Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 20

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 20
---
%
#### †

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

####