7/15/32
....
United
States
7,000
7,158
Huntsman
International
LLC
,
Senior
Bond
,
4.5
%
,
5/01/29
.....
United
States
220,000
210,631
b
Qnity
Electronics,
Inc.
,
Senior
Note,
144A,
6.25%,
8/15/33
....................
United
States
35,000
35,785
Senior
Secured
Note,
144A,
5.75%,
8/15/32
.............
United
States
60,000
60,533
b
Solstice
Advanced
Materials,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
9/30/33
.........................................
United
States
270,000
271,061
771,614
Commercial
Services
&
Supplies
1.1%
b
Allied
Universal
Holdco
LLC
,
Senior
Secured
Note
,
144A,
7.875
%
,
2/15/31
...................................
United
States
205,000
215,121
b
Ambipar
Lux
SARL
,
Senior
Note
,
144A,
10.875
%
,
2/05/33
.....
Brazil
200,000
33,622
b
Aramark
Services,
Inc.
,
Senior
Bond
,
144A,
5
%
,
2/01/28
......
United
States
208,000
207,267
b
Prime
Security
Services
Borrower
LLC
/
Prime
Finance,
Inc.
,
Secured
Note
,
144A,
6.25
%
,
1/15/28
...................
United
States
205,000
205,115
b
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
285,000
292,350
b
Verisure
Midholding
AB
,
Senior
Note
,
Reg
S,
5.25
%
,
2/15/29
...
Sweden
595,000
EUR
704,665
b
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
45,000
48,351
b
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
395,000
410,127
2,116,618
Communications
Equipment
0.1%
Motorola
Solutions,
Inc.
,
Senior
Note
,
5
%
,
4/15/29
...........
United
States
210,000
215,099
Construction
&
Engineering
0.0%
†
b
Arcosa,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
8/15/32
...........
United
States
50,000
52,266
Consumer
Finance
0.8%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note
,
4.625
%
,
9/10/29
.........................
Ireland
305,000
307,866
Capital
One
Financial
Corp.
,
Senior
Note
,
4.493%
to
9/10/30,
FRN
thereafter
,
9/11/31
.............................
United
States
135,000
133,953
b
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
4/01/29
.........................................
United
States
280,000
295,795
b
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
.........
United
States
397,000
410,839
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Consumer
Finance
(continued)
Ford
Motor
Credit
Co.
LLC
,
Senior
Note
,
5.8
%
,
3/05/27
.......
United
States
210,000
$
212,187
1,360,640
Containers
&
Packaging
0.1%
b
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
200,000
205,319
Distributors
0.2%
b
RB
Global
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
3/15/31
..
Canada
276,000
289,014
Diversified
REITs
0.3%
VICI
Properties
LP
,
Senior
Note
,
4.95
%
,
2/15/30
............
United
States
425,000
430,044
Diversified
Telecommunication
Services
0.6%
AT&T,
Inc.
,
Senior
Note
,
4.1
%
,
2/15/28
...................
United
States
410,000
409,751
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
2/01/32
...............................
United
States
469,000
434,114
b
IHS
Holding
Ltd.
,
Senior
Note
,
Reg
S,
8.25
%
,
11/29/31
.......
Nigeria
200,000
210,846
1,054,711
Electric
Utilities
2.1%
Duke
Energy
Carolinas
LLC
,
A
,
Senior
Bond
,
6
%
,
12/01/28
....
United
States
200,000
210,783
b
Enel
Finance
International
NV
,
Senior
Note
,
144A,
4.375
%
,
9/30/30
.........................................
Italy
200,000
198,707
b
Energo
-
Pro
A/S
,
Senior
Note
,
144A,
11
%
,
11/02/28
.........
Czech
Republic
300,000
316,937
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
205,000
210,619
b
NRG
Energy,
Inc.
,
Senior
Bond,
144A,
6.25%,
11/01/34
...................
United
States
400,000
410,287
d
Senior
Bond,
144A,
6%,
1/15/36
......................
United
States
180,000
180,138
Pacific
Gas
and
Electric
Co.
,
Senior
Note
,
6.1
%
,
1/15/29
......
United
States
200,000
209,291
PG&E
Corp.
,
Senior
Secured
Bond
,
5.25
%
,
7/01/30
.........
United
States
475,000
468,716
Southern
Co.
(The)
,
Senior
Note
,
5.5
%
,
3/15/29
............
United
States
260,000
270,462
Virginia
Electric
and
Power
Co.
,
A
,
Senior
Bond
,
2.875
%
,
7/15/29
United
States
455,000
434,499
b
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
270,000
264,545
Senior
Note,
144A,
6.875%,
4/15/32
...................
United
States
210,000
219,787
3,394,771
Energy
Equipment
&
Services
0.3%
b
Kodiak
Gas
Services
LLC
,
Senior
Bond,
144A,
6.75%,
10/01/35
...................
United
States
85,000
87,327
Senior
Note,
144A,
6.5%,
10/01/33
....................
United
States
115,000
117,162
b
Transocean
Poseidon
Ltd.
,
Senior
Secured
Note
,
144A,
6.875
%
,
2/01/27
.........................................
United
States
92,250
92,435
b
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/28
...................................
United
States
80,952
83,163
380,087
Entertainment
0.2%
b
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
360,000
374,202
Financial
Services
1.0%
b
CrossCountry
Intermediate
HoldCo
LLC
,
Senior
Note
,
144A,
6.5
%
,
10/01/30
...................................
United
States
60,000
60,296
b
Freedom
Mortgage
Corp.
,
Senior
Note
,
144A,
12.25
%
,
10/01/30
United
States
355,000
396,317
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
15
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Financial
Services
(continued)
b
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
9.5
%
,
2/15/29
United
States
450,000
$
475,573
b
Nationstar
Mortgage
Holdings,
Inc.
,
Senior
Bond
,
144A,
5.75
%
,
11/15/31
........................................
United
States
290,000
293,996
b
Osaic
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/01/32
United
States
65,000
67,188
b
Petronas
Capital
Ltd.
,
Senior
Note
,
144A,
4.95
%
,
1/03/31
.....
Malaysia
380,000
392,449
b
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/33
.......
United
States
205,000
211,840
1,897,659
Food
Products
0.2%
b
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
...................................
United
States
195,000
203,579
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
Senior
Note
,
3
%
,
2/02/29
......................
United
States
110,000
105,510
309,089
Ground
Transportation
0.4%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4
%
,
5/01/28
........
United
Kingdom
220,000
218,298
b
Transnet
SOC
Ltd.
,
Senior
Note
,
Reg
S,
8.25
%
,
2/06/28
......
South
Africa
300,000
316,988
535,286
Health
Care
Equipment
&
Supplies
0.1%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
4.8
%
,
8/14/29
.
United
States
210,000
214,275
Health
Care
Providers
&
Services
0.7%
b
DaVita,
Inc.
,
Senior
Note,
144A,
6.875%,
9/01/32
...................
United
States
180,000
186,089
Senior
Note,
144A,
6.75%,
7/15/33
....................
United
States
25,000
25,801
b
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
510,000
503,977
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
6.75
%
,
5/15/31
..
United
States
455,000
471,414
1,187,281
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
260,515
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
210,911
Senior
Note,
144A,
6.5%,
6/15/33
.....................
United
States
75,000
77,293
b
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
180,000
185,170
473,374
Hotels,
Restaurants
&
Leisure
1.6%
b
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
......
United
States
225,000
217,088
b
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
.........................................
United
States
232,000
238,784
b
Carnival
Corp.
,
Senior
Note,
144A,
5.125%,
5/01/29
...................
United
States
205,000
205,000
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
70,000
71,516
b
Carnival
plc
,
Senior
Note
,
144A,
4.125
%
,
7/15/31
...........
United
States
135,000
EUR
160,686
b
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
9/15/33
.........................................
United
States
185,000
187,604
b
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
6.25
%
,
9/15/33
..........
United
States
190,000
191,102
b,d
Rivers
Enterprise
Lender
LLC
/
Rivers
Enterprise
Lender
Corp.
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
.............
United
States
70,000
70,668
b
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.625%,
9/30/31
...................
United
States
80,000
81,632
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Hotels,
Restaurants
&
Leisure
(continued)
b
Royal
Caribbean
Cruises
Ltd.,
(continued)
Senior
Note,
144A,
6.25%,
3/15/32
....................
United
States
127,000
$
131,152
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
248,000
254,418
b
Station
Casinos
LLC
,
Senior
Bond
,
144A,
4.625
%
,
12/01/31
...
United
States
285,000
269,096
Viking
Cruises
Ltd.
,
b
Senior
Note,
144A,
9.125%,
7/15/31
...................
United
States
380,000
408,141
b
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
.........................
United
States
380,000
409,325
2,896,212
Household
Durables
0.5%
Newell
Brands,
Inc.
,
Senior
Note,
6.375%,
5/15/30
........................
United
States
54,000
53,638
Senior
Note,
6.625%,
5/15/32
........................
United
States
16,000
15,830
b
Taylor
Morrison
Communities,
Inc.
,
Senior
Bond
,
144A,
5.125
%
,
8/01/30
.........................................
United
States
477,000
475,901
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
3.8
%
,
11/01/29
.....
United
States
220,000
215,467
b
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
..............................
United
States
205,000
200,907
961,743
Independent
Power
and
Renewable
Electricity
Producers
0.4%
b
AES
Andes
SA
,
Senior
Note
,
144A,
6.25
%
,
3/14/32
..........
Chile
430,000
450,715
Constellation
Energy
Generation
LLC
,
Senior
Note
,
5.6
%
,
3/01/28
United
States
205,000
211,932
Southern
Power
Co.
,
A
,
Senior
Note
,
4.25
%
,
10/01/30
........
United
States
80,000
79,557
742,204
Insurance
0.8%
b
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
11/06/30
....................................
United
States
200,000
208,506
b
Athene
Global
Funding
,
Secured
Note
,
144A,
5.583
%
,
1/09/29
.
United
States
205,000
211,968
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
7.4
%
,
1/13/28
.......
United
States
200,000
210,020
b
GA
Global
Funding
Trust
,
Secured
Note
,
144A,
4.4
%
,
9/23/27
..
United
States
225,000
225,548
b
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
3/15/30
...........................
Canada
190,000
199,771
b
New
York
Life
Global
Funding
,
Senior
Secured
Note
,
144A,
4.9
%
,
6/13/28
.........................................
United
States
205,000
209,809
b
Protective
Life
Global
Funding
,
Secured
Note
,
144A,
5.467
%
,
12/08/28
........................................
United
States
265,000
275,122
1,540,744
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
233,457
b
Gartner,
Inc.
,
Senior
Note
,
144A,
3.625
%
,
6/15/29
...........
United
States
450,000
431,268
664,725
Leisure
Products
0.2%
b
Mattel,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
4/01/29
.............
United
States
265,000
257,318
Life
Sciences
Tools
&
Services
0.1%
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
117,000
117,576
Machinery
0.1%
b
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
215,000
219,196
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
17
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Media
0.7%
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/01/30
..............................
United
States
285,000
$
299,464
b
McGraw-Hill
Education,
Inc.
,
Senior
Secured
Note,
144A,
5.75%,
8/01/28
.............
United
States
117,000
117,031
Senior
Secured
Note,
144A,
7.375%,
9/01/31
............
United
States
153,000
159,091
b
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Note,
144A,
5%,
8/15/27
......................
United
States
150,000
149,366
Senior
Secured
Note,
144A,
7.375%,
2/15/31
............
United
States
76,000
80,233
b
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
250,000
256,769
1,061,954
Metals
&
Mining
0.8%
b
Cleveland-Cliffs,
Inc.
,
Senior
Note,
144A,
7%,
3/15/32
......................
United
States
92,000
93,032
Senior
Note,
144A,
7.625%,
1/15/34
...................
United
States
50,000
51,553
Commercial
Metals
Co.
,
Senior
Bond
,
4.375
%
,
3/15/32
.......
United
States
267,000
252,193
b
Constellium
SE
,
Senior
Note,
Reg
S,
3.125%,
7/15/29
..................
United
States
300,000
EUR
343,716
Senior
Note,
144A,
6.375%,
8/15/32
...................
United
States
250,000
255,748
b
Novelis
Corp.
,
Senior
Note
,
144A,
6.875
%
,
1/30/30
..........
United
States
198,000
205,485
1,201,727
Multi-Utilities
0.1%
Ameren
Corp.
,
Senior
Note
,
5
%
,
1/15/29
..................
United
States
170,000
173,882
Oil,
Gas
&
Consumable
Fuels
3.1%
b
Aker
BP
ASA
,
Senior
Note
,
144A,
5.6
%
,
6/13/28
............
Norway
205,000
211,513
b
Antero
Resources
Corp.
,
Senior
Note
,
144A,
5.375
%
,
3/01/30
..
United
States
250,000
251,638
b
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
8.375
%
,
1/15/34
.........................................
United
States
195,000
197,743
Energy
Transfer
LP
,
Senior
Bond
,
5.25
%
,
4/15/29
...........
United
States
410,000
421,940
b
Hess
Midstream
Operations
LP
,
Senior
Note,
144A,
5.875%,
3/01/28
...................
United
States
65,000
66,300
Senior
Note,
144A,
4.25%,
2/15/30
....................
United
States
270,000
261,920
Senior
Note,
144A,
5.5%,
10/15/30
....................
United
States
85,000
85,678
b
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
450,000
463,404
Kinder
Morgan,
Inc.
,
Senior
Note
,
5
%
,
2/01/29
.............
United
States
250,000
255,714
b
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
455,000
457,988
b
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.875
%
,
4/15/28
..
United
States
333,000
340,076
b
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
200,000
204,484
b
Raizen
Fuels
Finance
SA
,
Senior
Note
,
144A,
6.25
%
,
7/08/32
..
Brazil
320,000
312,720
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
210,000
212,472
b
Sunoco
LP
,
Senior
Note
,
144A,
6.25
%
,
7/01/33
.............
United
States
184,000
187,416
Targa
Resources
Corp.
,
Senior
Note
,
6.15
%
,
3/01/29
........
United
States
200,000
210,811
b
TGNR
Intermediate
Holdings
LLC
,
Senior
Note
,
144A,
5.5
%
,
10/15/29
........................................
United
States
217,000
212,512
b
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
.........................................
United
States
450,000
472,804
b
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
30,000
33,880
Senior
Secured
Bond,
144A,
6.75%,
1/15/36
.............
United
States
70,000
74,396
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
30,000
33,169
Senior
Secured
Note,
144A,
6.5%,
1/15/34
..............
United
States
45,000
47,398
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Oil,
Gas
&
Consumable
Fuels
(continued)
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
......
United
States
24,000
$
24,416
5,040,392
Paper
&
Forest
Products
0.1%
b
Magnera
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
.........
United
States
240,000
212,686
Passenger
Airlines
0.4%
b
Air
France-KLM
,
Senior
Note
,
Reg
S,
8.125
%
,
5/31/28
.......
France
200,000
EUR
262,777
b
OneSky
Flight
LLC
,
Senior
Note
,
144A,
8.875
%
,
12/15/29
.....
United
States
200,000
210,503
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
140,000
137,962
611,242
Personal
Care
Products
0.1%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/29
.......
United
States
250,000
243,455
Pharmaceuticals
0.8%
Pharmacia
LLC
,
Senior
Bond
,
6.6
%
,
12/01/28
..............
United
States
430,000
462,013
Royalty
Pharma
plc
,
Senior
Note
,
4.45
%
,
3/25/31
...........
United
States
260,000
257,909
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
8.125
%
,
9/15/31
...................................
Israel
449,000
513,934
1,233,856
Professional
Services
0.1%
b
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
185,000
191,068
Semiconductors
&
Semiconductor
Equipment
0.1%
Broadcom
Corp.
/
Broadcom
Cayman
Finance
Ltd.
,
Senior
Note
,
3.875
%
,
1/15/27
...................................
United
States
205,000
204,930
Software
0.1%
Oracle
Corp.
,
Senior
Note
,
4.45
%
,
9/26/30
................
United
States
100,000
99,974
Specialized
REITs
0.2%
American
Tower
Corp.
,
Senior
Note
,
2.75
%
,
1/15/27
.........
United
States
410,000
402,903
Specialty
Retail
0.3%
Bath
&
Body
Works,
Inc.
,
Senior
Bond
,
6.875
%
,
11/01/35
.....
United
States
480,000
500,017
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
152,988
Senior
Note,
144A,
9.625%,
12/01/32
..................
United
States
186,000
210,841
363,829
Textiles,
Apparel
&
Luxury
Goods
0.5%
b
Beach
Acquisition
Bidco
LLC
,
e
Senior
Note,
144A,
PIK,
10%,
7/15/33
..................
United
States
200,000
216,233
Senior
Secured
Note,
144A,
5.25%,
7/15/32
.............
United
States
105,000
EUR
126,668
b
Crocs,
Inc.
,
Senior
Bond
,
144A,
4.125
%
,
8/15/31
............
United
States
290,000
266,090
b
Under
Armour,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
7/15/30
.......
United
States
105,000
105,133
714,124
Tobacco
0.3%
Philip
Morris
International,
Inc.
,
Senior
Note
,
5.125
%
,
2/15/30
..
United
States
410,000
423,889
Trading
Companies
&
Distributors
0.9%
Air
Lease
Corp.
,
Senior
Note
,
5.85
%
,
12/15/27
.............
United
States
450,000
463,621
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
19
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Corporate
Bonds
(continued)
Trading
Companies
&
Distributors
(continued)
b
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
United
States
210,000
$
215,201
b
Boise
Cascade
Co.
,
Senior
Note
,
144A,
4.875
%
,
7/01/30
.....
United
States
215,000
210,769
b
EquipmentShare.com,
Inc.
,
Secured
Note
,
144A,
9
%
,
5/15/28
..
United
States
200,000
211,895
b
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
6/15/29
......
United
States
65,000
66,836
b
QXO
Building
Products,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/30/32
.........................................
United
States
240,000
249,095
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
4
%
,
7/15/30
..
United
States
88,000
84,255
b
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/33
.
United
States
45,000
46,680
1,548,352
Wireless
Telecommunication
Services
0.9%
T-Mobile
USA,
Inc.
,
Senior
Note,
2.05%,
2/15/28
.........................
United
States
230,000
219,317
Senior
Note,
3.375%,
4/15/29
........................
United
States
825,000
801,187
b
Vmed
O2
UK
Financing
I
plc
,
Senior
Secured
Bond
,
Reg
S,
3.25
%
,
1/31/31
...................................
United
Kingdom
275,000
EUR
310,827
b
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
200,000
213,266
1,544,597
Total
Corporate
Bonds
(Cost
$46,598,577)
....................................
47,817,401
f
Senior
Floating
Rate
Interests
6.5%
Aerospace
&
Defense
0.1%
g
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
J,
6.502%,
(3-month
SOFR
+
2.5%),
2/28/31
.............................
United
States
118,204
118,279
Air
Freight
&
Logistics
0.2%
g
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
7.296%,
(3-month
SOFR
+
3%),
3/18/30
.......................
United
States
242,279
241,586
Automobile
Components
0.0%
†
g
Clarios
Global
LP,
First
Lien,
Amendment
No.
6
Dollar
CME
Term
Loan,
6.913%,
(1-month
SOFR
+
2.75%),
1/28/32
.........
United
States
59,983
60,095
Broadline
Retail
0.1%
d,g
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B,
6.017%,
(12-month
SOFR
+
2.25%),
9/27/32
....................
Netherlands
123,449
123,719
g
Building
Products
0.2%
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
6.122%,
(6-month
SOFR
+
2.25%),
8/04/31
.
United
States
193,488
192,859
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
6.413%,
(1-month
SOFR
+
2.25%),
3/19/29
.....................
United
States
201,411
201,763
Smyrna
Ready
Mix
Concrete
LLC,
First
Lien,
2025
CME
Term
Loan,
7.166%,
(1-month
SOFR
+
3%),
3/30/29
............
United
States
30,275
30,350
424,972
a
a
a
a
a
a
g
Chemicals
0.3%
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.913%,
(1-month
SOFR
+
3.75%),
4/06/29
.....................
United
States
269,302
269,836
Nouryon
Finance
BV,
First
Lien,
Term
Loan,
B,
5.43%,
(1-month
EURIBOR
+
3.5%),
4/03/28
..........................
Netherlands
200,000
EUR
235,759
505,595
a
a
a
a
a
a
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
f
Senior
Floating
Rate
Interests
(continued)
g
Commercial
Services
&
Supplies
0.4%
d
Clean
Harbors,
Inc.,
First
Lien,
CME
Term
Loan,
5.259%,
(12-month
SOFR
+
1.5%),
9/24/32
.....................
United
States
269,620
$
270,968
Madison
IAQ
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.702%,
(6-month
SOFR
+
2.5%),
6/21/28
......................
United
States
196,923
197,315
PG
Polaris
BidCo
SARL,
First
Lien,
Initial
CME
Term
Loan,
7.046%,
(3-month
SOFR
+
2.75%),
3/26/31
..............
Luxembourg
89,102
89,514
557,797
a
a
a
a
a
a
Communications
Equipment
0.1%
d,g
CommScope,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.913%,
(1-month
SOFR
+
4.75%),
12/18/29
....................
United
States
185,000
187,502
Consumer
Staples
Distribution
&
Retail
0.1%
g
Boots
Group
Bidco
Ltd.
(The),
First
Lien,
Closing
Date
Dollar
CME
Term
Loan,
7.705%,
(3-month
SOFR
+
3.5%),
8/30/32
..
United
Kingdom
93,836
94,207
g
Containers
&
Packaging
0.2%
d
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B,
7.413%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
196,564
196,483
d,h
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Delayed
Draw
CME
Term
Loan,
B,
7.413%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
103
103
Owens-Brockway
Glass
Container,
Inc.,
First
Lien,
CME
Term
Loan,
B,
6.509%,
(12-month
SOFR
+
2.75%),
9/27/32
......
United
States
133,531
133,448
330,034
a
a
a
a
a
a
Distributors
0.0%
†
g
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan,
8.002%,
(3-month
SOFR
+
4%),
11/30/30
...........
United
States
33,008
32,721
g
Electrical
Equipment
0.2%
d
Pinnacle
Buyer
LLC,
First
Lien,
CME
Term
Loan,
6.483%,
(12-month
SOFR
+
2.5%),
9/13/32
.....................
United
States
78,903
79,100
WEC
US
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.53%,
(1-month
SOFR
+
2.25%),
1/27/31
.....................
United
States
198,000
198,288
277,388
a
a
a
a
a
a
g
Entertainment
0.1%
Banijay
Entertainment
SAS,
First
Lien,
CME
Term
Loan,
B3,
7.023%,
(1-month
SOFR
+
2.75%),
3/01/28
..............
France
80,357
80,784
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
7.028%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
198,958
196,185
276,969
a
a
a
a
a
a
Food
Products
0.1%
g
Chobani
LLC,
First
Lien,
2025
New
CME
Term
Loan,
6.763%,
(1-month
SOFR
+
2.5%),
10/25/27
.....................
United
States
228,847
229,729
Ground
Transportation
0.1%
g
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.752%,
(3-month
SOFR
+
1.75%),
4/10/31
..............
United
States
133,650
133,278
g
Health
Care
Equipment
&
Supplies
0.4%
Bausch
+
Lomb
Corp.,
First
Lien,
New
CME
Term
Loan,
8.163%,
(1-month
SOFR
+
4%),
9/29/28
.......................
United
States
123,789
123,944
Bausch
+
Lomb
Corp.,
First
Lien,
Third
Amendment
CME
Term
Loan,
8.413%,
(1-month
SOFR
+
4.25%),
1/15/31
.........
United
States
320,836
321,437
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
21
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
f
Senior
Floating
Rate
Interests
(continued)
g
Health
Care
Equipment
&
Supplies
(continued)
Medline
Borrower
LP,
First
Lien,
2028
Refinancing
CME
Term
Loan,
6.163%,
(1-month
SOFR
+
2%),
10/23/28
...........
United
States
174,415
$
174,589
619,970
a
a
a
a
a
a
g
Health
Care
Providers
&
Services
0.4%
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B5,
6.663%,
(1-month
SOFR
+
2.5%),
2/21/31
......................
United
States
201,935
202,287
Phoenix
Newco,
Inc.,
First
Lien,
Sixth
Amendment
CME
Term
Loan,
6.663%,
(1-month
SOFR
+
2.5%),
11/15/28
.........
United
States
239,595
240,070
Waystar
Technologies,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.316%,
(1-month
SOFR
+
2%),
10/22/29
................
United
States
91,859
92,031
534,388
a
a
a
a
a
a
g
Hotels,
Restaurants
&
Leisure
0.7%
Caesars
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.413%,
(1-month
SOFR
+
2.25%),
2/06/31
..............
United
States
216,700
216,475
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
7.413%,
(1-month
SOFR
+
3.25%),
1/29/29
..............
United
States
213,380
213,314
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.752%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
108,075
107,913
Great
Canadian
Gaming
Corp.,
First
Lien,
CME
Term
Loan,
B,
8.753%,
(3-month
SOFR
+
4.75%),
11/01/29
.............
Canada
200,000
193,376
IRB
Holding
Corp.,
First
Lien,
2024
Second
Replacement
CME
Term
Loan,
B,
6.663%,
(1-month
SOFR
+
2.5%),
12/15/27
...
United
States
264,529
264,880
Scientific
Games
Holdings
LP,
First
Lien,
2024
Refinancing
Dollar
CME
Term
Loan,
7.036%,
(3-month
SOFR
+
2.75%),
4/04/29
.
United
States
202,947
201,509
1,197,467
a
a
a
a
a
a
Household
Durables
0.1%
g
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
7.252%,
(3-month
SOFR
+
3.25%),
1/16/32
.....................
Netherlands
179,067
179,531
Insurance
0.1%
g
Alliant
Holdings
Intermediate
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.666%,
(1-month
SOFR
+
2.5%),
9/19/31
..........
United
States
197,011
196,681
IT
Services
0.1%
g
Ahead
DB
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B3,
6.752%,
(3-month
SOFR
+
2.75%),
2/03/31
.....................
United
States
93,228
93,456
g
Machinery
0.5%
Chart
Industries,
Inc.,
First
Lien,
Amendment
No.
7
CME
Term
Loan,
6.792%,
(3-month
SOFR
+
2.5%),
3/15/30
..........
United
States
397,124
399,855
CPM
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.78%,
(1-month
SOFR
+
4.5%),
9/28/28
......................
United
States
166,153
165,971
Filtration
Group
Corp.,
First
Lien,
2025
Incremental
Dollar
CME
Term
Loan,
B,
6.913%,
(1-month
SOFR
+
2.75%),
10/23/28
..
United
States
204,470
205,642
TK
Elevator
Midco
GmbH,
First
Lien,
CME
Term
Loan,
B1,
7.197%,
(6-month
SOFR
+
3%),
4/30/30
................
Germany
131,212
131,686
903,154
a
a
a
a
a
a
g
Media
0.4%
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
8.278%,
(1-month
SOFR
+
4%),
8/23/28
.........................................
United
States
170,000
170,510
CSC
Holdings
LLC,
First
Lien,
Term
Loan,
B5,
8.75%,
(PRIME
+
1.5%),
4/15/27
....................................
United
States
206,719
200,517
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
f
Senior
Floating
Rate
Interests
(continued)
g
Media
(continued)
DIRECTV
Financing
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
9.82%,
(3-month
SOFR
+
5.25%),
8/02/29
........
United
States
400,687
$
401,877
772,904
a
a
a
a
a
a
Oil,
Gas
&
Consumable
Fuels
0.4%
g
CQP
Holdco
LP,
First
Lien,
Initial
CME
Term
Loan,
6.296%,
(3-month
SOFR
+
2%),
12/31/30
......................
United
States
687,859
688,653
g
Passenger
Airlines
0.3%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
2025
Incremental
CME
Term
Loan,
7.575%,
(3-month
SOFR
+
3.25%),
5/28/32
.....
United
States
19,950
20,062
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
6.575%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
346,224
346,104
WestJet
Loyalty
LP,
First
Lien,
Initial
CME
Term
Loan,
7.252%,
(3-month
SOFR
+
3.25%),
2/14/31
.....................
Canada
167,450
167,855
534,021
a
a
a
a
a
a
Pharmaceuticals
0.1%
g
Endo
Finance
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
8.163%,
(1-month
SOFR
+
4%),
4/23/31
.......
United
States
174,121
174,683
g
Software
0.4%
McAfee
Corp.,
First
Lien,
CME
Term
Loan,
B1,
7.223%,
(1-month
SOFR
+
3%),
3/01/29
...............................
United
States
217,804
208,684
Proofpoint,
Inc.,
First
Lien,
CME
Term
Loan,
7.163%,
(1-month
SOFR
+
3%),
8/31/28
...............................
United
States
234,600
235,813
UKG,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.81%,
(3-month
SOFR
+
2.5%),
2/10/31
.............................
United
States
207,900
207,928
652,425
a
a
a
a
a
a
Specialty
Retail
0.3%
g
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C,
7.416%,
(1-month
SOFR
+
3.25%),
10/19/29
.............
United
States
465,285
465,906
Textiles,
Apparel
&
Luxury
Goods
0.1%
g
Flash
Charm,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
7.796%,
(3-month
SOFR
+
3.5%),
3/02/28
......................
United
States
197,494
173,795
Water
Utilities
0.0%
†
d,g
Deep
Blue
Operating
I
LLC,
First
Lien,
CME
Term
Loan,
7.009%,
(12-month
SOFR
+
3.25%),
9/17/32
....................
United
States
53,699
53,834
Total
Senior
Floating
Rate
Interests
(Cost
$10,813,891)
........................
10,834,739
Foreign
Government
and
Agency
Securities
11.2%
b
Armenia
Government
Bond
,
Senior
Bond
,
Reg
S,
3.6
%
,
2/02/31
Armenia
430,000
388,437
b
Benin
Government
Bond
,
Senior
Bond,
Reg
S,
4.875%,
1/19/32
..................
Benin
157,000
EUR
175,517
Senior
Bond,
Reg
S,
4.95%,
1/22/35
...................
Benin
460,000
EUR
497,955
Brazil
Government
Bond
,
Senior
Bond,
3.875%,
6/12/30
........................
Brazil
1,060,000
1,018,395
Senior
Bond,
6%,
10/20/33
...........................
Brazil
200,000
205,300
b
Bulgaria
Government
Bond
,
Senior
Note
,
Reg
S,
3.625
%
,
9/05/32
Bulgaria
280,000
EUR
339,071
b
Cameroon
Government
Bond
,
Senior
Bond
,
Reg
S,
5.95
%
,
7/07/32
.........................................
Cameroon
320,000
EUR
309,844
Chile
Government
Bond
,
Senior
Bond
,
4.95
%
,
1/05/36
.......
Chile
600,000
603,630
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
23
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
Colombia
Government
Bond
,
Senior
Bond,
8%,
11/14/35
...........................
Colombia
560,000
$
602,280
Senior
Note,
7.375%,
4/25/30
.........................
Colombia
210,000
223,818
b
Costa
Rica
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
2/19/31
.........................................
Costa
Rica
620,000
647,745
b
Dominican
Republic
Government
Bond
,
Senior
Bond,
Reg
S,
5.95%,
1/25/27
...................
Dominican
Republic
284,000
289,467
Senior
Bond,
Reg
S,
6%,
7/19/28
......................
Dominican
Republic
480,000
496,368
b
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
250,000
253,953
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
240,000
215,412
b
Egypt
Government
Bond
,
Senior
Bond,
Reg
S,
7.6%,
3/01/29
....................
Egypt
420,000
436,258
Senior
Note,
144A,
8.625%,
2/04/30
....................
Egypt
310,000
329,635
b
Gabonese
Republic
,
Senior
Bond
,
Reg
S,
6.625
%
,
2/06/31
....
Gabon
370,000
298,940
b
Ghana
Government
Bond
,
Senior
Bond
,
144A,
5
%
,
7/03/35
....
Ghana
260,000
219,787
b
Guatemala
Government
Bond
,
Senior
Bond,
Reg
S,
6.6%,
6/13/36
....................
Guatemala
700,000
741,789
Senior
Note,
144A,
7.05%,
10/04/32
....................
Guatemala
200,000
219,953
b
Hashemite
Kingdom
of
Jordan
,
Senior
Note
,
Reg
S,
7.5
%
,
1/13/29
.........................................
Jordan
200,000
209,057
b
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
530,000
543,287
b
Indonesia
Government
Bond
,
Senior
Bond
,
144A,
4.35
%
,
1/08/27
Indonesia
410,000
412,231
b
Iraq
Government
Bond
,
Senior
Bond
,
Reg
S,
5.8
%
,
1/15/28
....
Iraq
434,375
432,486
b
Istanbul
Metropolitan
Municipality
,
Senior
Note
,
Reg
S,
10.5
%
,
12/06/28
........................................
Turkiye
300,000
329,362
b
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
5.875
%
,
10/17/31
........................................
Ivory
Coast
500,000
EUR
585,712
Mexico
Government
Bond
,
Senior
Bond
,
3.5
%
,
2/12/34
.......
Mexico
500,000
435,500
b
Montenegro
Government
Bond
,
Senior
Note
,
144A,
4.875
%
,
4/01/32
.........................................
Montenegro
220,000
EUR
259,823
Panama
Government
Bond
,
Senior
Note
,
7.5
%
,
3/01/31
......
Panama
730,000
803,438
b
Paraguay
Government
Bond
,
Senior
Bond
,
Reg
S,
3.849
%
,
6/28/33
.........................................
Paraguay
740,000
693,824
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
430,000
397,342
b
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
,
Senior
Bond
,
Reg
S,
5.45
%
,
5/21/28
...................
Indonesia
200,000
205,735
Petroleos
Mexicanos
,
Senior
Note,
6.49%,
1/23/27
.........................
Mexico
250,000
252,718
Senior
Note,
6.7%,
2/16/32
..........................
Mexico
210,000
208,242
Philippines
Government
Bond
,
Senior
Bond
,
5.5
%
,
2/04/35
....
Philippines
350,000
372,854
b
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
400,000
390,224
b
Romania
Government
Bond
,
Senior
Bond,
Reg
S,
7.125%,
1/17/33
..................
Romania
420,000
448,766
Senior
Note,
144A,
3%,
2/27/27
.......................
Romania
680,000
664,307
b
Serbia
Government
Bond
,
Senior
Bond,
Reg
S,
6.5%,
9/26/33
....................
Serbia
370,000
402,468
Senior
Note,
Reg
S,
6.25%,
5/26/28
....................
Serbia
230,000
240,108
South
Africa
Government
Bond
,
Senior
Bond,
5.875%,
6/22/30
........................
South
Africa
300,000
307,312
Senior
Bond,
5.875%,
4/20/32
........................
South
Africa
250,000
253,270
b
Southern
Gas
Corridor
CJSC
,
Senior
Bond
,
Reg
S,
6.875
%
,
3/24/26
.........................................
Azerbaijan
360,000
364,498
Turkiye
Government
Bond
,
Senior
Note
,
9.125
%
,
7/13/30
.....
Turkiye
570,000
646,028
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Foreign
Government
and
Agency
Securities
(continued)
b
Uzbekistan
Government
Bond
,
Senior
Note
,
Reg
S,
6.9
%
,
2/28/32
.........................................
Uzbekistan
330,000
$
355,553
Total
Foreign
Government
and
Agency
Securities
(Cost
$17,828,336)
............
18,727,699
U.S.
Government
and
Agency
Securities
0.1%
i
United
States
Treasury
Notes
,
0.625
%,
11/30/27
............
United
States
151,000
141,725
Total
U.S.
Government
and
Agency
Securities
(Cost
$141,725)
..................
141,725
Asset-Backed
Securities
2.2%
Financial
Services
2.2%
b,g
BDS
Ltd.
,
2021-FL9
,
A
,
144A,
FRN
,
5.32
%
,
(
1-month
SOFR
+
1.184
%
),
11/16/38
.
.................................
United
States
39,749
39,902
b,g
Black
Diamond
CLO
Ltd.
,
2024-1A
,
D1
,
144A,
FRN
,
8.768
%
,
(
3-month
SOFR
+
4.45
%
),
10/25/37
.
...................
Jersey
410,000
416,056
g
Citigroup
Mortgage
Loan
Trust,
Inc.
,
2007-AMC3
,
A2D
,
FRN
,
4.622
%
,
(
1-month
SOFR
+
0.464
%
),
3/25/37
.
.............
United
States
619,352
543,584
b
DataBank
Issuer
II
LLC
,
2025-1A
,
A2
,
144A,
5.18
%
,
9/27/55
.
...
United
States
456,000
457,303
b
FIGRE
Trust
,
2025-FL1
,
A1
,
144A,
5.265
%
,
7/25/55
.
.........
United
States
141,248
141,791
g
GSAA
Home
Equity
Trust
,
2006-8
,
2A2
,
FRN
,
4.632
%
,
(
1-month
SOFR
+
0.474
%
),
5/25/36
.
...........................
United
States
475,455
99,221
g
Lehman
XS
Trust
,
2006-17
,
1A4A
,
FRN
,
4.612
%
,
(
1-month
SOFR
+
0.454
%
),
8/25/46
.
................................
United
States
1,149,154
1,073,044
b
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
..................................
United
States
251,000
210,199
b,g
Northwoods
Capital
22
Ltd.
,
2020-22A
,
DRR
,
144A,
FRN
,
8.971
%
,
(
3-month
SOFR
+
4.95
%
),
9/16/31
.
..............
United
States
400,000
406,551
b,d
PK
Alift
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
..
United
States
250,000
250,659
3,638,310
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$3,683,991)
..............................
3,638,310
Commercial
Mortgage-Backed
Securities
10.0%
Financial
Services
10.0%
j,k
BANK
,
2020-BN30,
XA,
IO,
FRN,
1.366%,
12/15/53
.............
United
States
2,984,524
146,888
2024-BNK48,
XA,
IO,
FRN,
1.35%,
10/15/57
.............
United
States
4,505,429
366,926
j,k
BANK5
Trust
,
2024-5YR10,
XA,
IO,
FRN,
1.401%,
10/15/57
.............
United
States
6,908,248
286,197
2024-5YR12,
XA,
IO,
FRN,
0.695%,
12/15/57
.............
United
States
5,934,516
113,285
2024-5YR7,
XA,
IO,
FRN,
1.57%,
6/15/57
...............
United
States
5,186,517
223,509
j,k
BBCMS
Mortgage
Trust
,
2022-C14,
XA,
IO,
FRN,
0.808%,
2/15/55
................
United
States
4,802,333
156,790
2024-5C29,
XA,
IO,
FRN,
1.822%,
9/15/57
...............
United
States
7,477,506
409,406
2024-C26,
XA,
IO,
FRN,
1.241%,
5/15/57
................
United
States
2,632,033
188,821
2025-C32,
XA,
IO,
FRN,
1.356%,
2/15/62
................
United
States
2,125,037
178,792
j,k
Benchmark
Mortgage
Trust
,
2024-V10,
XA,
IO,
FRN,
1.522%,
9/15/57
................
United
States
6,543,570
293,980
2024-V11,
XA,
IO,
FRN,
0.773%,
11/15/57
...............
United
States
9,895,000
210,673
j,k
BMO
Mortgage
Trust
,
2024-5C6
,
XA
,
IO,
FRN
,
1.574
%
,
9/15/57
United
States
5,707,103
256,466
k
CD
Mortgage
Trust
,
2017-CD4
,
B
,
FRN
,
3.947
%
,
5/10/50
.....
United
States
439,000
416,334
CFCRE
Commercial
Mortgage
Trust
,
b,k
2011-C2,
E,
144A,
FRN,
5.08%,
12/15/47
................
United
States
193,000
180,712
2016-C7,
A3,
3.839%,
12/10/54
.......................
United
States
405,000
400,747
Citigroup
Commercial
Mortgage
Trust
,
b,k
2015-GC27,
D,
144A,
FRN,
4.543%,
2/10/48
.............
United
States
284,995
275,599
k
2015-GC33,
C,
FRN,
4.545%,
9/10/58
..................
United
States
49,000
42,017
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
25
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
Citigroup
Commercial
Mortgage
Trust,
(continued)
2015-GC33,
D,
3.172%,
9/10/58
.......................
United
States
102,000
$
63,240
COMM
Mortgage
Trust
,
b
2012-LC4,
E,
144A,
4.25%,
12/10/44
...................
United
States
392,000
50,359
2013-CR12,
AM,
4.3%,
10/10/46
......................
United
States
158,080
150,191
b,k
2013-CR7,
D,
144A,
FRN,
4.386%,
3/10/46
..............
United
States
109,946
105,129
k
2014-CR16,
C,
FRN,
4.885%,
4/10/47
..................
United
States
441,000
419,529
b,k
2014-CR17,
D,
144A,
FRN,
5.006%,
5/10/47
.............
United
States
290,000
244,542
b,k
2014-CR19,
D,
144A,
FRN,
4.572%,
8/10/47
.............
United
States
34,356
33,605
k
2014-CR20,
C,
FRN,
4.826%,
11/10/47
.................
United
States
282,906
272,993
2014-UBS3,
AM,
4.012%,
6/10/47
.....................
United
States
43,713
42,971
k
2014-UBS5,
AM,
FRN,
4.193%,
9/10/47
.................
United
States
163,065
161,088
k
2015-CR22,
B,
FRN,
3.926%,
3/10/48
..................
United
States
174,260
167,815
k
2015-CR27,
C,
FRN,
4.448%,
10/10/48
.................
United
States
212,000
198,872
2015-DC1,
AM,
3.724%,
2/10/48
......................
United
States
179,970
177,121
k
2015-DC1,
B,
FRN,
4.035%,
2/10/48
...................
United
States
447,000
426,413
k
2015-LC19,
B,
FRN,
3.829%,
2/10/48
...................
United
States
167,484
164,637
CSAIL
Commercial
Mortgage
Trust
,
k
2015-C1,
AS,
FRN,
3.791%,
4/15/50
...................
United
States
217,531
216,274
k
2015-C2,
B,
FRN,
4.208%,
6/15/57
....................
United
States
174,966
169,219
2015-C3,
A4,
3.718%,
8/15/48
........................
United
States
3,291
3,284
2016-C5,
A5,
3.757%,
11/15/48
.......................
United
States
63,401
63,186
b,g
FHLMC
Multi-family
Structured
Credit
Risk
Trust
,
2021-MN1,
M2,
144A,
FRN,
8.106%,
(30-day
SOFR
Average
+
3.75%),
1/25/51
...................................
United
States
235,000
242,606
2021-MN3,
M2,
144A,
FRN,
8.356%,
(30-day
SOFR
Average
+
4%),
11/25/51
....................................
United
States
797,000
828,643
b,g
FNMA
Multi-family
Connecticut
Avenue
Securities
Trust
,
2019-01,
M10,
144A,
FRN,
7.721%,
(30-day
SOFR
Average
+
3.364%),
10/25/49
.................................
United
States
456,942
464,734
2020-01,
M10,
144A,
FRN,
8.221%,
(30-day
SOFR
Average
+
3.864%),
3/25/50
..................................
United
States
607,426
619,364
k
GS
Mortgage
Securities
Trust
,
b
2013-GC13,
AS,
144A,
FRN,
4.004%,
7/10/46
............
United
States
228,433
225,670
2014-GC24,
B,
FRN,
4.527%,
9/10/47
..................
United
States
469,000
453,025
b
2014-GC24,
D,
144A,
FRN,
4.548%,
9/10/47
.............
United
States
221,000
141,716
j
2019-GC42,
XA,
IO,
FRN,
0.929%,
9/10/52
..............
United
States
6,073,170
154,981
k
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
b
2007-CB20,
E,
144A,
FRN,
8.454%,
2/12/51
.............
United
States
8,874
12,079
b
2012-C6,
E,
144A,
FRN,
5.129%,
5/15/45
...............
United
States
163,000
160,257
2013-LC11,
D,
FRN,
4.339%,
4/15/46
...................
United
States
194,000
14,797
b,l
2013-LC11,
E,
144A,
FRN,
3.25%,
4/15/46
...............
United
States
647,000
22,174
JPMBB
Commercial
Mortgage
Securities
Trust
,
b,k
2013-C14,
D,
144A,
FRN,
4.172%,
8/15/46
..............
United
States
228,000
178,509
b,k
2013-C14,
F,
144A,
FRN,
3.598%,
8/15/46
...............
United
States
1,500,000
127,827
b,k
2014-C18,
D,
144A,
FRN,
4.654%,
2/15/47
..............
United
States
232,000
209,960
k
2014-C23,
B,
FRN,
4.688%,
9/15/47
...................
United
States
174,000
168,989
k
2014-C23,
C,
FRN,
4.688%,
9/15/47
...................
United
States
201,000
193,167
b,k
2014-C23,
D,
144A,
FRN,
4.188%,
9/15/47
..............
United
States
100,000
90,984
2016-C1,
A5,
3.576%,
3/17/49
........................
United
States
132,000
131,504
k
JPMDB
Commercial
Mortgage
Securities
Trust
,
2018-C8
,
C
,
FRN
,
4.914
%
,
6/15/51
...................................
United
States
190,000
171,418
b
LSTAR
Commercial
Mortgage
Trust
,
2017-5
,
A5
,
144A,
3.549
%
,
3/10/50
.........................................
United
States
400,000
393,073
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
k
2013-C10,
B,
FRN,
4.085%,
7/15/46
...................
United
States
299,766
284,330
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
(continued)
b,k
2013-C10,
D,
144A,
FRN,
4.085%,
7/15/46
..............
United
States
350,000
$
289,327
b,k
2013-C10,
F,
144A,
FRN,
4.085%,
7/15/46
...............
United
States
975,000
101,218
b,k
2013-C12,
D,
144A,
FRN,
4.859%,
10/15/46
.............
United
States
189,000
176,726
b,k
2013-C9,
D,
144A,
FRN,
3.924%,
5/15/46
...............
United
States
196,000
179,503
2014-C19,
C,
4%,
12/15/47
..........................
United
States
67,610
65,537
k
2015-C22,
C,
FRN,
4.113%,
4/15/48
...................
United
States
575,000
509,456
k
2015-C25,
C,
FRN,
4.581%,
10/15/48
..................
United
States
124,347
122,839
k
Morgan
Stanley
Capital
I
Trust
,
2016-UB11,
C,
FRN,
3.691%,
8/15/49
..................
United
States
286,000
279,242
2018-H3,
C,
FRN,
4.995%,
7/15/51
....................
United
States
199,000
185,393
SG
Commercial
Mortgage
Securities
Trust
,
2016-C5
,
A4
,
3.055
%
,
10/10/48
........................................
United
States
458,000
451,142
b,l
TIAA
Real
Estate
CDO
Ltd.
,
2003-1A
,
E
,
144A,
8
%
,
12/28/38
..
United
States
558,952
53
k
UBS
Commercial
Mortgage
Trust
,
2017-C3
,
C
,
FRN
,
4.502
%
,
8/15/50
.........................................
United
States
247,000
229,689
Wells
Fargo
Commercial
Mortgage
Trust
,
b,k
2013-LC12,
D,
144A,
FRN,
3.913%,
7/15/46
.............
United
States
188,000
108,100
b
2014-LC16,
D,
144A,
3.938%,
8/15/50
..................
United
States
265,449
32,109
2015-C31,
A4,
3.695%,
11/15/48
......................
United
States
127,790
127,533
2015-C31,
D,
3.852%,
11/15/48
.......................
United
States
121,000
104,575
k
2015-SG1,
B,
FRN,
4.393%,
9/15/48
...................
United
States
159,873
156,534
k
2016-NXS5,
D,
FRN,
5.118%,
1/15/59
..................
United
States
216,000
195,569
j,k
2019-C52,
XA,
IO,
FRN,
1.71%,
8/15/52
.................
United
States
3,188,219
150,019
j,k
2024-5C1,
XA,
IO,
FRN,
1.257%,
7/15/57
................
United
States
6,109,828
208,442
k
WFRBS
Commercial
Mortgage
Trust
,
b
2013-C15,
D,
144A,
FRN,
4.284%,
8/15/46
..............
United
States
235,831
135,603
2014-C21,
C,
FRN,
4.234%,
8/15/47
...................
United
States
177,000
166,225
2014-C23,
B,
FRN,
4.44%,
10/15/57
...................
United
States
125,000
121,351
16,663,602
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$18,929,639)
..............
16,663,602
Mortgage-Backed
Securities
19.1%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
13.6%
FNMA,
30
Year,
5%,
1/01/49
-
8/01/49
....................
United
States
45,046
45,462
m
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
10/25/55
....
United
States
2,000,000
1,685,304
m
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
10/25/55
.....
United
States
1,000,000
878,514
m
Uniform
Mortgage-Backed
Securities,
3.5%,
TBA,
10/25/55
....
United
States
1,000,000
913,756
m
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
10/25/55
.....
United
States
1,000,000
991,891
m
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
10/25/55
....
United
States
12,000,000
12,100,731
m
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
10/25/55
.....
United
States
6,000,000
6,137,419
22,753,077
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
5.5%
GNMA
II,
Single-family,
30
Year,
3.5%,
10/20/49
-
3/20/50
.....
United
States
206,350
186,344
GNMA
II,
Single-family,
30
Year,
5%,
5/20/49
...............
United
States
40,194
40,356
m
GNMA
II,
Single-family,
30
Year,
5%,
10/15/55
..............
United
States
4,000,000
3,979,414
GNMA
II,
Single-family,
30
Year,
5.5%,
5/20/49
.............
United
States
16,893
17,278
m
GNMA
II,
Single-family,
30
Year,
5.5%,
10/15/55
............
United
States
5,000,000
5,037,993
9,261,385
Total
Mortgage-Backed
Securities
(Cost
$32,145,788)
..........................
32,014,462
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
9.9%
Financial
Services
9.9%
b
A&D
Mortgage
Trust
,
2024-NQM1
,
A1
,
144A,
6.195
%
,
2/25/69
.
United
States
550,995
$
556,727
Alternative
Loan
Trust
,
g
2005-38,
A1,
FRN,
5.653%,
(12-month
average
of
1-year
CMT
+
1.5%),
9/25/35
..................................
United
States
161,785
146,541
g
2005-38,
A3,
FRN,
4.972%,
(1-month
SOFR
+
0.814%),
9/25/35
United
States
199,079
182,504
g
2005-59,
1A1,
FRN,
4.91%,
(1-month
SOFR
+
0.774%),
11/20/35
........................................
United
States
215,822
209,422
g
2006-OA10,
1A1,
FRN,
5.113%,
(12-month
average
of
1-year
CMT
+
0.96%),
8/25/46
.............................
United
States
65,261
59,619
g
2006-OA10,
3A1,
FRN,
4.652%,
(1-month
SOFR
+
0.494%),
8/25/46
.........................................
United
States
183,756
163,935
g
2006-OA10,
4A1,
FRN,
4.652%,
(1-month
SOFR
+
0.494%),
8/25/46
.........................................
United
States
1,334,250
1,158,170
k
2006-OA7,
1A1,
FRN,
3.161%,
6/25/46
.................
United
States
203,003
188,699
g
2006-OA7,
1A2,
FRN,
5.093%,
(12-month
average
of
1-year
CMT
+
0.94%),
6/25/46
.............................
United
States
155,742
153,674
g
American
Home
Mortgage
Investment
Trust
,
2007-1
,
GA1C
,
FRN
,
4.462
%
,
(
1-month
SOFR
+
0.304
%
),
5/25/47
.............
United
States
337,042
198,727
g
Bear
Stearns
ALT-A
Trust
,
2005-10
,
11A1
,
FRN
,
4.772
%
,
(
1-month
SOFR
+
0.614
%
),
1/25/36
....................
United
States
34,740
32,922
b,g
Chevy
Chase
Funding
LLC
,
2006-4A
,
A2
,
144A,
FRN
,
4.452
%
,
(
1-month
SOFR
+
0.294
%
),
11/25/47
...................
United
States
139,968
125,596
b,k
COLT
Mortgage
Loan
Trust
,
2020-2
,
A3
,
144A,
FRN
,
3.698
%
,
3/25/65
.........................................
United
States
1,000,000
993,648
b,k
FHLMC
Seasoned
Credit
Risk
Transfer
Trust
,
2017-3,
M2,
144A,
FRN,
4.75%,
7/25/56
................
United
States
355,947
350,485
2019-2,
M,
144A,
FRN,
4.75%,
8/25/58
.................
United
States
190,057
184,965
2019-4,
M,
144A,
FRN,
4.5%,
2/25/59
..................
United
States
636,000
605,881
g
FHLMC
STACR
Debt
Notes
,
2015-DNA3,
B,
FRN,
13.821%,
(30-day
SOFR
Average
+
9.464%),
4/25/28
..................................
United
States
566,915
569,724
2015-HQA2,
B,
FRN,
14.971%,
(30-day
SOFR
Average
+
10.614%),
5/25/28
.................................
United
States
265,725
268,753
2016-DNA1,
B,
FRN,
14.471%,
(30-day
SOFR
Average
+
10.114%),
7/25/28
.................................
United
States
1,270,667
1,302,761
b,g
FHLMC
STACR
REMIC
Trust
,
2020-DNA4,
B2,
144A,
FRN,
14.471%,
(30-day
SOFR
Average
+
10.114%),
8/25/50
................................
United
States
609,000
816,961
2020-DNA5,
B2,
144A,
FRN,
15.856%,
(30-day
SOFR
Average
+
11.5%),
10/25/50
.................................
United
States
176,000
246,437
2020-HQA3,
B2,
144A,
FRN,
14.471%,
(30-day
SOFR
Average
+
10.114%),
7/25/50
................................
United
States
430,000
573,130
2021-DNA3,
B2,
144A,
FRN,
10.606%,
(30-day
SOFR
Average
+
6.25%),
10/25/33
................................
United
States
225,000
277,900
b,g
FHLMC
STACR
Trust
,
2018-DNA3,
B2,
144A,
FRN,
12.221%,
(30-day
SOFR
Average
+
7.864%),
9/25/48
................................
United
States
174,000
201,363
2018-HQA2,
B2,
144A,
FRN,
15.471%,
(30-day
SOFR
Average
+
11.114%),
10/25/48
...............................
United
States
649,000
806,692
2019-DNA1,
B2,
144A,
FRN,
15.221%,
(30-day
SOFR
Average
+
10.864%),
1/25/49
................................
United
States
141,000
174,200
2019-DNA2,
B2,
144A,
FRN,
14.971%,
(30-day
SOFR
Average
+
10.614%),
3/25/49
................................
United
States
118,000
137,430
2019-HQA1,
B2,
144A,
FRN,
16.721%,
(30-day
SOFR
Average
+
12.364%),
2/25/49
................................
United
States
85,000
103,317
2019-HQA2,
B2,
144A,
FRN,
15.721%,
(30-day
SOFR
Average
+
11.364%),
4/25/49
................................
United
States
106,000
126,580
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
k
First
Horizon
Alternative
Mortgage
Securities
Trust
,
2006-AA6
,
2A1
,
FRN
,
5.147
%
,
11/25/36
.........................
United
States
395,819
$
271,167
g
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C01,
1B,
FRN,
16.221%,
(30-day
SOFR
Average
+
11.864%),
8/25/28
.................................
United
States
362,806
377,022
2016-C02,
1B,
FRN,
16.721%,
(30-day
SOFR
Average
+
12.364%),
9/25/28
.................................
United
States
1,105,894
1,158,575
2016-C03,
1B,
FRN,
16.221%,
(30-day
SOFR
Average
+
11.864%),
10/25/28
................................
United
States
563,588
593,601
2016-C03,
2B,
FRN,
17.221%,
(30-day
SOFR
Average
+
12.864%),
10/25/28
................................
United
States
89,085
94,404
2016-C05,
2B,
FRN,
15.221%,
(30-day
SOFR
Average
+
10.864%),
1/25/29
.................................
United
States
118,162
126,111
2016-C06,
1B,
FRN,
13.721%,
(30-day
SOFR
Average
+
9.364%),
4/25/29
..................................
United
States
19,697
21,125
b
2020-SBT1,
1M2,
144A,
FRN,
8.121%,
(30-day
SOFR
Average
+
3.764%),
2/25/40
................................
United
States
504,000
522,693
b
2022-R02,
2B1,
144A,
FRN,
8.856%,
(30-day
SOFR
Average
+
4.5%),
1/25/42
....................................
United
States
180,000
186,780
b
2022-R02,
2M2,
144A,
FRN,
7.356%,
(30-day
SOFR
Average
+
3%),
1/25/42
.....................................
United
States
400,000
408,315
g
GSR
Mortgage
Loan
Trust
,
2007-OA1
,
2A3A
,
FRN
,
4.582
%
,
(
1-month
SOFR
+
0.424
%
),
5/25/37
....................
United
States
171,570
94,868
g
HarborView
Mortgage
Loan
Trust
,
2005-2
,
1A
,
FRN
,
4.768
%
,
(
1-month
SOFR
+
0.634
%
),
5/19/35
....................
United
States
239,072
66,031
b,g
Home
RE
Ltd.
,
2021-2
,
B1
,
144A,
FRN
,
8.506
%
,
(
30-day
SOFR
Average
+
4.15
%
),
1/25/34
...........................
United
States
150,000
152,895
b,g
J.P.
Morgan
Mortgage
Trust
,
2024-9
,
A11
,
144A,
FRN
,
5.706
%
,
(
30-day
SOFR
Average
+
1.35
%
),
2/25/55
...............
United
States
116,782
117,105
b
LHOME
Mortgage
Trust
,
2023-RTL2
,
A1
,
144A,
8
%
,
6/25/28
...
United
States
145,978
146,168
b
MFA
Trust
,
2025-NQM3
,
A1
,
144A,
5.261
%
,
8/25/70
.........
United
States
97,576
97,972
b,g
Morgan
Stanley
Re-REMIC
Trust
,
2010-R4
,
4B
,
144A,
FRN
,
3.008
%
,
(
1-month
SOFR
+
0.344
%
),
2/26/37
.............
United
States
151,227
144,005
g
MortgageIT
Trust
,
2005-3
,
M2
,
FRN
,
5.067
%
,
(
1-month
SOFR
+
0.909
%
),
8/25/35
..................................
United
States
20,754
20,203
g
RALI
Trust
,
2006-QO5
,
1A1
,
FRN
,
4.702
%
,
(
1-month
SOFR
+
0.544
%
),
5/25/46
..................................
United
States
181,764
163,438
b
Saluda
Grade
Alternative
Mortgage
Trust
,
2024-RTL4
,
A1
,
144A,
7.5
%
,
2/25/30
....................................
United
States
555,000
560,731
g
Structured
Asset
Mortgage
Investments
II
Trust
,
2006-AR7
,
A1BG
,
FRN
,
4.392
%
,
(
1-month
SOFR
+
0.234
%
),
8/25/36
...
United
States
119,162
105,731
b,k
Towd
Point
Mortgage
Trust
,
2019-2
,
A2
,
144A,
FRN
,
3.75
%
,
12/25/58
........................................
United
States
216,000
196,576
g
WaMu
Mortgage
Pass-Through
Certificates
Trust
,
2005-AR13
,
A1C3
,
FRN
,
5.252
%
,
(
1-month
SOFR
+
1.094
%
),
10/25/45
..
United
States
62,493
61,385
16,603,664
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$15,714,651)
...............
16,603,664
Agency
Commercial
Mortgage-Backed
Securities
12.1%
Financial
Services
12.1%
j
FHLMC
,
304,
C37,
IO,
3.5%,
12/15/27
.........................
United
States
14,963
296
4000,
PI,
IO,
4.5%,
1/15/42
..........................
United
States
106,300
14,126
4077,
IK,
IO,
5%,
7/15/42
............................
United
States
355,980
75,381
4105,
HI,
IO,
3.5%,
7/15/41
..........................
United
States
115,579
5,861
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
29
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
j
FHLMC,
(continued)
g
4839,
WS,
IO,
FRN,
1.613%,
(30-day
SOFR
Average
+
5.986%),
8/15/56
..................................
United
States
1,972,984
$
292,379
g
4945,
SL,
IO,
FRN,
1.579%,
(30-day
SOFR
Average
+
5.936%),
1/25/50
.........................................
United
States
1,948,116
245,572
4984,
IL,
IO,
4.5%,
6/25/50
...........................
United
States
1,948,925
409,765
g
5002,
SJ,
IO,
FRN,
1.629%,
(30-day
SOFR
Average
+
5.986%),
7/25/50
.........................................
United
States
2,779,265
349,585
g
5011,
SA,
IO,
FRN,
1.779%,
(30-day
SOFR
Average
+
6.136%),
9/25/50
.........................................
United
States
3,160,678
443,970
5024,
HI,
IO,
4.5%,
10/25/50
.........................
United
States
3,577,389
854,028
5093,
YI,
IO,
4.5%,
12/25/50
.........................
United
States
1,486,665
355,056
5134,
IC,
IO,
4%,
8/25/51
............................
United
States
2,906,189
582,029
5349,
IB,
IO,
4%,
12/15/46
...........................
United
States
1,772,390
387,477
j
FNMA
,
g
2010-35,
SG,
IO,
FRN,
1.929%,
(30-day
SOFR
Average
+
6.286%),
4/25/40
..................................
United
States
205,511
23,600
g
2011-101,
SA,
IO,
FRN,
1.429%,
(30-day
SOFR
Average
+
5.786%),
10/25/41
.................................
United
States
500,187
50,212
2012-127,
BI,
IO,
4.5%,
11/25/42
......................
United
States
101,617
21,003
2015-30,
IO,
5.5%,
5/25/45
..........................
United
States
774,834
105,668
2016-3,
NI,
IO,
6%,
2/25/46
..........................
United
States
645,612
94,173
g
2017-32,
SA,
IO,
FRN,
1.679%,
(30-day
SOFR
Average
+
6.036%),
5/25/47
..................................
United
States
2,462,695
286,674
g
2018-20,
SB,
IO,
FRN,
1.779%,
(30-day
SOFR
Average
+
6.136%),
3/25/48
..................................
United
States
1,142,618
114,517
g
2018-38,
SA,
IO,
FRN,
1.729%,
(30-day
SOFR
Average
+
6.086%),
6/25/48
..................................
United
States
2,049,054
253,972
g
2019-43,
JS,
IO,
FRN,
1.579%,
(30-day
SOFR
Average
+
5.936%),
8/25/49
..................................
United
States
1,085,085
122,024
g
2019-61,
S,
IO,
FRN,
1.529%,
(30-day
SOFR
Average
+
5.886%),
11/25/49
.................................
United
States
2,339,032
321,211
2020-76,
BI,
IO,
4.5%,
11/25/50
.......................
United
States
2,808,277
645,249
2021-14,
CI,
IO,
4.5%,
11/25/49
.......................
United
States
3,580,286
811,374
374,
6,
IO,
5.5%,
8/25/36
............................
United
States
26,035
4,256
378,
19,
IO,
5%,
Strip,
6/25/35
........................
United
States
67,172
9,298
427,
C93,
IO,
4.5%,
8/25/42
..........................
United
States
2,623,370
462,387
j
GNMA
,
2012-113,
ID,
IO,
3.5%,
9/20/42
.......................
United
States
330,118
49,441
2012-128,
IA,
IO,
3.5%,
10/20/42
......................
United
States
703,824
114,667
2012-140,
IC,
IO,
3.5%,
11/20/42
......................
United
States
706,878
115,747
2012-146,
IO,
5%,
12/20/42
..........................
United
States
181,172
38,147
2013-34,
IH,
IO,
4.5%,
3/20/43
........................
United
States
371,504
70,816
k
2013-H08,
CI,
IO,
FRN,
1.491%,
2/20/63
................
United
States
463,183
16,905
g
2014-119,
SA,
IO,
FRN,
1.35%,
(1-month
SOFR
+
5.486%),
8/20/44
.........................................
United
States
606,627
60,578
g
2014-60,
SD,
IO,
FRN,
1.93%,
(1-month
SOFR
+
6.066%),
4/20/44
.........................................
United
States
1,362,925
171,403
2014-76,
IO,
5%,
5/20/44
............................
United
States
277,547
57,790
k
2014-H21,
BI,
IO,
FRN,
1.562%,
10/20/64
...............
United
States
1,424,516
29,740
2015-52,
KI,
IO,
3.5%,
11/20/40
.......................
United
States
261,635
10,186
2015-53,
MI,
IO,
4%,
4/16/45
.........................
United
States
643,007
128,046
2015-64,
YI,
IO,
4%,
11/20/44
........................
United
States
469,009
68,999
2015-79,
GI,
IO,
5%,
10/20/39
........................
United
States
147,639
30,448
k
2015-H10,
BI,
IO,
FRN,
2.078%,
4/20/65
................
United
States
757,928
34,355
k
2015-H20,
AI,
IO,
FRN,
1.854%,
8/20/65
................
United
States
883,468
25,626
k
2015-H20,
CI,
IO,
FRN,
1.889%,
8/20/65
................
United
States
994,545
51,701
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
j
GNMA,
(continued)
k
2015-H23,
BI,
IO,
FRN,
1.766%,
9/20/65
................
United
States
892,151
$
20,007
k
2015-H25,
EI,
IO,
FRN,
1.841%,
10/20/65
...............
United
States
591,331
17,632
2016-42,
IO,
5%,
2/20/46
............................
United
States
658,993
129,620
k
2016-H03,
AI,
IO,
FRN,
1.97%,
1/20/66
.................
United
States
926,873
37,743
k
2016-H03,
DI,
IO,
FRN,
2.024%,
12/20/65
...............
United
States
809,937
26,601
k
2016-H06,
DI,
IO,
FRN,
1.582%,
7/20/65
................
United
States
877,838
34,987
k
2016-H09,
BI,
IO,
FRN,
2.046%,
4/20/66
................
United
States
1,118,238
45,999
k
2016-H10,
AI,
IO,
FRN,
1.663%,
4/20/66
................
United
States
2,057,998
57,789
k
2016-H18,
QI,
IO,
FRN,
2.431%,
6/20/66
................
United
States
641,323
35,753
k
2016-H22,
AI,
IO,
FRN,
2.78%,
10/20/66
................
United
States
833,606
38,884
k
2016-H23,
NI,
IO,
FRN,
2.526%,
10/20/66
...............
United
States
2,373,342
108,965
k
2016-H24,
CI,
IO,
FRN,
1.659%,
10/20/66
...............
United
States
601,233
13,384
2017-26,
MI,
IO,
5%,
11/20/39
........................
United
States
870,426
159,935
2017-42,
IC,
IO,
4.5%,
8/20/41
........................
United
States
332,156
60,156
2017-93,
TI,
IO,
4%,
3/20/44
.........................
United
States
8,238
1
k
2017-H02,
BI,
IO,
FRN,
2.292%,
1/20/67
................
United
States
718,026
27,419
k
2017-H06,
BI,
IO,
FRN,
2.36%,
2/20/67
.................
United
States
1,111,940
35,717
k
2017-H08,
NI,
IO,
FRN,
2.213%,
3/20/67
................
United
States
1,571,225
48,936
k
2017-H09,
IO,
FRN,
1.887%,
4/20/67
...................
United
States
1,860,047
53,504
k
2017-H11,
DI,
IO,
FRN,
2.086%,
5/20/67
................
United
States
1,253,468
61,351
k
2017-H12,
QI,
IO,
FRN,
2.387%,
5/20/67
................
United
States
1,011,051
39,116
k
2017-H16,
IG,
IO,
FRN,
1.888%,
7/20/67
................
United
States
2,431,964
65,301
k
2017-H16,
JI,
IO,
FRN,
2.448%,
8/20/67
.................
United
States
3,242,723
143,403
k
2017-H19,
MI,
IO,
FRN,
2.074%,
4/20/67
................
United
States
635,655
24,546
2018-127,
IC,
IO,
5%,
10/20/44
.......................
United
States
1,186,796
235,728
2018-94,
AI,
IO,
4.5%,
7/20/48
........................
United
States
765,223
157,731
k
2018-H02,
EI,
IO,
FRN,
2.33%,
1/20/68
.................
United
States
2,637,238
112,684
k
2018-H05,
BI,
IO,
FRN,
2.314%,
2/20/68
................
United
States
1,739,978
74,800
k
2018-H15,
KI,
IO,
FRN,
1.81%,
8/20/68
.................
United
States
1,262,088
45,343
g
2019-110,
SQ,
IO,
FRN,
1.8%,
(1-month
SOFR
+
5.936%),
9/20/49
.........................................
United
States
1,629,239
192,308
g
2019-152,
ES,
IO,
FRN,
1.8%,
(1-month
SOFR
+
5.936%),
12/20/49
........................................
United
States
1,012,746
122,368
g
2019-83,
SY,
IO,
FRN,
1.85%,
(1-month
SOFR
+
5.986%),
7/20/49
.........................................
United
States
1,513,906
189,100
g
2019-89,
PS,
IO,
FRN,
1.85%,
(1-month
SOFR
+
5.986%),
7/20/49
.........................................
United
States
1,878,810
247,911
g
2019-96,
SY,
IO,
FRN,
1.85%,
(1-month
SOFR
+
5.986%),
8/20/49
.........................................
United
States
1,693,537
216,701
2020-13,
AI,
IO,
4%,
3/20/46
.........................
United
States
3,626,754
480,642
2020-167,
PI,
IO,
3.5%,
11/20/50
......................
United
States
2,136,082
399,225
2020-175,
NI,
IO,
3%,
11/20/50
.......................
United
States
2,227,714
360,758
g
2020-63,
AS,
IO,
FRN,
1.75%,
(1-month
SOFR
+
5.886%),
8/20/43
.........................................
United
States
1,762,113
216,563
g
2020-63,
PS,
IO,
FRN,
1.85%,
(1-month
SOFR
+
5.986%),
4/20/50
.........................................
United
States
2,210,322
295,167
g
2020-63,
SP,
IO,
FRN,
1.85%,
(1-month
SOFR
+
5.986%),
5/20/50
.........................................
United
States
1,726,403
224,695
g
2020-96,
KS,
IO,
FRN,
1.9%,
(1-month
SOFR
+
6.036%),
7/20/50
.........................................
United
States
5,304,946
705,394
g
2020-97,
QS,
IO,
FRN,
1.9%,
(1-month
SOFR
+
6.036%),
7/20/50
.........................................
United
States
1,610,475
231,690
g
2021-116,
ES,
IO,
FRN,
1.939%,
(1-month
SOFR
+
6.086%),
11/20/47
........................................
United
States
2,588,540
306,953
2021-122,
GI,
IO,
4.5%,
11/20/47
......................
United
States
2,799,232
639,009
2021-156,
IO,
3.5%,
7/20/51
.........................
United
States
3,440,189
653,313
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
31
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
j
GNMA,
(continued)
2021-214,
AI,
IO,
4%,
12/20/51
.......................
United
States
2,515,014
$
500,795
2021-59,
IP,
IO,
3%,
4/20/51
.........................
United
States
2,845,694
485,754
g
2021-59,
SM,
IO,
FRN,
2.05%,
(1-month
SOFR
+
6.186%),
4/20/51
.........................................
United
States
5,158,711
702,176
g
2021-59,
SQ,
IO,
FRN,
2.05%,
(1-month
SOFR
+
6.186%),
4/20/51
.........................................
United
States
1,694,365
234,022
g
2021-77,
SM,
IO,
FRN,
2.05%,
(1-month
SOFR
+
6.186%),
5/20/51
.........................................
United
States
2,540,039
358,181
g
2021-98,
SK,
IO,
FRN,
2.05%,
(1-month
SOFR
+
6.186%),
6/20/51
.........................................
United
States
4,243,059
597,524
g
2023-35,
SH,
IO,
FRN,
2.061%,
(30-day
SOFR
Average
+
6.45%),
2/20/53
...................................
United
States
5,304,131
453,642
2024-186,
IO,
3%,
9/20/51
...........................
United
States
3,433,569
520,303
k
2024-32,
IO,
FRN,
0.7%,
6/16/63
......................
United
States
4,842,341
242,313
2024-4,
IG,
IO,
5%,
12/20/52
.........................
United
States
1,429,674
277,782
20,183,062
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$19,742,424)
.......
20,183,062
Total
Long
Term
Investments
(Cost
$174,295,193)
.............................
175,791,463
a
Short
Term
Investments
12.5%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Certificates
of
Deposit
1.4%
Bank
of
America
NA,
4.25%,
3/02/26
.....................
United
States
750,000
750,498
Canadian
Imperial
Bank
of
Commerce,
4.43%,
2/09/26
.......
Canada
800,000
800,551
Toronto-Dominion
Bank
(The),
4.42%,
4/02/26
..............
Canada
850,000
850,295
Total
Certificates
of
Deposit
(Cost
$2,400,000)
................................
2,401,344
a
a
a
Commercial
Papers
1.4%
b
Commonwealth
Bank
of
Australia
,
144A,
4.51
%
,
4/09/26
......
Australia
750,000
750,036
b,c
NRW
Bank
,
144A,
4.06%
,
10/02/25
......................
Germany
750,000
749,831
b
Royal
Bank
of
Canada
,
144A,
4.4
%
,
3/23/26
...............
Canada
850,000
850,384
Total
Commercial
Papers
(Cost
$2,349,911)
...................................
2,350,251
a
a
a
U.S.
Government
and
Agency
Securities
1.2%
c
U.S.
Treasury
Bills
,
n
2.01%,
10/02/25
...................................
United
States
1,300,000
1,299,855
3.83%,
1/20/26
...................................
United
States
800,000
790,589
2,090,444
Total
U.S.
Government
and
Agency
Securities
(Cost
$2,090,432)
................
2,090,444
Shares
Management
Investment
Companies
5.0%
a,o
Putnam
Short
Term
Investment
Fund,
Class
P,
4.364%
.......
United
States
8,288,989
8,288,989
Total
Management
Investment
Companies
(Cost
$8,288,989)
...................
8,288,989
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.5%
a,o
Putnam
Government
Money
Market
Fund,
Class
P,
3.959%
....
United
States
5,822,971
$
5,822,971
Total
Money
Market
Funds
(Cost
$5,822,971)
.................................
5,822,971
Total
Short
Term
Investments
(Cost
$20,952,303
)
..............................
20,953,999
a
Total
Investments
(Cost
$195,247,496)
117.7%
................................
$196,745,462
TBA
Sale
Commitments
(4.1)%
..............................................
(6,925,061)
Other
Assets,
less
Liabilities
(13.6)%
........................................
(22,784,862)
Net
Assets
100.0%
.........................................................
$167,035,539
a
a
a
Principal
Amount
*
p
TBA
Sale
Commitments
(4.1)%
Mortgage-Backed
Securities
(4.1)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(4.1)%
Uniform
Mortgage-Backed
Securities
,
4%,
TBA,
10/25/55
.................................
United
States
(1,000,000)
(942,597)
4.5%,
TBA,
10/25/55
...............................
United
States
(3,000,000)
(2,910,276)
6%,
TBA,
10/25/55
.................................
United
States
(3,000,000)
(3,072,188)
(6,925,061)
Total
TBA
Sale
Commitments
(Proceeds
$(6,946,484))
.........................
$(6,925,061)
*
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
(
e
)
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
September
30,
2025,
the
aggregate
value
of
these
securities
was
$64,081,345,
representing
38.4%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
See
Note
1
(
d
).
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
See
Note
1
(
f
)
regarding
senior
floating
rate
interests.
g
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
h
See
Note
8
regarding
unfunded
loan
commitments.
i
This
security
was
pledged,
or
purchased
with
cash
that
was
pledged,
to
the
Fund
for
collateral
on
certain
derivative
contracts.
See
Note
1
(
e
).
j
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
k
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
l
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
See
Note
7
.
m
Security
purchased
on
a
to-be-announced
(TBA)
basis.
See
Note
1
(
d
).
n
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
September
30,
2025,
the
value
of
this
security
pledged
amounted
to
$647,927,
representing
0.4%
net
assets.
o
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
p
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.
See
Note
1
(
d
).
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
33
At
September
30,
2025,
the
Fund
had
the
following futures
contracts
outstanding.
See
Note
1(e). 
At
September
30,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
See
Note
1
(
e
). 
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
Euro-Bobl
..................................
Short
24
$
3,319,556
12/08/25
$
3,081
U.S.
Treasury
10
Year
Ultra
Notes
................
Long
65
7,480,078
12/19/25
54,595
U.S.
Treasury
2
Year
Notes
.....................
Short
9
1,875,586
12/31/25
829
U.S.
Treasury
5
Year
Notes
.....................
Long
84
9,172,406
12/31/25
(9,959)
Total
Futures
Contracts
......................................................................
$48,546
*
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
Buy
217,200
143,097
10/15/25
$
653
$
—
Australian
Dollar
....
BZWS
Sell
320,300
211,369
10/15/25
—
(616)
Australian
Dollar
....
HSBK
Sell
58,000
38,170
10/15/25
—
(216)
Australian
Dollar
....
JPHQ
Sell
727,000
478,864
10/15/25
—
(2,288)
Australian
Dollar
....
MSCO
Sell
902,400
593,904
10/15/25
—
(3,333)
Australian
Dollar
....
TDOM
Sell
365,900
240,817
10/15/25
—
(1,347)
Australian
Dollar
....
UBSW
Sell
21,800
14,343
10/15/25
—
(85)
Australian
Dollar
....
WPAC
Sell
12,000
7,898
10/15/25
—
(44)
Canadian
Dollar
....
BOFA
Sell
400
295
10/15/25
7
—
Canadian
Dollar
....
BZWS
Sell
82,700
60,991
10/15/25
1,528
—
Canadian
Dollar
....
GSCO
Sell
9,000
6,634
10/15/25
163
—
Canadian
Dollar
....
HSBK
Sell
443,500
326,785
10/15/25
7,899
—
Canadian
Dollar
....
JPHQ
Sell
195,800
144,339
10/15/25
3,554
—
Canadian
Dollar
....
TDOM
Sell
415,000
305,895
10/15/25
7,501
—
Canadian
Dollar
....
UBSW
Sell
13,000
9,586
10/15/25
239
—
Canadian
Dollar
....
WPAC
Sell
343,500
253,311
10/15/25
6,327
—
New
Zealand
Dollar
.
BOFA
Sell
19,700
12,060
10/15/25
633
—
New
Zealand
Dollar
.
HSBK
Sell
439,200
268,417
10/15/25
13,663
—
New
Zealand
Dollar
.
MSCO
Sell
495,300
303,064
10/15/25
15,770
—
New
Zealand
Dollar
.
UBSW
Sell
75,800
46,393
10/15/25
2,426
—
Japanese
Yen
......
BOFA
Buy
64,500,800
441,668
11/19/25
—
(3,294)
Japanese
Yen
......
GSCO
Buy
117,505,400
804,558
11/19/25
—
(5,942)
Japanese
Yen
......
JPHQ
Buy
62,332,100
426,785
11/19/25
—
(3,151)
Japanese
Yen
......
TDOM
Buy
612,100
4,191
11/19/25
—
(31)
Japanese
Yen
......
UBSW
Buy
59,663,400
408,518
11/19/25
—
(3,021)
British
Pound
......
HSBK
Sell
517,300
703,059
12/17/25
7,277
—
Euro
.............
HSBK
Sell
4,453,800
5,264,338
12/17/25
11,970
—
Norwegian
Krone
...
MSCO
Sell
6,139,500
623,645
12/17/25
8,304
—
Swedish
Krona
.....
MSCO
Sell
6,123,200
663,106
12/17/25
9,540
—
Swiss
Franc
.......
UBSW
Buy
832,600
1,058,764
12/17/25
—
(3,145)
Total
Forward
Exchange
Contracts
...................................................
$97,454
$(26,513)
Net
unrealized
appreciation
(depreciation)
............................................
$70,941
*
In
U.S.
dollars
unless
otherwise
indicated.
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
At
September
30,
2025,
the
Fund
had
the
following forward
premium
swap
options contracts
outstanding.
See
Note
1(e). 
Forward
Premium
Swap
Option
Contracts
Fixed
right
or
obligation
to
receive
or
(pay)/
Floating
rate
index/Maturity
date
Counter
par
t
y
Expiration
date/strike
Notional/
Contract
amount
*
Premium
receivable/
(payable)
Unrealized
appreciation/
(depreciation)
a
a
a
a
a
3.3%/1-day
SOFR/Feb-27/(Written)
BNDP
2/05/26
/
3.3%
63,150,000
$
(138,930)
$
44,675
3.85%/1-day
SOFR/Feb-27/(Purchased)
BNDP
2/05/26
/
3.85%
42,100,000
174,715
35,520
(4.125%)/1-day
SOFR/Nov-37/(Purchased)
BNDP
11/12/27
/
4.125%
477,100
22,090
(6,612)
3.625%/1-day
SOFR/Nov-37/(Purchased)
BNDP
11/12/27
/
3.625%
477,100
22,090
(6,955)
2.91%/1-day
SOFR/Apr-52/(Purchased)
BNDP
3/31/32
/
2.91%
966,000
58,926
(18,792)
(4.225%)/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
4.225%
3,079,100
157,650
(106,950)
3.725%/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
3.725%
3,079,100
150,568
(57,896)
(4.2%)/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
158,800
19,802
(1,952)
4.2%/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
158,800
19,802
1,958
(4%)/1-day
SOFR/Dec-30/(Purchased)
CITI
12/08/25
/
4%
7,438,800
84,059
(81,475)
(4.608%)/1-day
SOFR/May-56/(Purchased)
CITI
5/26/26
/
4.608%
996,400
36,169
(24,244)
3.965%/1-day
SOFR/Mar-38/(Purchased)
DBAB
3/06/28
/
3.965%
885,900
48,282
(6,939)
(3.965%)/1-day
SOFR/Mar-38/(Purchased)
DBAB
3/06/28
/
3.965%
885,900
48,282
(10,988)
2.35%/1-day
SOFR/Mar-59/(Purchased)
GSCO
3/12/29
/
2.35%
1,529,600
89,176
(58,087)
2.495%/6-month
AUD
BBR/Nov-46/
(Purchased)
JPHQ
11/23/26
/
2.495%
AUD
2,376,500
147,412
(141,838)
(2.495%)/6-month
AUD
BBR/Nov-46/
(Purchased)
JPHQ
11/23/26
/
2.495%
AUD
2,376,500
147,412
299,996
(4.201%)/6-month
EURIBOR/Apr-39/
(Purchased)
JPHQ
4/11/29
/
4.201%
EUR
5,556,400
138,902
(39,599)
1.201%/6-month
EURIBOR/Apr-39/
(Purchased)
JPHQ
4/11/29
/
1.201%
EUR
5,556,400
110,287
(78,636)
(1.445%)/6-month
AUD
BBR/Mar-40/
(Purchased)
JPHQ
3/27/30
/
1.445%
AUD
1,940,600
74,212
238,445
1.445%/6-month
AUD
BBR/Mar-40/
(Purchased)
JPHQ
3/27/30
/
1.445%
AUD
1,940,600
74,212
(61,238)
(4.5%)/1-day
SOFR/Oct-30/(Written)
MCM
10/09/25
/
4.5%
7,438,800
(24,219)
24,180
2.85%/1-day
SOFR/Oct-30/(Purchased)
MCM
10/09/25
/
2.85%
7,438,800
50,082
(49,999)
(4.01%)/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
215,700
25,862
436
4.01%/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
215,700
25,862
(4,546)
(2.952%)/6-month
EURIBOR/Jun-49/
(Purchased)
MSCO
6/18/29
/
2.952%
EUR
1,584,600
126,320
33,010
(2.98%)/6-month
EURIBOR/May-55/
(Purchased)
MSCO
5/08/35
/
2.98%
EUR
145,400
15,179
5,177
(4.825%)/1-day
SOFR/May-57/(Purchased)
NATW
4/30/27
/
4.825%
1,147,100
41,525
(11,648)
2%/6-month
AUD
BBR/Sep-46/(Purchased)
UBSW
9/10/36
/
2%
AUD
2,078,300
110,235
(67,175)
(2%)/6-month
AUD
BBR/Sep-46/(Purchased)
UBSW
9/10/36
/
2%
AUD
2,078,300
110,235
144,012
(2.7%)/6-month
AUD
BBR/Apr-47/(Purchased)
UBSW
4/01/37
/
2.7%
AUD
997,300
60,506
41,269
2.7%/6-month
AUD
BBR/Apr-47/(Purchased)
UBSW
4/01/37
/
2.7%
AUD
997,300
60,506
(34,115)
Unrealized
appreciation
868,678
Unrealized
(depreciation)
(869,684)
Total
$(1,006)
*
In
U.S.
dollars
unless
otherwise
indicated.
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
35
At
September
30,
2025,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
See
Note
1
(
e
). 
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
$
721,400
$
428,439
$
292,961
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$721,400
$428,439
$292,961
OTC
Swap
Contracts
Contracts
to
Buy
Protection
(c)
Traded
Index
CMBX.NA.BB.10
(5.00)%
Monthly
CITI
11/17/59
915,000
450,829
379,986
70,843
CMBX.NA.BB.10
(5.00)%
Monthly
MLCO
11/17/59
279,000
137,466
15,875
121,591
CMBX.NA.BB.13
(5.00)%
Monthly
GSCO
12/16/72
133,000
49,261
50,041
(780)
CMBX.NA.BB.6
.
(5.00)%
Monthly
GSCO
5/11/63
167,000
10,393
7,525
2,868
CMBX.NA.BB.8
.
(5.00)%
Monthly
CITI
10/17/57
148,000
63,508
64,084
(576)
CMBX.NA.BB.8
.
(5.00)%
Monthly
GSCO
10/17/57
42,000
18,022
17,149
873
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
CITI
11/17/59
465,000
92,295
139,762
(47,467)
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
MSCO
11/17/59
516,000
102,417
166,855
(64,438)
CMBX.
NA.BBB-.11
..
(3.00)%
Monthly
GSCO
11/18/54
609,000
73,080
76,057
(2,977)
CMBX.
NA.BBB-.12
..
(3.00)%
Monthly
GSCO
8/17/61
203,000
34,680
36,845
(2,165)
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
GSCO
12/16/72
406,000
80,946
85,124
(4,178)
CMBX.NA.BBB-.6
(3.00)%
Monthly
CITI
5/11/63
223,000
7,162
41,772
(34,610)
CMBX.NA.BBB-.9
(3.00)%
Monthly
MSCO
9/17/58
203,000
34,212
36,464
(2,252)
Contracts
to
Sell
Protection
(c)(d)
Traded
Index
CMBX.NA.A.13
.
2.00%
Monthly
MLCO
12/16/72
382,000
(25,185)
(50,319)
25,134
Investment
Grade
CMBX.NA.BB.10
5.00%
Monthly
JPHQ
11/17/59
120,000
(59,125)
(9,629)
(49,496)
Non-
Investment
Grade
CMBX.NA.BB.13
5.00%
Monthly
CITI
12/16/72
133,000
(49,262)
(56,865)
7,603
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
CITI
5/11/63
285,000
(17,736)
(49,554)
31,818
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
GSCO
5/11/63
138,000
(8,588)
(23,957)
15,369
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
MLCO
5/11/63
125,000
(7,779)
(13,977)
6,198
Non-
Investment
Grade
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
Credit
Default
Swap
Contracts
(continued)
Description
Periodic
Payment
Rate
Received
(Paid)
Payment
Frequency
Counter-
party
Maturity
Date
Notional
Amount
(a)
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
Rating
(b)
OTC
Swap
Contracts
(continued)
Contracts
to
Sell
Protection
(c)(d)
(continued
)
Traded
Index
(continued)
CMBX.NA.BB.6
.
5.00%
Monthly
MSCO
5/11/63
562,000
$
(34,974)
$
(100,044)
$
65,070
Non-
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
CITI
4/17/65
34,000
(5,460)
(7,729)
2,269
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
GSCO
4/17/65
12,000
(1,927)
(2,464)
537
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
MSCO
4/17/65
19,000
(3,051)
(4,319)
1,268
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
BOFA
5/11/63
223,000
(7,163)
(13,732)
6,569
Investment
Grade
CMBX.NA.BBB-.8
3.00%
Monthly
JPHQ
10/17/57
26,000
(4,229)
(4,054)
(175)
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$929,792
$780,896
$148,896
Total
Credit
Default
Swap
Contracts
....................................
$1,651,192
$
1,209,335
$441,857
(a)
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
(b)
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
(c)
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
(d)
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
37
At
September
30,
2025,
the
Fund
had
the
following
interest
rate
swap
contracts
outstanding.
See
Note
1(e). 
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.58%
....
Annual
9/17/27
170,842,000
$
(535,533)
$
(212,325)
$
(323,208)
Receive
Floating
3-month
AUD
BBR
...........
Quarterly
Pay
Fixed
3.23%
....
Quarterly
9/17/27
1,991,000
AUD
6,291
1,668
4,623
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.13%
....
Annual
12/17/27
2,942,000
10,532
10,532
—
Receive
Fixed
2.08%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
12/17/27
2,104,000
EUR
(3,085)
(924)
(2,161)
Receive
Fixed
2.38%
..
Semi-Annual
Pay
Floating
1-day
REPO_CORRA
.....
Semi-Annual
12/17/27
3,418,000
CAD
2,362
1,375
987
Receive
Fixed
3.28%
..
Quarterly
Pay
Floating
3-month
AUD
BBR
.........
Quarterly
12/17/27
1,835,000
AUD
(4,920)
245
(5,165)
Receive
Fixed
3.63%
..
Annual
Pay
Floating
1-day
SONIA
...........
Annual
12/17/27
1,587,000
GBP
(4,061)
(1,677)
(2,384)
Receive
Fixed
3.63%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/17/30
140,000,000
1,512,040
511,011
1,001,029
Receive
Floating
6-month
AUD
BBR
...........
Semi-Annual
Pay
Fixed
3.73%
....
Semi-Annual
9/17/30
6,323,000
AUD
30,465
(22,646)
53,111
Receive
Floating
6-month
EURIBOR
...........
Semi-Annual
Pay
Fixed
2.18%
....
Annual
9/17/30
489,000
EUR
5,358
1,429
3,929
Receive
Fixed
4.166%
.
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
7/15/35
7,377,200
AUD
(38,306)
—
(38,306)
Receive
Fixed
3.833%
.
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/10/35
4,174,800
60,722
—
60,722
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.88%
....
Annual
9/17/35
46,623,000
(867,907)
(169,303)
(698,604)
Receive
Fixed
4.23%
..
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
9/17/35
3,210,000
AUD
(7,934)
7,058
(14,992)
Receive
Fixed
0.45%
..
Annual
Pay
Floating
1-day
SARON
..........
Annual
12/17/35
1,878,000
CHF
(6,351)
(4,215)
(2,136)
Putnam
Master
Intermediate
Income
Trust
Schedule
of
Investments
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
Interest
Rate
Swap
Contracts
(continued)
Description
Payment
Frequency
Maturity
Date
Notional
Amount*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
(continued)
Receive
Floating
1-day
REPO_CORRA
.......
Semi-Annual
Pay
Fixed
2.93%
....
Semi-Annual
12/17/35
2,803,000
CAD
$
(5,837)
$
(7,333)
$
1,496
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.53%
....
Annual
12/17/35
1,715,000
18,518
12,035
6,483
Receive
Fixed
2.63%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
12/17/35
679,000
EUR
(2,298)
365
(2,663)
Receive
Floating
3-month
AUD
BBR
...........
Quarterly
Pay
Fixed
3.9%
.....
Semi-Annual
12/17/35
2,737,000
NZD
(22,255)
(4,214)
(18,041)
Receive
Floating
3-month
STIBOR
............
Quarterly
Pay
Fixed
2.6%
.....
Annual
12/17/35
15,879,000
SEK
22,094
5,477
16,617
Receive
Fixed
4.08%
..
Annual
Pay
Floating
1-day
SONIA
...........
Annual
12/17/35
2,234,000
GBP
(22,216)
(5,906)
(16,310)
Receive
Floating
6-month
AUD
BBR
...........
Semi-Annual
Pay
Fixed
4.18%
....
Semi-Annual
12/17/35
328,000
AUD
2,301
(150)
2,451
Receive
Floating
6-month
NIBOR
.............
Semi-Annual
Pay
Fixed
3.85%
....
Annual
12/17/35
22,636,000
NOK
43,499
16,250
27,249
Receive
Floating
6-month
AUD
BBR
...........
Semi-Annual
Pay
Fixed
4.377%
...
Semi-Annual
7/02/45
688,000
AUD
12,414
—
12,414
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.03%
....
Annual
9/17/55
3,649,000
(63,595)
(4,615)
(58,980)
Receive
Fixed
2.58%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/17/55
813,000
EUR
(61,612)
(10,756)
(50,856)
Receive
Fixed
4.48%
..
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
9/17/55
70,000
AUD
(515)
340
(855)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.88%
....
Annual
12/17/55
808,000
6,595
7,391
(796)
Total
Interest
Rate
Swap
Contracts
.................................
$86,766
$
131,112
$(44,346)
*
In
U.S.
dollars
unless
otherwise
indicated.
See
Note 9 regarding
other
derivative
information.
See
A
bbreviations
on
page
5
8
Putnam
Master
Intermediate
Income
Trust
Financial
Statements
Statement
of
Assets
and
Liabilities
September
30,
2025
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
39
Putnam
Master
Intermediate
Income
Trust
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
...................................................................
$176,983,411
Cost
-
Non-controlled
affiliates
(Note
3e)
........................................................
18,264,085
Value
-
Unaffiliated
issuers
..................................................................
$178,442,254
Value
-
Non-controlled
affiliates
(Note
3e
)
.......................................................
18,303,208
Cash
....................................................................................
1,183,874
Receivables:
Investment
securities
sold
...................................................................
394,660
Receivable
for
sales
of
TBA
securities
(Note
1d)
..................................................
3,874,297
Dividends
and
interest
.....................................................................
1,340,736
Deposits
with
brokers
for:
Centrally
cleared
swap
contracts
............................................................
2,486,114
Variation
margin
on
centrally
cleared
swap
contracts
...............................................
46,287
OTC
swap
contracts
(upfront
payments
)
..........................................................
1,117,539
Unrealized
appreciation
on
OTC
forward
exchange
contracts
..........................................
97,454
Unrealized
appreciation
on
forward
premium
swap
option
contracts
.....................................
868,678
Unrealized
appreciation
on
OTC
swap
contracts
....................................................
358,010
Unrealized
appreciation
on
unfunded
loan
commitments
(Note
8
)
.......................................
74
Prepaid
expenses
..........................................................................
64,406
Other
assets
..............................................................................
765
Total
assets
..........................................................................
208,578,356
Liabilities:
Payables:
Investment
securities
purchased
..............................................................
2,518,805
Payable
for
purchases
of
TBA
securities
(Note
1d)
................................................
28,742,422
Management
fees
.........................................................................
310,197
Administrative
fees
........................................................................
1,096
Transfer
agent
fees
........................................................................
27,032
Trustees'
fees
and
expenses
.................................................................
92,778
Variation
margin
on
futures
contracts
...........................................................
2,323
Deposits
from
brokers
for:
OTC
derivative
contracts
..................................................................
1,171,985
OTC
swap
contracts
(upfront
receipts
)
...........................................................
336,643
Unrealized
depreciation
on
OTC
swap
contracts
....................................................
209,114
Unrealized
depreciation
on
OTC
forward
exchange
contracts
..........................................
26,513
Unrealized
depreciation
on
forward
premium
swap
option
contracts
.....................................
869,684
TBA
sale
commitments,
at
value
(proceeds
$6,946,484)
(Note
1d)
......................................
6,925,061
Collateral
on
certain
derivative
contracts,
at
value
(Note
1
e
)
...........................................
141,725
Accrued
expenses
and
other
liabilities
...........................................................
167,439
Total
liabilities
.........................................................................
41,542,817
Net
assets,
at
value
.................................................................
$167,035,539
Net
assets
consist
of:
Paid-in
capital
.............................................................................
$292,611,522
Total
distributable
earnings
(losses)
.............................................................
(125,575,983)
Net
assets,
at
value
.................................................................
$167,035,539
Shares
outstanding
.........................................................................
48,184,341
Net
asset
value
per
share
a
....................................................................
$3.47
a
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Putnam
Master
Intermediate
Income
Trust
Financial
Statements
Statement
of
Operations
September
30,
2025
franklintempleton.com
Annual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
Putnam
Master
Intermediate
Income
Trust
Investment
income:
Dividends:
Non-controlled
affiliates
(Note
3
e
)
.............................................................
$951,118
Interest:
Unaffiliated
issuers
........................................................................
9,635,076
Total
investment
income
...................................................................
10,586,194
Expenses:
Management
fees
(Note
3
a
)
...................................................................
1,222,708
Administrative
fees
(Note
3
b
)
..................................................................
3,341
Transfer
agent
fees
(Not
e
3c)
..................................................................
89,243
Custodian
fees
............................................................................
35,552
Reports
to
shareholders
fees
..................................................................
67,133
Registration
and
filing
fees
....................................................................
30,887
Professional
fees
...........................................................................
196,931
Trustees'
fees
and
expenses
..................................................................
24,087
Other
....................................................................................
23,063
Total
expenses
.........................................................................
1,692,945
Expense
reductions
(Note
4)
...............................................................
(2,694)
Expenses
waived/paid
by
affiliates
(Note
3e)
...................................................
(5,854)
Net
expenses
.........................................................................
1,684,397
Net
investment
income
................................................................
8,901,797
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
......................................................................
(558,871)
Foreign
currency
transactions
................................................................
7,559
Forward
exchange
contracts
.................................................................
(322,681)
Forward
premium
swap
option
contracts
........................................................
(614,348)
Futures
contracts
.........................................................................
(353,667)
TBA
sale
commitments
.....................................................................
(121,640)
Swap
contracts
...........................................................................
2,344,933
Net
realized
gain
(loss)
..................................................................
381,285
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
......................................................................
1,512,509
Non-controlled
affiliates
(Note
3
e
)
...........................................................
39,123
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
..............................
1,163
Unfunded
loan
commitments
(Note
8
)
..........................................................
74
Forward
exchange
contracts
.................................................................
197,001
Forward
premium
swap
option
contracts
........................................................
(628,149)
Futures
contracts
.........................................................................
78,737
TBA
sale
commitments
.....................................................................
(26,932)
Swap
contracts
...........................................................................
371,538
Net
change
in
unrealized
appreciation
(depreciation)
............................................
1,545,064
Net
realized
and
unrealized
gain
(loss)
............................................................
1,926,349
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..........................................
$10,828,146
Putnam
Master
Intermediate
Income
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Annual
Report
41
Putnam
Master
Intermediate
Income
Trust
Year
Ended
September
30,
2025
Year
Ended
September
30,
2024
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$8,901,797
$9,683,082
Net
realized
gain
(loss)
.................................................
381,285
(4,922,629)
Net
change
in
unrealized
appreciation
(depreciation)
...........................
1,545,064
16,956,205
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
10,828,146
21,716,658
Distributions
to
shareholders
..............................................
(8,257,362)
(8,296,682)
Distributions
to
shareholders
from
tax
return
of
capital
...........................
(4,463,304)
(4,454,489)
Total
distributions
to
shareholders
..........................................
(12,720,666)
(12,751,171)
Capital
share
transactions
(Note
2
)
..........................................
—
(1,179,070)
Net
increase
(decrease)
in
net
assets
...................................
(1,892,520)
7,786,417
Net
assets:
Beginning
of
year
.......................................................
168,928,059
161,141,642
End
of
year
...........................................................
$167,035,539
$168,928,059
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
42
franklintempleton.com
Annual
Report
1.
Organization
and
Significant
Accounting
Policies
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.
The
following
summarizes
the 
Fund
's
significant
accounting
policies.
a.
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.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities.
Debt
securities
generally
trade
in
the OTC
market
rather
than
on
a
securities
exchange.
The
Fund's
pricing
services
use
multiple
valuation
techniques
to
determine
fair
value.
In
instances
where
sufficient
market
activity
exists,
the
pricing
services
may
utilize
a
market-based
approach
through
which
quotes
from
market
makers
are
used
to
determine
fair
value.
In
instances
where
sufficient
market
activity
may
not
exist
or
is
limited,
the
pricing
services
also
utilize
proprietary
valuation
models
which
may
consider
market
characteristics
such
as
benchmark
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
anticipated
timing
of
principal
repayments,
underlying
collateral,
and
other
unique
security
features
in
order
to
estimate
the
relevant
cash
flows,
which
are
then
discounted
to
calculate
the
fair
value.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
are
centrally
cleared
or
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
Financial
Statements
43
franklintempleton.com
Annual
Report
b.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Fund
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Stripped
Securities 
The
Fund
may
invest
in
stripped
securities
which
represent
a
participation
in
securities
that
may
be
structured
in
classes
with
rights
to
receive
different
portions
of
the
interest
and
principal.
Interest-only
securities
receive
all
of
the
interest
and
principal-only
securities
receive
all
of
the
principal.
If
the
interest
only
securities
experience
greater
than
anticipated
prepayments
of
principal,
the
Fund
may
fail
to
recoup
fully
its
initial
investment
in
these
securities.
Conversely,
principal-
only
securities
increase
in
value
if
prepayments
are
greater
than
anticipated
and
decline
if
prepayments
are
slower
than
anticipated.
The
fair
value
of
these
securities
is
highly
sensitive
to
changes
in
interest
rates.
d.
Securities
Purchased
on
a
When-Issued,
Forward Commitment or
Delayed
Delivery
Basis
and
TBA
Basis
The
Fund
may
purchase
securities
on
a when-issued,
forward
commitment
or
delayed
delivery
and to-be-
announced
(TBA)
basis,
with
payment
and
delivery
scheduled
for
a
future
date.
These
transactions
are
subject
to
market
fluctuations
and
are
subject
to
the
risk
that
the
value
at
delivery
may
be
more
or
less
than
the
trade
date
purchase
price.
Although
the
Fund
will
generally
purchase
these
securities
with
the
intention
of
holding
the
securities, it
may
sell
the
securities
before
the
settlement
date.
Collateral
has
been
pledged
and/or
received
for
open
TBA
trades.
The
Fund
may
also
enter
into
TBA
sale
commitments
to
hedge
its
portfolio
positions,
to
sell
mortgage-backed
securities
it
owns
under
delayed
delivery
arrangements
or
to
take
a
short
position
in
mortgage-backed
securities.
Proceeds
of
TBA
sale
commitments
are
not
received
until
the
contractual
settlement
date.
During
the
time
a
TBA
sale
commitment
is
outstanding,
either
equivalent
deliverable
securities
or
an
offsetting
TBA
purchase
commitment
deliverable
on
or
before
the
sale
commitment
date
are
held
as
“cover”
for
the
transaction,
or
other
liquid
assets
in
an
amount
equal
to
the
notional
value
of
the
TBA
sale
commitment
are
segregated.
If
the
TBA
sale
commitment
is
closed
through
the
acquisition
of
an
offsetting
TBA
purchase
commitment,
the
Fund
realizes
a
gain
or
loss.
If
the
Fund
delivers
securities
under
the
commitment,
the
Fund
realizes
a
gain
or
a
loss
from
the
sale
of
the
securities
based
upon
the
unit
price
established
at
the
date
the
commitment
was
entered
into.
TBA
commitments,
which
are
accounted
for
as
purchase
and
sale
transactions,
may
be
considered
securities
themselves,
and
involve
a
risk
of
loss
due
to
changes
in
the
value
of
the
security
prior
to
the
settlement
date
as
well
as
the
risk
that
the
counterparty
to
the
transaction
will
not
perform
its
obligations.
Counterparty
risk
is
mitigated
by
having
a
master
agreement
between
the
Fund
and
the
counterparty.
Unsettled
TBA
commitments
are
valued
at
their
fair
value
according
to
the
procedures
described
in
the
Financial
Instrument
Valuation
note.
The
contract
is
marked
to
market
1.
Organization
and
Significant
Accounting
Policies
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
44
franklintempleton.com
Annual
Report
daily
and
the
change
in
fair
value
is
recorded
by
the
Fund
as
an
unrealized
gain
or
loss.
Based
on
market
circumstances,
the
investment
manager
will
determine
whether
to
take
delivery
of
the
underlying
securities
or
to
dispose
of
the
TBA
commitments
prior
to
settlement.
e.
Derivative
Financial
Instruments
The
Fund invested
in
derivative
financial
instruments
in
order
to
manage
risk
or
gain
exposure
to
various
other
investments
or
markets.
Derivatives
are
financial
contracts
based
on
an
underlying
or
notional
amount,
require
no
initial
investment
or
an
initial
net
investment
that
is
smaller
than
would
normally
be
required
to
have
a
similar
response
to
changes
in
market
factors,
and
require
or
permit
net
settlement.
Derivatives
contain
various
risks
including
the
potential
inability
of
the
counterparty
to
fulfill
their
obligations
under
the
terms
of
the
contract,
the
potential
for
an
illiquid
secondary
market,
and/or
the
potential
for
market
movements
which
expose
the
Fund
to
gains
or
losses
in
excess
of
the
amounts
shown
in
the
Statement
of
Assets
and
Liabilities.
Realized
gain
and
loss
and
unrealized
appreciation
and
depreciation
on
these
contracts
for
the
period
are
included
in
the
Statement
of
Operations.
Derivative
counterparty
credit
risk
is
managed
through
a
formal
evaluation
of
the
creditworthiness
of
all
potential
counterparties.
The
Fund
attempts
to
reduce
its
exposure
to
counterparty
credit
risk
on
OTC
derivatives,
whenever
possible,
by
entering
into
International
Swaps
and
Derivatives
Association
(ISDA)
master
agreements
with
certain
counterparties.
These
agreements
contain
various
provisions,
including
but
not
limited
to
collateral
requirements,
events
of
default,
or
early
termination.
Termination
events
applicable
to
the
counterparty
include
certain
deteriorations
in
the
credit
quality
of
the
counterparty.
Termination
events
applicable
to
the
Fund
include
failure
of
the
Fund
to
maintain
certain
net
asset
levels
and/or
limit
the
decline
in
net
assets
over
various
periods
of
time.
In
the
event
of
default
or
early
termination,
the
ISDA
master
agreement
gives
the
non-defaulting
party
the
right
to
net
and
close-out
all
transactions
traded,
whether
or
not
arising
under
the
ISDA
agreement,
to
one
net
amount
payable
by
one
counterparty
to
the
other.
However,
absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
Early
termination
by
the
counterparty
may
result
in
an
immediate
payment
by
the
Fund
of
any
net
liability
owed
to
that
counterparty
under
the
ISDA
agreement.
Collateral
requirements
differ
by
type
of
derivative.
Collateral
or
initial
margin
requirements
are
set
by
the
broker
or
exchange
clearing
house
for
exchange
traded
and
centrally
cleared
derivatives.
Initial
margin
deposited
is
held
at
the
exchange
and
can
be
in
the
form
of
cash
and/or
securities.
For
OTC
derivatives
traded
under
an
ISDA
master
agreement,
posting
of
collateral
is
required
by
either
the
Fund
or
the
applicable
counterparty
if
the
total
net
exposure
of
all
OTC
derivatives
with
the
applicable
counterparty
exceeds
the
minimum
transfer
amount,
which
typically
ranges
from
$100,000
to
$250,000,
and
can
vary
depending
on
the
counterparty
and
the
type
of agreement.
Generally,
collateral
is
determined
at
the
close
of
Fund
business
each
day
and
any
additional
collateral
required
due
to
changes
in
derivative
values
may
be
delivered
by
the
Fund
or
the
counterparty
the
next
business
day,
or
within
a
few
business
days.
Collateral
pledged
and/or
received
by
the
Fund
for
OTC
derivatives,
if
any,
is
held
in
segregated
accounts
with
the
Fund's
custodian/counterparty
broker
and
can
be
in
the
form
of
cash
and/or
securities.
Unrestricted
cash
may
be
invested
according
to
the
Fund's
investment
objectives.
To
the
extent
that
the
amounts
due
to
the
Fund
from
its
counterparties
are
not
subject
to
collateralization
or
are
not
fully
collateralized,
the
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
The
Fund
entered
into
exchange
traded
futures
contracts
primarily
to
manage
and/or
gain
exposure
to
interest
rate
risk.
A
futures
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
an
asset
at
a
specified
price
on
a
future
date.
Required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Futures
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund entered
into
OTC
forward
exchange
contracts
primarily
to
manage
and/or
gain exposure
to
certain
foreign
currencies.
A
forward
exchange
contract
is
an
agreement
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
foreign
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Securities
Purchased
on
a
When-Issued,
Forward Commitment or
Delayed
Delivery
Basis
and
TBA
Basis
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
45
franklintempleton.com
Annual
Report
currency at
a
specific
exchange
rate
on
a
future
date.
Forward
exchange
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund
entered
into
credit
default
swap
contracts
primarily
to
manage
and/or
gain
exposure
to
credit
risk.
A
credit
default
swap
is
an
agreement
between
the
Fund
and
a
counterparty
whereby
the
buyer
of
the
contract
receives
credit
protection
and
the
seller
of
the
contract
guarantees
the
credit
worthiness
of
a
referenced
debt
obligation.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
credit
default
swaps)
or
may
be
executed
in
a
multilateral
trade
facility
platform,
such
as
a
registered
exchange
(centrally
cleared
credit
default
swaps).
The
underlying
referenced
debt
obligation
may
be
a
single
issuer
of
corporate
or
sovereign
debt,
a
credit
index,
a
basket
of
issuers
or
indices,
or
a
tranche
of
a
credit
index
or
basket
of
issuers
or
indices.
In
the
event
of
a
default
of
the
underlying
referenced
debt
obligation,
the
buyer
is
entitled
to
receive
the
notional
amount
of
the
credit
default
swap
contract
from
the
seller
in
exchange
for
the
referenced
debt
obligation,
a
net
settlement
amount
equal
to
the
notional
amount
of
the
credit
default
swap
less
the
recovery
value
of
the
referenced
debt
obligation,
or
other
agreed
upon
amount.
For
centrally
cleared
credit
default
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
the
buyer
pays
the
seller
a
periodic
stream
of
payments,
provided
that
no
event
of
default
has
occurred.
Such
periodic
payments
are
accrued
daily
as
an
unrealized
appreciation or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Upfront
payments
and
receipts
are
reflected
in
the Statement
of
Assets
and
Liabilities
and
represent
compensating
factors
between
stated
terms
of
the
credit
default
swap
agreement
and
prevailing
market
conditions
(credit
spreads
and
other
relevant
factors).
These
upfront
payments
and
receipts
are
amortized
over
the
term
of
the
contract
as
a
realized
gain
or
loss
in
the Statement
of
Operations.
Credit
default
swap
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund entered
into
interest
rate
swap
contracts
primarily
to
manage
interest
rate
risk.
An
interest
rate
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
cash
flows
based
on
the
difference
between
two
interest
rates,
applied
to
a
notional
amount.
These
agreements
may
be
privately
negotiated
in
the
over-the-
counter
market
(OTC
interest
rate
swaps)
or
may
be
executed
on
a
registered
exchange
(centrally
cleared
interest
rate
swaps).
For
centrally
cleared
interest
rate
swaps,
required
initial
margins
are
pledged
by
the
Fund,
and
the
daily
change
in
fair
value
is
accounted
for
as
a
variation
margin
payable
or
receivable
in
the
Statement
of
Assets
and
Liabilities.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
and
to
be
received
are
accrued
daily
and
recorded
as
unrealized
appreciation
or
depreciation
until
the
payments
are
made,
at
which
time
they
are
realized.
Interest
rate
swap
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund
entered
into
OTC
total
return
swap
contracts
primarily
to
manage
and/or
gain exposure
to
credit risk
of
an
underlying
instrument
such
as
a
stock,
bond,
index
or
basket
of
securities
or
indices.
A
total
return
swap
is
an
agreement
between
the
Fund
and
a
counterparty
to
exchange
a
return
linked
to
an
underlying
instrument
for
a
floating
or
fixed
rate
payment,
both
based
upon
a
notional
amount.
Over
the
term
of
the
contract,
contractually
required
payments
to
be
paid
or
received
are
accrued
daily
and
recorded
as
unrealized
appreciation or
depreciation
until
the
payments
are
made,
at
which
time
they
are
recognized
as
realized
gain
or
loss. Total
return
swap contracts outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
The
Fund
purchased
or
wrote
OTC
option
contracts
primarily
to
manage
and/or
gain exposure
to
interest
rate
risk.
An
option
is
a
contract
entitling
the
holder
to
purchase
or
sell
a
specific
amount
of
shares
or
units
of
an
asset
or
notional
amount
of
a
swap
(swaption),
at
a
specified
price.
When
an
option
is
purchased
or
written,
an
amount
equal
to
the
premium
paid
or
received
is
recorded
as
an
asset
or
liability,
respectively.
Upon
exercise
of
an
option,
the
acquisition
cost
or
sales
proceeds
of
the
underlying
investment
is
adjusted
by
any
premium
received
or
paid.
Upon
expiration
of
an
option,
any
premium
received
or
paid
is
recorded
as
a
realized
gain
or
loss.
Upon
closing
an
option
other
than
through
expiration
or
exercise,
the
difference
between
the
premium
received
or
paid
and
the
cost
to
close
the
position
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Derivative
Financial
Instruments
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
46
franklintempleton.com
Annual
Report
is
recorded
as
a
realized
gain
or
loss.
Option
contracts
outstanding
at
period
end,
if
any,
are
listed
in
the
Fund's
Schedule
of
Investments.
See
Note
9 regarding
other
derivative
information.
f.
Senior
Floating
Rate
Interests
The
Fund
invests
in
senior
secured
corporate
loans
that
pay
interest
at
rates
which
are
periodically
reset
by
reference
to
a
base
lending
rate
plus
a
spread.
These
base
lending
rates
are
generally
the
prime
rate
offered
by
a
designated
U.S.
bank
or
the
Secured
Overnight
Financing
Rate
(SOFR).
Senior
secured
corporate
loans
often
require
prepayment
of
principal
from
excess
cash
flows
or
at
the
discretion
of
the
borrower.
As
a
result,
actual
maturity
may
be
substantially
less
than
the
stated
maturity.
Senior
secured
corporate
loans
in
which
the Fund
invests
are
generally
readily
marketable,
but
may
be
subject
to
certain
restrictions
on
resale.
g.
Income
and
Deferred
Taxes
It
is the Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. The Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and, if
applicable,
excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Fund
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which it
invests.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Fund
invests.
When
a
capital
gain
tax
is
determined
to
apply,
the
Fund
records
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
The Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
September
30,
2025, the Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the Fund
invests.
h.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Interest
income
(including
interest
income
from
payment-in-kind
securities,
if
any)
and
estimated
expenses
are
accrued
daily.
Amortization
of
premium
and
accretion
of
discount
on
debt
securities
are
included
in
interest
income.
Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income
on
the
Statement
of
Operations.
The
Fund
may
receive
other
income
from
investments
in
senior
secured
corporate
loans
or
unfunded
commitments,
including
amendment
fees,
consent
fees
or
commitment
fees.
These
fees
are
recorded
as
income
when
received
by
the
Fund.
Facility
fees
are
recognized
as
income
over
the
expected
term
of
the
loan. Dividend
income
are
recorded
on
the
ex-dividend
date.
Distributions
to
shareholders
from
net
investment
income,
if
any,
are
recorded
by
the
Fund
on
the
ex-dividend
date.
Distributions
from
capital
gains,
if
any,
are
recorded
on
the
ex-dividend
date
and
paid
at
least
annually.
The
Fund
uses
targeted
distribution
rates,
whose
principal
source
of
the
distribution
is
ordinary
income.
However,
the
balance
of
the
distribution,
if
any,
comes
first
from
capital
gain
and
then
will
constitute
a
return
of
capital.
A
return
of
capital
is
not
taxable;
rather
it
reduces
a
shareholder’s
tax
basis
in
their
shares
of
the
Fund.
The
Fund
may
make
return
of
capital
distributions
to
achieve
the
targeted
distribution
rates. 
i.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
j.
Guarantees
and
Indemnifications
Under
the Fund's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the
Fund against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Fund.
Additionally,
in
the
normal
course
of
business,
the
1.
Organization
and
Significant
Accounting
Policies
(continued)
e.
Derivative
Financial
Instruments
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
47
franklintempleton.com
Annual
Report
Fund
enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Fund's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Fund
that
have
not
yet
occurred.
Currently,
the Fund
expects
the
risk
of
loss
to
be
remote.
2.
Shares
of
Beneficial
Interest
At
September
30,
2025,
there
were
an
unlimited
number
of
shares
authorized
(without
par
value).
During
the years
ended
September
30,
2025 and
2024,
there
were
no
shares
issued;
all
reinvested
distributions
were
satisfied
with
previously
issued
shares
purchased
in
the
open
market.
In September
2025,
the
Board
authorized
management
to
renew
the
Fund’s
open-market
share
repurchase
program.
Under
the
program,
the
Fund
may
purchase,
from
time
to
time,
fund
shares
in
open-market
transactions,
at
the
discretion
of
management.
This
authorization
remains
in
effect.
Repurchases
are
made
when
the
Fund’s
shares
are
trading
at
less
than
net
asset
value
and
therefore
increase
the
net
asset
value
per
share
of
the
Fund’s
remaining
shares. During
the
year
ended
September
30,
2025,
there
were
no
shares
repurchased.
Transactions
in
the
Fund’s
shares
were
as
follows:
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and trustees
of
the Fund are
also
officers
and/or
directors
of
the
following
subsidiaries:
Year
Ended
September
30,
2025
Year
Ended
September
30,
2024
Shares
Amount
Shares
Amount
Shares
repurchased
.............................................
–
$–
375,175
$1,179,070
Weighted
average
discount
of
cost
of
repurchase
to
net
asset
value
of
shares
repurchased
.................................................
–%
7.84%
Subsidiary
Affiliation
Franklin
Advisers,
Inc.
(Advisers)
Investment
manager
Franklin
Templeton
Investment
Management
Limited
(FTIML)
Subadvisor
Putnam
Investments
Limited
(PIL)
Subadvisor
Putnam
Investment
Management,
LLC
(Putnam
Management)
Subadvisor
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Putnam
Investor
Services,
Inc.
(PSERV)
Transfer
agent
1.
Organization
and
Significant
Accounting
Policies
(continued)
j.
Guarantees
and
Indemnifications
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
48
franklintempleton.com
Annual
Report
a.
Management
Fees
The
Fund
pays Advisers for
management
and
investment
advisory
services
quarterly
based
on
the
average
net
assets
(including
assets,
but
excluding
liabilities,
attributable
to
leverage
for
investment
purposes)
of
the
Fund.
The
fee
is
based
on
the
following
annual
rates:
For
the
reporting
period,
the
management
fee
represented
an
effective
rate
(excluding
the
impact
from
any
expense
waivers
in
effect)
of
0.750%
of
the
Fund’s
average
net
assets. 
Advisers
retained
Putnam
Management
as
subadvisor
for
the
Fund.
Pursuant
to
the
agreement,
Putnam
Management
provides
certain
advisory
and
related
services
to
the
Fund.
Advisers
pays
a
monthly
fee
to
Putnam
Management
based
on
the
costs
of
Putnam
Management
in
providing
these
services
to
the
Fund,
which
may
include
a
mark-up
not
to
exceed
15%
over
such
costs.
Effective
November
1,
2024,
under
a
subadvisory
agreement,
FTIML
provides
subadvisory
services
to
the
Fund.
The
subadvisory
fee
is
paid
by
Putnam
Management
based
on
the
average
net
assets
managed
by
FTIML,
and
is
not
an
additional
expense
of
the
Fund.
Prior
to
November
1,
2024,
PIL
provided
subadvisory
services
to
the
Fund.
Effective
November
1,
2024,
PIL
merged
into
FTIML,
and
PIL
investment
professionals
became
employees
of
FTIML.
b.
Administrative
Fees
Under
an
agreement
with
Advisers,
FT
Services
provides
administrative
services
to
the
Fund.
The
fee
is
paid
by Advisers
based
on
the Fund's
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Fund.
The
Fund
reimburses
Advisers
an
allocated
amount
for
the
compensation
and
related
expenses
of
certain
officers
of
the
Fund
and
their
staff
who
provide
administrative
services
to
the
Fund.
The
aggregate
amount
of
all
such
reimbursements
is
determined
annually
by
the
Trustees.
Annualized
Fee
Rate
Net
Assets
0.750%
of
the
first
$500
million
of
average
net
assets,
0.650%
of
the
next
$500
million
of
average
net
assets,
0.600%
of
the
next
$500
million
of
average
net
assets,
0.550%
of
the
next
$5
billion
of
average
net
assets,
0.525%
of
the
next
$5
billion
of
average
net
assets,
0.505%
of
the
next
$5
billion
of
average
net
assets,
0.490%
of
the
next
$5
billion
of
average
net
assets,
0.480%
of
the
next
$5
billion
of
average
net
assets,
0.470%
of
the
next
$5
billion
of
average
net
assets,
0.460%
of
the
next
$5
billion
of
average
net
assets,
0.450%
of
the
next
$5
billion
of
average
net
assets,
0.440%
of
the
next
$5
billion
of
average
net
assets,
0.430%
of
the
next
$8.5
billion
of
average
net
assets
and
0.420%
of
any
excess
thereafter.
3.
Transactions
with
Affiliates
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
49
franklintempleton.com
Annual
Report
c.
Transfer
Agent
Fees
PSERV,
an
affiliate
of Advisers,
provides
investor
servicing
agent
functions
to
the
Fund.
PSERV
was
paid
a
monthly
fee
for
investor
servicing
at
an
annual
rate
of
0.05%
of
the
Fund’s
average
daily
net
assets.
The
amounts
incurred
for
investor
servicing
agent
functions
during
the
reporting
period
are
included
in Transfer
agent fees
in
the
Statement
of
Operations.
On
May
8,
2025,
the
Board
approved
Computershare
Inc.
to
serve
as
transfer
agent
for
the
Fund.
Effective
October
13,
2025,
subsequent
to
the
reporting
period,
Computershare
Inc.
became
the
transfer
agent
for
the
Fund
and
PSERV
is
no
longer
an
affiliated
person
of
the
Fund,
under
the
1940
Act.
The
principal
business
office
of
Computershare
is
located
at
P.O.
Box
43006,
Providence,
Rhode
Island
02940-3078.
d.
Trustee
Fees
The
Fund
has
adopted
a
Trustee
Fee
Deferral
Plan
(the
Deferral
Plan)
which
allows
the
Trustees,
who
were
serving
prior
to
April
25,
2025, to
defer
the
receipt
of
all
or
a
portion
of
Trustees'
fees
payable
from
July
1,
1995
through
December
31,
2023.
The
deferred
fees
remain
invested
in
certain
Putnam
funds
until
distribution
in
accordance
with
the
Deferral
Plan.
The
Fund
has
adopted
an
unfunded
noncontributory
defined
benefit
pension
plan
(the
Pension
Plan)
covering
all
Trustees
of
the
Fund,
who
were
serving
prior
to
April
25,
2025, and
who
have
served
as
a
Trustee
for
at
least
five
years
and
were
first
elected
prior
to
2004.
Benefits
under
the
Pension
Plan
are
equal
to
50%
of
the
Trustee's
average
annual
attendance
and
retainer
fees
for
the
three
years
ended
December
31,
2005.
The
retirement
benefit
is
payable
during
a
Trustee's
lifetime,
beginning
the
year
following
retirement,
for
the
number
of
years
of
service
through
December
31,
2006.
Pension
expense
for
the
Fund
is
included
in
the
Trustees' fees
and
expenses
in
the
Statement
of
Operations.
Accrued
pension
liability
is
included
in
Payable
for
Trustees' fees
and
expenses
in
the
Statement
of
Assets
and
Liabilities.
The
Trustees
have
terminated
the
Pension
Plan
with
respect
to
any
Trustee
first
elected
after
2003.
e.
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.
Management
fees
paid
by
the
Fund
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statement
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees,
if
applicable, paid
directly
or
indirectly
by
each
affiliate.
During
the
year
ended
September
30,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
3.
Transactions
with
Affiliates
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
50
franklintempleton.com
Annual
Report
4.
Expense
Offset
Arrangement
The Fund has entered
into arrangements
with
PSERV
and
its
custodian
whereby
credits
realized
as
a
result
of
uninvested
cash
balances
are
used
to
reduce
a
portion
of
the
Fund's
transfer
agent
and
custodian
fees,
respectively.
During
the
year
ended
September
30,
2025,
the
fees
were
reduced
as
noted
in
the
Statement
of
Operations.
Effective
April
14,
2025,
earned
credits
on
custodian
fees,
if
any,
are
recognized
as
income.
5.
Income
Taxes
For
tax
purposes,
capital
losses
may
be
carried
over
to
offset
future
capital
gains.
At
September
30,
2025,
the
capital
loss
carryforwards
were
as
follows:
During
the
year
ended
September
30,
2025,
the
Fund
utilized
$1,448,121
of
capital
loss
carryforwards.
The
tax
character
of
distributions
paid
during
the
years
ended
September
30,
2025
and
2024,
was
as
follows:
    aa
Value
at
Beginning
of
Year
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Year
Number
of
Shares
Held
at
End
of
Year
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
$—
$—
$39,123
$4,191,248
166,982
$104,055
Putnam
Government
Money
Market
Fund,
Class
P,
3.959%
.
18,697,139
37,382,542
(50,256,710)
—
—
5,822,971
5,822,971
372,646
Putnam
Short
Term
Investment
Fund,
Class
P,
4.364%
......
14,161,617
6,228,309
(12,100,937)
—
—
8,288,989
8,288,989
474,417
Total
Non-Controlled
Affiliates
$32,858,756
$47,762,976
$(62,357,647)
$—
$39,123
$18,303,208
$951,118
Total
Affiliated
Securities
...
$32,858,756
$47,762,976
$(62,357,647)
$—
$39,123
$18,303,208
$951,118
Capital
loss
carryforwards
not
subject
to
expiration:
Short
term
................................................................................
$
39,718,215
Long
term
................................................................................
68,340,068
Total
capital
loss
carryforwards
...............................................................
$108,058,283
2025
2024
Distributions
paid
from:
Ordinary
income
..........................................................
$8,257,362
$8,296,682
Return
of
capital
...........................................................
4,463,304
4,454,489
$12,720,666
$12,751,171
3.
Transactions
with
Affiliates
(continued)
e.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
51
franklintempleton.com
Annual
Report
At
September
30,
2025,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatments
of
defaulted
securities,
foreign
currency
transactions
and
derivative
financial
instruments.
6.
Investment
Transactions
Purchases
and
sales
of
investments (excluding
short
term
securities) for
the
year
ended
September
30,
2025,
aggregated
$780,383,621 and
$767,272,828,
respectively. 
7.
Credit
Risk
At
September
30,
2025,
the
Fund
had 35.0%
of
its
portfolio
invested
in
high
yield
or
other
securities
rated
below
investment
grade
and
unrated
securities.
These
securities
may
be
more
sensitive
to
economic
conditions
causing
greater
price
volatility
and
are
potentially
subject
to
a
greater
risk
of
loss
due
to
default
than
higher
rated
securities.
The
Fund held
defaulted
securities
and/or
other
securities
for
which
the
income
has
been
deemed
uncollectible.
At
September
30,
2025,
the
aggregate
value
of
these
securities represents
less
than
0.1% of
the
Fund's
net
assets.
The
Fund
discontinues
accruing
income
on
securities
for
which
income
has
been
deemed
uncollectible
and
provides
an
estimate
for
losses
on
interest
receivable.
The
securities
have
been
identified
in
the
accompanying Schedule
of
Investments.
8.
Unfunded
Loan
Commitments
The
Fund
enters
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The Fund
is
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily
and
any
unrealized
appreciation
or
depreciation
is
included
in
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations.
Funded
portions
of
credit
agreements
are
presented
in
the
Schedule
of
Investments.
At
September
30,
2025,
unfunded
commitments
were
as
follows:
Cost
of
investments
..........................................................................
$209,212,720
Unrealized
appreciation
........................................................................
$10,354,310
Unrealized
depreciation
........................................................................
(27,890,190)
Net
unrealized
appreciation
(depreciation)
..........................................................
$(17,535,880)
Borrower
Unfunded
Commitment
Putnam
Master
Intermediate
Income
Trust
Clydesdale
Acquisition
Holdings,
Inc.
$
3,333
Pinnacle
Buyer
LLC
15,174
$
18,507
5.
Income
Taxes
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
52
franklintempleton.com
Annual
Report
9.
Other
Derivative
Information
At
September
30,
2025,
investments
in
derivative
contracts
are
reflected
in
the Statement of
Assets
and
Liabilities
as
follows:
Asset
Derivatives
Liability
Derivatives
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Putnam
Master
Intermediate
Income
Trust
Interest
rate
contracts
.......
Variation
margin
on
futures
contracts
$
58,505
a
Variation
margin
on
futures
contracts
$
9,959
a
Variation
margin
on
centrally
cleared
swap
contracts
1,191,111
b
Variation
margin
on
centrally
cleared
swap
contracts
1,235,457
b
Unrealized
appreciation
on
forward
premium
swap
option
contracts
868,678
Unrealized
depreciation
on
forward
premium
swap
option
contracts
869,684
Foreign
exchange
contracts
..
Unrealized
appreciation
on
OTC
forward
exchange
contracts
97,454
Unrealized
depreciation
on
OTC
forward
exchange
contracts
26,513
Credit
contracts
............
Variation
margin
on
centrally
cleared
swap
contracts
292,961
b
Variation
margin
on
centrally
cleared
swap
contracts
—
OTC
swap
contracts
(upfront
payments)
1,117,539
OTC
swap
contracts
(upfront
receipts)
336,643
Unrealized
appreciation
on
OTC
swap
contracts
358,010
Unrealized
depreciation
on
OTC
swap
contracts
209,114
Total
....................
$3,984,258
$2,687,370
a
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
futures
contracts
as
reported
in
the
Schedule
of
Investments.
Only
the
variation
margin
receivable/payable
at
year
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
b
This
amount
reflects
the
cumulative
appreciation
(depreciation)
of
centrally
cleared
swap
contracts
as
reported
in
the
Schedule
of
Investments.
Only
the
variation
margin
receivable/payable
at
year
end
is
separately
reported
within
the
Statement
of
Assets
and
Liabilities.
Prior
variation
margin
movements
were
recorded
to
cash
upon
receipt
or
payment.
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
53
franklintempleton.com
Annual
Report
For
the
year
ended
September
30,
2025,
the
effect
of
derivative
contracts
in
the Statement
of
Operations
was
as
follows:
For
the
year
ended
September
30,
2025
,
the
average
month
end
notional
amount
of
futures
contracts,
swap
contracts
and
options,
and
the
average month
end
contract
value
for forward
exchange
contracts,
were as
follows:
At
September
30,
2025,
the
Fund's
OTC
derivative
assets
and
liabilities
are
as
follows:
Derivative
Contracts
Not
Accounted
for
as
Hedging
Instruments
Statement
of
Operations
Location
Net
Realized
Gain
(Loss)
for
the
Year
Statement
of
Operations
Location
Net
Change
in
Unrealized
Appreciation
(Depreciation)
for
the
Year
Putnam
Master
Intermediate
Income
Trust
Net
realized
gain
(loss)
from:
Net
change
in
unrealized
  appreciation
(depreciation)
on:
Interest
rate
contracts
..........
Futures
contracts
$(353,667)
Futures
contracts
$78,737
Swap
contracts
1,940,072
Swap
contracts
(85,052)
Forward
premium
swap
option
contracts
(614,348)
Forward
premium
swap
option
contracts
(628,149)
Foreign
exchange
contracts
.....
Forward
exchange
contracts
(322,681)
Forward
exchange
contracts
197,001
Credit
contracts
...............
Swap
contracts
404,861
Swap
contracts
456,590
Total
.......................
$1,054,237
$19,127
Putnam
Master
Intermediate
Income
Trust
Futures
contracts
..........................................................................
$
26,670,895
Swap
contracts
............................................................................
508,652,713
Forwards
exchange
contracts
.................................................................
13,828,693
Options
..................................................................................
244,240,837
Gross
Amounts
of
Assets
and
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Assets
a
Liabilities
a
Putnam
Master
Intermediate
Income
Trust
Forward
Exchange
Contracts
.............................
$
97,454
$
26,513
Forward
Premium
Swap
Option
Contracts
...................
868,678
869,684
Swap
Contracts
.......................................
1,475,549
545,757
Total
.............................................
$2,441,681
$1,441,954
a
Absent
an
event
of
default
or
early
termination,
OTC
derivative
assets
and
liabilities
are
presented
gross
and
not
offset
in
the
Statement
of
Assets
and
Liabilities.
9.
Other
Derivative
Information
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
54
franklintempleton.com
Annual
Report
At
September
30,
2025,
OTC
derivative
assets,
which
may
be
offset
against
the
Fund's
OTC
derivative
liabilities
and
collateral
received
from
the
counterparty,
are
as
follows:
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Assets
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Received
a,b
Cash
Collateral
Received
b
Net
Amount
(Not
less
than
zero)
Putnam
Master
Intermediate
Income
Trust
Counterparty
BNDP
...................
$
80,195
$
(32,359)
$
—
$
—
$
47,836
BOFA
....................
9,167
(9,167)
—
—
—
BZWS
...................
2,181
(616)
—
—
1,565
CITI
.....................
738,137
(302,520)
—
(435,617)
—
DBAB
...................
—
—
—
—
—
GSCO
...................
292,551
(100,550)
—
(130,000)
62,001
HSBK
...................
40,809
(216)
—
—
40,593
JPHQ
...................
541,995
(390,104)
—
(151,891)
—
MCM
....................
24,616
(24,616)
—
—
—
MLCO
...................
168,798
(64,296)
(104,502)
—
—
MSCO
...................
341,458
(174,386)
—
(140,000)
27,072
NATW
...................
—
—
—
—
—
TDOM
...................
7,501
(1,378)
—
—
6,123
UBSW
...................
187,946
(107,541)
—
(80,405)
—
WPAC
...................
6,327
(44)
—
—
6,283
Total
...................
$2,441,681
$(1,207,793)
$(104,502)
$(937,913)
$191,473
$
1
a
At
September
30,
2025,
the
Fund
received
U.S
Treasury
Bills,
Bonds
and
Notes
as
collateral
for
derivatives.
b
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
the
collateral
amounts
to
avoid
the
effect
of
overcollateralization.
Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
9.
Other
Derivative
Information
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
55
franklintempleton.com
Annual
Report
At
September
30,
2025,
OTC
derivative
liabilities,
which
may
be
offset
against
the
Fund's
OTC
derivative
assets
and
collateral
pledged
to
the
counterparty,
are
as
follows:
See
Note
1(e) regarding
derivative
financial
instruments. 
See
Abbreviations
on
page
58.
10.
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.)
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Gross
Amounts
of
Liabilities
Presented
in
the
Statement
of
Assets
and
Liabilities
Financial
Instruments
Available
for
Offset
Financial
Instruments
Collateral
Pledged
a,b
Cash
Collateral
Pledged
Net
Amount
(Not
less
than
zero)
Putnam
Master
Intermediate
Income
Trust
Counterparty
BNDP
...................
$
32,359
$
(32,359)
$
—
$
—
$
—
BOFA
....................
183,824
(9,167)
(113,987)
—
60,670
BZWS
...................
616
(616)
—
—
—
CITI
.....................
302,520
(302,520)
—
—
—
DBAB
...................
17,927
—
(12,999)
—
4,928
GSCO
...................
100,550
(100,550)
—
—
—
HSBK
...................
216
(216)
—
—
—
JPHQ
...................
390,104
(390,104)
—
—
—
MCM
....................
54,545
(24,616)
—
—
29,929
MLCO
...................
64,296
(64,296)
—
—
—
MSCO
...................
174,386
(174,386)
—
—
—
NATW
...................
11,648
—
—
—
11,648
TDOM
...................
1,378
(1,378)
—
—
—
UBSW
...................
107,541
(107,541)
—
—
—
WPAC
...................
44
(44)
—
—
—
Total
...................
$1,441,954
$(1,207,793)
$(126,986)
$—
$107,175
a
See
the
accompanying
Schedule
of
Investments
for
securities
pledged
as
collateral
for
derivatives.
b
In
some
instances,
the
collateral
amounts
disclosed
in
the
table
above
were
adjusted
due
to
the
requirement
to
limit
the
collateral
amounts
to
avoid
the
effect
of
overcollateralization.
Actual
collateral
received
and/or
pledged
may
be
more
than
the
amounts
disclosed
herein.
9.
Other
Derivative
Information
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
56
franklintempleton.com
Annual
Report
Level
3
–
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
September
30,
2025,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
11.
Distributions
subsequent
to
September
30,
2025
The
following
distributions
have
been
declared
by
the
Fund’s
Board
and
are
payable
subsequent
to
the
period
end
of
this
report.
Level
1
Level
2
Level
3
Total
Putnam
Master
Intermediate
Income
Trust
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
$
4,191,248
$
—
$
—
$
4,191,248
Convertible
Bonds
.......................
—
4,975,551
—
4,975,551
Corporate
Bonds
........................
—
47,817,401
—
47,817,401
Senior
Floating
Rate
Interests
...............
—
10,834,739
—
10,834,739
Foreign
Government
and
Agency
Securities
....
—
18,727,699
—
18,727,699
U.S.
Government
and
Agency
Securities
.......
—
141,725
—
141,725
Asset-Backed
Securities
...................
—
3,638,310
—
3,638,310
Commercial
Mortgage-Backed
Securities
......
—
16,663,602
—
16,663,602
Mortgage-Backed
Securities
................
—
32,014,462
—
32,014,462
Residential
Mortgage-Backed
Securities
.......
—
16,603,664
—
16,603,664
Agency
Commercial
Mortgage-Backed
Securities
—
20,183,062
—
20,183,062
Short
Term
Investments
...................
14,111,960
6,842,039
—
20,953,999
Total
Investments
in
Securities
...........
$18,303,208
$178,442,254
$—
$196,745,462
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$97,454
$—
$97,454
Forward
Premium
Swap
Option
Contracts
.....
—
868,678
—
868,678
Futures
Contracts
.......................
58,505
—
—
58,505
Swap
Contracts
.........................
—
1,842,082
—
1,842,082
Unfunded
Loan
Commitments
..............
—
74
—
74
Total
Other
Financial
Instruments
.........
$58,505
$2,808,288
$—
$2,866,793
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
6,925,061
$
—
$
6,925,061
Forward
Exchange
Contracts
...............
—
26,513
—
26,513
Forward
Premium
Swap
Option
Contracts
......
—
869,684
—
869,684
Futures
Contracts
........................
9,959
—
—
9,959
Swap
Contracts
.........................
—
1,444,571
—
1,444,571
Total
Other
Financial
Instruments
.........
$9,959
$9,265,829
$—
$9,275,788
Record
Date
Payable
Date
Amount
10/17/2025
10/31/2025
$0.0220
11/17/2025
11/28/2025
$0.0220
12/15/2025
12/31/2025
$0.0220
1/23/2026
1/30/2026
$0.0220
2/20/2026
2/27/2026
$0.0220
10.
Fair
Value
Measurements
(continued)
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
57
franklintempleton.com
Annual
Report
12.
Operating
Segments
The Fund operates
as
a
single
operating
segment,
which
is
an
investment
portfolio.
The
portfolio
managers
assigned
to
the
Fund
within
the
Fund’s
Investment
manager serve
as
the
Chief
Operating
Decision
Maker
(“CODM”)
and
are
responsible
for
evaluating
the
Fund's
operating
results
and
allocating
resources
in
accordance
with
the
Fund’s
investment
strategy.
Internal
reporting
provided
to
the
CODM
aligns
with
the
accounting
policies
and
measurement
principles
used
in
the financial
statements.
For
information
regarding
segment
assets,
segment
profit
or
loss,
and
significant
expenses,
refer
to
the Statement
of
Assets
and
Liabilities
and
the Statement
of
Operations,
along
with
the
related
notes
to
the financial
statements.
The Schedule
of
Investments
provides
details
of
the Fund's investments
that
generate
returns
such
as
interest,
dividends,
and
realized
and
unrealized
gains
or
losses.
Performance
metrics,
including
portfolio
turnover
and
expense
ratios,
are
disclosed
in
the Financial
Highlights. 
13.
Subsequent
Events
The Fund
has
evaluated
subsequent
events
through
the
issuance
of
the
financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
those
already
disclosed
in
the
financial
statements.
Putnam
Master
Intermediate
Income
Trust
Notes
to
Financial
Statements
58
franklintempleton.com
Annual
Report
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
TDOM
Toronto
Dominion
Bank
UBSW
UBS
AG
WPAC
Westpac
Banking
Corp.
Cu
r
rency
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
British
Pound
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
SEK
Swedish
Krona
Index
CDX.NA.HY.
Series
number
CDX
North
America
High
Yield
Index
CMBX.NA.
Series
number
CMBX
North
America
Index
Selected
Portfolio
BBR
Bank
of
England
Base
Rate
CLO
Collateralized
Loan
Obligation
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
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
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
TBA
To-Be-Announced
TBD
To
Be
Determined
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
REPO_CORRA
.................
2.56%
1-day
SARON
.......................
(0.05)%
1-day
SOFR
........................
4.24%
1-day
SONIA
........................
3.97%
3-month
AUD
BBR
...................
3.58%
3-month
STIBOR
....................
1.89%
6-month
AUD
BBR
...................
3.75%
6-month
EURIBOR
...................
2.10%
6-month
NIBOR
.....................
4.23%
Putnam
Master
Intermediate
Income
Trust
Report
of
Independent
Registered
Public
Accounting
Firm
59
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Report
To
the
Board
of
Trustees
and
Shareholders
of
Putnam
Master
Intermediate
Income
Trust
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
Putnam
Master
Intermediate
Income
Trust
(the
“Fund”)
as
of
September
30,
2025,
the
related
statement
of
operations
for
the
year
ended
September
30,
2025,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
September
30,
2025,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
September
30,
2025
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
September
30,
2025,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
September
30,
2025
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
September
30,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
September
30,
2025
by
correspondence
with
the
custodian,
transfer
agent,
agent
banks
and
brokers;
when
replies
were
not
received
from
brokers
or
agent
banks,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
PricewaterhouseCoopers
LLP
Boston,
Massachusetts
November
20,
2025
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
the
Putnam
Funds
family
of
funds
since
at
least
1957.
We
have
not
been
able
to
determine
the
specific
year
we
began
serving
as
auditor.
Putnam
Master
Intermediate
Income
Trust
Tax
Information
(unaudited)
60
franklintempleton.com
Annual
Report
By
mid-February,
tax
information
related
to
a
shareholder's
proportionate
share
of
distributions
paid
during
the
preceding
calendar
year
will
be
received,
if
applicable.
Please
also
refer
to
www.franklintempleton.com
for
per
share
tax
information
related
to
any
distributions
paid
during
the
preceding
calendar
year.
Shareholders
are
advised
to
consult
with
their
tax
advisors
for
further
information
on
the
treatment
of
these
amounts
on
their
tax
returns.
The
following
tax
information
for
the
Fund
is
required
to
be
furnished
to
shareholders
with
respect
to
income
earned
and
distributions
paid
during
its
fiscal
year.
The
Fund
hereby
reports
the
following
amounts,
or
if
subsequently
determined
to
be
different,
the
maximum
allowable
amounts,
for
the
fiscal
year
ended
September
30,
2025:
Pursuant
to:
Amount
Reported
Income
Eligible
for
Dividends
Received
Deduction
(DRD)
§854(b)(1)(A)
$2,437
Qualified
Dividend
Income
Earned
(QDI)
§854(b)(1)(B)
$2,437
Section
163(j)
Interest
Earned
§163(j)
$8,647,775
Putnam
Master
Intermediate
Income
Trust
61
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Report
Important
Information
to
Shareholders
(unaudited)
Share
Repurchase
Program
In
September
2025,
the
Trustees
of
your
Fund
authorized
a
share
repurchase
program
that
allows
your
Fund
to
repurchase,
beginning
October
1,
2025,
up
to
10%
of
the
Fund's
common
shares
outstanding
as
of
September
30,
2025.
Information
about
the
Fund’s
goal,
investment
strategies,
principal
risks,
and
fundamental
investment
policies
Goal
The
goal
of
the
Fund
is
to
seek
with
equal
emphasis
high
current
income
and
relative
stability
of
net
asset
value
by
allocating
its
investments
among
the
U.S.
investment
grade
sector,
high-yield
sector,
and
international
sector.
The
Fund’s
main
investment
strategies
and
related
risks
This
section
contains
detail
regarding
the
Fund’s
main
investment
strategies
and
the
related
risks
you
face
as
a
Fund
shareholder.
It
is
important
to
keep
in
mind
that
risk
and
reward
generally
go
hand
in
hand;
the
higher
the
potential
reward,
the
greater
the
risk.
We
pursue
the
Fund’s
goal
by
investing
mainly
in
assignments
of
and
participations
in
fixed
and
floating
rate
bank
loans,
bonds
and
related
derivatives,
securitized
debt
instruments
(such
as
residential
mortgage-backed
securities
and
commercial
mortgage-backed
securities),
and
other
obligations
of
companies
and
governments
worldwide
that
are
either
investment-grade
or
below-investment-grade
in
quality
(sometimes
referred
to
as
“junk
bonds”),
that
have
intermediate-
to
long-term
maturities
(three
years
or
longer),
and
that
are
from
multiple
sectors.
The
Fund,
under
normal
circumstances,
will
maintain
an
average
portfolio
rating
of
investment
grade,
as
measured
at
the
time
of
the
making
of
an
investment.
The
Fund
currently
has
significant
investment
exposure
to
residential
and
commercial
mortgage-backed
investments.
We
may
consider,
among
other
factors,
credit,
interest
rate
and
prepayment
risks,
as
well
as
general
market
conditions,
when
deciding
whether
to
buy
or
sell
investments.
We
typically
use
to
a
significant
extent
derivatives,
such
as
futures,
options,
certain
foreign
currency
transactions
and
credit
default,
total
return
and
interest
rate
swap
contracts,
for
hedging
and
non-hedging
purposes
and
to
obtain
leverage.
The
Fund
currently
has
significant
investment
exposure
to
CMBS,
which
are
subject
to
risks
associated
with
the
commercial
real
estate
markets
and
the
servicing
of
mortgage
loans
secured
by
commercial
properties.
During
periods
of
difficult
economic
conditions,
delinquencies
and
losses
on
CMBS
in
particular
generally
increase,
including
as
a
result
of
the
effects
of
those
conditions
on
commercial
real
estate
markets,
the
ability
of
commercial
tenants
to
make
loan
payments,
and
the
ability
of
a
property
to
attract
and
retain
commercial
tenants.
The
Fund
achieves
exposure
to
CMBS
via
cash
securities
and
CMBX,
an
index
that
references
a
basket
of
CMBS.
•
Foreign
investments.
We
consider
any
securities
issued
by
a
foreign
government
or
a
supranational
organization
(such
as
the
World
Bank)
or
denominated
in
a
foreign
currency
to
be
securities
of
a
foreign
issuer.
In
addition,
we
consider
an
issuer
to
be
a
foreign
issuer
if
we
determine
that
(i)
the
issuer
is
headquartered
or
organized
outside
the
United
States,
(ii)
the
issuer’s
securities
trade
in
a
market
outside
the
United
States,
(iii)
the
issuer
derives
a
majority
of
its
revenues
or
profits
outside
the
United
States,
or
(iv)
the
issuer
is
significantly
exposed
to
the
economic
fortunes
and
risks
of
regions
outside
the
United
States.
Foreign
investments
involve
certain
special
risks,
including:
—
Unfavorable
changes
in
currency
exchange
rates:
Foreign
investments
are
typically
issued
and
traded
in
foreign
currencies.
As
a
result,
their
values
may
be
affected
by
changes
in
exchange
rates
between
foreign
currencies
and
the
U.S.
dollar.
—
Political
and
economic
developments:
Foreign
investments
may
be
subject
to
the
risks
of
seizure
by
a
foreign
government,
direct
or
indirect
impact
of
sovereign
debt
default,
imposition
of
economic
sanctions,
tariffs,
trade
restrictions,
currency
restrictions
or
similar
actions
(or
retaliatory
measures
taken
in
response
to
such
actions),
and
tax
increases.
—
Unreliable
or
untimely
information:
There
may
be
less
information
publicly
available
about
a
foreign
company
than
about
most
publicly-traded
U.S.
companies,
and
foreign
companies
are
usually
not
subject
to
accounting,
auditing
and
financial
reporting
standards
and
practices
as
stringent
as
those
in
the
United
States.
Foreign
securities
may
trade
on
markets
that
are
closed
when
U.S.
markets
are
open.
As
a
result,
accurate
pricing
information
based
on
foreign
market
prices
may
not
always
be
available.
Putnam
Master
Intermediate
Income
Trust
Important
Information
to
Shareholders
(unaudited)
62
franklintempleton.com
Annual
Report
—
Limited
legal
recourse:
Legal
remedies
for
investors
may
be
more
limited
than
the
remedies
available
in
the
United
States.
—
Limited
markets:
Certain
foreign
investments
may
be
less
liquid
(harder
to
buy
and
sell)
and
more
volatile
than
most
U.S.
investments,
which
means
we
may
at
times
be
unable
to
sell
these
foreign
investments
at
desirable
prices.
In
addition,
there
may
be
limited
or
no
markets
for
bonds
of
issuers
that
become
distressed.
For
the
same
reason,
we
may
at
times
find
it
difficult
to
value
the
Fund’s
foreign
investments.
—
Trading
practices:
Brokerage
commissions
and
other
fees
are
generally
higher
for
foreign
investments
than
for
U.S.
investments.
The
procedures
and
rules
governing
foreign
transactions
and
custody
may
also
involve
delays
in
payment,
delivery
or
recovery
of
money
or
investments.
—
Sovereign
issuers:
The
willingness
and
ability
of
sovereign
issuers
to
pay
principal
and
interest
on
government
securities
depends
on
various
economic
factors,
including
the
issuer’s
balance
of
payments,
overall
debt
level,
and
cash
flow
from
tax
or
other
revenues.
In
addition,
there
may
be
no
legal
recourse
for
investors
in
the
event
of
default
by
a
sovereign
government.
The
risks
of
foreign
investments
are
typically
increased
in
countries
with
less
developed
markets,
which
are
sometimes
referred
to
as
emerging
markets.
Emerging
markets
may
have
less
developed
economies
and
legal
and
regulatory
systems,
and
may
be
susceptible
to
greater
political
and
economic
instability
than
developed
foreign
markets.
Countries
with
emerging
markets
are
also
more
likely
to
experience
high
levels
of
inflation,
or
currency
devaluation,
and
investments
in
emerging
markets
may
be
more
volatile
and
less
liquid
than
investments
in
developed
markets.
For
these
and
other
reasons,
investments
in
emerging
markets
are
often
considered
speculative.
Certain
risks
related
to
foreign
investments
may
also
apply
to
some
extent
to
U.S.-
traded
investments
that
are
denominated
in
foreign
currencies,
investments
in
U.S.
companies
that
are
traded
in
foreign
markets,
or
investments
in
U.S.
companies
that
have
significant
foreign
operations.
•
Interest
rate
risk.
The
values
of
bonds
and
other
debt
instruments
usually
rise
and
fall
in
response
to
changes
in
interest
rates.
Interest
rates
can
change
in
response
to
the
supply
and
demand
for
credit,
government
and/or
central
bank
monetary
policy
and
action,
inflation
rates,
and
other
factors.
Declining
interest
rates
generally
result
in
an
increase
in
the
value
of
existing
debt
instruments,
and
rising
interest
rates
generally
result
in
a
decrease
in
the
value
of
existing
debt
instruments.
Changes
in
a
debt
instrument’s
value
usually
will
not
affect
the
amount
of
interest
income
paid
to
the
Fund,
but
will
affect
the
value
of
the
Fund’s
shares.
Interest
rate
risk
is
generally
greater
for
investments
with
longer
maturities.
Some
investments
give
the
issuer
the
option
to
call
or
redeem
an
investment
before
its
maturity
date.
If
an
issuer
calls
or
redeems
an
investment
during
a
time
of
declining
interest
rates,
we
might
have
to
reinvest
the
proceeds
in
an
investment
offering
a
lower
yield,
and,
therefore,
the
Fund
might
not
benefit
from
any
increase
in
value
as
a
result
of
declining
interest
rates.
•
Credit
risk.
Investors
normally
expect
to
be
compensated
in
proportion
to
the
risk
they
are
assuming.
Thus,
debt
of
issuers
with
poor
credit
prospects
usually
offers
higher
yields
than
debt
of
issuers
with
more
secure
credit.
Higher-rated
investments
generally
have
lower
credit
risk.
We
may
invest
up
to
70%
of
the
Fund’s
total
assets
in
higher-yield,
higher-risk
debt
investments
that
are
rated
below
BBB
or
its
equivalent
at
the
time
of
purchase
by
each
nationally
recognized
securities
rating
agency
rating
such
investments,
or
in
unrated
investments
that
we
believe
are
of
comparable
quality.
We
may
invest
up
to
5%
of
the
Fund’s
total
assets
in
debt
investments
rated
below
CCC
or
its
equivalent,
at
the
time
of
purchase,
by
each
rating
agency
rating
such
investments,
or
in
unrated
investments
that
we
believe
are
of
comparable
quality.
This
includes
investments
in
the
lowest
rating
category
of
the
rating
agency.
We
will
not
necessarily
sell
an
investment
if
its
rating
is
reduced
after
buying
it.
Investments
rated
below
BBB
or
its
equivalent
are
below
investment-grade
in
quality
(sometimes
referred
to
as
“junk
bonds”),
which
can
be
more
sensitive
to
changes
in
markets,
credit
conditions,
and
interest
rate,
and
may
be
considered
speculative.
This
rating
reflects
a
greater
possibility
that
the
issuers
may
be
unable
to
make
timely
payments
of
interest
and
principal
and
thus
default.
If
a
default
occurs,
or
is
perceived
as
likely
to
occur,
the
value
of
the
investment
will
usually
be
more
volatile
and
could
decrease.
The
value
of
a
debt
instrument
may
also
be
affected
by
changes
in,
or
perceptions
of,
the
financial
condition
of
the
issuer,
borrower,
counterparty,
or
other
entity,
or
underlying
collateral
or
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assets,
or
changes
in,
or
perceptions
of,
specific
or
general
market,
economic,
industry,
political,
regulatory,
geopolitical,
environmental,
public
health,
and
other
conditions.
A
default
or
expected
default
could
also
make
it
difficult
for
us
to
sell
the
investment
at
a
price
approximating
the
value
we
had
previously
placed
on
it.
Lower-rated
debt
usually
has
a
more
limited
market
than
higher-rated
debt,
which
may
at
times
make
it
difficult
for
us
to
buy
or
sell
certain
debt
instruments
or
to
establish
their
fair
values.
Credit
risk
is
generally
greater
for
zero-coupon
bonds
and
other
investments
that
are
issued
at
less
than
their
face
value
and
that
are
required
to
make
interest
payments
only
at
maturity
rather
than
at
intervals
during
the
life
of
the
investment.
Credit
ratings
are
based
largely
on
the
issuer’s
historical
financial
condition
and
the
rating
agencies’
investment
analysis
at
the
time
of
rating.
The
rating
assigned
to
any
particular
investment
does
not
necessarily
reflect
the
issuer’s
current
financial
condition,
and
does
not
reflect
an
assessment
of
the
investment’s
volatility
or
liquidity.
Although
we
consider
credit
ratings
in
making
investment
decisions,
we
perform
our
own
investment
analysis
and
do
not
rely
only
on
ratings
assigned
by
the
rating
agencies.
Our
success
in
achieving
the
Fund’s
goal
may
depend
more
on
our
own
credit
analysis
when
we
buy
lower-rated
debt
than
when
we
buy
investment-grade
debt.
We
may
have
to
participate
in
legal
proceedings
involving
the
issuer.
This
could
increase
the
Fund’s
operating
expenses
and
decrease
its
net
asset
value.
Although
investment-grade
investments
generally
have
lower
credit
risk,
they
may
share
some
of
the
risks
of
lower-rated
investments.
U.S.
government
investments
generally
have
the
least
credit
risk,
but
are
not
completely
free
of
credit
risk.
While
some
investments,
such
as
U.S.
Treasury
obligations
and
Ginnie
Mae
certificates,
are
backed
by
the
full
faith
and
credit
of
the
U.S.
government,
others
are
backed
only
by
the
credit
of
the
issuer.
Mortgage-backed
securities
may
be
subject
to
the
risk
that
underlying
borrowers
will
be
unable
to
meet
their
obligations.
Bond
investments
may
be
more
susceptible
to
downgrades
or
defaults
during
economic
downturns
or
other
periods
of
economic
stress,
which
can
significantly
strain
the
financial
resources
of
debt
issuers,
including
the
issuers
of
the
bonds
in
which
the
Fund
invests
(or
has
exposure
to).
This
may
make
it
less
likely
that
those
issuers
can
meet
their
financial
obligations
when
due
and
may
adversely
impact
the
value
of
their
bonds,
which
could
negatively
impact
the
performance
of
the
Fund.
It
is
difficult
to
predict
the
level
of
financial
stress
and
duration
of
such
stress
issuers
may
experience.
•
Prepayment
risk.
Traditional
debt
investments
typically
pay
a
fixed
rate
of
interest
until
maturity,
when
the
entire
principal
amount
is
due.
In
contrast,
payments
on
securitized
debt
instruments,
including
mortgage-backed
and
asset-
backed
investments,
typically
include
both
interest
and
partial
payment
of
principal.
Principal
may
also
be
prepaid
voluntarily
or
as
a
result
of
refinancing
or
foreclosure.
We
may
have
to
invest
the
proceeds
from
prepaid
investments
in
other
investments
with
less
attractive
terms
and
yields.
Compared
to
debt
that
cannot
be
prepaid,
mortgage-backed
investments
are
less
likely
to
increase
in
value
during
periods
of
declining
interest
rates
and
have
a
higher
risk
of
decline
in
value
during
periods
of
rising
interest
rates.
These
investments
may
increase
the
volatility
of
the
Fund.
Some
mortgage-backed
investments
receive
only
the
interest
portion
or
the
principal
portion
of
payments
on
the
underlying
mortgages.
The
yields
and
values
of
these
investments
are
extremely
sensitive
to
changes
in
interest
rates
and
in
the
rate
of
principal
payments
on
the
underlying
mortgages.
The
market
for
these
investments
may
be
volatile
and
limited,
which
may
make
them
difficult
to
buy
or
sell.
Asset-backed
securities
are
structured
like
mortgage-backed
securities,
but
instead
of
mortgage
loans
or
interests
in
mortgage
loans,
the
underlying
assets
may
include
such
items
as
motor
vehicle
installment
sales
or
installment
loan
contracts,
leases
of
various
types
of
real
and
personal
property
and
receivables
from
credit
card
agreements.
Asset-backed
securities
are
subject
to
risks
similar
to
those
of
mortgage-backed
securities.
•
Derivatives.
We
typically
engage
to
a
significant
extent
in
a
variety
of
transactions
involving
derivatives,
such
as
credit
default
swaps,
interest
rate
swaps,
total
return
swaps,
TBA
commitments,
futures,
options
and
swaptions,
including
on
mortgage-backed
securities
and
indices,
certain
foreign
currency
transactions,
credit
default,
total
return
and
interest
rate
swap
contracts,
including
to
obtain
or
adjust
exposure
to
commercial
and
residential
mortgage-backed
instruments.
Derivatives
are
financial
instruments
whose
value
depends
upon,
or
is
derived
from,
the
value
of
something
else,
such
as
one
or
more
underlying
investments,
pools
of
investments,
indexes
or
currencies.
We
may
make
use
of
“short”
derivative
positions,
the
values
of
which
typically
move
in
the
opposite
direction
from
the
price
of
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the
underlying
investment,
pool
of
investments,
index
or
currency.
We
may
use
derivatives
both
for
hedging
and
non-hedging
purposes
and
to
obtain
leverage.
For
example,
we
may
use
derivatives
to
increase
or
decrease
the
Fund’s
exposure
to
long-
or
short-term
interest
rates
(in
the
United
States
or
abroad),
increase
or
decrease
the
Fund’s
exposure
to
inflation,
adjust
the
term
of
the
Fund’s
U.S.
Treasury
security
exposure,
adjust
the
Fund’s
positioning
on
the
yield
curve
(a
line
that
plots
interest
rates
of
bonds
having
equal
credit
quality
but
differing
maturity
dates)
or
to
take
tactical
positions
along
the
yield
curve
or
to
a
particular
currency
or
group
of
currencies,
or
as
a
substitute
for
a
direct
investment
in
the
securities
of
one
or
more
issuers.
The
Fund
may
also
use
derivatives
to
isolate
prepayment
risk
associated
with
the
Fund’s
holdings
of
collateralized
mortgage
obligations.
However,
we
may
also
choose
not
to
use
derivatives
based
on
our
evaluation
of
market
conditions
or
the
availability
of
suitable
derivatives.
Investments
in
derivatives
may
be
applied
toward
meeting
a
requirement
to
invest
in
a
particular
kind
of
investment
if
the
derivatives
have
economic
characteristics
similar
to
that
investment.
Derivatives
involve
special
risks
and
may
result
in
losses.
The
successful
use
of
derivatives
depends
on
our
ability
to
manage
these
sophisticated
instruments.
Some
derivatives
are
“leveraged,”
which
means
they
provide
the
Fund
with
investment
exposure
greater
than
the
value
of
the
Fund’s
investment
in
the
derivatives.
As
a
result,
these
derivatives
may
magnify
or
otherwise
increase
investment
losses
to
the
Fund.
The
risk
of
loss
from
certain
short
derivative
positions
is
theoretically
unlimited.
The
value
of
derivatives
may
move
in
unexpected
ways
due
to
unanticipated
market
movements,
the
use
of
leverage,
imperfect
correlation
between
the
derivative
instrument
and
the
reference
asset,
or
other
factors,
especially
in
unusual
market
conditions,
and
volatility
in
the
value
of
derivatives
could
adversely
impact
the
Fund’s
returns,
obligations
and
exposures.
Other
risks
arise
from
the
potential
inability
to
terminate
or
sell
derivative
positions.
Derivatives
may
be
subject
to
liquidity
risk
due
to
the
Fund’s
obligation
to
make
payments
of
margin,
collateral,
or
settlement
payments
to
counterparties.
A
liquid
secondary
market
may
not
always
exist
for
the
Fund’s
derivative
positions.
In
fact,
certain
over-the-counter
instruments
(investments
not
traded
on
an
exchange)
may
not
be
liquid.
Over-the-counter
instruments
also
involve
the
risk
that
the
other
party
to
the
derivative
transaction
may
not
be
willing
or
able
to
meet
its
obligations
with
respect
to
the
derivative
transaction.
The
risk
of
a
party
failing
to
meet
its
obligations
may
increase
if
the
Fund
has
significant
exposure
to
that
counterparty.
Derivative
transactions
may
also
be
subject
to
operational
risk,
including
due
to
documentation
and
settlement
issues,
system
failures,
inadequate
controls
and
human
error,
and
legal
risk
due
to
insufficient
documentation,
insufficient
capacity
or
authority
of
a
counterparty,
or
issues
with
respect
to
the
legality
or
enforceability
of
the
derivative
contract.
•
Floating
rate
loans.
Floating
rate
loans
are
debt
obligations
with
interest
rates
that
adjust
or
“float”
periodically
(normally
on
a
monthly
or
quarterly
basis)
based
on
a
generally
recognized
base
rate,
such
as
the
London
Inter-Bank
Offered
Rate
or
the
prime
rate
offered
by
one
or
more
major
U.S.
banks.
While
most
floating
rate
loans
are
below-investment-grade
in
quality,
many
also
are
senior
in
rank
in
the
event
of
bankruptcy
to
most
other
securities
of
the
borrower,
such
as
common
stock
or
public
bonds.
Floating
rate
loans
are
also
normally
secured
by
specific
collateral
or
assets
of
the
borrower
so
that
the
holders
of
the
loans
will
have
a
priority
claim
on
those
assets
in
the
event
of
default
or
bankruptcy
of
the
issuer.
Floating
rate
loans
generally
are
less
sensitive
to
interest
rate
changes
than
obligations
with
fixed
interest
rates
but
may
decline
in
value
if
their
interest
rates
do
not
rise
as
much,
or
as
quickly,
as
interest
rates
in
general.
Conversely,
floating
rate
instruments
will
not
generally
increase
in
value
if
interest
rates
decline.
Changes
in
interest
rates
will
also
affect
the
amount
of
interest
income
the
Fund
earns
on
its
floating
rate
investments.
Most
floating
rate
loans
allow
for
prepayment
of
principal
without
penalty.
If
a
borrower
prepays
a
loan,
we
might
have
to
reinvest
the
proceeds
in
an
investment
that
may
have
lower
yields
than
the
yield
on
the
prepaid
loan
or
might
not
be
able
to
take
advantage
of
potential
gains
from
increases
in
the
credit
quality
of
the
issuer.
The
value
of
collateral,
if
any,
securing
a
floating
rate
loan
can
decline,
and
may
be
insufficient
to
meet
the
borrower’s
obligations
or
difficult
to
liquidate.
In
addition,
the
Fund’s
access
to
collateral
may
be
limited
by
bankruptcy
or
other
insolvency
proceedings.
Floating
rate
loans
may
not
be
fully
collateralized
and
may
decline
in
value.
Loans
may
not
be
considered
“securities,”
and
it
is
possible
that
the
Fund
may
not
be
entitled
to
rely
on
anti-fraud
and
other
protections
under
the
federal
securities
laws
when
it
purchases
loans.
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Although
the
market
for
the
types
of
floating
rate
loans
in
which
the
Fund
invests
has
become
increasingly
liquid
over
time,
this
market
is
still
developing,
and
there
can
be
no
assurance
that
adverse
developments
with
respect
to
this
market
or
particular
borrowers
will
not
prevent
the
Fund
from
selling
these
loans
at
their
market
values
when
we
consider
such
a
sale
desirable.
In
addition,
the
settlement
period
(the
period
between
the
execution
of
the
trade
and
the
delivery
of
cash
to
the
purchaser)
for
floating
rate
loan
transactions
may
be
significantly
longer
than
the
settlement
period
for
other
investments,
and
in
some
cases
longer
than
seven
days.
Requirements
to
obtain
consent
of
borrower
and/or
agent
can
delay
or
impede
the
Fund’s
ability
to
sell
the
floating
rate
loans
and
can
adversely
affect
the
price
that
can
be
obtained.
It
is
possible
that
sale
proceeds
from
floating
rate
loan
transactions
will
not
be
available
to
meet
redemption
obligations.
•
Liquidity
and
illiquid
investments.
We
may
invest
the
Fund’s
assets
in
illiquid
investments,
which
may
be
considered
speculative
and
which
may
be
difficult
to
sell.
The
sale
of
many
of
these
investments
is
prohibited
or
limited
by
law
or
contract.
Some
investments
may
be
difficult
to
value
for
purposes
of
determining
the
Fund’s
net
asset
value.
Certain
other
investments
may
not
have
an
active
trading
market
due
to
adverse
market,
economic,
industry,
political,
regulatory,
geopolitical,
environmental,
public
health,
and
other
conditions,
including
investors
trying
to
sell
large
quantities
of
a
particular
investment
or
type
of
investment,
or
lack
of
market
makers
or
other
buyers
for
a
particular
investment
or
type
of
investment.
Commercial
mortgage-
backed
securities
may
be
less
liquid
and
exhibit
greater
price
volatility
than
other
types
of
mortgage-
or
asset-backed
securities.
We
may
not
be
able
to
sell
the
Fund’s
illiquid
investments
when
we
consider
it
desirable
to
do
so,
or
we
may
be
able
to
sell
them
only
at
less
than
their
value.
•
Focused
investment
risk.
Focusing
investments
in
sectors
and
industries
with
high
positive
correlations
to
one
another
creates
additional
risk.
The
Fund
currently
has
significant
investment
exposure
to
private
issuers
of
residential
and
commercial
mortgage-backed
securities
and
mortgage-backed
securities
issued
or
guaranteed
by
the
U.S.
government
or
its
agencies
or
instrumentalities,
which
makes
the
Fund’s
net
asset
value
more
susceptible
to
economic,
market,
political
and
other
developments
affecting
the
residential
and
commercial
real
estate
markets
and
the
servicing
of
mortgage
loans
secured
by
real
estate
properties.
Factors
affecting
the
residential
and
commercial
real
estate
markets
include
the
supply
and
demand
of
real
property
in
particular
markets,
changes
in
the
avail-ability,
terms
and
costs
of
mortgages,
changes
in
tenants’
ability
to
make
loan
payments,
changes
in
zoning
laws
and
eminent
domain
practices,
the
impact
of
environmental
laws,
delays
in
completion
of
construction,
changes
in
real
estate
values,
changes
in
property
taxes,
levels
of
occupancy,
adequacy
of
rent
to
cover
operating
expenses,
changes
in
government
regulations,
and
local
and
regional
market
conditions.
Some
of
these
factors
may
vary
greatly
by
geographic
location.
The
value
of
these
investments
also
may
be
affected
by
changes
in
interest
rates
and
social
and
economic
trends.
Mortgage-
backed
securities
are
subject
to
the
risk
of
fluctuations
in
income
from
underlying
real
estate
assets,
prepayments,
extensions,
and
defaults
by
borrowers.
Because
the
Fund
currently
has
significant
investment
exposure
to
commercial
mortgage-backed
securities,
the
Fund
may
be
particularly
susceptible
to
adverse
developments
affecting
those
securities.
Commercial
mortgage-backed
securities
include
securities
that
reflect
an
interest
in,
or
are
secured
by,
mortgage
loans
on
commercial
real
property,
such
as
industrial
and
warehouse
properties,
office
buildings,
retail
space
and
shopping
malls,
cooperative
apartments,
hotels
and
motels,
nursing
homes,
hospitals
and
senior
living
centers.
Many
of
the
risks
of
investing
in
commercial
mortgage-backed
securities
reflect
the
risks
of
investing
in
the
real
estate
securing
the
underlying
mortgage
loans.
During
periods
of
difficult
economic
conditions
(including
periods
of
significant
disruptions
to
business
operations,
supply
chains,
and
customer
activity
and
lower
consumer
demand
for
goods
and
services),
delinquencies
and
losses
on
commercial
real
estate
generally
increase,
including
as
a
result
of
the
effects
of
those
conditions
on
commercial
real
estate
markets,
the
ability
of
commercial
tenants
to
make
loan
payments,
and
the
ability
of
a
property
to
attract
and
retain
commercial
tenants.
The
risk
of
defaults
on
residential
mortgage-backed
securities
is
generally
higher
in
the
case
of
mortgage-backed
investments
that
include
non-qualified
mortgages.
Litigation
with
respect
to
the
representations
and
warranties
given
in
connection
with
the
issuance
of
mortgage-backed
securities
can
be
an
important
consideration
in
investing
in
such
securities,
and
the
outcome
of
any
such
litigation
could
significantly
impact
the
value
of
the
Fund’s
mortgage-backed
investments.
•
Market
Events
Risk.
The
market
values
of
securities
or
other
assets
will
fluctuate,
sometimes
sharply
and
unpredictably,
due
to
factors
such
as
economic
events,
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governmental
actions
or
intervention,
actions
taken
by
the
U.S.
Federal
Reserve
or
foreign
central
banks,
market
disruptions
caused
by
trade
disputes,
labor
strikes
or
other
factors,
political
developments,
armed
conflicts,
economic
sanctions
and
countermeasures
in
response
to
sanctions,
major
cybersecurity
events,
the
global
and
domestic
effects
of
widespread
or
local
health,
weather
or
climate
events,
and
other
factors
that
may
or
may
not
be
related
to
the
issuer
of
the
security
or
other
asset.
Economies
and
financial
markets
throughout
the
world
are
increasingly
interconnected.
Economic,
financial
or
political
events,
trading
and
tariff
arrangements,
public
health
events,
terrorism,
wars,
natural
disasters
and
other
circumstances
in
one
country
or
region
could
have
profound
impacts
on
global
economies
or
markets.
As
a
result,
whether
or
not
the
Fund
invests
in
securities
of
issuers
located
in
or
with
significant
exposure
to
the
countries
or
markets
directly
affected,
the
value
and
liquidity
of
the
Fund’s
investments
may
be
negatively
affected.
The
United
States
and
other
countries
are
periodically
involved
in
disputes
over
trade
and
other
matters,
which
may
result
in
tariffs,
investment
restrictions
and
adverse
impacts
on
affected
companies
and
securities.
For
example,
the
United
States
has
recently
enacted
and
proposed
to
enact
significant
new
tariffs
and
President
Trump
has
directed
various
federal
agencies
to
further
evaluate
key
aspects
of
U.S.
trade
policy,
which
could
potentially
lead
to
significant
changes
to
current
policies,
treaties
and
tariffs.
There
continues
to
exist
significant
uncertainty
about
the
future
relationship
between
the
U.S.
and
other
countries
with
respect
to
such
trade
policies,
treaties
and
tariffs.
These
developments,
or
the
perception
that
any
of
them
could
occur,
may
have
a
material
adverse
effect
on
global
economic
conditions
and
the
stability
of
global
financial
markets,
and
may
significantly
reduce
global
trade
and,
in
particular,
trade
between
the
impacted
nations
and
the
U.S.
Raising
the
ceiling
on
U.S.
government
debt
has
become
increasingly
politicized.
Any
failure
to
increase
the
total
amount
that
the
U.S.
government
is
authorized
to
borrow
could
lead
to
a
default
on
U.S.
government
obligations,
with
unpredictable
consequences
for
economies
and
markets
in
the
U.S.
and
elsewhere.
Recently,
inflation
and
interest
rates
have
increased
and
may
rise
further.
These
circumstances
could
adversely
affect
the
value
and
liquidity
of
the
Fund’s
investments,
impair
the
Fund’s
ability
to
satisfy
redemption
requests,
and
negatively
impact
the
Fund’s
performance.
The
United
States
and
other
countries
are
periodically
involved
in
disputes
over
trade
and
other
matters,
which
may
result
in
tariffs,
investment
restrictions
and
adverse
impacts
on
affected
companies
and
securities.
For
example,
the
United
States
has
imposed
tariffs
and
other
trade
barriers
on
Chinese
exports,
has
restricted
sales
of
certain
categories
of
goods
to
China,
and
has
established
barriers
to
investments
in
China.
Trade
disputes
may
adversely
affect
the
economies
of
the
United
States
and
its
trading
partners,
as
well
as
companies
directly
or
indirectly
affected
and
financial
markets
generally.
The
United
States
government
has
prohibited
U.S.
persons
from
investing
in
Chinese
companies
designated
as
related
to
the
Chinese
military.
These
and
possible
future
restrictions
could
limit
the
Fund’s
opportunities
for
investment
and
require
the
sale
of
securities
at
a
loss
or
make
them
illiquid.
Moreover,
the
Chinese
government
is
involved
in
a
longstanding
dispute
with
Taiwan
that
has
included
threats
of
invasion.
If
the
political
climate
between
the
United
States
and
China
does
not
improve
or
continues
to
deteriorate,
if
China
were
to
attempt
unification
of
Taiwan
by
force,
or
if
other
geopolitical
conflicts
develop
or
get
worse,
economies,
markets
and
individual
securities
may
be
severely
affected
both
regionally
and
globally,
and
the
value
of
the
Fund’s
assets
may
go
down.
•
ESG
considerations.
Although
ESG
considerations
do
not
represent
a
primary
focus
of
the
Fund,
we
expect
to
integrate
ESG
considerations
into
our
fundamental
research
process
and
investment
decision-making
for
the
Fund,
where
we
consider
them
material
and
relevant,
and
where
data
is
available.
We
believe
that
ESG
considerations,
like
other,
more
traditional
subjects
of
investment
analysis
such
as
credit,
interest
rate,
prepayment
and
liquidity
risks,
as
well
as
general
market
conditions,
have
the
potential
to
impact
financial
risk
and
investment
returns.
We
believe
that
ESG
considerations
are
best
analyzed
in
combination
with
traditional
fundamental
considerations,
including
a
company’s
industry,
geography,
and
strategic
position
or
the
fundamentals
of
a
securitized
product
and
its
underlying
assets.
With
respect
to
securitized
products,
we
may
evaluate
ESG
considerations
related
to
the
originator,
servicers
and
other
relevant
parties.
We
also
consider
ESG
factors
when
evaluating
sovereign
debt,
including
both
current
ESG
metrics
and
goals
and
progress
by
the
sovereign
issuer
with
respect
to
ESG
considerations.
When
considering
ESG
factors
for
all
asset
classes,
we
use
company
or
issuer
disclosures,
public
data
sources,
and
independent
third-party
data
(where
available)
as
inputs
into
our
analytical
processes.
With
respect
to
certain
Fund
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holdings,
such
as
holdings
of
securitized
investments,
data
on
material
ESG
considerations
may
be
limited.
Because
fixed
income
investments
generally
represent
a
promise
to
pay
principal
and
interest
by
an
issuer,
and
not
an
ownership
interest,
and
may
involve
complex
structures,
ESG-related
investment
considerations
may
have
a
more
limited
impact
on
risk
and
return
(or
may
have
an
impact
over
a
different
investment
time
horizon)
relative
to
other
asset
classes,
and
this
may
be
particularly
true
for
shorter-term
investments.
The
consideration
of
ESG
factors
as
part
of
the
Fund’s
investment
process
does
not
mean
that
the
Fund
pursues
a
specific
“ESG”
or
“sustainable”
investment
strategy,
and
we
may
make
investment
decisions
for
the
Fund
other
than
on
the
basis
of
relevant
ESG
considerations.
•
Management
and
operational
risk.
The
Fund
is
actively
managed
and
its
performance
will
reflect,
in
part,
our
ability
to
make
investment
decisions
that
seek
to
achieve
the
Fund’s
investment
objective.
There
is
no
guarantee
that
the
investment
techniques,
analyses,
or
judgments
that
we
apply
in
making
investment
decisions
for
the
Fund
will
produce
the
intended
outcome
or
that
the
investments
we
select
for
the
Fund
will
perform
as
well
as
other
securities
that
were
not
selected
for
the
Fund.
As
a
result,
the
Fund
may
underperform
its
benchmark
or
other
funds
with
a
similar
investment
goal
and
may
realize
losses.
In
addition,
we,
or
the
Fund’s
other
service
providers,
may
experience
disruptions
or
operating
errors
that
could
negatively
impact
the
Fund.
Although
service
providers
may
have
operational
risk
management
policies
and
procedures
and
take
appropriate
precautions
to
avoid
and
mitigate
risks
that
could
lead
to
disruptions
and
operating
errors,
it
may
not
be
possible
to
identify
all
of
the
operational
risks
that
may
affect
the
Fund
or
to
develop
processes
and
controls
to
completely
eliminate
or
mitigate
their
occurrence
or
effects.
•
Other
investments.
In
addition
to
the
main
investment
strategies
described
above,
the
Fund
may
make
other
types
of
investments,
such
as
investments
in
asset-backed,
hybrid
and
structured
bonds
and
notes,
preferred
securities
that
would
be
characterized
as
debt
securities
under
applicable
accounting
standards
and
tax
laws,
and
assignments
of
and
participations
in
fixed
and
floating
rate
loans.
The
Fund
may
also
invest
in
cash
or
cash
equivalents,
including
money
market
instruments
or
short-term
instruments
such
as
commercial
paper,
bank
obligations
(e.g.,
certificates
of
deposit
and
bankers’
acceptances),
repurchase
agreements,
and
U.S.
Treasury
bills
or
other
government
obligations.
The
Fund
may
also
from
time
to
time
invest
all
or
a
portion
of
its
cash
balances
in
money
market
and/
or
short-term
bond
funds
advised
by
the
Manager
or
its
affiliates.
The
percentage
of
the
Fund
invested
in
cash
and
cash
equivalents
and
such
money
market
and
short-term
bond
funds
is
expected
to
vary
over
time
and
will
depend
on
various
factors,
including
market
conditions,
and
our
assessment
of
the
cash
level
that
is
appropriate
to
allow
the
Fund
to
pursue
investment
opportunities
as
they
arise.
Large
cash
positions
may
dampen
performance
and
may
prevent
the
Fund
from
achieving
its
goal.
The
Fund
may
also
loan
portfolio
securities
to
earn
income.
The
Fund
may
also
invest
in
securities
of
other
investment
companies
to
the
extent
that
these
investments
are
consistent
with
the
Fund’s
investment
objective,
strategies
and
policies
and
permissible
under
the
1940
Act.
The
Fund
may
also
invest
in
securities
of
private
funds
that
rely
on
exceptions
from
the
definition
of
investment
company
under
Sections
3(c)
(1)
or
3(c)(7)
of
the
1940
Act,
structured
finance
vehicles
or
other
entities
not
traditionally
considered
pooled
investment
vehicles,
and
companies
that
rely
on
the
exceptions
from
the
definition
of
investment
company
under
Section
3(c)(5)
(A)
or
(B)
of
the
1940
Act.
The
Fund
may
invest
in
portfolio
affiliates
of
the
Fund
within
the
meaning
of,
and
in
reliance
on,
Rules
17a-6
and
17d-1(d)(5)
under
the
1940
Act.
The
Fund
may
invest
in
other
investment
companies
to
gain
broad
market
or
sector
exposure,
including
during
periods
when
it
has
large
amounts
of
uninvested
cash
or
when
the
investment
manager
believes
that
share
prices
of
other
investment
companies
offer
attractive
values.
In
general,
under
the
1940
Act,
an
investment
company
may
not
(i)
own
more
than
3%
of
the
outstanding
voting
securities
of
any
one
registered
investment
company,
(ii)
invest
more
than
5%
of
its
total
assets
in
the
securities
of
any
single
registered
investment
company
or
(iii)
invest
more
than
10%
of
its
total
assets
in
securities
of
other
registered
investment
companies
(the
“3-5-10%
Limitations”).
The
Fund
may
rely
on
certain
exemptions
to
exceed
the
3-5-10%
Limitations
when
investing
in
another
registered
investment
company
(including
money
market
funds)
or
business
development
company.
To
the
extent
that
the
Fund
invests
in
another
investment
company,
because
other
investment
companies
pay
advisory,
administrative
and
service
fees
that
are
borne
indirectly
by
investors,
such
as
the
Fund,
there
may
be
duplication
of
investment
management
and
other
fees.
•
Temporary
defensive
strategies.
In
response
to
adverse
market,
economic,
political
or
other
conditions,
we
may
take
temporary
defensive
positions,
such
as
investing
some
or
all
of
the
Fund’s
assets
in
cash
and
cash
equivalents,
that
differ
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from
the
Fund’s
usual
investment
strategies.
However,
we
may
choose
not
to
use
these
temporary
defensive
strategies
for
a
variety
of
reasons,
even
in
very
volatile
market
conditions.
If
we
do
employ
these
strategies,
the
Fund
may
miss
out
on
investment
opportunities,
and
may
not
achieve
its
goal.
Additionally,
while
temporary
defensive
strategies
are
mainly
designed
to
limit
losses,
they
may
not
work
as
intended.
•
Cybersecurity
Risk.
Like
other
funds
and
business
enterprises,
the
Fund,
the
Manager,
the
Sub-Advisers,
the
relevant
listing
exchange
and
their
service
providers
are
subject
to
the
risk
of
cybersecurity
incidents
occurring
from
time
to
time.
Cybersecurity
incidents,
whether
intentionally
caused
by
third
parties
or
otherwise,
may
allow
an
unauthorized
party
to
gain
access
to
Fund
assets,
Fund
or
customer
data
(including
private
shareholder
information)
or
proprietary
information,
cause
the
Fund,
the
Manager,
the
Sub-Advisers,
the
relevant
listing
exchange
and/or
their
service
providers
(including,
but
not
limited
to,
Fund
accountants,
custodians,
sub-custodians,
transfer
agents
and
financial
intermediaries)
to
suffer
data
breaches,
data
corruption
or
loss
of
operational
functionality,
or
prevent
Fund
investors
from
purchasing,
redeeming
or
exchanging
shares,
receiving
distributions
or
receiving
timely
information
regarding
the
Fund
or
their
investment
in
the
Fund.
The
Fund,
the
Manager,
and
the
Sub-Advisers
have
limited
ability
to
prevent
or
mitigate
cybersecurity
incidents
affecting
third
party
service
providers,
and
such
third-party
service
providers
may
have
limited
indemnification
obligations
to
the
Fund
or
the
Manager.
Cybersecurity
incidents
may
result
in
financial
losses
to
the
Fund
and
its
shareholders,
and
substantial
costs
may
be
incurred
in
order
to
prevent
any
future
cybersecurity
incidents.
Issuers
of
securities
in
which
the
Fund
invests
are
also
subject
to
cybersecurity
risks,
and
the
value
of
these
securities
could
decline
if
the
issuers
experience
cybersecurity
incidents.
•
Changes
in
policies.
The
Trustees
may
change
the
Fund’s
goal,
investment
strategies
and
other
policies
without
shareholder
approval,
except
in
circumstances
in
which
shareholder
approval
is
specifically
required
by
law
(such
as
changes
to
fundamental
investment
policies)
or
where
a
shareholder
approval
requirement
was
specifically
disclosed
in
the
Fund’s
prospectus,
statement
of
additional
information
or
shareholder
report
and
is
otherwise
still
in
effect.
The
Fund’s
fundamental
investment
policies
The
Fund
has
adopted
the
following
investment
restrictions
which
may
not
be
changed
without
the
affirmative
vote
of
a
“majority
of
the
outstanding
voting
securities”
of
the
Fund
(which
is
defined
in
the
1940
Act
to
mean
the
affirmative
vote
of
the
lesser
of
(1)
more
than
50%
of
the
outstanding
shares
of
the
Fund,
or
(2)
67%
or
more
of
the
shares
present
at
a
meeting
if
more
than
50%
of
the
outstanding
shares
of
the
Fund
are
represented
at
the
meeting
in
person
or
by
proxy).
The
Fund
may
not:
1.
Borrow
money
or
issue
senior
securities
(as
defined
in
the
1940
Act),
except
as
permitted
by
(i)
the
1940
Act,
(ii)
the
rules
or
regulations
promulgated
by
the
Securities
and
Exchange
Commission
(the
“SEC”)
under
the
1940
Act
or
(iii)
any
applicable
exemption
from
the
provisions
of
the
1940
Act.
2.
Underwrite
securities
issued
by
other
persons
except
to
the
extent
that,
in
connection
with
the
disposition
of
its
portfolio
investments,
it
may
be
deemed
to
be
an
underwriter
under
the
federal
securities
laws.
3.
Purchase
or
sell
real
estate,
although
it
may
purchase
securities
of
issuers
which
deal
in
real
estate,
securities
which
are
secured
by
interests
in
real
estate,
and
securities
which
represent
interests
in
real
estate,
and
it
may
acquire
and
dispose
of
real
estate
or
interests
in
real
estate
acquired
through
the
exercise
of
its
rights
as
a
holder
of
debt
obligations
secured
by
real
estate
or
interests
therein.
4.
Purchase
or
sell
commodities
or
commodity
contracts,
except
that
the
Fund
may
purchase
and
sell
financial
futures
contracts
and
options
and
may
enter
into
foreign
exchange
contracts
and
other
financial
transactions
not
involving
physical
commodities.
5.
Make
loans,
except
by
purchase
of
debt
obligations
in
which
the
Fund
may
invest
consistent
with
its
investment
policies
(including
without
limitation
debt
obligations
issued
by
other
Putnam
funds),
by
entering
into
repurchase
agreements,
or
by
lending
its
portfolio
securities.
6.
With
respect
to
75%
of
its
total
assets,
invest
in
the
securities
of
any
issuer
if,
immediately
after
such
investment,
more
than
5%
of
the
total
assets
of
the
Fund
(taken
at
current
value)
would
be
invested
in
the
securities
of
such
Putnam
Master
Intermediate
Income
Trust
Important
Information
to
Shareholders
(unaudited)
69
franklintempleton.com
Annual
Report
issuer;
provided
that
this
limitation
does
not
apply
to
obligations
issued
or
guaranteed
as
to
interest
or
principal
by
the
U.S.
government
or
its
agencies
or
instrumentalities.
7.
With
respect
to
75%
of
its
total
assets,
acquire
more
than
10%
of
the
outstanding
voting
securities
of
any
issuer.
8.
Invest
more
than
25%
of
the
value
of
its
total
assets
in
any
one
industry.
(Securities
of
the
U.S.
Government,
its
agencies
or
instrumentalities,
or
of
any
foreign
government,
its
agencies
or
instrumentalities,
securities
of
supranational
entities,
and
securities
backed
by
the
credit
of
a
governmental
entity
are
not
considered
to
represent
industries).
9.
Invest
in
the
securities
of
registered
open-end
investment
companies,
except
as
they
may
be
acquired
as
part
of
a
reorganization
or
consolidation
or
acquisition
of
assets
or
by
purchases
in
the
open
market
involving
only
customary
brokers’
commissions.
The
following
information
is
a
summary
of
certain
changes
since
the
last
fiscal
year.
This
information
may
not
reflect
all
of
the
changes
that
have
occurred
since
you
purchased
the
Fund.
There
have
not
been
any
material
changes
during
the
last
fiscal
year.
Putnam
Master
Intermediate
Income
Trust
Annual
Meeting
of
Shareholders:
April
25,
2025
(unaudited)
70
franklintempleton.com
Annual
Report
The
Annual
Meeting
of
Shareholders
of
the
Fund
was
held
at
the
Fund’s
offices,
100
Federal
Street,
Boston,
MA,
on
April
25,
2025.
The
purpose
of
the
meeting
was
to
elect
Trustees
of
the
Fund
and
to
fix
the
number
of
Trustees
for
the
Fund
at
eight.
At
the
meeting,
all
the
nominees
were
elected
by
the
shareholders
to
serve
as
Trustees
of
the
Fund.
Shareholders
also
fixed
the
number
of
Trustees
for
the
Fund
at
eight.
No
other
business
was
transacted
at
the
meeting
with
respect
to
the
Fund.
The
results
of
the
voting
at
the
Annual
Meeting
are
as
follows:
1.
Election
of
Trustees:
2.
Fixing
the
number
of
Trustees
at
eight:
Term
Expiring
2026
For
%
of
Shares
Present
%
of
Outstanding
Shares
Withheld
%
of
Shares
Present
%
of
Outstanding
Shares
Robert
D.
Agdern
............
Carol
L.
Colman
.............
Anthony
Grillo
...............
Eileen
A.
Kamerick
...........
Nisha
Kumar
................
Peter
Mason
................
Hillary
A.
Sale
...............
Jane
E.
Trust
................
36,730,311
36,820,252
36,741,372
36,678,261
36,721,825
36,755,400
36,820,528
36,718,255
97.78%
98.02%
97.81%
97.64%
97.76%
97.85%
98.02%
97.75%
76.33%
76.52%
76.35%
76.22%
76.31%
76.38%
76.52%
76.31%
833,316
743,375
822,255
885,366
841,802
808,227
743,099
845,372
2.22%
1.98%
2.19%
2.36%
2.24%
2.15%
1.98%
2.25%
1.73%
1.54%
1.71%
1.84%
1.75%
1.68%
1.54%
1.76%
Shares
Voted
%
of
Shares
Present
%
of
Outstanding
Shares
For
.......................
Against
....................
Abstain
....................
36,513,225
482,767
567,629
97.20%
1.29%
1.51%
75.88%
1.00%
1.18%
Putnam
Master
Intermediate
Income
Trust
71
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Annual
Report
Dividend
Reinvestment
and
Cash
Purchase
Plan
(unaudited)
Summary
of
Putnam
closed-end
funds’
amended
and
restated
dividend
reinvestment
plans
The
Fund,
Putnam
Managed
Municipal
Income
Trust,
Putnam
Municipal
Opportunities
Trust
and
Putnam
Premier
Income
Trust
(each,
a
“Fund”
and
collectively,
the
“Funds”)
each
offer
a
dividend
reinvestment
plan
(each,
a
“Plan”
and
collectively,
the
“Plans”).
If
you
participate
in
a
Plan,
all
income
dividends
and
capital
gain
distributions
are
automatically
reinvested
in
Fund
shares
by
the
Fund’s
agent,
Computershare
Trust
Company,
N.A.
(the
“Agent”).
If
you
are
not
participating
in
a
Plan,
every
month
you
will
receive
all
dividends
and
other
distributions
in
cash,
paid
by
check
and
mailed
directly
to
you
or
your
intermediary.
Upon
a
purchase
(or,
where
applicable,
upon
registration
of
transfer
on
the
shareholder
records
of
a
Fund)
of
shares
of
a
Fund
by
a
registered
shareholder,
each
such
shareholder
will
be
deemed
to
have
elected
to
participate
in
that
Fund’s
Plan.
Each
such
shareholder
will
have
all
distributions
by
a
Fund
automatically
reinvested
in
additional
shares,
unless
such
shareholder
elects
to
terminate
participation
in
a
Plan
by
instructing
the
Agent
to
pay
future
distributions
in
cash.
Shareholders
who
were
not
participants
in
a
Plan
as
of
January
31,
2010,
will
continue
to
receive
distributions
in
cash
but
may
enroll
in
a
Plan
at
any
time
by
contacting
the
Agent.
If
you
participate
in
a
Fund’s
Plan,
the
Agent
will
automatically
reinvest
subsequent
distributions,
and
the
Agent
will
send
you
a
confirmation
in
the
mail
telling
you
how
many
additional
shares
were
issued
to
your
account.
To
change
your
enrollment
status
or
to
request
additional
information
about
the
Plans,
you
may
contact
the
Agent
in
writing
at
P.O.
Box
43006
Providence,
RI
02940-3078
or
by
calling
the
Agent
at
1-888-888-0151.
How
you
acquire
additional
shares
through
a
Plan
If
the
market
price
per
share
for
your
Fund’s
shares
(plus
estimated
brokerage
commissions)
is
greater
than
or
equal
to
their
net
asset
value
per
share
on
the
payment
date
for
a
distribution,
you
will
be
issued
shares
of
the
Fund
at
a
value
equal
to
the
higher
of
the
net
asset
value
per
share
on
that
date
or
95%
of
the
market
price
per
share
on
that
date.
If
the
market
price
per
share
for
your
Fund’s
shares
(plus
estimated
brokerage
commissions)
is
less
than
their
net
asset
value
per
share
on
the
payment
date
for
a
distribution,
the
Agent
will
buy
Fund
shares
for
participating
accounts
in
the
open
market.
The
Agent
will
aggregate
open-market
purchases
on
behalf
of
all
participants,
and
the
average
price
(including
brokerage
commissions)
of
all
shares
purchased
by
the
Agent
will
be
the
price
per
share
allocable
to
each
participant.
The
Agent
will
generally
complete
these
open-market
purchases
within
five
business
days
following
the
payment
date.
If,
before
the
Agent
has
completed
open-market
purchases,
the
market
price
per
share
(plus
estimated
brokerage
commissions)
rises
to
exceed
the
net
asset
value
per
share
on
the
payment
date,
then
the
purchase
price
may
exceed
the
net
asset
value
per
share,
potentially
resulting
in
the
acquisition
of
fewer
shares
than
if
the
distribution
had
been
paid
in
newly
issued
shares.
How
to
withdraw
from
a
Plan
Participants
may
withdraw
from
a
Fund’s
Plan
at
any
time
by
notifying
the
Agent,
either
in
writing
or
by
telephone.
Such
withdrawal
will
be
effective
immediately
if
notice
is
received
by
the
Agent
with
sufficient
time
prior
to
any
distribution
record
date;
otherwise,
such
withdrawal
will
be
effective
with
respect
to
any
subsequent
distribution
following
notice
of
withdrawal.
There
is
no
penalty
for
withdrawing
from
or
not
participating
in
a
Plan.
Plan
administration
The
Agent
will
credit
all
shares
acquired
for
a
participant
under
a
Plan
to
the
account
in
which
the
participant’s
common
shares
are
held.
Each
participant
will
be
sent
reasonably
promptly
a
confirmation
by
the
Agent
of
each
acquisition
made
for
his
or
her
account.
About
brokerage
fees
Each
participant
pays
a
proportionate
share
of
any
brokerage
commissions
incurred
if
the
Agent
purchases
additional
shares
on
the
open
market,
in
accordance
with
the
Plans.
There
are
no
brokerage
charges
applied
to
shares
issued
directly
by
the
Funds
under
the
Plans.
Putnam
Master
Intermediate
Income
Trust
Dividend
Reinvestment
and
Cash
Purchase
Plan
(unaudited)
72
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Annual
Report
About
taxes
and
Plan
amendments
Reinvesting
dividend
and
capital
gain
distributions
in
shares
of
the
Funds
does
not
relieve
you
of
tax
obligations,
which
are
the
same
as
if
you
had
received
cash
distributions.
The
Agent
supplies
tax
information
to
you
and
to
the
IRS
annually.
Each
Fund
reserves
the
right
to
amend
or
terminate
its
Plan
upon
30
days’
written
notice.
However,
the
Agent
may
assign
its
rights,
and
delegate
its
duties,
to
a
successor
agent
with
the
prior
consent
of
a
Fund
and
without
prior
notice
to
Plan
participants.
If
your
shares
are
held
in
a
broker
or
nominee
name
If
your
shares
are
held
in
the
name
of
a
broker
or
nominee
offering
a
dividend
reinvestment
service,
consult
your
broker
or
nominee
to
ensure
that
an
appropriate
election
is
made
on
your
behalf.
If
the
broker
or
nominee
holding
your
shares
does
not
provide
a
reinvestment
service,
you
may
need
to
register
your
shares
in
your
own
name
in
order
to
participate
in
a
Plan.
In
the
case
of
record
shareholders
such
as
banks,
brokers
or
nominees
that
hold
shares
for
others
who
are
the
beneficial
owners
of
such
shares,
the
Agent
will
administer
the
Plan
on
the
basis
of
the
number
of
shares
certified
by
the
record
shareholder
as
representing
the
total
amount
registered
in
such
shareholder’s
name
and
held
for
the
account
of
beneficial
owners
who
are
to
participate
in
the
Plan.
Putnam
Master
Intermediate
Income
Trust
Board
Members
and
Officers
(unaudited)
73
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Annual
Report
The
business
and
affairs
of
Putnam
Master
Intermediate
Income
Trust
(the
“Fund”)
are
conducted
by
management
under
the
supervision
and
subject
to
the
direction
of
its
Board
of
Trustees.
The
business
address
of
each
Trustee
is
c/o
Jane
Trust,
Franklin
Templeton,
1
Madison
Avenue,
17th
Floor,
New
York,
New
York
10010.
Information
pertaining
to
the
Trustees
and
officers
of
the
Fund
is
set
forth
below.
The
Fund’s
annual
proxy
statement
includes
additional
information
about
Trustees
and
is
available,
without
charge,
upon
request
by
calling
the
Fund
at
1-888-777-0102.
Generally,
each
board
member
serves
until
that
person’s
successor
is
elected
and
qualified.
Independent
Board
Members
#
:
Name
and
Year
of
Birth
Position(s)
with
Trust
Term
of
Office
and
Year
Service
Began*
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member**
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Robert
D.
Agdern
(Born
1950)
Trustee
Since
2025
21
None
Principal
Occupation(s)
During
the
Past
Five
Years:
Member
of
the
Advisory
Committee
of
the
Dispute
Resolution
Research
Center
at
the
Kellogg
Graduate
School
of
Business,
Northwestern
University
(2002
to
2016);
formerly
,
Deputy
General
Counsel
responsible
for
western
hemisphere
matters
for
BP
PLC
(1999
to
2001);
Associate
General
Counsel
at
Amoco
Corporation
responsible
for
corporate,
chemical,
and
refining
and
marketing
matters
and
special
assignments
(1993
to
1998)
(Amoco
merged
with
British
Petroleum
in
1998
forming
BP
PLC)
Carol
L.
Colman
(Born
1946)
Trustee
Since
2025
21
None
Principal
Occupation(s)
During
the
Past
Five
Years:
President,
Colman
Consulting
Co.
Anthony
Grillo
(Born
1955)
Trustee
Since
2025
21
Director
of
Littelfuse,
Inc.
(electronics
manufacturing)
(since
1991);
formerly
,
Director
of
Oaktree
Acquisition
Corp.
II
(2020
to
2022);
Director
of
Oaktree
Acquisition
Corp.
(2019
to
2021)
Principal
Occupation(s)
During
the
Past
Five
Years:
Retired;
Founder,
Managing
Director
and
Partner
of
American
Securities
Opportunity
Funds
(private
equity
and
credit
firm)
(2006
to
2018);
formerly
,
Senior
Managing
Director
of
Evercore
Partners
Inc.
(investment
banking)
(2001
to
2004);
Senior
Managing
Director
of
Joseph
Littlejohn
&
Levy,
Inc.
(private
equity
firm)
(1999
to
2001);
Senior
Managing
Director
of
The
Blackstone
Group
L.P.
(private
equity
and
credit
firm)
(1991
to
1999)
Eileen
A.
Kamerick
(Born
1958)
Trustee
and
Chair
Since
2025
21
Director,
VALIC
Company
I
(since
October
2022);
Director
of
ACV
Auctions
Inc.
(since
2021);
Director
of
Associated
Banc-Corp
(financial
services
company)
(since
2007);
formerly
,
Director
of
Hochschild
Mining
plc
(precious
metals
company)
(2016-2023);
formerly
,
Trustee
of
AIG
Funds
and
Anchor
Series
Trust
(2018
to
2021)
Principal
Occupation(s)
During
the
Past
Five
Years:
Chief
Executive
Officer,
The
Governance
Partners,
LLC
(consulting
firm)
(since
2015);
National
Association
of
Corporate
Directors
Board
Leadership
Fellow
(since
2016,
with
Directorship
Certification
since
2019)
and
NACD
2022
Directorship
100
honoree;
Adjunct
Professor,
Georgetown
University
Law
Center
(since
2021);
Adjunct
Professor,
The
University
of
Chicago
Law
School
(since
2018);
Adjunct
Professor,
University
of
Iowa
College
of
Law
(since
2007);
formerly
,
Chief
Financial
Officer,
Press
Ganey
Associates
(health
care
informatics
company)
(2012
to
2014);
Managing
Director
and
Chief
Financial
Officer,
Houlihan
Lokey
(international
investment
bank)
and
President,
Houlihan
Lokey
Foundation
(2010
to
2012)
Putnam
Master
Intermediate
Income
Trust
74
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Annual
Report
Name
and
Year
of
Birth
Position(s)
with
Trust
Term
of
Office
and
Year
Service
Began*
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member**
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Nisha
Kumar
(Born
1970)
Trustee
Since
2025
21
Director
of
Stonepeak-Plus
Infrastructure
Fund
LP
(since
2025);
Director
of
Birkenstock
Holding
plc
(since
2023);
Director
of
The
India
Fund,
Inc.
(since
2016);
formerly
,
Director
of
Aberdeen
Income
Credit
Strategies
Fund
(2017
to
2018);
and
Director
of
The
Asia
Tigers
Fund,
Inc.
(2016
to
2018)
Principal
Occupation(s)
During
the
Past
Five
Years:
Formerly,
Managing
Director
and
the
Chief
Financial
Officer
and
Chief
Compliance
Officer
of
Greenbriar
Equity
Group,
LP
(2011-2021);
formerly
,
Chief
Financial
Officer
and
Chief
Administrative
Officer
of
Rent
the
Runway,
Inc.
(2011);
Executive
Vice
President
and
Chief
Financial
Officer
of
AOL
LLC,
a
subsidiary
of
Time
Warner
Inc.
(2007
to
2009).
Member
of
the
Council
on
Foreign
Relations
Peter
Mason
(Born
1959)
Trustee
Since
2025
21
Chairman
of
University
of
Sydney
USA
Foundation
(since
2020);
Director
of
the
Radio
Workshop
US,
Inc.
(since
2023)
Principal
Occupation(s)
During
the
Past
Five
Years:
Arbitrator
and
Mediator
(self-employed)
(since
2021);
formerly
,
Global
General
Counsel
of
UNICEF
(intergovernmental
organization)
(1998-
2021)
Hillary
A.
Sale
(Born
1961)
Trustee
Since
2025
21
Director
of
CBOE
U.S.
Securities
Exchanges,
CBOE
Futures
Exchange,
and
CBOE
SEF,
Director
(since
2022);
Advisory
Board
Member
of
Foundation
Press
(academic
book
publisher)
(since
2019);
Chair
of
DirectWomen
Board
Institute
(since
2019);
formerly
,
Member
of
DirectWomen
(nonprofit)
(2007-
2022)
Principal
Occupation(s)
During
the
Past
Five
Years:
Agnes
Williams
Sesquicentennial
Professor
of
Leadership
and
Corporate
Governance,
Georgetown
Law
Center;
and
Professor
of
Management,
McDonough
School
of
Business
(since
2018);
formerly
,
Associate
Dean
for
Strategy,
Georgetown
Law
Center
(2020-2023);
National
Association
of
Corporate
Directors
Board
Faculty
Member
(since
2021);
formerly
,
a
Member
of
the
Board
of
Governors
of
FINRA
(2016-2022)
Independent
Board
Members
#
:
(continued)
Putnam
Master
Intermediate
Income
Trust
75
franklintempleton.com
Annual
Report
Interested
Board
Members
and
Officers:
The
Fund’s
executive
officers
are
elected
each
year
at
a
regular
meeting
of
the
Board
to
hold
office
until
their
respective
successors
are
duly
elected
and
qualified.
Officers
of
the
Fund
receive
no
compensation
from
the
Fund,
although
they
may
be
reimbursed
by
the
Fund
for
reasonable
out-of-pocket
travel
expenses
for
attending
Board
meetings.
In
addition
to
Ms.
Trust,
the
Fund’s
CEO
and
President,
the
executive
officers
of
the
Fund
currently
are:
Name
and
Year
of
Birth
Position(s)
with
Trust
Term
of
Office
and
Year
Service
Began*
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member**
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Jane
Trust,
CFA
†
(Born
1962)
Trustee,
President
and
Chief
Executive
Officer
Since
2024
Trustee/Director
of
Franklin
Templeton
funds
consisting
of
119
portfolios;
Trustee
of
Putnam
Family
of
Funds
consisting
of
105
portfolios
None
Principal
Occupation(s)
During
the
Past
Five
Years:
Senior
Vice
President,
Fund
Board
Management,
Franklin
Templeton
(since
2020);
Officer
and/or
Trustee/Director
of
119
funds
associated
with
FTFA
or
its
affiliates
(since
2015);
Trustee
of
Putnam
Family
of
Funds
consisting
of
105
Portfolios;
President
and
Chief
Executive
Officer
of
FTFA
(since
2015);
formerly
,
Senior
Managing
Director
(2018
to
2020)
and
Managing
Director
(2016
to
2018)
of
Legg
Mason
&
Co.,
LLC
(“Legg
Mason
&
Co.”)
and
Senior
Vice
President
of
FTFA
(2015)
Fred
Jensen
(Born
1963)
Chief
Compliance
Officer
Since
2025
Not
Applicable
None
Principal
Occupation(s)
During
the
Past
Five
Years:
Director
-
Global
Compliance
of
Franklin
Templeton
(since
2020);
Managing
Director
of
Legg
Mason
&
Co.
(2006
to
2020);
Director
of
Compliance,
Legg
Mason
Office
of
the
Chief
Compliance
Officer
(2006
to
2020);
formerly
,
Chief
Compliance
Officer
of
Legg
Mason
Global
Asset
Allocation
(prior
to
2014);
Chief
Compliance
Officer
of
Legg
Mason
Private
Portfolio
Group
(prior
to
2013);
formerly
,
Chief
Compliance
Officer
of
The
Reserve
Funds
(investment
adviser,
funds
and
broker-dealer)
(2004)
and
Ambac
Financial
Group
(investment
adviser,
funds
and
broker-dealer)
(2000
to
2003)
Marc
A.
De
Oliveira
(Born
1971)
Secretary
and
Chief
Legal
Officer
Since
2025
Not
Applicable
None
Principal
Occupation(s)
During
the
Past
Five
Years:
Associate
General
Counsel
of
Franklin
Templeton
(since
2020);
Secretary
and
Chief
Legal
Officer
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates
(since
2020);
Assistant
Secretary
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates
(since
2006);
formerly
,
Managing
Director
(2016
to
2020)
and
Associate
General
Counsel
of
Legg
Mason
&
Co.
(2005
to
2020)
Thomas
C.
Mandia
(Born
1962)
Senior
Vice
President
Since
2025
Not
Applicable
None
Principal
Occupation(s)
During
the
Past
Five
Years:
Senior
Associate
General
Counsel
of
Franklin
Templeton
(since
2020);
Secretary
of
FTFA
(since
2006);
Secretary
of
LM
Asset
Services,
LLC
(“LMAS”)
(since
2002)
and
Legg
Mason
Fund
Asset
Management,
Inc.
(“LMFAM”)
(since
2013)
(
formerly
registered
investment
advisers);
formerly
,
Managing
Director
and
Deputy
General
Counsel
of
Legg
Mason
&
Co.
(2005
to
2020)
and
Assistant
Secretary
of
certain
funds
in
the
fund
complex
(2006
to
2022)
Jeanne
M.
Kelly
(Born
1951)
Senior
Vice
President
Since
2025
Not
Applicable
None
Principal
Occupation(s)
During
the
Past
Five
Years:
U.S.
Fund
Board
Team
Manager,
Franklin
Templeton
(since
2020);
Senior
Vice
President
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates
(since
2007);
Senior
Vice
President
of
Franklin
Templeton
Fund
Adviser,
LLC
(since
2006);
President
and
Chief
Executive
Officer
of
LMAS
and
LMFAM
(since
2015);
formerly
,
Managing
Director
of
Legg
Mason
&
Co.
(since
2005
to
2020);
Senior
Vice
President
of
LMFAM
(2013
to
2015)
Putnam
Master
Intermediate
Income
Trust
76
franklintempleton.com
Annual
Report
#
Trustees
who
are
not
“interested
persons”
of
the
Trust
within
the
meaning
of
Section
2(a)(19)
of
the
1940
Act.
†
Ms.
Trust
is
an
“interested
person”
of
the
Trust,
as
defined
in
the
1940
Act,
because
of
her
position
with
FTFA
and/or
certain
of
its
affiliates.
*
Each
Trustee
was
elected
to
their
position
on
April
25,
2025.
**
The
term
“Fund
Complex”
means
two
or
more
registered
investment
companies
that:
(a)
hold
themselves
out
to
investors
as
related
companies
for
purposes
of
investment
and
investor
services;
or
(b)
have
a
common
investment
adviser
or
that
have
an
investment
adviser
that
is
an
affiliated
person
of
the
investment
adviser
of
any
of
the
other
registered
investment
companies.
Name
and
Year
of
Birth
Position(s)
with
Trust
Term
of
Office
and
Year
Service
Began*
Number
of
Portfolios
in
Fund
Complex
Overseen
by
Board
Member**
Other
Directorships
Held
During
at
Least
the
Past
5
Years
Christopher
Berarducci
(Born
1974)
Treasurer
and
Principal
Financial
Officer
Since
2025
Not
Applicable
None
Principal
Occupation(s)
During
the
Past
Five
Years:
Vice
President,
Fund
Administration
and
Reporting,
Franklin
Templeton
(since
2020);
Treasurer
(since
2010)
and
Principal
Financial
Officer
(since
2019)
of
certain
funds
associated
with
Legg
Mason
&
Co.
or
its
affiliates;
formerly
,
Managing
Director
(2020),
Director
(2015
to
2020),
and
Vice
President
(2011
to
2015)
of
Legg
Mason
&
Co.
Interested
Board
Members
and
Officers:
(continued)
Putnam
Master
Intermediate
Income
Trust
Shareholder
Information
77
franklintempleton.com
Annual
Report
Board
Approval
of
Management
and
Sub-
Advisory
Agreements
(unaudited)
PUTNAM
MASTER
INTERMEDIATE
INCOME
TRUST
(PIM)
Background
The
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
requires
that
the
Board
of
Trustees
(the
“Board”)
of
Putnam
Master
Intermediate
Income
Trust
(the
“Fund”),
including
a
majority
of
its
members
who
are
not
considered
to
be
“interested
persons”
under
the
1940
Act
(the
“Independent
Trustees”)
voting
separately,
approve
on
an
annual
basis
the
continuation
of
the
investment
management
agreement
(the
“Management
Agreement”)
between
the
Fund
and
the
Fund’s
manager,
Franklin
Advisers,
Inc.
(the
“Manager”),
and
the
sub-advisory
agreements
(individually,
a
“Sub-Advisory
Agreement,”
and
collectively,
the
“Sub-
Advisory
Agreements”)
with
the
Manager’s
affiliates,
Franklin
Templeton
Investment
Management
Limited
(“FTIML”)
and
Putnam
Investment
Management,
LLC
(“PIM,”
and
together
with
FTIML,
the
“Sub-Advisers”),
with
respect
to
the
Fund.
At
an
in-person
meeting
(the
“Contract
Renewal
Meeting”)
held
on
May
8-9,
2025,
the
Board,
including
the
Independent
Trustees,
considered
and
approved
the
continuation
of
each
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements
for
an
additional
one-year
period.
To
assist
in
its
consideration
of
the
renewal
of
each
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements,
the
Board
received
and
considered
extensive
information
(together
with
the
information
provided
at
the
Contract
Renewal
Meeting,
the
“Contract
Renewal
Information”)
about
the
Manager
and
the
Sub-Advisers,
as
well
as
the
management
and
sub-
advisory
arrangements
for
the
Fund
and
the
other
closed-
end
funds
in
the
same
complex
under
the
Board’s
purview
(the
“Franklin
Templeton
Closed-end
Funds”),
certain
portions
of
which
are
discussed
below.
The
Board
noted
that
although
it
recently
assumed
oversight
responsibilities
for
the
Fund,
which
was
previously
overseen
by
another
board,
certain
information
the
Board
received
throughout
the
course
of
the
year
with
respect
to
the
Franklin
Templeton
Closed-
end
Funds
was
relevant
to
the
Board’s
consideration
of
the
Management
Agreement
and
Sub-Advisory
Agreements.
A
presentation
made
by
the
Manager
and
the
Sub-Advisers
to
the
Board
at
the
Contract
Renewal
Meeting
in
connection
with
the
Board’s
evaluation
of
each
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements
encompassed
the
Fund
and
other
Franklin
Templeton
Closed-end
Funds.
In
addition
to
the
Contract
Renewal
Information,
the
Board
received
performance
and
other
information
related
to
the
respective
services
rendered
by
the
Manager
and
the
Sub-Advisers
to
the
Fund.
The
Board’s
evaluation
took
into
account
the
information
received
and
also
reflected
the
knowledge
and
experience
gained
as
members
of
the
Boards
of
the
other
Franklin
Templeton
Closed-end
Funds
with
respect
to
the
services
provided
to
the
Fund
by
the
Manager
and
the
Sub-Advisers.
The
information
received
and
considered
by
the
Board
(including
its
various
committees)
in
conjunction
with
both
the
Contract
Renewal
Meeting
and
throughout
the
year
was
both
written
and
oral.
The
contractual
arrangements
discussed
below
are
the
product
of
multiple
years
of
review
and
negotiation
and
information
with
respect
to
the
other
Franklin
Templeton
Closed-end
Funds
received
and
considered
by
the
Board
during
each
of
those
years.
At
a
meeting
held
on
April
25,
2025,
the
Independent
Trustees,
in
preparation
for
the
Contract
Renewal
Meeting,
met
in
a
private
session
with
their
independent
legal
counsel
to
review
the
Contract
Renewal
Information
regarding
the
Franklin
Templeton
Closed-end
Funds,
including
the
Fund,
received
to
date.
No
representatives
of
the
Manager
or
the
Sub-Advisers
participated
in
this
meeting.
Following
the
April
25,
2025
meeting,
the
Independent
Trustees
submitted
certain
questions
and
requests
for
additional
information
to
Fund
management.
The
Independent
Trustees
also
met
in
private
sessions
with
their
independent
legal
counsel
to
consider
the
Contract
Renewal
Information
and
Fund
management’s
responses
to
the
Independent
Trustees’
questions
and
requests
for
additional
information
in
advance
of
and
during
the
Contract
Renewal
Meeting.
The
discussion
below
reflects
all
of
these
reviews.
The
Manager
provides
the
Fund
with
investment
advisory
and
administrative
services
pursuant
to
the
Management
Agreement,
and
the
Sub-Advisers
together
provide
the
Fund
with
investment
sub-advisory
services
pursuant
to
the
Sub-
Advisory
Agreements.
The
discussion
below
covers
both
the
advisory
and
administrative
functions
being
rendered
by
the
Manager,
each
such
function
being
encompassed
by
the
Management
Agreement,
and
the
investment
sub-advisory
functions
being
rendered
by
the
Sub-Advisers
pursuant
to
the
Sub-Advisory
Agreements.
Putnam
Master
Intermediate
Income
Trust
Shareholder
Information
78
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Annual
Report
Board
Approval
of
Management
Agreement
and
Sub-
Advisory
Agreements
The
Independent
Trustees
were
advised
by
separate
independent
legal
counsel
throughout
the
process.
Prior
to
voting,
the
Independent
Trustees
received
a
memorandum
discussing
the
legal
standards
for
their
consideration
of
the
proposed
continuation
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements.
The
Independent
Trustees
considered
the
Management
Agreement
and
each
Sub-
Advisory
Agreement
separately
during
the
course
of
their
review.
In
doing
so,
they
noted
the
respective
roles
of
the
Manager
and
the
Sub-Advisers
in
providing
services
to
the
Fund.
In
approving
the
continuation
of
the
Management
Agreement
and
Sub-Advisory
Agreements,
the
Board,
including
the
Independent
Trustees,
considered
a
variety
of
factors,
including
those
factors
discussed
below.
No
single
factor
reviewed
by
the
Board
was
identified
by
the
Board
as
the
principal
factor
in
determining
whether
to
approve
the
continuation
of
the
Management
Agreement
and
the
Sub-
Advisory
Agreements.
Each
Board
member
may
have
attributed
different
weight
to
the
various
factors
in
evaluating
the
Management
Agreement
and
the
Sub-Advisory
Agreements.
After
considering
all
relevant
factors
and
information,
the
Board,
exercising
its
reasonable
business
judgment,
determined
that
the
continuation
of
the
Management
Agreement
and
Sub-Advisory
Agreements
were
in
the
best
interests
of
the
Fund’s
stockholders
and
approved
the
continuation
of
each
such
agreement
for
an
additional
one-
year
period.
Nature,
Extent
and
Quality
of
the
Services
under
the
Management
Agreement
and
Sub-Advisory
Agreements
The
Board
received
and
considered
Contract
Renewal
Information
regarding
the
nature,
extent,
and
quality
of
services
provided
to
the
Fund
by
the
Manager
and
the
Sub-Advisers
under
the
Management
Agreement
and
the
Sub-Advisory
Agreements,
respectively,
during
the
past
year.
The
Board
noted
information
received
at
regular
meetings
throughout
the
year
related
to
the
services
provided
by
the
Manager
in
its
management
of
the
Fund’s
affairs
and
the
Manager’s
role
in
coordinating
the
activities
of
the
Sub-Advisers
and
the
Fund’s
other
service
providers.
The
Board
observed
that
the
scope
of
services
provided
by
the
Manager
and
the
Sub-Advisers,
and
of
the
undertakings
required
of
the
Manager
and
Sub-Advisers
in
connection
with
those
services,
including
maintaining
and
monitoring
their
respective
compliance
programs
as
well
as
the
Fund’s
compliance
programs,
had
expanded
over
time
as
a
result
of
regulatory,
market
and
other
developments.
The
Board
also
noted
that
on
a
regular
basis
it
received
and
reviewed
information
from
the
Manager
and
the
Sub-Advisers
regarding
the
Fund’s
compliance
policies
and
procedures
established
pursuant
to
Rule
38a-1
under
the
1940
Act.
The
Board
also
considered
the
risks
borne
by
the
Manager,
the
Sub-Advisers
and
their
respective
affiliates
on
behalf
of
the
Fund,
including
entrepreneurial,
operational,
reputational,
litigation
and
regulatory
risks,
as
well
as
the
Manager’s
and
the
Sub-Advisers’
risk
management
processes.
The
Board
reviewed
the
qualifications,
backgrounds,
and
responsibilities
of
the
Manager’s
senior
personnel
and
the
Sub-Advisers’
portfolio
management
teams
primarily
responsible
for
the
day-to-day
portfolio
management
of
the
Fund.
The
Board
also
considered,
based
on
its
knowledge
of
the
Manager
and
its
affiliates,
the
financial
resources
of
Franklin
Resources,
Inc.,
the
parent
organization
of
the
Manager
and
the
Sub-Advisers.
The
Board
recognized
the
importance
of
having
a
fund
manager
with
significant
resources.
The
Board
considered
the
division
of
responsibilities
between
the
Manager
and
the
Sub-Advisers
under
the
Management
Agreement
and
the
Sub-Advisory
Agreements,
respectively,
including
the
Manager’s
coordination
and
oversight
of
the
services
provided
to
the
Fund
by
the
Sub-Advisers
and
the
Fund’s
other
service
providers.
The
Management
Agreement
permits
the
Manager
to
delegate
certain
of
its
responsibilities,
including
its
investment
advisory
duties
thereunder,
provided
that
the
Manager,
in
each
case,
will
supervise
the
activities
of
the
delegee.
In
reaching
its
determinations
regarding
continuation
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements,
the
Board
took
into
account
that
Fund
stockholders,
in
pursuing
their
investment
goals
and
objectives,
may
have
purchased
their
shares
of
the
Fund
based
upon
the
reputation
and
the
investment
style,
philosophy
and
strategy
of
the
Manager
and
the
Sub-Advisers,
as
well
as
the
resources
available
to
the
Manager
and
the
Sub-Advisers.
The
Board
concluded
that,
overall,
the
nature,
extent,
and
quality
of
the
management
and
other
services
provided
(and
expected
to
be
provided)
to
the
Fund,
under
the
Management
Agreement
and
the
Sub-Advisory
Agreements
were
satisfactory.
Putnam
Master
Intermediate
Income
Trust
Shareholder
Information
79
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Annual
Report
Fund
Performance
The
Board
received
and
considered
information
regarding
Fund
performance,
including
information
and
analyses
(the
“Broadridge
Performance
Information”)
for
the
Fund,
as
well
as
for
a
group
of
comparable
funds
(the
“Performance
Universe”)
selected
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
third-party
provider
of
investment
company
data.
The
Board
was
provided
with
a
description
of
the
methodology
Broadridge
used
to
determine
the
similarity
of
the
Fund
with
the
funds
included
in
the
Performance
Universe.
It
was
noted
that
while
the
Board
found
the
Broadridge
Performance
Information
generally
useful,
they
recognized
its
limitations,
including
that
the
data
may
vary
depending
on
the
end
date
selected,
and
that
the
results
of
the
performance
comparisons
may
vary
depending
on
the
selection
of
the
peer
group
and
its
composition
over
time.
The
Board
also
noted
that
Board
members
had
received
and
discussed
with
the
Manager
and
the
Sub-Advisers
information
throughout
the
year
at
periodic
intervals
comparing
the
Fund’s
performance
against
its
benchmark
and
against
the
Fund’s
peers.
In
addition,
the
Board
considered
the
Fund’s
performance
in
view
of
overall
financial
market
conditions.
The
Broadridge
Performance
Information
comparing
the
Fund’s
performance
to
that
of
its
Performance
Universe,
consisting
of
the
Fund
and
all
closed-end
non-leveraged
general
bond
funds,
regardless
of
asset
size,
showed,
among
other
data,
that
based
on
net
asset
value
per
share,
the
Fund’s
performance
was
above
the
median
for
the
3-year
period
ended
December
31,
2024,
and
was
below
the
median
for
the
1-,
5-
and
10-year
periods
ended
December
31,
2024.
The
Board
noted
the
explanations
from
the
Manager
and
the
Sub-Advisers
regarding
the
Fund’s
relative
performance
versus
the
Performance
Universe
for
the
various
periods.
Based
on
the
reviews
and
discussions
of
Fund
performance
and
considering
other
relevant
factors,
including
those
noted
above,
the
Board
concluded,
under
the
circumstances,
that
continuation
of
the
Management
Agreement
and
the
Sub-Advisory
Agreements
for
an
additional
one-year
period
would
be
consistent
with
the
interests
of
the
Fund
and
its
stockholders.
Management
and
Sub-Advisory
Fees
and
Expense
Ratios
The
Board
reviewed
and
considered
the
contractual
management
fee
(the
“Contractual
Management
Fee”)
and
the
actual
management
fee
(the
“Actual
Management
Fee”)
payable
by
the
Fund
to
the
Manager
under
the
Management
Agreement
and
the
sub-advisory
fees
(the
“Sub-Advisory
Fees”)
payable
by
the
Manager
to
the
Sub-Advisers
under
the
Sub-Advisory
Agreements
in
view
of
the
nature,
extent
and
overall
quality
of
the
management,
investment
advisory
and
other
services
provided
by
the
Manager
and
the
Sub-Advisers,
respectively.
The
Board
noted
that
the
Sub-Advisory
Fee
payable
to
the
Sub-Advisers
under
their
Sub-Advisory
Agreements
with
the
Manager
is
paid
by
the
Manager,
not
the
Fund,
and,
accordingly,
that
the
retention
of
the
Sub-Advisers
does
not
increase
the
fees
or
expenses
otherwise
incurred
by
the
Fund’s
stockholders.
In
addition,
the
Board
received
and
considered
information
and
analyses
prepared
by
Broadridge
(the
“Broadridge
Expense
Information”)
comparing
the
Contractual
Management
Fee
and
the
Actual
Management
Fee
and
the
Fund’s
actual
total
expenses
with
those
of
funds
in
an
expense
universe
(the
“Expense
Universe”)
selected
and
provided
by
Broadridge.
The
comparison
was
based
upon
the
constituent
funds’
latest
fiscal
years.
It
was
noted
that
while
the
Board
found
the
Broadridge
Expense
Information
generally
useful,
they
recognized
its
limitations,
including
that
the
data
may
vary
depending
on
the
selection
of
the
peer
group.
The
Broadridge
Expense
Information
showed
that
the
Fund’s
Contractual
Management
Fee
was
equal
to
the
median.
The
Broadridge
Expense
Information
also
showed
that
the
Fund’s
Actual
Management
Fee
was
below
the
median.
The
Broadridge
Expense
Information
also
showed
that
the
Fund’s
actual
total
expenses
were
below
the
median.
The
Board
took
into
account
management’s
discussion
of
the
Fund’s
expenses.
The
Board
also
reviewed
Contract
Renewal
Information
regarding
fees
charged
by
the
Manager
and/or
the
Sub-
Advisers
to
other
U.S.
clients
investing
primarily
in
an
asset
class
similar
to
that
of
the
Fund,
including,
where
applicable,
institutional
and
separate
accounts.
The
Manager
reviewed
with
the
Board
the
differences
in
services
provided
to
these
different
types
of
accounts,
noting
that
the
Fund
is
provided
with
certain
administrative
services,
office
facilities,
and
Fund
officers,
and
that
the
Fund
is
subject
not
only
to
heightened
regulatory
requirements
relative
to
institutional
clients
but
also
to
requirements
for
listing
on
the
New
York
Stock
Exchange,
and
that
the
Manager
coordinates
and
oversees
the
provision
of
services
to
the
Fund
by
the
Fund’s
other
service
providers.
The
Board
considered
the
fee
comparisons
in
view
of
the
different
services
provided
in
managing
these
other
types
of
clients
and
funds.
The
Board
considered
the
overall
management
fee,
the
fees
of
the
Sub-Advisers
and
the
amount
of
the
management
fee
retained
by
the
Manager
after
payment
of
the
Sub-Advisory
Fees
in
each
case
in
view
of
the
services
rendered
for
those
Putnam
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amounts.
The
Board
also
received
an
analysis
of
complex-
wide
management
fees
provided
by
the
Manager,
which,
among
other
things,
set
out
a
framework
of
fees
based
on
asset
classes.
Taking
all
of
the
above
into
consideration,
as
well
as
the
factors
identified
below,
the
Board
determined
that
the
management
fee
and
the
Sub-Advisory
Fees
were
reasonable
in
view
of
the
nature,
extent
and
overall
quality
of
the
management,
investment
advisory
and
other
services
provided
by
the
Manager
and
the
Sub-Advisers
to
the
Fund
under
the
Management
Agreement
and
the
Sub-Advisory
Agreements,
respectively.
Manager
Profitability
The
Board,
as
part
of
the
Contract
Renewal
Information,
received
an
analysis
of
the
profitability
to
the
Manager
and
its
affiliates
in
providing
services
to
the
Fund
for
the
Manager’s
fiscal
years
ended
September
30,
2024
and
September
30,
2023.
The
Board
also
received
profitability
information
with
respect
to
the
Franklin
Templeton
fund
complex
as
a
whole.
In
addition,
the
Board
received
Contract
Renewal
Information
with
respect
to
the
Manager’s
revenue
and
cost
allocation
methodologies
used
in
preparing
such
profitability
data.
It
was
noted
that
the
allocation
methodologies
had
been
reviewed
by
an
outside
consultant.
The
profitability
to
each
of
the
Sub-Advisers
was
not
considered
to
be
a
material
factor
in
the
Board’s
considerations
since
the
Sub-Advisory
Fees
are
paid
by
the
Manager,
not
the
Fund,
although
the
Board
noted
the
affiliation
of
the
Manager
with
the
Sub-Advisers.
The
profitability
of
the
Manager
and
its
affiliates
was
considered
by
the
Board
to
be
reasonable
in
view
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
Economies
of
Scale
The
Board
received
and
discussed
Contract
Renewal
Information
concerning
whether
the
Manager
realizes
economies
of
scale
if
the
Fund’s
assets
grow.
The
Board
noted
that
because
the
Fund
is
a
closed-end
fund,
it
has
limited
ability
to
increase
its
assets.
The
Board
determined
that
the
management
fee
structure
was
appropriate
under
the
circumstances.
For
similar
reasons
as
stated
above
with
respect
to
the
Sub-Advisers’
profitability
and
the
costs
of
the
Sub-Advisers’
provision
of
services,
the
Board
did
not
consider
the
potential
for
economies
of
scale
in
the
Sub-
Advisers’
management
of
the
Fund
to
be
a
material
factor
in
the
Board’s
consideration
of
the
Sub-Advisory
Agreements.
Other
Benefits
to
the
Manager
and
the
Sub-Advisers
The
Board
considered
other
benefits
received
by
the
Manager,
the
Sub-Advisers
and
their
affiliates
as
a
result
of
their
relationship
with
the
Fund,
including
the
opportunity
to
offer
additional
products
and
services
to
the
Fund’s
stockholders.
In
view
of
the
costs
of
providing
investment
management
and
other
services
to
the
Fund
and
the
ongoing
commitment
of
the
Manager
and
the
Sub-Advisers
to
the
Fund,
the
Board
considered
that
the
ancillary
benefits
received
by
the
Manager
and
its
affiliates,
including
the
Sub-
Advisers,
were
reasonable.
Important
notice
regarding
share
repurchase
program
In
September
2024,
the
Trustees
of
your
fund
approved
the
renewal
of
a
share
repurchase
program
that
had
been
in
effect
since
2005.
This
renewal
allows
your
fund
to
repurchase,
in
the
365
days
beginning
October
1,
2024,
up
to
10%
of
the
fund’s
common
shares
outstanding
as
of
September
30,
2024.
Important
notice
regarding
delivery
of
shareholder
documents
In
accordance
with
Securities
and
Exchange
Commission
(SEC)
regulations,
Putnam
sends
a
single
notice
of
internet
availability,
or
a
single
printed
copy,
of
annual
and
semiannual
shareholder
reports,
prospectuses,
and
proxy
statements
to
Putnam
shareholders
who
share
the
same
address,
unless
a
shareholder
requests
otherwise.
If
you
prefer
to
receive
your
own
copy
of
these
documents,
please
call
Putnam
at
1-800-225-1581,
and
Putnam
will
begin
sending
individual
copies
within
30
days.
Proxy
Voting
The
Investment
Manager
is
committed
to
managing
our
funds
in
the
best
interests
of
our
shareholders.
The
Putnam
Investments’
proxy
voting
guidelines
and
procedures,
as
well
as
information
regarding
how
your
fund
voted
proxies
relating
to
portfolio
securities
during
the
12-month
period
ended
June
30,
2024,
are
available
at
franklintempleton.
com/regulatory
fund-documents
and
on
the
SEC’s
website,
www.sec.gov.
If
you
have
questions
about
finding
forms
on
the
SEC’s
website,
you
may
call
the
SEC
at
1-800-SEC-
0330.
You
may
also
obtain
The
Putnam
Investments’
proxy
voting
guidelines
and
procedures
at
no
charge
by
calling
Putnam’s
Shareholder
Services
at
1-800-225-1581.
Fund
Portfolio
Holdings
The
Fund
files
a
complete
consolidated
statement
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.gov.
The
filed
form
may
Putnam
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also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Privacy
Policy
To
better
service
your
accounts
and
process
transactions
or
services
you
requested,
we
may
share
non-public
personal
information
with
other
Franklin
Templeton
companies.
From
time
to
time
we
may
also
send
you
information
about
products/services
offered
by
other
Franklin
Templeton
companies
although
we
will
not
share
your
non-public
personal
information
with
these
companies
without
first
offering
you
the
opportunity
to
prevent
that
sharing.
We
will
only
share
non-public
personal
information
with
outside
parties
in
the
limited
circumstances
permitted
by
law.
For
example,
this
includes
situations
where
we
need
to
share
information
with
companies
who
work
on
our
behalf
to
service
or
maintain
your
account
or
process
transactions
you
requested,
when
the
disclosure
is
to
companies
assisting
us
with
our
own
marketing
efforts,
when
the
disclosure
is
to
a
party
representing
you,
or
when
required
by
law
(for
example,
in
response
to
legal
process).
Additionally,
we
will
ensure
that
any
outside
companies
working
on
our
behalf,
or
with
whom
we
have
joint
marketing
agreements,
are
under
contractual
obligations
to
protect
the
confidentiality
of
your
information,
and
to
use
it
only
to
provide
the
services
we
asked
them
to
perform.
38925-A
11/25
©
2025
Franklin
Templeton
Investments.
All
rights
reserved.
Investors
should
be
aware
that
the
value
of
investments
made
for
the
Fund
may
go
down
as
well
as
up.
Like
any
investment
in
securities,
the
value
of
the
Fund’s
portfolio
will
be
subject
to
the
risk
of
loss
from
market,
currency,
economic,
political
and
other
factors.
The
Fund
and
its
investors
are
not
protected
from
such
losses
by
the
investment
manager.
Therefore,
investors
who
cannot
accept
this
risk
should
not
invest
in
shares
of
the
Fund.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
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