Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 18

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 18
---

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