Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 94

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 94
---
 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